FP Markets REVIEW 2020

FP Markets is an Australian-based Forex broker that was established in 2005, with over fourteen years of experience in the financial market.

Ever since, FP Markets has expanded and grown to become one of the largest and most popular online forex brokers in the world. They have been rewarded various awards from the trading industry because of their outstanding customer service, educational resources, and trading operations.

The trading service provider has a stellar customer service support, with a service that speaks several languages and a very accommodating staff that makes it their priority to satisfy the client’s needs.

This FP Markets broker review is an in-depth analysis of the features and different options available in FP Markets as a trading service provider.

Fp Markets Main Features
Established in:
2005
Headquarters:
Australia
Regulations:
CySEC, ASIC
Country of regulation:
Cyprus
Minimum Deposit:
$100
Platforms:
MT4, MT5, IRESS, and WebTrader
Demo Account Available:
Yes
Leverage:
1:500
Withdrawal fee amount:
12.5AUD
Inactivity Fee:
No

Pros

  • Easy and Convenient Method for Opening an Account
  • No deposit fee
  • Regulated by the Australian Securities and Investments Commission (ASIC)
  • Demo Account Available for traders

Cons

  • No negative balance protection
  • Two-step login is not available
  • No 24\7 customer support
  • Does not accept clients from the US, Japan, New Zealand, Belgium, and several other countries

Safety and Regulation

FP Markets is a member of a group of 36 companies, with its mother company known as First Prudential Markets Ltd and is also regulated by the Cyprus Securities and Exchange Commission (CySEC).

The mother company, First Prudential Markets Ltd, is registered under the Limited Liability Number 126 LLC 2019, in St. Vincent and the Grenadines.

Pros

  • Regulated by the Australian Securities and Investments Commission (ASIC)
  • Data input is encrypted during transmission
  • Know Your Customer (KYC) is performed on every client
  • Segregated funds for trader accounts

Cons

  • Does not have a banking license
  • No investor protection
  • No negative balance protection
 

FP Markets is a very safe brokerage firm to trade with, since it is a renowned Australian firm that strictly abides by the Australian Securities and Investments Commission (ASIC) registration license; they operate under the Australian Financial Services License number of 286354.

The regulatory licenses that follow the company are the true testament of client-firm transparency, because this means that the clients’ funds are put into segregated accounts away from company funds. These funds are separated from the corporate accounts as to not mix up any financial services.

With the ASIC, the Australian financial watchdog, FP Markets is constantly monitored and evaluated on their performance and execution of trades. The regulations emphasize on the importance of client confidentiality and the protection of the trader’s funds.

The deposits of all traders are safely stored in the Commonwealth Bank, one of the largest of four banks in all of Australia. Along with the segregated bank accounts and the constant monitoring of performance, the ASIC functions as a third party adjudicator, if the trader faces any issues with the broker.

As for cyber-crime, FP Markets makes it a point to avoid any fraudulent transaction by integrating Know Your Customer (KYC) as part of their verification process.

FP Markets also doubles up on the regulations, by being regulated by the CySEC, the Cyprus Securities and Exchange Commission. They are under the license number of the CySEC registration is: 37118.

FP Markets Fees

One of the perks trading with FP Markets, is that you do not have to worry about any deposit, or inactivity fee.

The only thing you need to consider is that there is a withdrawal fee, with the exception of the Credit/Debit card option and domestic bank transfers, however the deposit process takes longer than usual on that.

FP Markets has generally low trading fees, except for stock CFDs, which are generally high. When you trade stock CFDs, FP Markets charge a commission.

Other than that, all the other trading fees are relatively low and will not impact your revenue in trading.

Pros

  • No deposit fee
  • No inactivity fee
  • User-friendly structure
  • No monthly account fee

Cons

  • Withdrawal fee required
  • International bank transfer fee required
  • High stock CFDs fees

FP Markets Deposit and Withdrawal Fees

The deposit and withdrawal fees are quite complicated for traders. FP Markets does not charge a deposit fee, and there are no withdrawal fees in domestic bank transfers and Credit/Debit cards.

However, there is a withdrawal fee for international bank transfers of 10AUD or its equivalevant in foreign currencies. With PayPal, there is a 2% withdrawal fee, and for international Broker to Broker withdrawal, there is a withdrawal fee of 25AUD. With domestic Broker to Broker, there is no withdrawal fee required.

With FP Markets, the withdrawal fee depends on the method of withdrawal that is chosen by the trader.

Deposit Fees and Withdrawal Fees
Deposit Fees 0USD
Withdrawal Fees 12.5AUD
FP Markets Fees Compared To Competitors
FP Markets XM Group eToro XTB
Account Fee No No No No
Inactivity Fee No Yes Yes No
Deposit Fee 0$ 0$ 0$ 0$
Withdrawal Fee 10AUD 0$ 25$ 0$

Account Opening

Opening an account with FP Markets is fast, easy and fully digital.

For the clients of FP Markets, there are several types of trading accounts that are all available to all kinds of levels of experience. The trading fees for FP Markets are generally low, depending on the trading account that traders choose to open.

FP Markets Account Types

With FP Markets, there are several account types when choosing to trade stocks and shares.

The first trading account for stock trading is the Standard Account with a minimum deposit amount of 100USD, and the spread begins at 1.0 pip.

The second trading account for stock trading would be the ECN RAW Account with a minimum deposit amount of 100USD, with a starting spread of 0.0 pips. However, there is a commission charged for every trader at 3.5USD for every 100,000 lots.

Stock trading accounts are provided in the MT4 and the MT5 trading platform, while the Share trading accounts are provided in the IRESS trading platform.

Pros

  • Available on both IRESS Trader and IRESS Investor
  • Two types of trading accounts

Cons

  • High minimum account balance

FP Markets Stock trading account types

  • Standard Stock Account
  • Non-leveraged Stock Account

FP Markets CFD Trading Accounts

For CFD trading, FP Markets provide three types of live accounts with the IRESS trading platform.

CFDs Trading Account Types
Professional CFD Account Platinum CFD Account
Premier CFD Account

Pros

  • Different options
  • Available on both IRESS Trader and IRESS Investor

Cons

  • High minimum account balance
  • High trading fees
The first CFD trading FP Markets account is the Professional account with a minimum balance for opening the account of 1,000USD and the minimum fee for brokers is 10USD, along with the IRESS trading platform fee of 55USD that is charged per month. The monthly fee can be waived if the trader manages to establish 150USD in commission on a monthly basis.

The second trading account available for CFD is the Platinum Account with a minimum balance for opening the account of 25,000USD. The IRESS platform fee also charges 55USD on a monthly basis, but can be waived with the same conditions as the Professional Account. With the Platinum Account, the minimum fee for the broker is nine dollars.

The third CFD trading account is the Premier Account with a minimum balance for opening the account of 50,000USD, and there are no platform fees and no minimum charges for the broker.

FP Markets Islamic Accounts

As an added benefit to the FP Markets trading accounts is that Islamic Accounts are possible; this is available upon a clients request.

The trader must open an MT4 or an MT5 account and then reach out the customer support with the demand for an Islamic Account. With this specific account type, swap charges do not occur.

FP Markets Demo account

Another additional trading account is the Demo Account, which is free and accessible for all traders, even potential traders with FP Markets. The Demo Account is funded with 50,000USD virtual funds to be used to try out trading strategies and trading sessions with real-time action.

As for the Share Trading Accounts, there are four types of trading accounts. In order to access FP Markets on the IRESS trading platform, there is an access fee of 55USDD every month, with an extra twenty-two dollars for the Australian Exchange (ASX) market analysis and data. The extra fee can be waived if there is a 200USD commission already established by the trader using the platform. The first trading account for Shares would be the Standard Account, where commissions begin from 0.11% and a minimum access fee of approximately fifteen dollars is necessary. The second trading account for Shares would be the Non-Leverage CFD trading account, with no minimum access fee is necessary and the starting commission is at 0.08%.
Other Types of FP Markets Accounts
Forex Raw Trading Account Forex Standard Trading Account
Islamic Account (upon request by the trader) Demo Account

How to Open an FP Markets Account

STEP ONE: Fill out the first step of the application with your personal information
FP Markets Opening An Account

The first step of opening an FP Markets account is filling in the application with your personal information

STEP TWO: Fill out your date of birth and address.
FP Markets Opening An Account -2

The second step to an FP Markets is to fill out your date of birth and address.

STEP THREE: Choose your trading platform, account type, and select your base currency.
FP Markets Opening An Account -3

Choose your trading platform, account type, and select your base currency

STEP FOUR: Define how much experience you previously had in trading, and accepting the Declaration that states that you are aware and approve of all the terms and conditions by FP Markets
FP Markets Opening An Account -4

Define whether you have had any experience with trading and accepting the Declaration where you state that you understand and accept all terms and conditions.

STEP FIVE: Activate your account by funding your trading account and uploading documents for Proof of Identity (POI), and Proof of Residency (POR).
FP Markets Opening An Account -5

Fund your trading account and upload your verification documents of POI and POR.

FP Markets Opening An Account -6

Fund your trading account and upload your verification documents of POI and POR.

Deposit and Withdrawal

Traders, who are ready to open an account with FP Markets, should know the payment methods that allow funds to be processed into their accounts.

There are some methods of payments that consist of fees, while there are other payments that are completely free. With FP Markets, there are ten currencies that are available for trading, giving customers the option to transfer funds freely and without subversion to currency conversions.

There are a few methods of payment, such as: domestic and international bank wire transfer, electronic wallets, Neteller, Skrill, PayPal, PoliPal, BPay, FasaPay, PayTrust88, Ngan Luong, Online Pay, Broker-to-Broker, and by creditdebit cards (VISA and MasterCard).

When funds are being transferred with FP Markets, there is a fee that needs to be paid and it is not waived by the financial technology company. The only exception is that Credit Cards are used to fund trading accounts for the IRESS platform.

Pros

  • Different instruments for deposit methods
  • No deposit fee required with MT4 and MT5
  • Range of base currency

Cons

  • Deposit fees required with IRESS platform
  • Bank transfer takes several days to process
  • Transfer fee is possible
There are many deposit options when it comes to trading with FP Markets. If you prefer dealing with unconventional methods of e-wallets, or traditional methods of bank transfers, FP Markets welcome all types of deposits. However, with bank transfers, it might take longer to deposit funds than that of e-wallets. As a rule, you can only deposit funds into the account with your name, using a different name or account is not allowed, for security measures.

FP Markets Deposit Options

  • Broker to Broker
  • Electronic Wallets
  • Bank transfer
  • Credit Card\Debit Card

Withdrawals

With FP Markets, there is a required withdrawal fee.

The only options that do not strictly require a withdrawal fee is the domestic bank transfers and CreditDebit card withdrawal option. For international bank transfers, there is a withdrawal fee of 12.5AUD. For PayPal, there is a 2% required withdrawal fee, which applies to all traders in any jurisdiction.

Pros

  • Wide range of withdrawal options
  • Domestic Bank Transfers and Credit\Debit Card do not require a withdrawal fee
  • Credit\Debit card withdrawal request takes one business day

Cons

  • Other methods require a withdrawal fee
  • PoliPay, PaySec, and BPay are unavailable as withdrawal options

FP MArkets Withdrawal Options

  • Broker to Broker
  • Bank transfer
  • Electronic Wallets
  • Credit Card\Debit Card

Trading Platforms

Available Platforms

  • MT4
  • MT5
  • IRESS
One of the many benefits of FP Markets is the myriad choices of the trading platforms. The choices are between MetaTrader4, MetaTrader5, and the IRESS trading platform.

There is also the MAM and PAMM account management option for money managers or introducing brokers.

The MT4 and the MT5 trading platforms are common and popular among traders, they have a unique feature through detailed insights and they are considered one of the best trading platforms in the industry. These trading platforms also have the option of one click trading, algorithmic rules, indicators, and allowing traders to take part in the active community. The MT5 trading platform has an element of extended indicators and graphic models through pending orders and displayed currency market depth.

 

FP Markets IRESS trading platform

As for the IRESS trading platform, FP Markets utilize this world-class platform that enables access for global equities, indices, and future CFDs. It also offers trading possibilities with accommodating trading and transparent pricing from market depth.

The IRESS platform has the ability to enhance automated order options and complicated order types. With FP Markets, they compensate clients with their VPS purchase, where the clients can sign up to a VPS provider and have the cash payment returned to their trading account with a maximum reimbursement of fifty dollars per month.

FP Markets’ trading platforms are available on three devices: mobile trading platform, web trading platform, and desktop trading platform.

FP Markets Metatrader4 platform

MetaTrader4 is available for you to trade on, in Windows, MAC, iOS, and Android. Whatever device you have, there is a MT4 platform waiting to be downloaded on it.

MetaTrader4

FP Markets provides MetaTrader4, which is available for MAC, iOS, Android, and Windows.

There are many reasons to use MT4 as your trading platform, and here’s why.
Why MetaTrader4?

These reasons are why you should choose MT4 as your trading platform.

FP Markets Metatrader 5 platform

The MetaTrader5 trading platform is available on the following software systems: Windows, MAC, iOS, and Android. Whether you like trading in the comforts of your , or on-the-go, MT5 can accommodate all your needs.

MetaTrader5

MT5 is available on Windows, MAC, iOS, and Android.

In order to trade using MetaTrader5, all you have to do is download the trading platform and follow these easy steps.
How to Activate MT5

All you have to do is download the trading platform and follow these steps, and you are good to go!

Web Trading Platform

There are three order types when it comes to web trading platform. The trading platform provides simple orders such as: Market, Limit, and Stop. The web trading platform also offers order time limits like: Good ’til cancelled (GTC), and Good ’til time (GTT).

Regarding security, FP Markets provides a one-step login process, but it does not provide the option of a two-step login process; a two-step login process would have been safer. They do not provide any biometric login method, which would have been convenient.

However, with the web trading platform, there is no option to set alert price notification, when a price reaches a certain target. Despite not providing the option of setting price alerts, there is an alert of order confirmation.

In overall, the web trading platform could be more accommodating and the design could be improved. The search functions are on average, functional and helpful for traders. The web trading platform is available in multiple languages. You will also be able to view portfolio and fee reports that track previous commissions and fees charged.

Pros

  • Customizable options for traders’ preference
  • Available in multiple languages
  • Portfolio and fee reports available
  • Alerts on order confirmations

Cons

  • Obsolete design
  • No two-step login process
  • Does not provide price alerts and notifications

Desktop Trading Platform

With desktop trading platform, it provides the same order types. The order types they provide are: Market, Stop, and Limit. It also offers order time limits: Good Till Cancelled (GTC), and the Good Till Time (GTT). The same languages are available and they provide traders with the option to view their portfolio and fee reports.

Regarding security, there is no option to activate the two step log-in process. The difference between the desktop trading platform and the web trading platform is that they provide only MetaTrader4 as a desktop trading platform.

You can set price alerts and notifications on your desktop with the MetaTrader4 trading platform, which is not available when it comes to web trading platform.

Pros

  • Price alerts and notifications available
  • Customized options for every trader’s preference
  • Portfolio and fee report available for viewing

Cons

  • Obsolete design
  • No two-step login process available

Mobile Trading Platform

Similar to the web trading platform, the mobile trading platform of FP Markets provides the three platforms: IRESS trading platform, the MetaTrader4 platform, and the MetaTrader5 platform.

All three trading platforms are available on iOS and Android software systems. There are also many languages available for the mobile trading platform, and it is a very user-friendly platform and convenient to navigate.

Along with the web trading platform and the desktop trading platform, the mobile trading platform has only a one-step login process; there is no two-step login process.

The order types that are available on the mobile trading platform are those available on the web trading platform and desktop trading platform as well.

Pros

  • Available in several languages
  • Price alerts and notifications available
  • User-friendly structure
  • Available for both iOS and Android

Cons

  • No two-step login process available
  • Does not provide recognition to Touch and Face ID login
  • Does not confirm orders

Markets and Financial Instruments

FP Markets offers traders over 13,000 trading instruments that are available to customers with all fields of experience. They also provide traders with a wide range of assets to execute on, such as: crypto-assets, indices, currencies, stocks, and commodities; there are no limitations to the assets and allow all clients to trade with whatever tools suit their needs.

As for forex trading, FP Markets offers trading in more than 65 Forex currency pairs; while in commodities, they provide gold, silver, and WTI Crude Oil.

Traders with this trading service provider can trade with 11 major indices on a global level, and five different cryptocurrencies.

What FP Markets Can Offer 65 currency pairs 12 stock index CFDs 10,000+ stocks 4 commodity CFDs 5 cryptocurrencies

Market Research and Trading Tools

FP Markets trading tools are found on the website, or mobile platform, under “Traders Toolbox” with all of the trading tools under one section. By grouping them all in one place, traders will find it easy to navigate, but there is an issue where you will not be able to find fundamental data.

Pros

  • Available in different language
  • Merge of all tools in one section of the website “Traders Toolbox”
  • Easy to navigate

Cons

  • Inadequate information for fundamental data
  • Access to Traders Toolbox requires a deposit of 1,000AUD, or its equivalence
“Traders Toolbox” is a big hit with traders because it provides all the trading tools one would need during a trading session. However, in order to access the Traders Toolbox, you will have to pay a deposit of 1,000AUD or its foreign exchange equivalence, into your trading account. FP Markets also provides MAMPAMM, and VPS features, along with a charting tool for advanced traders known as AutoChartist.
FP Markets Tools
MAM/PAMM VPS
Traders Toolbox Forex Calculator
MyFXBook AutoChartist

Market Research

With FP Markets, you can find over 31 charting tools and indicators, which will allow you to be as specific as possible. However, the designs of the charting tools are outdated and that can make it a bit discouraging for traders.

The list of resources is endless with FP Markets. They provide historical data on basic assets, 31 charting tools, and a live news feed. Despite the fact that the news feed could be improved both in design and navigation, there are live updates on trading news that will keep traders up to date. The historical data on basic assets allow traders to look through previous data and portfolios, but the historical data is only referred to the previous six months.

Pros

  • 31 different charting tools
  • Historical data on the assets are available
  • User-friendly and convenient

Cons

  • No fundamental data available
  • Charting tools have an obsolete design
With FP Markets, you will find that the charting tools are average. You will find them functioning and easy to use, but the design is outdated, which causes traders to find it difficult in dealing with the tools and indicators. With the 31 charting tools, it may be hard to understand how to navigate with the design of the tools.

Customer Service

With FP Markets’ Customer Service, you will be able to reach them via live chat or phone support, in many different languages. However, the phone support can improve its quality and the customer service is not available 247.

Pros

  • Different languages available
  • Quick response in live chat
  • Fast response in email

Cons

  • No 24\7 customer support available
  • Low quality in phone support
  • Irrelevant responses in live chat

Means of Communication

  • via Phone
  • via Email
  • via Live Chat
According to user reviews that are currently using FP Markets as their broker, the customer support and the trading platforms are the best features of FP Markets and what attracted them to join FP Markets.

Another aspect of the users in the FP Markets review is that the trading service provider was very accommodating, which improved their trading experience, especially as novice traders.

Client Education

With FP Markets, there are several methods and materials for education and resources. These options include: the Demo Account, educational videos, and an e-library on all forms of e-books on the trading industry. The easiest and best method for education is the Demo Account, because it has a more hands-on approach.

There are several educational resources with FP Markets, which have proved to be very beneficial for traders. The educational videos mostly targets traders who prefer visual aid when learning something new.

Educational Videos of FP Markets

These educational videos are targeting traders who prefer visuals when learning.

For the massive electronic library with FP Markets, it targets traders who prefer in-depth and detailed information of a trading topic.
e-Books in FP Markets

This is just a sample of what an e-book preview looks like in the FP Markets’ e-library.

The Demo Account does not take as long to activate than it does for a live account.
Demo Account FP Markets

These two steps are all you need to open a Demo Account with FP Markets.

STEP ONE: Fill out the online application with your personal information
FP Markets Opening An Account Demo

Fill out the online application with your personal information

STEP TWO: Verify your account via email and download your trading platform to start the simulation!
FP Markets Opening An Account Demo

Verify your account via email and download your trading platform to start the simulation!

Conclusion

FP Markets is an Australian-based Forex broker that was established in 2005, with over fourteen years of experience in the financial market. If there is any concern about the regulations and the safety of FP Markets, you will find that this trading service provider is regulated with the ASIC and the CySEC; their mother company of First Prudential Markets Ltd is also registered under the CySEC. FP Markets offers traders over 13,000 trading instruments that are available to customers with all fields of experience. They also provide traders with a wide range of assets to execute on, such as: crypto-assets, indices, currencies, stocks, and commodities.

There are several types of trading accounts provided by FP Markets; it all depends on the type of assets and instruments you plan on trading. The trading accounts are: Stock trading accounts, Forex trading accounts, CFDs trading accounts, Shares trading accounts, and Islamic account. There is also a Demo Account that is available for all these accounts, for traders to try out the simulation of the accounts without facing financial loss.

There are a few methods of payment for deposit and withdrawal, such as: domestic and international bank wire transfer, electronic wallets, Neteller, Skrill, PayPal, PoliPal, BPay, FasaPay, PayTrust88, Ngan Luong, Online Pay, Broker-to-Broker, and by creditdebit cards (VISA and MasterCard). With deposit, there is no fee required, but there is a withdrawal fee. There are no inactivity fees or account fees, but there is a commission charged when trading with stock CFDs. There are three types of trading platforms that are available for traders: MetaTrader4, MetaTrader5, and the IRESS trading platform. If you plan on using the customer support of FP Markets, you can reach the customer support via live chat, or by phone support. However, you won’t be able to reach them 247, since they do not offer that service.

$100
Min. Deposit
N/A
Bonus
Regulated byASIC, CySEC
Leverage1:500
Customer Support24/5
Open Account

FAQ’s

Frequently Asked Questions
IS FP MARKETS RELIABLE?
FP Markets is considered a reliable broker since they take various actions to prevent any fraudulent activity. They provide services such as: Know Your Customer for client verification, store client funds away from corporate funds in segregated accounts, and they are monitored by two top-tier regulated authorities.
IS FP MARKETS REGULATED?
FP Markets is regulated by the Australian Securities and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC).
HOW DO I DEPOSIT INTO FP MARKETS?
There are a few methods of payment for deposit and withdrawal, such as: domestic and international bank wire transfer, electronic wallets, Neteller, Skrill, PayPal, PoliPal, BPay, FasaPay, PayTrust88, Ngan Luong, Online Pay, Broker-to-Broker, and by creditdebit cards (VISA and MasterCard).
HOW DO I WITHDRAW MONEY FROM FP MARKETS?
There are a few methods of payment for deposit and withdrawal, such as: domestic and international bank wire transfer, electronic wallets, Neteller, Skrill, PayPal, PoliPal, BPay, FasaPay, PayTrust88, Ngan Luong, Online Pay, Broker-to-Broker, and by creditdebit cards (VISA and MasterCard).
DOES FP MARKETS HAVE NASDAQ?
Yes, they have access to the Nasdaq Stock Market.
HOW DO YOU TRADE ON FP MARKETS?
You can trade with three trading platforms, according to whatever you prefer. The three trading platforms are: MT4, MT5, and IRESS trading platform.
IS FP MARKETS SAFE TO USE?
Yes, it is. Since it is regulated under the ASIC and the CySEC, they are very reliable and safe to use. Despite the regulations, FP Markets prioritize the protection of clients’ personal information and clients’ funds.
CAN I EARN MONEY FROM FP MARKETS?
Yes, you can. By trading with FP Markets and their trading assets, you can earn money from FP Markets as revenue.

Fp Markets Overall Performance

  • Safety and Regulation 98% 98%
  • Deposit and Withdrawal 98% 98%
  • Market Research and Trading Tools 97% 97%
  • Broker Fees 98% 98%
  • Trading Platforms 97% 97%
  • Customer Service 99% 99%
  • Account Opening 98% 98%
  • Market and Financial Instruments 97% 97%
  • Client Education 99% 99%