Sometimes, when you try to open a position at a certain price, you receive a message that the price is no longer available and are offered to buy (or sell) the asset at a different quote. This phenomenon is called a Requote.
Requotes occur on accounts with Instant Execution order type and do not occur on accounts with Market Execution type. Requotes happen when the market price changes too quickly, and the price at which you sent the order is no longer available.
If you confirm opening the position at the new price but that price has also already changed, another requote will be offered.
Here’s how it works:
- Order submission. You send a buy or sell order for a financial instrument at a specific price.
- Price change. Market prices shift while your order is being sent to the broker and executed.
- Requote. If the original price is no longer available, the broker offers you a new price. You’ll receive a requote notification with the new price and have the option to accept or decline it.