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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.

 

Stop loss order explainer

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:

  1. Log in to your Superhero account.
  2. 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).
  3. Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
  4. Select the ‘Recurring Order’ option and set up your investment amount and schedule.
  5. 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.

Can I auto-invest with Superhero?

Yes! Auto-investing can be set up within your Superhero account.

You can set up recurring buy orders for any Australian or U.S. share within Superhero:

  1. Log in to your Superhero account.
  2. 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).
  3. Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
  4. Select the ‘Recurring Order’ option and set up your investment amount and schedule.
  5. 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 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.

Does Superhero lend securities?

No, Superhero does not lend out the holdings of customers, and never has. 

Securities lending is performed by some brokers where customers’ shares are lent out to other investors and firms for a fee. Securities lending can be used to allow these third parties to short companies.

Currently, Superhero does not consider the practice to be in the best interests of its customers.

When will I receive my AMMA/AMIT statements?

Attribution Managed Investment Trust Member Annual Statement (AMMA/AMIT) reports will be available once the data is received from the individual funds. For most funds, this is within 3 months of the end of the financial year, however, with some funds, it may be longer.

These statements will be made available to you in the reports tab in your Superhero account. 

If you do not see data in the AMMA/AMIT report, it’s likely that the fund(s) have not provided this information to Superhero yet. Customers will receive an email notification once their AMMA/AMIT report has been finalised. Please note, this may be as late as October.

How long will it take for my account to be verified?

We will attempt to verify your account during the onboarding process. If we are unable to verify your identity instantly, we may require additional information and verification may take a few business days.

We will notify you via email and/or SMS when your account has been verified and you’re ready to start investing.

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