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How to place and cancel an order

Trading is available every weekday (except market holidays), from 6:30 AM to 1:00 PM PT / 9:30 AM to 4:00 PM ET. If you place an order outside those hours, it doesn't execute right away, it queues, and goes out shortly after the market opens on the next trading day (for example, an order placed Friday night is released Monday morning).

A couple of order-type rules apply specifically to orders placed while the market is closed: fractional share purchases and dollar-based (notional) sales need to be placed as limit orders rather than market orders in this case. Money market fund orders can never be limit orders, whether the market is open or closed. Every other order type can still be market or limit, as usual.

Whether placed during market hours or queued for the next open, all orders are day orders, Frec doesn't support extended-hours execution or good-till-canceled (GTC) orders.

Frec currently supports two order types:

  • Market orders, which execute at the best available price at the time of submission.
  • Day limit orders, which execute only at your specified price or better, and automatically cancel at the end of the trading day if they aren't filled. These are day orders only, not good-till-canceled.

Notional orders

A notional order lets you buy a dollar amount of stock instead of a number of shares. When you search a symbol in the search bar, click Shares to switch it to Dollars, then enter the amount you'd like to purchase.

A few limits to know:

  • You can't buy less than $5.00 of a fractional share.
  • Not every security on Frec's platform supports fractional trading; if a symbol doesn't, you won't be able to select Dollars for it.
  • Notional orders are capped at $2.5 million per order. If you're placing a larger order, switching to a share-quantity order instead raises that ceiling to $10 million. If a large notional order seems to confirm and then cancel without explanation, this limit is the likely cause, try a share-based order or reach out to support to have it placed for you.

Fractional orders

You can place a fractional order for most tradeable stocks, either by entering a decimal share quantity (like 0.5 shares) or by placing a notional order instead. If a stock can't be traded fractionally, you won't be able to enter a fractional amount. Keep in mind fractional shares generally can't be transferred to other brokerage firms.

Whole share orders

Enter a whole number in the Shares field from the Trade tab. Every security on Frec's platform supports whole share trading.

Canceling a pending order

Recently placed trades appear in your Activity tab, with any pending orders at the top. Most market orders execute immediately while the market is open; limit orders may take longer, depending on where your price sits relative to the market. Click a pending order and select the red Cancel Order button to cancel it. Keep in mind your order may execute before your cancellation goes through.