RECOMMENDED FOREX BROKERS
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Cyprus-regulated forex broker ForexTime, or FXTM, said on Wednesday more than 80% of its trades are executed with a positive slippage. In six months, ended 31 May, 2016, the broker’s highest monthly slippage was at positive 86.44%.
The data is based on its latest FXTM Performance Statistics, which is has been checked by PricewaterhouseCoopers Limited (PwC).
Higher positive slippage means better pricing. The broker said reduced negative slippage has become an FXTM standard and it aim to keep it that way.
Meanwhile, FXTM’s average requotes amounted to 3.8% for the six months under review, ranging from 3.07% to 6.4%. Compared to the previous six months, when all monthly requotes were below 3%, requites have significantly increased.
In comparison, FxPro, another forex broker, reported for the first quarter of 2016 a positive slippage rate of 47% and requotes rate of 5.01%, compared to 37.5% and 5.95%, respectively, in the previous quarter.
The market could be quite dynamic and the broker may not always be able to execute an order instantly at the asked price. In such case, an order is either executed at the first available price (slippage), or rejected and the new price is returned to the trader for confirmation (requote).
FXTM’s statistics also showed the broker ensures its clients fast order execution. Although the timing defers across the different account types, order execution has been rather steady in the December 2015-May 2016 period at below 150 milliseconds on average.
“FXTM prides itself on constantly pushing industry standards by always keeping our core mission in mind: maximize our clients’ value for their most precious commodity – time. The FXTM Performance Statistics page reflects our dedication to provide excellent service and ensure satisfaction in all areas. Releasing these figures honours our pledge to provide a fair service and credible performance,” Jameel Ahmad, vice president of corporate development and market research at FXTM said.
Overall, FXTM reported 90% client satisfaction rate. The broker also said it takes it on average less than 12 minutes to approve a clients, and more than 84% of deposits are processed within a period of five minutes.
FXTM is based in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC), which allows it to provide its services in all EU countries. Earlier this year, the broker set up a London-based unit, but it has provided no information at the time as to whether it plans to acquire a UK license.
The broker offers trading in more than 100 instruments, including forex, spot metals, and CFDs on stocks, commodities, and exchange traded fund (ETFs). It serves retail and institutional clients alike and supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.