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FP Markets is a Forex and CFD (Contract for Difference) broker that was established in 2005. The broker is regulated in various jurisdictions, including Australia, Cyprus, and St. Vincent and the Grenadines. The broker gives traders access to over 10,000 tradable instruments, including Forex, commodities, shares, metals, cryptocurrencies, indices, and bonds. FP Markets is known for competitive spreads, fast trade execution speeds, and transparent trading conditions.
The broker offers two account types: Standard and Raw. Both accounts have their unique features. Let’s discuss them in more detail to see which fits you the best.
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.
|Standard account||Raw account|
|Minimum initial deposit required to open an account||$100 AUD or equivalent||$100 AUD or equivalent|
|Spreads||From 1.0 pips||From 0.0 pips|
|Commission per Lot||zero||USD $3 per side|
|Tradable instruments||70+ Forex pairs, metals, indices, commodities||70+ Forex pairs, metals, indices, commodities|
|Maximum available leverage||500:1||500:1|
|Minimum Trade Size||0.01 Lot||0.01 Lot|
|Trading Platforms||MetaTrader 4, MetaTrader 5||MetaTrader 4, MetaTrader 5|
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:
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 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:
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.
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.