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

What Exactly is a Requote?

A requote occurs when you place a market order, but the price has moved before the broker can fill it. Instead of executing at your requested price, the broker sends a new price quote. You must accept or reject it. This is not slippage — requotes give you a choice, but they slow down execution.

How Requotes Work in Practice

Imagine you trade USD/ZAR. You see the price at R18.50 and click 'buy'. The broker checks the live market and finds the price has moved to R18.52. The broker then shows you a pop-up: 'Requote: Buy USD/ZAR at 18.52?' You can accept or cancel. This delay can cost you pips, especially in fast-moving markets.

Why Requotes Happen

Requotes are common with market maker brokers who take the other side of your trade. They need to hedge their risk, so they wait for a price that suits them. During high volatility — like when the SARB changes interest rates — requotes become frequent. ECN brokers, which match orders directly, rarely requote but may cause slippage.

Requotes vs. Slippage vs. Rejection

Requotes ask for your approval. Slippage executes at a different price automatically. Rejection means your order is not filled at all. South Africa traders should know the difference because ZAR volatility can trigger all three. Requotes are often seen as a sign of a less transparent broker.

South Africa's forex market is growing fast, with many new retail traders entering. The ZAR is one of the most volatile emerging market currencies, often moving 1-2% in minutes during news events. This volatility makes requotes common, especially during the Johannesburg trading session overlap with London. Local payment methods like EFT and Bank Transfer can delay deposits, meaning you might miss entry points. Some brokers now accept USDT deposits, which are faster and reduce requote risk by letting you trade instantly. The FSCA requires brokers to disclose their execution policy, but not all do clearly. Always check if your broker uses market maker or ECN execution. Many South Africa traders prefer ECN accounts to avoid requotes, but these often require higher minimum deposits. Understanding requotes is crucial for managing costs in the volatile ZAR environment.

1. Check Your Broker's Execution Type
   Log into your broker's website or app. Look for 'execution type' in the account details. If it says 'instant execution', requotes are likely. If 'market execution' or 'ECN', requotes are rare. For South Africa traders, FSCA-regulated brokers must clearly state this.
2. Monitor ZAR News Events
   Use an economic calendar. Mark SARB interest rate decisions, CPI data, and GDP releases. Avoid trading USD/ZAR 30 minutes before and after these events. ZAR volatility can spike, causing requotes. Set price alerts instead.
3. Choose the Right Order Type
   Use limit orders instead of market orders. A limit order specifies your price, so the broker only fills it if the market reaches that level. This avoids requotes. However, your order may not fill if the price moves away. For South Africa traders, this is safer during volatile ZAR moves.
4. Test with a Demo Account
   Before depositing real money, test your broker's execution with a demo account. Place market orders during different times of day. If you see frequent requotes, consider switching to an ECN broker. Many South Africa brokers offer demo accounts with USDT or ZAR balances.

Requotes are often confused with 're-quotes' (same spelling) but they are the same concept. In South Africa, some brokers call them 'price re-quotes' or 'execution re-prices'. Compared to 'instant execution', requotes are a sign of a dealing desk broker. ECN brokers use 'market execution' which can cause slippage but rarely requotes. For South Africa traders, the choice depends on your strategy. Scalpers hate requotes because they need fast fills. Swing traders may tolerate them. Always compare a broker's requote policy before opening an account. Many FSCA-regulated brokers now offer 'zero requote' accounts for higher deposits.

When you place a market order in forex, your broker sends it to their liquidity provider. If the price has moved, the provider sends back a new price. The broker then presents this as a requote to you. For South Africa traders, this process is slower due to distance from major liquidity hubs. For example, trading USD/ZAR from Cape Town may have higher latency than trading from London. The requote appears as a pop-up window or a message in your trading platform. You must click 'accept' or 'reject'. If you accept, the trade opens at the new price. If you reject, the order is cancelled. This can happen in milliseconds or seconds, depending on your internet speed and broker's server location.

Example 1: You want to buy USD/ZAR at R18.50. You click 'buy market'. The broker's system checks and finds the price is now R18.52. A requote window shows: 'Buy USD/ZAR at 18.52?' You accept. Your trade opens 2 pips higher than expected. That's an extra R20 cost on a standard lot (100,000 units). Example 2: During a SARB rate announcement, ZAR drops 1% in 10 seconds. You try to sell USD/ZAR at R18.60. The broker requotes at R18.65. You reject, but the price keeps falling. You miss the move. Example 3: Using USDT deposits, you fund your account instantly. You place a limit order at R18.50. It fills without requote because the price was reached exactly. These examples show how requotes can affect your trading costs and timing.

The Financial Sector Conduct Authority (FSCA) regulates forex brokers in South Africa. While requotes are not specifically banned, FSCA rules require brokers to act fairly and transparently. This means brokers must disclose their execution method and any requote policies in their terms. If a broker uses requotes to manipulate prices or delay orders unfairly, you can file a complaint with the FSCA's Financial Services Ombud. Many South Africa traders choose FSCA-regulated brokers because they offer better protection. However, even regulated brokers can requote during volatile conditions. The key is to understand your broker's model. Always check the FSCA register to confirm your broker's license status. Unregulated brokers often have no requote limits and can reprice at will.

• Use Limit Orders: Always prefer limit orders over market orders when trading USD/ZAR. This gives you price control and avoids requotes during ZAR volatility.
• Trade During High Liquidity: The best time to trade ZAR pairs is during the London session (09:00-17:00 SAST). Liquidity is higher, reducing requote chances.
• Avoid News Trading: Don't trade during SARB rate announcements or US non-farm payrolls. ZAR can gap 50 pips in seconds, causing requotes and slippage.
• Check Spreads: Requotes often come with wider spreads. Compare spreads during volatile times. If your broker's spreads widen excessively, switch.
• Use a VPS: A virtual private server near your broker's servers reduces latency. Many South Africa traders use VPS services in Johannesburg or London for faster execution.

Requotes are a reality for many South Africa forex traders, especially when trading volatile pairs like USD/ZAR. The best way to avoid them is to choose an ECN broker regulated by the FSCA, use limit orders, and trade during liquid hours. With South Africa's retail trading market growing rapidly, understanding execution types is essential for protecting your capital. Start by testing your broker with a demo account. If requotes frustrate you, consider switching to a broker that offers USDT deposits and ECN accounts. Compare brokers on comparebroker.io to find the best fit for your ZAR trading needs. Remember: knowledge is your best defence against unnecessary trading costs.