How many Order Execution Types in Exness?
There are 2 major types of Order Executions which include Instant Execution and Market Execution. Both types operate a little differently, each with its own features and drawbacks.
Instant Execution
Instant Execution is the method by which brokers execute orders at the trader’s requested price, or not at all.
Requote
As prices change constantly, the order might not match the trader’s requested price, which would result in a requote. A requote is a way to tell a trader that their requested price is no longer available and gives them about 3 seconds to accept or reject the new price. If accepted, the order will be executed at the new price but if they reject the new price or not respond to the requote then the order is cancelled altogether.
Deviation
Traders can also choose settings to execute orders automatically when they fall within a certain range (or deviation) of their requested price. If a price has changed but still falls within the deviation set up by the trader, the order will be executed with a price correction. If it exceeds the deviation, the trader will receive a requote which can be accepted, rejected or ignored with the same outcome as before.
For example: A trader’s requested price on 1 lot of GBPUSD is 1.30442, and they have deviation set to the value of 0.5. If the price changes to 1.80442 or 0.80442, the order will automatically execute at 1.80442 or 0.80442. But if the price becomes 1.80443 (or higher) or 0.80441 (or lower), then a requote will occur.
Market Execution
Market Execution is the method by which traders execute orders at the current price within fractions of a second. The price can be either higher or lower than the one the trader sees in the terminal window as prices constantly change.
One major difference between Market Execution and Instant Execution is that requotes don’t occur with this type of execution. However, especially during periods of market volatility, you do increase your risk as a strong fluctuation of the price in a short space of time is possible.
This type’s strong suit is that it is the fastest method of execution and it presents the opportunity for 100% market access to traders.
Consider the following table for a comparison of the two order execution types:
| Instant Execution | Market Execution |
| Requotes can occur. | No requotes. |
| Execution depends on the price availability. | An execution is assured. |
| Control over volatility slippage | Higher risk associated with volatility slippage. |