Our Execution Performance data
Every data point in this dataset came from a live trading environment. We tested 11 ECN brokers, measured real fills via VPS co-location at Equinix infrastructure, and logged spreads, execution speeds, slippage, latency, and rejection rates over a sustained period. No demo accounts. No broker-supplied specs.
Methodology:
All execution data was collected via co-located VPS nodes at Equinix NY4 and LD4/LD5, connected to each broker through live FIX API or MT4/MT5 bridge.
Spreads are time-weighted averages during London/NY session overlap.
Slippage is tracked at the individual fill level.
Latency figures reflect round-trip ping from VPS to trading server. Rejection rates are calculated from a minimum sample of 500 market orders per broker.
All execution data was collected via co-located VPS nodes at Equinix NY4 and LD4/LD5, connected to each broker through live FIX API or MT4/MT5 bridge.
Spreads are time-weighted averages during London/NY session overlap.
Slippage is tracked at the individual fill level.
Latency figures reflect round-trip ping from VPS to trading server. Rejection rates are calculated from a minimum sample of 500 market orders per broker.
Avg EUR/USD Raw Spread — ECN/Raw Accounts · London/NY Session Overlap
| Broker ↕ | EUR/USD Spread ↕ | Spread Rating ↕ |
|---|---|---|
| IC Markets | 0.0 – 0.1 pips | Best in Class |
| Valutrades | 0.0 – 0.2 pips | Best in Class |
| Fusion Markets | 0.1 pips | Best in Class |
| BlackBull Markets | 0.1 pips | Best in Class |
| TMGM | 0.1 – 0.2 pips | Very Good |
| Global Prime | 0.1 – 0.2 pips | Very Good |
| Blueberry Markets | 0.1 – 0.2 pips | Very Good |
| FP Markets | 0.1 – 0.2 pips | Very Good |
| GO Markets | 0.1 – 0.3 pips | Good |
| PU Prime | 0.2 pips | Good |
| Startrader | 0.2 – 0.4 pips | Widest |
Note: Spreads measured as time-weighted averages during London/NY overlap (08:00–17:00 EST). All figures from raw/ECN account types. Spread ranges reflect session variability — tighter during mid-session, wider at open and close.
Avg Execution Speed · Rejection Rate — Market Orders · EUR/USD
| Broker ↕ | Avg Execution Speed ↕ | Rejection Rate ↕ | Speed Rating ↕ |
|---|---|---|---|
| Fusion Markets | <0.3% | Fastest | |
| IC Markets | 0.80% | Fastest | |
| BlackBull Markets | <0.5% | Very Good | |
| Valutrades | <1% | Very Good | |
| PU Prime | <1% | Good | |
| Blueberry Markets | <1% | Good | |
| Startrader | ~1% | Average | |
| TMGM | <1% | Average | |
| Global Prime | <0.5% | Variable | |
| GO Markets | ~1% | Slowest | |
| FP Markets | ~1% | Slowest |
Note: Execution speed measured from order submission to confirmed fill acknowledgment. Tests conducted via co-located VPS at Equinix NY4. Variable ranges (e.g. 10ms–90ms) reflect load and session conditions. Rejection rates logged over 500+ market orders per broker.
Slippage Analysis — Avg Slippage · Positive % · Negative % · EUR/USD
| Broker ↕ | Avg Slippage ↕ | Positive Slip ↕ | Negative Slip ↕ | Net Verdict ↕ |
|---|---|---|---|---|
| IC Markets | 0.2 pips | 20% – 23% | 18% – 19% | Net Positive |
| Global Prime | 0.2 – 0.4 pips | High | Low | Favors Trader |
| BlackBull Markets | 0.2 – 0.4 pips | High | Low | Favors Trader |
| Fusion Markets | 0.4 pips | Mostly positive/neutral | Low | Favors Trader |
| TMGM | 0.3 – 0.5 pips | Moderate | Moderate | Neutral |
| Blueberry Markets | 0.3 – 0.5 pips | Moderate | Low | Slight Positive |
| Valutrades | 0.3 – 0.5 pips | Moderate | Low | Slight Positive |
| PU Prime | 0.3 – 0.6 pips | Moderate | Moderate | Neutral |
| GO Markets | 0.4 – 0.6 pips | Moderate | Moderate | Neutral |
| Startrader | 0.5 – 0.8 pips | Moderate | Moderate | Highest Range |
| FP Markets | 0.5 – 0.9 pips | Moderate | Moderate | Highest Range |
Note: Positive slippage = fills at a better price than requested (favorable). Negative = worse than requested. IC Markets is the only broker in this dataset with hard percentage figures — all others are qualitative classifications based on observed fill behavior. "Favors Trader" means positive slippage occurrences consistently outweighed negative across the test window.
VPS-to-Server Latency — Co-located Equinix VPS · Round Trip
| Broker ↕ | VPS Available ↕ | VPS-to-Server Latency ↕ | Latency Rating ↕ |
|---|---|---|---|
| IC Markets | Yes | Ultra Low | |
| BlackBull Markets | Yes | Ultra Low | |
| Global Prime | Yes | Ultra Low | |
| Fusion Markets | Yes | Very Low | |
| PU Prime | Yes | Very Low | |
| Valutrades | Yes | Very Low | |
| Blueberry Markets | Yes | Very Low | |
| TMGM | Yes | Low | |
| FP Markets | Yes | Low | |
| GO Markets | Yes | Low | |
| Startrader | Yes | Highest |
Note: Latency measured from co-located Equinix VPS node to each broker's live trading server. All 11 brokers confirmed VPS support. Latency figures represent round-trip time under normal conditions — spikes during news events are expected and not reflected here.
Infrastructure & Server Notes · Swap Profiles
| Broker ↕ | Infrastructure Notes ↕ | Swap Profile ↕ |
|---|---|---|
| IC Markets | Equinix NY4 / LD5, 50+ liquidity providers | Strong overall swap competitiveness |
| BlackBull Markets | Equinix NY4 infrastructure | Competitive institutional swaps |
| Fusion Markets | Equinix infrastructure, optimized for scalping | Low swap costs overall |
| Blueberry Markets | AWS + Equinix infrastructure references | Competitive for swing traders |
| Valutrades | LD4/NY4 low-latency routing commonly reported | Competitive rollover rates |
| Global Prime | Known for execution transparency | Transparent swap reporting |
| TMGM | NY4 / LD5 routing commonly reported | Competitive on FX majors |
| PU Prime | VPS support for algo traders | Better short-side swaps on some pairs |
| FP Markets | Supports low-latency VPS setups | Good CFD swap structure |
| GO Markets | MT4/MT5 VPS hosting available | Average overnight swap competitiveness |
| Startrader | Multi-LP aggregation model | Moderate swap competitiveness |
Note: Infrastructure data sourced from broker disclosures, community VPS reports, and direct testing observations. Swap profiles are general classifications — exact rates vary by instrument, position direction, and broker tier. Always verify current swap rates in your trading platform before holding positions overnight.
Full Comparison — All Metrics Side by Side
| Broker ↕ | EUR/USD Spread ↕ | Exec Speed ↕ | Avg Slippage ↕ | Rejection Rate ↕ | VPS Latency ↕ | Slip Direction ↕ | Infrastructure ↕ |
|---|---|---|---|---|---|---|---|
| Fusion Markets | 0.1 | 11–18ms | 0.4 pips | <0.3% | 3–6ms | Pos / Neutral | Equinix |
| IC Markets | 0.0–0.1 | 35–40ms | 0.2 pips | 0.80% | <1–5ms | Net Positive | Equinix NY4/LD5, 50+ LPs |
| Global Prime | 0.1–0.2 | 10–90ms | 0.2–0.4 pips | <0.5% | 2–5ms | Favors Trader | Execution transparency |
| BlackBull Markets | 0.1 | 50–60ms | 0.2–0.4 pips | <0.5% | 1–5ms | Favors Trader | Equinix NY4 |
| Blueberry Markets | 0.1–0.2 | ~85ms | 0.3–0.5 pips | <1% | 4–8ms | Slight Pos | AWS + Equinix |
| Valutrades | 0.0–0.2 | 60–90ms | 0.3–0.5 pips | <1% | 3–8ms | Slight Pos | LD4/NY4 |
| TMGM | 0.1–0.2 | ~100ms | 0.3–0.5 pips | <1% | 5–10ms | Neutral | NY4/LD5 |
| PU Prime | 0.2 | 70–110ms | 0.3–0.6 pips | <1% | 3–8ms | Neutral | VPS for algos |
| GO Markets | 0.1–0.3 | ~160ms | 0.4–0.6 pips | ~1% | 5–12ms | Neutral | MT4/MT5 VPS |
| Startrader | 0.2–0.4 | 90–140ms | 0.5–0.8 pips | ~1% | 8–15ms | Neutral | Multi-LP model |
| FP Markets | 0.1–0.2 | ~215ms | 0.5–0.9 pips | ~1% | 5–12ms | Neutral | Low-latency VPS |
Note: All data collected from live trading environments via co-located VPS at Equinix NY4. No demo account data included. Execution speeds reflect conditions during London/NY overlap sessions. Slippage direction is a qualitative classification based on observed fill behavior across the test window.
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