I don’t know whether you find your broker or not but in case you haven’t fount it yet, this post might help you.
That’s interesting to see someone looking for a broker with fast execution speed because I recently wrote a post for my blog about the best brokers for scalping and for that post I did a study to find them.
I’ll explain the process for you so you can test brokers based on that and it may help you to find the broke you want.
Alternatively, you can read the following post on the blog on which I found the top 20.
Top 20 Forex Brokers for Scalping 2020 - Spread & Speed Test
It’s an unbiased study without any inclination towards any brokers or vouching for them incorrectly as you see many websites do throughout the internet without doing a comprehensive study, or even sometimes a shallow one, because they just want the money the brokers give them.
Anyway, for doing that, I didn’t even use the brokers’ websites. My primary source was an unbiased site, myfxbook, and I just doubled-checked with the websites of the brokers.
First I found the brokers on myfxbook by sorting them based on the spreads and commission. After founding the initial 20+ brokers, I contacted the brokers one by one to see if they accept scalping.
Some do and some don’t and a few didn’t have standard customer service so I cross out all the ones that have some of those problems.
I even checked the reputation of the brokers all over the net to see any critical situation. I say critical because there are sites like FPA set up as a goodwill gesture to help traders but sometimes you see meaningless snagging.
For example, a person doesn’t know about slippage and sees his/her first spike on the chart and of course hitting sl so they angrily write a bad review and give the broker a one start.
We don’t normally admire brokers but we definitely lodge a complaint and start our defamatory campaign against them if something goes south for us.
Anyway, I also checked them based on their regulations as well and chose the ones that are regulated by at least one important regulatory body, not any regulators.
For testing order execution speed I use two EAs.
One calculates the speed of limit orders by placing several limit/stop orders and calculating the time between the sending orders and receiving the answers, or filling the orders.
This is the EA and you can test it by yourself.
ExTest ForExpat.ex4 (10.4 KB)
Your server has latency to the servers of the brokers because the servers are located in different places so for knowing the real speed you have to eliminate this extra time from the results of the EA.
You can do that with finding the ping you are getting and then subtract it from the results of the EA.
You can do this using two ways:
Open Metatrader and go file → open an account and see the ping
Or alternatively, after login to your account on Metatrader find the ping from the right corner at the bottom of the MT4 by clicking on the “connection status”.
The other EA that I used for testing uses market orders to calculate the execution speed so you can figure out how well the performance of the broker is in terms of instant orders at market price.
Broker Latency Tester with Market Order v3.ex4 (10.3 KB)
Be careful to use this EA on live accounts because unlike the first EA, this one opens positions at market price so you’ll lose money if you run it on your live account.
Since there’s a difference between brokers’ demo and live accounts and they normally don’t transfer the orders of demo accounts to their liquidity providers and fill them internally, you see a clean chart without slippage or requotes and faster execution speed.
Based on my experience, you can add something between one and a half to 2 times to the results you get from demo accounts.
Ok, I think I wrote too much and I have to check my charts. I’ll write a post about your other question about bonuses which I did another study on some brokers for that.
I hope you find this post useful and find the right broker for yourself.
by the way, you can watch this video overviewing the 20 brokers and their results of the test if you don’t feel like reading a long-winded post:grin: