Execution Speed Testing Results

Fastest brokers on limit order execution

The list below ranks the 32 brokers of the 36 tested that this site ranks, ordered on limit order speed in milliseconds, fastest first. The table beneath it holds every broker in the test, including the ones the list does not rank, and their measured figures stay visible there. A broker is left out of the ranking either because this site records no regulator for it, or because the company that international clients are opened with is not one this site accepts as licensed. The table's rows are ordered fastest first on limit orders.

1. BlackBull Markets 72 ms limit order, 90 ms market order, ECN. The fastest limit order time in the test, and a market order figure that keeps it near the front on both counts.
2. Pepperstone 77 ms limit order, 100 ms market order, ECN. Close behind on limit orders, though its market orders sit a touch further back than its placing here suggests.
3. Fusion Markets 79 ms limit order, 77 ms market order, ECN. Quicker on market orders than on the limit orders this list is sorted by, which is why I rate it a strong all-rounder.
4. OANDA 86 ms limit order, 84 ms market order, Market Maker. The fastest market maker in the test, and its market order figure beats its limit order figure.
5. Blueberry Markets 88 ms limit order, 94 ms market order, ECN. Consistent across both order types, with only a small gap between its two measured figures.
6. Global Prime 88 ms limit order, 98 ms market order, ECN. Its market order time runs a little slower than its limit order time, a pattern shared by most of the ECN brokers around it.
7. Axi 90 ms limit order, 164 ms market order, ECN. Sharp on limit orders but noticeably slower on market orders, a gap I would weigh before trading there.
8. Tickmill 91 ms limit order, 112 ms market order, ECN. A solid limit order figure, though its market order time sits well behind the leaders.
9. Exness 92 ms limit order, 88 ms market order, Market Maker. Faster on market orders than on limit orders, and both figures sit comfortably below the panel averages.
10. TMGM 94 ms limit order, 129 ms market order, ECN. A strong limit order time well below the panel average, with a market order figure that lags it by a fair margin.
11. StoneX Trading 95 ms limit order, 131 ms market order, Market Maker. A market maker whose limit order time beats a good number of the ECN brokers listed around it.
12. FOREX.com 98 ms limit order, 88 ms market order, Market Maker. Quicker on market orders than on limit orders, which I read as useful for fast exits.
13. FXCM 108 ms limit order, 189 ms market order, Market Maker. Its limit order time sits under the panel average, its market orders trailing far behind, worth knowing if you trade both order types.
14. Trading.com 114 ms limit order, 138 ms market order, Market Maker. Both figures land under the panel averages, a balance few market makers in the test managed.
15. Admiral Markets 132 ms limit order, 182 ms market order, Market Maker. Under the panel average on limit orders, but its market order time slips well past it.
16. IC Markets 134 ms limit order, 153 ms market order, ECN. Sits right near the panel average on both order types, closer than I expected given the spread of results in this panel.
17. FBS 135 ms limit order, 118 ms market order, ECN. Faster on market orders than on limit orders, and its market figure beats the panel average by the wider margin.
18. CMC Markets 138 ms limit order, 180 ms market order, Market Maker. Around the panel average on limit orders, with a market order figure that drifts well past it.
19. Eightcap 143 ms limit order, 139 ms market order, ECN. Sits almost exactly on the panel average for limit orders, slightly better on market orders, a useful midpoint for you to judge others by.
20. GO Markets 144 ms limit order, 145 ms market order, Market Maker. Its two figures are nearly identical, which tells you the broker behaves the same way on either order type.
21. XM 148 ms limit order, 184 ms market order, Market Maker. Just above the panel average on limit orders, and further above it on market orders.
22. Markets.com 150 ms limit order, 141 ms market order, Market Maker. Slightly better on market orders than on the limit orders that set its place here, a pattern worth your attention.
23. FxPro 151 ms limit order, 138 ms market order, ECN. Its market order figure is the better of its two results, coming in under the panel average.
24. easyMarkets 155 ms limit order, 155 ms market order, Market Maker. The only broker in the list whose two figures match exactly, an evenness that stands out to me.
25. ThinkMarkets 161 ms limit order, 248 ms market order, ECN. The widest gap between order types here, with its market orders far slower, the kind of split you want to know up front.
26. IG Group 174 ms limit order, 141 ms market order, Market Maker. Markedly better on market orders than on limit orders, the opposite of the pattern most brokers show.
27. VantageFX 175 ms limit order, 154 ms market order, ECN. Above the panel average on both counts, though its market order figure is the closer of the two, in my view.
28. FP Markets 225 ms limit order, 96 ms market order, ECN. The standout case in the panel, slow on limit orders yet far quicker the moment the order goes to market.
29. AvaTrade 235 ms limit order, 145 ms market order, Market Maker. Weak on limit orders but respectable on market orders, a split you should weigh before choosing.
30. ATC Brokers 238 ms limit order, 241 ms market order, ECN. Both figures sit well above the panel averages, with the market order time the slower of the pair.
31. HYCM 241 ms limit order, 268 ms market order, Market Maker. The slowest market order time in the test, and its limit orders are not much quicker, so I would pass for fast entries.
32. FXTM 248 ms limit order, 210 ms market order, ECN. Slowest among the brokers we rank on limit orders, though its market orders fare somewhat better.

The fastest single figure anywhere in the test's 72 measurements was 72 ms, the panel averaged 143 ms on limit orders and 149 ms on market orders, and no broker came in at or under 30 ms. A figure that low points you to a cross-connected VPS, which this page's own VPS section covers.

Every broker in the 2026 execution test

The 2026 execution test covered 36 brokers in total, and this table lists them all with each one's limit order time, market order time, and execution type, including the brokers the ranked list above does not rank.

The 19 ECN brokers average 135 ms on a limit order against 152 ms for the 17 market makers.

Average execution times in milliseconds for every broker in the 2026 test, ordered fastest first on limit orders

Broker	Execution type	Limit order	Market order
BlackBull Markets	ECN	72 ms	90 ms
Pepperstone	ECN	77 ms	100 ms
Fusion Markets	ECN	79 ms	77 ms
Octa	ECN	81 ms	91 ms
OANDA	Market Maker	86 ms	84 ms
Blueberry Markets	ECN	88 ms	94 ms
Global Prime	ECN	88 ms	98 ms
Axi	ECN	90 ms	164 ms
Tickmill	ECN	91 ms	112 ms
Exness	Market Maker	92 ms	88 ms
TMGM	ECN	94 ms	129 ms
StoneX Trading	Market Maker	95 ms	131 ms
FOREX.com	Market Maker	98 ms	88 ms
FXCM	Market Maker	108 ms	189 ms
Trading.com	Market Maker	114 ms	138 ms
Admiral Markets	Market Maker	132 ms	182 ms
IC Markets	ECN	134 ms	153 ms
FBS	ECN	135 ms	118 ms
CMC Markets	Market Maker	138 ms	180 ms
Eightcap	ECN	143 ms	139 ms
GO Markets	Market Maker	144 ms	145 ms
XM	Market Maker	148 ms	184 ms
Markets.com	Market Maker	150 ms	141 ms
FxPro	ECN	151 ms	138 ms
easyMarkets	Market Maker	155 ms	155 ms
ThinkMarkets	ECN	161 ms	248 ms
IG Group	Market Maker	174 ms	141 ms
VantageFX	ECN	175 ms	154 ms
Tradersway	ECN	198 ms	214 ms
Libertex	Market Maker	215 ms	244 ms
FP Markets	ECN	225 ms	96 ms
AvaTrade	Market Maker	235 ms	145 ms
ATC Brokers	ECN	238 ms	241 ms
HYCM	Market Maker	241 ms	268 ms
FXTM	ECN	248 ms	210 ms
Swissquote	Market Maker	258 ms	198 ms

A broker without a review on this site keeps its row and its measured figures in this table, and its name carries no link, which I think is the honest arrangement.

BlackBull Markets recorded the fastest execution on limit orders in our 2026 execution test, filling them in 72 ms. The test timed limit and market orders at every broker.

Our 2026 execution test used Expert Advisors on MetaTrader 4 demo accounts, which were not funded accounts, at 36 brokers over two 30-hour periods, and measured the average time in milliseconds from placing a limit or market order to its execution, with network latency (ping) subtracted.

Which Forex Broker Has The Fastest Execution?

BlackBull Markets delivered the fastest execution on limit orders in our 2026 execution test, filling them in 72 ms, and I would treat that figure as the headline result.

Execution speed is the time, measured in milliseconds, between the moment a trader places an order and the moment the broker fills or confirms it. In that interval the price is free to move, so the longer the gap, the more often the fill arrives at a level different from the one the trader asked for. The execution speed of a broker therefore shapes how closely your entries and exits match the prices you see on the chart.

The test determined the following category finalist. Top 2 Limit Order Execution Speeds

• Blackbull Markets
• Pepperstone

Top 2 Market Order Execution Speeds

• Fusion Markets
• OANDA

Our 2026 execution test covered brokers chosen for practical reasons rather than for their speed, and BlackBull Markets earned the top spot on limit orders. The brokers we selected:

• are well covered on our website
• represent a mix of No-dealing Desk (NDD) brokers and market makers
• support MT4 as we wanted to use freely available Expert Advisors (EAs) for testing

Execution speeds for limit orders

BlackBull Markets filled limit orders fastest across the panel at 72 ms, ahead of Pepperstone at 77 ms, Fusion Markets at 79 ms, and OANDA at 86 ms. Swissquote was the slowest at 258 ms, against a panel average of 143 ms. If your strategy depends on entries filling at the level you clicked, that spread is the one I would study, and the evidence table further up this page holds every figure.

Execution speeds for market orders

Market orders tell a different story, with Fusion Markets fastest at 77 ms, then OANDA at 84 ms, Exness at 88 ms, FOREX.com at 88 ms, and BlackBull Markets at 90 ms. HYCM was the slowest at 268 ms, against a panel average of 149 ms. If you exit at market more often than you place limit orders, these are the numbers I would check first, and the evidence table further up the page lists them for every broker.

Fastest execution speeds

The ranked list above is ordered on limit order time and holds the brokers this site ranks, while the table beneath it holds every broker tested, with both figures and the execution type for each. Our results record a limit order rank and a market order rank for each broker, and nothing beyond those two. I claim no combined order of merit on this page.

ECN brokers and market makers

The 19 ECN brokers in the test averaged 135 ms on limit orders and 140 ms on market orders, while the 17 market makers averaged 152 ms and 159 ms. OANDA, a market maker, was the fastest of its group on limit orders at 86 ms and recorded the second fastest market order in the test at 84 ms, with Exness the next market maker on limit orders at 92 ms. The label tells you less than the numbers do, so if you are choosing by execution type, read the broker’s own figures first.

Why does order execution speed matter?

A faster execution speed matters because it can help prevent slippage. All trades have a lag time (even if miniscule) between an order being placed and being filled which is enough time for forex prices to change and this process is called slippage. While slippage can be both positive or negative depending on which way the price moves, most traders prefer to get the price they placed their order at.

If your trading strategy relies on profits of just a few pips (e.g. scalping), or if you use automated trading, execution speeds are key to your success

Our 2026 execution test measured the time to fill and did not measure slippage, which sits on the testing pipeline listed at the foot of this page.

This page measures how long a fill takes, and if you trade a style where every millisecond counts, I would start from our best forex broker for scalping page, which ranks the brokers built for that style.

What factors influence execution speed?

Factors that can influence the speed trades are executed include:

1. The type of execution the broker is using
2. Where broker’s servers are located
3. The quality of the infrastructure the broker is using
4. The trading platform you are using.

Type of execution

How brokers execute your trades will affect the time taken to process your orders. Brokers consist of two types: those with their own Dealing Desk (DD) such as a market maker who use their own liquidity and those without. No Dealing Desk (NDD) brokers use Straight-through Processing (STP) or Electronic Communication Networks (ECN) to source quotes from external liquidity providers and open and close your orders.

Where the servers are located?

The location of the broker’s servers will also affect the time taken to execute orders. Storing servers in the same data centres as the liquidity providers is one way to reduce the travel time to transmit data. Another way brokers reduce the distance your orders need to transmit is to use data centres closer to your trading desk.

We talk about the network latency due to server locations in this section: Location Independent Testing.

Quality of the infrastructure

The quality of the infrastructure is another factor that can affect execution speed. Is the broker using fibre optic cables and if so how many? fewer cables mean more congestion and therefore slower speed.

Trading platform speed

One last factor worth mentioning is the trading platform you are using. Some trading platforms are just faster than other platforms. MetaTrader 5 for example, has 64-bit processing, so is more powerful than MetaTrader 4 which has 32-bit processing and by extension faster speed.

How we tested

Our 2026 execution test used MetaTrader 4 demo accounts, which were not funded accounts, at each of the 36 brokers. Because we wanted data for both limit and market orders, we chose two freely available MT4 Expert Advisors designed for those two order types. Our separate account-opening test is covered at Account Opening.

For limit orders, we used the MT4 EA known as ExTest_ForExpat. This EA places several limit orders (buy and sell) and calculates the time between sending orders to brokers and receiving an answer from them or executing the orders. Minimum, maximum, and average response times are recorded.

For market orders, we used the MT4 EA known as Broker Latency Tester. This EA sends a market order and calculates the time between sending the order and receiving the confirmation. After confirmation, the position is closed. The average response time is calculated across 20 trades at a lot size of MODE_MINLOT (the minimum amount allowed by the broker).

The test on this page is one piece of a larger system, and I would point you towards our methodology, which sets out the full scoring this test feeds into.

Demo Testing Limitation (and possible advantage)

There are some testing limitations with using a demo account as opposed to a live account.

Demo accounts don’t require orders to be filled since there is no cash involved. While a demo account simulates a real trading environment, your trades never leave the trading platform since there is no requirement for a liquidity provider to accept or fill your trade. Trades with a demo account are therefore server-side only so there will be a difference in how fast trades are executed. For the reasons explained above, you will find there are no partials fills or slippage with a demo account.

One could argue that using a demo account provides a more even comparison for each broker since variables such as available liquidity and time to fill an order is removed. This, however, doesn’t recognise that brokers use different infrastructures to execute trades and often different liquidity providers which can influence execution time along with the fill rate.

We ran our 2026 execution test on demo accounts from a test machine in Australia, not on live accounts or on a Virtual Private Server (VPS). A test on live accounts or VPS setups would capture more of the real-world influences on how fast an order fills.

How we ranked forex brokers

Each broker in our 2026 execution test carries a limit order rank and a market order rank, where 1 is the fastest, and the data holds no further ranking. This page orders its list on the limit order figure, fastest first, and I would not read it as anything more than that.

One part of this is covered separately on Best Forex Brokers for fast VPS.

Location Independent Testing

In our 2026 execution test, the test machine was in Australia. While some brokers have demo servers in Australia, many don’t. Overall execution speeds are slower when using overseas servers, due to the time it takes data packets to travel over the network to and from the broker’s server.

To compare brokers fairly, our 2026 execution test subtracted the network latency (ping) between the test machine and each broker’s server from the execution times, so the results would in theory be the same wherever the test machine sat. In other words, the test is location independent.

Network latency (known as “ping”) can be found in two places on an MT4 terminal.

One way to see “ping” is in the connection status (bottom right of the terminal).

The other way to see “ping” is in the Journal tab of the Terminal Window.

Combined test results

BlackBull Markets was fastest on limit orders at 72 ms and fifth fastest on market orders at 90 ms, while Fusion Markets was third on limit orders at 79 ms and fastest on market orders at 77 ms. My reading is that the two order types do not agree on one broker, so match the figure to how you trade. Every broker’s two figures are in the evidence table above.

Using VPS to reduce Latency

In our 2026 execution test, the fastest brokers averaged under 80 ms with ping subtracted: BlackBull Markets at 72 ms on limit orders and Fusion Markets at 77 ms on market orders. The network latency between your own machine and the broker’s server comes on top of that.

The best way to reduce this delay is to remove the network latency between the trader’s machine and the broker’s servers. And the best way to do that is to do your trading on a Virtual Private Server (VPS).

A VPS will sit in the same data centre as the broker’s servers, preferably with a network Cross Connection between the VPS and the broker’s servers.

A cross-connected VPS removes the network delay between your machine and your broker’s servers, so what remains is the broker’s own execution speed. That is why scalpers and automated traders choose a VPS, and it is the setup I would use for either style.

Key Takeaways

If your result depends on the fill, the limit order column is the one I would read first, and BlackBull Markets at 72 ms is the number to beat. If you hold a position for days, a difference of milliseconds matters far less than costs do. Fusion Markets shows why checking both figures pays, because it was fastest on market orders at 77 ms. Match the measurement to the way you trade, not to the top of a list.

• BlackBull Markets, Fusion Markets and Pepperstone were the most consistent performers across the limit order and market order tests.
• For the top 5 brokers, Order Execution Speeds average less than 100 milliseconds.
• Removing network latency (ping) means these tests are location independent.
• The best way to remove network latency is to use a cross-connected VPS configuration.

Next Up

Here’s a quick view of our pipeline of testing:

• Comparing order execution speeds for regulated versus unregulated brokers
• Testing for a broader set of brokers
• Order execution speeds on live accounts
• Average spreads on different brokers by currency pair
• Slippage monitoring across different brokers and currency pairs