Order Execution Policy

2.1 Purpose and scope. AvexFx takes all sufficient steps to obtain the best possible result for clients when executing orders. This policy explains how. It applies to retail and professional clients trading forex and CFDs on our platforms. It does not apply to eligible counterparties. AvexFx operates through several entities: one authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), one by the Financial Services Authority (FSA) of Seychelles, and one licensed by the Financial Services Commission (FSC) of Mauritius. The entity that executes your orders, and its licence number, are stated in your account agreement. Where the three regimes differ, we apply the stricter standard.

2.2 Execution model. We act as principal. AvexFx is the counterparty to every trade you open: your order is not passed to an exchange and we do not act as your agent. Where a position is not hedged externally, your loss is our revenue and your profit is our cost. This is the model the rest of this policy describes, and the one our Conflicts of Interest Policy is written to manage.

We manage the resulting exposure by netting opposing client positions against each other and hedging the residual with external liquidity providers, under internal exposure limits. Routing and execution are automated: no dealer exercises discretion over an individual client’s fill, and no order is handled differently because of who placed it or whether that client has been profitable.

Where we hedge, we do so to manage our own exposure. Hedging is our decision and our cost: it creates no obligation to you, and the price you receive does not depend on whether your position was hedged.

2.3 Execution factors. We consider price, cost, speed, likelihood of execution and settlement, size, nature of the order, and any other relevant consideration.

2.4 Relative importance. For retail clients, best possible result is determined by total consideration – the price of the instrument plus all costs of execution. Speed and likelihood of execution are given high importance because prices in these markets move quickly, but they do not displace total consideration. We weigh the factors by the characteristics of the client, the order, the instrument, and the venue available.

2.5 Execution venues. All orders are executed on our own platform, against prices we quote, with AvexFx as the sole execution venue. This means your orders are executed outside a regulated market, multilateral trading facility or organised trading facility. You must give express consent to this before we accept your orders; that consent is obtained at account opening. Executing outside a trading venue adds counterparty risk – see Risk Disclosure 1.7.

2.6 How our prices are formed. Our quoted price is derived from an aggregated feed of independent institutional price sources, to which a mark-up may be applied. On a Standard account the mark-up is the spread itself, which averages 1.4 pips with no commission; on a Premier account the spread quotes from 0.0 pips and the charge is commission of US$3.50 per lot per side. The current spread for each instrument is shown in the contract specifications inside MT4, MT5 and MQ WebTrader, and the account comparison is published on avexfx.com. We do not quote a price we know to be stale.

2.7 Order types.

2.8 Slippage, latency and requotes. Between your instruction leaving your device and its execution on our server, the market may move. We apply slippage symmetrically: where the move is in your favour you receive the better price, where it is against you you receive the worse one. You can cap this per order with the maximum deviation setting in MT4 and MT5 – where the market moves beyond the tolerance you set, the order is rejected rather than filled at a materially worse price. We measure the proportion of orders receiving positive, zero and negative slippage, and publish those figures under 2.15.

Latency between your platform and our server depends on your connection and your distance from it, and we do not guarantee a fixed execution time; we measure average execution speed and publish it under 2.15. We do not operate a ‘last look’ window on client orders: an order reaching our server inside the price tolerance you set is executed, not held and reviewed for profitability before acceptance. Where we hedge a position with an external liquidity provider, a rejection by that provider does not alter a fill you have already received. We requote rather than apply slippage only on instant-execution orders where the market has moved beyond your maximum deviation; you are then shown the new price and may accept or decline it.

2.9 Partial fills. A large order may be filled in parts at different prices. The result is the volume-weighted average.

2.10 Order aggregation. We do not aggregate your orders with our own or with other clients’ orders unless it is unlikely to disadvantage you. In practice each order is executed individually on receipt and is not combined with another client’s order or with our own hedging orders.

2.11 Margin close-out. Where margin falls below 50%, positions are closed automatically, beginning with the position showing the largest unrealised loss, which is the default behaviour of MT4 and MT5. This is set out in Risk Disclosure 1.4.

2.12 Abnormal market conditions. During gapping, suspension, disorderly markets, feed failure or force majeure, we may widen spreads, reject orders, cancel resting orders, close positions, or suspend trading in an instrument. We will act reasonably and will not use abnormal conditions as a pretext.

2.13 Manifest error. Where a trade executes at a price that clearly does not reflect the market at that moment, we may amend or cancel it. A manifest error means a price that differs materially from the prevailing market price shown by our independent reference feed at the moment of execution, judged without regard to whether the error favoured you or us. Where we amend or cancel a trade on that basis we will tell you within one business day and give you the reference price we relied on. You may dispute the decision under the Complaints Handling Policy, which gives you a final response within two months.

2.14 Specific instructions. Where you give a specific instruction, we follow it, and doing so may prevent us from taking the steps in this policy to get the best result for that element of the order.

2.15 Monitoring, review and published data. We monitor execution quality on an ongoing basis – prices obtained against the market at the time, rejection rates, slippage distribution, and average execution speed. We review this policy at least annually and whenever a material change affects our ability to obtain the best result for clients. Material changes are notified to you.

We publish a summary of execution quality on avexfx.com each quarter, beginning with the first full quarter after this policy takes effect, covering fill rate, the proportion of orders executed at or better than the requested price, the distribution of slippage and average execution speed. AvexFx is the sole execution venue for your orders, so there is no split of client volume across venues to report; the liquidity providers we hedge with are named in the same summary. You may at any time request evidence that your own orders were executed in line with this policy, and we will provide it.

2.16 Consent. By placing an order you consent to this policy, including execution outside a trading venue. Last reviewed 21 September 2026.