⭐ 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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