What are the Order Execution Types in Exness?

What are the Order Execution Types in Exness?


Available order types for Exness Accounts

For all Standard and Professional account types, there are two standard order types, market order, and pending orders, as well as  2 order execution types, market execution, and instant execution.

 

Order Types

Order types are divided into two categories, market orders, and pending orders.

Market Order

Market orders are executed as they are activated and include Buy and Sell as the primary orders.

  • Buy: a buy order opens with the Ask price and closes at the Bid price.
  • Sell: a sell order opens with the Bid price and closes at the Ask price.

For a more in-depth look at Ask and Bid prices, please follow this link.

Pending Order

Pending orders are used to set conditions to automate executing an order, depending on the order type.

Here is a handy breakdown of order types, and which account types can use them:

Order Type

Standard

Standard Cent

Pro

Raw Spread

Zero

Buy Limit

Sell Limit

Take Profit

Buy Stop

Sell Stop

Stop Loss

Buy Stop Limit

✓ (MT5 only)

✓ (MT5 only)

✓ (MT5 only)

✓ (MT5 only)

Sell Stop Limit

✓ (MT5 only)

✓ (MT5 only)

✓ (MT5 only)

✓ (MT5 only)

Pending Orders Explained

Pending order types give you tools to automate trading; when a certain price or level is reached, these activate an action automatically, so you don’t have to.

  • Buy Limit - Set a buy price lower than the current ask price.
  • Sell Limit - Set a sell price higher than the current bid price.
  • Take Profit - Close the order as soon as this user-set level of profit is reached.
  • Buy Stop - Set a buy price higher than the current ask price, and execute the order if that price is reached.
  • Sell Stop - Set a sell price lower than the current bid price, and execute the order if that price is reached.
  • Stop Loss - Close the order as soon as this user-set level of loss is reached.
  • Buy Stop Limit (MT5 only) - A combination of Buy Stop and Buy Limit, this order requires you to set two prices which must both be reached before this order is executed.
  • Sell Stop Limit (MT5 only) - A combination of Sell Stop and Sell Limit, this order also requires you to set two prices which must both be reached before this order is executed.

These orders give you even more deft control over your trading and is highly recommended to become familiar with to mitigate and manage your risk.


Order Execution Types

There are also 2 order execution types across Exness accounts, Market Execution, and Instant Execution.

  • Instant Execution: the method by which brokers execute orders at the trader’s requested price, or not at all.
  • Market Execution: the method by which traders execute orders at the current price, within fractions of a second, at the moment of order processing. The price can be either higher or lower than the one the trader sees in the terminal window as prices constantly change.

These are the Order Executions available, based on account types:

Execution Type:

Standard

Standard Cent

Pro

Raw Spread

Zero

Instant Execution

Market Execution

 

The Detail of order execution types

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.
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