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Best Low Slippage Forex Brokers

BrokerNotes.co

Written by BrokerNotes.co

August 29, 2023

What is Slippage?

Slippage is the difference between the price a trader places their trade at and the price at which the trade is executed. This can either be to the trader’s advantage (positive slippage) or disadvantage (negative slippage).

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best Low Slippage Forex Brokers

Here are the best forex brokers for low slippage.

  • Tickmill - 8.0/10 Overall
  • CMC Markets - 9.6/10 Overall
  • Interactive Brokers - 9.7/10 Overall
  • Capital.com - 8.4/10 Overall
  • IC Markets - 8.2/10 Overall
  • FP Markets - 8.3/10 Overall
  • IG
    - 9.9/10 Overall
  • Saxo Bank - 9.7/10 Overall
  • Trade Nation - 7.5/10 Overall
Tickmill
8.0/10 Overall
Minimum Deposit$100
Tier-1 Licenses2
Tradeable Symbols (Total)725

Tickmill is an excellent multi-asset broker that offers truly low-cost forex trading; the broker's Pro and VIP accounts are among the least expensive in the industry. Tickmill offers the MetaTrader suite as well as third-party services like TradingView and Signal Centre, powered by Acuity Trading.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
CMC Markets
9.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)12074

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Interactive Brokers
9.7/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Capital.com
8.4/10 Overall
Minimum Deposit$20 info
Tier-1 Licenses3
Tradeable Symbols (Total)3119

Capital.com delivers an innovative trading platform, powerful market research, and an impressive range of educational content. Capital.com also offers a growing number of tradeable markets, and the broker's competitive pricing puts it in the same category as the best low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
IC Markets
8.2/10 Overall
Minimum Deposit$200
Tier-1 Licenses2
Tradeable Symbols (Total)3583

IC Markets is a trusted broker with multiple Tier-1 regulatory licenses. Traders at IC Markets gain access to MetaTrader 4 and MetaTrader 5 as well as the Advanced Trading Tools package for desktop and support for third-party plugins from Autochartist and Trading Central. That said, the broker's research and education have room to improve.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
FP Markets
8.3/10 Overall
Minimum Deposit$100 AUD
Tier-1 Licenses2
Tradeable Symbols (Total)10000

FP Markets delivers excellent pricing and access to the full MetaTrader suite, as well as cTrader and its own copy trading platform. That being said, FP Markets' pricing is not as low on its IRESS platform, which is optimized for share dealing. FP Markets fares well across most key categories, though its research and education have room to improve.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
IG
9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
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Join 239,000+ traders worldwide.

(Trading forex carries a high level of risk.)

Saxo Bank
9.7/10 Overall
Minimum Deposit€2,000
Tier-1 Licenses7
Tradeable Symbols (Total)70000

Saxo Bank is a highly trusted broker that operates multiple banks and is regulated across the globe. Saxo Bank delivers an incredible cross-platform experience alongside powerful research and a vast selection of more than 60,000 symbols across multiple asset classes. It’s worth noting that minimum deposits at Saxo are steep.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Trade Nation
7.5/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)601

Trade Nation is a trusted broker that offers an innovative, easy-to-use proprietary trading platform suite alongside MetaTrader 4. Trading signals powered by Acuity are also available within Trade Nation's Signal Centre. That being said, a lack of advanced trading features may leave experienced traders wanting more.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No

Slippage can occur both when a trader enters a market or exits the market. When a market order is placed via a no dealing desk broker, the trader is provided with a bid/ask price on their trading platform and uses this to place the trade. If, however, this price is not available for their order at the time it is executed, it will be filled at the next available price in the market; or part of the trade may be filled at their requested price, but the remainder filled at the next best available price.

Slippage can be a symptom of high market volatility, which can occur immediately after a news opening, for example; or low market liquidity, which can occur when trading currency pairs that are rarely traded. Execution speeds play a major role in slippage. Any delays between the initiation of the order and the execution of the order can result in a price change. Delays can be caused by the trader using a poor internet connection or by placing the trade through a broker that does not offer the most advanced technology, affecting the speed at which they are capable of executing orders.

A trader will want to maximise positive slippage and reduce or avoid negative slippage where possible.

Minimising Negative Slippage

Slippage can be avoided by using brokers who offer instant execution rather than market execution. This is because the trade is guaranteed to be executed at a specific price. The issue here, however, is that if the price that the trader requests becomes unavailable due to the time lag between the placement of the order and its execution, a requote from the broker will be necessary, causing further delays. Successive requotes, particularly during fast-moving markets, can mean that a good trading opportunity is lost; whereas a market execution order would have been filled at the next best available price.

One way of controlling the price at which the order is executed is to set a market range. This will allow a trader to limit slippage as the order will cancel rather than be filled at a price that has slipped outside of their specified range. Where a trader authorises partial fills, only part of the order will cancel if the remainder can be filled at a price within the trader’s market range.

Another way to mitigate the risk of negative slippage is to use a broker with proven low slippage rates. Brokers using advanced technology who can offer fast execution speeds are preferable for traders wanting to reduce the impact of slippage on their trades. ECN (Electronic Communication Network)< / STP (Straight Through Processing) brokers offer automatic rather than manual execution, which means trades can be processed at very high speeds.

Avoiding trading in highly volatile markets is another way to reduce slippage, however, this will also limit the trader’s opportunity to benefit from positive slippage when the market moves in their favour.

Maximising Positive Slippage

If a broker offers price improvements, this means that when an order is to be filled at the best available price in the market, if a better price becomes available at the time the order executes, this will be the price that the trader receives.

When limit orders and limit entry orders are used by a trader, this means that the trade can only be affected by positive slippage as the requested price or a better price is guaranteed.

Finding a Low Slippage Broker

Choosing a no dealing desk, ECN / STP broker, with up-to-date systems and fast execution speeds, is the best way to reduce the impact of slippage on an order.

Brokers with fast execution speeds such as XM publically state on their website regarding the execution policy and speed.

It is also beneficial to look for a broker that offers price improvements as this means that the trader can receive positive slippage on their order if the price rises sharply past a set limit. Brokers such as FXCM offer clients positive slippage.

Using a regulated broker is always recommended, as it will mean that the broker is working to standards that assure a clients interests are protected.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
Tickmill logoTickmill 8.0 $100 0.51 83 725 Tickmill Review
CMC Markets logoCMC Markets 9.6 $0 0.51 99 12074 CMC Markets Review
Interactive Brokers logoInteractive Brokers 9.7 $0 0.6 99 8500 Interactive Brokers Review
Capital.com logoCapital.com 8.4 $20 0.65 87 3119 Capital.com Review
IC Markets logoIC Markets 8.2 $200 0.62 84 3583 IC Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.2 87 10000 FP Markets Review
IG logoIG 9.9 £250.00 0.86 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 €2,000 0.9 99 70000 Saxo Bank Review
Trade Nation logoTrade Nation 7.5 $0 0.6 83 601 Trade Nation Review
Pepperstone logoPepperstone 8.4 $200 0.77 95 2342 Pepperstone Review
Plus500 logoPlus500 8.5 €100 0.8 (August 2021) 99 2800 Plus500 Review
FOREX.com logoFOREX.com 9.3 $100 1.0 99 5500 FOREX.com Review Visit Site
City Index logoCity Index 9.2 £100.00 1.0 99 13500 City Index Review
AvaTrade logoAvaTrade 8.6 $100 0.92 94 1260 AvaTrade Review
XTB logoXTB 9 $0 1.07 96 6010 XTB Group Review
Vantage logoVantage 7.8 $50 1.30 90 1000 Vantage Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 72 1016 Moneta Markets Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.7 $20 0.6 88 1199 HYCM Review
Admiral Markets logoAdmiral Markets 8.3 $100 0.8 93 6942 Admiral Markets Review
VT Markets logoVT Markets 7.4 $200 1.2 71 168 VT Markets Review
BlackBull Markets logoBlackBull Markets 7.9 $0 0.827 77 26000 BlackBull Markets Review
ACY Securities logoACY Securities 7.4 $50 1.2 75 1600 ACY Securities Review
eToro logoeToro 8.8 $10-$10,000 1 90 3479 eToro Review
FXCM logoFXCM 8.5 Starts from $50 1.38 95 440 FXCM Review Visit Site
TD Ameritrade logoTD Ameritrade 9.5 $0 1.25 99 0 TD Ameritrade Review
Eightcap logoEightcap 7.6 $100 1.0 85 736 Eightcap Review
OctaFX logoOctaFX 7 $25 0.9 70 229 OctaFX Review
BDSwiss logoBDSwiss 7.8 $100-$5000 1.6 81 1081 BDSwiss Review
HFM logoHFM 7.8 $0 1.2 86 3500 HFM Review
XM Group logoXM Group 8.4 $5 1.6 88 1429 XM Group Review
FxPro logoFxPro 8.1 $100 1.51 90 2249 FxPro Review
OANDA logoOANDA 8.4 $0 1.26 93 124 OANDA Review
TMGM logoTMGM 7.8 $100 0.96 83 12000 TMGM Review
GBE brokers logoGBE brokers 6.8 $500 N/A 71 500 GBE Brokers Review
FlowBank logoFlowBank 7.7 $0 N/A 80 408600 FlowBank Review
IFC Markets logoIFC Markets 7.2 $1 1.44 67 630 ATFX Review
Alpari logoAlpari 6.8 $20 N/A 68 105 Alpari Review
FXPrimus logoFXPrimus 6.9 $100 N/A 71 140 FXPrimus Review Visit Site
Trading 212 logoTrading 212 7.6 €10 N/A 77 1785 Trading 212 Review
Axi logoAxi 7.1 $0 N/A 81 175 Axitrader Review
Spreadex logoSpreadex 7.2 $0 N/A 71 2000 Spreadex Review
GKFX logoGKFX 7.1 $0 N/A 65 354 GKFX Review
FXOpen logoFXOpen 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade 7 $100 N/A 71 500 Teletrade Review
IronFX logoIronFX 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness 7.2 $1 0.9 68 112 Exness Review
TopFX logoTopFX 6.7 Depends on payment method N/A 67 655 TopFX Review
Swissquote logoSwissquote 8.7 $1000 N/A 99 472 Swissquote Review
Markets.com logoMarkets.com 8.2 $100 1.9 96 2179 Markets.com Review
Fineco Bank logoFineco Bank 8.0 $0 N/A 95 126 Fineco Bank Review
ThinkMarkets logoThinkMarkets 7.6 $0 N/A 88 4000 ThinkMarkets Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 80 199 easyMarkets Review
Forex4you logoForex4you 6.9 $0 N/A 61 150 Forex4you Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 71 12000 Roboforex (RoboMarkets) Review
LegacyFX logoLegacyFX 6.9 $500 N/A 67 425 LegacyFX Review
Trade360 logoTrade360 7.1 $250 N/A 76 1062 Trade360 Review
DooPrime logoDooPrime 7.8 $100 N/A 83 10000 DooPrime Review
ATFX logoATFX 6.6 $500 N/A 67 150 ATFX Review
Vestle logoVestle 7.1 -1 N/A 78 750 Vestle Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A 73 300 Libertex Review
UFX logoUFX 6.6 $100 3 67 619 UFX Review
Xtrade logoXtrade 6.5 $250 N/A 80 142 Xtrade Review
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