Cyprus-based forex broker Alfa-Forex said on Wednesday it will switch all client accounts on the MetaTrader 4 (MT4) trading platform to market order execution, starting 23 May, 2016. The broker will continue to offer instant order execution for users of the MetaTrader 5 (MT5) platform.
No details were provided.
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 re-quotes, 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.
In addition to the MT4 and MT5, Alfa-Forex also has in its offering copy trading platform ZuluTrade.
Earlier on Wednesday, forex brokerage group FxPro said it has released a new type of trading account with market order execution for users of the MT4 platform with the lowest spreads it has offered so far. Meanwhile, offshore forex broker FreshForex canceled last month all re-quotes and transferred all client accounts from instant execution to market execution mode.
Alfa-Forex is a brand of Cuprus-based Alfa Capital Holdings, which is part of Alfa-Bank Banking Group. The broker is licensed by the Cyprus Securities Exchange Commission (CySEC). Alfa-Bank said earlier this month it intends to set up another forex broker subsidiary under the brand Alfa-Forex, through which it will apply for Russian forex broker license.
Alfa-Forex focuses on the markets of the EU, Russia and the Commonwealth of Independent States (CIS), or the former Soviet countries. In the EU, a financial service provider is allowed to provide services within the whole union if it holds a license by any member state, Cyprus included. In Russia, local forex brokers are required to hold a license from the Central Bank of Russia (CBR) in order to operate. However, foreign brokers can still target Russian citizens even without a local license.