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FP Markets Review

Author By Jeffrey Cammack Author Information Updated: November 8, 2020
Overall Rating
4.17 4.17 / 5
Rated #21 of 49 Recommended Brokers
Min. Deposit
GBP 100
Regulators
Trading Desk
Trading CostTrading Cost Information
USD 7
Website Language
English, Arabic, Indonesian, Vietnamese, Portuguese, Thai, Malay
Support Language
English, Arabic, Indonesian, Vietnamese, Portuguese, Thai, Malay, Japanese
AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

Summary

FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Reviews

Regulation
111104/ 5
Trading Conditions
111115/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
1110.503.5/ 5
Assets Available
111104/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Excellent
Bonuses
None

Account Information

Base Currencies
USD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD
Number of FX Pairs
60+
Copy Trading
Yes
Hedging Allowed
Yes
Scalping Allowed
Yes
Islamic Account
Yes

Trading Conditions

Min. Spread
0 pips
Commission
6 USD / lot - RAW Accounts
EUR/USD
0.1
GBP/USD
0.2
USD/JPY
0.1
Max. Leverage
30:1

Company Details

Company Name
First Prudential Markets Pty Ltd
Founded
2005
Office Locations
Australia

Is FP Markets Safe?

FP Markets is owned and operated by First Prudential Markets Pty Ltd – a private limited company registered in Sydney, Australia – and has been regulated by ASIC since 2005 (AFSL Licence 286354) and by CySEC (license 371/18) since 2018

Why FP Markets Safe

A large, globally renowned broker, FP Markets is well-recognised by the Forex industry, winning 36 awards since 2005, including Highest Overall Client Satisfaction, Best Trade Execution and Best Customer Service. In recent years, Investment Trends have repeatedly singled out FP Markets for their client satisfaction and educational material.

Additionally, FP Markets have won numerous awards in 2019 for their customer service from the LiveHelpNow Challenge – an Australian institution dedicated to recognising companies with excellent customer support.

fpmarkets-homepage-202010

As an ASIC-regulated broker, FP Markets keeps all client funds segregated in a AAA bank, currently the Commonwealth Bank of Australia. FP Markets is also a member of the Australian Financial Complaints Authority (AFCA), an independent financial services complaint resolution institution.

While FP Markets does not offer guaranteed negative balance protection, the company encourages clients to discuss the options available with their account manager.

Trading Conditions

Trading conditions at FP Markets are generally very good with tighter than average spreads, especially at times of high trade volume, and super-fast execution speeds over a dedicated fibre-optic line.

Account Types

FP Markets offers two accounts, the Standard Account which carries no commission and the Raw Account which has tighter spreads but carries a commission charge. While FP Markets do have a trading desk to manage risk exposure, there is no dealing desk intervention or requotes with trades on either account.

Both accounts are available on either the MT4 or MT5 platform, and both are available as demo accounts. Both real accounts have a minimum trade size of 0.01 lots, maximum leverage of 500:1 and access to EAs and VPS.

fpmarkets-standard-accounts-202010

Standard Account – The Standard Account is the best option if you are looking for commission free trading. Spreads are wider than the on the Raw Account, usually starting from 1.0 pip, though they can come down to 0 pips at times of high volume. The minimum deposit is 100 AUD (or equivalent), and 50+ Forex pairs are available to trade.

Raw Account – This account has tighter spreads, but a commission of 3.5 AUD (3 USD) per standard lot per side is charged. The minimum deposit is also set at 100 AUD (or equivalent), so the only real difference between this account and the Standard Account is whether the broker’s fee is charged on commission or in the spread.

IRESS Accounts

fpmarkets.iress-accounts-202010

Spreads and Commissions

Spreads at FP Markets are variable depending on volume and liquidity and can start as low as 0 pips on both the Standard and Raw Accounts. That said, you are more likely to find spreads of 1.0 pips and above on the Standard Account and 1.0 pips and under on the Raw Account.

Commission on the Raw Account is 3.5 AUD (3 USD) per standard lot per side (so 7 AUD total turn around charge), and leverage for both accounts is limited to 500:1, though this can be set lower depending on your preference.

Deposit and Withdrawal Fees

The FP Markets client portal allows traders to deposit in 10 currencies. AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD. Deposits can be made via Credit Card, Paypal, FasaPay, PayTrust88, POLi, Klarna, Directa24, China Union Pay, Neteller, Skrill, BPay, Bankwire & Broker to Broker transfer.

The first time you make a withdrawal, you must complete a downloadable form and return it with photographic ID.  There are no admin fees charged for Australian withdrawals, but 10 USD will be charged for all international bank transfers.  There are no fees for withdrawals to international credit card, but variable fees on other withdrawal methods.

FP Markets for Beginners

FP Markets is a decent choice for beginners looking for a well-regulated STP broker. The education section is short but varied, and market analysis is available both in video (a weekly outlook) and article (both the daily and the weekly outlook). Customer service is available on weekdays and is universally described as excellent by the wider industry and traders alike.

Education Material

FP Markets educational section is more suited for beginner traders, as is normal, and some of it is reserved for clients only.

Some of the educational material focuses on the wider CFD industry so includes tutorials on trading stocks, indices and commodities.

As a registered client, you will gain access to a collection of guides covering topics such as avoiding common trading mistakes, trading strategies and market analysis.

Also on offer are several eBooks, a short video tutorial section covering the basics of CFD trading and a comprehensive trading glossary – most of this material is available to the general public.

Analysis Material

FP publishes a daily market report covering all the financial markets and a weekly outlook (in video and text format). The daily market report is a brief look at the global markets, including commodities, indices and Forex.

While you should remember that none of this information is classified as trading advice, there are some suggestions for where to look for trading opportunities.

Customer Support

Award-winning customer support is available 24/5 via live chat, email, and telephone – though telephone support requires calling an Australian number and you will be charged accordingly.

As FP Markets are based in Australia, customer service is open from 22:00 (GMT) Sunday until 22:00 (GMT) Friday.

Trading Platforms

For Forex trading, FP Markets offers both MT4 and MT5 and supports the browser-based version of both. For those interested in trading equity CFDs, FP Markets also offers the IRESS trading platform. IRESS accounts have much higher minimum deposits and additional fees are applicable.

MetaTrader 4 and MetaTrader 5

MetaTrader 4 (MT4) is still the industry standard even though its successor, MetaTrader 5 (MT5), has been available for some time. The advantages of using MT4 are numerous but most centre around the community support and the number of users that the tool boasts. 

The primary difference between Mt4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. With MT5, you can trade not only Forex but also stocks, stock indices and precious metals. MT5 also has a built-in news feed and economic calendar, and trades can be made on a chart.

IRESS Platform

IRESS Trader is an advanced institutional trading platform, and FP Markets charges a monthly fee for the platform, but if you are an active trader and generate a commission for the broker by using the platform, the license fee is waived.

In comparison to the MetaTrader platform, IRESS has a more intuitive user interface and more functionality.  Features include advanced order placement, setting alerts on news and price levels, customizable charts, advanced watchlist features and access to over 10,000 trading instruments.

Mobile Trading Apps

MetaTrader 4 and 5 both have mobile apps for Android and iOS devices with little loss in functionality compared to the desktop and browser versions.

IRESS mobile offers traders much of the same functionality as on the desktop version. This includes:

  • Live dynamic pricing
  • Access to real-time financial news
  • Track portfolio and holdings
  • Advanced order management
  • Enhanced charting

Trading Tools

After opening an MT4 account with a minimum deposit of 1000 AUD, you will get access to the FP Markets MT4 Trader Toolbox, a suite of 12 online trading tools. Applications include an economic calendar, tick charts, correlation matrix, sentiment trader and more.

FP Markets also recently started offering a free VPS service on all accounts. This service is free, provided you trade a minimum of 10 lots on the Standard Account, or 20 lots on the Raw Account per month.

Benefits of the free VPS include:

  • 24/6 VPS email support
  • 24/7 Redundant power to your VPS
  • 24/7 Redundant internet connectivity to your VPS
  • Low latency connectivity to FP Markets trading servers for precision trading
  • Uninterrupted EA trading
  • Access your free VPS from any device

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FP Markets offer. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

FP Markets Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about their the complexity of financial products and also disclose the extent to which traders can lose their money.  FP Markets wants you to know: Contracts for Difference (CFDs) are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

Overview

FP Markets are a great STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Trader education and market analysis are bettered by competitors, but the material presented is well-structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike, though we do have concerns over the lack of guaranteed negative balance protection.

AlertAccepts UK Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.17/ 5
GBP 100
ECN/DMA
Commodities, Cryptocurrencies, Forex, Equities
60+
5
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
  • Expensive withdrawals
111104/ 5
111115/ 5
11110.54.5/ 5
111003/ 5
1110.503.5/ 5
111104/ 5
11110.54.5/ 5
of retail investor accounts lose money when trading CFDs with this provider
30:1
0 pips
Yes
Yes
Platinum IRESS, Premier IRESS, RAW, Standard
Yes
MT4, MT5, IRESS
Bank Transfer, Fasapay, BPay, Klarna
6 USD / lot - RAW Accounts
1110.503.32/ 5
GBP 150
ECN/DMA
Commodities, Forex, Equities
110
2
  • Wide range of assets
  • Copy trading accounts
  • Limited market analysis
  • Limited education
  • Wide spreads
1110.503.5/ 5
110002/ 5
111104/ 5
111104/ 5
111003/ 5
1110.503.5/ 5
111104/ 5
71.71% of retail investor accounts lose money when trading CFDs with this provider
30:1
0 pips
Yes
Yes
Cent.Eurica, Cent.Standard, Insta.Eurica, Insta.Standard
Yes
MT4
Bank Transfer, Mastercard, Bitcoin, Broker to Broker
Fees Included in Spread
1110.503.48/ 5
GBP 500
ECN/DMA
Commodities, Forex, Equities
63
4
  • Tight spreads
  • High minimum deposit
  • Limited education
  • Limited market analysis
  • Expensive withdrawals
1110.503.5/ 5
1110.503.5/ 5
111104/ 5
111003/ 5
111003/ 5
111104/ 5
111003/ 5
73.6% of retail investor accounts lose money when trading CFDs with this provider
30:1
0 pips
Yes
Yes
Advanced Mark-Up, Advanced RAW, Basic, Institutional
Yes
MT4, Sirix
Bank Transfer, Mastercard, Skrill, Neteller
Fees Included in Spread
Visit Broker
AlertMost retail CFD accounts lose money. Your capital is at risk.

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