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Order Selection
"At Best" Price
At Best vs. Market Range
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FXCM has two types of order execution: At Best and Market Range.
The advantage of At Best is that you get filled every time you submit a market order, even during fast moving markets.
You have the option of never again receiving the messages "The market has moved" or "The price has expired." When an At Best order is submitted, you are filled at the best available rate that is streamed to FXCM from multiple global banks and financial institutions. The price may not always be at the exact rate displayed when the order is submitted.
The default order selection setting is At Best.
If you trade during non-farm payroll announcements or other big news events, you know that prices can change very quickly. The price providers for the No Dealing Desk execution platform often feed FXCM hundreds of quotes within a single second during volatile market conditions. Unfortunately, this speed of change has prevented some orders from being executed in the past. Now, you can choose between having your orders filled every time they are submitted and having control over the exact price range in which orders are filled.
“At Best”
If you select this option, your entire order will be filled at the best available rate. This could be at the rate you click on, or a substantial number of pips away. Essentially, your complete order will be quickly filled, but there is no certainty of the price. The rate is determined by the multiple banks and financial institutions that provide streaming prices to FXCM. Advantage = Execution Certainty |
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“Market Range”
If an order cannot be executed within the price range specified by the client, the order will not be executed. The default setting for "Market Range" is zero. By keeping this setting, you are stating that if the price you click on is not available, you don't want to get filled; you will only get filled at the price range you click on. Advantage = Price Certainty |
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