Guaranteed stop-loss orders (GSLOs) are a premium risk management tool that provides protection against large losses caused by gapping and slippage. Below we review the best GSLO brokers plus their features and costs.
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A guaranteed stop loss (or GSLO) is an order type that guarantees you exit your trades at the exact price you specify. This also greatly reduces slippage as a result of market volatility. Not all brokers offer guaranteed stop losses but of the ones that do, we chose the best forex brokers for Australian traders.
Overall Best Forex Broker With GSLOs
City Index is a long-standing CFD and forex broker having been established in 1983. The brokerage firm is regulated by multiple top-tier regulators including the Australian Securities and Investments Commission (ASIC), the Monetary Authority of Singapore (MAS), and the Cyprus Securities and Exchange Commission (CySEC). The broker offers over 12,000 financial markets to trade, with guaranteed stop-loss orders available on 4,000 CFDs and spread betting financial products.
How Do You Use Guaranteed Stop Loss Orders When Trading Forex?
As trading complex instruments like CFDs comes with a high level of risk, order types can be a great risk management tool. Guaranteed stop loss orders (GSLOs) are a premium pending order type that traders use to maximise gains while minimising losses. To understand how GSLOs work, it’s important to understand a few key forex trading terms:
How GSLOs Work
A regular stop-loss allows you to limit losses when markets move in an unfavourable direction, and although it is free, it is not guaranteed. If gapping were to occur with regular stop-loss, your trade could be filled at a different price than what you requested. This means that your order could be executed at a significantly worse price leading to potential losses.
With a guaranteed stop-loss order, your trade will be filled at the price requested, regardless of gapping. Due to the price guarantee that comes with GSLOs, most brokers charge a fee. The major benefit of GSLOs is they can protect you against large and fast fluctuations in market prices that can lead to gapping, as the price you specify on your GSLO is guaranteed regardless of market volatility and gapping.
City Index’s Guaranteed Stop-Loss Orders
When placing a GSLO with City Index, you pay no upfront cost and will only be charged a fee if the market price of the financial instrument you are trading reaches your GSLOs level. The broker charges a different GSLO premium depending on the market you are trading. City Index offers the risk management tool on over 4,000 financial markets, examples of GSLO fees include:
GSLOs When Spread Betting
If you are a resident of the United Kingdom or Ireland, you are able to spread bet as an alternative to trading CFDs. While both forms of derivative trading, spread betting offers tax advantages as it is exempt from capital gains tax (CGT) unlike CFD trading. City Index offers GSLOs when spread betting, with premiums being the same as when trading CFDs.
Only brokers regulated by the UK’s Financial Conduct Authority (FCA) can offer spread betting services to retail investor accounts. To find out more about spread betting in the UK and the best brokers fore spread betting.
It is worth noting that although you can spread bet in the UK, you are unable to trade cryptocurrency regardless of whether you are trading CFDs or spread betting. Recently, the FCA banned retail investor accounts from trading cryptocurrency due to the high-risk and volatile nature of the asset class.
Getting Started With City Index
When signing up to City Index, you are required to make a minimum deposit of $150 and only one trading account is available with forex spreads from 0.5 pips. In terms of trading platforms, you can choose between MetaTrader 4 (MT4) that is offered as a desktop platform and the broker’s proprietary web trader trading platform. Both trading platforms are available as mobile apps. If you want to try out City Index and its trading platforms before signing up for a live account, a free demo account is available.
A GSLO CFD Provider
Plus500 is a global CFD provider that is overseen by major financial authorities like the FCA, CySEC, ASIC and FMA (NZ). As well as top-tier oversight, the Plus500 is a public company listed on the London Stock Exchange and part of the FTSE 250.
When developing trading strategies with Plus500, you can place basic order types like regular stop losses and trailing stops as well as guaranteed stop-loss orders (GSLOs) to help manage the high risk of trading.
When trading with Plus500, you can only use GSLOs with Plus500 when you are opening a new position or pending order, with no option to modify existing positions. Similarly, you cannot remove a GSLO once it’s been added.
After opening a trading account and making a minimum deposit of $100, you can trade a range of asset classes as CFDs like shares, currency pairs, indices and options.
Plus500 doesn’t offer an Best Auto Trading Software or other advanced features. If you are trading forex, you can access no commission spreads and the CFD providers proprietary trading platform. The software is available on a desktop or WebTrader platform or as mobile trading apps for iOS and Android devices.
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*Your capital is at risk ‘72% of retail CFD accounts lose money’
The Limited Risk Account With Automatic GSLOs
IG is London based broker that operates in 16 counties worldwide, listed on the London Stock Exchange and overseen by various regulators such as MAS in Singapore, the CFTC and NFA in the United States, BaFin in Germany and ASIC in Australia.
As well as commission-free spreads starting from 0.6 pips on major currency pairs, the broker provides access to a range of financial markets such as commodities, indices and interest rates. When trading forex and CFDs with IG the cost of GSLOs varies between financial instruments. You are only charged if the stop order is triggered.
IG is a popular broker among traders wanting the option of GSLOs because as well as allowing you to attach GSLOs to individual trades, you can switch your CFD trading account to a limited risk account where stop orders are set with every order.
Limited Risk Account Type
After you sign up to an IG trading account, you can switch to a limited risk account type that will automatically add GSLOs to all the orders you place when trading forex and CFDs. If you change to a limited risk account, you cannot use other stop orders such as trailing stop losses. The account type is ideal for beginner traders because as well as automatic GSLOs, it ensures you cannot lose more than the initial deposit that is required to open each trade.
When setting up your IG trading account, no minimum deposit is required if you are depositing funds via bank transfers, while €300/$300/£300 is needed if you are using credit cards, debit cards or PayPal.
Two trading platforms are available – MetaTrader 4 (MT4) and IG’s own platform. If you are new to trading, the broker’s proprietary platform offers an easy-to-use interface, while experienced traders can develop algorithmic trading strategies on MT4.
A GSLO Broker With Account Type Options
OANDA is a global broker that operates in multiple major financial hubs around the world like the UK (FCA), Singapore (MAS) and Australia (ASIC).
The broker provides access to a wide range of financial markets including currency pairs, precious metals, bonds and soft commodities, as well as for cryptocurrencies like Bitcoin for those outside of the UK.
When trading forex, you can choose from two pricing structures:
GSLOs
When trading Forex and CFDs with OANDA, a basic stop-loss order is automatically applied to each order, yet a GSLO can easily be set on a new or existing order. If you have a hedged position (where you are both long or short at the same time) OANDA will not allow you to place a GSLO on that financial instrument.
There are no minimum deposit requirements to start trading with OANDA and you can choose between two trading platforms – the broker’s proprietary software (OANDA Trade) or MetaTrader 4 (MT4).
A Worldwide GSLO Broker
CMC Markets is an online broker that’s listed on the London Stock Exchange and holds licences issued by major financial authorities like IIROC (Canada), FMA (NZ) and Singapore (MAS) among others. Established in 1989, the long-standing broker offers access to over 9,500 financial markets, including 338 currency pairs.
For a premium, CMC Markets allows you to set guaranteed stop loss orders on specific CFDs.
The broker is not a high leverage forex broker due to regulator bodies like the FCA and ASIC limits of 30:1 on currency trading. To trade CFDs with CMC Markets you can use either MetaTrader 4 or the broker’s popular proprietary trading platform, Next Generation.
A Broker With Free GSLOs
easyMarkets is a top broker overseen by major regulators like ASIC for brokers in Australia and CySEC in Cyprus. Six asset classes are available to trade with brokers including currency pairs, commodities, metals, indices, cryptocurrency and share CFDs.
Free GSLOs
Unlike most forex brokers, easyMarkets offers guaranteed stop-loss orders completely free of charge. If you are a beginner trader and planning on attaching GSLOs to every trade, easyMarkets is a good option as you can manage the high risk of trading at no additional cost.
As well as free GSLOs, the broker also provides other risk management tools for a premium, such as:
When setting up your trading account, you will be able to choose from three commission-free account types on both the broker’s proprietary trading platform and MetaTrader 4.
Guaranteed stop-loss orders are an excellent risk management tool for beginner traders with little forex trading experience, as the premium order type allows you to limit losses if markets move in an unfavourable direction.
Most brokers offering guaranteed stop-loss orders (GSLOs) charge a small fee when using the premium order type, although there are exceptions like easyMarkets where GSLOs are free of charge.
Guaranteed stop-loss levels (GSLOs) offer protection against large losses due to gapping and slippage. While regular stop-loss orders are free, they do not guarantee your order will be executed at the price you requested. GSLOs often carry a small fee, yet the premium order type provides a guarantee your trade will be executed at the price requested regardless of gapping and slippage.
Ask an Expert
Does Thinkmarkets have a guaranteed stop loss?
No, unfortunately they don’t. ThinkMarkets is a no dealing desk broker. You will find it is mostly market makers that have no dealing desk
Can I ask you which broker has the largest risk capital committed to guaranteed stop orders? I am using IG at the moment and I am hitting their limits for a single stop loss trigger at about £3,000,000 nominal. Many thanks.
Hi Mark, This isn’t something we have ever looked into, nor is it something we plan to look into. What we can suggest is that you hop onto a live chat with brokers and ask them directly.