The execution quality metrics for the month of August 2019 show that FXCM witnessed lower rates in some forex instruments as well as for cryptocurrencies.
Lower rates for digital coins
In July this year, the forex broker dealer averaged at 42.5 pips for the BTC/USD pair which fell for 36.8 pips in August. For Ethereum, FXCM charged 1.9 pips and for Litecoin, a Bitcoin spinoff, it charged 0.6 pips.
This is posing a good forecast for the crypto trading companies. Since the beginning of this year, Bitcoin- the largest digital currency in the world, has shown bullish movement. The trends continued in August as well, when prices of several major coins doubled in value (year-to-date). Now, several top global brokers are eyeing the crypto trading industry, which could have a more positive impact on price in due time. Bitcoin made a debut on the FXCM platform in 2018 which gives it an edge over other firms that are still mulling about a crypto offering.
Other results from the report
The report also highlighted other important metrics from August trading. It suggests that 61.4% of all orders placed on the platform were executed at a price. 13.8% of orders had negative price slippage while 24.8% had positive price slippage. However, during this period, its order execution speed slowed down. In May, it took 24 milliseconds to execute an order, i.e. it took only 24 milliseconds to fill a customer’s order after it was placed on the platform. In the month of August, it took 31 milliseconds on average to fill the orders.
It cannot be counted as a major problem for the company because several platforms are able to offer higher speeds without adding any liquidity or price movement for the users. The company also revealed the average spreads on its popular forex pairs. While the EUR/USD pair averaged at 0.2 pips, GBP/USD averaged at 0.8 pips.