What is a Requote in Forex? A Complete Guide for Philippines Traders (2026)

What Exactly is a Requote?

A requote happens when you place a market order, but the price has moved before your broker can execute it. Instead of automatically filling at the new price (slippage), the broker asks you to confirm the new price. This is common with market maker brokers that have a dealing desk. For example, if you want to buy EUR/USD at 1.1000, but the price is now 1.1002, the broker will show a requote box asking if you accept 1.1002.

How Requotes Affect Philippines Traders

For traders in the Philippines, requotes can be costly. If you are trading with a PHP account, a requote of just 2 pips on a standard lot (100,000 units) can cost you around PHP 1,200. For scalpers and day traders who make many trades, this adds up quickly. Requotes also cause delays, which can lead to missed opportunities, especially during volatile news events like the US Non-Farm Payrolls or Philippine GDP data releases.

Why Do Requotes Happen?

Requotes happen due to market volatility, low liquidity, or broker execution policies. In the Philippines, where many brokers offer instant execution, requotes are more frequent. ECN brokers rarely requote because they match orders directly with the market. However, ECN brokers may charge commissions. Understanding your broker’s execution model is key to managing requotes.

Requotes vs. Slippage: What’s the Difference?

While requotes require your confirmation, slippage is automatic. Slippage can be positive or negative, but requotes are almost always negative because the broker offers a worse price. For Philippines traders, slippage is more common during high-impact news, while requotes are typical with slower, dealing-desk brokers.

For Philippines traders, the prevalence of GCash and PayMaya as funding methods means many brokers are market makers, which are more prone to requotes. These brokers often have lower spreads but may use requotes to protect their dealing desks. OFW investors, who often trade from countries with less stable internet, are especially vulnerable to requotes because latency can trigger price changes. Using a VPS (Virtual Private Server) can help reduce requotes by ensuring your orders reach the broker faster. Additionally, traders using USDT deposits should check if their broker offers ECN execution, as USDT-friendly brokers often cater to experienced traders who demand fast fills. SEC Philippines does not directly regulate requotes, but licensed brokers must disclose their execution policies. Always read the fine print.

1. Choose the Right Broker
   Select a broker that offers ECN or STP execution, not market maker. Check if they accept GCash, PayMaya, or USDT and have a clear requote policy.
2. Use Limit Orders Instead of Market Orders
   Limit orders guarantee a price or better, avoiding requotes entirely. This is crucial for traders using PHP accounts to protect their capital.
3. Trade During High Liquidity Sessions
   The London-New York overlap (8 PM to 1 AM Philippine time) has the highest liquidity, reducing the chance of requotes. Avoid trading during low-liquidity Asian afternoon sessions.
4. Test with a Demo Account
   Before depositing real PHP, test the broker’s execution speed and requote frequency on a demo account. This helps you avoid surprises when using GCash or PayMaya.

Requotes vs. Market Execution: Market execution (ECN) fills your order at the next available price without asking, while requotes require your confirmation. For Philippines traders, market execution is faster and more reliable, especially during news events. Requotes are slower and can cause you to miss trades. If you use GCash or PayMaya, you may be limited to market maker brokers that requote. To get market execution, consider using USDT deposits with international ECN brokers. This trade-off between convenience and execution quality is important to understand.

When you place a market order in forex, your broker attempts to fill it at the current price. If the price moves before execution, a market maker broker may send a requote, asking if you accept the new price. For example, if you want to buy USD/PHP at 56.00, but the price jumps to 56.05, the broker shows a requote box. You can accept or reject. If you reject, you miss the trade. This process is common with brokers that offer GCash deposits, as they often use dealing desks. ECN brokers, on the other hand, automatically fill at the new price (slippage) without asking. Understanding this mechanism helps you choose the right broker for your trading style.

Example 1: Maria, a Manila-based trader, wants to sell 1 standard lot of EUR/USD at 1.1000. She uses a market maker broker funded via GCash. The broker requotes her at 1.1002, costing her an extra PHP 1,200 (2 pips x $10 per pip x PHP 56). She accepts, but her profit margin shrinks. Example 2: Juan, an OFW in Dubai, uses an ECN broker with USDT deposits. He places a limit order to buy GBP/USD at 1.2500. The order fills exactly at 1.2500, with no requote. Juan saves PHP 1,500 compared to using a market maker. These examples show how execution type and funding method impact your bottom line.

SEC Philippines does not directly regulate requotes, but it requires forex brokers to be licensed and disclose their execution policies. Licensed brokers must act in the best interest of clients, which includes fair execution. If a broker consistently requotes, you can file a complaint with SEC Philippines. Additionally, international regulators like FCA and ASIC have strict rules against requotes for market makers. For Philippines traders, using a broker regulated by SEC Philippines or a top-tier international regulator provides more protection. Always check the broker’s license number and verify it on the SEC Philippines website before depositing funds.

• Tip 1: Avoid Instant Execution Brokers: Brokers offering ‘instant execution’ are prone to requotes. Choose ‘market execution’ or ‘ECN’ instead.
• Tip 2: Use a VPS: A Virtual Private Server placed near your broker’s server reduces latency, minimizing requotes for OFW traders.
• Tip 3: Monitor News Events: Avoid trading during high-impact news like US interest rate decisions or Philippine inflation data, as requotes spike.
• Tip 4: Set Slippage Tolerance: In your trading platform, set a slippage tolerance (e.g., 3 pips) to avoid requotes and let the trade execute automatically.
• Tip 5: Check Broker Reviews: Search for ‘requote’ in broker reviews on Philippines forex forums to see real trader experiences.

Requotes are a common but avoidable challenge for forex traders in the Philippines. By choosing the right broker, using limit orders, and trading during liquid sessions, you can minimize requotes and protect your PHP capital. Whether you fund via GCash, PayMaya, or USDT, always prioritize execution quality over low spreads. Start by testing a broker’s execution on a demo account, then deposit a small amount to test live conditions. For more educational guides and broker comparisons, visit comparebroker.io — your trusted resource for Philippines forex traders.