WikiFX Tested Forex Brokers Against NFP Release in September

On September 6th, US Bureau of Labor Statistics released Nonfarm Payrolls (NFP) for August, 2019. Actual NFP reached 130,000, less than the forecast 160,000, while the previous was revised down from 164,000 to 159,000. Federal Reserve Chair Jerome H. Powell observed in his recent talk that the US economy faces notable risks, and the actual NFP, as well as other indicators pointing to a down-slope economy, seemed to support his conclusion. Besides message from Powell, economists also predict the Federal Reserve is likely to cut interest rates in September. US economist Michael Feroli thinks the latest NFP removed the last barrier for Federal Reserve to cut interest rate by 0.25%. But according to Eric Rosengren, the president of Federal Reserve of Boston, easing financial policy may be a good choice if the risk of potential economic downturn becomes reality, but interest rate cut is not necessary at the moment.

The release of NFP usually causes big swings of the forex market, creating a favourable opportunity for investors to trade forex. Meanwhile, brokers‘ slippage and trading speed are key to investors’ trading success. WikiFX conducted trial trading on forex brokers against NFP release last month, and the results which demonstrated each brokers capability received positive feedback from investors. After NFP was released this month, WikiFX tested 43 forex brokers rated over 7.0 on WikiFX App, carefully analyzed the data and listed the top 20 brokers in terms of their slippage and trading speed.

Top 20 low-slippage brokers after NFP release, September

The table listed 20 brokers with the lowest slippage on the day of NFP release in September. USGFX who topped the list kept its average slippage at a remarkable 0.14. Generally speaking, slippage may result from network delay, a change in the bid/ask price during a time of high market volatility and broker‘s manipulation. As slippage is a key indicator for a broker’s performance, it is often a main factor that investors consider when choosing a broker.

USGFX's trading environment from the WikiFX App

Top 20 fast-trading brokers after NFP release, September

As for average trading speed (order execution speed), most brokers tested have done well with fast response. Among the brokers, LION ranked first with an outstanding average trading speed of 169 milliseconds per order, breaking the threshold of 200 milliseconds per order.

LION's trading environment from the WikiFX App

As a main indicator of US economy, NFP data has a significant impact on the forex market. At the point of great market volatility when NFP is released, WikiFXs trial-trading test has set a benchmark for the competence of brokers, and investors can use the test result as a reference, while taking into account relevant information like regulation and compliance, to choose the broker that suits them best.

Detail information of all the brokers listed are available on both the WikiFX website and App, investors may check it to gain a more comprehensive view of these brokers. As key economic indicators often have great implications on the forex market as well, WikiFX will keep a close watch on these indicators and conduct further trading tests of brokers to offer investors more valuable information.