FVP Trade Review
Richard Montana | June 13, 2022
Located in the British Virgin Islands, FVP Trade is an online trading broker that allows you to trade CFDs in various financial markets across different asset classes. You can get easy market access via the user-friendly MetaTrader platforms for all of your devices. It is packed with features and tools to ensure a smooth trading experience. In addition, they make available a good selection of educational resources for beginners and have a knowledgeable client support team to assist you. The minimum deposit required to start trading is $100 or you can try the broker with a free demo account to see if they meet your needs.
Pros / Cons
- Easy to use MT4 trading platforms for all of your devices
- Multiple financial markets including good forex selection
- Competitive fixed & variable spread accounts
- Fast execution speeds with access to tier-1 banks
- Educational resources to help beginners get started
- Trading tools for technical & fundamental market analysis
- Managed accounts available for investors & money managers
- Fast funding & withdrawal using variety of methods
- Free practice accounts with virtual funds
- Dedicated 24/5 customer support
- Fully licensed & regulated broker
- $100 minimum deposit is not the lowest
- Cannot accept clients from some countries
- Currently do not have any Islamic swap-free accounts
- Only provide the MetaTrader 4 platform
- Could integrate some third-party tools
- Inactivity fees if you do not trade enough
- No FIX API trading solutions
Founded in 2017, FVP Trade provides you with over 60 trading instruments including CFDs on forex, commodities, indices and cryptocurrencies. I think there is a decent number of instruments for anyone trading forex but found the other asset classes to be lacking. However, I do like how they provide fixed and floating spread accounts without any commission fee. This could make them a popular choice for anyone who is scalping or running automated trading systems.
FVP Trade have a generous selection of trading and learning tools which can help you with your market analysis and improve the overall trading experience for you regardless of your current experience level. You can benefit from competitive trading conditions, with low latency order executions, reasonable spreads and competitive fees. They have a good variety of payment options for quick and easy account funding. Moreover, there are managed accounts (MAM/PAMM) that allow you to copy or invest in other professional traders.
FVP Trade offers competitive floating spreads on all accounts starting from 1.3 pips on the EUR/USD currency pair. They also provide you with fixed spread accounts. With fixed spread accounts, you can trade seven forex majors with fixed spreads starting from 1.3 pips. This isn’t the cheapest but not too bad when you consider there is no commission fee included on top as it is already included within the spread. If you hold a trade overnight, you will be charged rollover/swap fees. If you stay inactive for over 12 months, FVP Trade will start charging $10 as an inactivity fee per month.
In addition, FVP Trade implements STP (Straight through process) for order executions, which means there is no dealing desk, and your orders are directly pointed towards the exchange. They do not offer guaranteed stop loss due to slippage that is part of financial markets. Large slippage can occur during major news events when volatility is high and the price can instantly jump significantly in one direction. You may also experience price requotes while trading in peak hours as theoretically unlimited orders go through the exchange.
In my opinion, you should always look for a broker that is regulated by at least one tier-1 regulatory authority. Top-tier regulations can help you in case the broker goes bankrupt or something else goes wrong, and the broker must comply with the laws. The broker is registered in the British Virgin Islands which may not give you the same protection as other top-tier regulators can. If you are looking for a broker regulated in multiple jurisdictions, you may want to take a look at Plus500 instead. FVP Trade do state that they keep clients’ funds in segregated bank accounts so that they cannot be used in the broker’s operational costs. This provides some extra security but is something you would expect from a good brokerage.
FVP Trade offers its services to residents of most countries but if you find that your country is not accepted for whatever reason, please feel free to use our broker comparison tool to find another option.
All trading activities at FVP Trade are carried out on the MetaTrader 4 (MT4) trading platform. The MT4 trading platform is an advanced trading platform that was launched in 2005 by a software company known as MetaQuotes. MT4 is reputed for being one of the best charting platforms when it comes to CFD trading. This is due to many factors including its simplicity, accessibility and versatility. The platform has advanced charting tools, supports automated strategies, and is trusted by millions of traders worldwide. Built-in to the platform you will find various tools and capabilities to offer seamless access to the global financial markets. The broker makes the MT4 trading platform available in desktop, web, and mobile versions.
However, FVP Trade does not have any other trading platforms such as MT5 or cTrader. MT5 is a multi-asset platform with advanced features and is an upgrade to the MT4 and MQL4 languages. MT5 has more in-depth tools, including MQL5 Editor, Level-2 Depth of market, 21 timeframes and additional order types that help you if you are a professional trader. cTrader is also another good alternative to MT4 with its modern look and advanced features suited more towards professional traders. I think FVP Trade could improve by providing more trading platforms to suit the needs of more traders. If you want to trade on MT5 and cTrader along with MT4, Pepperstone provides you with them all in one place.
MetaTrader 4 (MT4)
I think that MT4 is ideal for beginners due to its simple design, excellent user interface, copy trading and trading robot functions. Furthermore, you can practise trading on MT4 with a free demo account until you have mastered it. You will be given virtual currency and will be able to use all of the tools, indicators, and charts in real-time, just like in a live account.
Professional traders are drawn to the MT4 platform because of its advanced charting and technical analysis capabilities, built-in indicators and graphical tools, and many other unique features. The platform also supports automated trading by allowing users to programme in MetaQuote’s proprietary MQL4 language and create custom indicators. There is a free chat feature which is also useful for communicating with other traders.
Orders executed through MetaTrader 4 can be market orders (orders executed at the current market price) or pending orders (commitments to buy or sell a security at a predetermined price in the future). An MT4 broker’s pending order can be a limit, stop, or stop-loss order. The platform’s quick trading function sends orders from the chart with a single click. Price movement can be examined using nine different timeframes with real-time quotes displayed in the market watch window. The charting application on the platform includes 30 technical indicators and 24 graphic objects. It supports all trading orders, four execution modes, and one-click trading. The graph displays real-time quotes.
MetaTrader 4 includes an automated trading feature that utilises automated trading robots known as Expert Advisors (EAs). EAs are capable of analysing quotes and executing trades on your behalf. This can be great if you don’t have the time or knowledge to trade by yourself. These EAs, or robots, can be downloaded from Code Base, a library containing code for free EAs, technical indicators, and scripts. They can also be purchased or rented from the market, an online store. You can also hire professional MetaTrader freelance developers to create EAs for you. I use multiple instances of the MT4 platform to run different EAs on my virtual private server (VPS). This is great as it means that I do not always need my home machine up and running.
Trading signals in MetaTrader 4 enables you to copy the trades of other traders who make their trades available to the public for free or for a reasonable fee, thereby becoming signal providers. These free and paid signals can be found on the trading platform’s signals tab and on the MetaQuotes website. You can choose a signal provider without leaving the platform and begin copying trades. Just keep in mind that past results do not guarantee future performance.
In my opinion, MT4 is one of the best trading platforms. I have been using it for years and never felt the need to switch to anything else. It allows me to access my account at home on my desktop computer or web browser from anywhere in the world and on mobile devices while on the go. I like how the mobile version of MetaTrader 4 gives you complete control over your trading account, and you can access it from anywhere, at any time. You can trade on the web platform using any browser and operating system without needing to install any software whilst it always up to date.
The MetaTrader 4 platform is also secure. It meets the most stringent security requirements. The encryption of data exchanged between the client terminal and the platform’s servers and the use of RSA digital signatures protect your trading account.
In addition to the plethora of built-in tools already implemented within the MT4 trading platform, the broker makes available a good selection of useful trading tools to help you get the most out of your trades. These trading tools include forex calculators to prepare positions and economic calendars for your fundamental analysis. FVP Trade also provides you copy trading service through multi-account management. However, I think they could improve by adding support for some third-party market analysis tools including Trading Central and Autochartist. If you are looking for automated analysis, you can get both of these tools via GO Markets.
Copy Trading (MAM/PAMM)
With Multi-account management (MAM), you can either become an account manager if you have the relevant trading experience and results to back it up. This was other users can copy your trades and you can earn a commission. On the other hand, if you are someone who does not have time to manually scan the markets for trading opportunities or are an investor with money to invest, you can copy other money managers and pay a certain commission to them in return for any profits that they may earn. However, copy trading is risky and you should always do your own proper due diligence before copying someone else’s trades. I personally prefer to maintain control over my own trading decisions as I like to know why and when each position was taken.
The broker provides you with a decent selection of various learning resources to try and improve your trading skills and knowledge. These educational resources include learning articles, trading guides, fundamental and technical analysis, glossary, FAQs, and news that keeps you up-to-date with the latest events in the financial markets. It would be nice if FVP Trade had also conducted webinars and seminars to help new traders learn from experienced traders.
The following trading instruments are available at FVP Trade: forex, metals, indices, commodities, and cryptocurrencies. To me, this product portfolio seems quite limited as other popular asset classes such as individual stocks, options, bonds, and ETFs are not available to trade. If you primarily want to trade forex and a few other popular instruments, I think you will be satisfied. Alternatively, you can check out Freedom24 who have a lot more financial instruments available.
FVP Trade offers a choice between the fixed spread account and a floating spread account. The minimum deposit required to start trading is just $100 which is around the industry average. If this is too much for you, Valutrades have a $1 minimum deposit. You can also start with a free demo account for practice purposes. This can be a great way to build up your confidence and try the broker out before making a financial commitment.
I found the spreads to be quite good in general. They offer average spreads starting from around 1.0 pip which is not the lowest in itself but very reasonable when you consider there is no commission fee charged. Some brokers advertise spreads from as low as 0.0 pips, but when you include the commission fee on top, you are paying a lot more in reality. Just keep in mind that when a broker is providing fixed spreads, they can set their own market prices. Some people feel this can lead to a conflict of interest compared to getting prices direct from liquidity providers.
I was a bit disappointed to see that there are no swap-free Islamic accounts for Muslim traders. As a matter of fact, a decent percentage of worldwide traders consists of Muslim traders. Moreover, I think it would be nice to see ECN zero spread accounts for those who are happy to pay a small commission fee for superior pricing.
All clients’ general, technical, and account-based inquiries are channelled to a knowledgeable customer support team, who are available 24/5 and can be contacted via email, online contact form, and social media. Surprisingly, the broker does not have 24/7 support, although they do support crypto trading, which is a 24/7 market. In my opinion, they could improve this area to assist crypto traders who may encounter a problem during weekend but can only contact the support on coming Monday.
At FVP Trade, all account deposit and withdrawal requests are processed using any of the following payment methods: bank transfer, credit/debit cards and digital wallets. There are no deposit or withdrawal fees on any payment options except wire transfers to and from China (1%-2% fees). I really like the variety of funding options, especially the digital wallets. I find these the most convenient way to get quick access to my funds which is important if there is some market news that I want to try and take advantage of and need to act fast.
Overall, I feel that FVP Trade are worth considering if you are looking to focus on forex trading and would like access to fixed spreads. This isn’t something you find with many brokers so helps set them apart from an already crowded industry. The MT4 platform is very easy to use with plenty of tools for you to analyse the markets for opportunities. They have some educational content but could improve by integrating some third-party software for more advanced market analysis and copy trading. That being said, they do have a solid managed account solution for investors and money managers. They are lacking in financial instruments compared to some of the more established and I would like to see regulation extended to other countries. Funding options are aplenty and the responsive customer support team can be contacted 24/5.