FP Markets vs FxOpen: A Detailed Comparison for Canada Traders

When comparing trading costs for Canadian traders, FP Markets generally wins on spreads. On its Raw ECN account, spreads start from 0.0 pips on major pairs like EUR/USD, with a commission of $3 per lot per side. FxOpen’s ECN account also offers competitive spreads from 0.1 pips but with a slightly higher commission of $3.5 per side. For high-volume Canadian traders, FP Markets can save hundreds of dollars annually. On standard accounts, FP Markets has spreads from 1.0 pips with no commission, while FxOpen’s standard account starts at 1.3 pips. Both brokers offer competitive swap rates, but FP Markets edges ahead for cost-conscious traders.

Both brokers support MetaTrader 4 and MetaTrader 5, which are widely used by Canadian retail traders. FP Markets also offers its proprietary IRESS platform, ideal for advanced charting and direct market access. FxOpen stands out with native cTrader support, a platform favoured by algorithmic traders and those who prefer a modern interface. For mobile trading, both have robust apps. FP Markets provides more platform diversity, while FxOpen is better for cTrader enthusiasts. Canadian traders should choose based on their preferred trading style and platform familiarity.

FP Markets offers ultra-fast execution with an average speed of 40ms on its Raw ECN account, leveraging deep liquidity from multiple banks. FxOpen’s execution averages 50ms on its ECN account. Both brokers use No Dealing Desk (NDD) execution, ensuring no requotes. For Canadian scalpers and high-frequency traders, FP Markets’ slightly faster execution and deeper liquidity provide a marginal edge. FxOpen is still reliable for most retail strategies.

Neither FP Markets nor FxOpen is regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Instead, FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). FxOpen holds licenses from the Financial Conduct Authority (FCA) in the UK and CySEC. For Canadian traders, this means they are not covered by IIROC’s investor protection fund. However, both brokers adhere to strict international standards, including client fund segregation and negative balance protection. FP Markets’ ASIC regulation is considered robust, while FxOpen’s FCA license offers strong oversight.

Canadian traders can fund their accounts using Bank Transfer, Interac, and Credit Card with both brokers. FP Markets processes Interac deposits instantly with no fees, and credit card deposits are also free. Bank transfers take 1-3 business days and are free for deposits over $100. Withdrawals at FP Markets are free via Interac and bank wire, but credit card withdrawals may incur a small fee. FxOpen also supports Interac, credit cards, and bank transfers, but charges a 2% fee on credit card deposits. Bank transfers are free but slower. For Canadian traders, FP Markets offers more cost-effective deposit and withdrawal options.

Both FP Markets and FxOpen offer Islamic (swap-free) accounts for Muslim traders in Canada. FP Markets provides swap-free status on all account types, including Raw and Standard, with no additional fees. FxOpen offers Islamic accounts only on its Standard account type, and the swap-free status is available on request. Neither broker charges a setup fee, but FxOpen may apply a holding period fee if positions are kept open for more than 30 days. FP Markets is more flexible for Canadian Muslim traders seeking swap-free trading across all account types.

FP Markets offers 24/5 customer support via live chat, email, and phone, with dedicated account managers for VIP clients. FxOpen also provides 24/5 support through live chat and email, but phone support is limited to business hours. Both brokers have English-speaking support teams, but FP Markets is generally faster in response times. For Canadian traders, FP Markets’ round-the-clock support is a slight advantage, especially for those trading during off-peak hours.