Floating rate or fixed rate: which should you pick?

Every quote you see is a snapshot. Between the moment you read it and the moment your deposit confirms, the market keeps moving. The rate type decides who carries that.

Floating

A floating order settles at the market when your deposit arrives. If the pair moves in your favour you receive more than the quote suggested; if it moves against you, less. There is no premium for this.

Fixed

A fixed rate locks the quote for a short window. You know the exact amount you will receive. The lock is not free: the price carries a margin that covers the risk of holding it, so a fixed quote is normally a little worse than the floating one at the same moment.

How to choose

• Sending a small amount on a fast chain? Floating is usually fine. Confirmation is quick and the market rarely moves far.
• Sending something large, or on a slow chain, or you need an exact number for an invoice? Fixed removes the uncertainty.

Fixed rate is only offered on orders that settle automatically. Where an order is settled by hand it is always floating, because a manual desk cannot promise a rate it has not yet traded.