Limit Order v Market Order

[doco]

New to stocks so using Webull Paper Trade to get a feel for it. One thing I have noticed is Webull apparently, doesn't know the difference between Limit Orders and Market Orders as all orders are treated as Market Orders. A bit frustrating.

I have tested this with ridiculously far above current price activity to set a Buy Limit Order only to have it filled as a Market Order well below the limit. Is this the nature of paper trade indifference? I haven't seen any instruction indicating Webull treats orders this way.

Thoughts
TIA
doco

 

[Rufus_Leakey]

I have tested this with ridiculously far above current price activity to set a Buy Limit Order only to have it filled as a Market Order well below the limit. Is this the nature of paper trade indifference? I haven't seen any instruction indicating Webull treats orders this way.

A limit order for a price means that price or better, so your buy limit order above the current ask price was correctly filled better than your limit price.

It sounds like you wanted a stop limit order which would become a limit order after the stop price is hit.

What is a stop-limit order?

A Stop limit order goes live at your pre-determined stop price and will be filled at your predetermined limit price or better.

www.webull.com

 

[doco]

This is true except Webull only has two choices: Limit & Market.

It is what it is I suppose.

 

[Rufus_Leakey]

This is true except Webull only has two choices: Limit & Market.

It is what it is I suppose.

They claim to support stop limit orders.

What types of order can I place on Webull?

You can switch between "Order" and "Advanced Order" on top of a stock's order page.1) In the "Order" screen, you can find four order types:·Limit Order ·Market Order ·Stop Order (Stop-Loss Order) ·Stop-Limit Order.

www.webull.com

 

[doco]

This is all that is available.

Probably because it's papertrade and not a real money account?

Thanks
doco