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from submission to fill.
Orders are processed under an STP model, and the fill price depends on the price and depth available in the market when the order arrives. This page uses illustrative animations to explain what an order goes through, where slippage comes from, and what we do and do not commit to.
- Submit
- Validate
- Process
- Fill
Five stages of an order.
From the moment you click in MT5 to receiving the fill confirmation, an order passes through the five stages below. It plays automatically; you can also click any step to view it.
Client submits
Why larger orders are more prone to slippage.
The volume available at each price level is limited. The larger the order, the more likely it needs to consume depth across several levels, pulling the average fill price away from the best price. Drag the lot size to see what happens.
Illustrative data to explain the principle only: actual available depth changes with the market in real time, and orders may also be rejected or partially filled. 1 pip = 0.0001.
Slippage: it can be negative or positive.
Between sending an order and its fill, the price may keep moving. The difference between the fill price and the requested price is slippage — negative when it works against you, positive when it works in your favour.
- ① Requested price
- ② Market moves
- ③ Actual fill
The fill is worse than the requested price: buys fill higher, sells fill lower.
The fill is better than the requested price: buys fill lower, sells fill higher.
During major data releases, orders are filled at the best available price at the time.
Liquidity differs by session.
The FX market runs 24/5, but liquidity is not even throughout the day. Spreads are floating and may widen due to market conditions, liquidity, volatility and session. Click a card to see the session on the timeline.
Sessions are approximate and for reference only; FX, precious metals, indices and energy instruments have different trading sessions, governed by the MT5 instrument specifications.
What we commit to, and what we don’t.
Execution quality is affected by market conditions. We only describe arrangements we can explain clearly, and do not promote unverifiable metrics.
✓What we provide
- STP execution modelOrders are processed under an STP execution framework.
- MT5 market executionRepresentative instruments use Market Execution; fill confirmations can be viewed in the MT5 trade history.
- Negative balance protectionNegative balance protection applies to accounts, subject to the terms of the Client Agreement.
- Segregated client fundsClient funds are held in segregated accounts.
✕What we do not commit to
- Fixed execution speedExecution time is affected by network and market conditions; we do not publish or commit to execution-speed metrics.
- Fill rates or “no rejections”Orders may be rejected or partially filled.
- No slippageIn fast markets, gaps, thin liquidity or for large orders, the fill price may differ from the requested price.
- Fixed spreadsSpreads float and may widen due to market conditions, liquidity, volatility and session.
- Naming liquidity providersWe do not publish the names of liquidity providers on the website.
Understand the execution rules before you trade.
CFDs and leveraged trading carry high risk; leverage magnifies both gains and losses. Animations and data on this page are illustrative; contract specifications, trading sessions, stop distances and similar are governed by the MT5 instrument specifications and the Product Specifications.