Question:Comparison of FXPro Account Types - Which account is the best for FX trading?
Which FXPro Forex account type is the best for trading?
Comparison of FXPro’s trading account types
First of all, FXPro offers 3 different trading platforms which are MT4, MT5 and cTrader, so you may also want to take them into your consideration before deciding your account type.
In terms of trading cost, you may have the most lowest cost of trading conditions with MT4 and MT5 variable spread accounts.
There are three account types that will be categorized to that type.
Please refer to the below table for full comparison.
|MT5 Floating Spread||MT4 Market||MT4 Floating Spread||MT4 Fixed Spread||cTrader Floating Spread|
|Minimum Spread||from 0.6 pips||from 0.6 pips||from 0.6 pips||from 1.7 pips||from 0 pip|
|Trading Commission||N/A||N/A||N/A||N/A||$4.5/per Lot|
|Minimum Trading Lots||0.01||0.01||0.01||0.01||0.01|
|Maximum Trading Lots||Unlimited||Unlimited||Unlimited||Unlimited||Unlimited|
|EA (Automated Trading)||Allowed||Allowed||Allowed||Allowed||Allowed|
|News Time||Allowed||Allowed||Allowed||Not Allowerd||Allowed|
|Islamic (Swap Free)||Optional||Optional||Optional||Optional||Optional|
|Interest on Margin||N/A||N/A||N/A||N/A||N/A|
For the comparison of FXPro’s all trading platforms, visit the page here.
If you want to open a company (corporate) account with FXPro, visit the page here for more information.
Floating Spread of Fixed Spread?
All FXPro’s trading platforms, MT4, MT5 and cTrader support the floating (variable) spread.
The fixed spread account type is available only with FXPro platform.
1. Floating (Variable) Spread
Many traders prefer the floating spread as this type of spread normally offers tighter spread than the fixed spread type.
As the name suggests, the spread (the difference of bid and ask prices) are variable and changes at any moment.
FXPro offers the lowest spread possible at anytime, but the spread can be widened in case of high volatility or low liquidity in the market.
The floating spread account type is chosen by the majority of traders, and it is available on FXPro’s MT4, MT5 and cTrader trading platforms.
Are you a manual trader and want to reduce the trading (spread) cost to minimal at the majority of times? Then the floating spread account may meet your needs.
2. Fixed Spread
The fixed spread account type offers the fixed spread.
The fixed spread stays the same for all times, and in case of FXPro, the spread is fixed around 1.2 pips for major Forex currency pairs.
The fixed spread makes it easy to calculate the trading cost, thus you can plan your trading more precisely.
The fixed spread account type is also suited for users of EAs (Expert Advisers) as some EAs require the fixed spread for the parameter settings.
FXPro offers the fixed spread account only for the MT4 trading platform.
Market Execution or Instant Execution?
The majority of Forex brokers offer only one execution type as trading conditions are fixed for all traders as brokers prefer.
With FXPro, not only the spread type, but you can also choose the execution model on your account.
The available execution models are “Market Execution” and “Instant Execution”.
While Market Execution is available for all trading platforms of FXPro, Instant Execution is available only for MT4 trading platform.
1. Market Execution
Many traders prefer the Market Execution as it is known to offer the fair trading environment.
With the Market Execution, your orders could experience slippage.
On FXPro’s Market Execution account type, your orders are executed at the volume weighted average price (VWAP) with the tiered liquidity.
Your orders will get the best market price available at any moments.
2. Instant Execution
The Instant Execution account is available only for FXPro MT4.
Unlike the Market Execution, there is no slippage with the Instant Execution.
Instead of slippage, if there is not enough liquidity in the market to fill your order, your order will receive re-quote.
By receiving the re-quote, you will given another available price to execute the order and you can decide if you would accept it or not.
By using FXPro MT4’s Instant Execution account type, you can avoid any slippages even the market volatility is extreme high or there is not enough market liquidity.
MT4, MT5 or cTrader?
FXPro maybe the only Forex broker in the world which offers all of the most popular trading platforms in the world which are MT4 (MetaTrader4), MT5 (MetaTrader5) and cTrader.
Each trading platform has many tools and advantages for investors.
They are all free to download.
1. MT4 (Metatrader4)
MT4 is the most popular trading platform in the Forex market.
With FXPro, you can choose from Market Execution, Instant Execution, Floating and Fixed Spread account types on MT4.
MT4 is already well-known by investors and still remains the popular choice, even after MT5 with more advanced tools was released.
There is a countless number of custom indicators and EAs (Expert Advisers) available online for MT4.
On the other hand, there aren’t so many developed for MT5 with MQL5 language and cTrader with C language.
For the full user guide of MT4 trading platform, visit the page here.
2. MT5 (Metatrader5)
MT5 is the new developed trading platform.
MT5 not only carries all the tools and options of MT4, the platform has many additions.
MT4 and MT5 look almost the same in the eye, but if you look closely, MT5 has more chart types, order types, custom indicators, server options, available financial market types and also market depth window.
There are many things you can do on MT5 which you cannot do on MT4.
For the difference of MT4 and MT5 trading platforms, visit the page here.
cTrader has ECN technology built-in, and it has completely different user interface comparing to MT4 and MT5.
cTrader has market depth built-in and easy to use interface.
As cTrader itself limits brokers to interfere or manipulate the market prices and orders, FXPro offers raw spread with no mark-up spread with cTrader platform.
cTrader gives you a new experience to trade the Forex market.
FXPro account type with the lowest cost
Fixed Spread costs normally more than variable spread accounts, and this is a common thing among many brokers.
This is because the broker will need to cover the fees in case the spread goes wide from its liquidity providers, thus the traders will need to pay for premiums at all time.
In case of cTrader, you may see the lowest spread from 0.0 pip though, there is this extra commission charged which is $4.5 per 1 lot transaction.
But please do not misunderstand that this commission is charged for one way, so the commission is actually $9 per 1 standard round turn lot.
You can consider that there is always 0.9 pips of spread commissions charged in cTrader accounts.
Is FXPro’s spread wider than others?
FXPro with 10 years of excellence, but some traders might see the spreads/commissions are a bit higher than some other brokers, as some brokers even offer spread from 0.0 pip without commissions.
It is because FXPro adopts NDD(Non-Dealing Desk) model and provide fair ad secure trading environment.
So what advantages traders can earn?
It is simply that you are always provided with a fair trading environment, and do not worry about losing your own funds because of your broker’s intentions.
For more information, please visit FXPro’s official website.
Trading Conditions maybe different for some countries
FXPro is regulated and licensed by FCA, CySEC, FSCA and SCB, in order to provide secure and convenient investment solutions for traders all over the world.
Due to regulatory reasons, the trading conditions maybe slightly different for traders in some countries.
Some differences by regulations are the leverage, account types, available platforms and financial markets.
The majority of trading conditions remain the same for all jurisdictions.
For more information about FXPro’s regulations, please contact their support team.
FXPro – FAQs about Forex Trading
Do you have any questions about FXPro’s trading conditions and executions?
We have picked up some of the most frequently asked questions by traders below.
- Does FXPro guarantee stop loss?
- No, FXPro does not guarantee the stop loss on any platforms. It is because the price at which the stop-loss order is placed serves as a “trigger point” and slippage can occur if there is not enough liquidity to fill the order.
- Can I trade Cryptocurrency with FXPro?
- Yes, FXPro offers Cryptocurrency pairs under FCA and SCB jurisdictions. The available Cryptocurrency markets are Bitcoin, Etherium, Litecoin, BitcoinCash and Ripple.
- Can I trade from 0.01 micro lots on FXPro’s platforms?
- Yes, you can trade from 0.01 lots on FXPro’s standard account type. The available trading volume maybe different for some financial markets.
- Does slippage occur on FXPro’s trading platforms?
- Yes, slippage is a natural well-known thing that can occur in any financial markets. In order to avoid slippage, you can open FXPro’s MT4 Instant Execution account type which instead re-quote orders.
- How is swap fee calculated on FXPro’s platforms?
- The formula to calculate the swap fee is “Swap fee = [(one pip / exchange rate) X trade size (lot size) X swap value in points] / 10”
- FXPro’s fixed spread is changing. Isn’t is fixed?
- There are Day Rate, a Night Rate and a separate Night Rate for fixed spreads. On FXPro’s fixed account type, the spread remains fixed for the most of times.
- Why fixed spread can be useful for trading?
- Fixed spreads are particularly useful for news traders, algorithmic traders and those trading at shorter time frames.
- How much is the trading commission charged by FXPRo
- FXPro does not charge any extra trading commissions for MT4, MT5 and FXPro Edge accounts. For cTrader accounts, your account is charged $9 per 1 round turn lot trading.
- What markets can I trade with FXPro?
- With FXPro, you can invest in over 260 financial markets including Forex, Metals, Futures, Shares, Spot Indices, Spot energies and Cryptos.
- What’s the stop out (liquidation) % on FXPro’s platforms?
- For FCA/CySec registered accounts, the Stop out level is at 50% for all accounts. Under SCB/MENA jurisdictions, the Stop out is at 20% for MT4 and 30% for MT5/cTrader.
- Do FXPro’s platforms have re-quotes?
- FXPro’s system re-quotes orders in case of Instant Execution account type (only MT4). For other account types and platforms, there is no re-quotes, but slippage can happen.
- Why my pending orders (take profit and stop loss) aren’t executed?
- Your pending orders won’t be executed if the market price hasn’t reached the specified price or there is not enough funds to support the positions in the account.
- What leverage does FXPro offer?
- FXPro offers various leverage from 1:1 to 1:500. The leverage condition is different for some jurisdictions and the financial markets you trade.
For the detailed information about the required documents to open FXPro’s account, visit the page here.
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