Order Execution
Order routing is the path an order takes from the platform that decides to trade to the venue that executes it: which server sends it, over which API key or terminal login, to which exchange or broker, and in what market (spot, perpetual futures, or MetaTrader 5).
The route determines latency, which IP address the exchange sees, which account the order lands in, and what happens when a server or a venue is unavailable. Exchanges let you bind an API key to fixed IP addresses, so the sending servers have to be known and stable. A platform that routes every order from a single machine has a single point of failure; one that routes randomly makes it impossible to whitelist. For MetaTrader 5 the route is a terminal on a farm logged into your broker, so the terminal's connection state is part of the route.
Crypto orders are sent from dedicated execution servers with fixed public IP addresses that are shown in the dashboard so you can add them to the API key's allowlist on the exchange; the servers run identical code, and each account is consistently assigned to one of them, with automatic takeover if a server is unavailable. Each order carries the API key it belongs to, so a strategy pinned to a specific exchange account never falls back to a different key. Spot and futures are routed and recorded separately even for the same symbol. MetaTrader 5 orders go to the terminal that holds your broker login on the terminal farm, over a private connection; if the terminal is disconnected the order is not sent and the reason is shown. Behaviour differs between the 16 supported exchanges and those differences are preserved deliberately. The exchange list and key setup guides are on the Supported exchanges page; the MT5 side is described on Forex on MetaTrader.
A trader runs two strategies: one pinned to a Bybit futures account, one pinned to an MT5 prop-firm account. A TradingView alert for the first strategy is routed to the execution server assigned to that account, signed with the Bybit trade-only key, and placed on the futures market. An alert for the second is routed to the MT5 terminal on the farm that holds the prop-firm login. Neither strategy can accidentally trade the other's account.