Exness Execution: Market Maker Model, Requotes and the Slippage Rule

Exness is the counterparty to your trades. Its Help Center explains that the Exness company you're registered with acts as the sole counterparty and, with other Exness companies, as a multi-asset market maker that provides liquidity and execution internally. Exness's quotes come from raw data from multiple independent sources, processed with its own models. Exness also says plainly that it doesn't provide ECN accounts.

How your order fills depends on the account. Pro accounts use instant execution, which can produce requotes; every other account uses market execution, which can slip instead. Exness also publishes a slippage rule for pending orders that most brokers keep vague.

Exness as counterparty and market maker

Exness says it manages liquidity and execution in-house, which gives it control over pricing, speed and costs. It states that its revenue comes from spreads, commissions and swaps rather than from the outcome of individual trades, and that client orders in opposite directions can net off naturally within its order flow. Exness deliberately avoids market labels such as ECN or STP, saying they can confuse, and describes the model instead.

That is a common structure for retail brokers. What it means for you is that the fairness of fills depends on Exness's own execution policy and conduct, which is why the published rules below matter.

Instant execution vs market execution

On Pro accounts, Exness notes that market execution is offered for crypto and for stocks in some account currencies, and that MT4 Pro accounts may still produce requotes even with market execution selected, because of platform limits. Exness suggests MT5 or its own platforms for fewer requotes.

Requotes: the 3-second window

A requote is a notice that the price has changed while your instant-execution order was being placed. Exness's Help Center says the notice lasts 3 seconds: accept and the order fills at the new price, reject or ignore it and the order is cancelled. Pending orders on instant execution don't get requotes; if the requested price is gone, they fill at the available market price.

• Check your internet connection, or use a VPS close to Exness's servers.
• Hide instruments you aren't using in Market Watch.
• Avoid trading at market closes and during major news.
• Use market execution, or set a maximum deviation on Pro accounts.

Slippage and how to manage it

Slippage is a fill at a different price from the one requested. Exness explains it can happen on market and pending orders on every account, mainly in volatile markets or with poor latency, and can be positive or negative. Its key guidance: limit orders can't slip negatively and stop orders can't slip positively, so limit orders are the main way to control it.

The Exness slippage rule

For pending orders, Exness applies a published slippage rule. If the gap between your requested price and the market price at execution is smaller than the instrument's slippage-free range, the order fills at your price. When the gap is equal to or larger than that range, the order fills at the market price, which in a gap can be better or worse than requested.

On commission accounts such as Raw Spread and Zero, Exness includes the commission in the range calculation. It also says the ranges are dynamic and can change with market conditions and your trading activity, affecting new and existing pending orders.

Stop levels

A stop level is the minimum distance between the current price and a pending order, stop loss or take profit. Exness says it doesn't apply stop levels for most clients, but they may be applied to traders using certain high-frequency strategies or Expert Advisors. Some limits always apply: a stop loss, buy stop or sell stop can't be placed inside the spread, while limits and take profits can.

Protecting your trades

1. Prefer limit orders for entries when you can wait for your price.
2. Place stop losses outside obvious gap risk, and expect them to fill at market in a gap.
3. Avoid market orders in the minutes around high-impact news, when HMR also applies.
4. Use MT5 or Exness's own platforms if requotes on MT4 Pro are a problem.
5. Check your fills against requested prices in the platform history each month.

Our Exness stop out guide explains what happens when a fast move reaches your margin.

Frequently asked

Related reading

• Exness stop out and margin
• Exness trading platforms
• Exness VPS
• Exness spreads
• Exness fees
• Our full Exness review