Execution Policy

Order Execution

EvenForex is an ECN broker on the interbank foreign exchange market. All orders executed on behalf of its clients are done so by using Electronic Communication Network (ECN) technology, where each transaction is executed by a bank in accordance with the license (Reception and transmission of orders).

EvenForex only utilizes bank liquidity, it does not use second level providers. All trades executed use the back-to-back principle, where all orders are only processes once a deal is confirmed by the international bank that is acting as the Liquidity Provider; this is done without any intervention from EvenForex.

Slippages and Re-quotes

Due to the fact that EvenForex operates as a ECN broker within the interbank foreign exchange market, all client orders are executed using market execution. EvenForex does not have execution types such as Instant Execution mainly associated with the dealing desk or market making models, and as a result there are no re-quotes or conflict of interest.

It should not be forgotten, that while client orders are being executed slippage can be experienced. In other words the open/closed price position differs from the price that the client has seen on the terminal when they submitted their order. Slippage may be positive (execution is done at a better price than the Client requested), or negative (execution is done at a price worse than the Client requested).

On a general note, if instrument quotes are actively growing then the execution of buy market orders can be confirmed by a bank at higher price level than the client requested at the time of acquisition. This is due to the fact that orders are not executed by the company server but by the bank, which at the instant of receiving the order can offer quotes at higher levels which are driven by steep market growth. At the same time, the sell market orders will also be executed at a higher quote than it was asked by a client, i.e. the client will benefit from a better executed price.

The opposite situation is experienced when the market is actively falling. It means that there is a high possibility that Client will benefit from positive slippage in case of buy market order. This execution is common in the interbank currency market and it’s not related to order direction or client’s position.

In most cases there is no slippage or it is insignificant, gauged usually at -0.2 and +0.2 pips. It should be mentioned that price formation on the interbank foreign exchange market is free from manipulation and reflects true market conditions and pricing.

Usage of EA (Expert Advisors)
The Expert Advisor and Trailing Stop facilities are activated by default. They must not violate any trading condition listed, and in addition, the following conditions apply:

  • The client must use the EA in a reasonable manner, which should not violate any Business Terms or should not affect any vulnerability of MT4 Trading Servers.
  • The Company bears no responsibility when the Client uses additional functionalities of the client trading terminal such as Trailing Stop and/or Expert adviser, which are executed completely under the client’s responsibility.
  • In case where the Company suspects that a Client is using additional functionalities /plug-ins where it affects the reliability and/or smooth operation and/or orderly of the Company’s Trading Platform the Company has the right to terminate the agreement or to cancel/delete those transactions.
  • The Company will not be liable for any loss or expense incurred by the Client in connection with, or directly or indirectly arising from the acts, omissions or negligence of any third party or any third party software including, but not limited to, Expert advisors, signal providers, social trading platforms, and virtual private network, etc.

Hedging
EvenForex allows clients to open positions in the opposite direction of previously opened positions in the trading account, to reduce loss and to decide later when to enter the market.

Pip Hunting / Scalping
This shall refer to situation in which the Client opens a position and closes it in a very short time, usually trading incorrect spikes in the market, or taking advantage of feed indicative prices.
EvenForex reserves the right to take any necessary actions similar to scalping clients, at its sole discretion, and without any prior written notice to protect itself since this action is prohibited.

News Trading
Placing stop orders prior to the release of financial news is not permitted, such orders maybe rejected, deleted or filled at the best available market prices at that time.

Alleged Trades
EvenForex reserves the rights to decline or accept an order of any type at any given time based upon the market conditions as per the Company Policies at the Sole Discretion of Company which will be final and binding.

Monitoring and Review
EvenForex will monitor and evaluate the effectiveness of its execution policy with regard to factors that may affect its ability to achieve best execution for its clients.
EvenForex will review its policy at least annually and will amend and update any changes to its policy.

Trailer Note
Trading Strategies such as Arbitrage, HFT (High Frequency Trading), Exploit suspicious Trading OR Any other Modes/ Means of Trading or Trading Strategies which are not indicated or specified above are subject for a confirmation and written approval from the Accounts and Technical Team prior to start of Trading on EvenForex Platforms. Our Teams can be contacted via Email : accounts@evenforex.com