FxPro review: Should you sign up or not? – Broker test for traders
- Excellent customer support
- Regulated by the FCA, CySEC, FSCA & SCB
- Free deposit and withdrawal
- Demo account available
- Fast order execution
- No dealing desk execution
The global financial market presents many investment opportunities. These opportunities were formerly reserved for professionals and the elite. Fortunately for everyone, the internet has changed that, bringing investment opportunities to all. Anyone can partake in online trading and investment through an online brokerage account.
Many companies offer these brokerage services, but choosing a decent and legit one may well determine if you succeed. That is why checking out broker reviews before deciding is crucial. This is an article that provides a comprehensive review of FxPro, one of the industry’s well-known brokerage companies.
Below, you will find relevant information in our review about the broker to help you decide if the company’s profile matches your investment needs.
What is FxPro? – Quick facts about the company
FxPro is a non-dealing desk forex and CFD brokerage company based in the United Kingdom. The broker has been offering online trading services for 16 years now. They have regional and representative offices in Cyprus, Bahamas, and the United Arab Emirates.
FxPro offers access to trade several asset classes, such as forex, energies, shares, metals, cryptocurrencies, and futures. Over 2100+ instruments are available on its platforms, making them ideal for multi-asset investors and traders.
FxPro accepts customers from 173 countries and boasts over 2.1 million+ active accounts with €100 million in equity capital. The company has won numerous awards since its inception. They hold 2022’s Online Money Award for Best Forex Provider. Other awards are the 2021 Ultimate Fintech Awards for the Best Broker and Investors Chronicle and Financial Times Award for Best Trading platforms.
Facts overview about FxPro:
- Established in 2006
- Based in the United Kingdom
- 2.1 million+ active accounts
- €100 million tier-1 capital
- Over 2100+ instruments provided
- Multiple award winner; 2022 awardee for the Best forex provider
Regulations: – Is FxPro regulated or not?
FxPro operates with four industry licenses from well-known regulators. FxPro UK Limited operates under FCA’s regulations and authorization in the United Kingdom. FxPro Financial Services Ltd (Europe) operates under the supervision of the Cyprus Securities and Exchange Commission CySEC.
The broker is also authorized by South Africa’s regulatory body – FSCA. Note that FAIS Act does regulate CFDs with the broker. The FSCA, therefore, only supervises FxPro execution services and principal trading among South African clients. FxPro Global Markets is also regulated in the Bahamas by the SCB.
Regulators are the police for financial institutions, such as brokerage companies. These well-known financial bodies formulate policies ensuring customer safety and business operations transparency. They conduct frequent audits and checks to make certain their licensed brokers comply with these policies. Because of these regulations and their years of quality service delivery, FxPro is now considered a globally renowned broker. The company is among the most trusted and reliable brokers in the industry.
Overview of FxPro regulations:
- Financial Conduct Authority FCA, reg. No. 509956
- Financial Sector Conduct Authority FSCA, Authorization no. 45052
- Cyprus Securities and Exchange Commission CySEC, license no. 078/07
- Securities Commission of the Bahamas SCB, license no. SIA-F184
Security measures for traders and your money
FxPro is a licensee of several top-tier regulatory bodies. As such, they must strictly comply with rules and regulations that protect customers’ interests. A major requirement is to separate customers’ deposits and profits from the company’s account. Licensed brokers like FxPro can not use customers’ funds for anything other than trade executions. Even if they suddenly suffer bankruptcy, traders’ monies will be safe and refundable ASAP.
These regulators also require the broker to contribute to the affiliated compensation schemes to safeguard customers’ funds further. As an FCA and CySEC licensee, FxPro is automatically registered with two insurance funds: The Financial Service Compensation Scheme FSCS and the Investor Compensation Fund ICF.
These schemes allow the broker to settle claims and compensate customers in case of any unlikely eventuality. Regulations also ensure the broker safeguards its platforms from data thieves and hackers. Therefore, customers’ data is always safe while trading with the broker.
Note that traders outside Europe and the United Kingdom may not be benefactors of the insurance compensation. But they enjoy negative balance protection and benefit from other customer safety regulations.
Review of the offers and FxPro trading conditions
The tradeable instruments on FxPro’s platforms are over 2100+. Diversifying your investment is easy with the various range of markets. You can access these varieties through six asset classes: forex, energies, metals, futures, cryptocurrencies, and shares. Below, we review each category, explaining what to expect:
70 forex pairs are available to trade on FxPro’s platforms. Customers can access all currency categories, including exotics and minors. However, the most liquid markets are the major pairs. They see more trading volume and, therefore, require lesser trading costs.
However, minors and exotics offer fantastic opportunities too. FxPro’s forex selections contain commonly traded minor and exotic crosses like AUDCAD, EURNOK, USDHUF, USDZAR, and more.
Commission fees do not apply to forex, and the asset class is accessible across the broker’s platforms. Major crosses can see spreads drop as low as 0.5 pips. The leverage varies according to platform and jurisdiction, though the maximum is 1:200.
|Up to 1:200
|From 0.5 pips
|During trading hours
FxPro provides CFD trading services for the energy market. Its offerings in this category feature the most popularly traded spot energy markets. These are Brent oil UK, natural gas US, and WTI oil. All are available on the broker’s different platforms. The leverage differs according to the platform. The floating spreads vary, and a commission fee of $3.5 applies. The broker offers leverage up to 1:200.
|The most popular traded spot energy markets are available
|Up to 1:200
|From $3.50 per lot
|During trading hours
The most popular and liquid hard commodity markets, gold, and silver, are available to trade. You can trade these alongside the US dollar or euro. Metals, such as palladium and platinum, are also available.
|The most popular metals are available, including palladium and platinum
|Up to 1:20
|From $3.50 per lot
|During trading hours
Traders can go long or short on a large selection of instruments through futures trading. Futures contracts on FxPro offer access to trade soft commodities, indices, and energies. You can trade instruments like cocoa, coffee, UK Oil, Dow Jones 30 index, Euro 50, UK100, and many more.
The ask-bid spreads depend on the market; the full list is on the broker’s website. Commission and swap fees apply, and leverage trading is also allowed.
|The most popular futures are available, including UK Oil, Dow Jones 30 index, Euro 50 & UK100
|Up to 1:20
|Depend on the asset, usually tight & competitive spreads
|During trading hours
Shares and stocks
Various global stocks from popular companies are featured among FxPro’s selection of shares. Traders can speculate on thousands of global shares and access the major international stock exchanges. You can trade on the New York, London, and Europe stock exchanges. Stocks like Netflix, Amazon, Google, and many more are listed for CFD trading. These assets carry their ask-bid spreads and a commission charge. The broker offers maximum leverage of 1:25.
|Up to 1:25
|During trading hours
FxPro offers a limited number of cryptocurrency assets on its platforms. But the broker promises low fees and fast order executions. Bitcoin, Litecoin, Ethereum, and Dogecoin, are included in the broker’s small selection of crypto assets. You can access this market on the platforms through CFDs. They are all paired with the US dollar, and the floating spreads depend on the asset and trading period. The maximum leverage is 1:20 for cryptocurrencies, and the product range is accessible on all FxPro’s platforms.
|Up to 1:20
|Competitive, but usually higher than spreads from other assets
Trading fees – How much does it cost to trade
FxPro uses commission-free and commission-based fee structures. It depends on the asset you trade and the platform. However, the broker’s fees are slightly higher than average and may discourage low-budget customers.
Traders can enjoy lower spreads on forex if they use the cTrader. But commission fees are deducted on products. The average spread for EURUSD on this platform is 1.27 pips. The MT4 and MT5 have variable spreads averaging 1.58 pips for a major pair like EURUSD. The lowest for forex does not fall below 0.6 pips on all the platforms.
Commission-free trading is offered for all assets on MT4 and MT5. Customers can also trade all assets on the cTrader at zero commission, except the spots metals and forex pairs.
Where commissions apply, expect a $35 charge for a traded lot size of 1 million units. That means 10% of the contract size is charged as a commission. 100,000 units will therefore attract a $3.5 commission. A fee that exceeds the market average of $3 per 100,000 units.
Expect higher spreads on assets like cryptocurrencies, energies, and some stocks. Swap fees are also deductible if you leave trades open beyond one business day. The broker debits traders’ accounts for swap charges at 9:59 PM UK time. The fee is deducted every day on all the applicable assets if you use the MT5. But on the MT4, the broker deducts it weekly. Overnight charges do not apply to swap-free accounts.
|Swap fees for overnight open trades:
|Apply, if trades are open beyond one business day
|Account maintenance fee:
|$15 one-off account maintenance fee
|$35 for a traded lot size of 1 million units
|Spreads and commissions depending on asset
|$5 monthly fee after 6 months of inactivity
|No deposit fees
|No withdrawal fees
|Market data fee:
|No market data fees
Test and review of the FxPro trading platforms
FxPro is neither an STP nor an ECN broker. Their execution method is a unique Non-dealing desk model where trades receive instant execution without the broker’s intervention. FxPro receives huge orders that enable their system to pair trades internally without human interference. The broker promises superfast execution with about 7000 trades executed every second.
Traders can choose from a range of platforms according to their trading styles. These platform offerings include MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge. We provide an overview of each below:
MT4 is one of the most popular trading platforms in the industry because of its rich features, which cater to traders’ needs. FxPro’s MT4 offers beginners and experienced traders all the tools they need to trade successfully. Instant and market order executions are provided for the MT4, with zero-commission trading. Traders can access thousands of CFD instruments that the broker offers. You can choose a raw or fixed spread account on this platform and enjoy MT4 full features. Over 50+ indicators are available, including other functionalities like 1-click trading, trailing stops, 20+ charting tools, and many more.
MT5 offers additional features and advanced tools for EAs creation. FxPro’s MT5 allows trade CFDs, including forex, metals, energies, and the broker’s other product selections. You will find all of MT4’s major features plus more, such as 38+ technical indicators, removable charts, 40+ charting tools, and others. FxPro’s MT5 also supports 1-click trading and allows you to place trades directly from charts. The platform supports netting and uses market execution model. Trailing stop and pending orders, such as the buy stop and sell stop limit, are added. You will also find an economic calendar that keeps traders informed of important events affecting price movements.
The FxPro cTrader comes with advanced features that allow you to synchronize all your accounts and access them via a single login. FxPro offers commission-based trading on this platform and allows access to all its tradeable assets. The platform uses market order and comes with advanced order protection. Up to 28 time-frames and 6 chart types are available, with 55+ technical indicators. You can link and detach charts plus create your own trading robots and indicators. The cAlgo app, available for desktop computers, makes this platform ideal for algorithm traders.
FxPro Edge and mobile app
The FxPro proprietary platform comes in a mobile version, the FxPro app, and the Edge for desktops. The platform offers standard and useful functionalities. It allows users to link and trade on MT4 or MT5 accounts. More than 50+ technical indicators are embedded, with 15 time-frames. You can access all instruments on this platform, and the mobile versions are available for Android and Apple devices.
Indicators & charting availability
The FxPro Edge offers over 55+ technical indicators, whereas there are more than 70+ trading indicators on the cTrader. Traders enjoy smoother and richer charting using the several drawings offered on cTrader. Both platforms offer chart windows that you can detach or link with each other. The FxPro proprietary platform allows you to link and access tools from MT4 or MT5. Trading Central add-on is included on the meta trader platforms, giving users access to additional indicators, analysis, and research tools. You can choose from several chart types and access up to 21 time-frames on MT5. The MT4 also offers customizable indicators and Expert Advisors.
Mobile trading via the FxPro app
Mobile trading with FxPro is offered on the FxPro app, cTrader, MT5, and MT4. These platforms are downloadable on Google Android and Apple iOS.
As mentioned, the FxPro app lets you access MT4 or MT5 without needing to download them. You can regulate your account and funds and place trades on the linked platforms. The mobile version supports push notifications and includes the economic calendar. Deposits and withdrawals are possible on the mobile app.
Over 30+ technical indicators and more than a dozen analytical tools are embedded in mobile apps. The app also allows you to personalize charts and view market news. cTrader mobile apps offer more features, with 50+ technical indicators and up to 26 time-frames. Market depth is also provided, and the alert feature is supported for price shifts and execution.
FxPro mobile trading quick facts:
- Place trades, control, and manage positions
- Deposits and withdrawals are available
- 50+ technical indicators and 26 timeframes
- The economic calendar is available
- Market news and price alerts are supported
How to trade on the FxPro platform (tutorial)
Trading on FxPro’s platforms is easy. The most important thing is to first decide on the platform to choose.
All platforms offer the same basic functionalities with slight differences in the user interface. The mobile app layout is different from the web and desktop. But the tabs and functionalities on all of them are easy to find.
The quote list in each platform’s dashboard will contain various markets you can trade. In most cases, the default trading instruments on the list will be major forex pairs.
You can include other desired markets by clicking the plus (+) or add sign. Choose the asset class under which your desired market falls. Then select the instrument from the list to add it to the quote.
Scroll through the quote and click on the market you wish to trade. Then choose the position you wish to enter (Buy or Sell). Fill out the order details by adding the price or amount.
Remember to include the necessary pending orders to lessen your exposure. The basic ones are to stop loss and take profit. Click on Done to place the trade.
How to trade forex on FxPro
Forex trading is one of the most popular investments because of its high liquidity and opportunities.
Many seasoned online traders started with forex before diversifying to other markets. This market may appear easy to new traders, but a certain knowledge is necessary before you can profit from forex.
First, there are numerous forex pairs, and FxPro offers 70 of these. Deciding on the currencies to trade before signing up with a broker is essential.
Forex majors carry many opportunities and are easier for newbies because of the liquidity and availability of information. Yet trading them successfully requires key information about the market and price movements.
We have put together some steps to help you trade forex successfully:
Get information about your preferred market
As implied above, profitable trading requires information. Foreign exchange rates have several influences, such as interest rates, inflation, deficits, and other economic elements. The new trader must study these economic factors in their chosen currencies. They help build knowledge of price trends and enable you to make the best guess about future price movements. Information on trading technicalities is equally important in this step.
Set a trading plan
Knowing the market and your desired forex pairs will help you create the best plan. An effective one must include a proven strategy and risk management. There are numerous resources on the internet containing different strategies. You are sure to find one or more that will work for your chosen market. You can also create your own strategy, which includes the how, when to enter the market, and profit goals.
Practice on a demo account
The demo account is not just for checking out the broker’s services. It is also useful for practicing. Use the information you have gathered and your plans to trade on the demo first. Adjust your strategies where necessary until it shows a high success rate on this virtual account. The trading result on the demo indicates how effective your trading plan is.
After learning about your desired markets and choosing a winning strategy, log in to your live account and start trading. As mentioned, the default assets on the quote lists will be forex majors and commonly traded minors. If your preferred pair is not on the list, you can search for them by clicking on the add or plus icon. Add them to the list and place your first live trade. Scroll down the quote list and click on the pair. Select New order and fill out the required transaction details. Remember to include risk management in your positions. Add other market or pending orders if necessary. Click on Done to place the trade.
How to trade binary options on FxPro
FxPro does not offer binary options trading.
How to trade cryptocurrencies on FxPro
Cryptocurrencies are decentralized digital money, free from government control. Therefore, they offer a unique investment medium to customers. However, they carry greater risks than other assets. A less risky crypto investment is trading through CFDs instead of buying the asset. CFD on cryptocurrencies allows you to simply profit from speculating on price movements.
FxPro offers the most popular crypto markets on CFDs. Traders must first use all the tools at their disposal to learn about their desired crypto market and its price trends. Several elements influence price movements, but the main element affecting price moves is market participants’ sentiment.
Understanding how market participants feel about cryptocurrency helps you make better trading decisions. Other factors to pay attention to are the media reports about the asset and its popularity rating.
These key pieces of information and technical analysis result in a winning trading strategy. But as mentioned above, you should always test your approach on a demo before risking funds on it.
Once you have basic knowledge of your preferred market, log in to your account and place the trade. Ensure that you apply tight risk settings when trading these markets.
How to trade stocks on FxPro
FxPro offers thousands of shares and company stocks on CFDs. Global major stock markets are accessible, including Europe, London, and the New York Stock Exchange.
The first step to trading stocks is to decide for the company you want to invest in for reasonable profits. There are numerous choices, including Facebook, Amazon, Adidas, Barclays, etc. The profit potential for all of them is good, as long as you trade in the right direction.
Knowledge and information are also requisites for profitable investments in this market. Studying the company or index’s price history and trend is vital. The industry’s economic state and the company’s popularity ratings are also valuable information for stock trading.
Once you have the necessary basic knowledge and have tested your strategies on a demo, log in and trade stocks on the quotes list on your dashboard, and click on the stocks symbol on which you wish to speculate. For instance, the Tesla stock symbol will appear as TSLA. Fill out the order details for the trade and click on Done to place the trade.
Account types of FxPro
FxPro offers multiple account types suitable for any trader and experience level. These accounts are all based on the broker’s platform offerings. They include the MT4 account, MT5, cTrader, and FxPro Edge account.
We explain their basic features below:
FxPro MT4 allows you to choose an account based on your preferred fee and execution model.
Under this account type, you can choose from 4 options:
- MT4 fixed spread and instant execution account
- MT4 floating spreads and market execution account
- MT4 raw spreads and market execution account
- MT4 floating spreads and instant execution account
Note that the raw spread account can only be used to trade forex and metals. Micro account is also available on the MT4, allowing customers to trade smaller lot sizes.
Expect an average fixed spread of 1.6 pips on forex major crosses. The variable spread average is 1.4 pips. MT4 accounts are commission-free, so these fees are reasonable. Hedging is allowed on these accounts. The available leverage depends on the instrument you trade and regulations in your region. You can access up to 1:200 on some assets if the financial authorities in your location permit.
MT5 also offers zero-commission trading on variable spreads. The account uses Market execution models, with an average spread of 1.4 pips. Note that slippage can occur in market executions. Though FxPro boasts 80% market order executions without slippage. (and over 98%+ zero requotes; including 0.66% positive requotes.)
cTrader account allows commission-free trading with floating spreads for all assets. However, forex and metals are commission-based with much lower spreads. Expect an average of 0.3 pips on these two assets. The commission charge is $35 per side for a 1 million lot. The account also uses market execution.
FxPro Edge CFD account
The Edge CFD account type employs market execution and charges floating spreads. The account allows you to trade all instruments at zero commission, and the fees depend on the asset.
Can you use a demo account on FxPro?
Absolutely. FxPro offers access to a free demo account for 30 days. This account is suitable for viewing the broker’s services. Since it is a clone of the real market, traders can also use it to practice trading and test strategies. You can have multiple demo accounts, allowing you to practice as much as you want on the broker’s demo.
How to login into your FxPro trading account
You can log in to trade on the web or app, accessible on desktop computers or mobile devices.
Regardless of the account type and platform, login is the same, requiring your email and trading account password.
On the website, click on the login button at the top right. Enter your email and the account password on the right columns and click on Log in.
On the apps, the log-in box is the default page. Type in your email and password in the separate fields and click “Log in” to launch your dashboard.
If you encounter problems, such as password issues, click on the Forgot password button beneath the password column to fix this. You can also contact support for other login issues.
If you enabled two-step authentication, you would have to wait for a code after entering your email and password.
Depending on the two-step verification settings, the code may go to your phone or email. Retrieve the code and type it in the requested field to access the account.
Verification: What do you need, and how long does it take?
The broker requires a valid identification card, such as a national ID, international passport, or driver’s license, to verify your identity.
Customers must also present proof of address, of which the acceptable document is a utility bill or bank statement.
These documents must be recent, have a current ID (not expired), and bill or statement not older than six months.
These documents must be uploaded on the platform. Sign in to your newly registered account and click on Upload document among the top buttons to send these to the broker.
The broker usually completes verifications within one business day. The status will be viewable in the same documents tab. Expect completion before the close of a business day if sent early enough.
Available payment methods for deposit and withdrawals
Several payment methods are available for deposits and withdrawals. These include:
- Bank transfer
- Broker to broker
Payments are instantly settled on some of these payment methods. But the broker advises customers to wait for at least one hour before contacting support if payments are delayed.
Deposits and withdrawals are free of charge on FxPro’s platforms. However, the bank or payment methods may charge for their transfer services. This fee depends on the payment system and its charges. The broker is not responsible for it.
How to deposit money – The minimum deposit explained
FxPro’s minimum deposits on all accounts are $100. That means you can not make an initial transfer below this amount or its equivalent into the trading account.
On the wallet area on the dashboard, click the deposit button and choose your desired payment method to transfer.
Fill out the payment details, which include the funds originating account details. Enter the amount you wish to move and confirm the details are correct.
Authorize the payment by entering your password or OTP, if applicable. Click on Done.
Note that bank transfer methods usually take longer. This is attributable to the bank, not the broker. Other methods might be faster, especially the e-wallets.
FxPro does not charge for deposits, so expect the full sum to get credited to your trading account. If the payment service company deducts any fees, they will notify you before you authorize payment. Sometimes, they usually deduct this fee from the account, not the amount sent.
FxPro does not offer any bonuses due to Europe and FCA regulations.
Withdrawal – How to withdraw your money on FxPro
- Click on the wallet area on the dashboard and select Withdraw.
- Enter the amount you wish to move out of your account.
- Choose the payment method for the account you wish to move the funds to.
- Fill out the request form, entering the necessary account details.
- Click on Withdraw.
Withdrawals generally take more processing time. So it’s wiser to choose a faster payment method, such as an e-wallet or local transfers (SEPA). Other bank transfers and card payment options can take between 3 days to one week for funds to settle.
Customer support for traders
FxPro offers multiple language support services 24 hours a day, every day. They are reachable via live chat, email, or phone.
- Traders in England have a toll-free line they can call anytime – 08000 463 050.
- The English support line for global customers is +44 (0) 203 151 5550.
- Email support is available via [email protected].
- For inquiries on their services, you can reach them at +44 (0) 20 3023 1777
|Customer care number:
|English support line for global customers:
+44 (0) 203 151 5550.
Education material – How to learn trading with FxPro
FxPro education offerings include articles, write-ups, and videos for traders of all levels. Although, the educational resources are pretty average compared to what competitors offer.
The education section includes tiny cards containing a basic explanation of trading glossary terms. For example, you might find brief information on concepts like margin call or stop out on a card. There are over 35+ cards, and you can monitor learning progress.
Each asset class on the broker’s website also comes with necessary details about the instruments. Newbies receive an introduction to each investment category as they browse through the website.
The only drawback of its educational offerings is the limited videos for advanced traders. They would have to rely on the research and market analysis section to increase their knowledge.
Additional fees on FxPro
Other fees that may apply for using FxPro’s service are:
- $15 one-time fee for account maintenance
- $5 monthly inactivity fee applies from 6 months of account dormancy.
- Swap fees that vary according to the asset.
Available countries and forbidden countries
FxPro offers services to customers in all countries and regions of the world. Except in restricted regions, e.g., the USA, Canada, and Iran.
Conclusion – FxPro is regulated and offers many assets
FxPro is an established and reliable brokerage company. They are a fantastic option for multiple asset investors, both newbies and experienced. Order execution speeds and customer support are impressive. However, the commission charge on its applicable accounts is higher than its competitors’ fees.
Frequently Asked Questions (FAQ) about FxPro:
What is the minimum withdrawal on FxPro?
FxPro does not state a minimum withdrawal on its website. Therefore, it is possible that traders can withdraw any amount. You can contact the broker directly for information on this.
Is FxPro legit?
Yes, FxPro is a legit and regulated broker. They are based in the UK and regulated by the FCA and CySEC, among others.
Is FxPro regulated in the UK?
Yes, FxPro operates under Financial Conduct Authority’s (FCA) license.
What is FxPro’s minimum deposit?
The minimum deposit for any FxPro account is $100. However, the broker recommends an initial deposit of $1000.
What type of broker is FxPro?
FxPro is neither an STP nor an ECN broker. They offer unique non-dealing desk execution trading services. All orders go into their personal server, into which they receive huge trade amounts. This allows them to match transactions with no human, resulting in speedy executions at the best prices. Trades are not entered into an Electronic Communications Network, which the broker believes slows execution. The broker also considers STP execution a lower efficient method, with little or no impact on price and speed.
Does FxPro offer bonuses?
No, FxPro does not offer any bonus to customers. They have a referral program where they reward customers for referring others. Affiliate programs are also available.
Is FxPro a dealing desk broker?
No. FxPro is a non-dealing desk broker. FxPro receives huge order volumes on its servers, enabling the broker to match trades internally with the best prices without dealing desk interference. The broker’s servers are cross-linked with top-tier banks that provide them with liquidity. There is no human intervention in matching trades.
What is instant execution?
Instant execution is an order carrying a specific price and contract volume that the broker must process immediately. The broker may request a requote or reject the trade if the market price changes. But they can not change the execution price if a sudden price change occurs before execution.
What is market execution?
Market execution means a trade order may be filled above or below the given price on the quote. It depends on the market depth. The market execution model does not allow requotes; instead, the order is executed at the best price available. However, this can be below or above the initial quote price.