Orders & ExecutionInstant Fill ModelNo-Requote Execution
Market Execution
An execution model in which orders are always filled at the best available price, with no requotes.
What Market Execution means
Under market execution the trader submits a volume rather than a price. The broker accepts the order unconditionally and fills it against whatever liquidity is available, reporting the achieved price afterwards. There are no requotes, because the trader never asked for a specific price in the first place. The consequence is that slippage, positive or negative, is a normal part of every fill, and the price shown on screen at the moment of the click is an indication rather than an offer.
This is the model used by brokers routing to an aggregated pool of liquidity providers, whether described as ECN, straight through processing or direct market access, and it is now the default on most modern retail platforms. Large orders can be assembled from several providers at different prices and reported as a weighted average, which also makes partial fills possible. Because the broker is passing risk on rather than taking the other side, it has no commercial reason to reject an order.
Traders keep control of price risk through a deviation or slippage tolerance setting where the platform offers one, and through order type: a limit order still guarantees its price under market execution, since the price condition belongs to the order and not to the execution model. Stop losses and take profits attached to positions are unaffected in principle, though a stop loss triggered in fast conditions is exposed to the same slippage as any market order.
Worked example
A trader clicks buy on EUR/USD showing 1.08515 and receives a confirmation at 1.08521; there is no requote dialogue, only a 0.6 pip negative slippage recorded against the fill.
Related terms
- Instant ExecutionAn execution model in which the trader requests a specific displayed price and the broker fills or requotes.
- RequoteA broker's response offering a new price when the price the trader clicked is no longer available.
- SlippageThe difference between the price a trader expected on an order and the price at which it was actually executed.
- ECN (Electronic Communication Network)An electronic venue that anonymously matches buy and sell orders from many participants in a shared order book.
- STP (Straight Through Processing)An execution model in which client orders are passed automatically to external liquidity providers rather than dealt internally.
Frequently asked questions
What does Market Execution mean in forex trading?
An execution model in which orders are always filled at the best available price, with no requotes.
How does Market Execution work in practice?
This is the model used by brokers routing to an aggregated pool of liquidity providers, whether described as ECN, straight through processing or direct market access, and it is now the default on most modern retail platforms. Large orders can be assembled from several providers at different prices and reported as a weighted average, which also makes partial fills possible. Because the broker is passing risk on rather than taking the other side, it has no commercial reason to reject an order.
What is an example of Market Execution?
A trader clicks buy on EUR/USD showing 1.08515 and receives a confirmation at 1.08521; there is no requote dialogue, only a 0.6 pip negative slippage recorded against the fill.
Trade with a regulated broker
Understanding the terminology is the cheap part. The expensive part is choosing a counterparty whose execution, financing and withdrawal behaviour match what the marketing implies. Every broker below has been reviewed with a funded live account, and each review states which legal entity and which regulator applies to the account you would actually open.
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