FP Markets Review 2020 and Technical Opinions
Did you search FP Markets review to figure out FP Markets’s real value?
Would you like to fully understand if FP Markets is reliable or if it’s a scam?
Do you want to find out everything you can do with FP Markets, expert opinions, and user reviews?
In this FP Markets review, you’ll find everything you need to dispel any doubt, including our feedback on FP Markets, both practical and technical, after years of experience on the platform.
The best thing you could is to open a free demo account to try out first-hand the FP Markets platforms, to be able to fully follow this review.
PART 1 – FP Markets Legal Review – Company and Legal Information
The first point of concern for many traders with FP Markets, as with any forex broker is their legitimacy. This is something which traders look to confirm in the early stage, and it is also something which we will strongly address in the beginning of this FP Markets review.
Having established themselves in the industry more than 14 years ago, and now being regulated by one of the most stringent bodies in global finance, it is safe to surmise that FP Markets Australia, and globally, is one of the most trusted brokers in the Forex market.
Is FP MARKETS a scam? Is FP MARKETS reliable? FP MARKETS review and legal opinions
As mentioned, oversight from ASIC and CySEC goes a very long way to establishing credibility and trust for FP Markets. Their efforts to put this licensing in place and develop a strong product offering over the course of the past 14 years, gives all of the indications that FP Markets is not a scam in any way, shape, or form.
When I make a deposit to FP MARKETS, where does my money go?
Trading with FP Markets and opening an FP Markets account, you can be assured that your deposited funds are directed only into segregated accounts at top-tier banks. This ensures the safety and security of your deposits regardless of company operational methods.
Is FP MARKETS regulated? FP MARKETS Regulations – FP MARKETS license opinions
FP Markets is well regulated by ASIC (Australian Securities and Investment Commission) and CySEC (Cyprus Securities and Exchange Commission).
These represent two of the key bodies which every trusted Forex broker reviewed by us aspires to be regulated by. They operate under strict regulatory conditions which brokers such as FP Markets must comply with.
This provides a level of security and transparency in which traders can place a high degree of trust.
How to check the FP MARKETS licenses
FP MARKETS licenses can be reviewed and verified directly through the issuing regulator. These details are listed as follows:
- CySEC License
- ASIC License
What type of broker is FP MARKETS? FP MARKETS technical opinions
FP Markets specializes in Direct Market Access Trading.
They do also operate through a dealing-desk model in some instances with CFD trading. Ultimately, the decision in which model to use for trading remains with the trader. Through offering both types of trading model, the broker provides the greatest degree of flexibility to traders in choosing how they wish to trade.
Both of these types of trading hold some benefit for traders. Top ECN brokers often provide some of the most competitive opportunities to start trading, with low deposits and a wide range of available trading products.
DMA trading on the other hand, provides a conflict-free access to the liquidity providers in the Forex market to help achieve the most competitive spreads for higher volume, or professional traders.
How does FP MARKETS profit?
FP Markets have a number of ways in which they can profit.
Through their standard Forex account type offerings, the broker profits through the spreads offered on trading instruments which will be slightly higher than market rates.
The broker also offers accounts with more competitive spreads where commissions are charged. FP Markets commissions remain competitive, though this is another way in which the broker profits.
Where is the legal office of FP MARKETS?
The legal office of FP Markets is located as it follows:
Level 5, Exchange House,
10 Bridge St,
Sydney NSW 2000
- Regulations: First Prudential Markets Pty Ltd licensed by ASIC (286354) and CySEC (372179)
- Type: STP, ECN, Market Maker
- Leverage: 1:500
- Minimum Deposit: $ 100 AUD, $ 100 USD or €100
- Platforms: IRESS, MT4, MT5
- Headquarters: First Prudential Markets Pty Ltd is headquartered in Sydney, Australia
- US Customers: No
- Other instruments: CFDs on equities, futures, commodities, metals, indices, cryptocurrencies (Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple)
PART 2 – FP Markets Account Opening
What can you do with FP MARKETS? FP MARKETS features opinions
FP Markets broker offers a diverse range of trading products which can serve all types of trader.
These include in excess of 50 Forex currency pairs including all major currencies. Many minor and exotic pairs are also available for trading.
In addition, FP Markets offers a multitude of CFDs trading in:
- a range of thousands of global shares CFDs.
The shares trading offered by the broker is so extensive, they also features a dedicated shares trading account similar to that offered by FXTM.
Their overall product offering also includes Bitcoin CFD trading and ultimately, an extremely wide range of trading products, across an equally expansive range of account types serves to ensure there is enough flexibility and availability to meet the needs of every trader.
FP Markets demo: how to open a free virtual account
Opening an FP Markets demo account could not be easier.
Simply enter some basic background personal information and proceed to downloading the relevant trading platform. FP Markets estimate that this entire process should take no more than 30-seconds.
FP Markets Live: how to open a Live FP MARKETS account
Opening an FP Markets live account is a similarly hassle-free proposition.
There are a few additional steps in that you should complete the trading questionnaire and a few more details before funding your account, though the company still estimates a very quick registration time of just 3-minutes.
Prior to the account being fully activated, you do need to complete both ID and residence verification which can be done electronically.
FP Markets Deposits and Withdrawals – All the options
FP Markets deposits can be completed using any of a number of options which the broker makes available. These include the following methods:
- Credit/Debit Card
- Online Pay
- Bank Wire Transfer
- Broker to Broker
All of the above FP Markets deposit methods are available without fee when used in conjunction with Metatrader account types.
FP Markets fees apply up to 4% when these methods are used in conjunction with the IRESS platform. There may also be an applicable fee for international bank wire transfers.
If it is your first FP Markets withdrawal, you will have to both nominate a bank acount, and provide a copy of your photo ID to the support team at FP Markets to process.
FP Markets minimum deposit
The FB Markets minimum deposit varies depending upon the account type you choose, however, to open a standard trading account, the minimum deposit is $100 AUD.
FP Markets Bonus and Offers
FP Markets bonus offering is restricted due to the regulatory requirements of ASIC, with which the broker is fully compliant.
With that said, the broker do offer a 20% deposit bonus subject to terms and conditions as outlined in their bonus offer.
What type of trader are you?
73% of retail CFD accounts lose money
PART 3 – FP Markets Review – Accounts, Conditions, and Fees
FP Markets Account Types
FP Markets account types are expansive.
There are a variety of accounts offered depending upon the nature and volume of trading.
The most common style of account which the broker offers are Forex accounts. These are divided into either a Standard Account or a FP Markets ECN Raw Account.
For more experienced traders, FP Markets offers its CFD accounts range. This is divided into Professional, Platinum, and Premier account types with minimum deposits from $1000 – $50,000 which provide DMA trading through the FP Markets IRESS trading platform.
Share Trading Accounts
Finally, FP Markets offers a share trading account which also operates through CFDs. The offering here is very wide, catering for thousands of shares globally, and great for traders who wish to specifically focus on this area.
FP Markets Commissions, Fees, Spread and Market Trading Hours
FP Markets commission remains very competitive when compared with other Forex brokers of a similar stature in the sector.
For standard Forex accounts, spreads begin from 1.0 pips, with the average spread being around 1.45 pips on major currency pairs such as EUR/USD. Comparatively, the same pair offers an average spread of 0.45 pips when traded through the ECN Raw account. The direct market access trading accounts provided by FP Markets also allow access to the best possible rates on the market.
FP Markets has a number of fees which potential traders should take note of. As standard, swap fees are applied on overnight positions.
FP Markets traders who decide to open a Professional, Platinum, or Premium account which utilizes their IRESS trading platform should be prepared for a fee of $55 per month, plus an additional $22 per month ASX live data fee. Both of these charges can be waived if the trader generates sufficient commission within the monthly period.
Standard commission charged on the FP Markets ECN Raw account trading is $3.50 per 100,000 currency units traded. This is competitive for the common trader as commissions go.
FP Markets Islamic Account is available upon request to those traders who require a swap-free account.
Leverage – What it the highest leverage FP MARKETS offers?
The highest leverage offered in any markets to FP Markets traders is 500:1.
FP Markets cryptocurrency trading is available.
This encompasses a total of 5 CFD instruments (BTC, BCH, ETH, LTC, XRP) traded with the US Dollar . This is only one market, and quite a way from the offering of many other brokers in the area, but considering the breadth of other trading markets available, there is still enough to satisfy the trading needs of most.
FP Markets CFDs
FP Markets broker features extensive offerings when it comes to CFDs trading.
As mentioned, they offer a selection of markets ranging from
- thousands of share
All of these can be traded as CFDs.
This puts FP Markets in a very strong position compared with other brokers when considering CFD trading. The opportunity to open dedicated CFD trading and shares trading accounts is also something of great appeal to those traders who wish to focus on CFD trading through FP Markets.
PART 4 – FP Markets Trading Platforms Review
FP Markets offers trading platforms from Metatrader which include both MT4 and MT5 in all their variants including desktop, mobile, and webtrader format. These are, as always, provided free of charge.
FP Markets also offers access to the IRESS trading platform at a monthly fee of $55 AUD, particularly for those who open CFD account types through the broker.
FP Markets Trading Platform Review
FP Markets focuses its efforts on three main trading platforms. These are the:
- Metatrader 4
- Metatrader 5
- IRESS trading platforms
All platforms are offered on in desktop, web-based, or mobile formats.
FP Markets MT4 and MT5
MT4 and MT5 are both well-renowned in the industry for both their robust nature, appearance, and effectiveness when it comes to charting and execution of orders. The functionality of the trading platform differs little from broker to broker, and it has been in the industry as long as most major brokers have been operational. This means it has a very dedicated following, and becoming knowledgeable in its operation can be very beneficial to traders.
The MT4 webtrader is a little less rudimentary in terms of visual appearance than its desktop counterpart, with appealing HTML5 format, it is also fast and easy to use, with the positioning of toolbars on the top, bottom, and left side controlling much of the action within the highly customizable chart display. This is consistent with the very familiar and trusted operations of the MT4 trading platform which most traders have come to know.
FP Markets IRESS Trading Platform
This platform is ideal for providing the most concise and consistent DMA trading access whilst still remaining user-friendly and with a constantly working stream of live data and information being fed to the trader through the appealing interface. This level of service however, does come at a premium. The IRESS trader will set the user back a total of $77 per month including the live data feed. This can all be rebated if enough commission is collected from trades.
Much like their desktop and webtrading partners, the mobile platforms of both Metatrader and IRESS are highly intuitive and compact. Available to both iOS and Android users, they both pack a huge number of charting tools and indicators into their apps. Both also provide access to economic calendars and live news feeds.
This level of functionality, as well as usability, provides traders with the most powerful trading platforms packed into their mobile and smart devices, enabling most effective trades to be completed on the move and with ease, an important factor for any top Forex broker.
FP Markets tutorial: Where to find the best FP MARKETS Guides
FP Markets does offer a range of educational material and tutorial guides for all levels of trader from beginners to advanced.
PART 5 – FP Markets Support, Research and Educational Material
FP Markets Customer Support
FP Markets customer support is available on a 24/5 basis through a number of easy access mediums. These include telephone support, email, and web-based live chat. All of these facilities are available in a number of languages for the ease of traders.
When tested, all of the listed methods performed well. Speedy, helpful, and polite responses were noted from all agents over the several channels of communication.
FP Markets research tools include a number of options for traders who wish to engage further information when trading. This includes the basic tools such as a comprehensive economic calendar and extends to a daily market report, analysis, and market news.
All of this is compiled by the in-house team of professionals at FP Markets in order to present the most efficient, and effective opportunities to their traders.
The educational infrastructure and materials provided by FP Markets is sufficient. This includes guide, ebooks, video tutorials, and trading courses, all designed with the intention of helping traders advance their careers in the industry.
This educational material can provide insight for all levels of trader, although beginner and intermediate traders may derive the most benefit from engaging with FP Markets educational resources.
FP Markets Trading Academy
Though FP Markets do not have a specified training academy, they do feature adequate resources in the form of their educational material to help enhance the knowledge and develop the trading skill of new and more experienced traders alike.
Extra materials such as trading guides which can further improve your Forex trading capabilities can always be accessed from reputable third-party sources.
FP Markets users, customers and bad reviews
Before moving on to our final opinion on FP Markets, for completeness we want to give you the opportunity to read some comments and experiences written directly by other users. However, important prerequisites must be made:
WARNING: in the world of online trading, very often users who do not know how to operate professionally, and therefore lose money, vent their frustrations by giving bad reviews on the broker, reviews that have nothing to do with the quality of the broker in question.
WARNING 2: There have been many cases where non-professional rival brokers paid fake users to write false negative reviews on other brokers.
That said, it can still be useful to take a look at the direct reviews of other users, if for no other reason to understand what to pay more attention to when you start working with that broker.
PART 6 – Final Thoughts and Opinions on FP Markets
FP Markets is a very well-established and respected broker. It is well-regulated, and provides for a wide range of trading markets and trader types of all levels.
It is often compared with other top Australian brokers such as IC Markets who provide a similarly wide-ranging service to traders.
Ultimately, thanks to this regulation and expansive range of offerings, FP Markets can also consider itself among the nations and the world’s leading brokers.
FP Markets final review, opinions and final comments
This comprehensive FP Markets review has taken in all aspects of the FP Markets broker offering and can conclude that they are a highly trusted broker, making the Forex trading sector vastly more accessible to all levels of trader who wish to participate.
FP Markets also caters well for the higher end, professional traders, and those who wish to engage with specific markets such as shared CFD trading. It is this capacity to accommodate all of the various demographics among traders which will surely see FP Markets broker retain its position and continue to build on its already impressive catalogue of products into the future.
Why You Should Choose FP Markets
Undoubtedly, as a Forex trader, one is always on the lookout for a trusted broker who offer a wide range of markets for trading with competitive spreads and commissions. These are all features which FP Markets possesses.
The initial attraction through the well-respected regulation and competitive fees structure, is backed up by the extensive range of markets and trading flexibility offered. This means that regardless of your starting budget, FP Markets has a place for you to trade and advance in your Forex trading journey.
FP Markets Reviews – PROS
- A well trusted broker which has been in operation for more than 14 years and is highly regulated by ASIC, one of the most-respected bodies in global finance, and CySEC.
- Account types and trading products are available to suit every style and budget. This includes specified account types with offerings tailored to particular markets such as shares CFDs.
- Both Metatrader platforms and IRESS are available. This offers a distinct and powerful degree of choice to both new and experienced traders.
- Commissions and spreads offered are quite competitive when compared with other brokers of a similar stature.
FP Markets Reviews – CONS
- FP Markets is only regulated by ASIC and CySEC. Traders may be encouraged to see further regulation across other jurisdictions, particularly within the EU.
- Although many account types are available, the required minimum deposit steps up quickly from $100 AUD through a standard account, to $1000 AUD for an ECN Raw account.