Offshore forex broker FreshForex said on Monday it has decided to cancel all requotes and to transfer all client accounts from instant execution to market execution mode from 18 April, 2016.
The broker offers three types of trading accounts – Classic, Market Pro, and ECN. Prior to the change, Classic accounts were the only type with an instant order execution mode.
Requotes are delays in the technical execution during an order, caused by the difference in the price a trader enters and the price at which the order reaches the broker. The market could be quite dynamic and the broker may not always be able to execute an order instantly at the asked price. In such case, an order is either executed at the next best price, or rejected and returned (requoted) to the broker.
In market execution, orders are executed at the current market price. This often is a better choice since it is faster (it takes a fraction of a second) and has no requotes, compared to instant execution. This type of execution enables traders to have direct access to the market and a better control over the trading process. Also, there is no limit to the available trading strategies when using market execution mode, unlike with instant order execution.
FreshForex is a brand of Riston Capital, an investment company based in St. Vincent and the Grenadines. The broker offers online trading in forex and contracts for difference (CFDs) on metals, stocks, indices, and energy futures, as well as analytical, educational, and training services.
FreshForex is a member of Russia’s commission for the regulation of relations on financial market, KROUFR. In the Russian market, the broker had a monthly trading volume of an average $3 billion in 2015 and about 7,800 active accounts.