Buying stock on the MogoTrade app is pretty straightforward. First, make sure you have some available funds in your trade account. Tap on the stock you’d like to purchase from your watchlist or from the Browse menu, tap on Buy and follow the steps below:
- Enter the number of shares you’d like to buy – we’ll automatically calculate the estimated total cost based on the current market price;
- To see the last sale price, current bid and ask of a stock, you can tap on the ℹ symbol next to Market price;
- To change the type of order, tap on Market order (in the top right corner) to see more options;
- Review the information and total estimated cost. Made a mistake or changed your mind? No worries, you can always go back by using the Edit button (in the top left corner);
After submitting your order, you’ll be able to view the order confirmation directly in your MogoTrade app. You’ll also receive a confirmation by email – please allow a few minutes for the email confirmation to come in. Once your order has been completed, you’ll be able to view the Trade confirmation in the app.
If the estimated total cost of your order is within 5% of your total buying power (available funds), you won’t be able to proceed with your order unless you switch to limit order or add more funds to your account. We do this to protect you from going into overdraft in the event that the stock you want to purchase goes through a sudden change in pricing. If you decide to opt for a limit order, your order will be executed when the stock price reaches the maximum price you’ve set for your order (or a better price).