This is an in-depth FP Markets review as requested by our loyal readers numerous times.
FP Markets is a Forex trading brokerage that also operates on other markets, including metals, indices, and cryptocurrencies. This is a group of brokers that includes First Prudential Markets Pty Ltd, regulated by ASIC; First Prudential Markets Ltd, regulated by CySEC; and FP Markets LLC, regulated by STV (Saint Vincent).
Due to various regulatory limitations, FP Markets doesn’t accept clients from the US, Canada, Japan, and a number of other countries.
FP Markets Rating:
- ultra tight spreads
- fully regulated broker
- 5 base account currencies
- stable trading platform
- no requotes, no freezing
- MT4/MT5 available
- strong focus on traders education
- mostly forex oriented
- real stocks not available
- not available for USA traders
FP Markets Account Types
Trading with FP Markets is powered by two retail accounts: Standard and Raw. The two accounts types have a lot of differences, as well as similarities, which we’ll discuss in the following sub-sections.
1. Standard Account
Standard Account is the account package created for regular retail clients of the FP Markets Forex broker. It has the minimum deposit requirement of $100 AUD or equivalent, which is pretty regular for a Forex brokerage account.
There are many advantages that come with this account. For instance, you can trade more than 60 different instruments and you won’t be charged commissions on your trades. Even bid/ask spreads can go as low as 1.0 pips. The maximum leverage for Forex pairs is 500:1 and you can place orders in lightning-fast execution speeds.
Additionally, you can use MT4/MT5 with their Expert Advisors (automated bots). The Standard Account also comes with the VPS support, as well as the ability to trade on your smartphone.
2. Raw Account
The second account type found during the FP Markets broker review is the Raw Account. It also has the minimum deposit requirement of $100 AUD or equivalent.
There are many similarities between Standard and Raw accounts. For example, the maximum leverage is still 500:1 here, yet you can access more than 70 different financial assets. You can still use Expert Advisors or trade on your mobile if you feel like it.
One big difference with the Raw Account is that it has a fixed commission rate of US$3 per 100,000 trade. This condition is beneficial to professional traders who are more comfortable with paying fixed commissions and get very tight spreads, which can go as low as 0.0 pips in this account package.
FP Markets Trading Platforms and Tools
The next crucial segment of our review of FP Markets is the platforms that its clients can use. As our team has found out, there are three main pieces of software available on the website: MetaTrader 4, MetaTrader 5, and WebTrader.
MetaTrader 4 is the world’s most famous trading platform in Forex. It has a very simplistic interface and has a very low learning curve.
When choosing MT4 for your trading ventures, you’re getting some of the most advantageous trading features, including:
- The MQL4 community with tons of different tools and features
- Live pricing with tight slippage
- MarketWatch with over 60 different instruments
- One-click trading
- Automated trading with Expert Advisors
- Available for Windows, Mac, WebTrader, iOS/Android
MetaTrader 5 is a younger brother of MT4, released 5 years after its older brother. And while it isn’t actually considered the replacement for MT4, MT5 brings a bunch of new features that make it more appealing for professional traders.
The impressive list of MT5 advantages looks like this:
- The MQL5 community that’s also rich with indicators and other tools
- Depth of market
- A bunch of technical indicators
- Lot more available instruments
- 6 different types of pending orders
- Trading signals and price alerts
- Super-tight spreads
- Available for Windows, Mac, WebTrader, iOS/Android
This is just a small fraction of top-tier features that you get by choosing MT5 at FP Markets.
Is web-based trading platform for active traders with advanced functions.
As noted earlier, both MT4 and MT5 are available, which makes the entire trading experience a lot more simplistic and comfortable.
One of the biggest advantages of the IressTrader platform is that it can be used without waiting for a download or installation. And such an advantage doesn’t come with any sacrifice to the functionality: IressTrader platform still packs real-time price quotes, a number of order types, lots of indicators and other tools, etc.
When it comes to trading tools and features, FP Markets doesn’t fail to impress. There are tons of different tools that help you trade profitably and more safely. For instance, the availability of dozens of technical indicators allows you to predict future price movements and increase your productivity on the market.
There’s also the Myfxbook Autotrade feature, which is basically the social trading feature. You can copy professional traders’ positions and thus, increase your chances of success.
Financial Markets Covered
Yet another important segment to discuss in our FP Markets Forex broker review is the available instruments to trade. As we have already mentioned here, the broker is primarily focused on Forex trading, yet it certainly doesn’t mean that there are no other tradable assets on the platform.
In fact, we were able to find 5 different instrument classes on the broker’s trading platform:
- Currency pairs
- CFD Shares
- CFD Metals
- CFD Commodities
- CFD Indices
And besides the multitude of financial assets, FP Markets also offers some of the most beneficial conditions for them. For instance, the highest leverage available on the platform is 500:1, which allows you to control 500-times larger capital than you’ve deposited originally.
Deposits and Withdrawals
When it comes to deposits and withdrawals, FP Markets does a very good job of maintaining diversity that has been its trademark in other sections. Our team found 8 different financial platforms to use for payments.
FP Markets Deposit/Withdrawal Methods
There are many ways to deposit/withdraw your funds:
- Bank Wire transfer
- Neteller/ Skrill
- VISA/ MasterCard
- BPay and Poli Pay
- Fasa Pay
Account Base Currencies
The more currencies you can choose from the better. You can avoid the currency exchange risk in future.
FP Markets got you covered with these base currencies:
Is FP Markets safe ?
FP Markets is a safe and globally regulated broker.
FP Markets Customer Support
Finally, when it comes to contacting the broker about any kind of issue with the platform, you can use a lot of different options, including telephone support, live chat, or an email.
- Phone: +44 28 2544 7780
- Email: firstname.lastname@example.org
- Live chat is available right on the website
We recommend FP Markets to all forex traders, both novice and advanced.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.