TTFB Admin
9/10
(Expert Score)
Product is rated as #9 in category Forex Brokers
PROS:
- Founded in Australia and Regulated by the ASIC
- Numerous industry awards and high rankings
- Powerful trading technology and ECN environment
- Low Deposit Requirement
- Suitable for beginners and professionals
- Excellent education through Traders Hub
- Tight Spreads
CONS:
- Limited account types
- International clients do not have negative balance protection
- Trading Conditions or proposal may vary according to entity rules or regulations
- Some withdrawal methods add on fee (mostly free methodes)
- Relatively high spread for Stocks trading
FP Markets Review
During FP Markets Review (First Prudential Markets PTY LTD) our experts thoroughly explored the broker and tried themself. FP markets is an online forex broker offers more than 10000 trading instrument including Forex, Shares, Commodities & Indices. This Australian broker was founded in 2005 and ever since serves over clients worldwide for more than 15 years. Over the years, FP Markets has received 36 industry awards. FP Markets uses a true ECN no dealing desk (NDD) execution model to create ideal trading conditions for automated trading solutions. And useful features like low amount minimum deposit and more than 10,000 trading instruments and enough recharge tools & sources, VPS service, and social trading make it suitable for both new and advanced traders.
Trade Forex, Indices, Shares & Commodities
Globally Regulated, Segregated Client Funds
Low spreads from 0.0 pips
24/5 Multilingual Customer Support, Personal Account Managers
15 Years of Trading Experience
VPS service for EAs (Auto traders), Fast execution from an NY4 (40 milliseconds).
MT4, MT5, Webtrader & mobile apps for iOS and Android devices
FP Markets Homepage
FP Markets is an Australian brokerage company headquarters in Sydney, Australia. They have a long time good reputation from clients worldwide. FP Markets is regulated by ASIC and CySEC, which make this a safe trading environment,
Through our review, you will find all the important information you need about this broker, we have highlighted the things that a trader expect the most from a broker. We made an assessment of them using our methodology and scoring system.
FP Markets trading fees
FP Markets offer very competitive fees and spreads, with a standard ECN account spreads are very low and zero commission fees, and for Raw accounts, they charge small fees and tight spreads (starting from 0.0 pips). There is no fee for deposits, but they do charge a small fee while withdrawal, but most withdrawal methods are free of cost.
When we talking about the commission and fees of the FP Markets broker, it has surpassed the other competitors. It offers very tight spreads and low trading fees for CFDs. This is why it is an ideal broker for both beginner and expert traders, and it is very useful for new traders as it has the advantage of different types of accounts and low deposit amount.
This may vary according to the variation in the account, such as IRESS account charge based on commission class percentage from trade basis according to the instrument.
Generally there are two types of Fees, Trading fees, and Non-trading fees.
Trading fee
Each time you place a trade broker charges you a fee for opening a trade, this fee is charged for spreads, commissions, and overnight, and rule over fees, and currency conversion fees.
Non-trading fee
Non-trading fees include payment fees and inactivity fees. The chart below based on standard trading account fees.
back to menu ↑ back to menu ↑FP Markets trading fees
- Standard accounts spread starting at 1.1 pips for the EUR/USD. (tight spread fro major pairs)
- ECN accounts start at 0.0 pips for the EUR/USD, with a commission of $3 per lot. (relatively low from competitors)
- Metals spread starting at 0.012 for silver and 0.16 pips for gold on Standard accounts, whereas Raw accounts start at 0.01 for silver and 0 for gold.
- Indices come with spreads starting at 0.2 for the US500 on both Standard and Raw accounts.
- Commodities start at 0.02 pips for WTI.
- Cryptocurrencies feature spreads starting at 2.02 pips for the Bitcoin CFD and 3.3 pips for the Litecoin CFD.
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FP Markets safety
Yes, FP Markets is safe to trade, FP Markets Group is an Australian owned, private limited group of companies. FP Markets LLC is a registered company of St. Vincent and the Grenadines, Limited Liability Number 126 LLC 2019, and is part of a group of companies. Other companies within the First Prudential Group of companies are regulated by the CySEC and ASIC, these are top-tier financial regulatory institutions. It does provide negative balance protection for European clients only, not worldwide. And no compensation scheme for international clients. Client funds are held with AAA rated Australia Banks and are held in segregated accounts away from the company’s own funds, and cannot be used for operational purposes or to pay creditors in the event of bankruptcy.
back to menu ↑ back to menu ↑How to open an account on FP Markets broker
Creating an account in FP markets is an easy and simple process. it takes a couple of minutes including downloading in the email confirmation. Follow these steps:
- First, go to the homepage and select the “OPEN LIVE” button. Then fill in your personal details, (mail, name, account type, country, gender, and phone number). by you can simply use your Facebook or Google account to complete this step.
- Verify your account providing proof of your identity and address.
- Choose a platform, account type, funding type.
- Provide some information about your employment status, previous trading experience, etc.
- Fund your account. you are good to go. (Remember don’t deposit fund until your account is verified, it might take 24 hours).
Documents you need to verify your account
- Personal information like email address phone number date of birth personal address social security number level of education employment details.
- Documentation proof of Identity valid passport, driving license, or your national ID card. And the proof of your address, provide something like utility bill bank statement or any kind of document that is same as your identity documents.
This process called KYC (know your customer). KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices such as money laundering.
back to menu ↑ back to menu ↑FP Markets Review: Account types
FP Markets – Accounts Types
FP Markets offers two types of accounts STANDARD and ECN or RAW. Standard accounts are commission-free and ECN or RAW accounts charge a small commission. Both are available for the MT4/MT5 trading platforms. The minimum deposit requirements are same for the both accounts $100AUD and leverage of 1:500, and the minimum spread of 1.0 pips for a standard account, spread reduces to 0.0 pips in the RAW account type. Commissions are $0 and $3 per round lot respectively.
back to menu ↑ back to menu ↑Trading Instruments
FP Markets- TRADING INSTRUMENTS
FP markets offer more than 10000 trading instruments, including Forex, shares, commodities, indices, metals and cryptocurrencies. A huge collection of trading instruments help you to diversify your portfolio widely. In the case of currency pairs, they currently support 61 currency pairs, including major and cross currencies and some exotic currency pairs. You can trade over 10,000 shares using Fp markets broker, which are listed on Australian, UK, USA, Nasdaq, USA, Hong Kong, and Singapore exchanges.
back to menu ↑ back to menu ↑Social trading
FP markets broker offers AutoTrade, which is a cutting-edge mirroring service allowing you to access the top copy trading techniques for the best results. AutoTrade is provided via Myfxbook.com and gives you the chance to copy a variety of systems directly into MetaTrader 4.0
back to menu ↑ back to menu ↑Islamic account
Most popular brokers offer Islamic accounts for Muslim Forex traders, FP markets is no exception than others, these accounts are 100% Sharia-compliant. The broker not only removes swap fees but doesn’t charge extra fees either. Sadly the are some brokers who simply widen the spread or and commissions to cover the Swap fees, this is not the case when you are trading with an FP markets broker.
In order to open an Islamic Forex Account, you must first open an MT4/MT5 Platform account and then request for Islamic Account to the customer support, that they will convert your account to an Islamic Account. By the way, they do not offer Swap-Free accounts on IRESS accounts.
back to menu ↑ back to menu ↑Trading platforms
You can trade in MetaTrader 4, MetaTrader 5, and their own Mobile or PC application using your FP markets Trading account. Their own mobile application has some limitations. However, you can do most of the daily work through their mobile application. However, you will not be able to use Expert Advisors and Trailing Stop Orders here. For this, you need to use MetaTrader 4 or MetaTrader 5.
Traders can automate the trading process using Myfxbook AutoTrade for MetaTrader 4 & 5. This way no extra software needed. Everything is provided. No need to rent your own VPS or keep your PC running.
back to menu ↑ back to menu ↑Customer Support
Clients can reach customer support 24/5, via e-mail, phone, or live chat. Their customer support team is very helpful and responsive. Email is a slower process than a direct call or live chat. They provide multilingual customer service, and one personal account manager for each. They are active 24 hours a day, 5 days a week (except Saturdays and Sundays). But if you have any common questions, be sure to check out their faq options.
back to menu ↑ back to menu ↑Conclusion
FP Markets is a highly trustworthy broker, serving customers worldwide for more than 15 years with a great reputation. It offers a secure and transparent trading environment. they are not available to all traders.
We can confidently recommend this broker to beginner and advanced traders alike. More than 10,000 assets to trade, features like expert analysis, trading signals, and copy trading functions, combined with competitive spreads and a truly outstanding execution model that make FP Markets one of the best brokers on the market.
It takes only a couple of minutes to sign up with this broker, what you are waiting for? sign up now and enjoy these amazing forex broker services.
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