Repeat Orders allow you to automate investing into your favourite stocks and ETFs, which means you no longer need to time the market. You can have full flexibility on deciding when these orders start and on what days they repeat, as well as cancelling them at any time straight from the app.
You can choose to buy a specific monetary amount, or to purchase a certain number of shares each time.
If the market is closed at the time of your scheduled repeat market order, then it will be placed on the next day the market is open. If there aren't enough funds on the account at the time of a scheduled Repeat Market Order, it will be skipped and your order will not be placed. The next repeat order will be filled once you have available funds, if the instruction for the repeat order has not ended in the meantime.
Each buy order that is placed as part of a scheduled repeat order will have any relevant fees applied individually. You’ll be able to see the fees that may apply in our “Fees and Taxes” article. The fees on placing orders apply if you complete sign-up of your Lightyear account on or after 3 April 2023. For those that completed sign-up before 3 April 2023, this fees schedule applies starting 3 May 2023.
How do I set up a Repeat Order?
Once you have selected “buy” on the stock or ETF, you can toggle between “Market order”, “Limit order” and “Repeat order” under the name of the instrument. Once you select the “Repeat order”, you can select the frequency and start date. Placed repeat orders will be displayed under pending orders with a cancel button next to each entry in case you wish to opt out.
Repeat order pros
- Helps automate healthy investing habits and dollar cost averaging strategies, making putting your periodic savings to work easier than ever before
- Simply skipped if no funds are on your investment account
- You can opt out at any time from uncompleted transactions
Repeat order cons
- You may forget that you have them set up
- Markets and global economic environments can change over time. It’s important to regularly review your investment strategy
Remember, your capital is at risk so never invest more than you can afford to lose