⭐ Instant vs Market vs Exchange Execution Forex

Forex brokers offer Instant and Market Execution only

Execution Definition

Instant execution

  • Orders filled at the exact price quoted by the broker
  • If price is no longer available, a requote is given

Market execution

  • Orders filled at current market price (price may shift)
  • Prices are sourced from liquidity providers and aggregated to form best price offer
  • Requotes are eliminated due to ability to fill orders at next available price

Exchange execution

  • Orders filled externally (on the exchange) at current market price, according with the current market depth (DOM)
  • Exchange execution is not applicable to Forex trading since Forex in not traded on the exchange. Forex is an OTC (Over-the-Counter) market

Request execution

  • A trader requests price from broker in advance. Order is filled upon mutual agreement on price.
  • Request execution has not found its place in Forex trading

Execution type/mode is chosen & set by each Forex broker

Traders can't choose the execution type, it is preset by the broker.

Execution by Platforms

Platform Instant execution Market execution Exchange execution Request execution
MT4 yes yes x yes
MT5 yes yes yes yes
cTrader x yes
ActTrader yes yes
Currenex (vary by version) yes yes
TradeStation yes yes
WebTrader yes yes

MT4/MT5 Execution and Order types explained

MT4/MT5 Orders Instant execution Market execution Exchange execution Request execution
Fill or Kill (FoK) yes yes yes yes
Immediate or Cancel (IoC) x yes yes x
Return order x yes yes x

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