Placing a sell order
To place a sell order, start by selecting the ETF or stock you wish to sell from your investments.
Click the 'I want to' button and then select 'Sell'.
Enter how many units (including fractional units) you want to sell (or tap 'All' if you'd like to sell all your holdings). We'll show you how many units you have available to sell. The minimum sale value is A$5. However, there's no minimum sale value if you're selling your total holdings.
We'll then display a sale preview on the screen. This shows you the estimated sale proceeds, which uses the last trade price and takes fees (such as the foreign exchange and regulatory fees) into account.
Check the details and confirm your sale.
When you confirm, we'll place your order in the market (if it's open) or queue it for when it next opens (if it's closed).
When your order is placed in the market, our brokerage provider will aim to sell your units at the best available price.
Once your order has been executed, we'll send you an email confirmation. You can also find information on your pending and executed orders within the Spaceship mobile app.
We'll also credit the proceeds from your sale (less fees) into your linked bank account.
Generally, orders are completed within 2 business days.
Selling all your holdings
To sell all your holdings, you'll need to follow the above steps for each ETF or stock you hold.
Can I set the sale price for my order?
Spaceship only accepts market orders at this time.
That means that when you place a sell order with us, you instruct our brokerage provider to execute the trade at the prevailing market price when the market is open.
This is different from a limit order, which allows you to sell shares for a specified price (or better).
Spaceship doesn't currently offer limit orders.
Will my order be executed at the best available price?
In short, yes.
Our registered brokerage provider is required to execute trades (including fractional orders) at the best available bid or ask price across all the various eligible US stock exchanges.
This is known as the National Best Bid Offer or NBBO, and it's governed by various regulatory bodies in the US.
Why did I receive more or less sale proceeds than I expected?
When you place a sale order, we ask you to enter how many units (including fractional units) you want to sell.
We show you an estimate of your sale proceeds using the last trade price (and taking fees into account).
However, your actual sale proceeds will be determined by the execution price when your sale is placed in the market.
This means you may end up with more or less sale proceeds than you expected or than what we estimated.
Regardless, our brokerage provider will always aim to sell your units at the best available price.
Example: Let's say you want to sell 1.5 units in Google. We use the last trade price of A$100 to estimate you'll receive A$150 (before fees are taken into account). However, your sale order is executed at A$101 per share, which means your sale proceeds are A$151.50 (before fees are taken into account).