What is FP Markets Social Trading?
It may sound unbelievable, but you can now trade like an expert with a single click of a button, and it’s all because of FP markets. Do you want to trade like a pro but don’t have the time to conduct market research? Do you want to invest in forex and your favorite stocks but don’t have the time to conduct market research? Do you want your money to work for you around the clock while you enjoy the finer things in life? All you have to do is learn the three C’s of copy trading: choose copy, control, and copy. Choose the most successful traders from a thorough ranking list based on their profits and previous performance.
It’s then as simple as following a trader and activating copy mode on your trading platform, which will automatically copy their transactions for you, thereby allowing you to trade like a pro. You can also control how you diversify your portfolio by following numerous traders at the same time and switching between successful traders with one click. Join fp markets today and start trading like a pro.
How Does FP Market Social Trading Work?
It takes two to tango. FP markets social trading app works in a very efficient manner. It’s an open-source system.
With fp markets’ social trading platform, you may follow expert traders and mimic the ones that best suit your investment objectives. To access the suppliers and their offers on FP market social trading, you must first have a confirmed live trading account. go to your client portal’s social trading page, click follow, and you’ll be brought to the subscription registration page, where you can learn more about the provider and the offer, including crucial facts like the performance cost and how often the fees are charged.
Ensure that your trading account is located on the same server as the signal provider. choose your offer by entering your account number and password Read and accept the terms and conditions before clicking Register. Once you’ve completed the subscription registration, you’ll need to activate it before you can begin copy trading. To access your social trading account, go to social.fpmarkets.com and log in with your MT4 credentials. The dashboard is divided into four tabs, which you may flip between. Transaction history and ratings for my portfolio “My portfolio” displays the status of your subscriptions and lists the number of active and inactive subscriptions you have.
FP Markets Social Trading Account Details
When you click on the subscription’s nickname, you’ll be sent to the subscription profile, where you can view, create, and update critical information about your subscriptions including the trade direction, volume strategy, and risk parameters. Subscribers can review the list of all transactions and track the performance fees incurred on the transaction history tab. Subscribers can read the details of any current live offers in the rating table. To learn more about a certain offer, click on the moniker to see information such as the return to date balance, return per period trading activity, equity information instruments, and more.
Available Trading Platforms
FP Markets has a long list of available trading platforms on their site which are compatible with the copy account. One can start trading with MetaTrader4 and MetaTrader5. As we know this is one of the most famous and reputable trading software in the industry, every legitimate broker offers it to its consumers. FP has both versions of the Metatrader trading platform. Additionally, they also provide WebTrader, which is a counterpart for the MT4 and MT5 software. WebTrader is just as functional and popular. The major distinction between the two is the fact that one is web-based and the other isn’t.
We think it’s also important to mention that as of now there’s also a brand new option for the traders on the site in the form of the FP markets Mobile trading app.
Available Leverage
Leverage is one of the most powerful tools that a trader can use for their trading execution process. It’s highly important to do one’s business with a broker that offers the perfect leverage ratio which can meet one’s needs.
Most of the unregulated brokers have wildly different amounts of leverage ratios. This can be a signifier of fraudulent behavior on their part. In the case of FP Markets, they seem to be following their respective regulatory body. And this is the reason why the maximum amount of leverage for the site’s regular account is 30:1. As for the Pro account, it’s 500:1.
On one’s margin needs, the Gross Liquidation Value drops to 50 percent. On the Iress platform, stop out is not an automatic procedure; instead, it is overseen by the site’s risk team, who will contact you if necessary.
Spreads Range
There spreads on the trading instruments on the FP markets site are in a floating position. For example, the spreads range on currency pairs start from 0 pips and go up to 1.2 depending on which account type you are using, whether it’s standard or Raw. Commodities and indices are just as interesting to trade and they are just as popular of an option if not more favorable. They start from 0.3 pips and go up to 100 including the FTSE on both account types. Additionally if one wants to start trading metals one should know that there;’s a wide selection of precious metals with an adequate spread range starting from 0.13 pips for gold, as for silver it starts from 0.01 pips. These amounts may vary depending on which account type one is using for the execution of one’s trades.
Pros & Cons of FP Markets Social Trading
Every product has its advantages and disadvantages. This saying is true for FP markets as well. In this section of the article, we will be discussing the various aspects of the social trading platform. We believe that it is highly important to compare these attributes in order to be very clear and observant of the precision of the social trading platform and its few faults.
Pros
After doing thorough research on the topic we have come to a conclusion that the FP markets social trading platform is an innovative initiative that has various benefits for the trader. There are three distinctive pros about social trading we think deserve the spotlight. We will be discussing each factor in detail to emphasize its importance and the benefits that it can provide for the consumer.
Swap Free Accounts
The same initiative is in place for the holders of the Swap-Free accounts. In other words, referred to as Islamic accounts as it follows the guidelines of sharia law. FP markets is an inclusive Forex brokerage and offers its Social Trading copy account for all types of consumers.
Sense of community
Another benefit of the FP markets copy accounts social platform is the enhanced sense of community one feels while scrolling through the account of others like oneself. In a sense, the whole interface of the platform is constructed much like a social media application. Think of the FP markets social trading as the Pinterest of Forex trading.
Strategy Categorization
We have to mention the fact that there are many educational materials on the site for novice traders. Additionally, the FP markets social trading initiative takes the importance of having a strategy to a whole new uncharted territory which makes it a very unique tool to have.
Cons
We have already discussed the aspects of the social trading initiative that are beneficial for the consumer. In this section, we will be discussing and dismantling the very faults that this initiative might have. We think that there are aspects of the FP Markets’ social trading that can be further improved in the future.
Lack of advisory
There are no managers on the site who can be advisory figures for some traders. In fact with the social trading initiative this role is outsourced to fellow traders, Much like social media this can take a diluted turn for the worse. As for a novice trader, the lack of direct advisory can be just as damaging as it is beneficial.
Not Australian Friendly
One of the FP markets regulatory bodies includes the Australian Securities and Investments Commission. They have a strict guideline which must be followed in order to get a qualification from them. FP markets can’t include their Australian traders in the social trading initiative as it was not ASIC approved. Which is definitely not great for the countless Australian consumers that want to take part in this initiative. FP markets should take notice of this and find a way to make the trading experience as inclusive as they promise on their website.
Inconsistency
Inconsistency may arise with the common usage of social trading by novice traders. In conjunction with the trading materials on the site, this should not be a considerate problem however the very nature of social mobility can be the cause of havoc that traders m8ght face in their trading experience while following the social trading initiative.
FAQ on FP Markets Social Trading
What is a social trading platform on FP Markets?
Social trading is a new initiative on the platform that combines the mobility of the trading platforms and the educational material in one sphere. This is great news for all the novice traders and newcomers that have decided to do business with FP markets. The initiative is available for all types of users except the ones in the jurisdiction of Australia.