Best Forex Brokers
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Key Takeaways
- Instant Execution: Your order is filled at your requested price or rejected if price changes—no slippage on entry.
- Market Execution: Your order fills at the best available price—may slip during volatility.
- Requotes: When the broker rejects your price and offers a new one—frustrating for scalpers.
- No Requote Brokers: Market execution brokers don't requote but may slip; some instant execution brokers guarantee no requotes.
- Best For: Scalpers and news traders need fast, reliable execution. Choose based on your strategy.
Table of Contents
Instant vs Market Execution
Understanding execution types is crucial for traders, especially those in fast-moving markets like scalpers and news traders.
| Feature | Instant Execution | Market Execution |
|---|---|---|
| Fill Price | Requested price or rejection | Best available price |
| Requotes | Yes (if price moves) | No |
| Slippage | No (on entry) | Yes (positive or negative) |
| Best For | Range trading, stable markets | News trading, fast markets |
| Common With | Market Makers | ECN/STP Brokers |
What Are Requotes?
A requote occurs when you try to enter a trade at a specific price, but by the time your order reaches the broker's server, the price has moved. The broker rejects your order and offers a new price.
- Common During: News events, market opens, high volatility periods.
- Impact: Missed entries, frustration, potentially missed opportunities.
- Solution: Use market execution brokers or set wider "price tolerance" in MT4/MT5.
MT4/MT5 Tip: In Tools → Options → Trade, you can set "Maximum Deviation" to allow small slippage rather than getting requotes.
Understanding Slippage
Slippage is the difference between your requested price and the actual fill price. Unlike requotes, slippage means your order IS filled—just at a different price.
- Positive Slippage: You get a better price than expected. Market execution can work in your favor.
- Negative Slippage: You get a worse price. This adds to trading costs.
- Factors: Market volatility, order size, broker liquidity, execution speed.
Best No Requote Brokers
These brokers use market execution with fast servers and deep liquidity to minimize slippage:
- IC Markets — NY4 servers, average execution 40ms
- Pepperstone — Equinix data centers, no dealing desk
- Exness — Market execution with price improvement
- FP Markets — Raw ECN execution, no requotes
How to Choose
- Scalpers: Market execution ECN brokers with fast servers. Accept small slippage to avoid requotes.
- News Traders: Definitely market execution—instant execution will requote during news.
- Swing Traders: Either works—execution speed matters less for multi-day holds.
- Beginners: Market execution is generally better—one less thing to worry about.
Frequently Asked Questions
What is instant execution in forex?
A type of order execution where your trade fills at your exact requested price or gets rejected (requote) if the price has moved.
What is market execution?
Your order fills at the best available market price. No requotes, but you may experience slippage (positive or negative).
What causes requotes?
Price movement during order transmission. Common during news, high volatility, or with slow internet/broker connections.
Is slippage always bad?
No. Positive slippage gives you a better price. Good ECN brokers often provide price improvement, where slippage works in your favor.
Which is better for scalping?
Market execution. Requotes during scalping are deal-breakers. Accept small slippage for guaranteed fills.
Do ECN brokers use market execution?
Yes. True ECN/STP brokers use market execution since orders go to liquidity providers who fill at market price.
How do I avoid requotes in MT4?
Set "Maximum Deviation" in Tools → Options → Trade. This allows small slippage instead of requotes.
What is no dealing desk execution?
Orders go directly to liquidity providers without broker intervention. This is market execution—no requotes but possible slippage.
Can I get guaranteed prices?
Some brokers offer guaranteed stop-loss orders (GSLOs) for a premium. Normal orders cannot guarantee exact prices during volatility.
Which broker has the fastest execution?
IC Markets and Pepperstone report sub-50ms execution speeds. VPS hosting near broker servers can further reduce latency.
Does execution type affect spreads?
Not directly. But market execution brokers (ECN/STP) often offer raw spreads while instant execution (market makers) may have fixed/wider spreads.
What is price improvement?
When you get a better fill price than requested—positive slippage. Good ECN brokers pass price improvements to clients.
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