Online forex broker FxPro said on Wednesday it has started offering a new type of trading account with market order execution for users of the MetaTrader 4 (MT4) platform. The new account type is available in live and demo versions from 17 May, 2016.
Orders via the new account type, which FxPro did not name, are executed at the volume-weighted average price (VWAP) and will offer the lowest spreads available with the broker for MT4, both for forex and commodity instruments.
The broker noted that instant execution and fixed or floating spreads will continue to be offered for MT4, but traders will have to use a different account for them. In addition, the broker offers trading with MetaTrader 5 (MT5) and cTrader, both with instant and market order execution.
“After closely inspecting our clients’ requests, we have decided to proceed with offering market execution on our MT4 platform while lowering our spreads even more. We expect that this development will be well-received by traders,” FxPro CEO Charalambos Psimolophitis said. “As always, we appreciate any feedback by our clients as we continue to work towards enhancing and expanding our product range,” he added.
In market execution, orders are executed at the current market price. This often is a better choice since it is faster (it takes a fraction of a second) and has no requotes, compared to instant execution. This type of execution enables traders to have direct access to the market and a better control over the trading process. Also, there is no limit to the available trading strategies when using market execution mode, unlike with instant order execution.
FxPro is the collective brand name of companies registered and regulated in Cyprus and the UK by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA), respectively. It offers complete services for all segments of the retail forex market, as well as trading with futures, indices, metals, shares, and contracts for difference (CFDs).
The broker offers trading via the FxPro SuperTrader trading platform, the desktop and mobile versions of the MetaTrader 4 (MT4) MetaTrader 5 (MT5), and cTrader, as well as the web-based versions of MT4 and cTrader.