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Apart from being Australian-based brokers, both IC Markets and FP Markets provide standard accounts. Which is the better one for you?
IC Markets and FP Markets are two of the popular brokers in the world offering CFD and forex services. FP Markets is majorly an Australian broker and is therefore regulated by the Australian Securities and Investment Commission (ASIC), while IC Markets is a global broker that is regulated by a host of financial authorities around the world including ASIC.
The two brokers are quite similar in their services and fees. Opening a trading account is quite straightforward with the two brokers while withdrawals and deposits are both seamless. But, the quality of customer service at FP Markets is slightly better than that of IC Markets, while the fees at the former are slightly higher than the fees at the latter.
The purpose of this article is not just to compare these two brokers but rather their standard accounts.
IC Markets offers three types of accounts namely the Standard Spread account (MT4/MT5), the Raw Spread account which is further split into the MT4/MT5 version, and the cTrader version. On the other hand, FP Markets only offers two account types namely the Standard Spread account (MT4/MT5) and the Raw Spread account (MT4/MT5). Let us now examine the features of the standard account for each broker.
IC Markets Standard Account
The standard account offered by IC Markets provides a top-notch speed of execution. This is combined with an all-inclusive spread starting from 1.0 pip as well as access to 25 liquidity providers, giving traders an unparalleled trading experience overall. The minimum deposit to open a standard account at IC Markets is $200. Some of the major features of the IC Markets standard account include the following:
- High speed of order execution
The standard account is available on the MT4 and MT5 trading platforms. The servers of these platforms are located in the Equinix NY4 data center in New York which is then cross-connected to the main network of IC Markets. This ensures low latency and fast execution of trades. - No restrictions on trading
Traders can use any kind of strategy that suits them on this account type from IC Markets including scalping as the broker provides some of the best conditions that favor high-frequency trading. Hedging is also allowed where traders do not have to worry about paying margin on hedged trades so they can benefit from margin netting. - Market depth
Market depth displays the complete range of executable prices that come directly from liquidity providers. It also provides full transparency of the liquidity for each currency pair by displaying the available volumes for each price level at any particular time. This high liquidity combined with low latency and asynchronous spot prices ensures that traders get the tightest spreads possible.
IC Markets' standard account offers leverage as high as 1:500 which traders can utilize to get the best out of their trading strategies. The account also supports all major account currencies ranging from USD, EUR, and AUD, to JPY. The range of financial instruments includes forex (60 pairs) and CFDs on Commodities and Global Indices.
IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).
On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.
Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.
The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.
For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.
As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.
To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.
FP Markets Standard Account
The FP Markets standard account is similar to that offered by IC Markets as the maximum leverage is 1:500 and the spread starts from 1.0 pip. Trades are commission-free while the order execution is ECN-based in which traders get the prices directly as quoted by the liquidity providers without any adjustment by the broker.
The financial instruments available for trading include metals, indices, commodities, and over 60 currency pairs. Traders are free to use any trading style that suits them including tools that help in automated trading such as expert advisors. The minimum deposit is AUD100 or its equivalent in any of the base currencies of the account.
Flexible lot sizing is available as trades as small as one micro lot (0.01) can be placed. This gives traders the opportunity to test the platform with little risk while allowing optimal trade management according to the trader's account balance.
Keeping positions open overnight won't result in the overnight/rollover fee reducing your earnings, so you don't have to worry about it. FP Markets offers the most competitive swap rates in the industry by introducing Swaps Points in the form of a live swap rates list on the MT4 and MT5 platforms. Here are some examples:
- ACWI: -5.00 for long positions and -2.50 for short positions.
- ADAUSD: -20.00 for long positions and -20.00 for short positions.
- AGG: -5.00 for long positions and -2.50 for short positions.
Overall, the standard account offered by both brokers is quite similar. There are only slight differences between them which is not surprising considering the services of both brokers are comparatively reliable. Since the account is available on both MT4 and MT5 trading platforms for the two brokers, choosing between the two will most likely come down to the trader's personal preference.
For more account comparisons to broaden your scope, see also FP Markets Vs XM Standard Account.
43 Comments
Andrew
Feb 7 2023
Sorry, I'm not quite sure what the main differences are between these brokers. From what I read in the article, standard accounts both provided the same functionality and both used leverage 1: 500 and the floating spread that start from 1 pip.
Meanwhile the differences between these brokers based on author is (I don't see them as differences), FP Markets to be slightly better than IC Markets, based on an article about the quality of customer service provided by both brokers. The question is, why is FP Markets customer service slightly better than IC Markets? Can someone explain to me? thank you!
Kyle
Feb 7 2023
Andrew: Actually, I don't see any difference between these brokers. Fast execution too, one has a live server from New York and the other can act as an ECN broker. Meanwhile, spreads and leverage are also same. The possible difference is between the minimum deposit required by IC Market which is 200 USD and FP Market which is 100 AUD. But it doesn't affect the trading either.
Regarding customer service, I found that FP Market customer service offers live chat, phone and email services. But at IC Market, the only way to get touch with IC Market customer service is by phone and email.
Marcelo
Feb 7 2023
Between the execution speed of the IC market and the FP market, there is one key feature of the IC market that I think is very important. If the execution speed is fast, orders can be placed without requotes even during times of high volatility, right? That's my point, the market execution. The IC Market offers fast market execution with Equinix NY4. And based on the article, what's special about IC Market's execution speed is that the servers are located in Equinix NY4 data center in New York and are interconnected to IC Market's main network.
Currently, you don't see much in the FP market. What makes Equinix NY4 special is that IC Market is able to achieve such high order execution speeds.
Robert
Feb 7 2023
Marcelo: let me answer
Equinix is ​​a global digital infrastructure company. They connect industry leaders such as finance, manufacturing, retail, transportation, government, healthcare and education in a digital world.
This means that IC Market has partnered with Equinyx to create a faster server that can make trading on IC Market lower latency and withouts. So, the IC market essentially borrowed a server and a digital infrastructure provider from a high-tech company. All trades will go from the server to IC Market, creating high execution speed and for scaping, the conditions that IC Market provide are great.
Ternier
Feb 7 2023
Dude, have brokers ever restrict trading styles, I mean in the article, on the IC market details refer to no trading restrictions. There is words that mention scalping and hedging are allowed. I mean, if the restrict happen, it will be funny to read about brokers restricting certain trades. It will make condition that limited trades and does not give the trader any freedom.
Meanwhile, the article says that the scale and hedging is allowed in IC Market and FP Market is also allowed for the trader to use any trading style they want.
The question is why scalping and hedging are not allowed? I mean it's a style of trading and I don't think brokers need to restrict it
Sammy
Feb 7 2023
Ternier: "The question is why scalping and hedging are not allowed?"
Special conditions are required to perform scalping: fast and without. This means that the server needs to process transactions faster and can handle the entire order with one time. If the broker's server cannot provide these factors, the scalping process will beed and re-quoted, resulting in a different price that the scalper wants. In general, if a broker allows scalping, it means it guarantees a good server.
On the other hand, when it comes to hedging, why don't some brokers allow it? It's about regulation. For example, the US Financial Services Authority has ruled that hedging is not permitted, while other regulators in Europe, Asia and Australia do.
Read about the Hedging in here : Why Hedging is not allowed
Dave
Feb 11 2023
I am training with another broker but I am not sure about the trading conditions they offer and would like to change brokers. Of course I also use Metatrader 4, but I am very interested in Metatrader 5.
Hey, I would like to ask about the trading platform you can choose for both accounts, you say you have MT4 and MT5, what is the difference? Can I switch trading platforms on my own if I don't feel it's right for me? Either a demo account or a live account. On the other hand, you can compare the best trading platforms for those focused on learning EUR/USD and XAU/USD. (I feel a little uncomforted in using MT4)
Andy
Feb 11 2023
Dave: In my experience, if you can use Metatrader 5; you should have no problem upgrading to Metatrader 4. I mean, in general, there aren't many different things that can affect your trading. Both Metatraders are almost identical and if you just trade with a common strategy and trade you will find that there is no difference at all.
However, if you are trading with larger timeframes, with advanced technical tools or trading EAs. You will see a huge difference between these trading platforms.
Due to the different language of the program, you cannot switch accounts, including demo accounts. Another way you can use is to open a new account. My advice, if you just want to trade Forex or gold or not crypto, choose Metatrader 4 as it is more user friendly with simple technical tools
Aaron
Feb 11 2023
I have heard about mini lot account from some brokers but unfortunately not available in both FP market and IC market. I have also heard about the possibility of reducing the risk that occurs when trading Forex on a small lot account. Whereas the standard account, it can maximize risk and profit, can also give the standard condition that occurs in Forex. Furthermore, the standard account is mainly used by new and experienced traders meanwhile mini account mostly used by newbie.
Let's get back to the topic, what makes the difference between a standard account and a mini account in term risk/reward. Because sometimes I don't see the difference between these two accounts. And which account should I choose because both brokers don't have mini accounts.
Jackie
Feb 11 2023
Aaron: Well, if you talked about possible risk/reward, the standard account is riskier but more profitable than the mini account. And not only that, if you are looking for brokers who have both accounts, sometimes the margin call and stop levels of the two accounts are also different with the mini account having a higher level margin call (higher level means higher chance of getting margin call)
In addition, there has been a limit to the number of lots you can also open. Basically, if you trade with a mini account, all transactions will be more restricted. Meanwhile, the standard account becomes more free.
And finally, the difference between the standard account and the minimum account that even beginners can perceive is the profit and loss value. You can see, the lots you can choose when trading in the standard account:
So if you are trading with a mini account, then 1 lot is really a standard 0.1 lot account. Every pip you can lose or gain $1 and mini accounts at many brokers allow you to open a mini account up to 0.01 lot at $0.01 per pip. Meanwhile at standard account, you just multiply all the mini account's value by 10. The profit and loss at standard account can be start from $0.1-$10
Furthermore, you can see the details of mini account in here : Understanding Mini Account in Forex Broker
And you can see the standard account difference with cent account to in here : Cent VS Standard Account
Kelly
Feb 11 2023
I have read the details of FP Market in the article and discovered that the minimum FP deposit is AUD 100 or its equivalent in one of the account base currencies. I mean is it really possible to trade with 100 AUD or other currencies instead of dollars? I have read many articles about brokers on this site to determine which one is the best. I first found out that there is a broker that accepts 100 AUD. I'm not surprised actually, but the article didn't write about AUD to USD conversion either. So, I would be very surprised if we can trade Forex with currency other than the US dollar.
Millen
Feb 11 2023
Kelly: I have not used AUD as a forex currency for trading but as far as I know USD is the main and only Forex currency. All gains and losses are denominated in USD. As you can see, direct pairs, indirect pairs, even crossover pairs; all of these pairs will convert your profits to USD.
You can see the Cross Pair formula which also shows the current ask/bid price of the direct pair. For example: EUR/CHF; you will see the EUR/USD ask/bid price. So, in my opinion it is not possible to trade with AUD, but I think it will convert directly to AUD if you want to deposit and withdraw. I hope Australia Trader can also explain this, as AUD deposit is for Australia Trader only.
Erik
Mar 13 2023
A lot of beginners, myself included, often wonder why Raw Spread or ECN accounts can be challenging to handle. These accounts typically offer lower spreads but may come with higher commissions. However, they do provide advanced features that standard accounts lack. In this article, FP Markets claims to offer commission-free ECN order execution in their standard account. As a beginner, is it advisable to opt for this type of standard account or avoid it altogether? Can ECN brokers also offer standard accounts?
Rick
Mar 13 2023
ECN brokers can provide standard accounts as an option to cater to a broader range of traders. These standard accounts are designed to be beginner-friendly and straightforward, although some advanced features of ECN accounts may not be available. Standard accounts from ECN brokers usually have no commissions and may have fixed spreads.
For instance, FP Markets offers a standard account with ECN execution without commissions, which is a great option for traders who want to benefit from ECN trading without the higher costs. However, beginners may avoid ECN accounts due to their complexity and potential risks, as traders need a good understanding of financial markets, trading strategies, and risk management techniques. ECN accounts typically involve higher trading costs, such as commissions and fees, which can decrease profits.
Galtier
Mar 13 2023
As a new trader, I came across some articles comparing IC Market and FP Market. One article suggests that FP Market is slightly better, but I am not convinced because IC Market offers market depth, which I don't see as being offered by FP Market. Additionally, I have heard that ECN brokers also offer market depth, and I want to know how it differs from the market depth of the standard account at IC Market. Thank you for your help!
James
Mar 13 2023
Let me answer. I will help you as best as I can. So, market depth is a cool feature that lets you see all the buy and sell orders at different prices in real-time. It's like a crystal ball that shows you how much liquidity is available at each price level, so you can make better trading decisions.
IC Market's standard account has market depth, which means you can see the order book for a specific instrument and how much liquidity is available at each price level. Both IC Market and FP Market's ECN accounts offer market depth. The difference is that ECN accounts have access to a more comprehensive order book with more liquidity providers, which means better pricing and tighter spreads.
Galtier
Mar 13 2023
Ah, I see. So when IC Market talks about "Depth Market," they are referring to the part of the ECN Depth of Market that is accessible only through an ECN account. In the standard account, traders can only access some parts of the order book, resulting in a higher spread starting from 1 pip, but no commission. However, with an ECN account, traders can access a more comprehensive order book with tighter spreads, but with a commission charged per round turn. Thanks for explaining this to me, I appreciate it! I think it's time for me to open an account with IC Market
Gary
Apr 19 2023
Based on the articles I've read, there seems to be a lot of emphasis on the speed of execution in the FP market, which apparently offers slightly better speed than IC Market. However, as a trader in IC Market, I haven't noticed any significant difference in execution speed or faced any major challenges in that regard.
I'm curious about what makes the speed of execution in the FP Market, particularly with Equinix NY server, so special. Does it offer a unique advantage compared to other brokers? And if the speed of execution is guaranteed to be very fast, does that mean there's no slippage or requotes whatsoever?
I would really appreciate it if you could provide more detailed information on this matter. Thank you.
Justus
Apr 19 2023
@Gary: The FP Market is known for its ultra-fast execution speed, which is made possible by its cutting-edge technology and use of the Equinix NY server. This server is strategically located near major liquidity providers and allows for lightning-fast data transfer, resulting in faster execution times and lower latency.
Compared to other brokers, the FP Market's speed advantage can make a significant difference for traders, especially those who rely on high-frequency trading or scalping strategies. However, as like the other broker, it's worth noting that even with fast execution speeds, slippage and requotes can still occur in volatile market conditions or during news events.
Dovahkiin
Apr 19 2023
I'm a bit confused about the micro lot trading option in standard accounts. I noticed that both brokers offer micro lot (0.01 lot) trading in their standard accounts. However, my country's brokers only provide micro lot trading in their micro accounts, and not in the standard accounts, which increases the risk of trading. I'm wondering why these brokers offer micro lot trading in their standard accounts, which makes them seem more like micro accounts to me. Is it common to have this option in standard accounts, or is it unique to these brokers?
Gerald
Apr 19 2023
@Dovahkiin: Hey mate! It's actually quite common for brokers to offer micro lot trading in their standard accounts, especially for those who are just starting out or have a smaller trading capital. It allows traders to have more flexibility in their trading and manage their risk better. As for why your country's brokers don't offer it, it could be due to various reasons such as regulatory requirements or their own business strategy.
But for the brokers like IC Market and FP Market, they seem to offer micro lot trading as part of their standard account, which is great news for you as it can help you trade with less risk. However, just because they offer micro lot trading doesn't mean that it's always the best option. You still need to consider your trading strategy, risk management, and overall goals when deciding what lot size to use in your trades.
Jerry
May 20 2023
The FP Market offers a wide range of financial instruments for trading, including metals, indices, commodities, and over 60 currency pairs. Traders have the freedom to choose their preferred trading style and can even utilize tools like expert advisors for automated trading. The minimum deposit required to open an account with FP Market is AUD 100 or its equivalent in any of the base currencies.
I'm a bit curious about the minimum deposit being in AUD. Could you explain why FP Market has chosen AUD as the base currency for the minimum deposit? Additionally, if traders want to trade the EUR/USD currency pair, what margin would they need? When depositing funds, does the AUD automatically convert into US Dollars, or can traders still trade with AUD for other currency pairs such as EUR/USD?
motinho
Jun 17 2023
@Jerry: FP Markets offers a bunch of trading options, like metals, indices, commodities, and over 60 currency pairs. To get started, you just need a minimum deposit of AUD 100 or its equivalent in any base currency. Now, you're wondering why they chose AUD as the base currency for the deposit, right? Well, since FP Markets is based in Australia, it makes sense for them to roll with their local currency. They want to make it easy-peasy for their Aussie clients to hop on board.
Now, let's talk about trading the EUR/USD pair. When it comes to depositing funds, if you slap in some AUD, they'll probably convert it to the base currency used for trading, which is usually USD for major pairs like EUR/USD. So don't worry, you can still rock those trades even if you started with AUD. Just keep in mind there might be some conversion fees or exchange rate fun and games. If you want the nitty-gritty details, hit up FP Markets' support or have a peek at their official docs. Happy trading!
Garry
May 20 2023
I came across an article that highlighted some impressive features offered by IC Markets for trading. They mentioned high-speed execution, no trading restrictions, and what caught my attention the most was the market depth feature. The article explained that market depth displays a comprehensive range of executable prices sourced directly from liquidity providers. It provides transparency by showing the available volumes for each price level of a currency pair at any given time.
I'm intrigued by the market depth feature and its significance in trading. Could you explain its function in the market? Additionally, I'm curious about how I can access the market depth display in Metatrader. I would appreciate an explanation on how to utilize this feature effectively. Thank you!
Sandy
Jul 4 2023
@Garry: Market depth is like having x-ray vision into the inner workings of the market. It shows you the real deal, giving you a sneak peek into the available buy and sell orders at different price levels for a currency pair.
So, here's the deal: market depth helps you gauge how deep the market is and how much trading activity is happening at different price levels. It's like peeking behind the scenes to see the supply and demand in action.
To access the market depth display in good ol' MetaTrader, just follow these steps:
Inside that window, you'll find price levels, buy orders, and sell orders. The volumes associated with each price level tell you how much trading action is happening at those levels. It's like having a front-row seat to the liquidity party! (also read : Your Simple Guide to Depth of Market)
Now, keep in mind that market depth is most useful when the market is alive and kicking with lots of liquidity. So, it's prime time to use it during active trading hours.
But hey, don't forget to combine this sweet feature with your other analysis tools. Market depth is like a sidekick to your technical and fundamental analysis. Together, they'll help you make savvy trading decisions.
So go ahead, unleash the power of market depth, and may it bring you closer to trading success!
Johanssen
Jul 5 2023
What model strategy of trading does the expert advisor in FP Markets utilize, considering their standard account features such as maximum leverage of 1:500, commission-free trades, and ECN-based order execution? Additionally, with a wide range of financial instruments available for trading, including metals, indices, commodities, and over 60 currency pairs, traders have the flexibility to employ various trading styles. In this context, are expert advisors in FP Markets designed to support specific trading strategies or do they offer a more versatile approach to automated trading?
Hiraga Saito
Sep 1 2023
To be honest, I don't really understand the MT4 and MT5 platforms offered by IC Markets and FP Markets. Does anyone have experience between MetaTrader 4 and MetaTrader 5? Based on the article, MetaTrader 4 may be the best choice for forex traders because it is simple and very effective. But I don't understand what simple and effective means, while I am an ordinary person who only knows about Forex and trading for a while, and I have never even touched the Metatrader 4 and 5 applications (As far as I know these applications are more famous than cTrader).
What about MetaTrader 4 and 5 screens? which one is best for beginners and laymen who know about forex like me?
Louise
Sep 3 2023
MetaTrader offers access to a free demo account, which many non-brokered Forex traders use to perform technical analysis of historical rates, but does not include access to live trading features or updated market rates.
If you choose IC Markets or FP Markets as your broker, simply open and fund a broker account then download the MetaTrader 4 software directly from your broker to start trading forex and CFDs. The broker also offers a demo account that allows you to practice trading with virtual funds before graduating to live trading with real money.
However, maybe if you are a pro trader who needs a platform that provides advanced features, I recommend MT5. MT5 is an enhanced version of the previous powerful platform, also available for almost all devices, also features the Ultimate Edition which is offered free to every live account holder with IC Markets or FP Markets. MT5 also supports multiple versions including web platforms and mobile apps for any device, so you can feel comfortable using any device.
Sieghard Saladin
Sep 6 2023
Hello, can a demo account in FP Markets describe ECN conditions? I mean, is it possible to have a demo account with ECN functionality, so I don't need to know and learn about the standard account? Instead, I can learn ECN functionality with a demo account, which saves time, and I believe I can maximize all potential functionality of the ECN market. And as I see it, the spread in ECN seems very low and I guess that is very friendly to me.
Larson
Sep 7 2023
No, it is impossible to have the ECN feature in the demo account. Because the ECN account is linked to the main liquidator. Meanwhile, a demo account is just a tool brokers provide to monitor real market movements. So basically the demo account has no spreads or commissions because trading is done by the broker's server without passing your order to the LP (Liquidity Provider).
The demo account only provides trading tools and other basics learned in live trading. So don't be surprised if some events that will happen in the live account will not happen in the demo account. This is why, after defining your strategy, it is crucial to test it in the real market after pushing it back with a demo account.
Orion
Sep 8 2023
Absolutely, you can set up a demo account with ECN functionality to simulate trading in ECN conditions. ECN, or Electronic Communication Network, is a trading environment where buyers and sellers can directly connect through a network.
To grasp how ECN trading operates, you can use a demo account offered by a broker that provides ECN trading. This demo lets you test the ECN platform and practice trading in a simulated setting without putting any real money at risk.
However, it's essential to note that the trading conditions in a demo account might not perfectly mirror those of a real ECN account. Demos are crafted to give you a taste of the platform and trading environment but might not encompass all the features and functionality of an actual trading account.
Remember, it's about simulation, not an exact replica of real ECN trading conditions! So, those demo accounts aren't entirely useless after all. In fact, as you transition to actual trading in an ECN account, you might encounter occasional slippage or significant spreads during specific trading sessions, like news releases or server updates. Therefore, while you can refine your trading strategies in a demo account, you must be ready for unexpected variables when trading in a real ECN account.
Kenny Tan
Sep 9 2023
Basically, the FP Markets mobile app seems very advanced and I find it very helpful to be able to simplify trading with a single trading app that can also be used to trade and manage my account. There are also trading tools, but no drawing tools are available. The chart is powered by Metatrader. It means Metatrader users will not feel strange when see the graphic chart in the FP Market app.
But without drawing tools, it means that the trading tools in this trading app are limited. Believe it or not, drawing tools are very important for technical traders. In my opinion, FP Markets is not a good choice for those who need more trading tools to analyze their charts, but it's also not a bad choice if you can't trade via MetaTrader. It has a simple user interface and is easy to use for beginners, but not very suitable for MetaTrader users.
George
Sep 11 2023
I agree with some of your arguments. Yes, if you are a MetaTrader user, you will not feel too familiar and limited as the FP mobile app has no drawing tools and limited trading tools. The interface is also simple, but not for Metatrader users.
But I disagree when you say that users using this mobile app should trade on the app, or that beginners should use this app and not trade on Metatrader. In other words, you are under no obligation to use only Metatrader or the FP mobile app. What I mean is that you can trade on both, but I think Metatrader will be the first trading platform. If you don't have access to Metatrader, you can trade using the FP Mobile app.
As mentioned in the article, it is worth using the FP trading app. But in my eyes, as a secondary trading platform. (read this article to know the pros and cons of mobile trading : Pros and Cons of Mobile Trading)
Liam Melker
Sep 17 2023
In my opinion, out of all the brokers I tried, the registration process was more comfortable at IC Market. If there are too many files or documents that have to be uploaded to the platform from the broker, I find it too complicated, and yeah the vibe is like wanting to register for a population census if there are too many documents.
At first, I asked, do all brokers offer a process that is this complicated and long? But now I have found the answer, which is not all. it turns out that there is an IC Market that provides an easy registration and verification process and only requires a few documents.
However, I have a few questions for this broker, does this broker provide cryptocurrency trading for its traders? I'm really curious. As a beginner, can I try it?
Barack
Sep 19 2023
Wow, you don't know about trading at IC Market, do you? IC Markets offers quite a large ion of cryptocurrencies. Usually, brokers only offer a general ion of crypto pairs and limit crypto trading to less attractive account types, but that is not the case with IC Markets.
IC Markets offers Bitcoin, Bitcoin Cash, Ethereum, Dash Coin, Ripple, and Litecoin pairs. These pairs are available for all account types, and trading conditions allow for short trades in crypto.
Leverage is capped at 1:5 for crypto, which is pretty standard for this product, due to the sometimes extreme volatility. The spreads charged on these cryptocurrencies are varied and much higher than fiat currencies, but still not much different from those applied by other brokers.
Orion
Sep 20 2023
even though I like highly leveraged trading, I also wouldn't choose highly leveraged trading when it comes to crypto. The risk is too high, the market is also difficult to predict. There are some brokers that provide crypto trading with very high leverage, however, it is too risky.
Maybe beginners who don't understand crypto volatility think that the amount of 1:5 leverage is too low for trading, but actually it's already high in crypto trading. especially for those of you who are novice traders and want to trade crypto, you can consider IC Markets as a trading provider broker.
Cryptocurrencies are volatile, unregulated, decentralized, and almost completely controlled by retail speculators. Trade the newest and most exciting asset class in the form of CFDs with an FSA-regulated Forex CFD provider.
The price movements of cryptocurrencies such as Bitcoin or Ethereum are mainly influenced by news and sentiment, namely the fear and greed of retail speculators. These sometimes dramatic moves can lead to large daily price swings, making cryptocurrency CFDs an attractive product for the aggressive and experienced day trader.
IC Markets Cryptocurrency CFDs allow traders to hold buy or sell positions without owning any cryptocurrency. This means that traders can be exposed to cryptocurrency price movements without having to worry about the security risks of holding cryptocurrency and the counterparty risk of cryptocurrency exchanges. It's similar to trading energy futures like oil, in that you don't need to own physical crude oil to speculate on its price.
Phawan
Sep 22 2023
Actually, I just want to add here regarding the explanation of meta trader. OK, as previously explained, by our friends, MT4 is not a broker, so you still need a supporting broker to trade on this platform.
In general, using MetaTrader 4 is not difficult, but quite a few people are confused when they use it for the first time. The first step that must be taken is to open MetaTrader 4 and log in by entering your name and password. After logging in, the status bar will light up because it is connected to the server. If you have analyzed and made several considerations, then buying and selling can be done by clicking the "new order" button on the tools bar and a window will appear
After the order window for GBPUSD has opened, several pieces of information will appear, such as Symbol, volume (lot size for trading), Stop loss (price limit for floating), Target Profit, Buy and Sell, and Maximum Deviation to limit your transaction actions. You can use all these features to make it easier when you open a trading position, and so on.
Not a few brokers in the world use the MT4 platform, with or without additional customizations. Generally, brokers have direct download links on their websites, making it easier for traders to access and install the platform. So, to find out more about the features of MT4, you can read Is MetaTrader 4 (MT4) Still Relevant?
Mariano
Nov 28 2023
What trading strategy model does the expert advisor in FP Markets employ, taking into account features like a maximum leverage of 1:500, commission-free trades, and ECN-based order execution on their standard account? Moreover, with an extensive array of tradable assets, encompassing metals, indices, commodities, and over 60 currency pairs, traders can adopt diverse trading styles. Given this, do the expert advisors in FP Markets cater to specific trading strategies, or do they provide a more adaptable approach to automated trading?
Jeff
Nov 29 2023
in my opinion, the expert advisors in FP Markets are designed to accommodate various trading strategies, leveraging the features of their standard account, which includes a maximum leverage of 1:500, commission-free trades, and ECN-based order execution. With an extensive range of tradable assets like metals, indices, commodities, and over 60 currency pairs, traders have the flexibility to employ diverse trading styles. The expert advisors aim to offer a versatile approach to automated trading, allowing traders to adapt their strategies based on the specific instruments and market conditions they choose to engage with on the FP Markets platform.
Juan
Dec 23 2023
Could you clarify the concept of market depth mentioned in the article? The article highlighted that market depth reveals the entire spectrum of executable prices sourced directly from liquidity providers. It offers transparency by displaying the available volumes for each price level for a given currency pair at any given moment.
I'm curious about the significance of this feature and why some brokers, particularly those offering standard accounts, may not include it. Additionally, what advantages does having the market depth feature bring to the table?
Teddy
Dec 25 2023
Merry Christmas! Let me answer your question!
Market depth is a tool that shows the full range of executable prices obtained directly from liquidity providers. It enhances transparency by displaying the available volumes for each price level for a specific currency pair at any given time. The function of market depth is to provide traders with a comprehensive view of the supply and demand at different price levels in the market. This information can be valuable for making informed trading decisions, as it allows traders to gauge potential price movements based on the levels of buying and selling interest.
Not all brokers, especially those offering standard accounts, may include the market depth feature. This could be due to different account types catering to varying needs and preferences of traders. Standard accounts may focus on simplicity and ease of use, omitting some advanced features like market depth to streamline the trading experience.
The advantage of having the market depth feature lies in its ability to offer deeper insights into the market dynamics. Traders who are actively managing their positions and seeking a more detailed understanding of liquidity levels may find this tool particularly beneficial. It allows for a more nuanced analysis of market conditions, aiding in the development of effective trading strategies. (read : Your Simple Guide to Depth of Market)
Josafat
Dec 29 2023
Hey there! I'm a newbie here and thinking about diving into Forex trading. It seems like I need to get the hang of some computer stuff because I've spotted some techy terms. I'm particularly curious about this thing called "latency." The article mentions that IC Markets' standard account works on MT4 and MT5 platforms, and their servers are chilling in the Equinix NY4 data center in New York. They say it's to make sure trades happen super fast with low latency.
Now, the article keeps talking about low latency, but what's the speed that's considered "low"? My current broker talks about high speed, but they don't throw around the term "low latency." What gives?
Mendy
Dec 31 2023
Hello! In the context of Forex trading, "low latency" typically refers to minimal delays in the execution of trades. It's all about speed—how quickly your trading platform can process your orders. In the article, they mention that IC Markets ensures low latency by having their servers in the Equinix NY4 data center in New York. This means that the time it takes for your trade to be executed is super short.
As for the specific speed considered as low latency, it can vary, but generally, it's in milliseconds (thousandths of a second). The shorter the delay, the better, especially in fast-paced markets where prices can change rapidly. For example, if the latency is around 1 millisecond, it means that it takes just 1/1000th of a second for your order to be processed. And it can be even zero point millisecond too! Hope my answer can help you!