Hello,
I remember that there was Conditional Buy Order available on Coin Web earlier. Now canot find that.
Not sure what was the reason to withdraw the same.
Also on the Redeem side, it would be very useful to have Conditional order.
This will help one to execute order at desired NAV and anticipate the Investment Amount on Buy / Gains or Loss on Redeem.
This is something like GTT feature (valid for a year) that is available on Kite for Stocks.
Please consider to introduce this feature on Coin Web.
We had to take down conditional order feature post the discontinuation of pool account from July. Earlier, when the money could be debited from the trading account for conditional orders, it was easier to process such orders. Post the transition in July, our priorities were more focussed on improving the payment experience for different modes of paymets via different payment aggregators and banks. Now that all these processes are streamlined we are working on bringing back features like conditional orders and NFO. Fortunately our SIP and step up SIP features didn’t get disrupted. We are also working on SWP and STP which are slightly more complex. So conditional orders should be live soon and will keep you posted on it.
@nithin Yes, even before the transition in July we had decided to not offer conditional order on sell side because we wanted to nudge users away from it(this was before Nudge feature was live on Coin). The reason being that mutual funds are to be held for a very long term and if this option was provided then users might be inclined to place more redemption orders. But now that we have a Nudge feature, we can allow conditional sell order and show the relevant message. I’ll discuss this internally with tech team.
@nithin@faisr Please make this feature available soon atleast for the buy side first or let us know a tentative date. It would really help a lot of people take advantage of volatility in the markets and accumulate more units.
@Wolf_of_bombay this is in the pipeline and shall be available shortly, can’t promise any timeline as of now but will be up soon on both Coin app and web.
Hey @nithin .This feature is long pending. At least consider exposing a free API for just Coin conditional orders.
Kite API is 24k/year . It is great, but too expensive if you just want an API to place a buy order for a mutual fund and have no intention of ever touching the trading API.
We can use our own code to call the API and trigger a buy order for any fund.
Conditional Orders will be rolled out by July. We cannot provide APIs for MF transactions and don’t plan to provide the same due to MF regulatory restrictions.
We have reintroduced a feature that lets users create conditional buy orders based on specific NAV. Users can now set buy orders to execute only when the NAV hits a predefined threshold, which can be up to 60% below the current value. Once the condition is met, the buy order is automatically placed, and the user is notified to complete the payment. The purchase order will be allocated based NAV of the day funds are realised at the clearing corporation. These orders are valid for one year and will be automatically deleted if the condition is not met within that time. These orders will reflect with a Conditional tag in the Pending Order tab on the orders page.
Conditional Orders for Selling
Similarly, we have introduced conditional sell orders, allowing users to set NAV thresholds to trigger redemption orders. Users can set this trigger for a NAV that is up to 100% higher than the current value. Once the trigger condition is met, the sell order will be automatically placed, and the user will be notified. The order will then be processed based on the NAV of the trigger date. These conditional sell orders will also remain valid for one year and will be automatically deleted if the trigger condition is not met within that time frame. These orders will reflect with a Conditional tag in the Pending Order tab on the orders page.
@Neelesh I am facing an issue placing conditional buy orders
when I place such an order for a NAV below current NAV ( i placed multiple orders ~10% below current NAV) , it gets triggered automatically without NAV reaching the trigger value on the next day, and gets converted into open order with pending payment. I don’t receive any email or notification regarding this either, please look into this.
