Settlement is the behind-the-scenes transfer process that takes place after you buy or sell securities. An executed trade settles when the buyer receives their securities and the seller receives the cash.
On the Transactions page of your InvestEngine account, executed trades are shown as having ‘Confirmed’ status. When a trade settles, this status changes to ‘Done’.
For Sell orders- you need to wait for these trades to settle before withdrawing the proceeds as cash.
For Buy orders- you can still trade on your account if you are waiting for your Buy orders to settle, the only two restrictions are you can not sell the unsettled part of the ETF holding and you can not use the 'rebalance portfolio' feature.
You can withdraw from your cash balance even if you are waiting for orders to settle.
Your trades will settle at the price they were executed at on the day they were traded.
Additionally, unsettled trades are not included in the calculations for a Sell Portfolio order.
Typically, your trades will settle two days after execution (‘T+2’), although in some rare cases it can take longer.
Please note that the price of shares in your order is locked at the price agreed with our counterparties when the order is executed (live market price + the market maker's spread). You will receive an email confirming the details of each transaction at the point it is executed. The price will not change during the settlement period.