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XM Execution: No Requotes, Slippage and How Orders Are Filled
XM promises market execution with no requotes and no rejections, and says 99.7% of orders fill in under 66 milliseconds even during major news. Here is what that means in practice, where slippage still happens, and how to protect your trades.
WriterAbir KhanWriterWrites the guides · checks every figure against primary sources View profileAbout Abir →
Co-writerJannatul FerdaushWriterRisk and broker-safety guides · Applied Statistics, University of Dhaka View profileAbout Jannatul →
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XM uses market execution and says it has a strict no-requotes, no-rejections policy, and its execution page claims that 99.7% of orders are executed in under 66 milliseconds during news events such as non-farm payrolls, FOMC decisions and CPI releases. Market execution means your order fills at the best available price when it reaches the market, which removes requotes but not slippage.
Execution matters most in fast markets: news, the weekly open, thin sessions. How XM fills orders should shape your choice between market and pending orders, and where you set stops.
| Execution type | Market execution |
|---|---|
| Requotes | None, according to XM |
| Rejections | None, according to XM |
| Speed (XM's claim) | 99.7% of orders under 66 ms during major news |
| Slippage | Possible in volatile markets, in either direction |
| News trading | Allowed |
Market execution vs instant execution
XM's glossary explains the difference. Under instant execution, a broker offers a price and may requote if the market moves before you accept. Market execution always fills orders at the best available price. XM lists three consequences of market execution: it is faster, it is guaranteed to execute with no requotes, and it is more prone to slippage during high volatility, which can mean a better or worse price than you requested.
| Market execution (XM) | Instant execution | |
|---|---|---|
| Price you get | Best available when the order arrives | The quoted price, or a requote |
| Requotes | No | Yes, when prices move |
| Slippage | Possible, positive or negative | Replaced by requotes |
| In fast markets | Fills at the next price | May be refused or requoted |
Slippage: when and why
XM's Help Center is open about it: important economic releases can increase volatility and fill your orders at a different price than requested, and XM says it will always fill them at the best available price. Slippage is most likely in the first seconds after a major release, at the weekly open, and when liquidity is thin late in a session or over holidays.
XM's own example compares a gold trade during the first 10 seconds of a payrolls release: at XM, the order fills at the requested price, while at a broker that rejects orders the trader is refilled at a worse price. That is XM's illustration, not a guarantee for every trade, and slippage can still occur in fast markets.
Use limit orders where you can. XM's glossary suggests them as a way to protect trades against slippage, because a limit order only fills at your price or better.
Spreads widen in fast markets
Execution speed and spreads are separate things. XM's Help Center says average spreads can widen around important news, political uncertainty and unexpected events, and over the weekend or near the end of a session when liquidity is lower. A fast fill at a wide spread still costs money. Our XM spreads guide lists XM's published averages.
News trading at XM
XM allows trading around major news, including data releases and geopolitical events, and its stable leverage policy keeps leverage the same at those times. That combination suits experienced news traders. For everyone else it is a reason for caution: spreads widen, prices jump, and full leverage is still available. Our XM stop out guide explains what happens if a news move goes against you.
Protecting your trades
- Place stop losses when you open a trade, not after the move starts.
- Use limit orders to enter at a set price when you can wait.
- Avoid market orders in the first seconds after a major release.
- Reduce position size before weekends and holidays.
- Check your fills against requested prices in your account history each month.
What stays on the server
Open positions and pending orders stay on XM's server if your platform goes offline, so they can fill while you're away. Trailing stops and Expert Advisors don't: both stop working when you log out. Our XM platforms guide explains the difference between MT4 and MT5 at XM.
Pending orders at XM
Pending orders let you set a price in advance instead of chasing the market. XM's glossary describes four types:
| Order | What it does |
|---|---|
| Buy Limit | Buys below the current price |
| Sell Limit | Sells above the current price |
| Buy Stop | Buys above the current price, for breakouts |
| Sell Stop | Sells below the current price |
Limit orders fill at your price or better, which is why XM suggests them against slippage. Stop orders become market orders once triggered and can slip in fast markets. MT4 and MT5 also have a 'close by' function that closes two opposite positions on the same instrument against each other, which XM says can avoid paying the closing spread on either trade.
Stop losses and trailing stops
XM's glossary defines a stop loss as an order that closes a position at a price you specify, set below the current bid for long positions and above the ask for short ones. Under market execution, a triggered stop fills at the next available price, so in a fast market it can close slightly beyond your level. A trailing stop follows the price by a set distance; XM advises never placing it too close to the current price, and it only moves while your platform is running.
No requotes is a real advantage, but it moves the risk into slippage and spread. Treat XM's news-time speed figures as the broker's claim, and judge execution by your own fills over a month.
Nicolás bought EUR/USD with a market order two seconds after a US inflation release and was filled several pips above the price on his screen. The order wasn't rejected, as XM promises, but the fast move cost him. He now waits a minute after big releases or uses a limit order at the level he wants.
Frequently asked
What is the 'close by' function at XM?
A MetaTrader function that closes two opposite positions on the same instrument against each other. XM says it can help you avoid paying the closing spread on either trade.
Should I use market or limit orders at XM?
Market orders fill immediately at the best available price but can slip in fast markets. Limit orders only fill at your price or better, which XM suggests as protection against slippage.
Does XM have requotes?
No. XM uses market execution and says it has a strict no-requotes, no-rejections policy.
How fast is XM's execution?
XM says 99.7% of orders are executed in under 66 milliseconds during news events such as NFP, FOMC and CPI. That is XM's own figure.
Does XM have slippage?
It can. XM's Help Center says volatile news can fill orders at a different price than requested, always at the best available price. Slippage can be positive or negative.
Can I trade the news on XM?
Yes. XM allows trading around major data releases and geopolitical events, and keeps leverage unchanged at those times.
How can I avoid slippage at XM?
Use limit orders where possible, avoid market orders in the first seconds after big releases, and trade when liquidity is deepest.
Do my orders stay active if I log out of XM?
Open positions and pending orders stay on the server. Trailing stops and Expert Advisors stop working when you go offline.
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