If you know that you have upcoming foreign exchange requirements but may not need to purchase straightaway and are looking to target a particular rate which isn’t currently available, Market Orders could be the solution for you. A Limit Order (another term for market order) allows you to target a set exchange rate above the current market level, which once reached, will automatically buy/sell a set amount of currency for you. This solution works well if you have upcoming payments but aren’t restricted by tight deadlines and can afford to wait for the rate to improve. At Pangea FX, you are assigned a dedicated PortfolioManager, who will work with you to identify where to strategically place MarketOrders and explain the associated risks. If both types are used together, the client can aim for a favourable exchange rate while limiting any foreign exchange losses. As soon as either one of your pre-set rates is triggered, the other is cancelled immediately. The advantage of using Market Orders is that they can be placed on a GTC (good until cancelled) basis allowing you to place an order and not have to watch or monitor the markets manually. If you decide to use both together, this is known as an OCO order (where one cancels the other).