Market execution vs instant execution — what is the difference?
How this answer was verified
- Cross-checked against broker-published fact sheets, regulator licensing databases, and ESMA product intervention notices.
- Reviewed by the FX-Brokers EU editorial desks (Markets, Platforms, Regulation). Desk structure disclosed at /about/editorial-desks.
- Refreshed quarterly. The most recent verification date is shown above. Read our methodology.
Related
What is an ECN forex broker?
An ECN (Electronic Communication Network) forex broker routes client orders directly to a pool of liquidity providers without running a dealing desk. ECN brokers charge a commission per lot instead of marking up spreads, resulting in lower all-in costs and no conflict of interest with clients.
STP vs ECN broker — what is the difference?
STP (Straight-Through Processing) routes orders directly to liquidity providers without dealing desk intervention. ECN (Electronic Communication Network) connects multiple liquidity providers and traders, with prices set by the order book. ECN brokers typically charge commission with raw spreads; STP brokers often work commission-free with wider spreads. For active traders, ECN usually beats STP on total cost.
What is a broker requote and why does it happen?
A requote is when a broker rejects your order at the quoted price and offers a new price, because the market has moved between your click and the broker's execution attempt. Requotes happen on instant-execution accounts during volatile conditions. Market-execution accounts (ECN/STP) never requote — they fill at the next available price.