Switch Markets vs FP Markets
Switch Markets or FP Markets – which is better for UK traders 2024? Compare Switch Markets and FP Markets in this detailed breakdown of their platforms, features and fees.
| Switch Markets | FP Markets |
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| Switch Markets is ranked #97 among CFD brokers. | FP Markets is ranked #65 among CFD brokers. |
| Switch Markets is a multi-asset CFD brokerage, regulated by ASIC and SVGFSA. The new brand offers trading on the MT4 platform and leverage up to 1:500. The broker boasts over 180 instruments, with some additional tools including copy trading services and free VPS hosting. | FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist. |
| Pros | |
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| Cons | |
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| Awards | |
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| FCA Regulated | |
| No | No |
| Instruments | |
| CFDs, Forex, Stocks, Cryptos, Commodities | CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto |
| Demo Account | |
| Yes | Yes |
| Minimum Deposit | |
| $50 | $100 |
| Payment Methods | |
| Minimum Trade | |
| $1 | 0.01 Lots |
| Regulator | |
| ASIC | ASIC, CySEC, ESMA |
| Mobile Apps | |
| iOS & Android | iOS & Android |
| iOS App Rating | |
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| Android App Rating | |
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| Margin Trading | |
| Yes | No |
| MetaTrader 4 | |
| Yes | Yes |
| MetaTrader 5 | |
| No | Yes |
| cTrader | |
| No | Yes |
| AlgoTrader | |
| No | No |
| OmniTrader | |
| No | No |
| TradingView | |
| No | Yes |
| Autochartist | |
| No | Yes |
| eSignal | |
| No | No |
| Trading Central | |
| No | Yes |
| STP Account | |
| No | Yes |
| ECN Account | |
| No | Yes |
| DMA Account | |
| No | Yes |
| MAM Account | |
| No | Yes |
| PAMM Account | |
| No | Yes |
| LAMM Account | |
| No | No |
| Demat Account | |
| No | No |
| AI / Machine Learning | |
| No | No |
| Robo Advisor | |
| No | No |
| Negative Balance Protection | |
| Yes | Yes |
| Market Maker | |
| Yes | Yes |
| P2P Trading | |
| No | No |
| Spot Trading | |
| Yes | Yes |
| Auto Trading | |
| Yes - Equinix | Expert Advisors (EAs) on MetaTrader |
| Copy Trading | |
| Yes | Yes |
| Copy Trading Platform | |
| Switch Markets offers copy trading services with low fees via the MetaTrader 4 terminal. | FP Markets Social Trading app allows for the straightforward mirroring of established traders with an easy-to-follow ranking system. |
| Social Trading | |
| Yes | Yes |
| Trade Signals | |
| MT4 | |
| VPS Hosting | |
| Yes | Yes |
| Tournaments | |
| No | No |
| Demo Competitions | |
| No | No |
| Ethical Investing | |
| No | No |
| Custodial Account | |
| No | No |
| Guaranteed Stop Loss | |
| No | No |
| Inactivity Fee | |
| $0 | |
| Islamic Account | |
| Yes | Yes |
| Account Currencies | |
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| Commodities | |
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| CFD | |
| Switch Markets offers 180+ CFD instruments with 1:500 leverage and fast order execution speeds of <76 ms. I find commissions are also fairly competitive, coming in at $7 per round turn for Pro account holders. | FP Markets' CFD trading covers a range of markets, including 10,000+ equities, indices, commodities, cryptocurrencies and ETFs. Spreads are tight and traders get fast execution speeds. |
| Leverage | |
| 1:500 | 1:30 (UK), 1:500 (Global) |
| FTSE Spread | |
| 1.2 | 1.64 |
| GBPUSD Spread< | |
| 0.5 | 1.9 average |
| Oil Spread | |
| 2.0 | 0.04 |
| Stocks Spread | |
| Variable | Variable |
| Forex | |
| I think the range of 60+ major, minor and exotic currency pairs is fairly competitive, especially with spreads from 0 pips in the Pro account. Experienced traders can also access high leverage up to 1:500 in the popular MT4 platform. | FP Markets is a good option for forex traders, with 70+ pairs covering an excellent range of currencies. Spreads are already tight on standard accounts and start from zero on raw spread accounts, and the broker offers high leverage up to 1:500 and top-tier liquidity. |
| Assets | |
| 60+ | 60+ |
| GBPUSD Spread | |
| 0.5 | 1.9 |
| EURUSD Spread | |
| 0.1 | 1.1 |
| EURGBP Spread | |
| 0.6 | 1.7 |
| Currency Indices | |
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| Cryptocurrency | |
| There's only 6 crypto CFDs available at Switch Markets, though I was pleased to see leverage of 1:3 available. I like that you can also benefit from BTC, ETH, XRP, USDT and USDTRC20 deposit options. | Take positions on popular cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin with leveraged CFDs. However, you cannot directly buy and own crypto tokens. |
| Spread | |
| Variable | Floating |
| Coins | |
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| Crypto Lending | |
| No | No |
| Crypto Mining | |
| No | No |
| Crypto Staking | |
| No | No |
| Auto Market Maker | |
| No | No |
| Switch Markets | FP Markets |
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