Introduction
The forex trading industry is a vast and competitive landscape, with numerous brokers vying for the attention of traders. With so many options available, it can be difficult to decide which broker is right for you. In this article, we will compare two popular forex brokers, FP Markets and AvaTrade, to help you make an informed decision.
FP Markets Overview
FP Markets is an Australian forex broker that was founded in 2000. The company is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority (FSA). FP Markets offers a wide range of forex trading products, including over 70 currency pairs, as well as CFDs on indices, stocks, commodities, and cryptocurrencies. The company also offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, and IRESS.
AvaTrade Overview
AvaTrade is an Irish forex broker that was founded in 2006. The company is regulated by the Central Bank of Ireland (CBI), the Financial Services Authority (FSA), and the Australian Securities and Investments Commission (ASIC). AvaTrade offers a wide range of forex trading products, including over 70 currency pairs, as well as CFDs on indices, stocks, commodities, and cryptocurrencies. The company also offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, and AvaTradeGO.
Regulation and Security
Both FP Markets and AvaTrade are regulated by reputable financial authorities. This means that your funds are protected in the event that the broker goes bankrupt. Additionally, both brokers offer negative balance protection, which means that you will not lose more money than you have in your account.
Trading Platforms
FP Markets and AvaTrade both offer a variety of trading platforms, including MetaTrader 4 and MetaTrader 5. These platforms are popular among traders because they are user-friendly and offer a wide range of features. FP Markets also offers IRESS, a proprietary trading platform that is designed for experienced traders. AvaTrade offers AvaTradeGO, a mobile trading platform that is available for iOS and Android devices.
Trading Products
FP Markets and AvaTrade both offer a wide range of forex trading products. FP Markets offers over 70 currency pairs, while AvaTrade offers over 70 currency pairs. Both brokers also offer CFDs on indices, stocks, commodities, and cryptocurrencies.
Fees and Commissions
FP Markets offers a commission-based account and a spread-based account. The commission-based account charges a commission of $0.30 per round trip trade, while the spread-based account has spreads that start from 0.0 pips. AvaTrade offers a spread-based account only. The spreads on AvaTrade's account start from 0.0 pips.
Customer Support
FP Markets and AvaTrade both offer 24/7 customer support. FP Markets offers support via live chat, email, and phone. AvaTrade offers support via live chat, email, phone, and social media.
Conclusion
FP Markets and AvaTrade are both reputable forex brokers that offer a wide range of trading products and services. The best broker for you will depend on your individual needs and preferences. If you are looking for a low-cost broker with a wide range of trading products, then FP Markets is a good option. If you are looking for a broker with a user-friendly trading platform and excellent customer support, then AvaTrade is a good option.
