What is Prime of Prime (PoP)?

Michael Fasogbon

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The little-known Prime of prime (PoP) brokerage came about from the need for forex technology firms to earn additional revenue streams.

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Forex service providers who were servicing retail brokers realized that their gross margins on licensing their technologies were either dropping or capped.

Prime of prime

With an existing vibrant clientele base, some of these forex service providers transitioned their technology clients to liquidity clients by availing indirect access to the interbank market.

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4 Providers that match your filters

Payment methods

Trading platforms

Regulated by

Support

Min.Deposit

$ 1

Leverage max

1

Currency Pairs

1+

Classification

1or more

Mobile App

1or more
Recommended

Rating

Total cost

$ 0 Commission 3.5

Mobile App
10/10

Min.Deposit

$100

Spread min.

Variables pips

Leverage max

100

Currency Pairs

40

Trading platforms

Demo
Webtrader
Mt4
MT5

Funding Methods

Bank Transfer Credit Card Giropay Neteller Paypal Sepa Transfer Skrill

Regulated by

FCA

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/GBP

-

EUR/USD

-

EUR/JPY

0.3

EUR/CHF

0.2

GBP/USD

0.0

GBP/JPY

0.1

GBP/CHF

0.3

USD/JPY

0.0

USD/CHF

0.2

CHF/JPY

0.3

Additional Fee

Continuous rate

Variables

Conversión

Variables pips

Regulation

Yes

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Rating

Total cost

$ 0 Commission 0

Mobile App
10/10

Min.Deposit

$100

Spread min.

- pips

Leverage max

400

Currency Pairs

50

Trading platforms

Demo
Webtrader
Mt4
MT5
Avasocial
Ava Options

Funding Methods

Bank Transfer Credit Card Neteller Skrill

Regulated by

CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Etfs

Average spread

EUR/GBP

1

EUR/USD

0.9

EUR/JPY

1

EUR/CHF

1

GBP/USD

1

GBP/JPY

1

GBP/CHF

1

USD/JPY

1

USD/CHF

1

CHF/JPY

1

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

Yes

CYSEC

Yes

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

Yes

CBFSAI

Yes

BVIFSC

Yes

FSCA

Yes

FSA

Yes

FFAJ

Yes

ADGM

Yes

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Rating

Total cost

$ 0 Commission 6.00

Mobile App
7/10

Min.Deposit

$10

Spread min.

- pips

Leverage max

10

Currency Pairs

60

Trading platforms

Demo
Webtrader
Mt4

Funding Methods

Credit Card

What you can trade

Forex

Indices

Cryptocurrencies

Average spread

EUR/GBP

1

EUR/USD

1

EUR/JPY

1

EUR/CHF

1

GBP/USD

1

GBP/JPY

1

GBP/CHF

1

USD/JPY

1

USD/CHF

1

CHF/JPY

1

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

Your capital is at risk.

Rating

Total cost

$ 0 Commission 0.1

Mobile App
10/10

Min.Deposit

$200

Spread min.

- pips

Leverage max

500

Currency Pairs

40

Trading platforms

Demo
Webtrader
Mt4
STP/DMA
MT5

Funding Methods

Bank Transfer Credit Card Neteller Skrill

What you can trade

Forex

Indices

Actions

Raw Materials

Average spread

EUR/GBP

-

EUR/USD

-

EUR/JPY

-

EUR/CHF

-

GBP/USD

-

GBP/JPY

-

GBP/CHF

-

USD/JPY

-

USD/CHF

-

CHF/JPY

-

Additional Fee

Continuous rate

-

Conversión

- pips

Regulation

No

FCA

No

CYSEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

No

CMA

No

SCB

No

DFSA

No

CBFSAI

No

BVIFSC

No

FSCA

No

FSA

No

FFAJ

No

ADGM

No

FRSA

71% of retail investor accounts lose money when trading CFDs with this provider.

Definition of Prime of Prime (PoP)

PoP is a brokerage firm that offers brokers (especially forex brokers) in need of micro-contract trades with access to the trading liquidity pool of big financial institutions.

These big financial institutions are tier-1 banks and are not available to trade with just anyone.

The PoP brokerage firms have access to these big financial institutions, setting up retail brokers with access to them. By doing so, PoP allows retail brokers to connect their smaller retail client base with larger orders of the tier-1 banks.

A Prime of Prime (PoP) broker has an account with a tier-1 bank or financial institution.

A PoP broker allows retail brokers to trade through there tier-1 account allowing the retail broker to access the tier-1 bank’s liquidity.

It is difficult for individuals and small firms to trade directly with a tier-1 bank or access its liquidity, so the PoP acts as a bridge that allows smaller players to gain access.

A majority of retail brokers who use PoP services are smaller regional financial institutions and banks whose clientele need small trade options for currency.

To attract customers, PoP brokerage firms and their associated retail brokers usually offer smaller trade sizes and higher leverage than prime brokers.

At present, there is stiff competition in the PoP market space following the increase in the number of PoP brokerage firms.

Understanding Prime of Prime (PoP)

Today, major investment banks and financial institutions have a PoP brokerage firm that contributes a significant amount of revenue to their operations.

Tier-1 banks and financial institutions tend to be risk reluctant, demanding strict financial requirements and risk management protocols from their clients.

Following the standards, a retail broker might not be able to meet these stringent requirements disqualifying them from trading directly with tier-1 banks and financial institutions.

As a partner or a client of the tier-1 bank, PoP brokerage firms meet the standards allowing retail brokers to trade through them with the tier-1 financial institution.

Prime of primeSince the PoP meets the tier-1 standards, retail brokers using the PoP generally offer higher leverages to its customers (traders), offering smaller trade sizes to attract business.

One of the reasons why tier-1 banks and prime brokers do not venture into the PoP market is because of the smaller profit margins offered by the smaller trades.

Benefits of Working with a Prime of Prime Brokerage Firm

  1. Access to Interbank Liquidity and Non-bank Liquidity

Most PoP brokerage firms allow their customers to trade with multiple financial institutions at all times, including tier-1, tier-2, tier-3 banks, and fx banks.

  1. Faster Time to market

A PoP usually offers a pre-aggregated liquidity package to its customers that are already up and running.

The pre-aggregated liquidity package does not require any technology onboarding and integration, pre-certification process, or post-trade mapping configurations.

This allows PoP customers to reap the benefits of a shorter lead time of 2 to 3 weeks as compared to the usual 6 to 12 months.

  1. Higher Leverage

By extending greater values to its customers in the form of higher trading leverage and leveraging its balance sheet, PoP adds value to its customers.

  1. Reduced Margin Requirements

PoP brokers usually reduce the amount of collateral their customers require to post and execute their trades by consolidating trade exposure into one main account.