Market execution
Market execution: Market execution is an order execution model in which orders are filled at the best price available when they reach the broker, rather than at a fixed price requested by the trader.
How does market execution work?
With market execution the order is filled at the price available when it reaches the broker. It is generally not rejected with a requote, but the fill price can differ from the price you saw; that difference is slippage. In MetaTrader, a symbol’s specification shows which execution model the broker uses.
What is instant execution?
With instant execution the order is filled at the price you requested if possible. If the price has changed, the order is rejected or a requote offers a new price; some platforms let you set the maximum acceptable deviation from the requested price.
Example
Under market execution, a buy order sent at 1.0850 when the price has already moved to 1.0852 is filled at 1.0852, 2 pips of slippage. Under instant execution, the same order may produce a “Requote: 1.0852” message instead.
Learn more
- Forex Order Types: Market, Limit, Stop and More Explained
Forex order types explained: market order, buy limit vs buy stop, sell limit vs sell stop, stop-limit, stop loss, take profit, trailing stop, OCO and GTC.
- How to Use MetaTrader 4 (MT4): A Beginner's Guide
How to install and use MetaTrader 4 (MT4): logging in, opening trades, pending orders, stop loss and take profit, trailing stops, charts and Expert Advisors.
Related terms
- Requote
A requote happens when the price changes before an order is filled and the broker, instead of filling it at the requested price, offers a new price that the trader can accept or reject.
- Slippage
Slippage is the difference between the price you expect when placing an order and the price at which it is actually filled. It can work against you (negative slippage) or in your favour (positive slippage).
- Market order
A market order is an order to buy or sell straight away at the best available price. Buy orders fill at the ask and sell orders at the bid.