By Nathan Ferguson
FP Markets Review
The broker is a CFD and FX broker based in Australia that was established in 2005. The Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, are all in charge of regulating it. The broker is deemed safe and provides traders with a competitive commission-based Forex pricing structure, 61 currency pairings, and twelve plug-ins for the leading MT4 trading platform, giving them a competitive advantage. FP Markets provides various value-added services, including VPS for automated trading solutions, copy trading services, and retail account management modules. The most recent expansion of FP Markets’ in-house social trading service exposed it to a revival in demand for this sub-sector of trading from retail traders. Investing in social trading is a wise management choice that demonstrates a flexible broker eager to provide the finest services to customers.
The broker is an Australian multi-asset broker with a daily trading volume of over one billion dollars and customers from over a hundred countries. FP Markets, founded in 2005 in Australia, has grown into a trusted brand with over one hundred workers over the last fifteen years. Clients will benefit from the enhanced trading platforms, which include twelve plug-ins.
Since the broker’s inception in 2005, FP Markets has been providing professional trading services to over ten thousand customers all around the globe. One of FP Markets’ significant advantages is that it utilizes natural electronic bridges and complements its offering with robust trading technology while also investing in innovation. To begin with, a reliable broker is a secure broker. The proof of safe trading with The broker is also confirmed by the legislation as part of regulation. Furthermore, FP Markets has expanded its offering by establishing a European Cyprus company, making it equipped for trading throughout the EEA.
Another significant feature of FP markets’ proposition is their created ECN technology, which allows direct access to liquidity providers without the need for a dealer and executes orders at the best feasible price within the offering for the specific asset. There are many reasons why FP Markets has established a respectable position in the industry. Many publications and respected editions have acknowledged them. The high respect that the traders have for the service they provide, as well as the trading circumstances, is proof of trust and an extraordinary institution.
Platforms
FP Markets provides the MT5-MT4 trading platforms to all traders, and chosen customers may be eligible for the Iress trading platform, which is geographically limited. A PC client, a web trader, and a mobile app are all available for the platform. Outside versions are still subpar, but FP Markets’ Trading Tools bundle includes twelve plug-ins, including the Autochartist plug-in. From a trading platform standpoint, it gives FP Markets traders a competitive advantage. FP Markets also offers a PAMM-MAM module for managing retail accounts. There is also a built-in copy swapping feature. MT4 is the industry leader in automated trading systems, whereas MT5 is often seen as a failure due to its lack of backward compatibility. FP Markets provides MetaTrader 4, MetaTrader 5, and IRESS Mobile as mobile trading platforms for iOS and Android, including alerts, push notifications, and complete control over your trade and account from your smartphone.
While the MT4 and MT5 platforms do not need an introduction, they are dynamic platforms with comprehensive insights and one of the finest in industry choices for automated trading through EAs with spreads as low as 0 pips. Media that may be used for Web Trading and also support other versions. MetaTrader versions are available for every device, so you can get started with installation and use MT5 or MT4’s powerful customization features. Furthermore, the IRESS world-renowned platform, which offers a suite of products for instrument trading, remains your trading option, offering complete, unrivaled trading and transparent pricing based on market depth. Furthermore, the platform has been improved with automatic order choices and complicated order kinds, all of which are well worth considering.
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Fees
Trading costs directly affect any strategy, and FP Markets has two pricing structures available. With raw spreads for a six-dollar fee, FP Markets offers a highly competitive commission-based option. Indexes, commodities, and cryptocurrencies are all free of extra expenses included in the mark-up. The cost of trading equity is determined by the nation in which the listed underlying asset is located, and the pricing environment is typical compared to other brokers. Unlike other competing brokers with a commission-based pricing structure, The broker does not provide a volume-based rebate program.
Swap rates on leveraged overnight bets are another expense that traders must consider. Leverage, or borrowing money from the broker to handle more significant trading positions, is one of the advantages of Forex trading. Financing charges are incurred, and the longer a transaction is open, the greater the fees get. There may be fees for third-party withdrawals. However, there is no inactivity fee with this broker. The forex costs at FP Markets are pretty cheap. A reduced spread cost per transaction fee is included in the ‘ECN Raw’ account’s expenses. You’ll pay a greater spread fee with no commission if you select the Standard version. Except for IRESS Trader, The broker does not impose inactivity fees but terms and conditions may apply.
The broker does not impose any withdrawal fees when domestic banks, credit cards or transfers are used. Two variables determine the minimum deposit. You may create an account using MetaTrader platforms for forex trading or the IRESS platform for CFDs and stocks, depending on the assets you wish to trade. MetaTrader standard accounts need a minimum deposit of $100, while an IRESS standard account requires a minimum of one thousand dollars.
In most instances, The broker does not impose deposit fees. When it comes to financing your account, you have a variety of choices. In this area, FP Markets stays up with its rivals. Deposit fees at FP Markets may vary depending on the particular platform and how you wish to fund your account. Except for domestic bank transfers and credit cards, FP Markets imposes a withdrawal fee. For withdrawals, you may use credit cards, bank transfers, and electronic wallets. Except for PaySec, PoliPay, and BPay, the same electronic wallets are accessible for withdrawals as for deposits. FP Markets’ MetaTrader platform provides exceptionally cheap pricing, making it one of the most cost-effective brokers accessible to traders worldwide.
Special Characteristics
FP Markets collaborated with Myfxbook Autotrade, which is also accessible from inside the MT4 trading platform, in addition to the built-in MT4 copy trading capability. FP Markets Copy Trading, a proprietary copy trading service, is the most recent development. VPS hosting is available, but there are specific criteria to meet to get it for free. On the negative side, the Iress trading platform is geographically limited and subject to non-trading-related costs unless traders meet monthly trading volume limits, putting additional pressure on traders. Iress is the only place where you can trade 10,000 equity CFDs.
Advantages and Disadvantages
FP Markets has cheap forex commissions. You’ll be up and running in no time since both account setup and deposits are quick and straightforward. Demo accounts and e-books are just a few of the instructional resources available. The stock CFD costs are costly, and the product offerings are restricted to FX, indices, stocks, metals, and cryptocurrencies. The online and desktop trading interfaces for MetaTrader 4 are obsolete.
Accounts
IRESS and MetaTrader are the platforms offered by FP Markets, with each having its own set of account kinds. There is also a distinction made between accounts depending on who owns them. MetaTrader allows you to have both a regular and a raw account. There is a more extensive spread on the Standard Account, but no commission. There is a reduced commission with a Raw Account. Platinum, Standard, and Premium are available on IRESS. Premium accounts need a greater minimum balance with reduced fees.
Although the online account registration procedure is simple, FP Markets gathers more data than some other brokers. Traders may complete the first step using their Google or Facebook accounts. Traders can handle all of their trading accounts and financial activities via the application’s clean back-office. At FP Markets, account verification is still required, but it is a quick procedure. The majority of traders will comply with KYC standards by providing a copy of their ID and one proof of residence document. The minimum deposit with The broker is $100, which is about average. In short, establishing an account entails completing an online application, providing a moderate amount of personal information, making a medium, minimum deposit, completing a Swift verification procedure, and logging into a user-friendly back office.
Regulation and Security
The broker is considered an average risk with an overall Trust Score of eighty-one out of ninety-nine. The broker isn’t a publicly listed company, and it doesn’t run a bank. Three different authorities have given FP Markets its approval (tier 1, tier 2, and tier 3). The Australian Securities and Exchange Commission has approved FP Markets (tier 1). Traders should always deal with a licensed broker, but they need also make sure that the market is competitive. Clients in Australia will interact with First Prudential Markets PTY LTD, a subsidiary regulated by the Australian Securities and Investments Commission, which is still the most exemplary Tier-1 regulator in existence. Under section 65 of the Public Governance Performance and Accountability Act 2013, The broker is protected by the Act of Grace mechanism. The Scheme for Compensation for Detriment Caused by Defective Administration covers Australian customers from possible losses.
The Cyprus Securities and Exchange Commission, another top-tier authority, has also approved the broker, but since 2018, it has also been home to the least competitive trading environment. Clients must depend entirely on FP Markets’ reputation since there are no extra safeguards in place to protect them. Other brokers have access to them and have adopted them. Because only Australian traders have access to a well-regulated and highly competitive trading environment, the lack of FP Markets reduced the total grade.
FP Markets, which was founded in 2005, is a seasoned broker with a spotless track record. As a result, traders may rest easy knowing that personal deposits, which are kept separate from company money, are secure. External financial audits are available, and the NDD execution architecture provides for conflict-free trade execution. Overall, the broker is a trustworthy and transparent broker who is Australia’s most delicate and worldwide leader.
The regulatory status is, without a doubt, the most significant criterion, as it indicates that a customer is handled correctly following international rules and regulations. Traders’ money is kept in chosen top-tier institutions, such as National Australia Bank and Commonwealth Bank of Australia, and are segregated from the company’s funds, with daily fund reconciliation and the application of conventional investment protection measures.
On the other hand, different authorities implement modified regulations following their legislation and specific rules, which may result in divergence from one organization or regulator to the next. Similarly, the FP markets Cyprus company protects customers’ accounts against negative balances and participates in the reimbursement system for retail accounts. As a result, make sure you understand whose organization you deal with and what protection requirements and privacy policies apply to you.
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Withdrawals and Deposits
It may be summarized as follows: online deposit and withdrawal methods provided by third parties, Cryptocurrency accessibility. There is no fee for internal withdrawals—the time it takes to process withdrawals and how simple it is to withdraw money. Eighteen primary financing sources and three additional alternatives are available at FP Markets. Bank wires, credit/debit cards, internet payment processors, and cryptocurrency are all examples. Clients may see all available choices in their back office, as FP Markets openly displays all payment processors. The availability of payment processors varies by the nation of residency, and not all merchants may have access to all of them.
Withdrawals are quick and painless, giving FP Markets a perfect score in this area. Requesting a withdrawal from the back office is simple and takes just a few seconds. Internal withdrawal fees are waived at FP Markets. However, third-party fees may apply depending on the method used. Processing timeframes vary depending on the technique used, with FP Markets estimating one business day for internal processing. The name on the trading account and the payment processor must be similar, according to AML rules.
Assets
The asset selection for traders is above 250, a sufficient degree of options for most traders. With 63 currency pairings and ten cryptocurrency pairs to choose from, forex traders have a wide range of options. Twenty-four index CFDs, 22 commodities and metals CFDs, and 159 equity CFDs round out the assortment. The IRESS trading platform also provides access to a selection of seven futures products. Iress offers approximately 10,000 equity CFDs. However, not all of them are available to all customers.
Instruments Trading With FP Markets, you may trade 10,000+ items ranging from Indices, Forex, Commodities, Bitcoin, Metals, and Equity Markets, which have very competitive spreads, as we observed in our FP Markets review. Furthermore, each instrument specifies its trading conditions, allowing for variable leverage across several accounts and requiring certain margins, which you can always verify on the FP markets site.
FP Markets’ research is available mainly in the Traders Hub area of the website, divided into technical and fundamental analysis. Overall, FP Markets has space to improve its research offering compared to the top brokers for research, such as IG, Saxo Bank, and CMC Markets. The research area has some instructional content, including over 50 articles in the Trading Knowledge section, five ebooks, and a platform training section. FX Blue offers 12 MetaTrader add-ons, AutoChartist’s pattern recognition indicators, and access to MyFxbook.
The Traders Hub at FP Markets offered daily research and trading recommendations in a high-quality manner. MT4 plug-in provides traders with a helpful service integrated into the particular platform. Educational tools, like webinars and videos, may help new traders. Unfortunately, The broker does not offer trading courses that include an exam and are taught in a classroom environment. Overall, FP Markets’ research and teaching are high standard and provide value to the primary trading environment.
Education
There is very little instructional material accessible at FP Markets, apart from platform training, an investor glossary, and archived content on YouTube. On its YouTube page, FP Markets has several educational videos, including over 60 recorded webinars.
Offering education-related material by experience level, in addition to particular subjects, or adding progress monitoring would be a boost for FP Markets, allowing it to compete with education giants like Admiral Markets and IG. Overall, FP Markets might broaden its instructional material offering.
Customer Service
FP Markets consistently outperforms its competitors in terms of customer service. Every day of the week, multilingual customer service is accessible in twelve languages. Clients may contact us through live chat, e-mail, phone or request a callback. A good FAQ section can answer many issues, and most traders will only need help in an emergency.
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Conclusion
Overall, FP Markets’ product is a bit of a mixed bag. Its Raw ECN accounts for MetaTrader platforms provide low commissions and costs that are comparable to industry leaders for starters. On MetaTrader, however, there are much fewer symbols to trade, with less than 150 instruments in total.
Meanwhile, the Iress platform suite provides a wide variety of marketplaces, although it is designed for stock trading rather than FX trading. Unless you have a large balance account or are a frequent trader, platform and data costs are also barriers. verall, FP Markets lags behind industry leaders in research and education, but it stands out for its industry-leading MetaTrader price.
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