Info quote in forex trading explained
By Ken Chigbo, Founder, KenMacro. Published 2026-05-13.
Quick answer
An info quote is an indicative reference price displayed for information only. It tells a trader where a currency pair is approximately trading but the market maker is not obliged to deal on that level. Firm prices, by contrast, are committed quotes that a counterparty must honour when requested within size and time limits.
What is info quote?
An info quote, sometimes labelled indicative or for-information-only, is a price shown on a screen or sent over a chat that conveys roughly where a currency pair, swap, or option is trading at a given moment. It carries no obligation on the quoting bank or liquidity provider to transact at that level. The distinction matters in the institutional FX market, where prices are categorised as either firm and dealable, meaning executable on request within stated terms, or indicative, meaning purely informational. Most aggregated feeds, broker terminals, and news vendor tickers carry indicative prices rather than firm streams.
How traders use info quote
Retail traders rarely interact with formal info quotes directly because retail platforms typically stream executable prices from the broker. The concept still matters when interpreting third-party data. Prices on financial news sites, economic calendars, and free charting tools are almost always indicative composites that lag or differ from the executable price on a live account. Institutional desks use info quotes when polling counterparties for context before requesting a firm price in size, particularly in less liquid crosses, NDFs, and FX options. A voice broker may circulate an info level to gauge interest before a client commits. Traders watching price action should remember that the chart they see and the price their broker will fill at can diverge, especially around data releases.
Common misconceptions about info quotes
A frequent misconception is that any price visible on a screen can be traded at that exact level. In reality, most public price feeds are indicative and can lag the true interbank market by seconds, particularly during volatile windows. Another error is assuming an info quote from a bank counterparty represents a binding offer. It does not. Until a trader requests a firm price and the dealer responds with a dealable two-way market, no obligation exists. Some retail traders also confuse slippage with the gap between an info quote and execution, but these are distinct mechanics arising from different parts of the price chain.
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Frequently asked
What is the difference between an info quote and a firm quote?
An info quote is purely indicative and carries no obligation to deal. A firm quote is a committed two-way price that the dealer must honour if the counterparty hits the bid or lifts the offer within the agreed size and time window. Firm quotes are used at the point of execution, while info quotes circulate for context, valuation, and market colour before any transaction is requested.
Are retail broker prices info quotes or firm prices?
Retail broker prices streamed on MetaTrader, cTrader, and similar platforms are generally executable, meaning an order placed at the displayed price should fill at or near that level subject to slippage. They are not pure info quotes. However, prices on free news sites, calendars, and aggregator charts are typically indicative and may diverge from what a live account would actually fill at, especially around news.
Why do banks send info quotes instead of firm prices?
Quoting firm prices commits balance sheet and risk capacity. Banks send info levels in chat or voice to share context efficiently without warehousing risk on every conversation. Firm pricing is reserved for the moment a client signals genuine intent to trade. This separation lets dealers manage axe, inventory, and counterparty exposure carefully while still providing market colour throughout the session.
Can an info quote be trusted for valuation purposes?
Indicative prices are widely used for mark-to-market and end-of-day valuations, but their reliability depends on the source. Reputable composites from major vendors aggregate multiple contributors and are reasonably accurate in liquid pairs. In thinly traded crosses, exotic NDFs, or stressed conditions, info quotes can drift meaningfully from where a real trade would clear, so valuation policies often specify which source is authoritative.
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