Best Execution at XBTFX
Our best execution policy in plain English: every order routes through our proprietary liquidity bridge in 8 milliseconds or less and fills at VWAP across real top-of-book liquidity. STP execution, no dealing desk, no requotes.
STP execution with direct liquidity access
How an order is filled
Three steps from your platform to the market — no dealing-desk review in between.
How each order type executes
Market orders
Limit orders
Stop orders
Pending orders
Margin call & stop-out levels
Two clearly defined risk thresholds protect your account from running negative. You'll know exactly where they sit before you place a trade.
Margin call at 80%
When your account's margin level drops to 80%, you'll be warned that further adverse movement risks triggering a stop-out. New positions may be restricted at this level. This is your signal to reduce exposure or add funds.
Stop-out at 50%
At a 50% margin level, the platform begins closing your most-losing positions automatically — largest loser first — until the margin level recovers above 50%. The stop-out exists to protect both you and the broker from negative-equity scenarios.
Frequently
Asked Questions
Frequently Asked Questions
Common questions about how XBTFX executes orders, why we don't requote, and what slippage looks like on a transparent bridge.
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Is XBTFX a market maker or a dealing-desk broker?
No. XBTFX is an STP broker. Every order is routed through our proprietary liquidity bridge to our institutional liquidity providers. We do not run a dealing desk; we do not hold the other side of your trade as a house position. Where opposing client flow is available on the same symbol, the bridge nets it internally; everything else flows through to the market.
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What is STP execution?
Straight-Through Processing means your order is passed automatically from your platform, through our bridge, to a liquidity provider, without human intervention. There is no dealer review, no rejection on a quote refresh, no "last look" by a desk. The bridge runs in ≤8 milliseconds, end to end.
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What is VWAP execution?
VWAP — Volume-Weighted Average Price — is the price you'd get if you blended every unit of liquidity available at execution time, weighted by the volume sitting at each level. When the top-of-book quote can't cover your full size, the rest of your order eats into the next levels, and VWAP combines them all into one fair blended fill price. You see one execution price; that price reflects everything you actually traded against.
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What happens if my order is larger than the top-of-book quote?
The top-of-book quote represents the price for a finite quantity — it is not infinite liquidity. If your order is larger than the top-of-book volume, the remaining size fills at the next levels and the average execution price is VWAP across all levels touched. We can provide a full book-fill report for any individual trade on request — execution at XBTFX is fully transparent.
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Does XBTFX requote orders?
No. We do not use a requote model. Market orders and triggered orders are executed at VWAP across whatever liquidity is available the moment the order arrives at our LPs. If the top-of-book quote moves before your order can be filled, your order doesn't get bounced back to you for re-acceptance — it fills against the new book.
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What is slippage and when does it happen?
Slippage is the difference between the price you saw when placing an order and the actual execution price. It can be negative (you fill at a worse price) or positive (you fill at a better price). Slippage occurs when the market moves between your click and the fill, when your size exceeds top-of-book liquidity, or during fast-market conditions like news releases. We pass on positive slippage when it happens — it's not absorbed by us.
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What is the margin call level and stop-out level at XBTFX?
Margin call is at 80% margin level — a warning that further drawdown puts your account at risk of stop-out. Stop-out is at 50% margin level — the platform will begin auto-closing your largest losing positions until the margin level recovers above 50%. These thresholds are platform-enforced and identical across all account types.
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Are positions ever closed without a margin call?
In extreme gap conditions — weekend gaps, major news, or illiquid hours on exotic instruments — your margin level can move directly from above 80% to below 50% without an intermediate margin-call notification. In those cases the stop-out engine still protects your account from running negative, but you may not see the 80% warning step. This is why position sizing and stop-loss discipline matter even on an STP venue.
