A prime of prime (PoP) liquidity provider is a firm that holds relationships with banks and prime brokers and offers that institutional liquidity to smaller brokers that cannot meet the prime brokers' capital and volume requirements directly. PoPs typically offer lower minimum deposits, simpler onboarding and multi-asset pricing through FIX API or a bridge. Most new and mid-sized forex brokers start with one or more PoP providers.
- Prime brokers usually require large capital and volumes that new brokers cannot meet.
- Prime of prime providers give smaller brokers access to institutional liquidity.
- PoPs offer lower minimums, faster onboarding and multi-asset pricing.
- Brokers connect PoPs to MT5 through a liquidity bridge or FIX API.
- Check regulation, execution quality, instruments, costs and credit terms before choosing.
Looking for a prime of prime liquidity connection? Multi-asset liquidity, bridge and aggregation for MT5 and other platforms.
New brokers quickly learn that top-tier banks and prime brokers will not deal with them directly. Prime of prime (PoP) providers fill that gap.
Bank vs prime broker vs prime of prime
| Provider | Who it serves | Typical requirements |
|---|---|---|
| Tier-1 bank | Large institutions and prime brokers | Very high capital and volume |
| Prime broker | Large brokers, funds and PoPs | High capital, credit lines |
| Prime of prime | Small and mid-sized brokers, prop firms | Lower deposits, simpler onboarding |
How it connects to your platform
Your MT5 or other platform connects to one or more PoPs through a liquidity bridge or FIX API. Using several providers with aggregation improves pricing and gives you a backup if one provider has problems.
What to check before choosing a PoP
- Regulation of the provider and where your funds are held.
- Instruments: forex, metals, indices, commodities, crypto.
- Execution quality: spreads, depth, rejections and slippage.
- Costs: commissions, minimum deposits and monthly minimums.
- Connectivity: FIX API, bridge support and reporting.
See how to choose a forex liquidity provider, or our liquidity solutions.
General information only, not legal, financial or tax advice. Each client is responsible for its licences and the laws of every country where it operates.