What does requote mean? | Forex Factory

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What does requote mean?

  • #1
  • First Post: Dec 28, 2007 3:28am Dec 28, 2007 3:28am
Apparently sometimes brokers will do this. I know it's a bad thing, but what exactly does it mean, how and why does this happen, and what implications are there for the speculators like us?
  • #2
  • Dec 28, 2007 3:43am Dec 28, 2007 3:43am
1) While some forex firms advertise real-time executable prices, their dealers may manually review each order you place and requote a worse price if the market is moving in your favor. In addition, their claims of 3-pip spreads routinely widen to 10 pips or more during fast-moving markets. Worse yet, when the market becomes volatile, such as when significant economic news is released, they may even freeze their prices.

2) If you trade in huge lots, they may want to confirm that you meant to make a big trading order.

Hope this answers your question.

Happy New Year
  • #3
  • Dec 28, 2007 4:53am Dec 28, 2007 4:53am
It means there is a difference between the price you saw when you clicked buy/sell and the price on the "market" when your order reaches the broker.

You can be pretty sure that if the price goes against you, you will not get requote. If it goes in your direction, you will probably have a requote.
  • #4
  • Dec 28, 2007 5:04am Dec 28, 2007 5:04am
similar then slippage, but its done manually in favour of your broker ofcourse...
its just money
  • #5
  • Dec 28, 2007 5:17am Dec 28, 2007 5:17am
Requote

The price you clicked is not the price the broker is willing to give you.

*Not willing* implies that the broker is at a disadvantage if the deal went through at the price you clicked.

Remember:
Bad for you = Good for broker.
Good for you = Bad for broker.
Therefore, a requote is something the broker can do to screw you.
  • #6
  • Dec 28, 2007 5:48am Dec 28, 2007 5:48am
Quoting Skyhr
Apparently sometimes brokers will do this. I know it's a bad thing, but what exactly does it mean, how and why does this happen, and what implications are there for the speculators like us?

Hi i am working with a global forx company but i cant say the name; i am working in IT department. and beside us is the dealing room.

what you are workingon is the MT4 and its cnsist of mutible modules and you are trading through the client terminal and your orders recieved by dealer terminal; and thier he have three buttons; i will explaiin the main two:
1- (send) button: after he check your price he will enter send button and the new price will be displayed on your terminal if he change the price.
2- (reject) button: simply when he press this button a requote message will be displayed to you.
  • #7
  • Dec 28, 2007 5:51am Dec 28, 2007 5:51am
A requote doesn't have to be a blatant attempt to screw you.

First, they only occur in fast markets. Your broker has every right to fill you on a market or stop market order and call it "slippage" but instead he gives you the courtesy of telling you that the market has moved away and if filled you would recieve an unfavorable price. Most requotes happen to larger traders, not the guy slapping on a couple mini lots during the NFP release.

If you routinely get requotes and don't like them then switch brokers.
  • #8
  • Dec 28, 2007 11:46am Dec 28, 2007 11:46am
Wait, so would I get filled at a worse price - or would I get a message saying, "I'm sorry we didn't let you get filled," forcing me to try again?

So requote/slippage is a function of liquidity? When liquidity dries up during News time, spread widens etc, and there aren't many traders on the other side?
  • #9
  • Dec 28, 2007 1:29pm Dec 28, 2007 1:29pm
An occasional requote in a fast moving market means nothing. Its perfectly normal to ask your customer if they want a slightly different price. You'd do the exact same thing for your customers if you ran a brokerage firm.

Most Brokers make enough money from the high spreads.
  • #10
  • Dec 28, 2007 1:54pm Dec 28, 2007 1:54pm
Quoting Skyhr

Wait, so would I get filled at a worse price

- or would I get a message saying, "I'm sorry we didn't let you get filled," forcing me to try again?

So requote/slippage is a function of liquidity?

When liquidity dries up during News time, spread widens etc, and there aren't many traders on the other side?
NO
YES
YES
YES
  • #11
  • Mar 31, 2014 3:50am Mar 31, 2014 3:50am
Is there an option that allows you to take control of the risk of requoting... I mean like, let's say there is a price difference of 4 pips between the price you saw and the price the market is offering at the precise moment, is there a way for the trade not to be executed without your permission...
I am sorry if my question is not clear... I had troubles translating my thoughts into words and then into a foreign language
  • #12
  • Mar 31, 2014 5:20am Mar 31, 2014 5:20am
Quoting Skyhr
Apparently sometimes brokers will do this. I know it's a bad thing, but what exactly does it mean, how and why does this happen, and what implications are there for the speculators like us?
Yes, requotes do happen and usually when the price could not be filled..this is more an effect of a volatile market but there are a few brokers who issue requotes often..
  • #13
  • Jul 17, 2014 2:27pm Jul 17, 2014 2:27pm
[quote=nence;7373412]Is there an option that allows you to take control of the risk of requoting... I mean like, let's say there is a price difference of 4 pips between the price you saw and the price the market is offering at the precise moment, is there a way for the trade not to be executed without your permission... I am sorry if my question is not clear... I had troubles translating my thoughts into words and then into a foreign language
  • #14
  • Jul 18, 2014 12:58am Jul 18, 2014 12:58am
What does requote mean?

It means that it is time to change broker.
  • #15
  • Jul 18, 2014 3:05am Jul 18, 2014 3:05am
Quoting moontree
how to know if a broker re-quotes? anyone has any experience with such brokers?
Yeh the message comes up 'requote'
  • #16
  • Mar 5, 2015 4:37am Mar 5, 2015 4:37am
I have a question about reqoating. Appearantly when I trade in high-volatility at Alpari broker, they do reqoating (it states on their website) and I think they can give me 10 pips off from the actual market price so I would lose money.
But alpary has the option, if I pay them 16 dollar (on commission) then they will stop this gruesome activity. Then they will never ever change the spread for me. They will just ignore me and let me enter trades directly to the market.

My question:
Why does Alpari claim to be an ECN when they do reqoating? I thought only market makers do reqoating and ECN brokers only earn money from commission, right?
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  • #17
  • Dec 12, 2015 9:43pm Dec 12, 2015 9:43pm
Quoting BurgerKing
Requote The price you clicked is not the price the broker is willing to give you. *Not willing* implies that the broker is at a disadvantage if the deal went through at the price you clicked. Remember: Bad for you = Good for broker. Good for you = Bad for broker. Therefore, a requote is something the broker can do to screw you.
Hi, could you please visit this thread: http://www.forexfactory.com/showthread.php?t=569959

I am really interested in your statement, and it would very helpful if you eplain further the details.
A good strategy for trading is... the opposite of having a bad strategy.
  • #18
  • Dec 31, 2015 6:07pm Dec 31, 2015 6:07pm
Some people very easy saying about to change broker. That means we can return all of our money in old broker. If not..why we easy suggest to change broker. We must think think a little more.
  • #19
  • Dec 31, 2015 6:21pm Dec 31, 2015 6:21pm
Requotes are common in particular markets, and are a part of any Forex trading career. However, if you find your Forex broker requotes frequently (especially during quiet markets) your broker may be suffering from a lack of liquidity. If that is the case, you may want to find a new Forex broker.
  • #20
  • Jan 13, 2016 12:23am Jan 13, 2016 12:23am
Quoting Skyhr
Apparently sometimes brokers will do this. I know it's a bad thing, but what exactly does it mean, how and why does this happen, and what implications are there for the speculators like us?
Re quotes normally occurs when an trader initiates a trade at a certain price, but the broker returns the request with a different quote.This occurs more frequently in fast-moving markets , when the markets are especially volatile or when the trade is especially large (requiring confirmation from the trader). This is normally because of rapid price fluctuations, which means the broker cannot give you the same price you saw when you clicked buy or sell
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