A Stop loss order is actually a limit order.

The Stop Loss order executes a deal at a relative loss, as the rate is inferior to the current market spot rate. The investor can decide on a stop loss rate for opening or closing a position – increasing or decreasing his exposure. Using a stop loss to open a position (or an exposure) is an order to buy or sell one currency against another, at an inferior rate to the spot rate. Using a stop loss to close or to decrease an exposure, is an order which executes an opposite position to the existing one/s (e.g. closing a position) at a rate inferior to the spot rate.

A Stop Loss order to decrease an existing exposure (usually happens during closing of a position) is commonly* executed at the rate defined by the investor, provided there is an identical market indication to the Stop Loss rate. Stop Loss order to increase the investor’s exposure, will be executed at the rate defined by the investor, with the exception of the occurrence of extreme rate volatility during market trading hours or over the week end, when the first trading day of the week starts with considerably different opening rates to the market closing rates the previous week. In these circumstances, the order will be executed at the nearest possible rate. (i.e. market rate during the execution).

* Please be advice that the scenario of executing Stop Loss at the market rate, both in cases of exposure increasing and decreasing, are more likely to happen on a daily basis to some currencies (e.g. TRY) or other instruments (e.g. commodities and indices) which are not traded 24 hours.