What is a Requote in Forex? Essential Guide for Greece Traders

What Exactly is a Requote?

A requote occurs when you place a market or pending order at a specific price, but the broker cannot fill it at that price because the market moved. Instead, the broker sends a new price offer – a requote. You can accept or reject it. This is common with market maker brokers and less common with ECN/STP brokers.

How Requotes Work in Practice

Imagine you trade USD/EUR with a Greece broker. You see the ask price at 1.1200 and click 'Buy'. But by the time your order reaches the broker, the price has moved to 1.1203. The broker sends a requote: 'Price now 1.1203, accept or cancel?' If you accept, you pay more. If you cancel, you miss the trade.

Why Requotes Matter for Greece Traders

Greece traders often face requotes during the European session overlap (10:00-16:00 Athens time) when volatility is high. Using Skrill or USDT for deposits doesn't prevent requotes – only broker execution model does. For example, a trader depositing $500 via Bank Transfer might get requoted on a 1-lot USD trade, losing $10-20 per requote. Over time, this adds up.

Requotes vs Slippage

Requotes are different from slippage. Slippage is when your order is filled at the next available price automatically, while a requote asks for your confirmation. In fast markets, requotes can cause delays, making you miss the move entirely. Greece traders should prefer brokers with 'no requote' policies for scalping or day trading.

For Greece traders, requotes are especially relevant when trading during local business hours. The Athens Stock Exchange hours (10:00-17:20) often coincide with high forex volatility. If you deposit funds via Bank Transfer, which can take 1-3 business days in Greece, you might face requotes when you finally get funded. Using Skrill or USDT helps you fund instantly, but the requote risk remains. The local financial authority does not specifically regulate requotes, but it requires brokers to act in clients' best interests. Always check your broker's execution policy – some brokers operating in Greece use 'instant execution' which guarantees no requotes but may have slippage. Others use 'market execution' which avoids requotes but may have slippage. For retail traders in Greece, understanding this distinction is crucial for choosing a reliable broker.

1. Check Broker Execution Model
   Before depositing via Bank Transfer or Skrill, confirm if your broker uses ECN/STP or market maker model. ECN brokers rarely requote.
2. Trade During High Liquidity
   Trade USD pairs during London-New York overlap (14:00-18:00 Athens time) to reduce requotes. Avoid news events.
3. Use Limit Orders
   Instead of market orders, use limit orders to specify exact price. This avoids requotes but may not fill if price doesn't reach.
4. Test with Demo Account
   Open a demo account with a Greece-regulated broker to see how often requotes occur before depositing real funds via USDT or Skrill.

For Greece traders, requotes are similar to 're-quotes' in CFDs but differ from 'instant execution' which fills at the requested price if available. Instant execution may reject the order entirely if price moves, while requotes offer a new price. Market execution fills at the next available price automatically. In Greece, most retail brokers offer market execution for major pairs, but requotes can still occur during news events. Compare with 'slippage' – slippage is automatic and can be positive or negative, while requotes are always negative (worse price) and require action.

When you place an order in forex, your request goes to the broker's server. If the broker uses a market maker model, they may not have a counterparty at your price immediately. They then 'requote' you a new price. For Greece traders, this often happens during the European session when liquidity is moderate. For example, if you want to buy $10,000 worth of USD/CHF at 0.9200, and the market moves to 0.9203, the broker sends a requote at 0.9203. You can accept, reject, or modify your order. The delay is usually milliseconds but can be seconds in volatile markets.

Example 1: Maria in Athens deposits €500 via Skrill and tries to buy USD/EUR at 1.1800. The broker requotes at 1.1805. She accepts, paying $5 more. If she trades 1 lot, that's $50 extra cost.

Example 2: George uses a USDT deposit of $1,000 to trade GBP/USD. He places a market order at 1.3000 but gets requoted at 1.3008. He rejects and re-enters at 1.3002, missing the move. Over 10 trades, this costs him $80 in lost profit.

Example 3: A trader using Bank Transfer in Thessaloniki deposits €2,000 and tries to scalp EUR/JPY. Requotes cause him to miss 3 out of 5 trades, losing potential profit of €150.

The local financial authority in Greece oversees forex brokers but does not have specific rules banning requotes. However, brokers must provide 'best execution' under MiFID II rules. This means they must take reasonable steps to get the best possible result for clients. If a broker consistently requotes at worse prices, it may violate these rules. Greece traders can file complaints with the local authority if they suspect unfair requote practices. Always check if the broker is regulated by the local financial authority or by CySEC (Cyprus), which is common for brokers serving Greece. Regulation doesn't eliminate requotes but ensures transparency.

• Use VPS for Scalping: Greece traders who scalp should use a Virtual Private Server (VPS) near the broker's server to reduce latency and requotes.
• Avoid News Trading: During major news releases (e.g., ECB decisions), requotes are common. Trade after the volatility settles.
• Check Spreads: Brokers with very low spreads often requote more. Balance spread cost with requote risk.
• Deposit in USDT: To avoid bank delays, use USDT for instant deposits so you can enter trades quickly before prices move.
• Ask Support: Contact your broker's Greece support team and ask directly: 'Do you have requotes?'

Requotes are a reality for many Greece retail forex traders, but you can minimize them by choosing the right broker and trading strategy. Use ECN/STP brokers, trade during liquid hours, and deposit via Skrill or USDT for speed. Always test with a demo account first. If you experience frequent requotes, consider switching brokers. Start your journey by comparing brokers on CompareBroker.io that offer no-requote execution for Greece traders.