As a trader you will be glad to find that FP Markets provides for a good range of account types. Here you should be able to find something to suit your trading needs without too much difficulty.
Of course, the very best place, and recommended starting point for any forex trader with any forex broker is a demo account. FP Markets does offer a demo account to all traders if you require one. With the demo account, you will have $100,000 in virtual funds available to trade with. This means you can trade with no risk at all to your real funds, and with no obligation to deposit or start a live trading account. It is also a great way to get to know a broker since a demo account replicates the exact trading conditions of a live trading account, without the risk. You just need your name, an email address, and phone number to open the FP Markets demo account.
The FP Markets demo account is unlimited and you can keep trading with it as long as you want. The only note here is that it will close after 30 days of inactivity.
FP Markets Metatrader Standard Account
The FP Markets Metatrader standard account is a popular account type choice for traders starting out with the broker. Here you can get started with a low minimum deposit of only $100 and you will have the choice of trading through MT4 or MT5 trading platforms.
The cost of trading too is very competitive. The FP Markets spread on this account type starts at only 1 pip. Leverage of up to 30:1 for EU and ASIC traders, and 500:1 for those outside the EU is also available.
FP Markets Metatrader Raw Spreads Account
If you are looking for even lower spreads and more platform customization, then the FP Markets Metatrader Raw Spreads Account is also available. Here you can again choose between trading with MT4 or MT5 trading platforms and access the same excellent minimum deposit of just $100.
Trading through this account you will have spreads that start from 0 pips and with the same leverage of 30:1 for EU and ASIC traders, and up to 500:1 for non-EU traders in place, but there will be a commission of $3 per lot on trading with this account type.
FP Markets IRESS Standard Account
The FP Markets IRESS Standard account is available if you are interested in stock trading through the broker. This is their standard account type for stockbroking and trading through the IRESS platform is available. Here you should note that this account type is only available in Australia.
With this IRESS Standard account you will have access to the ASX stock exchange and be able to trade equities here as CFDs. The minimum deposit for this type of account is $1000, and the commission starts at $10 on shares traded with a 0.1% fee also payable monthly depending on your profits and investor profile.
FP Markets IRESS Platinum Account
The FP Markets IRESS Platinum account is also available in Australia only, and again provides access to stock trading as CFDs on the ASX stock exchange. The minimum deposit for this account type is $25,000 though the account comes with a number of added benefits suitable for higher volume stock traders.
These benefits include a reduced stock trading commission that starts from $9 and also a reduced level of trading fees that start from 0.09% again paid monthly and depending on your profile and profits.
FP Markets IRESS Premier Account
The highest level of FP Markets stock trading account available is the IRESS Premier Account. As with the other IRESS account types, this account is not available outside Australian and provides access to the same range of ASX stocks for trading as CFDs. With this account type, the minimum deposit increases to $50,000.
Among the added benefits with this account type though is that you will not be charged any commissions on trading and the monthly fee for trading is also reduced to 0.08% again depending on your profits and investor profile. A great account option for experienced and high volume stock traders with FP Markets.
FP Markets MAM/PAMM Account
If you are managing multiple accounts then the FP Markets MAM/PAMM account may be the best choice for you. This account type and service is compatible with EAs through Metatrader and every account offered by the broker is compatible with MAM/PAMM.
Trading here is done through the MT4 trading platform and three different allocation methods are available. These are by lot, by percentage, and by balance. The FP Markets MAM/PAMM account also allows for you to manage an unlimited number of accounts and an unlimited amount of money.
FP Markets Islamic Account
If you are Islamic trader complying with Sharia law, then you will be glad to note that an FP Markets Islamic Account is offered. These accounts are available on request from the broker and offer the very same great trading conditions you will find on other accounts. The only difference here is that you will not incur any swap fees. As a result, the broker does charge some additional administration fees. These start from $1.
If you want to know more on sharia compliant trading, you can check our article on the best swap free Islamic forex brokers.
Account Base Currency
Your account base currency is the currency you trade in. As with most top forex brokers, FP Markets makes a good selection of base currencies available. These include the EUR, USD, GBP, AUD, CAD, SGD, CHF, HKD, JPY, and NZD.
Having a strong range of FP Markets base currencies available means you can avoid conversion charges when depositing and withdrawing funds which can certainly save you some money in the long term.
Here is a look at the minimum deposit and all of the FP Markets deposit methods that are available when you trade with the broker.
FP Markets Minimum deposit
The minimum deposit at FP Markets is generally $100 or equivalent on the majority of accounts. This only changes if you want to open a stock trading IRESS account where the minimum deposit starts from $1,000 for trading through the IRESS platform. Remember that these IRESS account types are not available outside Australia.
FP Markets makes a number of deposit methods available to you as a trader. Every deposit method is typically fee-free and instant with the exception of a wire transfer that usually takes around 1 day.
In addition to wire transfers, there are a lot of other deposit methods available to select. These include credit/debit card deposits with Visa or MasterCard that can take 1 business day but are usually instant as well as eWallet deposits through Neteller or Skrill which are both accepted.
Other available deposit methods include POLI, BPAY, and Fasapay. If you are trading from Asia then Online Pay, Paytrust88, and Ngan Luong may also be available depending on the country.
As mentioned, FP Markets deposits are typically fee-free.
This may not be the case only in two situations:
The first is if you deposit less than $100, FP Markets will not cover charges that may be imposed by your bank, though the broker themselves will not impose a fee.
The second is if you are depositing to an IRESS account. Here a 1.6% fee will be charged for domestic funding methods, or a 3.18% fee on international funding methods.
A conversion fee may be charged if your deposit currency does not match a supported base currency though the broker offers many base currencies so this is usually not an issue.
Here are some of the withdrawal methods that are made available through FP Markets.
FP Markets withdrawal methods in fact are all the same as the deposit methods listed above when it comes to availability. Typically withdrawals can take up to 24 hours to process, though this can vary slightly depending on the method you choose.
Remember, your withdrawal method should match the funding method you used.
FP Markets withdrawals are fee free when it comes to credit or debit cards. A wire transfer fee of up to $10 may be charged, and an eWallet fee of up to 2% may also apply depending on the method.
Spreads & Commissions
FP Markets spreads start from 0 pips if you have a raw spread account, or 1 pip if you have the FP Markets standard account. WIth the raw account type, the commission on trades starts from $3 per lot. There is on commission on the FP Markets standard Metatrader account type.
If you are stock trading through an IRESS account, the fees on stocks start from $0, though there is a minimum commission fee of $10 if you are trading on the IRESS Standard account.
Here is a sample of the FP Markets spread on some of their most popular assets:
- EUR/USD – 0.00 pips
- SPX500 – 0.200 pips
- US Shares – 0.00%
- Gold – 0.00 pips
- BTC – 2.00 pips
Finally, let’s take a look at any additional FP Markets fees which may be applied.
As with all brokers, FP Markets does charge an overnight fee. This basically applies to every asset traded through the broker since all assets are traded as CFDs. This fee applies if you hold the position overnight and is charged every day at the closing time of the market.
Since it is an ever changing fee depending on market conditions, you can find precise information on it through your trading platform. You can avoid this fee if you are an Islamic trader trading on a swap-free account.
You will be glad to find that FP Markets do not charge any inactivity fee.
IRESS Account Commission
There is a monthly fee on Stockbroking IRESS accounts of $55 which applies unless you generate a total minimum of $150 in commission fees for that month. This fee varies depending on the level of your IRESS account and the IRESS Premier account does not charge any fee.