Everyone wants to make wealth, but do you have what it takes? If you wish to trade in Forex or CFDs and are wondering where you should start, this FP markets review is tailored for you. We are going to look into the brass tacks of this broker to help you understand how it operates, its pros and cons, and how you can get started.
FP Markets - Main Features
Up to 1:500
Bank wire, credit and debit card, PayPal, Skrill, Neteller and more
FP Markets is a brokerage company which offers investors access to trade in Forex, and CFDs. The company is based in Australia, with its headquarters in Sydney.
FP Markets, also known as First Prudential Markets, has carved its niche and dominance in the investments industry quite quickly. The company has been in operation for over fifteen years now and has been able to achieve several milestones over this time period. This is evident from the several awards it has received from publishers and organizations over the years.
It is essential to point out that three companies manage FP Markets; one based in Australia, another in Cyprus and the other in St. Vincent & The Grenadines. This makes it possible for FP Markets to be able to work in Europe, Australia and all regions that allow unregulated brokerage.
Low and transparent pricing
Wide range of markets
Easy account opening
Many trading platform options
Minimum deposit IRESS account – $1,000
Funding fees on leverage
Limited risk management features
Is FP Markets safe or a scam?
Well, as a proactive and cautious investor, you would be skeptical of the trustworthiness of any platform you invest in. FP Markets is safe and can be trusted. Why? Our FP Markets review shows that this company has been registered and is regulated by the Australian Securities and Investments Commission, which means that it complies with specific operation requirements set by ASIC. The regulatory status ensures that customers are treated fairly as is required by law.
Another reason why it is safe to trust FP Markets is that traders’ funds are segregated from the company’s operating funds. The segregated funds are then stored safely in banks, following the required investment protection policies. Due to the separation of funds, the investor’s investment is protected even if the company goes bankrupt or is dissolved.
FP Markets is reviewed by many trustworthy websites, and is highly regarded among their clients on Trustpilot, Facebook and other client review pages. Just take a look at their ratings below.
As one of the largest brokerage companies, FP Markets provide more than 10,000 instruments for investors to trade in. Our FP Markets review has listed some of the major instruments you will find:
Equity CFDs– This is basically where you buy and sell CFDs on equities that have been listed on a stock exchange. Equity CFDs gives you the chance to access any international exchange like the New York Stock Exchange.
Forex– Our FP Markets forex broker review indicates that FP Markets provides a vast selection of minor and major currency pairs that one can trade in. Forex trading is available 24 hours, five days a week.
Index CFDs– here you get access to the largest index products across the world, which allows you to open positions on an entire market. This instrument offers investors with live price feeds from all futures markets in the globe.
Share trading–FP Markets provides users with asses to over 2000 domestic shares that they can trade in, without any hidden fees or charges.
If you choose to trade in Forex, you can either open a standard account or a Raw ECN account. Their different spreads and commissions distinguish the two accounts.
This account has a minimum opening balance of 100 Australian dollars. Its spread starts from 1.0 pips. The account offers more than fifty currency pairs, indices, metals and commodities for users. The advantage of the account is that it has zero commission per lot. Additionally, it is compatible for use in mobile phones and users can access the VPS tool.
This account type has also a minimum balance of $100, and its spread starts at 0.0 pips. Users can access over fifty Forex pairs, indices, metals and commodities. Unlike the Standard account, the ECN Raw account charges a $3 commission per lot, but the spread is lower. The minimum trade size in the ECN Raw account is 0.01 lot.
Also, users can access the VPS tool for faster trading.
For CFD traders, there are three accounts to choose from. They include:
This account has a minimum opening deposit of $1,000. For IRESS traders, a $55 waiver is given for those that generate $150 in a month. The account has an Equity CFD margin rate from 3%. The commission is $10 and 0.1% after that.
The platinum account requires a minimum of $25,000, and the commission is at $9, which then reduces to 0.09%. The equity CFD margins here are also from 3%.
The premier IRESS account requires a minimum deposit of $50,000 with no min commission. It also has a 3% Equity CFD margin rate.
For the IRESS accounts, things are a bit different. The higher the account, the more the benefits you find.
The account that you choose to open solely depends on your trading preference.
FP Markets – Review of the Features
In terms of security, FP Markets has beefed up its efforts to ensure that customers are well-protected. The company has adopted the best cyber-security practices to ensure that there are no cases of identity theft, hacking or any other form of cyber crimes. Every account opening has to be verified, and the collected information is encrypted using 128-bit encryption during transmission.
It is also important to point out that Know Your Customer procedures are strictly adhered to, to ensure that all clients are legit, which helps to fight money laundering.
Segregation of Client Funds
As already pointed out, investor’s funds are not held in the same place with those of the broker. The two are segregated and stored differently.
Even though FP Markets follows the guidelines set by ASIC, it is still able to offer quite high leverage of up to 1:500 on instruments. Users can significantly benefit from the high leverage in their trades. However, leverage can also be detrimental to your trading account when used unwisely.
If you are a new trader, it is vital to learn how leverage works as a trading tool, so that you can be able to use it in the smartest way in increasing your profits and minimizing losses.
The MetaTrader4 is an advanced and independent trading platform developed for those people that wish to trade in commodities, Forex, and other products. It is easy to use while remaining to be the premium platform for traders.
Some of the advantages that come with the MetaTrader4 is that it offers a wide range of market for investors to trade in, and also has a multilingual user interface. Other pros associated with this platform is that it provides instant trade executions, an in-built help guide, a technical analysis package which comes with indicators and charting tools. Custom indicators present allow traders to predict the future price movements based on an analysis of the past movements and the current price information.
It is also important to note that the MetaTrader4 also provides automated trading for its users. It also allows traders to create and test their trading strategies using the MetaEditor, and other tools present within the platform.
The automated trading system gives clients the ability to create Expert Advisors and software programs that can be used to monitor the market.
It is important to note that this platform is available for iOS users, Android users, and other multi-terminal devices.
As an investor, you can use the MetaTrader 5 either as an application on your phone or computer or as a web-based browser. This platform offers improved execution speeds, a potent programming environment for developers, enhanced data encryption and security. The platform also has improved technical analysis tools, and traders can also buy stop limit deferred orders.
The IRESS platform currently in use is built using HTML5 code. IRESS provides users with the ability to execute trades on multiple products. It also has an intuitive and user-friendly user-interface. There are also several upgrades on its analysis and charting tools. It is important to point out that due to its features, the IRESS platform is best suited for those that wish to trade equities.
It is important to point out that IRESS is a web-based platform, unlike the MetaTrader 4 and the MetaTrader 5.
The platform offers real-time market data which is essential to active traders on FP Markets.
One of the things that we like about FP Markets is how it strives to ensure flexibility and security by making sure that new traders can access a demo account before they open a real account. With the demo account, users can engage in most of the platform’s activities for familiarization, but with a limitation. The use of a demo account helps the client to determine whether or not they are comfortable to work with the instruments provided by FP Markets.
Additionally, by providing a demo account, it shows that FP Markets is not after forcing potential clients into committing into investments.
Trading tools available on FP Markets
There are several trading tools, and plugins that can be used on FP Markets and our FP Markets review was able to capture the major ones, which include:
This tool permits users to have one portfolio manager account managing all their other accounts. The MAM can be customized according to the client’s trading strategies and other preferences. Having a MAM also gives users the power to choose the trading conditions in terms of commissions, currency, and fees.
Virtual Private Server (VPS)
The VPS is available for Metatrader 4 and 5. With a VPS, it is possible for traders to automated algorithm strategies without any delays whatsoever. FP Markets has partnered with Liquidity Connect to ensure that there are low-latency and minimal spillage.
Available for MT4 platforms, the toolbox is a suite of twelve trading tools that are used to enhance users trading experience. The tool provides valuable market insights and trading infrastructure.
The forex calculator tool allows users to calculate essential trading parameters such as contract size, margin, pip value, and potential profits. The calculator helps users to save on time that would have been spent in carrying out manual calculations.
This is the tool that allows for automated trading on FP Markets. This tool is provided by Myfxbook.com and connecting it with your FP Markets account is quite easy. The tool provides users with the best winning strategies for trading and several other benefits listed here.
This is a technical analysis tool that makes it easy to understand trading opportunities. The tool provides real-time setups for amateur traders as well as the experienced ones. All trading opportunities presented by this tool are delivered to users through the mail and push notifications for those using the Metatrader 4 or the Metatrader 5 platforms.
FP Markets trading fees
One of the benefits you will realize with the FP Markets is that it has low fees. It wasn’t possible to compare all the fees charged on FP Markets with other brokers, but our FP Markets review provides a detailed look at the various fees charged on FP Markets alone.
MetaTrader4/5 fees & charges
Compared to other brokers, FP Markets has relatively low CFD fees. It is only the stock CFDs which have relatively high fees. The high fees from the stock CFDs come from the commission that’s charged on its trades.
The forex fees are also low. However, it is important to point out that the fees vary depending on the account that you choose to trade with. For example, the fees on the ECN Raw account have a spread cost of $3 per lot on every trade commission, while a standard account has a higher spread cost.
Iress Forex fees
Real stock fees
If you wish to trade on real stocks, you can do so, but only on the Australian Securities and Exchange. The real stock fees differ for the different account types.
No inactivity fees
FP Markets does not impose any fees for inactivity on its platforms. For IRESS users, those that generate a minimum $150 are given a $55 monthly waiver to encourage them to trade more.
The FP Markets Experience
General Trading Experience
Let’s begin by reiterating that FP markets has won several awards when it comes to providing the best trading experience to its user. One of the notable awards that FP markets has under it is the ‘Most Satisfied Trader’ award given by the Investment Trend Report.
FP Markets has won this award not once or twice, but a whopping six times. We went through some of the Review of FP Markets on Trustpilot and other review sites where FP Markets has several positive reviews from satisfied users. You can therefore rest assured of receiving an excellent trading experience while on FP Markets.
Research tools are vital in any trading platform. FP Markets provides live market news and analysis for its users. Additionally, all clients receive a daily market report that focuses on the assets traded on the platform. FP Markets also offers an overnight summary table that displays all assets along with their closing prices in the market.
It is important to note that FP Markets also provides regular webinars to educate its clients.
You don’t have to be already rich or knowledgeable to get into trading. The internet has proved that trading can be done by anyone willing to learn the dos and the don’ts associated with it. It is with this inspiration that FP Markets has made it a priority to offer education to its users.
It is justifiable to say that FP Markets offers one of the most robust and well-organized online training resources for its users. It provides a professionally prepared trading course for any interested client. The course comes with ninety-seven video lessons, articles and e-books. FP Markets offers the courses according to trading levels, beginner, intermediate, and advanced courses.
The experience when it comes to customer support on FP Markets is excellent. When creating this FP Markets review, we established that users have several options through which they can reach the customer care team.
The first option is through the web chat feature, which can be accessed in up to fifteen languages. Secondly, there is also an Australian phone number for clients within Australia and another number for international clients to use.
Additionally, FP Markets clients can also get support by sending fax messages using the Australian and international fax numbers provided on the site. For those clients that prefer to make contact through email, FP Markets also has them covered through the email support available via firstname.lastname@example.org.
Most importantly, the customer support team comprises of personnel that are well-trained and knowledgeable individuals.
Want to trade Cryptos?
Through Cryptocurrency CFDs you can trade all the top 5 cryptos including Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), Bitcoin Cash, and Litecoin.
Cryptocurrencies are revolutionary new digital currency with enormous reward potential. Many traders have already taken advantage of this fairly new market. However, trading cryptos through CFDs is a unique way for traders to get the best of two worlds, big profit potentials and leverage.
You can even trade cryptos as currency pair, for instance BTC to ETH. You can also trade multiple combinations of cryptocurrency to regular currency.
FP Markets offers fast execution speeds for all its platforms and users can even boost this by using the VPS, which has its dedicated servers.
FP Markets uses ECN pricing, has raw spreads that start from as low as 0.0 pips. The company uses the latest industry technology that ensures client get transparent data and competitive ECN pricing.
It has a wide range of markets
FP Markets provides users with markets for CFDs and Forex trading. Users can access more than 10,000 instruments to trade in.
Easy account opening
As you will notice later in this FP Markets review, opening an account on FP Markets is quite easy and takes a concise period. Be assured of initiating a process now and having your account up and running within 24 hours.
Wide Range of platform options
Users on FP Markets are not limited to only one trading platform; there are MT4, MT5, IRESS and WebTrader platforms that investors can work with.
It requires a high Minimum Deposit
It is important to reiterate that there are three CFD accounts and two forex accounts. The minimum deposit required for the RAW and the standard account is $100. For those that choose to use IRESS, the minimum deposit is $1,000, and if one wished to get the lowest fees, the minimum deposit they will have to invest is $50,000.
When compared to other Forex and CFD brokers, the opening balances set by FP Markets are quite high. This points out that FP markets is more focused on medium and high-volume traders only, neglecting the low volume traders who are the majority. If you are only willing to spend some few dollars in currency trading, then FP Markets is not for you.
It has Funding fees
Some of the funding methods provided by FP markets charge a funding fee. This is not the case with other brokers who waive this fee for their users. As a client, you should find out which deposit methods have the funding fee and those that do not.
FP Markets has limited risk management features
As pointed out earlier, FP Markets offers quite a large leverage ratio, and this can significantly accelerate profit-making or how you lose money. It is for this reason that it is important for any broker offering leverage to have robust risk management features.
How to Open Your Account with FP Markets
FP Markets provides an easy and fully digitalized account opening process. In about fifteen minutes, you will have completed the opening process, and your account approved on the same day.
Once you’ve provided this information, you will be directed to another page where you will also be required to provide more details. Details you should expect to provide include your date of birth, physical address and your profession.
You can then proceed to select the account type that you want to open, the trading platform and your base currency.
Once you’ve finished providing the requested details, you will then be requested to fill in a brief questionnaire to prove your understanding of the products available on FP Markets.
The last step after FP Markets has approved your account is for you to fund the account. You can now place your first trade.
What are FP Markets Deposit and Withdrawal Methods?
You can fund your FP Markets account using your card. The Credit card deposit method charges a fee for the IRESS platform. If you are using an Australian debit or credit card, you will be charged a 1.6% fee. For those that wish to fund their accounts using an international debit or credit card, the fee is a bit higher, at around 3.18%.
Online payments; Neteller & Skrill
For those that prefer to make online payments, it is a relief for them as Skrill and Neteller have no charges, and their funding is processed almost instantly. Neteller users can fund their account using various currencies including the AUD, USD, EUR, GBP and the CAD. On the other hand, Skrill only provides for USD funding.
For those that wish to make direct transfers into their FP Markets account, there is no charge levied upon that. The only drawback with this funding method is that it takes one business day for the transferred money to reflect in the trading account. This is time wasted where several trades would have taken place.
You can withdraw funds from FP Markets using the same funding method that you used.
An excellent trading platform is one that offers flexibility, convenience and security. Not forgetting good customer care, and one that has a good reputation in a given industry, and our FP Markets review clearly shows that FP Markets fits these traits. The FP Markets financial broker is suitable for any trader that wishes to get into CFDs or Forex trading today, whether a novice or a pro trader.
Additionally, let us point out that FP Markets provides a wide variety of trading programs and platforms, which makes it a great option for anyone that wished to get into the industry with low investments but with the guarantee of financial security and the best support.
The CFDs and Forex industry is expected to grow with the progress being also mirrored by the FP Markets. Hopefully, the future holds a lot for this company that continues to shape how people trade in Forex, and thousands of other instruments.
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