FP Markets offers both spread-free and commission-free account types to its clients. The Standard account is perfect for traders that place orders less frequently. For instance, traders that only make a couple of trades per month pay fewer fees by choosing the Standard account as there are no commissions. In this case, spreads on EUR/USD start from 1 pip. This simply means that every time a trader opens a EUR/USD order, 1 pip is collected as a fee. In a live trading environment spreads can be larger, especially in low liquidity conditions.

The Raw account type is ideal for active traders, such as scalpers, day traders, algorithmic traders, high-frequency traders, etc. On this account, there are no spread markups, which is why traders who place many orders love this account. Instead, traders are charged with 3 USD commissions per traded lot per turn. 

Traders can open live accounts in the following currencies: AUD, USD, EUR, GBP, SGD, CAD, CHF, HKD, JPY, and PLN. The minimum initial deposit is 100 Australian dollars or the equivalent in any base currency. It should be mentioned that it’s recommended that you open a live trading account in a currency that you use often as this way you’ll be able to save on conversion fees. 

Trading platforms on FP Markets accounts

FP Markets offers access to a full set of MetaTrader platforms (MetaTrader 4 and 5) on both account types. Both platforms are highly reliable, popular, and functional. In addition, they both support Expert Advisors (EAs). EAs are trading algorithms of MetaTrader that can be used in creating trading indicators, backtesting, and creating trading robots. 

While both platforms were built by the same company, MetaQuotes, there are some major differences between the two:

• Asset classes: MetaTrader 4 (MT4) was designed primarily for trading currency pairs, whereas MetaTrader 5 (MT5) was built to support trading various asset classes, including currency pairs, stocks, bonds, futures, options, commodities, and indices. 
• Timeframes: MT5 supports 21 timeframes, while MT4 only offers access to 9 timeframes.
• Order types: When using MT5, traders can use 6 types of pending orders, while MT4 only offers 4. In addition, MT5 enables traders to view the Depth of Markets (DOM). This feature is very important among traders as it allows them to see bids and ask orders.
• Programming language: MT4 uses the MQL4 programming language, while MT5 uses MQL5. MT5 has a more advanced programming language, which means it can create more complex trading algorithms. It should be noted that the two languages are not cross-compatible.
• Backtesting: MT5 has a better backtesting function that enables traders to test more complex strategies with improved accuracy. 

While MT5 is more advanced than MT4 in almost every way, MT4 is simpler to use, and for most traders who specialize in Forex trading, MT4 is the go-to platform. 

FP Markets Iress account

FP Markets accounts offer access to trading 63 currency pairs, 11 crypto derivatives, 16 indices, and 11 commodities. In addition, there is a stock trading account called the “Iress” account that comes with its own trading platform. 

The software is designed for professional traders who require advanced charting and technical analysis, as well as direct market access to a wide range of financial markets, including stocks, currency pairs, futures, and CFDs. There are over 10,000 tradable instruments available on the platform. 

The Iress trading platform offers a range of advanced features, including:

• Direct market access: This platform provides direct market access to a wide range of financial markets, enabling traders to access liquidity from multiple sources and execute trades quickly and efficiently.
• Advanced charting tools: The platform offers a range of advanced charting tools, including multiple chart types, technical indicators, and drawing tools, that allow traders to conduct in-depth technical analysis and make more informed decisions. 
• Market depth: The platform displays real-time market depth, which allows traders to see the order book and the number of buyers and sellers at each price level. It should be mentioned that market depth works differently from asset class to asset class. Because Forex is an OTC market, traders can only access a portion of the bid and ask orders.
• Trading strategies: The platform supports a range of trading strategies, including scalping, hedging, and algorithmic trading, along with advanced order types, such as OCO (One Cancels the Other) and IF-DONE (If Done, Then Do) orders.
• Multi-asset trading: The platform allows traders to trade a wide range of financial assets, including currencies, shares, commodities, CFDs, ETFs, etc. from a single trading account. 

Leverage

Maximum available leverage with FP Markets on both account types is 500:1. This means that when maximum leverage is activated, traders can increase their purchasing power by 500 times. It’s important to note that high leverage is a double-edged sword, and it can amplify profits as well as losses. Therefore, it should be approached with great caution. While the offered leverage goes up to 500:1, traders opening accounts can choose 30:1, 50:1, etc. leverage levels. 

Trade execution

Both Standard and Raw accounts offer ECN pricing. ECN (Electronic Communication Network) pricing is a pricing model used by FP Markets that offers direct access to the interbank CFD market. In an ECN pricing model, FP Markets aggregates prices from various liquidity providers such as banks, financial institutions, and other financial brokers and displays the best bid and ask prices to traders. 

The Key advantage of ECN pricing is that it allows traders to trade directly with other market participants, without any interference from the broker. This means that there is no dealing desk, and the broker doesn’t take the opposite side of the client. 

FP Markets is a global CFD and Forex broker that offers access to Standard and Raw trading accounts for currency and CFD traders. In addition, there’s a stock trading account available on the Iress platform. The Standard account is best suited for less active traders, such as swing traders, beginners, and position traders, whereas the Raw account is better suited for more active traders, such as scalpers, high-frequency traders, day traders, and news traders.