Superhero Support - Get help with your investing questions

How do I set a stop loss order with Superhero?

Choose a holding from your portfolio and set ‘Order Type’ to ‘Stop Loss Order’.
Set the trigger price. This is the price at or below which your shares or ETF units will begin to sell.
Choose the number of units you would want to sell in case the price falls to or below the trigger.
Tap ‘Review’ and check the details of your new Stop Loss Order.
If you’re happy with it, submit it. You can always edit or delete the order later from your dashboard under the ‘Pending’ tab.

If you wish to change or cancel your stop loss order, log into your Superhero account and click on the ‘Dashboard’ tab followed by ‘Pending’.

You will be able to view and make changes to your stop loss order/s once you click on the order/s that you wish to amend.

Please note: Stop Loss orders are currently available for AU Trading only and valid for 180 days after you place the order.

What is a stop loss order?

A stop loss order is an order to commence selling a stock once the share price reaches a specified price, known as the ‘stop’ or ‘trigger’ price.

When the ‘stop’ or ‘trigger’ price is reached, a stop loss order becomes a market to limit sell order. For market to limit sell orders, an order will be placed at the price set by the highest buyer in the market at the time the order is placed and remains at that price until the order trades, or expires.

Stop loss orders are most commonly used by investors to assist in limiting downside risk.

Note, that because the trigger order will be a market to limit sell order, the price you receive may not be the exact price you set the trigger price at.

Example: You purchase a stock at $10 per share and you set a stop loss order at $8 to protect yourself from further losses. The trigger price is reached and your stop loss order is sent into the market as a market to limit order and to sell your shares at the best available price in the market and remains at that price until the order trades or expires.

Please note: Stop Loss orders are currently available for AU Trading only and valid for 180 days after you place the order.

What are recurring orders?

Recurring orders allow you to schedule automatic buy order(s) on a regular schedule.

You can set up a recurring order for any share or ETF (Australian or U.S.) on the Superhero platform:

Log in to your Superhero account.
Deposit funds into your Wallet (you can set up a recurring payment from your bank to your Superhero BSB and Account Number to automate this step).
Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
Select the ‘Recurring Order’ option and set up your investment amount and schedule.
Confirm your order.

You’ll be able to see your recurring orders in the ‘Pending Orders’ tab of your Dashboard.

Australian shares have a minimum of A$10 and cannot be bought as fractional shares and U.S. shares have a minimum of US$10 per trade. You will need to have these minimums available in your Wallet in the correct currency before you set up recurring orders.

You can also set up automatic deposits from your bank account to your Superhero account to ensure you always have funds to cover your recurring orders.

How do I change/cancel my recurring order?

If you wish to change or cancel your recurring order, log into your Superhero account and click on the ‘Dashboard’ tab followed by ‘Pending’.

You will be able to view and make changes to your recurring order/s once you click on the order/s that you wish to amend.

What time of day will my recurring order trade?

Your recurring order/s will be placed as a market order as soon as the market opens on a regular market-open trading day.

Keep in mind that for recurring orders of Australian shares the minimum order size is A$10 or one whole share, whichever is greater, as Australian shares cannot be bought in fractional units.

For recurring orders of U.S. shares the minimum order size is US$10 and you will need to have funds already converted into U.S. dollars.

If you do not have sufficient funds in your account, we will attempt to retry your order/s on each subsequent day, until the order is placed.

Why didn’t my recurring order trade?

The main reason your recurring order/s may fail is because you don’t have enough funds in your Superhero Wallet on the day your recurring order is due to execute.

If you do not have enough funds in your account, we will attempt to re-submit your order on each subsequent day, until the order is placed.

Keep in mind that for recurring orders of Australian shares the minimum order size is A$10 or one whole share, whichever is greater, as Australian shares cannot be bought in fractional units.

For recurring orders of U.S. shares the minimum order size is US$10 and you will need to have funds already converted into U.S. dollars.

What is a Market Order (U.S. Trading)?

A Market Order in the U.S. is an order to buy or sell securities at the prevailing market price.

Market Orders are based on the dollar amount you wish to invest. This may result in the volume of shares being a fractional amount (i.e. a volume of shares less than 1).

Market Orders are placed at market, meaning that:

if the Market Order is a Buy order, whether during U.S. Market Hours or when the market is closed, you agree to pay the prevailing market price at the time the market order is executed; and
if the Market Order is a Sell order, whether during U.S. Market Hours or when the market is closed, you agree to receive the prevailing market price at the time the market order is executed.

All Market Orders placed for U.S. listed securities will likely trade immediately. Where this is not the case these orders will expire 30 days after you place the order via the Superhero Platform.

What is a Limit Order?

A Limit Order is an order to buy or sell a certain number of shares for a specified price (or better).

Limit Orders expire 30 days after you place the order.

How do I place a trade?

You need to add funds to your Superhero Wallet before you can trade.

Once your Wallet is funded, you can search for a share or go to the ‘Invest’ tab to find and click on the share you wish to buy or sell.

How will I know when my order has been placed?

Once your order has been executed we will send you a text message or push confirmation.

Where can I find the Trade Confirmation for my order?

Once your order is complete, you can find your Trade Confirmation listed in the Activity tab, by clicking the dropdown next to the transaction and clicking on the pdf button.

Can I amend my Order?

No, Limit and Market Orders cannot be amended once they are placed. If you would like to change your order, please cancel it and replace your order. Market Orders will usually execute immediately.

You can cancel your order under ‘Dashboard – Pending’ and then click on ‘Review’.

Can I cancel my Market/Limit Order?

Market and Limit Orders can be cancelled provided the order has not already been executed. Market Orders usually execute immediately.

You can cancel your pending order any time under ‘Dashboard – Pending’, then click on ‘Review’ and then ‘Cancel Order’.

Why was my order cancelled?

Cancelled orders can be found under ‘Pending’ in the Dashboard. Your order may be cancelled for a number of reasons, including:

ASX and Cboe Operating Rules and ASIC Market Integrity Rules – All orders must be entered in accordance with the ASX and Cboe Operating Rules and the ASIC Market Integrity Rules. These rules ensure that the market operates in a fair, orderly and transparent manner.

In instances where these rules may be breached your order may be cancelled. The cancellation of orders under these circumstances is usually at the discretion of our Market Participant. ASX or Cboe may also cancel orders at their discretion.

Examples of where action may be taken by regulatory bodies, include circumstances where there is suspected market manipulation, insider trading, or extreme price movements that create a disorderly market.

Market Participants and Superhero’s Trade Vetting Rules – To ensure a fair, orderly and transparent market, Superhero and our Market Participant have obligations to ensure orders do not breach any market Operating Rules or the ASIC Market Integrity Rules.

To meet these obligations, Superhero and its Market Participant have Trade Vetting Rules in place which may cause an order to be cancelled prior to it reaching the market. This occurs where it is detected that an order may breach the above rules and/or cause a disorderly market.

ASX and Cboe Order Pricing Rules – Price steps are the minimum price multiples for a security. The multiple depends upon the market price of the security. The ASX price steps for shares are:
* Up to 10c, the price steps are 0.1c
* Over 10c up to $2.00, the price steps are 0.5c
* Over $2.00, the price steps are 1c

You will be unable to place an order if it is not input with the correct price multiples for a particular security.

For example – If BHP is trading at $17.65, its price steps are one cent. You may enter an order at $17.66 or $17.81 etc.

Corporate Actions – Orders are removed from the market (purged/cancelled) when the market closes on the day prior to a corporate action event that affects the value or structure of the unit holding.

Some examples of corporate actions are: dividends, capital returns and capital reconstructions; or share offerings such as a rights issue or share purchase plan.

Expired Orders – If your order does not trade on the day you place it, it will expire 30 days after you place the order.

Are my orders executed in real time?

Your trades are executed in real-time during market opening hours.

ASX 10:00am – 4:00pm Sydney Time
U.S. 9:30am – 4:00pm U.S. Eastern Standard Time (EST)

You will always get the benefit of our Market Participant’s Best Execution Policy.

How is my order directed into the market?

Any orders you place are directed into the market by our Market Participant.

How do I trade U.S. shares?

To trade U.S. shares, you will first need to transfer AUD into USD in your Superhero Wallet.

Once you have transferred AUD to USD, you can trade U.S. shares by searching for or selecting investments on the ‘Invest’ tab within your account. Once you have found the share or ETF you wish to trade, you can Buy or Sell.

Can I trade in fractional shares?

Yes, fractional trading is supported by our U.S. brokerage and execution service and is permitted on the Superhero platform.

Fractional shares are not transferable to other brokerage accounts. Not all U.S. Securities through Superhero are eligible for fractional share orders.

What are fractional shares?

Fractional shares are pieces, or fractions, of whole shares of a company or ETF.

For example, if you want to invest US$100 into a stock that is trading at US$500, using fractional shares you can.

You are able to place a Market Order to buy US$100 worth of shares in that company, which is a ‘fraction’ or 0.2 of a whole share.

Fractional shares are not transferable to other brokerage accounts. Not all U.S. Securities through Superhero are eligible for fractional share orders.

Can I place a Limit Order for a fractional share?

A limit order is an order to buy or sell a specified number, including a fractional number of shares at a specified price or better.

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