Why Choose FHX Markets — Our A-Book Execution Model
How FHX Markets handles your orders: our A-book execution model, how it differs from B-book brokers, and why we invest in free trading education.
Your Success Shouldn't Be Our Conflict of Interest.
Explore Our Execution Model
Explore Free Trading Education
How A-book trading works
From your order to your account, step by step.
Follow an order through FHX Markets' execution process — from the moment you place it to the moment the result reaches your account.
1You place a trade
2Order processed
3Routed to liquidity
4Market sets outcome
5Profits to your account
Step 1
You Place a Trade
You open a buy or sell position through the FHX Markets trading platform — MetaTrader 5 or TradeLocker.
Your order carries the instrument, direction, size and any stop-loss or take-profit you set.
The price you see is the current quote from the platform, including the spread for your account type.
Step 2
Your Order Is Processed
The order enters FHX Markets' execution infrastructure, where it is handled according to the applicable execution policy and routing arrangements.
Checks such as available margin and order validity happen here.
Execution is market-based: there is no manual dealing desk deciding whether to accept your order.
Step 3
Orders Are Routed to External Liquidity
Under an A-book model, client trades — or the market risk associated with them — are passed to external counterparties or hedged with liquidity providers, according to the broker's execution arrangements.
Liquidity providers can include banks, non-bank market makers and other institutional counterparties.
This is what “Real STP A-book liquidity” refers to: the broker is not designed to hold the opposite side of your position.
FHX
Banks
Non-bank market makers
Institutional counterparties
Illustrative categories only — not a list of named providers.
Step 4
The Market Determines the Trading Outcome
The profit or loss on your position is determined by market price movements, trade size, execution prices, spread, commissions, financing and other applicable trading costs.
Your individual order does not move the whole market — it takes the prices available from liquidity at that moment.
Fast markets can cause slippage in either direction; external execution does not remove that.
You
FHX Markets
External liquidity
The market
Step 5
Your Eligible Profits Are Paid According to the Account Terms
Profitable trades are reflected in your account according to the applicable account terms, execution records and withdrawal procedures.
Because market risk is externalized, our model is designed not to rely on client trading losses as the primary source of brokerage revenue.
We earn from spreads and commissions — so we benefit when clients keep trading over the long term.
Select any step to read more.
Not All Brokerage Models Are the Same.
Understanding how a broker handles market risk helps you understand its business incentives.
FHX Markets' model
A-Book Model
Externalized market risk
The broker routes client orders to external liquidity providers, hedges positions, or otherwise transfers the associated market risk according to its execution arrangements.
Revenue can come from spreads, commissions, markups and other disclosed charges.
The broker generally does not depend on client losses as its direct source of trading revenue when the relevant market risk is externalized.
Broker and client interests can be better aligned around trading activity, execution quality and long-term relationships.
External execution does not eliminate slippage, market risk, liquidity risk or counterparty risk.
Alternative model
B-Book Model
Internalized market risk
A broker may internalize client positions and act as the counterparty to those trades.
In a pure principal model, a client's trading loss can correspond to a gain for the broker, before operating costs and hedging.
A client's profit can create a liability for the broker in that arrangement.
B-book brokers may also hedge some or all of their exposure, so their actual economics vary.
Internalization is a business and execution model — not proof of misconduct or unfair dealing.
Category | A-book | B-book
Market-risk handling | Externalized or hedged through external counterparties | May be internalized by the broker
Potential revenue | Spreads, commissions, markups, other fees | Spreads, commissions, and potentially gains or losses from client positions
Relationship to client losses | Generally not directly dependent on losses when risk is externalized | Client losses may contribute to broker gains in a principal model
Relationship to client profits | Revenue may continue through trading activity and fees | Client profits may create a liability if positions are internalized
External counterparty exposure | Usually relevant to externally routed or hedged risk | Depends on the broker's hedging and execution arrangements
Execution quality | Depends on liquidity, routing, pricing and execution practices | Depends on pricing, execution practices and the broker's model
Why we invest in free education
Better-Informed Traders Build Better Long-Term Relationships.
At FHX Markets, we believe informed traders are better equipped to understand risk, evaluate their decisions, and use trading tools responsibly.
Our approach is about more than providing access to the markets. We want clients to have access to educational resources that help them understand trading mechanics, risk management, and the realities of financial markets.
Education is part of building a stronger, more sustainable relationship with our clients — not a promise of profits or a shortcut to success.
Education helps clients understand order execution, spreads, leverage, margin and trading costs.
Risk-management education helps clients make more informed decisions about position sizing and potential losses.
Free educational resources can strengthen long-term relationships and client retention.
A brokerage that earns through trading activity and disclosed charges has a commercial reason to support clients who remain active over time.
Free Academy courses
Trading calculators
Trading journal
Education
Better Understanding
More Informed Decisions
Stronger Long-Term Relationships
Market Access
Understand how your orders are processed and how external liquidity fits into the execution process.
Transparent Economics
Know how the broker may earn revenue through trading-related charges and how its risk-management model affects its incentives.
Education That Adds Value
Access educational resources designed to improve your understanding of the markets, trading mechanics and risk management.
Trading involves substantial risk. No execution model eliminates the possibility of losses, slippage, liquidity disruptions, or counterparty risk.
Understand Where Your Trading Results Come From.
Under an A-book model, the broker's associated market risk is routed externally or hedged according to its execution arrangements. This can reduce the broker's direct dependence on client trading losses as a source of revenue.
Your account balance, realized trading results and withdrawal eligibility remain governed by the applicable account terms, execution records and withdrawal procedures.
Execution transparency
You should be able to understand how your trades are handled. Ask our team for the applicable execution policy at any time.
Clear withdrawal procedures
Withdrawals are a two-step process: transfer funds from your trading account to your E-Wallet, then withdraw to your external wallet. Requests are processed under our Withdrawal Policy.
Risk awareness
External liquidity and risk transfer do not remove counterparty, settlement or broker solvency risks.
Understand Your Broker. Trade With Greater Clarity.
Explore our execution model, take advantage of our educational resources, and make informed decisions about your trading journey.
Explore Free Education
Contact Support