Order Routing Built for Active Traders
Long and short whenever you want. 16 hours of market access.
View our full fee schedule
Route Overview.
Stock Routes
Available 4:00 AM – 8:00 PM ET
Route
Best For
Available Time
Description
LIMIT
Traders who want price control.
4:00 AM to 8:00 PM ET
Sends a limit order at the price specified or better. The order will not execute above the buy limit or below the sell limit.
MARKET
Traders prioritizing speed over price certainty.
4:00 AM to 8:00 PM ET*
Sends an order to buy or sell immediately at the best available price. Execution price is not guaranteed.
STOP
Risk management, entries, exits, and stop-loss workflows.
4:00 AM to 8:00 PM ET*
A trigger-based order that becomes active once the stop price is reached. The resulting order may be market or limit based, depending on configuration.
SMART
General equity trading when automated venue selection is preferred.
4:00 AM to 8:00 PM ET*
Primary smart routing logic that seeks execution across available venues based on price, liquidity, and current market conditions.
SMART2
General equity trading when automated venue selection is preferred.
4:00 AM to 8:00 PM ET*
Alternate smart routing logic that may use different venue prioritization or execution behavior than SMART.
LIMIT
Equities
Sends a limit order at the price specified or better. Will not execute above the buy limit or below the sell limit.
Best For
Traders who want price control.
MARKET
Equities
Sends an order to buy or sell immediately at the best available price. Execution price is not guaranteed.
Best For
Traders prioritizing speed over price certainty
STOP
Equities
A trigger-based order that becomes active once the stop price is reached. Resulting order may be market or limit based.
Best For
Risk management, entries, exits, stop-loss workflows
SMART
Equities
Primary smart routing logic. Seeks execution across available venues based on price, liquidity, and market conditions.
Best For
General equity trading with automated venue selection
SMART2
Equities
Alternate smart routing logic. May use different venue prioritization or execution behavior than SMART.
Best For
Traders who want a second smart-routing option
*Market and stop order availability may vary by session, venue, symbol, or risk settings. Extended-hours trading may have lower liquidity and wider spreads.
Options Routes
Available during regular options market hours
Route
Best For
Available Time
Description
OPTSOR
Standard options execution.
9:30 AM to 4:00 PM ET
Primary smart options routing for eligible option orders across available options markets.
OPTSOR2
Standard options execution.
9:30 AM to 4:00 PM ET
Alternate options smart routing logic for eligible options orders.
OPTSOR
Options
Primary smart options routing for eligible option orders across available options markets.
Best For
Standard options execution
OPTSOR2
Options
Alternate options smart routing logic for eligible options orders.
Best For
Traders who want a secondary options routing option.
*Market and stop order availability may vary by session, venue, symbol, or risk settings. Extended-hours trading may have lower liquidity and wider spreads.
Locate Routes
Available 4:00 AM – 8:00 PM ET
LOCATE1
Short Locates
Primary locate route for requesting short availability and pricing before placing a short sale.
Best For
Standard short-locate workflow.
LOCATE2
Short Locates
Secondary locate route that may provide alternate availability or pricing.
Best For
Hard-to-borrow names, backup locate source, or comparing availability.
Route
Best For
Available Time
Description
LOCATE1
Standard short-locate workflow.
4:00 AM to 8:00 PM ET*
Primary locate route for requesting short availability and pricing before placing a short sale.
LOCATE2
Standard short-locate workflow.
4:00 AM to 8:00 PM ET*
Secondary locate route that may provide alternate availability or pricing.
*Locate availability depends on market conditions, symbol demand, borrow supply, lender availability, and platform/vendor connectivity.
Why routing matters.
For active traders, routing is more than a technical detail. The route you pick can affect execution speed, fill probability, price improvement, access to liquidity, trading costs, slippage, and the short-sale workflow. It can also shape what’s possible during extended hours.
Routing may impact:
- Execution speed
- Price improvement
- Fill probability
- Access to liquidity
- Short-sale workflow
- Trading costs
- Slippage
- Extended-hours opportunities
Order Routing FAQs
What is order routing?
Order routing is the process of sending an order to a trading venue, smart router, market center, exchange, or execution system for handling and potential execution.
What's the difference between a route and an order type?
An order type defines how the order behaves (market, limit, stop). A route defines where, or how, the order is sent for execution. Example: a trader may send a limit order through the SMART route.
What routes does BigTrades support?
Equity routes include LIMIT, MARKET, STOP, SMART, and SMART2. Options routes include OPTSOR and OPTSOR2. Locate routes include LOCATE1 and LOCATE2.
When are BigTrades routes available?
Most equity routes are available from 4:00 AM to 8:00 PM EST. Most listed equity options trade during regular U.S. market hours (9:30 AM to 4:00 PM ET), with limited extended hours available for certain index options.
What's the difference between SMART and SMART2?
Both are smart routing options, but they may use different routing logic, venue priorities, or execution behavior. Some traders prefer one over the other depending on the symbol, liquidity, time of day, or order size.
Can I use market orders during extended hours?
No. Market orders are generally not accepted during extended-hours trading. Limit orders are typically required.
Are stop orders guaranteed to fill at my stop price?
Once triggered, the order may execute at a different price or not at all, depending on market conditions or order type. IE. To control execution price, consider using a stop-limit order instead—though it carries the risk of not filling at all.
Can routing affect my trading costs?
Yes. Routing can affect explicit fees, exchange and ECN pass-through charges, rebates, and execution quality. Some routes may carry additional charges or pass-through fees.
Do you pass through ECN or exchange fees?
Certain ECN, exchange, or routing-related fees may be passed through depending on the route used, product traded, market center, and whether DMA, smart order router, or algorithmic routes are enabled.
Can I choose a specific exchange or market center?
BigTrades currently offers the named routes listed above. Additional DMA, exchange, or algorithmic routing options may be added over time.
What happens if my order is rejected?
Orders may be rejected for several reasons, including insufficient buying power, missing locate approval, market restrictions, invalid order types, price bands, halted securities, route unavailability, or internal risk controls. The platform displays the applicable reject reason where available.
Do I need a locate before shorting?
If a stock is hard-to-borrow or otherwise requires a locate, you’ll need to request and secure a locate before placing the short sale. Locate availability and pricing may vary.
What's the difference between LOCATE1 and LOCATE2?
LOCATE1 is the primary locate route. LOCATE2 is a secondary locate route that may provide alternate availability or pricing. Traders may use LOCATE2 when the primary source has limited or no availability.
Does a locate guarantee that my short order will fill?
No. A locate reserves borrow availability, but execution still depends on market liquidity, price, order type, route, and risk checks.
Can I re-use locates intraday?
In many cases, locates may be reusable intraday if shares remain available. Reuse may be restricted by symbol, market conditions, locate source, or regulatory requirements.
Can I short Reg SHO Threshold or SSR securities?
Shorting may be restricted or subject to additional requirements for certain securities, including Reg SHO Threshold securities or securities subject to short-sale price restrictions. Availability depends on the symbol, locate availability, regulation, and platform controls.
Does BigTrades monitor best execution?
BigTrades is built to support compliant order handling and execution review. Execution quality can depend on market conditions, route selection, order type, time of day, and liquidity.