cTrader Order Execution

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cTrader Order Execution Specifications

Order Types

Traders may send instructions for market orders and pending orders.

Market Orders

Market Order: This is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party liquidity providers and executes the ‘market order’ at VWAP (‘Volume-Weighted Average Price’) which is the average and best available price at the time of execution.

Pending Order(s)

Stop Orders: This is an order to buy or sell once the market reaches the ‘stop price’. Once the market reaches the ‘stop price’, the ‘stop order’ is triggered and treated as a ‘market order’*. If the ‘stop order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section. ‘Stop orders’ can be placed as close to the current market price as possible; there is no restriction.

Stop Loss: This is an order to minimize losses. Once the market reaches the ‘stop loss price’ the order is triggered and treated as a ‘market order’*. If the ‘stop loss’ is not triggered it shall remain in the system until a later date. ‘Stop loss’ can be placed as close to the current market price as possible; there is no restriction.

Limit Orders: This is an order to buy or sell once the market reaches the ‘limit price’. Once the market reaches the ‘limit price’ the order is triggered and executed at the ‘limit price’ or better. If the limit order is partially filled, a new Limit order will be automatically created for the outstanding volume and executed once the market price reaches the originally requested ‘limit price’. If the ‘limit order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section. ‘Limit orders’ can be placed as close to the current market price as possible; there is no restriction.

Take Profit: This is an order to secure profits. Once the market reaches the ‘take profit price’ the order is triggered and treated as a ‘limit order’. If the ‘take profit’ is not triggered it shall remain in the system until a later date. ‘Take profit’ can be placed as close to the current market price as possible; there is no restriction.

Good till Cancel (‘GTC’) (= Expiry): This is a time setting that the client may apply to ‘pending orders’. The client may choose a specific date in the future until which the order may remain ‘live’ and pending execution. If the order is not triggered during this timeframe it shall be deleted from the system.

Good till Date (‘GTD’): This is an execution setting that applies to ‘pending orders’ traded through cTrader. It defines the period of the first 5 seconds commencing at the time the order is triggered; during these 5 seconds the order is pending execution according to its type described above.

Pending Order Modification/ Cancellation: An order can be modified by the client if the market did not reach the price level specified by the client and the order was not cancelled in the meantime. An order will be cancelled in the event any of the following occurs:

if the requested price is more than 50,000 PIPS from the market price; or
if a client manually cancels an order prior to the market reaching the price level specified by the client; or
if a client places an expiration time frame and this is reached; or
after 2000 unsuccessful attempts to execute the order.

Slippage: At the time an order is presented for execution, the specific price requested by the client may not be available. In this case , the order will be executed close to or a number of pips away from the client’s requested price. If the execution price is better than the price requested by the client this is referred to as ‘positive slippage’. In contrast, if the execution price is worse than the price requested by the client this is referred to as ‘negative slippage’. Please be advised that ‘slippage’ is a normal market practice and a regular feature of the foreign exchange markets under conditions* such as illiquidity and volatility due to news announcements, to move to the end of the sentence. The PlusFX’s automated execution software does not operate based on any individual parameters related to the execution of orders through any specific client accounts.

* Please note that this is not an exhaustive list.

For more information on the terms of trading on the CTrader platform (spreads, swaps, etc.), please see the individual page of each asset: Forex, Futures , Indices, Shares , Metals, Energy, Crypto.

Commission: in the context of cTrader, the client shall be charged commission.

Market Order(s)

Markets	cTrader
Execution	Market Order
Slippage
Partial fills
Level restrictions on ‘stop & limit’ orders	N/A
Commission
Mark-up	N/A

Pending Order(s)

STOP ORDERS (BUY STOP, SELL STOP, STOP LOSS)	cTrader
Execution	Market Order
Slippage
Partial fills
Level restrictions on ‘stop & limit’ orders
Commission
Mark-up	N/A

LIMIT ORDERS (BUY LIMIT, SELL LIMIT, TAKE PROFIT)	cTrader
Execution	Limit Order
Slippage	, positive.
Partial fills
Level restrictions on ‘stop & limit’ orders
Commission
Mark-up	N/A

For further information please read our ‘Order Execution Policy’ available online at: www.plusfx.com/documents/legal-documents

Order Sizes
PlusFX can execute any order size starting from 1000 of the base currency with no maximum limit.
No requotes – guaranteed execution
With PlusFX cTrader, traders have guaranteed execution with no requotes as long as there is depth available in the market.
SOR and VWAP
Smart Order Routing ensures that you always get the best available price whilst enhanced liquidity ensures that your order will be executed automatically 99.9% of the times. In instances of partial fill, PlusFX cTrader will automatically aggregate all available liquidity at the best possible prices available and fill at VWAP (Volume-Weighted Average Price).
No restrictions on limit orders – choose your entry/exit point
PlusFX cTrader has no restriction on how far away from the current market price a trader can place a take profit or a stop loss level, allowing precise strategy implementation. Traders can place a take profit or stop loss order as close as possible to the current market price.
Margin level required to open lock or hedge positions
A lock or hedge position appears when a client opens a trade for the same volume in the contrary direction of one already open. This is not the same as closing the initial trade, since the lock position requires that both remain open.
Swap/Rollover
If a trade is kept open overnight, then there is a swap/rollover cost/income calculated on that position. The cost or income is calculated as the overnight interest rate differential between the two currencies plus the commission charged by the company on which the position is held, depending on the type of the position (long/short).

It is important to remember that you can gain or lose on swap and, as such, you have either positive rollover or negative rollover. There is a possibility that some instruments may have negative rollover values on both sides, because PlusFX charges its own commission on the interest rate differential of the overnight rate of the two currencies, and therefore the positive and negative values are decreased accordingly.

The ’swap’ is charged automatically on the account of the client and is converted into the currency that the account is denominated in. The ‘swap’ is charged at 21:59 UK time. From Friday to Saturday swap is charged at triple rate.

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Key Features

PlusFX cTrader is a powerful trading platform offering the best available bid and ask prices - with orders filled in just milliseconds. Download the cTrader trading platform and view the full market depth on an impressive user interface.

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