FP Markets Review



When it comes to account types, you certainly can’t fault FP Markets for its flexibility, but it does get a little complicated to understand what’s available and what you’re eligible for. So, let’s go through the options one by one.To get more news about fp markets review, you can visit wikifx.com official website.

The two main account types available are the Standard and RAW accounts, which offer slightly different pricing models.

Whereas the Standard account has a spread of at least 1.0 pips per trade but no commissions per lot, the RAW account offers the opposite: spreads start from 0.0 pips but there’s a fixed commission per lot. The exact charge per lot depends on your base currency.
The higher spread for Standard accounts only applies to forex and metals trading, but the other assets you can trade on the platform have the same spreads regardless of your account type.

In all other respects, the accounts are pretty similar. They have the same opening balance requirements, let you trade the same instruments (including cryptocurrencies and stocks), have the same leverage capabilities, and offer FP Markets’ signature extra-fast execution and the most common order types.
So, which should you choose? If you’re an experienced trader, it tends to be advantageous to opt for a raw account to take advantage of lower spreads. This makes it easier to do scalping, day trading, and other similar activities. This type of account is sometimes called an STP or ECN account since there is no dealing desk which means spreads are provided by the liquidity providers without price intervention from the broker. This explains the lower spread cost.

However, the standard account offers a simpler trading experience, which makes it the best choice for beginners. It also makes more sense for those who trade over the long term, because the spreads won’t affect them as much when they’re only making occasional trades.

One feature that is impressive with FP Market is its execution speed. The broker is a no dealing desk broker (NDD) which means straight-through processing of orders. Several other brokers are offering this feature, so a comparison was made focusing on limit orders. These are orders when a trader sets a buy limit, buy stop, sell limit or sell stop. Based on 25 trades, FP markets achieved an execution speed of 80ms, which was the lowest as shown below.
If you live in Australia, you’ll be able to open an IRESS trading account instead, which isn’t a million miles away from the accounts outlined above but does work differently. You would only choose this account if you want to trade stocks however selected other CFD products are available.

While all accounts on FP Markets have competitive ECN-like pricing, only IRESS accounts have Direct Market Access (DMA) — this means the prices you get will be exactly what the underlying market offers, and your CFD or forex broker won’t profit from you at all.

There are three types of IRESS accounts available: the Standard, Platinum, and Premier options. As you progress from the most basic to the more advanced, you’ll need a higher minimum balance to open the account but will be able to access lower brokerage and financing rates, and fewer fees overall.

The Standard and Platinum accounts have a $55 monthly fee for trading, but this is waived if you generate at least $150 a month in commissions; meanwhile, the Premier accounts waive the fee regardless of activity. Also, the non-Premier accounts require you to pay $22 for ASX live data unless you generate $50 a month, but this is again waived for the Premier account. The catch? Premier accounts are only for professional traders.

FP Markets Standard account is an excellent option for those who want a simple interface and to trade over the long term, while the Platinum account offers lower rates for those who are more serious about trading and will be moving more money in and out of their account. Finally, the Premier account is for professional traders with a high balance, so it will, unfortunately, be out of reach for most people.

slamic Accounts
FP Markets also offers Islamic accounts, which don’t involve any swaps or interest on overnight positions to stay in line with Islamic principles. Rather, you’ll be charged a fee on positions, which is deducted from your account balance.

Although there’s no option to choose an Islamic Account when you sign up, don’t panic. You can switch to one easily by contacting FP Markets, so just set up an account like normal.