The wide variety of MT4 trading accounts actually comes down to two major types - Classic and Professional. Features of Classic accounts need not be additionally described - prices up to 4 decimal digits, as a rule, fixed spreads and Instant execution. An experienced trader, however, would be much more interest in No Dealing Desk (NDD) accounts that offer good prospects for professional trading and an opportunity to feel like a full participant of the interbank market. In this article we'll share our impressions of the test drive of a professional NDD MarketPro account from FreshForex. Let's go!
As MarketPro works on the old and familiar platform, MetaTrader4, we'll drop the description of its interface and focus on main things - trading conditions of the account. The first thing we notice first - more accurate prices - 5 decimal digits. This means you can benefit from minute changes in foreign currency rates and significantly cut trading costs overall. Instead of the usual fixed spread, MarketPro offers a floating (dynamic) spread. During our test, the spread fluctuated in our account from 0.9 to 1.4 pips during the main trading hours (for ease of comparison, this article includes figures for prices with 4 decimal digits). A little weakness came up, too: as a rule, the spread goes wider at news release and in conditions of high market volatility. However, this is widespread practice in the interbank market. By the way, the broker limits the maximum spread, thus significantly lowering its traders' trading risks (to say the truth, only a few brokers limit floating spreads). Now this value is at 5 pips for EURUSD but soon, according to the company's specialists, there are plans to bring it down to 2-3 pips for majors. Minimum distance for Buy/Sell Stop & Limit orders didn't disappoint either as it is fixed and very close to the average spread.
The speed of order execution made a favorable impression. Trading orders are executed quite fast (on average, a trade takes 0.5-1 seconds to place) and at the price effective in the market at the time of order execution. It means the broker simply strives to execute the trade faster without trying to offer the trader a new price in case it changes. Accordingly, there are no requotes, so annoying in Classic accounts.
Main advantages of MarketPro accounts from FreshForex include interbank liquidity for all trades even of the minimum size - from 0.01 lots. All a trader has to do is to fill in a trade order form in their terminal, and the request will be processed by FreshForex trading server and forwarded through Smart Bridge Technology® to largest liquidity providers. Therefore, a transaction will reach the interbank market automatically and almost instantaneously - the entire process takes from 0.5 to 1 second.
We tried different trading systems when testing the account, including those based on advisers. There are no restrictions. Interestingly, the broker does not prevent using 'scalping' and 'pip-hunting' strategies. Traders that prefer long-term trading will be clearly happy about some of the market's best swaps. For example, the Euro-Dollar swap is only 0.01 for a buy and -0.03 for a sell. In addition, the broker soon intended to offer swap-free accounts.
We had 28 foreign currency pairs available in the MarketPro account - this figure is absolutely acceptable almost for any trader regardless of the trading system they use. Leverage is 1:25-1:200 or small as compared to the Classic account (leverage of up to 1:500 is available for Classic accounts) but this is the case with professional accounts of this level. Finally, the most important thing: within MarketPro trades of even the smallest size (from 0.01 lots) reach the interbank market. Orders here are filled automatically in a matter of tenths of seconds.
As a summary, the broker managed to create a decent professional account with very appealing trading conditions and high execution speed. MarketPro is increasingly more popular today and soon may well take one of the leading positions in its segment. Another proof of that - a small amount of the initial deposit. It can be $200, 6,000 rubles or €140. We tested a MarketPro simulated account in parallel with the real account. We point out that conditions in the simulated account correspond to those in the real one almost a hundred percent. The only difference being, probably, that trades do not reach the interbank. So, we recommend that everyone interested should check it out and share their opinions!
Our words of gratitude to FreshForex broker for providing a MarketPro trading account for the test.
