Hi there, I have been using InvestEngine for my ISA and for general investing for some 3 or so years so far. And while I like the overall simplicity of the platform, I ran into this specific issue a few times so far.
Basically, I am aware that InvestEngine executes orders after 2:30pm on the same day if the order was placed before 2pm. And for orders placed after 2pm, they are processed on the next business day. Which means that for any order created after 2pm there should be no issue to cancel that order during the 2pm to 7pm order execution window on the same day, as it will not be executed on the same day anyway and will instead be executed the next day.
Nonetheless, InvestEngine blocks you from cancelling this order and you are forced to wait till after 7pm to cancel it! Why? It totally makes sense that if you placed the order before 2pm, you cannot cancel it on the same day after 2pm as it being processed to execute shortly. That is an understandable limitation of a platform like InvestEngine which offers no fees and hence cannot offer such granular control. But for orders that won’t be processed today, it seems silly to block you from cancelling the order and forcing you to wait for some time.
I placed an order today after 2:30pm, and then after adjusting my portfolio further and adding more cash, I wanted to cancel it and redo the order with the extra cash, only to realise I cannot cancel the order now and I have to wait. So, I will have to set a reminder for some time after 7pm to do what I was planning to do now and move on to another task. It will make life simpler for your customers if you can allow us to cancel orders that are not scheduled for execution today.