Overview
Some many investors and traders do not always understand the process that follows when they click the “enter” button when they open a position. Many may think that their order will be filled immediately, but this is not the case.
There are several ways in which an order can be filled and there are many associated time delays that traders must understand. The “how” and “where” of order execution must be understood as it can impact the cost of the transaction, as well as the final price paid for a security.
10 Best Forex Brokers in South Africa for 2025
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Broker Options
A common misconception among traders is that online trading accounts connect them directly to the various financial markets, be it forex, stocks, futures, or others.
This is not the case, when traders place their trades over the phone or via the internet, their order goes to their broker. The broker takes the order, considers the position size and availability of the order, and decides the best path for the order to be executed.
The broker can try to fill the trader’s order in several different ways and there are also different motives for directing orders to certain places.
Brokers may be more inclined to internalize an order so that they can make a profit on the spread, or the broker sends it to a regional exchange or third-party market maker to receive payment for the order flow.
This choice that is made by the broker can affect the bottom line of the trader. However, this does not leave the trader defenseless to the whims of the broker as there are safeguards that can be used by traders.
These tools protect the trader from any unscrupulous broker activity when trades are sent to them, and it forces the broker to act fairly, or they risk facing penalties, lawsuits, and several other types of legal action.
Order Pathways
To the Floor
Where stock trading is concerned and where it takes place on stock exchanges such as the Johannesburg Stock Exchange (JSE), New York Stock Exchange, or any others, the broker can direct your order to the floor of the specific exchange.
Because the order is passed through human hands, it may take some time for the broker on the floor to receive the order and execute or fill it.
To a Third Market Maker
Where stock trading is concerned in equity markets, the broker can also direct the order through a third market maker. This entity will receive the order and they will entice the broker with some type of incentive so that the order can be directed to them, or in cases where the broker is not a member firm of the exchange.
Internalization
This happens when the broker fills the order from inventory stocks that are owned by the broker firm itself. This makes for quick or instant execution and is accompanied by the broker making additional profit from the spread charged.
The Electronic Communications Network (ECN)
ECN will automatically match the buy and sell orders without the intervention of the broker or any other party. These systems are typically used for limited orders because of the speed with which ECN can match by price.
To the OTC Market
For over-the-counter markets, the broker can direct the order to the market maker that oversees the security that the trader wishes to purchase or sell. This is done promptly and brokers often make money by sending orders to specific market makers.
However, the drawback of this, is that the broker may not always send the order to the best possible market maker.
Obligations of the Broker
According to law, brokers must give each investor or trader the best possible order execution. However, there is always debate over whether this is the case, or whether there are brokers who route the orders for other reasons, such as additional revenue streams.
For this reason, there are strict regulations in place from reputable regulatory entities and market regulators who oversee the different financial markets, and who can take reasonable steps against brokers who are not fair or transparent in their operations. It is therefore crucial that traders only use the services of valid, regulated forex brokers.
The Importance of Order Execution
Both the importance and the impact of order execution will be determined by certain circumstances, especially the type of order that is submitted.
If traders place a limit order, their only risk is that the likelihood of execution is reduced. If traders place a market order, trade execution speed, as well as the execution price at which the order is filled, becomes very important.
Common Types of Orders
Market Order
This is an order to buy security immediately. This type of order guarantees order execution promptly, but it does not guarantee the execution price.
A market order will typically be executed either at, or near, the current bid price for a sell order, or ask price where a buy order is concerned. However, traders must remember that the last traded price is not the price that they will get when they execute a market order.
There are many execution factors to consider including latency, requotes, slippage, the different market participants and market liquidity, the market maker price, the market in question, market influences, market counterparties, and several others.
Limit Order
This is an order to buy and/or sell a security at either a specific price or an improved price. A buy-order limit can only be executed at a limit price or one that is lower. A sell limit order, simultaneously, can only be executed at either the limit price or higher.
Stop Order or Stop-Loss Order
This order is to either buy or sell a security once the price of the specific security reaches the price at which the stop order is placed. Once this price is reached, the order becomes a market order, and the position can be closed out.
Buy-Stop Order and Sell-Stop order
This is entered at a stop price that is above the current market price. Traders use this to either limit a loss or to protect their profits on a security that has been sold short.
A sell-stop order is entered at a certain stop price that is below the current market price. Traders use this type of order to either limit losses or to protect profits of an underlying asset that they own.
Which are the best order execution brokers for 2025?
Forex Awards.com has an award relating to the best order execution and here are currently five nominees for this reward namely:
- ABinvesting
- Brokereo
- Kohle Capital Markets
- TradedWell
- Xero Markets
ABinvesting
ABinvesting is a forex broker that is regulated and authorized by the Financial Services Commission Authority of Mauritius (FSC). ABinvesting’s offer consists of a wide variety of financial markets spread across forex, stocks, commodities, indices, and cryptocurrencies.
ABinvesting offers liquid market conditions because of its range of tradable markets and offers its traders customizable trading solutions, allowing them to transact across a broad range of markets with ease.
Each trader can choose their trading tools to use in directing and improving their trading decisions. In addition to this, traders have access to the powerful MetaTrader 4 on web browsers, desktop applications, and mobile trading apps.
In addition to this, ABinvesting also offers a useful informational education hub that provides an immersive and interactive experience for traders. Traders can expect a range of tutorials, videos, and different courses.
Pros and Cons
| PROS | CONS |
| More than 30 cryptocurrencies offered | Above-average trading and non-trading fees |
| Wide variety of educational materials | Brand new broker established in 2025 |
| CFD futures are also offered |
Brokereo
Brokereo is a broker that is owned and operated by Concorde Investments (Cyprus), Ltd. Established in 2025, Brokereo is regulated by the reputable Cyprus Securities and Exchange Commission (CySEC).
With Brokereo, traders are given access to more than 350 tradable financial instruments and the powerful, popular MetaTrader 4 trading platform. Brokereo uses advanced, innovative trading technology and industry experience to deliver superior trading conditions and reliable order execution speeds.
Spreads that traders can expect are competitive and Brokereo is committed to the trading needs and objectives of each trader, while simultaneously maintaining strict security of every trading environment on the platform.
When trading with Brokereo, traders can expect access to a large selection of trading tools, an economic calendar, news articles, and financial analysis as well as market insights.
Pros and Cons
| PROS | CONS |
| User-friendly trading platform | US clients are not accepted |
| Well-regulated by CySEC | High minimum deposit |
| Advanced and useful trading tools offered | Spreads are not the lowest |
| Trading guides and other educational sources | |
| Reliable trade speed executing | |
| Flexible funding methods |
Kohle Capital Markets
Established in 2019 and based in Mauritius, Kohle Capital Markets is an online financial services provider that provides access to a range of financial markets including forex, commodities, metals, energies, and several others.
Kohle Capital Markets operates according to a straight-through-processing (STP) model, which offers direct access to interbank markets, which means that traders can expect competitive trading conditions and reliable trade execution speeds.
Traders can also expect access to a range of educational materials, advanced and helpful trading tools, and prompt customer support. Kohle Capital Markets also offers an economic calendar, trading guides, news, blogs, and more.
Kohle Capital Markets aims to provide traders with the perfect environment in which they can develop, adapt, and use their trading strategies across different financial markets while benefiting from the competitive trading conditions that the broker offers.
Pros and Cons
| PROS | CONS |
| MetaTrader 4 offered | High minimum deposit |
| Educational materials provided | MetaTrader 5 not offered |
| Trading tools offered | US clients not accepted |
TradedWell
Established in 2025, TradedWell is a Cyprus-based STP broker that is well-regulated through CySEC in offering the trade of more than 170 financial markets spread across forex, CFDs, commodities, cryptocurrencies, and several other asset classes.
TradedWell offers financial investment services to retail and professional traders through the popular, user-friendly MetaTrader 4 trading platform that can be used on desktops, the Web, and mobile devices.
Essential features included when trading with TradedWell include access to a sophisticated educational hub, dedicated customer support, flexible funding options, and reliable, fast trade execution speeds.
TradedWell works to revolutionize the way traders interact with financial markets by offering traders the chance to decrease their market research time, while simultaneously achieving significant impact while traders are in a live trading environment.
TradedWell tries to keep its clients one step ahead of the competition and since its establishment, TradedWell has already won awards for Best Trading Conditions 2025.
Pros and Cons
| PROS | CONS |
| The advanced trading platform offered | High minimum deposit |
| Choice in retail investor accounts | MetaTrader 5 not offered |
| Flexible funding methods | US clients are not accepted |
| Education offered |
Xero Markets
Xero Markets has been in operation since 2016 and is based in Saint Vincent and the Grenadines. Xero Markets is known for its competitive trading conditions which include 0-pip spreads, commission-free trading, leverage up to 1:500, and a range of tradable financial instruments.
In addition to this, Xero Markets offers traders a choice of several trading accounts, each catering to a different experience level and trading needs plus objectives.
Xero Markets is known for fast and reliable trade execution, the use of either MetaTrader 4 or MetaTrader 5 through which trades can be executed, and access to a selection of useful trading tools.
Pros and Cons
| PROS | CONS |
| Sophisticated trading platforms | US clients not accepted |
| Multiple financial instruments to choose from | Unregulated |
| Flexible funding options | |
| Education and trading tools offered |
FAQ
What is order execution speed?
Execution speed refers to the speed with which the order is placed and filled. The faster the execution speed, the higher the trading volumes that can occur and the higher the liquidity.
Why is order execution important?
Because it can impact the final price that the trader receives on their security, which can either be higher or lower than the price at the time that they opened their position.
Who oversees brokers to ensure that they operate fairly?
There are reputable market regulators such as the Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA), and others.
What are the common types of orders?
Market orders, limit orders, and stop-loss orders are some of the most common orders.
What are the execution factors that traders must consider?
There are factors such as latency, slippage, market liquidity, and others to consider.
What order is considered a risk management tool?
A stop-loss order is a risk management tool used by traders to limit the loss that they can be exposed to. This order is placed below the entry on a long/buy position and above the entry on a short/sell the position to ensure that the trader does not lose more than they planned for if the market drops lower than the trader anticipated.
Which are the best brokers for order execution?
The brokers on this list are currently nominated by Forex Awards.com as the best order execution brokers for 2025.
Top 4 Brokers
