FXCM Execution Study

One of our most important business goals is to provide superior execution. We have made it our mission each year to pioneer ever increasing levels of quality pricing, transparency and execution services, the bedrock of your trading experience.

Better pricing for retail clients

FXCM has recently completed a study that examined the quality of execution for FXCM LTD client orders versus the three largest FX trading venues globally, venues widely considered to represent the benchmark for reliable FX pricing. We wanted to explain why FXCM's pricing is better for retail clients. The results of this study show FXCM LTD retail client order prices to be better than the Futures Market and Interbank Market prices for FX1. The results show FXCM's execution of orders provide customers significant advantages for FX. We believe in so doing, you, our traders, can be confident and trust in FXCM as your broker. We are proud to now share these exciting results with you.

Study conclusions

FXCM LTD was equal to or better than the quoted futures price 81.34% of the time compared to the spot equivalent quoted futures prices on the CME leading to potential savings of $42,529,156 for FXCM LTD clients.

Pie chart with 86.47%
  • BETTER than the Futures price: 74.97%
  • Equal to the Futures price: 6.37%
  • Worse than the Futures price: 18.61%

FXCM LTD was equal to or better than the quoted interbank market price 94.84% of the time compared to the spot equivalent quoted interbank market price leading to potential savings of $114,588,455 for FXCM LTD clients.

Pie chart with 92.19%
  • BETTER than the Interbank price: 91.56%
  • Equal to the Interbank price: 3.27%
  • Worse than the Interbank price: 5.16%

For a full presentation of the study and an in-depth FAQ, see the links below:


1 The study in no way represents that FXCM maintains a particular capacity or performance level. The figures in this study are provided for information purposes only, and are not intended for trading purposes or advice. FXCM is not liable for any information errors, incompleteness or delays, or for any actions taken in reliance on information contained herein. Past results are not indicative of future performance

Material Assumptions
FXCM’s Retail Clients are defined as individual, joint, and corporate accounts trading on our retail price stream.

The comparison to each of the Futures and Interbank data is made at the time that the FXCM client order is executed. Normal market slippage and slippage due to rejections by liquidity providers are already included by the time the FXCM client order is executed. However, there is an assumption that there is no slippage on the Futures or Interbank market data.

In order to maintain consistency, Futures Market data and Interbank data used the same acceptable ranges in market trades. The summary of findings is based on the assumption that the maximum acceptable difference between the FXCM price and the Interbank/Futures market price is 5 pips in either direction.

Fees that a participant would pay on the Futures or Interbank market, such as CME Exchange Fees, NFA Fees, FCM Fees, Clearing Fees, and other commissions, were excluded from the study. Similarly, FXCM Commissions are excluded from the study.

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