Brokers With Market Execution
Brokers with market execution fill orders at the next available market price and without requotes. This is the model used by the majority of ECN/STP brokers to provide clients with a competitive trading environment. In contrast, market makers normally offer instant executions, whereby trades are processed through the firm’s pricing feed. If the requested forex price isn’t available, for example, the broker will requote with the newly available price.
This guide lists the best brokers with market execution accounts in 2023. We also consider the differences between market execution and instant execution, considering price uncertainty and slippage, MT4 access, and more.
Best Brokers With Market Execution
Our experts tested a range of market execution brokers and these are the top 6 firms in 2023:
#1 - Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
"Forex.com is an excellent broker for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score."
- DayTrading Review Team
- Instruments: Forex, Spot Metals
- Regulator: NFA, CFTC
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:50
Forex Trading
Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
Pros
- Free demo account for prospective traders
- Low minimum deposit of $100
- Fast execution speed of less than 1 second
Cons
- No copy trading platform
- Investment offering varies between countries
- $15 monthly inactivity fee
#2 - Kwakol Markets
Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of asset classes are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
"Kwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable platforms. New clients can also sign up and start trading in four straightforward steps."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: ASIC, FINTRAC
- Platforms: MT4, MT5, AutoChartist
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.
Forex Trading
Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.
Stocks Trading
Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.
Crypto Trading
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.
Pros
- Wide range of free learning resources such as an eBook
- MetaTrader 4 and MetaTrader 5 integration
- Full range of investments with 1000+ assets including cryptos
Cons
- High deposits for premium features
- Regional restrictions in certain countries
- Lack of deposit and withdrawal methods
#3 - Axofa
Axofa is a forex and CFD broker registered in St Vincent and the Grenadines. The broker offers three account types with access to forex, commodities and indices. With ECN processing, low minimum deposits and no commissions, Axofa could be an attractive option, although the broker does not hold a reputable license.
"Axofa could be a good option for clients looking for social trading features alongside the MT5 platform, and are willing to trade with an offshore brand."
- DayTrading Review Team
- Instruments: Forex, CFDs, Stocks, Indices, Commodities
- Regulator: SVGFSA
- Platforms: MT5
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
CFDs are available on popular asset classes with a competitive $1 minimum deposit. The broker offers very high, unrestricted leverage of 1:1000, which will amplify both profits and losses.
Forex Trading
Axofa offers 50+ forex pairs with raw spreads and low commissions. On the downside, the broker is not particularly transparent when it comes to their account conditions and fees.
Stocks Trading
A decent selection of 100+ popular international stocks are available. Traders can also test out their strategies in the free MT5 demo account, though the conditions are more limited vs other brokers.
Pros
- MT5 integration
- Negative balance protection
- Proprietary mobile app
Cons
- Unregulated broker
- Limited verifiable information about the broker’s owners and background
- Inconsistencies between international subsidiaries and website information
#4 - Sage FX
SageFX is an offshore, unregulated CFD broker that offers highly leveraged trading on forex, stocks, commodities, indices and crypto via the TradeLocker platform. Traders can access commission-free trading or an ECN account with tight spreads. While the broker's regulatory status is weak, it does provide segregated accounts and two-factor authentication.
"Sage FX will suit forex traders looking for high leverage and ECN spreads. The broker's prop trading service will also appeal to users looking for funded accounts with up to $200K available."
- DayTrading Review Team
- Instruments: Forex, indices, cryptos
- Regulator: Pending
- Platforms: TradeLocker
- Min. Deposit: $10
- Min. Trade: 0.01 Lots
- Leverage: 1:500
CFD Trading
Trade CFDs on forex, stocks, metals, energies, indices, cryptos and dollar futures. Sage FX offers tight spreads and high leverage on all instruments from 1:100 to 1:500.
Forex Trading
Trade 7 major, 21 minor and 29 exotic forex pairs with high leverage and a choice between STP or ECN accounts. Support is available around the clock and the TradeLocker forex software is provided.
Stocks Trading
Speculate on price movements of 37 US and European blue chip stock CFDs, including Adidas, Intel and Volkswagen. On the negative side, the selection of stocks is limited vs alternatives and direct share dealing isn't provided.
Crypto Trading
Trade CFDs with leverage up to 1:100 on 23 crypto pairs with USD including popular tokens like Bitcoin and Ether and lesser-known options like OMG. On the downside, crypto-only pairs are not offered.
Pros
- High leverage up to 1:500
- Prop trading accounts with multiple funding tiers
- Low starting deposit from $10
Cons
- Relatively narrow range of asset classes
- Lacks educational resources and other extra features
- Not regulated by any reputable body
#5 - World Forex
World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."
- DayTrading Review Team
- Instruments: Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
- Regulator: SVGFSA
- Platforms: MT4, MT5
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
World Forex's leveraged CFDs are available on a modest suite of 100+ instruments, including stocks, commodities and forex. Very high leverage up to 1:1000 is available for account balances up to $1000, with lower levels available to accounts with higher balances.
Forex Trading
World Forex offers CFD and digital contract trading on 53 forex pairs, including EUR/USD and GBP/EUR. High leverage is available for CFDs, which can be accessed with competitive spreads on certain account types.
Stocks Trading
World Forex traders can speculate on price movements of 40+ stocks with CFDs and digital contracts with no commissions, tight spreads and high payouts. You can take positions on big names like IBM and American Express.
Crypto Trading
Traders can access CFDs on crypto assets through World Forex's dedicated W-CRYPTO accounts, which offer leveraged cryptocurrency trading with spreads from zero. We rate that you can trade on 10 cryptos paired with the USD and EUR, while crypto-crypto pairs are also available.
Pros
- Copy trading solution
- STP/ECN technology
- Educational content
Cons
- Withdrawal fees apply
- No negative balance protection
- Weak regulation
#6 - Just2Trade
Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
"Traders seeking a multi-asset broker with an exceptional range of 35,000+ assets, market-leading software and low trading fees should consider Just2Trade. The Try2BFunded program will also appeal to users seeking funded trading accounts."
- DayTrading Review Team
- Instruments: Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds
- Regulator: CySEC, NFA, FINRA, Bank of Russia
- Platforms: MT4, MT5, TradingCentral
- Min. Deposit: $100
- Min. Trade: 0.01 Lots
- Leverage: 1:20
CFD Trading
With CFDs on 20+ Polish and 30+ US stocks, as well as energies and seven global stock indices covering US, UK, European, Australian and Japanese markets, Just2Trade offers a superb selection of global assets.
Forex Trading
Traders can access a decent range of 60+ major, minor and exotic forex pairs through standard and ECN accounts with tight spreads from 0.5 and 0.0, respectively. Execution speeds are also faster than most competitors at 50ms, which will appeal to active forex day traders.
Stocks Trading
As well as Just2Trade's 50+ stock CFDs, traders can access a huge variety of thousands of stocks traded on US and international exchanges. The chance to build an investment portfolio and benefit from dividends sets Just2Trade apart from most CFD brokers.
Crypto Trading
Traders can speculate on a modest selection of the largest cryptos by market cap including Bitcoin. On the downside, crypto trading is only available to clients from Asia which is more restrictive than many alternatives.
Pros
- WhoTrades social network and copy trading through Novoadvisor
- The list of 35,000+ instruments is more than almost any other broker
- Regulated and trustworthy with authorization from FINRA, NFA & CySEC
Cons
- Few standard educational resources compared to other brokers
- Cryptocurrency is only available in Asia
- Research tools such as stock screeners require third-party applications
What Is Market Execution?
A market order is an immediate order to buy or sell at the current price in the market. The price is determined by trading volumes and available prices at that exact moment. This means that although slippage can occur if the market moves against you, there can also be price improvements if the market moves in your favor.
Many trading platforms use market execution to process orders. However, market-driven prices are associated with two kinds of brokers in particular:
Both of these brokerages take market prices from multiple liquidity providers, and tend to provide lower spreads than the average retail trading provider. These brokers also tend to place fewer restrictions on trading strategies than market-maker brokers, for example. This makes brokers with market execution a good option for investors interested in scalping or automated trading.
Market Execution Vs Instant Execution
Trade execution is the means by which brokers process orders, while they act as an intermediary between the trader and the liquidity provider in the market. When an order is being executed, it is not always as simple as processing it at the price the trader intended – the forex market can change quickly, for example. This is why brokers have two primary ways of executing orders: market execution and instant execution.
Since market execution depends only on the available market price, traders only have to place their order and state their desired volume. The trade will be executed at the best price, as close as possible to that price. In short, the trade will definitely happen, but the price might change during the process. If the price is higher or lower than expected, it’s known as “slippage”
In contrast, instant execution brokers will execute an order at the specific price requested by the trader. Therefore, when an investor places an order they must state both the trade volume and the price. If this price is not achievable, then the broker will issue a requote which the trader can either accept or reject.
There are several benefits to using brokers with market execution over instant execution accounts. Firstly, market execution brokers offer more dynamic and fluid prices, giving traders confidence that their orders will be executed at the best available market price. Most brokers with market execution charge a small commission alongside a floating spread. This means traders can experience substantial slippage in volatile markets, either in their favor or not in line with their plan.
Instant execution accounts also tend to be slower. It can often take up to three seconds to confirm orders. And in volatile forex markets, for example, this can mean traders receive multiple requotes. In addition, instant execution brokers tend to offer wider, fixed spreads, which can mean higher fees for traders.
Market Execution Vs Pending Orders
Pending orders are another way in which brokers can execute trades. A pending order essentially allows you to buy and sell securities at a future price.
There are several kinds of pending orders: buy limits, buy stops, sell limits, sell stops, and take profits. All types set different thresholds and limits for buying and selling assets in the future.
The key difference with pending orders is that they are set up in advance, and become market orders when they are executed.
Advantages Of Brokers With Market Execution
- Transparency – Brokers with market execution models are more likely to be transparent. Due to the nature of requotes, instant execution leaves more space for the broker to quote in their favor.
- No Delays or Requotes – Market execution means that the order is going to go through regardless of the market price. Although slippage can occur, your order is never going to be rejected. This means you won’t be offered a requote, and there will be no delay.
- Positive Slippage – Slippage is often cited as one of the biggest disadvantages of using brokers with market execution because it can give the trader a worse price than anticipated. However, this can also go in your favor – the price when the order is executed could be better than the price when you requested the trade.
- Low Spreads – Brokers with market execution accounts usually offer tight and sometimes zero-pip spreads. This is because the price is not fixed so can vary in the broker’s favor, giving them more flexibility to offer better spreads.
- Uncertainty – Using market execution arguably makes more sense when the market is moving against you. Here, selling the position can be more important than the price itself.
Disadvantages Of Brokers With Market Execution
- Trading Commissions – Generally speaking, brokers offering market execution will charge a trading commission which can negatively impact profit margins.
- Negative Slippage – Slippage is the key reason why traders do not choose brokers with market execution. There is no guarantee that you won’t pay a worse price for the order, and this makes market execution somewhat uncertain. There are some instant execution brokers that offer good slippage protection tools to deal with, including on MetaTrader 4 (MT4). This allows the trader to set a maximum deviation from the quoted price. If you do not set this yourself, the platform can also set a default deviation of 10 pips.
- Stop Loss – With market execution accounts, brokers do not normally allow you to set your stop losses and take profits when you open the order. You need to first place the order, and then add these according to the executed price.
How To Tell If Your Broker Uses Market Execution
The first thing to check is the broker’s website, though it could be the case that they do not visibly advertise the execution model they follow.
In the case that it isn’t displayed on the website, you can also check the MT4 order window (if your broker uses MT4). You will first have to register an account and install the platform, but it will show you the execution style used by your broker.
Alternatively, check out our list of the top brokers with market execution accounts.
Best Brokers With Market Execution
FXPro
FXPro offers fast market execution on all account types via the MT4 platform. The brand pride itself on transparency, reporting 79.03% of orders being executed at quote in 2021 while 10.09% were executed with positive slippage.
An account with FXPro also gives traders access to over 250 CFDs on 6 different asset types including forex, shares, spot indices, futures, spot metals and spot energies.
They also boast an impressive execution speed of under 14 milliseconds and records of 199,397 orders in a single day.
XM
XM has one of the highest average execution rates among its competitors at 99.35% of orders executed in less than 1 second. They use real-time market execution, so never issue requotes or reject orders.
XM offers tight spreads of 0.6 pips in their Ultra-Low account, and spreads in other accounts tend to start from 1 pip. Negative balance protection is also provided.
Exness
Exness offers several types of trading accounts, including solutions that follow market execution. The brokerage provides high-quality platforms (MT4 and MT5), plus attractively low spreads beginning at 0.1 pips, making it ideal for scalpers. The firm also has a monthly trading volume of over $2 trillion with more than 250,000 accounts.
Exness is regulated in multiple jurisdictions and holds licenses with the Cyprus Securities & Exchange Commission (CySEC) and the UK Financial Conduct Authority (FCA), among others.
Final Word On Brokers With Market Execution
This guide has listed the pros and cons of brokers with market execution. We have also shown the merits versus instant execution trading accounts, including no requotes and tighter spreads. However, ultimately the decision will come down to your trading strategy and personal preference. If you do decide that a market execution account is right for you, then be aware of the potential pitfalls such as negative slippage and higher commissions.
Use our list of the best brokers with market execution to start trading.
FAQs
What Is Market Execution?
Market execution is an execution style used by online brokers to execute orders at the price currently available on the market. Importantly, there are no requotes.
What Is The Difference Between Market And Instant Execution?
Where market execution automatically fulfils a trade at the closest available market price, with instant execution accounts, the trader requests an execution price and the broker tries to fulfil it. If the execution price that is requested isn’t available then the broker can reject the request and offer a requote.
Are Market Orders Executed Immediately?
In most cases, market orders will be executed almost immediately at the best available price on the market. However, the price at which the order is executed is not guaranteed, and can be either better or worse than the price expected by the trader. This difference is known as slippage.
What Is Slippage In Market Execution?
Slippage refers to the price being different to the one expected upon opening the order. Because market orders are executed at the best available price, it means that slippage can either occur negatively or positively.
Does A Requote Occur In Market Execution?
No. Because orders are automatically executed at the best market price, the broker will simply execute the order regardless of slippage, rather than offering a requote. Requotes are offered when instant execution trading models are followed, and the order cannot be executed at the requested price.