FXCM Group today reported its execution quality metrics for March 2019, which showed mixed performance across its average spreads and Slippage rates for cryptocurrency and certain FX instruments.
FXCM also published its price improvements/slippage statics for March 2019, which showed the following highlights.
- 69.2 percent of orders executed at price.
- 20.2 percent of orders executed with positive slippage.
- 10.6 percent of orders executed with negative slippage.
The company also reported on its execution speed, which is measured from the time a customer's order is received to the time of filling. The average order execution time was 21 milliseconds in March. Although an important factor in determining where orders are routed, it is only one factor. Some brokers may provide a good speed of execution but fail to provide price improvement or Liquidity .
FXCM has also published its price metric for Q1 2019:
- 65.87 percent of all orders had no slippage.
- 23.32 percent of all orders received positive slippage.
- 10.82 percent of all orders received negative slippage.
- 64.91 percent of all limit and limit entry orders received positive slippage.
- 45.70 percent of all stop and stop entry orders received negative slippage.
According to figures stated in the report, the average spreads on the EUR/USD, GBP/USD and XAU/USD pairs were 0.2, 0.8, and 35.1 pips respectively.
For the cryptocurrency pairs, the company averaged 25.7 pips on BTC/USD, almost unchanged from February. However, March’s spread was significantly lower when weighed against the 44 pips the company charged when it first reported spreads metrics for its bitcoin instrument in July 2018.
For the Ethereum and Litecoin instruments, FXCM charged on average 1.8 and 0.54 pips, respectively, compared to 1.9 and 0.65 pips in the month prior.
The FX broker introduced the new asset type earlier last year when it began testing the service with its already installed Bitcoin offering.
Additionally, the online brokerage disclosed its Effective Spread statics, which displays its quoted spread for its top FX pairs, and compares the figures with actual spreads, at which trades were already filled, with the difference being displayed in a table key.
The following table shows the exact figures in March:
