Market order | Robinhood

Market order

A market order is a type of stock order that indicates a preference for quick execution relative to price specificity. This generally means you’re willing to accept the next available price and a certain price isn’t guaranteed.

If you want to buy at a specific price, place a limit order.

Keep in mind

It’s not guaranteed your market order will be executed at a specific price. Additionally, our venues don’t support market orders during extended-hours trading. If your market order is placed outside of regular market hours, the order will be queued for the start of regular market hours on the next trading day.

Depending on the price your order is filled at, the final dollar amount of your share-based order may change when you place a market order. Similarly, depending on the price your order is filled at, the final share amount of your dollar-based order may change.

The market price shown in the app is the last trade price on a Nasdaq exchange (the Nasdaq Stock Market, NASDAQ OMX BX, or NASDAQ OMX PHLX), which might not be the best available price when the order is executed.

Note

We generally cancel fractional orders (share-based orders that include a fractional share and dollar-based orders) if they're unexecuted after 5 minutes of being eligible for execution.

Default order schedule

Robinhood defaults to share-based or dollar-based. Share-based and dollar-based orders can default to market or limit orders depending on the time of day and order side.

The following shows the default order behavior for trading during regular market hours versus extended-trading hours with Robinhood. Orders submitted during the overnight trading hours, or when the market is closed, are queued for market open and therefore follow the Market hours order schedule.

Order typeMarket hours (9:30 AM–4 PM ET) and Overnight hours (8 PM–7 AM ET)Extended hours (7–9:30 AM and 4-8 PM ET)
Share-based buy ordersLimitLimit
Share-based sell ordersMarketLimit
Dollar-based buy ordersMarketLimit
Dollar-based sell ordersMarketLimit
Keep in mind

Your last order type will be the default for your next order.

Disclosures

Trading during extended and overnight hours comes with additional risks, such as lower liquidity and higher volatility. You can learn more in the Extended-Hours Trading Disclosure.

Fractional shares are not liquid outside of Robinhood and not transferable. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section in our Customer Agreement.

Not all securities are eligible for the entry of fractional orders during Robinhood’s extended-hours trading. If a security isn’t eligible, the order will be queued for the opening of market hours.

You can learn more about eligible securities and the risks of extended-hours trading in Extended-hours trading and for overnight hours in Robinhood 24 Hour Market.

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All investing involves risk.

Brokerage services are offered through Robinhood Financial LLC, (“RHF”) a registered broker-dealer (member SIPC) and clearing services through Robinhood Securities, LLC, (“RHS”) a registered broker dealer (member SIPC). Cryptocurrency services are offered through Robinhood Crypto, LLC (“RHC”) (NMLS ID: 1702840). Review a list of RHC licenses for more information.The Robinhood Money spending account is offered through Robinhood Money, LLC (“RHY”) (NMLS ID: 1990968), a licensed money transmitter. Review a list of our licenses for more information. Credit card products are offered by Robinhood Credit, Inc. ("RCT") (NMLS ID: 1781911 and issued by Coastal Community Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.

The Robinhood Cash Card is a prepaid card issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard® International Incorporated. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.

RHF, RHY, RHC, RCT, and RHS are affiliated entities and wholly owned subsidiaries of Robinhood Markets, Inc. RHF, RHY, RHC, RCT, and RHS are not banks. Products offered by RHF are not FDIC insured and involve risk, including possible loss of principal. RHC isn’t a member of FINRA and accounts are not FDIC insured or protected by SIPC.

RHY is not a member of FINRA, and products are not subject to SIPC protection, but funds held in the Robinhood spending account and Robinhood Cash Card account may be eligible for FDIC pass-through insurance (review the Robinhood Cash Card Agreement and the Robinhood Spending Account Agreement).

Options trading entails significant risk and is not appropriate for all customers. Customers must read and understand the Characteristics and Risks of Standardized Options before engaging in any options trading strategies. Options transactions are often complex and may involve the potential of losing the entire investment in a relatively short period of time. Certain complex options strategies carry additional risk, including the potential for losses that may exceed the original investment amount.

Commission-free trading of stocks, ETFs and options refers to $0 commissions for Robinhood Financial self-directed individual cash or margin brokerage accounts that trade U.S. listed securities and certain OTC securities electronically. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. Please see Robinhood Financial's Fee Schedule to learn more.

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