"I missed an opportunity because my order didn't go through," or "My stop-loss order was executed at a worse price than I expected"—these are usually the two main reasons why people become concerned about execution speed. However, if you try to compare the numbers of each company to choose a broker, you'll quickly run into a dead end.Numbers like a 99.99% execution rate, an average of 72ms, and minimal slippage vary greatly from broker to broker in terms of calculation methods and measurement periods, and most brokers don't even disclose these figures at all.
This article directly examines the official websites, terms of service, and official FAQs of 10 major companies that offer Japanese language support, and lists what they disclose and what they do not, along with the source and date of verification. In addition, it summarizes the disclosed values of 8 major domestic FX companies, the slippage rules unique to Japan, andthe procedure for measuring execution power in your own account. The aim is for readers to be able to decide whether they can verify the execution power of a particular broker themselves after finishing this article.
Conclusion | Key Points Regarding Execution Speed in Overseas Forex Trading (as of September 2026)
- Of the 10 companies surveyed, publicly release monthly execution performance dataAXIORYandAxionly . TitanFX and XMTrading only provide summary values without noting the measurement conditions, whileFXGTonly specifies the starting point for measurement.ThreeTrader,BigBoss,IS6FX,HFM, andExnessdo not publish any figures at all. "Not publishing = low execution performance" does not mean "it cannot be verified externally."
- The definition of "execution rate" differs from broker to broker, making direct comparisons difficult. Minna no FX uses "number of market orders that were executed ÷ total number of market orders," regardless of whether the order was executed at the desired price. XMTrading's "100%" is the execution rate, while FxPro's "over 90%" is the percentage of orders executed at or above the desired price. Even though both use 99.9%, they are counting different things.
- The statement that "even major domestic FX brokers have an execution rate in the 80% range" lacked any official basis. Of the eight major domestic brokers, only Minna no FX (99.9%) publicly disclosed its execution rate, while SBI FX Trade publishes its slippage performance and GMO Click Securities publishes its spread rate on a monthly basis.
- In Japan, since August 2013, the practice of applying only slippage that is disadvantageous to the customer has been prohibited(according to the supervisory guidelines of the Financial Services Agency and the rules of the Financial Futures Association of Japan). This rule does not apply to overseas FX brokers, so you have no choice but to check each company's terms and conditions and publicly disclosed track record.
- What can be seen from the slippage data is that it "occurs in both unfavorable and favorable directions.AXIORY's figures for August 2026 show 19.6% unfavorable, 18.2% favorable, and 62.2% zero slippage.Axi's figures are 95% above the desired price and 5% below. SBI FX Trade also showed almost equal proportions of favorable and unfavorable slippage.
- Before comparing numbers, you should look at three things: measurement conditions, server location, and cancellation clauses in the terms and conditions. The published execution speed is the time "from when the order reaches the broker's server," and does not include delays on your own internet connection. You can measure it in your own account using the MT4/MT5 history.
*This article was created by the MoneyCharger editorial team in accordance with their content creation policy . The execution data, trading methods, and server locations for each company were verified from September 11th to 14th, 2026, using the original text (including English versions) of their official websites, terms of service, and official FAQs. Domestic regulations were verified using the supervisory guidelines of the Financial Services Agency and the rules of the Financial Futures Association of Japan. Trading platform specifications were verified using MetaQuotes' official help documentation (sources and verification dates are clearly stated in the text). Published values and terms may be revised, so please always check the actual conditions with your own account and the latest information provided by each company. Overseas FX brokers are not registered with the Japanese Financial Services Agency, and both the Financial Services Agency and the Consumer Affairs Agency have issued warnings about trading with unregistered brokers. This article provides general information and does not endorse any specific broker or trading method.
If you are new to overseas forex trading,our complete guide for overseas forex trading beginners.
What is execution capability? | Seen through three metrics: execution rate, execution speed, and slippage
Execution power refersthe ability of an order to be executed under conditions as close as possible to the time and price it was placed at. However, there is no unified definition in the industry, and what it means varies depending on the broker or media outlet. In this article, we will treat execution power as divided into the following three categories, according to the indicators actually published on each company's official website.
| index | What does it represent? | Officially published examples (confirmed September 2026) | Precautions when viewing |
|---|---|---|---|
| Contract rate | The percentage of orders that were executed out of the orders that were placed | AXIORY"99.99% execution rate" / TitanFX: "99.99% execution rate" / Minna no FX: "99.9%" | Whether or not "whether the transaction was executed at the agreed price" is included depends on the broker's definition |
| Execution speed(execution rate) | Time from order acceptance to execution | TitanFX: "Average execution speed of 72 ms" / XMTrading: "99% of orders executed in less than 0.1 seconds" /Axi: "29 ms" (median) /AXIORY(monthly distribution) | What is the time period from where to where? Often, the communication time from your device to the service provider is not included. |
| Slippage | The difference between the price at the time of order and the price at which the order was actually executed | AXIORY(Monthly Distribution) /Axi(Monthly Occurrence Rate) / SBI FX Trade (Monthly Performance) | Instead of looking at the average, we look at the percentage of how much the slide went in the unfavorable direction. |
Execution rate | This is the "percentage of orders that were completed," but what is counted varies from broker to broker
The execution rate is sometimes described as "the percentage of orders that were executed at the correct price," butwe could not find any official calculation method that matches this definition among the domestic and international brokers we investigated. Comparing brokers that disclose their calculation methods with those that only display numbers reveals that even though they both use the term "execution rate," they are counting different things.
| Source | Definition and calculation method of execution rate (official description) | Should I ask if it's worth the price? |
|---|---|---|
| Minna no FX(Domestic) | "Number of market orders that were executed ÷ Total number of market orders". The target is market orders, excluding orders with slippage settings. The survey period was April 1st to 30th, 2026, conducted by the company itself | I don't ask(whether it was successful or not). |
| Yano Research Institute's test(domestic, announced by Money Partners) | "Slippage-free execution rate." This was measured in December 2018 by seven domestic companies, with 200 USD/JPY trades executed between 8 PM and 9 PM Japan time, with an acceptable slippage of 1 pip. The number of slippage and order rejections were counted | Question(Is it worth the price?) |
| TitanFX(Overseas) | The official homepage displays "99.99% execution rate" and "99.9% execution rate of market orders within 1 second." However, there is no mention of the calculation method or measurement period | Not specified |
| AXIORY(Overseas) | The statistics page states "Execution rate 99.99%." However, the calculation method is not described, and execution speed and slippage are disclosed as separate monthly statistics | Not specified (price differences are disclosed using a separate indicator) |
If you count by the "percentage of trades executed," even if the price is slightly unfavorable, if a trade is executed, it will be included in the numerator, so the numbers tend to cluster around 99%. In fact, the published execution rates are all around 99.9% to 99.99% both domestically and internationally, andthere is almost no difference between brokers based on execution rates alone. To compare execution capabilities, you need to look at the other two factors (execution speed and slippage) together.
Execution Speed | Check "What time period is it from?"
Execution speed is generally published in milliseconds (ms = 1/1000th of a second). 72ms is 0.072 seconds. It's important to note thatthe measurement intervals differ from broker to broker.AXIORYdefines execution speed as follows on its statistics page:
The time it takes from when your order is approved on our server until it is approved by our LP (Liquidity Provider) to be executed..
Source:AXIORY trading statistics(verified September 11, 2026)
In other words, the publicly announced execution speedthe processing time from the moment the order reaches the broker's server. The communication time from your computer or smartphone to the broker's server is separate and depends on your home internet connection and distance. Even if you choose a broker with a fast publicly announced execution speed, if your own internet connection is slow, the perceived speed won't change (methods to reduce your own latency will bediscussed later).
Note that neither TitanFX's "72 ms average execution speed" nor XMTrading's "99% of orders executed in less than 0.1 seconds"provides any notes on the measurement period, target accounts, target instruments, or measurement interval on their official pages. While the numbers themselves are officially published values, please be aware that they may not be comparable to those of other companies using the same benchmark. Differences of tens of milliseconds can easily impact profits and losses in short-term trading aiming for a few pips, or in automated trading that places dozens of orders a day.
Slippage | Can occur in both unfavorable and favorable directions
Slippage is defined by the Financial Services Agency's supervisory guidelines as "the difference between the price displayed or specified by the customer at the time of placing an order and the execution price." Because prices fluctuate even in the short time it takes for an order to reach the broker and be processed,slippage is never zero, even with brokers that have high execution capabilities, and can occur in both unfavorable and favorable directions.
The way it occurs depends on the type of order. To summarize the explanation in the official MetaTrader 5 help documentation:
| Order type | Slippage | Certainty of the agreement |
|---|---|---|
| Market order | Possible (both advantageous and disadvantageous) | In principle, it will be agreed upon |
| Limit orders(for profit taking, etc.) | It won't happen. The transaction will be executed at the specified price or a more favorable price | Execution is not guaranteed. Orders may be rejected if the price moves significantly in the opposite direction. |
| Stop-loss order(e.g., stop-loss order) | This could happen in an unfavorable direction. The transaction will be executed at the specified price or a less favorable price. | Agreement |
This mechanism explains why stop-loss orders are sometimes executed at a worse price than expected. While execution is guaranteed, the price is not. When looking at slippage, it's easier to gauge its impact on profit and loss by looking at how many pips an order slipped in a direction unfavorable to the average
Requotes and order rejections | How they occur varies depending on the order execution method
The phenomena of "orders not being executed" and "prices being re-quoted" vary depending on the account'sexecution method. The official MetaTrader 5 help defines four execution methods (MT4 has three, excluding Exchange Execution). It is said that the broker decides which method to use for each instrument.
| Execution method | Summary of the official MetaQuotes help documentation | Possible events |
|---|---|---|
| Instant Execution | The trade is executed at the price offered by the broker. If the broker does not accept that price, a "Requote" is sent, and a more acceptable price is returned | Requote(price re-quote) |
| RequestExecution | Before placing an order, you receive the price from the broker and then approve or reject the execution at that price | The agreement will not be finalized unless approved |
| MarketExecution | The broker determines the execution price without further communication with the trader. Sending an order this way means you have pre-agreed to the execution price. (Translation of the English help page) | The price difference is not reflected in the execution price as slippage , rather than being requoted. |
| ExchangeExecution | The transaction is sent to an external trading system (exchange) and executed at the market price at that time | — (mainly exchange-traded stocks) |
In Instant Execution accounts, you can specify the acceptable price deviation (acceptable slippage) in the "Deviation" (acceptable slippage) section of the order screen. The Japanese help section of MetaTrader 5 explains that "the larger this value, the lower the probability of receiving a new execution price (requote) in the order execution request." Narrowing the tolerance range will protect the price but make it harder to execute orders, while widening it will make it easier to execute orders but increase the likelihood of slippage. This is a trade-off
Many overseas forex brokers use Market Execution, andAXIORYin its Terms of Service 14.5 that "AXIORY explicitly states uses Market Execution method." The differences between brokers using NDD (No Dealing Desk) and DD (Dealing Desk) methods, and the official order methods of each company, are summarized in the list of 20 overseas forex brokers using the NDD method
Execution data for 10 major overseas forex brokers | Brokers that publish data and those that do not
We directly checked the official websites, terms of service, and official FAQs of the top 10 companies that offer Japanese language support, from September 11th to 14th, 2026. Onlydisclosed monthly execution performance dataAXIORYandAxiprovided summarized figuresFXGT, and the remaining 5 companies did not publish any figures at all. Since "not disclosing" this information is also a factor to consider, we have indicated it rather than leaving it blank.
| Contractor | Contract rate | Execution speed | Slippage's track record | Official description of the trading method | Location of trading server |
|---|---|---|---|---|---|
| AXIORY | 99.99%(Monthly statistics page) | Monthly distribution released(approximately 90.7% of all stocks combined were within 40ms in August 2026) | Monthly distribution released(August 2026: No slippage 62.2%, within ±0.2 pips 76.9%) | Terms of Service 14.5 explicitly states the adoption of "Market Execution" | Equinix's colocation service (MT4 = Tokyo TY3 / cTrader = London LD5) |
| Axi | 99.99%(Monthly data for the past 12 months) | Median 29ms(monthly; 29-32ms for the past 12 months) | Monthly data is released(August 2026: 95% of trades executed at or above the desired price / 5% negative slippage. Pips are not disclosed). | In the Client Agreement 7.1(c), "principal counterparty" means the counterparty to all transactions. The terms NDD and STP are not officially used in Japanese | The old official support article listed it as "Equinix NY4 (New York)". The current Japanese page does not list the location name |
| TitanFX | 99.99% / 99.9% of market orders are executed within 1 second (no notes on measurement conditions) | Average 72ms, fastest 4ms (no notes on measurement conditions provided) | Not disclosed | Zero Standard account = STP, Zero Blade account = ECN (explicitly stated). "No requotes." | Please specify Equinix NY4 (New York) |
| XMTrading | "100% execution rate — no requotes or order rejections" | "99% of orders are executed in less than 0.1 seconds" (no note on measurement conditions) | Not disclosed | "Market execution." Terms of Service 9.1.48 and 29.2 define the company as a Market Maker/principal | Not specified (only VPS information available) |
| FXGT | Not disclosed | Average 120ms(Official FAQ. From the moment the order is received by our trading server) | Not disclosed | The official FAQ states that "Market Execution is provided for all listed securities" (original text in English). Section 29.6 of the terms and conditions states that pricing is supplied by "our own market maker." | London (UK) - Server Time GMT+3 |
| ThreeTrader | Not disclosed | No public disclosure (the Best Execution Policy only states that "execution speed and execution rate are monitored daily.") | Not disclosed | The Best Execution Policy specifies "no dealing desk model" and "ECN Connection." However, Client Agreement 2.1 specifies "principal" = the counterparty to all transactions | The account comparison table shows "Server Location: NY4" (the company name Equinix could not be confirmed) |
| BigBoss | Not disclosed | Not disclosed | Not disclosed | Account comparison table shows all accounts as "Order Method: NDD STP Method" | The document states, "We have adopted Equinix and AWS" (without specifying a location) |
| IS6FX | No public announcement (only the phrase "high execution rates" is included in the order execution policy) | Not disclosed | Not disclosed | The top priority is "NDD method with high execution capability." On the other hand, order execution policy 3 explicitly states that the company will execute orders at its own location (over-the-counter/OTC) | Not specified (VPS is offered free of charge with a balance of approximately $3,125 or more) |
| HFM | Not disclosed | Not disclosed | Not disclosed | The official blog states "NDD method" and "no worries about requotes." On the other hand, Terms of Business 6.4-6.6 explicitly state that a Market Maker can have its own position | Not specified (VPS is available at Beeks Financial Cloud's 9 locations) |
| Exness | Not disclosed | No public disclosure was made (only expressions such as "trading in milliseconds" were used. A footnote stated, "This does not guarantee the speed or accuracy of execution.") | Not disclosed | There are two execution methods: Instant Execution (Pro accounts only) and Market Execution. Client Agreement Part D 1.2 specifies that depending on the account type, the company may be the execution venue or STP (Straight Through Processing) | Amsterdam / Dubai / Seoul / Singapore / Miami / Johannesburg |
Verification Dates:AXIORY,ThreeTrader, TitanFX,BigBoss,IS6FX, XMTrading,HFM,Axi, andExnesswere verified on September 11, 2026;FXGTwas verified on September 14, 2026. Our editorial team verified the original text of each company's official website, terms of service, and official FAQ. Since conditions may be revised, please check the latest information displayed by each company before opening an account
Only two companies,AXIORYandAxidisclose their monthly performance figures
AXIORYstates that it "discloses all MT4 order execution results for the previous month (execution speed, slippage rate, and hourly spread)" and has been publishing monthly statistics since January 2021. The total for all instruments in August 2026 was as follows:
| AXIORY August 2026 (MT4 - Total for all instruments) | result |
|---|---|
| Execution speed: Percentage of orders executed within 21-35ms | 81.6% |
| Execution speed: Percentage of orders executed within 40ms | Approximately 90.7% |
| Percentage of executions exceeding 71ms in execution speed | 9.3% |
| Percentage of trades executed without slippage | 62.2% |
| Percentage of slippage within ±0.2 pips | 76.9% |
| Percentage of slips in an unfavorable direction / Percentage of slips in an favorable direction | 19.6%／18.2% |
What's noteworthythe proportion of unfavorable (19.6%) and favorable (18.2%) slippageis almost equal. This confirms from the broker's own data that slippage is not biased towards one direction.AXIORY's execution speed is the time from when the order is approved on their own server until it is approved by the LP, and there is no mention of an "average of 0.14 to 0.18 seconds" on their official page (this figure was included in the previous version of this article, so it has been removed in this update).
Axipublishes four indicators on a monthly basis on its "Pricing and Execution" page. The trends over the past six months were as follows:
| Axi(monthly) | March 2026 | April 2026 | May 2026 | June 2026 | July 2026 | August 2026 |
|---|---|---|---|---|---|---|
| Contract rate | 99.99% | 99.99% | 99.99% | 99.99% | 99.99% | 99.99% |
| Delay to execution (median) | 29ms | 29ms | 30ms | 29ms | 29ms | 29ms |
| The deal was executed at the desired price or higher | 91% | 95% | 96% | 95% | 96% | 95% |
| Negative slippage | 9% | 5% | 4% | 5% | 5% | 5% |
Axi's figures include a footnote stating, "Axi Group clients whose trades were executed at or above their desired price," and "The median execution delay varies depending on the client's location."that this is the median for the entire group, not the value for connections made from Japan. Even so, brokers that publish monthly trends are exceptional.
Brokers that only display summary figures: TitanFX, XMTrading,FXGT
TitanFX's "99.99% execution rate," "72 ms average execution speed," and "4 ms fastest execution speed," XMTrading's "99% of orders executed in less than 0.1 seconds" and "100% execution rate," andFXGT's "average 120 ms" are all figures actually published on their official websites. However,no notes regarding the measurement period, target accounts, target instruments, or calculation method were found. The update timing is also not publicly announced, so it is unclear when these results were recorded.
FXGTexplains the meaning of the numbers in its official FAQ. It states something to the effect of, "Our average execution speed is 120 milliseconds from the moment your order reaches our trading server. Delays beyond our control may occur depending on the distance between your trading platform and our server," which isas it clearly states that delays on the user's own network are separate.
Five companies that do not disclose figures | "No disclosure = low execution power" is not necessarily true
ThreeTrader,BigBoss,IS6FX,HFM, andExnessdo not publish figures for execution rate, execution speed, or slippage. Thisdoes not mean that their execution capabilities are low, but rather that there is no way for external parties to verify these figures. In fact,ThreeTrader's Best Execution Policy states that it "monitors average spread, execution speed, and execution rate on a daily basis," indicating that they do measure these figures but do not make them public.
Exnessclearly states in a footnote on its official website that "No guarantee of execution speed or precision is provided." Furthermore, as of September 2026, accessing the official website and help center from a Japanese internet connection required login, making it difficult to check trading conditions. Please be careful not to open an account before checking the conditions
"Equinix servers" can even show which location they are located at
Equinix, which is often mentioned when discussing execution speed, is a company that operates data centers around the world. It'snot that "it's fast because it's Equinix," but rather that the physical distance from Japan varies depending on which city's trading servers are located.
| base | Officially listed companies |
|---|---|
| Tokyo (TY3) | AXIORY(MT4) |
| London (LD5) | AXIORY(cTrader) |
| New York (NY4) | TitanFX,ThreeTrader(labeled "NY4"),Axi(former official support article) |
| London (no specific location mentioned) | FXGT |
| Dispersed across 6 cities (including Amsterdam) | Exness |
| No location name provided | BigBoss("Equinix and AWS"), XMTrading,IS6FX,HFM |
If you're trading from Japan,AXIORY's MT4, with its trading servers in Tokyo, offers the shortest distance. However, perceived speed also depends on your internet connection, so it's not determined solely by distance (how to use a VPS).
Figures corrected in the September 2026 update
The previous version of this article contained several figures without sources. We have now directly checked the official websites of each company and made the following corrections
| Description from the old version | Information confirmed on the official website (September 2026) |
|---|---|
| AXIORY"Average execution speed 0.14-0.18 seconds," "Average slippage less than 0.2 pips" | There is no official notation such as "average ◯ seconds" or "average ◯ pips." What is publicly available is the monthly distribution (in August 2026, approximately 90.7% were within 40ms, and 62.2% had no slippage) |
| TitanFX “Average 0.037 seconds” | The official top performer boasts an average execution speed of 72 ms (0.072 seconds), with the fastest being 4 ms |
| TitanFX offers 500x leverage | The official FAQ states that "both Standard and Blade accounts have a maximum leverage of 1000x." |
| Axi"Execution speed 0.1-0.001 seconds," "No slippage disclosed." | The official median is 29ms. Slippage is also published monthly (95% above the desired price / 5% below) |
| ThreeTrader: "Round-trip commission of $4," "Uses EQUINIX servers." | The official Japanese listing is "approx. $2.50 / 1 Lot" (Raw Zero account). The server is listed as "NY4," but the company name Equinix could not be confirmed |
| FxPro is recommended as an "overseas FX broker with high execution speed" (execution rate 99.98%, execution speed 0.012 seconds) | We have discontinued listing it as a recommendation and have only included the published values below for reference. This is because the official Japanese site clearly states, "Please note that this site is not intended for residents of Japan" (the official figures also state "Usually |
Reference | Execution data published by FxPro (with a note indicating it is not for residents of Japan)
For comparison, I've also included the publicly available figures for FxPro, which I mentioned in the previous version.their official Japanese website clearly states, "Please note that this site is not intended for residents of Japan," I won't recommend themas a broker in this article, but I will still show the published data without concealing it.
| item | FxPro's public announcement (confirmed September 14, 2026) |
|---|---|
| Execution speed | "Usually <8ms" "Most orders executed in <8ms (0.008 seconds)" |
| Slippage | "Over 90% of market orders are executed at or above the desired price" (91% on another page). It also states that any positive slippage is passed on to the customer |
| Contract rate | We were unable to confirm the publication of a figure such as "Execution Rate: ◯%" |
| Transaction method / Server | "No Dealing Desk (NDD)" "No requotes – ever!" Transaction execution by Equinix LD4 (London) |
The Japanese version of FxPro's website displays "Usually <8ms" from the English version as "Execution speed: Usually less than 8 seconds" (a mix-up between milliseconds and seconds). Please refer to the English version of the website to check the actual values
How does it compare to the execution power of domestic FX? The claim that "domestic execution rates are in the 80% range" lacks any basis
Articles explaining the execution capabilities of overseas forex brokers often use the comparison that "domestic forex brokers, even major ones, have execution rates in the 80% range, while overseas forex brokers have rates in the high 90% range." However, after checking the official websites and trading manuals of eight major domestic brokers,we could not find any official documents indicating an execution rate in the 80% range. The only domestic broker we could confirm consistently publishing its execution rate was Minna no FX, which reported a rate of 99.9%.
| Domestic FX | Official announcement regarding the agreement (confirmed September 11, 2026) | Minimum trading unit |
|---|---|---|
| Minna no FX | Execution rate: 99.9%(April 2026, market orders, based on our own research. Calculation method is also disclosed.) | 1,000 units of currency (0.1 Lot) |
| SBI FX Trade | We were unable to confirm the publication of the execution rate.However, we do publish monthly data on slippage performance (distribution of favorable and unfavorable slippage). | 1 currency |
| GMO Click Securities | No publicly available execution rate data was found.Monthly spread rate data is available(USD/JPY 99.66%, August 2026). | 1,000 units of currency (0.1 trading unit) |
| Gaitame.com | We were unable to confirm the publication of execution rates and execution speeds | 1,000 units of currency |
| DMM FX | We were unable to confirm the publication of execution rates and execution speeds (a list of cover trading partners is publicly available) | 10,000 units of currency (1,000 units for mini currency pairs) |
| Hirose Trading | No figures were found to have been released (only the phrase "amazing execution speed" was found on the official homepage) | 1,000 units of currency |
| Rakuten FX | We were unable to confirm the publication of execution rates and execution speeds | 1,000 units of currency |
| Money Partners | In a December 2018 test by Yano Research Institute, it ranked first in "execution rate without slippage" (zero slippage and zero order rejections out of 200 trades).It will be integrated into Gaitame.com in 2025 and will cease accepting new orders. | — |
Please also look at the "Minimum Trading Unit" in the table. While it is sometimes explained that "1 lot = 10,000 currency units" in domestic FX, in reality, there is a mix of brokers that define 1 lot as 1,000 currency units (Gaitame.com, Hirose Tusho) and those that define it as 10,000 currency units (DMM FX, Minna no FX, GMO Click Securities), and SBI FX Trade does not use the unit of "lot" at all. On the other hand, in overseas FX using MT4/MT5, 1 lot = 100,000 currency units is common (contract size is set by the broker and instrument).If you assume that the term "1 lot" has the same meaning in domestic and overseas markets and compare them, you may misjudge the trading volume by more than 10 times.
SBI FX Trade discloses monthly information on the advantages and disadvantages of slippage
SBI FX Trade is the company that most specifically discloses the details of its trades within Japan. The company explains this on its official website and publishes the distribution of slippage for each currency pair every month
Our trading system executes orders at the prevailing rate when they arrive at our server. Furthermore, orders will never be executed at a rate exceeding your specified slippage range, and any slippage that is favorable to you will be executed without any upper limit
Source:SBI FX Trade Daily Checks and Disclosure of Performance Regarding Slippage Handling(Confirmed September 11, 2026)
In the graph for August 2026, the proportion of favorable (+0.01 to +1.00 pips) and unfavorable (-0.01 to -1.00 pips) directions for USD/JPY was almost equal (the proportions are approximate as they are read from the graph).that it confirms through actual results that slippage does not "only occur in directions favorable to the broker". Notethat the company's distribution is based on 2-way orders, andAXIORY's statistics, which will be discussed later, so the numbers cannot be directly compared.
In Japan, it has been prohibited since 2013 to "apply only unfavorable slippage."
In domestic FX trading, there are rules regarding the handling of slippage. On August 9, 2013, the Financial Services Agency revised its supervisory guidelines and added a new item to supervise whether the following asymmetric treatments that are disadvantageous to customers are being carried out
If slippage occurs that is unfavorable to the customer (i.e., the execution price is less favorable to the customer than the order price), the transaction will be executed at the unfavorable price. Similarly, if slippage occurs that is favorable to the customer (i.e., the execution price is more favorable to the customer than the order price), the transaction will also be executed at the unfavorable price
Source:Financial Services Agency, "Comprehensive Supervisory Guidelines for Financial Instruments Business Operators, etc."IV-3-3-4 (1) ① i (Confirmed September 11, 2026)
On the same day, the Financial Futures Association of Japan, the industry's self-regulatory body, also added Article 25-2-2 to its "Rules for Handling Financial Futures Trading," prohibiting its members from applying unfavorable slippage while excluding favorable slippage, setting the acceptable range too broadly in an unfavorable direction, or setting large contract quantities in unfavorable cases (existing members are given a grace period until November 30, 2013). In addition, Article 25-2-3 mandates that the occurrence of slippage, its mechanism, and the favorable/unfavorable circumstances be written in the trading explanation document
This rule does not apply to overseas forex brokers | The only thing that matters is "whether or not they disclose it."
Overseas forex brokers are not registered with the Japanese Financial Services Agency and are not members of the Financial Futures Association of Japan, so the above rules do not apply. How slippage is handled can only be determined by checking each company's terms of service and their publicly available performance records
Based on the above, the accurate answer is that it's impossible to compare "domestic or overseas" based on publicly available data . While few domestic brokers publish execution rates, asymmetrical handling of slippage is prohibited, and some brokers, like SBI FX Trade, disclose their performance. Overseas, a relatively large number of brokers advertise execution rates and execution speed, but whether or not they publish this information, and what they publish, is up to each broker. Other differences between domestic and overseas FX (leverage, zero-cut, taxes, etc.) are compared in the section on differences between overseas and domestic FX
How to identify vendors with minimal slippage: 5 checkpoints
If you try to find out which brokers have the least slippage using publicly available data, you'll quickly hit a wall. Thisbecause very few brokers actually disclose their slippage performance. In our research, the only overseas FX brokers that disclosed monthly slippage performance wereAXIORY(occurrence rate in 0.1 pip increments) andAxi(percentage of unfavorable slippage), and in Japan, only SBI FX Trade (distribution of favorable and unfavorable slippage). For other brokers, even if they state that their slippage is "low," a third party cannot verify the basis for that claim.
Therefore, it's more reliable to look at "what information is being disclosed and to what extent" and "how it's defined in the regulations" rather than the published figures themselves . There are five key points to check.
① Is it published as a "distribution" rather than "a single number"?
Average values like "average slippage of 0.2 pips" can be misleading, as a small number of orders with significant slippage can be drowned out by the average. What we want to know is "what percentage of orders slip in the unfavorable direction and by how much," so the first deciding factor isAXIORYpublishes the occurrence rate in 0.1 pip increments, while SBI FX Trade publishes the percentages for both favorable and unfavorable slippage.Axipublishes monthly figures for "the percentage of orders executed at or above the desired price" and "the percentage of orders with negative slippage," and while they don't show the exact pip range, they do show which direction and how much slippage occurred. whether or not they publish the distribution (occurrence rate for each range) .
② Is the measurement period, target, and calculation method described?
Even if both companies claim a "99.9% execution rate," they are useless for comparison if the calculation method is not disclosed. Minna no FX publishes the survey period, target accounts, target orders, and calculation formula, but TitanFX and XMTrading's figures lacked any notes on the measurement conditions.Figures without stated conditions should not be compared using the same yardstick as those of other companies. This is not a matter of whether the broker is good or bad, but rather a matter of how to interpret the data.
③ Execution method and your account's acceptable slippage setting
With an Instant Execution account, you can set your own acceptable slippage in the "Deviation" field on the order screen. A narrower tolerance will protect the price, but it will also make it more difficult to execute the trade. The same applies to acceptable slippage in domestic FX; GMO Click Securities explicitly states that "if you set an acceptable slippage, we may not be able to accept your order." With a Market Execution account, you agree to execute the trade at the price indicated when you submit the order, sothe idea of protecting the price with an acceptable range cannot be used. You can check the execution method of your account on each company's account type page or in the instrument specifications (contract specifications).
④ "Cancellation/Invalidation" clause in the terms and conditions | Conditions under which an agreement can be cancelled after it has been made
Often overlooked, execution reliability also includes whether executed trades can be canceled later. Each company's terms of service include clauses that allow for the invalidation of executed trades due to price errors or communication delays
| Contractor | A clause (summary) that allows for the cancellation of an agreed-upon transaction |
|---|---|
| AXIORY | Terms of Service 14.6: Orders may be refused or executed, including in cases of arbitrage, trading using off-market prices, failure to execute as intended due to technical problems, or cancellation or modification by liquidity providers |
| XMTrading | Terms of Service 20.3: Transactions based on obvious manifest errors may be invalidated. 55.3: Transactions that rely on arbitrage taking advantage of communication delays may be canceled without prior notice |
| TitanFX | Terms of Service 5.8 and 5.12: Right to refuse orders, cancel or modify orders due to material errors, etc. 5.10: Right to refuse orders related to scalping, etc |
| ThreeTrader | Client Agreement 9.6: Cancellation or correction of transactions due to price errors (material errors). 9.7: Transactions conducted at off-market prices may be treated as invalid |
| Axi | Client Agreement 3.4: In the event of a price error, the price may be changed or the transaction may be invalidated. 3.6: In the event of any price manipulation, such as the abuse of latency, the transaction may be canceled or modified, or the account may be suspended |
| HFM | Terms of Business 7.1: Transactions that take advantage of delays in price delivery may be canceled without prior notice. 5.4: Transactions using incorrect prices may be corrected or canceled |
These clauses do not mean that "normal discretionary trading will be canceled," but rather they target trading that aims to exploit price discrepancies or delays. However, it is up toAXIORYstates, "It is in the sole discretion of AXIORY to determine the occurrence of abusive trading." Please be aware of these clauses before comparing execution speed figures. the broker to determine whether or not a transaction constitutes abusive trading,
⑤ Is the handling of scalping EAs officially stated?
Execution speed is crucial for short-term trading. However,even within the same brokerage, there can be discrepancies in wording between their announcements and terms and conditions).
| Contractor | Official announcement | Terms and Conditions |
|---|---|---|
| AXIORY | FAQ: "Scalping (ultra-short-term trading) is permitted. Furthermore, there are no restrictions on the number of scalping trades." | Article 30.6 of the Terms of Service prohibits high-frequency trading and latency arbitrage as abusive trading practices |
| TitanFX | The ZeroBlade account is described as "suitable for scalping traders and traders with high trading volume." | Terms and Conditions 5.10 reserve the right to refuse orders related to scalping, etc |
| IS6FX | FAQ: "We do not impose any restrictions on scalping or other trading methods, including EAs." | Terms of Service 7 lists scalping as an example of unfair trading practices |
| Axi | The official help documentation states, "Axiallows partial and full hedging strategies." (There is no mention of scalping in the Japanese help documentation.) | "Axidoes not accept arbitrage strategies. All latency arbitrage trades will be canceled." |
| FXGT | In the official FAQ, the answer to "Do you allow scalping?" is "Yes, we allow scalping." | Terms of Service 2.6 prohibits the abuse of the system through "arbitrage," "sniping," "scalping," etc., and explicitly states that any such abuse will result in immediate account closure and forfeiture of any related profits and bonuses |
| BigBoss | Guidelines: "We do not impose strict restrictions on trading using scalping techniques." | The guidelines reserve the right to take action if the order frequency impairs the server's execution capacity or constitutes high-frequency trading |
What they all have in common is the distinction that "short-term trading itself is not a problem, but trading that aims to exploit server load or price discrepancies is a different matter ." If you run an EA with settings to place hundreds of orders a day, you may cross this line. The handling of each broker's terms and conditions is summarized separately for overseas FX scalping and overseas FX automated trading
Situations where execution power tends to decrease: Early morning, economic indicator announcements, Monday mornings, and holidays
Regardless of which broker you use, there are times when spreads widen and slippage is more likely to occur. Domestic FX companies specifically address this on their official websites, and the following five points are common to multiple companies:
| scene | Official description (example) | source |
|---|---|---|
| Early morning Japan time | "Weekdays early morning (approximately 6:30 to 7:30 AM *This time is moved up by one hour during daylight saving time)" | Rakuten Securities |
| Before and after the release of economic indicators | "During times when market liquidity is low, such as domestic and international holidays and early weekday mornings, and before and after the release of major economic indicators." | Gaitame.com |
| At the start of trading on Monday | "The order will be executed at Monday's opening rate (the first quoted rate after trading begins). Therefore, slippage may occur regardless of whether it is a limit order or a stop-loss order." | GMO Click Securities |
| Overseas market holidays and year-end/New Year period | "Domestic and international financial market holidays (such as Christmas holidays and New Year's holidays overseas)" | Rakuten Securities |
| Unexpected events | "When market prices fluctuate sharply due to events that have a significant impact on the market, such as natural disasters like earthquakes, political upheavals, or the bankruptcy of large corporations." | Minna no FX |
Overseas forex brokers also give the same explanation.AXIORY, in its disclosure document on execution risk, states regarding slippage, "This most commonly occurs during fundamental news events." The causes of reduced market participation and orders being concentrated in one direction are the same both domestically and internationally, sochanging brokers will not allow you to avoid these five situations.
Early morning hours in Japan are the time of day with the least price movement (according to our editorial team's calculations)
To determine how quiet the market is in the early morning, our editorial team compiled the average price range for each time period using 1-hour charts from the past year
| Japan time | USD/JPY (average range) | Euro/US Dollar (average range) |
|---|---|---|
| 5 o'clock | 13.5 pips | 7.8 pips |
| 6 o'clock | 12.5 pips (minimum in a day) | 8.9 pips |
| 7 o'clock | 14.0 pips | 6.9 pips |
| 8 o'clock | 16.1 pips | 6.0 pips (minimum in one day) |
| 22:00 | 28.4 pips (maximum in one day) | 16.7 pips (maximum in one day) |
| Average of all time periods | 19.5 pips | 10.6 pips |
Calculation Method: Our editorial team calculated the average difference between the high and low prices for each hour using Yahoo Finance's 1-hour timeframe data (weekdays from September 8, 2025 to September 7, 2026, 205-258 bars per time slot). The times are in Japan Standard Time, and represent the year-round average including both daylight saving time and standard time
The USD/JPY pair saw its smallest price range of the day between 5 and 7 AM Japan time, remaining at approximately 70% of the average for all time periods. This period occurs after the New York market closes and before the Tokyo market opens. However, this calculation only shows the price range , not the spread or execution rate itself. Small price movements indicate fewer trading participants, and it is more accurate to interpret this in conjunction with the fact that many companies list this time period as a "low liquidity period" and target it for widening spreads. Market movements by time period are explained in detail in the section on overseas FX trading hours
Slippage can occur even with limit and stop orders at the start of the week
Sometimes, there is a gap between Friday's closing price and Monday's opening price (a so-called "gap"). In this case, orders that meet the conditions over the weekend will be executed at Monday's opening price, meaning that even limit orders are not guaranteed to be executed at that price . This is also often when stop-loss orders experience significant slippage. Points to note when holding positions over the weekend are explained in " Can I trade overseas forex on Saturdays and Sundays?"
How to measure your execution power yourself | Record it in the history of MT4/MT5
For brokers that don't publish data, or whose measurement conditions are unclear, the most reliable method is to measure it yourself using your own account. No special tools are needed; you can record the difference between the order price and the execution price (slippage) and the execution speed using the standard functions of MT4/MT5
- Standardize the conditions: Decide and fix the brand, lot size, and time of day. If you want to compare multiple brokers, place orders under the same conditions.
- Record the price at the time of ordering: Just before placing a market order, write down or take a screenshot of the price displayed on the screen.
- Check the execution price: In the Terminal (Toolbox), check the "Account History" to see the actual price at which the transaction was executed.
- Record the difference in pips and categorize them as advantageous or disadvantageous: for buy orders, a higher execution price is disadvantageous; for sell orders, a lower price is disadvantageous. Count them in three categories: zero, advantageous, and disadvantageous.
- Separate the time of day and the time of the economic indicator release for aggregation: By combining calm time periods with the periods immediately before and after the indicator release, and early mornings, you can see differences in time of day rather than differences between businesses.
| Items to record | Example |
|---|---|
| Date and time slot | September 10th (Wed) 14:05 / Tokyo time |
| Stock, trade, lot size | USD/JPY - Buy - 0.1 Lot |
| The price displayed at the time of ordering | 147.250 |
| Execution price (account history) | 147.252 |
| Difference (pips) and advantage/disadvantage | 0.2 pips・disadvantageous |
| Whether or not indicators are released | none |
According to the official MetaTrader 5 help documentation, the status bar at the bottom of the screen displays the connection status with the server, and the "Operation Log" in the terminal records "almost every action taken." If you feel that the execution result is incorrect, saving the operation log along with your account history will be helpful when contacting your broker. However,AXIORY's Terms of Service 8.10 states that while you can request a reinvestigation of unexecuted trades,they may charge a fee of $100 USD per request if they determine that the request is inappropriate or unfair. Before contacting them, make sure you have records to explain the situation.
A few successful orders might simply be due to luck, as you might have just happened to hit the right moment when the market moved. When evaluating a broker, you should record dozens of trades under the same conditions before comparing them. Also, execution conditions are not necessarily the same for demo accounts and real accounts (although not all companies officially state this, our editorial team recommends making a final confirmation using a small real account)
Reducing latency on your end | The VPS option
The publicly stated execution speed refers to the time from when the order reaches the broker's server.If you want to shorten the communication time from your home to the broker's server, you can run MT4/MT5 on a VPS (Virtual Private Server) located closer to the broker's serverlocated within the Equinix NY4 data centerTitan FX, you can speed up the execution."
| Contractor | Official information regarding VPS (confirmed September 11, 2026) |
|---|---|
| IS6FX | Free VPS offered to accounts with a total balance of approximately $3,125 (5,000 dollars) or more |
| HFM | Beeks Financial Cloud is offering its VPS for free to users who meet deposit and trading requirements |
| XMTrading | We recommend VPS as one of your trading tools |
| TitanFX | This guide explains how to choose an external VPS instead of using our own service |
Using a VPS only shortens the time between your device and the broker's server ; it doesn't reduce the broker's internal processing or slippage during economic indicator announcements. This method is particularly effective for short-term trading aiming for a few pips or for running automated trading systems (EAs) 24 hours a day. Instructions on how to run an EA are explained in the section on setting up an EA in MT4
Top 5 Overseas Forex Brokers Selected Based on Execution Data | Selection Criteria and Justification
Based on the research conducted so far, we will rank the companies based on whether they publicly disclose their execution record in a way that can be verified externally . The ranking in this table does not reflect the superiority or inferiority of execution ability itself, but rather the degree to which readers can verify the basis for their claims . We would like to clarify from the outset that this is not a ranking based on the highest execution rate or execution speed figures. The following three criteria are used, with weight given to each criterion in descending order. Whether or not you can open an account through MoneyChat (whether or not you are eligible for cashback) is not reflected in the ranking at all . This is because if the ranking changes depending on whether or not there is a partnership, it will become meaningless for readers to compare. Whether or not you are eligible for cashback is indicated in the table as a fact.
- Is the company consistently disclosing its trading performance?(Monthly distribution > Summary values > Not disclosed)
- Are the measurement conditions (period, target, interval) for that value described?
- Is the location of the trading server officially specified?
FxPro, which was featured in the previous version, is not included in this table because its official Japanese website clearly states, "Please note that this site is not intended for residents of Japan ." However, there is no reason to conceal the figures, so the publicly available execution data is included separately for reference
Of these five companies,XMTrading is not eligible for MoneyChat's cashback program. However, since it still meets the criteria for publicly available data, it remains listed without being lowered in the rankings.
| Contractor | Publicly available trade data | Trading server | Suitable uses | Moneycha cashback |
|---|---|---|---|---|
 AXIORY | Monthly distribution data (execution speed and slippage) has been published since 2021.In August 2026, approximately 90.7% of trades were executed within 40ms, and 62.2% had no slippage. | Equinix Tokyo TY3 (MT4) / London LD5 (cTrader) | People who want to verify the evidence themselves. People who want to trade using servers that are physically close to Japan | subject |
 Axi | Four indicators are released monthly(execution rate 99.99%, median delay 29ms, 95% above the desired price, negative slippage 5% / August 2026). | Equinix NY4 (former official support article) | This is for people who want to see the monthly trends before making a selection. However, the values are the median for the entire group | subject |
 TitanFX | Summary figures are published (execution rate 99.99%, average 72ms, fastest 4ms). No notes on measurement conditions are provided | Please specify Equinix NY4 (New York) | Short-term trading that balances spread and execution speed. The Zero Blade account is clearly labeled as ECN | subject |
 XMTrading | Summary figures were published ("99% of orders executed in less than 0.1 seconds," "100% execution rate"). No notes were given regarding the measurement conditions | Not specified | There are many account types, making it suitable for those who want to try it out with a small amount. However, the terms of service define the company as a Market Maker | Not applicable |
 FXGT | The company publicly states an average execution speed of 120ms in its official FAQ (clearly indicating this is the time after the transaction reaches its own server) | London (United Kingdom) | People who value a wide range of assets, such as cryptocurrencies. The fact that the meaning of the numbers is clearly explained is a plus | subject |
ThreeTrader,BigBoss,IS6FX,HFM, andExnessare not included in this table because they do not disclose data regarding execution rates, making them unsuitable for comparison based on these criteria . Some brokers are worth considering based on other factors, such as narrow spreads and the range of instruments they offer (all five companies are eligible for MoneyChat's cashback program). For details on each company's conditions, please also refer to our overseas FX spread comparison and NDD broker list
AXIORY| The only company among the 10 that publishes monthly distribution data; its servers are located in Tokyo
AXIORYstates that it "provides numerical data on monthly trading performance from actual trading servers," and publishes the distribution of execution speed and slippage by instrument and month. You can select and display 68 months of data from January 2021 to August 2026, allowingyou to review the data for the months you traded. The fact that the MT4 trading server is located in Tokyo (TY3) on Equinix also makes the conditions more favorable for traders from Japan. Regarding scalping, the official FAQ states, "It is possible. There are no restrictions on the number of scalping trades" (however, high-frequency trading and latency arbitrage are prohibited in Article 30.6 of the terms and conditions).
For detailed conditions, please refer to AXIORYaccount opening page , and for the amount of cashback received via Moneycha, please check AXIORYcashback conditions
Axi| Track execution rate, delays, and slippage on a monthly basis
Axipublishes four monthly metrics: execution rate, median latency, percentage of trades executed above the desired price, and negative slippage . This allows you to see "how often and in which direction slippage occurred ." For the past 12 months, the execution rate has been consistently 99.99%, and the median latency has remained stable at 29-32ms. It's worth noting that these figuresAxigroup, and the official Japanese page does not list the names of the trading servers. For more details, are median values for the entire please see Axi's cashback conditions
TitanFX | The numbers are summary values, but the server locations and account design are clear
TitanFX clearly states its location as being "located within the Equinix NY4 Financial Data Center," and officially distinguishes between its Zero Standard account (STP) and Zero Blade account (ECN). Although only four summarized figures are publicly released, the detailed explanation of its trading environment makes it an easy broker to choose after understanding the conditions. For more details, please check TitanFX's cashback conditions
XMTrading/FXGT| Summary values are published, but be aware of discrepancies between the terms and conditions and FAQ
XMTrading's official trading conditions page states that "99% of orders are executed in less than 0.1 seconds" and "100% execution rate — no requotes or order rejections." However, section 9.1.48 of its terms of service defines the company as a Market Maker (a direct counterparty to customers), meaning that "no requotes" and "over-the-counter (OTC) trading" are compatible . While it is not eligible for MoneyChat's cashback program, it ranks fourth based on publicly available data (see XMTrading's reputation for details ).
FXGTstates in its official FAQ that its average execution speed is 120ms, specifying the starting point of measurement as "from the moment the customer's order reaches our trading server." We ranked it 5th because it doesn't disclose supporting data for the figures, but broker among the 10 that clearly specifies the starting pointFXGTthe only is . On the other hand, it's important to note that there is a discrepancy between the official FAQ and the terms and conditions regarding scalping. The FAQ answers "Yes, we allow scalping," but Terms and Conditions 2.6 prohibits the abuse of the system through "arbitrage," "sniping," and "scalping," and stipulates that if this occurs, the account will be immediately closed and any related profits and bonuses will be forfeited . If you primarily engage in short-term trading, please read this clause before choosing an account. For details, please see FXGT's cashback conditions
After reviewing the terms and conditions, open an account via Moneycha to earn cashback
Frequently Asked Questions about Execution Speed in Overseas Forex Trading
Which has better execution speed: overseas forex trading or domestic forex trading?
It is not possible to compare them using publicly available data. In Japan, the only company we could confirm that consistently publishes its execution rate is Minna no FX (99.9%, April 2026, market orders, internal research). GMO Click Securities publishes its spread rate, and SBI FX Trade publishes its slippage performance. Among overseas FX companies,AXIORY,Axi, TitanFX, XMTrading, andFXGT—publish figures, while five companies—ThreeTrader,BigBoss,IS6FX,HFM, andExnessdo not.The commonly seen explanation that "even major domestic FX companies have execution rates in the 80% range" has no basis in the official documents of the eight major domestic companies. In addition, in Japan, asymmetrical treatment that applies only slippage unfavorable to the customer has been prohibited by supervisory guidelines and self-regulation since August 2013.
Are there any brokers with a 100% execution rate?
XMTrading's official trading conditions page states "100% execution rate — no requotes or order rejections." However,the execution rate refers to "whether the order was executed," not "whether it was executed at the ordered price."Price discrepancies (slippage) are a different matter and can occur during economic indicator announcements, for example. Please note that "100% execution rate" does not mean "no slippage."
Which FX brokers have the least slippage?
In the overseas forex market, that publicly disclose their performance data, which can be verified by third partiesAXIORYandAxiare the only onesAXIORYin August 2026, . has published a distribution showing thatAxipublishes monthly data showing that "95% of trades were executed at or above the desired price" and "5% had negative slippage" (August 2026, median for the entire group). In Japan, SBI FX Trade discloses monthly data on favorable and unfavorable slippage distributions. 62.2% of all instruments had no slippage, and 76.9% had slippage within ±0.2 pips . Other brokers may claim to have "low slippage," but the basis for this claim cannot be verified externally . The only things you can use to make a judgment are whether or not this information is publicly disclosed and five checkpoints .
Are there any specific times of day when order execution tends to be less efficient?
The five situations in which spreads widen and slippage occurs, as officially stated by each company, are: ① early morning Japan time (Rakuten Securities states "generally 6:30 to 7:30," while GMO Click Securities and Gaitame.com designate 3:00 AM to 9:00 AM as periods with wide spreads); ② before and after the release of major economic indicators; ③ at the start of trading on Mondays; ④ on holidays in overseas markets and during the year-end and New Year period; and ⑤ unexpected events. Our editorial team compiled 1-hour charts for the past year and found thatthe average spread for USD/JPY was 12.5 pips in the 6:00 AM Japan time range, the smallest in a single day(the average for all time periods was 19.5 pips), confirming that this is a time when there are few participants.
Is MT5 faster at executing trades than MT4?
MetaQuotes' official comparison pagedoes not state that MT5 is faster in terms of execution or operation. The officially verifiable differences are in specifications such as the number of execution methods (4 for MT5, 3 for MT4), the number of timeframes (21 for MT4, 9 for MT4), and the multi-threaded strategy tester (MT4 is single-threaded). Execution speed is largely determined by the broker's server and network connection, and is not simply faster by the platform generation.
If you're doing scalping or using an EA (Expert Advisor), should you prioritize execution speed?
For trades aiming for a few pips, or automated trading that places dozens of orders a day, a delay of tens of milliseconds or slippage of 0.5 pips can directly impact profits or losses, making it crucial. However, at the same time, each company's terms and conditions prohibit high-frequency trading and latency arbitrage (AXIORY's terms and conditions 30.6, andAxi's official help section, clearly state that "all latency arbitrage trades will be canceled"). While scalping itself is permitted by many brokers, trades that aim to exploit server load or price discrepancies are treated differently. For more details, please see the section on scalping in overseas forex
Does using a VPS improve order execution speed?
thing that gets shorter isthe communication time from your device to the broker's server. It doesn't reduce the broker's internal processing or slippage during economic indicator announcements. TitanFX states on its official website that using a VPS as close as possible to Equinix NY4, where its servers are located, can speed up execution.IS6FXa free VPS if your total account balance is approximately $3,125 (5,000 dollars) or more, andHFMoffers a free VPS if you meet the deposit and trading requirements.
Why do trade rejections and requotes occur?
According to the official MetaTrader 5 help documentation, in Instant Execution accounts, if the price moves beyond the acceptable range during order processing, the server will reject the order and offer a new price. This is called a requote. In Market Execution accounts, this exchange does not occur, and the price difference is reflected in the execution as slippage. In addition, each company's terms and conditions reserve the right to refuse orders. For example,Axi's Client Agreement 3.1 states that orders are not binding until accepted and confirmed by the trading platform, and that there is no obligation to provide a reason for refusing an order (original text in English).Even brokers that advertise "no requotes" should be assumed to have a separate right to refuse orders as stipulated in their terms and conditions.
Summary | Execution ability should be judged not by the "size of the numbers" but by "whether it can be verified"
After reviewing the official websites and terms of service of the top 10 companies, I realized thatthe figures for execution rate and execution speed are calculated using different metrics for each company, and therefore cannot be directly ranked. What can be compared is not the magnitude of the numbers, but "what information is published, under what conditions, and how frequently."
Key points of this article
- Execution capability can be assessed by looking at three factors: execution rate, execution speed, and slippage. Since execution rates tend to cluster around 99.9%, making it difficult to see significant differences, the actual indicators for judgment are the occurrence of slippage and whether or not it is publicly disclosed.
- , publish monthly performance dataAXIORY(distribution) andAxiOnly two companies,. TitanFX and XMTrading only provide summary values without specifying measurement conditions, andFXGTonly specifies the starting point for measurement.ThreeTrader,BigBoss,IS6FX,HFM, andExnessdo not publish any data
- The claim that "the domestic execution rate is in the 80% range" lacked official basis. In Japan, Minna no FX publicly announced a 99.9% execution rate, and since August 2013, the practice of applying only unfavorable slippage has been prohibited by supervisory guidelines and self-regulation.
- The published execution speed figures do not include the latency of your own internet connection.AXIORYspecifies "from when the server approves the order until the LP approves it," whileFXGTspecifies "from the moment the order reaches their own server." If you want to minimize your own latency, a VPS is an option.
- A clause allowing a trade to be canceled after it has been executed is also part of the execution capability. Companies include provisions in their terms and conditions that allow for the cancellation or invalidation of trades resulting from price misdelivery or latency arbitrage.
- Ultimately, you can measure it in your own account. By recording the displayed price at the time of order and the execution price in the MT4/MT5 account history dozens of times under the same conditions, you can evaluate your own trading environment regardless of whether or not publicly available figures exist.
When choosing a broker, the most reliable order is:① Check whether and what publicly available data is available → ② Check the terms and conditions regarding cancellation/rejection clauses and how scalping is handled → ③ Place a small order and record theresults. Steps ① and ② can be checked in the table in this article, and step ③the steps outlined inthe article.
You can check each company's account requirements on their respective websites. Opening an account through Moneycha allows you to receive cashback based on the lot size generated from regular trading (eligible securities and cashback amounts vary by broker)
After reviewing the trade data, open an account via Moneycha to earn cashback
