FP Markets Review
Tight, fixed spreads
|Headquarters||Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia|
|Support Number||+61 (0)2 8252 6800|
|Support Types||phone, live chat and email: New enquiries: [email protected] Account opening: [email protected] Withdrawal related: [email protected] Funding related: [email protected] Trade related: [email protected] Support: [email protected]|
|Trading Platform||IRESS, MT4, MT5|
|Minimum 1st Deposit||$100|
|Minimum Account Size||$100|
|Minimum Trade Amount||$1|
|Maximum Trade Amount||None|
|Bonus||Tight, fixed spreads|
|Payout||within 7 business days|
|Leverage||1:1 up to 1:500|
|Spread||Low, fixed spreads|
|Free Demo Account||Open Demo|
|Regulation||First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354)|
|Fee Info||No hidden fees|
|Account Types||Demo Account, MetaTrader 4 Account, ECN RAW Account|
|Deposit Methods||wire transfer, Cash-U, Credit Card, Neteller, PayPal, QIWI, Skrill, Webmoney|
|Withdrawal Methods||Credit Card, FasaPay, Neteller, PayPal, Skrill, Wire Transfer|
|Number of Assets||10,000+|
|Types of Assets||Currencies, Commodities, Indices, Stocks, Crypto|
|Trading Currency||More than 50 forex pairs including major, minor and exotic pairs|
|Account Currency||EUR, USD, AUD|
|US Traders Allowed|
According to FP Markets themselves, the succes formula behind their brokerage firm is to be different from competitors by knowing what their clients want and a combination of charting, order execution speed, trading software, amount of assets offered and market analysis.
Apart from positive feedback from their clients, FP Markets has gained an outstanding reputation. They have won more than 35 awards and they will probably win more. Some of the awards are: 6 times winner of #1 most satisfied traders, 4 times winner of #1 best trade execution, 2 times winner of #1 best education material and 1x winner of #1 best customer service.
It’s not strange FP Markets got such a good reputation. FP Markets has a great offer of financial instruments, different trading platforms and softwares (like MT4, MT5 and IRESS), fast execution of orders and a great learning centre where traders can follow trading education supported by true market analysis.
Why would you trade at FP Markets?
First of all, FP Markets is a regulated broker that’s licensed by the ASIC under license number 286354. Apart from that, FP Markets seperates their traders money from their own capital.
FP Markets has, apart from the reliability based on regulation, an excellent track record within 13 years doing business in the brokage industry. Their own clients give them an average rating of 8.7 out of 10. Add up the fact that they earned 35 awards in different categories and you will know why FP Markets is so popular among traders.
For traders a fast order execution is very important. At this point FP Markets offers both STP-pricing and ECN-Pricing. This gives the trader direct access to the market due to the technologie FP Market uses. This is also why FP Markets can give their traders such competitive rates.
FP Markets offers several different trading accounts. So, accordingly to your own demands or wishes, you can open an account that suits your needs. The same counts for the asset or financial product offering. The standard product offering will be sufficient for most traders, but for traders that want access to more than 10.000 stocks, they have to use the IRESS trading platform.
New traders will like the education center available on the FP Markets website. You can read multiple e-books about trading or watch seminars. Not only do these videos and articles teach you about the different markets and financial instruments, also they will teach both beginning and experienced traders daily market reports, forex analyses, news updates and forecasts for the next week.
Contacting the customer support of FP Markets is very easy and painless. You just call by phone, send an email or just the live chat function.
There also is a FAQ page available at their website. The customer service is available 24/7. FP Markets actually won an award as #1 Best Customer Service, so you can expect excellent customer service from them.
Opening an account at FP Markets
Opening a trading account at FP Markets is very easy and should not take more than 3 minutes of your time. First, you fill in your personal details, then you choose the account type you want and then you fill in a short questionnaire. After that, just deposit money and start trading.
If you’re not yet an experienced trader, it’s best to first open a DEMO account. FP Markets offers a demo account with $100,000 virtual balance. This way you can practice with the software and test out several trading strategies before you deposit you’re hard earned money.
FP Markets Forex Trading Accounts
If we’re talking forex trading, FP Markets offers two different account types: the standard MT4 account and the ECN Raw Account. A MT4 Standard Account you can open from a real money deposit of just $200. This account provides super fast execution due to the dedicated NY4 facility high end server (STP-Pricing). With the MT4 Standard Account you don’t pay any commission and just tight spreads (difference between buy and sell price) from 1 pip. The maximum leverage is 1:500 and you have access to more than 50 financial instruments, including forex, commodities and indices.
To open an ECN Raw Account, you need to deposit at least $1000. Of course also on this account you can count on fast order execution due to fiber optic links towards NY4 (ECN-Pricing). Although you pay $3,50 per lot commission, the spread is ultra low, sometimes even 0 pips. Also with this type of account the maximum leverage is 1:500 and you have access to the same financial instruments and assets.
Stock CFD Accounts
FP Markets also offers personalised CFD Stock Accounts, which are suitable for both starting and experienced traders. With this type of account you have access to over 10,000 different stocks. This account type, however, costs $55 monthly and $22 (GTS Inclusive) for ASX market data. Depending on the account and the paid commission, these monthy costs can be lowered or even diminished.
The lower-entry account is the ”Professional” account. This account type requires a minimum deposit of $1000. When you generate $150 or more in commission for the broker, you will not have to pay the $55 monthly GST platform fee. When you generate $50 or more per month, the monthly fee for the ASX Market Data comes for free, too.
You can open a ”Platinum” account when your initial deposit equals $25,000 or more. In this case you pay far less commission but the same rules count for the monthly costs of using the trading platform and market data. So, also with this account type you have to generate enough commission if you want these features to be free.
Last, but not least, there’s the ”Premier” Account, where the commissions are almost zero in comparison to the other two accounts. Also there are no costs charged monthly on this account type. However, this account type is invitation-only.
FP Markets Trading Software
When we are talking trading software, FP Markets offers the best of the best. First of all, you can use the popular MetaTrader 4 and MetaTrader 5 trading software (additionally you can add Traders Edge), but you can also choose to use the IRESS trading platform.
Usually, we at Choosebroker.com, do not advise using the software from the online broker, but the standard MT4 or MT5. In this case using the IRESS trading platform might be adviseable though, if you are new to online trading.
New to online trading? Be sure to read our article:
MetaTrader 4 and MetaTrader 5
With MetaTrader 4 really nothing can go wrong. Only when you want access to more than 10,000 stocks, it’s better to choose for the IRESS trading patform. This platform suits more to stock traders.
MetaTrader 4 is the most used trading software worldwide. This is because MetaTrader 4 is very user friendly and has loads of helpful tools. You can alter your charting the way you want, whether it’s colors, layout or how you want to display the charts (Japanese Candlestick Charts are the most common).
Beyond that, you can use tools and graphs to your charts to better analyse them. Think about using trend lines, like support and resistance, arched zones, Fibonacci retracement levels but also technical indicators like Bollinger bands, moving averages, Stochastics, MAC and many more.
When you typically use the same technical indicators and color settings, you can choose to save your layout template. Quite handy, because you don’t have to manually change or add functions to your trading monitor layout. Just one mouse click and open your saved template. The same counts for when you analyse the same stocks or financial instruments daily. You can create personal watchlists for currency pairs and indices.
Furthermore, with MetaTrader, you can apply trading strategies using a trading robot, also called an Expert Advisor. To do this, however, you need a VPS and/or VPN connection. Luckily, FP Markets offers these services, but you can also take a look at NordVPN.
I have written an extensive guide about using NordVPN here:
Apart from using an expert advisor, you can follow the same trades from a professional trader you trust. This is called copy trading and and MetaTrader 5 has a built-in shop where you can buy and sell trading strategy setups and expert advisors.
If your time is precious and you don’t have the time to track the financial markets daily, you can compare the most reliable copy trading brokers here.
Executing orders and managing them is very easy with MetaTrader. Normally, you first have to confirm your order, but you got the possibility to change this settings, so you can place orders with a single mouse-click. When you choose to opt-in for this option, you must be very careful, as you can sometimes missclick. Meanwhile you can just change your order type, set stop loss and take profit levels or close the position.
When you are willing to do a initial deposit of $1000 or more, you will receive the Traders Edge software, as an extra addition to MetaTrader. You can view Traders Edge as a very luxury package with 12 extra tools that increase the ease of analysing charts and other extra tools, like a newsfeed and economic calender.
IRESS Trading Platform
The IRESS trading platform has similar functions compared to MetaTrader 4 and MetaTrader 5. You have access to 59 technical indicators, more than 50 drawing tools, a braod scope of expiry times, the option to save templates and even analyse correlations. If you are used to using MetaTrader but do not need to access more than 10,000 different stocks, you can just use MetaTrader. However, if you want to enjoy the greatest selection of stocks on FP Markets, the IRESS trading platform is the way to go.
FP Markets Mobile Trading App
Whether you want to trade on-the-go or just like trading on your smartphone or tablet, this is always possible if you have internet access. The only thing you need to do is download the FP Markets mobile app from the Google Play or Apple Sotre, according to your mobile device.
To always have the safest SSL socket-layed protected internet connection whilst trading, I once more refer to using NordVPN once more and you can read about it in this artice:
Financial Products on FP Markets
The standard product offering on FP Markets should be sufficant for most traders. You get access to more than 50 financial instruments, including forex, commodities and indices.
An interesting way to get access to more than 10,000 stocks is by using their IRESS trading platform. However, keep in mind that you will be charged monthy for the use of their platform and supplied market data. You can scroll up in this review to check the different types of trading accounts.
FP Markets Customer Service
The customer service of FP Markets has already won an award for being the #1 Best Customer Service Broker, so you know that you are in safe hands whenever you have questions or problems. The customer service department is opened 5 days a week (during trading hours) and are reachable by phone, email and live chat. On their website you can find an extensive FAQ section which can answer most of your questions.
Is FP Markets a scam?
First of al, FP Markets has a valid ASIC license an secondly, this online broker has won more than 35 awards in the past 13 years. The biggest indication that FP Markets is not a scam, is the good Trust Pilot rating of 8.7/10 that this online broker gets from its clients.
Bonuses and VIP Program benefits at FP Markets
From time to time FP Markets organises interesting promotions. For the most actual promotions, it’s best to check out their website. Under the menu ”About”, and after that, the sub-menu ”Promotions” you will find their latest bonus and promotions information.
FP Markets Additional Features
FP Markets offers a broad scale of features. Whether it’s trading guids, trading platform guides, trading strategies, videos or webinars, you can all find them in their education centre. Besides that you can find daily market reports, the latest forex analysis and news on the research part of their website.
FP Markets Review Conclusion
Whether you are a novice or experienced trader, FP Markets is suitable and a very reliable broker. FP Markets has built up a great reputation and offers traders exactly what they need. The product offering includes more than 10,000 stocks, so there’s enough trading instruments for all type of traders.
You can choose between the best trading softwares available and you are ensured a super fast order execution speed. The customer service is available 5 days a week during trading hours en their website’s live chat function can help you with any question you might have.
Open a trading account with FP Markets, whether it’s a demo account or real account and you will see why this online broker is popular worldwide.