FP Markets is a great australian broker with plenty of features for both forex traders and stock traders.
However, there are important things to point out when talking about this broker, and that’s what we’re going to do in this FP Markets Account review.
And of course, if you want a wider overview of the broker, you can always take a look at our FP Markets review.
Let’s get started!
Table of contents
FP Markets Account Types
Like with many trading platforms they offer a chance for new traders to test the waters before they go all in, by letting them use demo accounts. The beauty of demo accounts is that you are using virtual money, which can lose without suffering any painful consequences. The money might be fake and virtual, but the market conditions are very real, which adds authenticity to the platform.
Now, with some trading platforms, you first have to open a live account in order to open a demo account, but this doesn’t happen with this broker. In fact, you can easily open one heading to the FP Markets website.
If you think that’s not good enough, then you can enjoy the freedom of demo trading for as long as you like. The broker allows you to trade for an unlimited amount of time. However, if the account experiences no activity within 30 days the account will automatically be closed.
FP Markets Standard Account
The FP Markets Standard Account is readily available on both MT4 and MT5 platforms, which makes sense really as a large majority of traders proactively use both of these platforms. The FP Standard account means you are given access to more than 10,000 assets that you can actively trade, ranging from FX, commodities, indices and ETFs.
Obviously you need to deposit money to be able to trade using the Standard Account, and the minimum deposit threshold for the Standard Account is $100. For this amount of money, you will get to use a great ECN execution. Because if you don’t know already, FP Markets is one of the best ecn forex brokers worldwide, and the efficiency of their order management can make a huge difference when trading in the forex market.
Speaking of spreads, the spreads on the FP Markets platform start at 1.0, which is a lot lower than other brokers. Also when trading on this platform FP Markets have no commissions.
FP Markets Raw Account
Like the Standard Account, the FP Markets Raw Account is also available on both MT4 and MT5 platforms, again which makes sense as a large number of traders use these platforms. When comparing both the Standard account and Raw account, there are a number of similarities such as having access to other 10,000 assets. The minimum deposit of $100 to start, as well as the ECN execution. However, there are also some differences, such as the spread which starts at 0.0 pip. There is also a commission of $3 (or equivalent in local currency) per standard lot that is charged per trade. FP Markets is also one of the best scalping brokers thanks to its ECN execution abilities.
FP Markets Islamic Account
The FP Markets Islamic Account is specifically available for Islamic traders, and is available on request. There are some privileges when it comes to an islamic account on the FP Markets platform, such as no swap fees, which makes it one of the best swap free forex brokers. However there are some additional administration fees, which can start at $1.
FP Markets MAM/PAMM Account
If you are a money manager, then a MAM/PAMM account is the right choice for you. FP Markets offers a tailor made account that allows you to manage those accounts, and is currently compatible with every account and expert advisors. The MAM/PAMM accounts are also available on the MT4 platform, but unlike some of the previous accounts, it is not available on the MT5 platform. One unique feature that is found on the FP Markets MAM/PAMM account type is the allocation methods, which are done by lots, percentage and by balance too. The only downside to this particular account is the fact that it is not available to European traders.
In order to be eligible for the FP Markets Professional Account, you first must achieve 2 out of 3 requirements, which are:
You must have made an average of 10 transactions of significant size per quarter in the past year.
You must have a financial instrument portfolio of over $500,000 in a bank account or trading account.
You must possess a significant amount of experience in the financial services sector.
Unlike the previous accounts, there are a number of features that are different and one of the major differences is the higher leverage. Leverage on a professional account is raised to 1:500, which gives traders more buying power. Although you have more buying power and are seen as a more significant player in the financial markets with a professional account. One downside is that you are un-eligible for coverage by the Investor Compensation Fund (ICF), which safeguards the claims of the covered clients against those Cyprus firms that belong to the ICF. On the other hand, FP Markets is not obliged to restrict your account with typical risk warnings and rules that normally protect retail traders.
FP Markets Account Types (ASIC Entity)
FP Markets Standard IRESS Account
This type of account is exclusive to Australian traders, and is only available on the IRESS platform for stockbroking. With this particular account, you gain access to the ASX stock exchange allowing you to trade equities as CFDs with a minimum deposit of $1000. The Standard IRESS account features commissions that start at $10, and also have a monthly fee of 0.1% depending on your profit and investor profile.
FP Markets Platinum IRESS Account
This account is also exclusive to Australian traders and is also only available on the IRESS platform for stockbroking. Much like the previous account, you gain access to the ASX stock exchange to trade equities as CFDs, but this time there is a minimum deposit requirement of $25,000. Commissions also start at $9, which is lower than the standard account. Furthermore, the monthly fee drops to 0.09% depending on your profit and investor profile. Since this is a platinum account, there are also other benefits as well.
FP Markets Premier IRESS Account
Another account that is only available to Australian traders, and is also only available on the IRESS platform for stockbroking where you gain access to the ASX stock exchange to trade equities as CFDs. However, the minimum deposit requirement for this account is $50,000 with 0 commissions and a monthly fee of 0.08% depending on your profit and investor profile.
FP Markets Account Opening
Live Account Opening
One of the benefits to opening a live account on the FP Markets platform is that it is incredibly easy, whereas other platforms overcomplicate the process. In order to open a live account on FP Markets, you must provide documentation and proof of your identity, as well as depositing a certain amount of money into your newly created account. Before you open a live account, you might want to explore another option and open a demo account.
74-89% of retail CFD accounts lose money
The amount of time it takes for an account to get verified is usually pretty fast with FP Markets, so new traders shouldn’t have too long to wait to open a new account. You will obviously need certain types of documents when it comes to account verification, such as proof of identity like an ID or passport. You will also need proof of residence, such as a letter with your address on it like a bank statement or utility bill.
The main methods for funding an account on FP Markets include the following bank transfer, depositing using major credit or debit cards. Other popular methods include the likes of PayPal, Skrill and Neteller. FP Markets allows you to deposit funds using the following base currencies; Australian Dollar, Canadian Dollar, Euro, British Pound, Japanese Yen, Singapore Dollar, and U.S. Dollar. However, depending on the method, you may also find you can deposit in the following currencies; Swiss Franc, Hong Kong Dollar, New Zealand Dollar, and Polish Zloty. Furthermore, you should also be aware that Skrill only allows the following currencies; U.S. Dollar, Euro, and British Pound.
The FP Markets minimum deposit really depends on your location, but generally speaking the minimum deposit threshold is $100. But you should be aware that for stock trading IRESS accounts the minimum deposit starts from $1000.
The FP Markets trading platform allows the following base currencies: Euro, U.S. Dollar, British Pound, Australian Dollar, Canadian Dollar, Singapore Dollar, Swiss Franc, Hong Kong Dollar, Japanese Yen, and New Zealand Dollar.
FP Markets Account Bonus
Unfortunately, FP Markets offers no sign up bonus when you deposit funds. Although if you are interested in bonuses then you can check the best forex broker promotions
FP Markets Account Deposit & Withdrawal
Deposit methods on trading platforms can vary dramatically and they generally have no fees, but if you deposit less than the required amount ($100), then FP Markets will not cover charges that may be forced by your bank. If you are depositing into an IRESS account, there will be a 1.6% fee charged to your bank due to domestic funding methods, or a 3.18% fee on international funding methods. On a more positive note, FP Markets will cover your international fees up to $50 for deposits that exceed $10,000. One thing to think about when deposit funds, is if your depositing currency does not match a supported base currency, it may fail.
Deposits don’t often take too long, with bank transfers taking roughly less than one business working day. Deposits to an IRESS platform also take one business day.
Withdrawals on FP Markets are generally considered fee free, but there can sometimes be some fees depending on the method of withdrawal. For instance, Neteller charges a fee of up to 2%, or a maximum or $30 per $45,000 transaction. Skrill also charges a 1% fee on country fees, if they are applicable. Much like deposits, withdrawals roughly take one business day to complete. However, bank transfers can take up to 3 business days provided that documentation is correct.
FP Markets Account Management
FP Markets Account Inactivity
As mentioned earlier on, if your demo account experiences a period of inactivity for 30 days, it will automatically be closed and you will incur an inactivity fee.
FP Markets Account Reactivation
If you experience your account has become inactive, and you want to reinstate your account, then you will have to speak to FP Markets customer support. Customer support is there to help with any problems or questions you may have.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
ADVERTISER DISCLOSURE: InvestinGoal is completely free to use for all. Though we may receive a commission from brokers we feature, this does not impact the results of our reviews or rankings which are conducted with complete independence and objectivity, following our own impartial methodology. Help us continue to provide the best free broker reviews by opening your account with our links. Please read our Advertiser Disclosure to learn more.