FP Markets is an Australian-based brokerage firm which was established in 2005. FP is also known as First Prudential Market Ltd.

Since beginning its operation in Sydney, the firm has expanded to different locations and now has clients from all over the world. Its main office is in Sydney.

Pros

·        It provides useful educational material.

·        It has an online IRESS platform.

·        The spread is low on trading assets.

 

·        It provides excellent customer support. 

Cons

·        A deposit and withdrawal fee is charged depending on the payment method used. However, this is not a fault of FP Markets, but charged due to the 3rd party which processes the payment.

Overall Ranking

Overall

Investment Opportunity

Commissions & Fees

Safety 

Research

Smartphone Usage

Customer Service

Education

Platforms & Tools

4.5/5
4.5/5
4/5
5/5
4.5/5
4/5
5/5
4.5/5
4/5

Overall

4.5/5

Investment Opportunity

4.5/5

Commissions & Fees

4/5

Safety 

5/5

Research

4.5/5

Smartphone Usage

4/5

Customer Service

5/5

Education

4.5/5

Platforms & Tools

4/5

Extended Review and Information

FP Markets offers over 10,000 trading instruments with trade-able products like Forex, Metals, Indices, Commodity, Cryptocurrency, and Stocks. Moreover, the company provides trading platforms like MT4, MT5, IRESS, web trading, and mobile trading for better user experience.

Here are some of the key aspects of FP Markets:

·        It is a well-regulated company with certifications from the Australian regulatory body and CySEC.

·        It offers a low spread on most Forex currency pairs.

·        The interface of the trading platform is modern and beginner-friendly.

·        It provides an IRESS platform for CFDs trading. IRESS is an online platform and doesn’t require a download like MT4 AND MT5. IRESS has 3 versions in FP Markets; IRESS investor, IRESS trader, IRESS viewpoint.

·        FP Markets is listed on the Australian Stock Exchange Market. 

To fully understand the key features of FP Markets, here is our review in detail:

How to Open your Account

Before opening an account, it is important to note that FP Markets offer different account types for each asset.

There are two account types for trading Forex, Metals, Commodities, Indices as well as Cryptocurrencies, stocks and shares. They are; Standard account and ECN Raw account. To open both these accounts, a minimum deposit of AUD 100 is required.

It offers 3 CFDs account types; Professional, Platinum, Premier. The minimum opening balance for Professional account is $1000, $25,000 for the Platinum account and $50,000 for the Premier account.

The firm also provides an Islamic account which is an interest-free account to the Sharia Law. To open this account, the user must open any other account and then ask the company to change his/her account.

FP Markets also has a Demo account. The demo account is free of charge and FP Markets provides $100,000 of virtual currency.

To open any type of account, clients need to register themselves. FP Markets ask about personal information, account type, and a questionnaire. Besides this, it also asks for identification documents. The company takes 2 days to verify all the documents.

The process of opening a demo account is straightforward. Users need to sign-up and confirm their email address and they can start practicing. 

Trading Instruments Available

FP Markets have over 10,000 trading instruments and deals in Forex, Commodity, Metals, Indices, Cryptocurrencies, and CFDs.

It offers 51 currency pairs (7 major, 21 minor and 23 exotics. This is a large number of exotic pairs which is rare for brokers to provide), 4 metals, 12 indices, 3 commodities, as well as a broad variety of Cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, Ethereum and XRP (Ripple) . Moreover, FP Markets connect users with 7 different stock exchanges in the U.S.A, Australia, and the UK to give an option of 20,000 equity trading.

The spread depends on the product you are trading. But it can get from as low as 0.0 pips!

Deposits and Withdrawal Methods

Multiple options of deposit and withdrawals are present in FP Markets. These include:

·        Credit/Debit card (Visa/Mastercard)

·        PayPal

·        Skrill

·        Neteller 

·        Wire Transfer 

·        Domestic and International bank wire.

·        PoliPay 

·        Fasapay 

·        Paytrust88 

·        Ngan Luong 

·        Online Pay

·        Broker to Broker

·        BPay (only for Australian citizens)

FP Markets charge a deposit fee on IRESS platform according to payment channel used. If the deposit currency is AUD no fee is charged.

Withdrawal fee also depends on the payment method used. The maximum amount FP Markets charges is $25. However, it must be noted that this is not the fault of FP Markets, but the 3rd party which is used to make the transaction.

All the withdrawal requests are processed by the 3rd party within 3-4 days. However, it can take 5-7 days for wire transfer. 

Interface

FP markets provides a simple and contemporary trading interface for its clients. It gives the option of web trading, desktop trading, and mobile trading.

The web trading offers platforms like MT4, MT5, and the IRESS. The features of these platforms include:

·        Advanced Charting

·        Order Management

·        Risk Management

·        Economic Calendar

·        Customizable layouts

·        One-click trading

·        Real-time financial news.

The desktop version offers downloadable MT4 and MT5 Platforms. All the features of MT4 and MT5 are included in the desktop version.

FP markets has two apps for mobile trading; an IRESS app and MT4 and MT5 app. All the features of web trading are included in mobile apps. 

Education and Research

The firm offers daily market reports, market news, and Forex market analysis to the clients. They also give webinars regularly and provide access to Autochartist (Which provides technical, statistical, fundamental and macroeconomic analysis for Stocks, Futures and Forex timely and factually.) and Myfxbook. 

It provides helpful educational content on its website. FP Markets has a trading course which includes videos, eBooks, and articles. The course content is very resourceful for all type of traders.

Commissions and Fees

The commission and fee depend on the type of account opened and the trade-able product. For example, the spread on EUR/USD in ECN Raw account is 0.1 pips while that on Standard account is 0.7 pips.

FP Markets doesn’t charge a commission on trades regardless of the trading asset. All the commission is included in the spread. 

Customer Support

The company provides excellent customer care services to its clients. User can contact the firm through, email, phone, live chat, and FAX.

 

The live chat support is available in 12 different languages making it a multi-lingual platform. The customer team is responsive and answers questions knowledgeably. 

Awards

FP Markets is an award-winning firm with 36 awards in different categories. It has been awarded for:

·        Amazing customer support service.

·        Great educational material.

·        Most satisfied traders.

It is a highly recommended CFD broker for all levels of traders, winning many more awards, and we are sure it will continue to do so over the years as they constantly attempt to outshine their competition in every way.

Regulations and Jurisdictions

FP Markets are regulated by ASIC (Australian Securities and Investment Commission) and CySEC (Cyprus Securities and Exchange Commission). ASIC and CySEC are among the most reputed financial regulatory authorities in the world and hence, the FP Markets broker is safe to trade with.

FP markets are available all over the world but there are few exceptions. It is not operational in:

·        U.S.A

·        Syria

·        North Korea

·        Iran

·        New Zealand

·        Japan

Conclusion

With the experience of more than a decade, FP Markets is a well-recognized broker. It is recommended by many, and it is suitable for all levels of traders. The users of FP Markets have been rated as some of the most satisfied customers out of any broker! This is most likely due to the great level of education and customer service provided. FP Markets really are there to help all traders, and that is why we have rated them so highly.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.

This website and the information provided does not constitute investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results. The information given is a reflection of opinion. Trading CFDs on leverage involves significant risk of loss to your capital.