Offering more than 10,000 tradable instruments is not an easy feat. However, as you will find out in our FP Markets review, the ASIC and CySEC-regulated broker has done it. They offer many instruments and accounts with access to varied levels of each asset class. Find out which one is the best for you, in our review, which expounds upon all you need to know about the broker.
FP Markets is one of the top Australian brokers regulated by the Australian Securities and Investments Commission (ASIC). It was founded in 2005. They offer clients perks like segregated client funds and top tier levels of liquidity. With many other features, this FP Markets Review will help you decide which account is best for you.
FP Markets denotes a group of companies that include First Prudential Markets Ltd, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).
With FP Markets, you will have access to trade on more than 10,000 financial instruments. They have a catalog of markets that include Forex, Equities, Commodities, Indices, Metals, and Cryptocurrencies CFDs.
Clients can choose any account that suits them. Among the offered accounts, clients will find access to a breadth of options that include commission-free (like the Standard Account) and commission-based (like the Raw Account). The two are available for MetaTrader users.
Both accounts offer clients ECN prices and maximum leverage of 1:500. If clients prefer, they can access IRESS accounts that operate on commission.
Both MetaTrader 4 and MetaTrader 5 are available to clients on mobile, Web, and desktop. The IRESS platform is the other option clients get if they do not want to use MetaTrader.
Besides, clients can get access to trading tools that include simple things like forex calculators. They can also have access to complex tools like MAM/PAMM accounts, the MT4 toolbox with full indicators, autochartist, and VPS services.
By accessing the Traders Hub, clients can access the full range of market analysis and educational resources offered by FP Markets. These materials include trading eBooks and video tutorials. The users have access to live support if they need it.
To contact customer support, traders can use email, live chat, and telephone. All of them are available 24 hours a day for five days a week.
Pros
Cons
As we have mentioned, FP Markets are safe because of regulation and their top-tier liquidity levels. They are authorized and regulated by the Australian Securities and Investments Commission (ASIC). We confirmed this by checking their license status on the ASIC website.
In addition to regulation, they offer segregation of client funds and top tier liquidity from notable financial institutions. They also enjoy strong governance with external financial auditing, just to make sure that everything is running smoothly.
FP Markets is a group of companies that operates on jurisdictions outside the ASIC’s reach, in some cases. That is why they are also regulated by the Cyprus Securities and Exchange Commission (CySEC).
As always, traders need to know that they will have access to a large chunk of market selections. That is why FP Markets’ 10,000+ markets are an attractive feature, which will give users the chance to make money by trading what they know best.
Here is a list of some of them:
If you are curious about the FP Markets trading costs and fees, you should know that they vary. The Commissions, spreads, overnight funding, and swap rates depend on the instrument you are trading and the account type you open. We will cover more of that as the review progresses.
More about accounts coming up.
At FP Markets, you will find options for accounts that are suitable for both beginners and advanced traders. You can access the Standard MT4 or MT5 account and the Raw MT4 and MT5 account, for starters.
Let’s start with the Standard MT4 or MT5 account details:
RAW MT5 or MT4 Account Details
The Standard Account does not use commissions while the Raw Account does require commissions. They both offer the same leverage of 1:500. The minimum for opening both is the same at 100 AUD or an equivalent of the same in other currencies.
FP Markets also offers the following accounts:
These are all tailored for use by the professional-level traders.
The details are as follows:
STANDARD IRESS ACCOUNT
PLATINUM IRESS ACCOUNT
PREMIER IRESS ACCOUNT
The account opening process at FP Markets has five steps. The application is quite easy. In the ‘Account Configuration’ section, the traders can choose the platform they want to use, the type of account, and base currency.
To activate the account, the users will need to prove their identity with documents like a valid passport, government ID, driver’s license, or State Issue ID. As for the address proof, users will need utility bills, phone bills, internet bills, or recent bank statements.
FP Markets does not accept clients from the United States, Japan, and New Zealand.
FP Markets provides the traders with a wide variety of methods to withdraw and deposit. The methods include credit and debit cards, Neteller, Skrill, Poli Pay, Bpay, bank wire transfer, Ngang Luong, Online Pay, PayPal, Fasapay, Paytrust88.
The deposits are free for most of the options provided. However, you should note that this variable is dependent on the account depositing too.
The withdrawal fees are also variable and depend on the method one chooses. They can be found on the FP Markets website.
The absolute minimum for all accounts is $50. The deposits and withdrawals can be made from the Client Portal Area provided by FP Markets on their website.
For users of FP Markets, the ability to trade with the globally renowned MetaTrader 4, is easy. One can opt for the MetaTrader 5 platform as well. Both of them are available on the Web and the desktop if you opt to install them.
FP Markets IRESS is available on desktop and Web as well.
In our FP Markets review, we look at the trading platforms and their suitability for both beginners and advanced traders.
The MetaTrader 4 platform is available for download. Both Windows and Mac users can download and install it on their devices. With it, you will get features like:
It is an easy-to-use platform that offers traders everything they need.
The FP Markets MetaTrader 5 platform is also available for download or use on the Web. Both Mac and Windows users can install it on their devices. This platform will give you access to additional features like:
MT5 is the same as MT4, but with added features that are aimed at appealing to new traders who have not had much training with MT4.
FP Markets Web Trader from MetaTrader
Our FP Markets review shows that traders have access to trade on MetaTrader 4 and MetaTrader 5 on the Web Trader platform. With this, the traders can access the platform directly from a browser, complete with ECN pricing.
On the Web Trader, the users will have:
For users of the Web Trader version, there is no need to feel like they may be missing anything by not installing the software. They get the same things that clients who have installed MetaTrader 4 or 5 get.
FP Markets IRESS Platform
Aside from MetaTrader, FP Markets review research shows that they offer traders the IRESS platform. They have IRESS ViewPoint, IRESS Trader, and IRESS Investor for (DMA) Direct Market Access trading.
These platforms offer traders features like:
To look at this platform properly, we need to get all the pertinent information. Why should you use the FP Markets IRESS Suite? Well, here are some great reasons:
On IRESS, you can trade:
The list is much longer, as you will find out when you sign up to FP Markets as a trader.
FP Markets Mobile Trading Platform
FP Markets users can access mobile trading while on the go, using the MetaTrader 4 and MetaTrader 5 platforms. The app is available for both Android and iOS users. On the FP Markets website, you will find links for the apps.
Go to the Client Portal Area and get the links. Alternatively, you could go directly to the Apple AppStore or Google PlayStore to download them directly.
The MetaTrader mobile app gives traders the same manual trading features of the desktop and web versions. In addition to that, clients also get real-time technical analysis tools.
The mobile app may be limited in some aspects, but it strives to offer you the same functionality as the desktop and web trader versions. You will get live dynamic pricing, advanced order management, access to financial news in real-time, and more.
Trading Features
FP Markets gives the traders access to many trading tools. Most of the are the standard in the market. However, we will look specifically at the strongest trading features that this broker has and what you can do with each one of them, when you are a client of FP Markets.
Access to MAM/PAMM Accounts
If you are a client who wants to go for the best chances at making money, you could consider having it managed by someone else. That is where the Multiple Account Manager and Percentage Allocation Management Module.
The way these accounts work, is that investors permit fund managers to trade on their behalf, using a limited power of attorney. The MAM/PAMM master accounts have unlimited trading accounts.
The money manager can control the size of positions opened by establishing a micro lot account.
The PAMM accounts trades are allocated based on the total % of account equity. MAM accounts are more flexible when doing trades sub-allocation in the master accounts. The profit is distributed between the investors sub-accounts and the fund manager.
Learn more here: https://www.fpmarkets.com/blog/how-to-manage-funds-with-mam-pamm
FP Markets provides this service to its clients because some of them may not have the expertise needed to be consistently profitable. When you are not sure about what you are doing, you can follow traders who have a much better grasp of the market.
You can copy their trades and be able to trade alongside them by learning how they come to the conclusions they have. This way, you get to learn on the job and become a better trader faster than relying on the education provided.
With Autochartist, traders can identify patterns in the data, using technical indicators like Fibonacci retracements. You can monitor the market 24 hours a day and get alerts when there is an opportunity for you to trade.
When you are using VPS, you will be able to bypass the need to be connected to the internet first. The VPS services offer you direct access to data and trade orders on MT4 faster than conventional methods do. With VPS, you can deploy EAs on a dedicated server that runs 24/7 without interruptions and independent from your computer, while requiring no effort from your end.
FP Markets Commissions and Spreads
The trading costs traders incur when with FP Markets vary. They depend on the market being traded and the kind of account you are using. The Standard MT4 and MT5 accounts with zero commission are your first option. The Raw MT4 and MT5 accounts with commissions are the second options.
With both, you get ECN pricing and execution. Both have a total round charge of 7 Australian dollars. Or, you can opt for the IRESS accounts like a pro.
For the two accounts, you can find the spreads and swap rates on FP Market’s website.
Here are the commission charges for the Standard and Raw account.
The pricing and spreads for forex pairs can be found here.
CFD Indices Spreads
CFD Commodities Spreads
Cryptocurrency Spreads
When it comes to the FP Markets IRESS accounts, you will find that they have different fees depending on the account you open.
There are monthly trading fees on the IRESS trading platform. FP Markets will waive them if you manage to generate a monthly commission of $150 or more. The ASX live data feed fee is also waived depending on your trading activity.
As you saw in our breakdown of the fees, the IRESS Standard Account has a $10 minimum brokerage rate and 0.1% after that.
The commission for CFD trading and exchange fees for FP Markets break down like this:
EQUITY CFD
INTERNATIONAL FUTURES CFD
FOREX
Bonus and Promotions
FP Markets fall under regulatory rules that say they cannot offer any bonuses or promotions. Because of that, they do not offer any. If you find promotions and bonuses claiming to be from FP Markets, you will do well to avoid them.
Customer Support
FP Markets has a customer support department that goes above and beyond to ensure that all clients are well taken care of. They have customer support available 24 hours a day, five days a week.
You can reach them via the following channels:
You can talk to them in a variety of languages that include:
In addition to all this, you also get the FAQ section which covers so many topics about most of the questions you might have.
If you opt for the live chat function, you will be connected to an agent in mere seconds. They will answer your questions quickly.
FP Markets Research
FP Markets gives users a wide variety of research. They do this through technical and fundamental analysis articles posted to the Traders Hub blog and through their weekly analysis video. You can find their videos on YouTube.
The traders can also access a wide variety of excellent research reports that cover all asset classes. The YouTube channel is not just about weekly analysis. It has a wide range of videos that can change the way you trade for the better.
For any beginner or advanced trader, this is the place to be. Not many brokers bother themselves this much just to get information for trading out there. Most of them might not have this much research done.
Trader Education
In addition to research, traders also require to have an education. It is the backbone of your trading activities. That is why FP Markets also provides trading knowledge. They come in the form of articles, trading eBooks, and video tutorials. You can access everything from the Traders Hub Blog.
All this material covers a large range of topics. If you would like to learn how to use the FP Markets program, you will find all that on their YouTube Channel.
The FP Markets Experience
In our FP Markets review, we strive to cover everything. We make sure that we get a sense of the web site’s feel and what it is like to trade there. We can comfortably say that FP Markets is a competitive broker.
The competitiveness level is great for all kinds of traders. Here, you get to have access to a wider range of different trading accounts and ECN pricing. You can opt for raw spreads if you want to, as well as Direct Market Access (DMA) trading.
The accounts are versatile, with offerings of both commission-based and commission-free trading. You get to pick what you want.
Traders get over 10,000 trading instruments that cover many markets, including Metals, Equities, Commodities, Forex, Indices, and Cryptocurrency CFDs.
Traders can trade from any country in the world, provided their law allows it. They will use the widely recognized MetaTrader 4 or MetaTrader 5 platform. They can access the platform from their desktop, mobile, or browser.
Besides that, the broker has many additional resources that we have listed here in our FP Markets review. Hopefully, you will be able to make a better choice from reading this review.
In Conclusion
FP Markets Review proves that a broker can do it all. They offer almost everything on this platform. They do it so well that a trader will have no trouble deciding where they want to trade and how.
With a long history, awards for excellence, and a wide market variety, few reasons can stop you from picking this broker.
Their range of education and market analytics is head and shoulders above the competition. To be the best trader, you need to have the best broker. For that reason, considering the services that they offer at FP Markets, will be in your best interests.
Hopefully, this FP Markets review will go a long way to make your trading experience as great as possible.
