Based on trading account type and trading platform, two order types (market and pending) and two execution types (market execution and instant execution) are supported.
Order types
Order types are divided into market orders and pending orders.
Market order
Market orders are executed immediately as they are activated and include buy and sell as the primary orders.
- Buy: Opens with the ask price and closes at the bid price.
- Sell: Opens with the bid price and closes at the ask price.
In volatile markets, slippage may significantly affect the filled orders, where prices can be either higher or lower than the intended market price in the terminal window.
Pending orders
Pending orders are used to automate trading. When a certain price or level is reached, these orders execute automatically.
Both opening and closing orders may be pending.
There are 2 types of pending orders: Stop Orders and Limit Orders.
- 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: A two-step order where a buy stop triggers a buy limit. Once the market reaches the stop price, a limit order to buy is placed at the specified price.
- Sell stop limit: A two-step order where a sell stop triggers a sell limit. Once the market reaches the stop price, a limit order to sell is placed at the specified price.
Refer to the available order types to learn about order and execution types.
Execution types
We offer two execution types: market execution and instant execution.
Instant execution is limited to Pro accounts only.
Instant execution
Orders are executed at the client’s requested price, or not at all. If the price of an instrument changes as you place an order, you will receive a requote notification to agree to the newly changed price.
A trader places a buy order for EURUSD on a Pro account with instant execution. The price is 1.21701/1.21727. Since this is instant execution, the order opens at the ask price of 1.21727.
The execution type will always be shown as "Instant" on MT4, regardless of your choice in the Personal Area. However, the actual execution type will function as you have set it in your Personal Area or Exness Trade app.
Market execution
A trader places a buy order for EURUSDm in a Standard account with market execution. The price is 1.21705/1.21735, but it quickly changes to 1.21719/1.21740. The system automatically executes the order at the new ask price of 1.21740 without confirmation. This price change is called slippage and is common with market execution.