Orders & Execution FAQs
- How are orders executed?
- What are my options for closing open positions in a market?
- Can I place trades over the phone?
- Do orders expire?
- Why was my position closed?
- What is the smallest trade size?
- What is FOREX.com’s execution record?
- What is slippage?
- What is a 'limit down?'
- What is the difference between associated and unassociated orders?
- What is an If/Then order?
How are orders executed?
Orders are executed at the best available price at the time the order is received.
Our foreign exchange, gold, and silver price quotes are derived from prices provided to us by selected top tier global banks in the wholesale foreign exchange, gold and silver markets.
What are my options for closing open positions in a market?
On FOREX.com’s platforms you have the flexibility to close positions in the same market as long as the quantity of each position varies. Learn more about options for closing positions.
Please note that on MetaTrader, all positions must be closed on a FIFO basis regardless of position quantity.
Can I place trades over the phone?
Phone Dealing Procedure for our Clients.
It is important to remember that Dealing Desk phone lines are reserved for dealing/order purposes only, and that proper Phone Dealing Procedures be observed at all times. All other inquiries, such as account issues or general information, can be addressed through 1.908.731.0750 or 1.877.FOREXGO or via email: [email protected]
- Immediately state your account number and verify security information.
- State your interest. Always be sure to include the number of lots and the currency pair you are interested in.
Example: "I would like a price on 5 lots of Euro/Dollar."
- The representative will then provide a 2-way price quote.
Example: "Euro/Dollar is 1.3355/58" (the first number being the bid, the second the offer)
- State your trade.
Example: "At 1.3355, I sell 5 lots of Euro/Dollar" or "At 1.3358, I buy 5 lots of Euro/Dollar"
- If you do not wish to deal at the quoted levels, simply say "Nothing Done", hang up and call again later. Or, place a limit or stop order at your desired level.
- Remember: A price given is the dealing price at that time; haggling is not allowed nor are Traders allowed to remain on the phone until the price changes.
Do orders expire?
Pending orders, such as stops and limits, can be executed End of Day (EOD) or Good 'til Cancelled.
EOD orders automatically expire at 5pm New York time on the same day the order was entered.
Good ‘til Cancelled (GTC) orders automatically expire on the Saturday following the 90th calendar day from the date the order was entered.
Why was my position closed?
You are responsible for monitoring your account and maintaining 100% of required margin at all times to support your open positions.
If at any point, the equity available drops below 100% of the margin required you will be subject to auto liquidation of the position incurring the largest loss. Liquidation of other open positions will continue until sufficient margin is maintained in the account.
If you are still unsure why your position was closed, please contact us.
What is the smallest trade size?
The smallest available trade size is 1,000 units for currencies.
What is FOREX.com’s execution record?
Our execution scorecard has our recent execution stats including execution speed, price improvement, slippage, and more..
What is slippage?
Slippage is when an order is filled at a price other than the requested price.
Our quoted prices are executable the majority of the time. In fast-moving markets, orders may be executed at a price which has ceased to be the best market price. Limit orders will always be filled at the price asked or better.
What is a 'limit down?'
A limit down price is the maximum sell-off permitted in a market on a single day of trading. Once this level has been reached, trading on the market may then be restricted to prevent significant volatility and potential panic selling. A limit down price is typically determined as a percentage decline in a given market, rather than a nominal decline in price.
A limit down period is imposed by an exchange (such as the NYSE) and not by brokers. It usually lasts 15 minutes but may be extended depending on the percentage decline before market open.
Please note that a limit down only restricts selling on the affected market(s).
What is the difference between associated and unassociated orders?
Associated orders are pending stop and/or limit orders linked to an open position. The usual purpose of these orders is to close the open position. These orders will be cancelled when the position is closed. Otherwise, the order(s) remain open until they are triggered by reaching their specified rate. For example, you have a buy position for 100,000 EUR/USD then you can add an associated stop and/or limit order. If you decided to sell your entire EUR/USD position before the order triggers, the associated order(s) will be cancelled because the position was closed.
What is an If/Then order?
An If/Then order is a pending stop or limit order with a contingent stop/limit order. When the ‘If’ portion is executed, the ‘Then’ orders will become active orders; they will not be associated to your existing positions(s).