FP Markets Review 2023 – Best Forex & CFD Trading Provider
FP MARKETS REVIEW
Our research on FP Markets Review, we found First Prudential Markets (FP Markets) is a CFD and retail forex broker, with headquarters in Sydney, in the building right next to the Australian Securities Exchange. The company was founded in 2005 by Matthew Murphie.
The broker started operating after getting an Australian Financial Services License from ASIC (the Australian Securities and Investments Commission). They have a long track record with great reviews from industry experts and clients alike.
On May 12th, 2020, FP Markets was announced as the Forex and CFDs provider with the ‘Best Quality of Trade Execution in 2019.’
This announcement was made at the internationally recognized Investments Trend 2019 Australia Leverage Trading Report.
FP Markets received their license from the Cyprus Securities and Exchange Commission in 2018, allowing them to expand the customer base to more countries. In the same year, they signed a sponsorship deal with a golf academy in South Africa, ASM.
In 2019, FP Markets received the award for Best Global Forex Value Broker, at the Global Forex Award event in Limassol, Cyprus.
Suffice to say that our FP Markets review found evidence of a clean track record and a solid reputation as the best forex broker. Trading with FP Markets is very safe for the traders who can apply for an account.
FP Markets Review 2023 Quick Summary
|🗺️ Regulation||ASIC, CySEC, St. Vincent & Grenadines (non European Countries), FSP|
|🖥 Platforms||MetaTrader 4 (MT4), MetaTrader 5 (MT5), WebTrader, Iress and cTrader.|
|📉 Instruments||13,000+ Products Forex, Indices, Commodities, Metals, Cryptocurrencies, Bonds, ETFs|
|💳 Minimum Deposit||$100|
|💰 Deposit Methods||Visa, MasterCard, PayPal, Bank/Wire Transfer, Neteller, Skrill|
|💰 Withdraw Methods||CZK, PLN, AED on Visa/Mastercard - International Bank Wire - No fees, INR, BRL on Neteller, DragonPay, SticPay, PayTrust88, PerfectMoney, VirtualPay, Rupee, Xpay, LuqaPay, Rapid, Pagsmile, LetKnowPay, Finrax, Pay Retailers|
|📱 Mobile Trading||Available|
|🌍 Web Trading||Available|
|💵Minimum Trade Size||0.01|
|🎢 Maximum Leverage||1: 500|
|☎ Customer Support||24/7|
What We Like
- Their forex fees are low
- The deposit and withdrawal methods are faster than many of the competitors
- FP Markets leverage goes up to 1:500 with ECN pricing
- They comply with the best regulation policies enforced by ASIC, CySEC and St. Vincent & Grenadines (non European Countries)
- They offer multilingual support 24 hours a day, five days a week
What FP Markets Could Improve
- Their stock CFDs are a bit high and could be a bit lower
- The tradable items portfolio is a little limited for a broker of this size
FP Markets Regulation
To secure traders’ interests and rights, FP Markets is regulated by top-tier regulatory agencies. The Australian Securities and Investment Commission regulates FP Markets activities in Australia, and the Cyprus Securities and Exchange Commission, in other locations. FP Markets (Pty) Ltd is now a Financial Services Provider authorized and regulated by the Financial Sector Conduct Authority in South Africa (FSP Number 50926).
The benefits of regulation are in place to ensure that traders are not treated unfairly and that everything the broker does, is legal.
FP Markets adheres to stringent capital requirements to ensure that they can meet client payouts and ensure that risk management, financial reports, staff, and external audits, are all done. In addition to this, the funds from clients are kept in segregated accounts.
None of the client's money is used to pay for company expenses, ensuring that your money will be there if you ever want to make a withdrawal.
Because of the license, FP Markets can partner with financial institutions that offer top-tier liquidity. They include HSBC, Goldman Sachs, JP Morgan, and Barclays, among others. With these institutions, FP Markets can offer traders multi-asset liquidity.
These partners ensure that interbank liquidity is also available to clients. That is why FP Markets offers ECN pricing and Direct Market Access.
The trust rating for FP Markets is high because of their solid and clean reputation.
Bonus for Deposits & Promotions
During our FP Markets review, we looked at the terms and conditions of FP Markets bonuses. There are a few key details you should know about the welcome bonus which is announced directly from FP Markets via online advertisement, email, or phone.
There is a welcome FP Markets bonus for new MT4 clients. The eligibility terms indicate that the new traders are eligible to get it and who have passed compliance and account opening requirements can also get it.
Normally, the amount is fixed at $30 (United States Dollars) or the equivalent in your base currency. Always check to make sure that the offer of an FP Markets bonus is directly from the broker before you click on anything.
Our FP Markets review research indicates that they offer free VPS as a promotion. To request the free VPS, you will need to deposit a minimum of $500 or trade over ten lots on a standard account or 20 lots on the raw account. The VPS has access to the broker's dedicated server.
FP Markets Trading Fees
There is no clear method that can compare fees to give you a clear picture of how high or low FP Markets trading fees might be. However, we can look at some scenarios that would enable us to check out the common CFDs and 70+ Forex pairs offer.
That way, you can know if the fees are favorable to you or not. For this, we shall look at the index CFDs, stock CFDs, and forex fees.
The scenario here is that you buy a leveraged position, hold it for a week, and then sell. Let’s say you take a $2,000 position on the SPX or EUSTX50 and stock CFDs. You then take a $20,000 position for the forex pairs trading.
The leverage we will use here is 1:20 for the stock index CFDs, 1:5 for the stock CFDs, and the European market cap of 1:30 for the forex transactions. South African traders can open positions on more than 70 forex pairs with spreads from 0 pips and a leverage amount up to 1:500.
We are doing it this way because we can include commissions, spreads, and financing costs. We believe they are very important to prospective clients.
*** FP Markets covers bank withdrawal fees.
The CFD fees for the non-index items like Apple and Vodafone are higher than brokers like XTB and XM. XTB, for the same scenario, would cost $17.9 for Apple and $20.9 for Vodafone. XM, on the other hand, would cost $3.4 and $5.6 for Apple and Vodafone, respectively.
Stock CFDs Costs:
NOTE: When trading stock CFDs on FP Markets, you will have to pay a commission.
FP Markets may charge high fees for CFDs (not stock CFDs), but their forex fees are reasonable. For clients on the FP Markets ECN Raw Account, the spread is smaller, and you only pay $3 per lot per trade, as commission. Clients on the FP Markets Standard Account, on the other hand, will have a higher spread but won’t have to pay commission.
Let's see what that $20,000 position on the leverage of 1:30, yields:
Compared with brokers on the same level, like XM or XTB, FP Markets performs admirably, for the same pairs, on XTB, you'd pay; $15, $11.1, $10.0 and $6.6 respectively. On XM, it would cost $17.1, $13.8, $13.9 and $9.1, respectively.
NOTE: These figures used are estimates used for benchmarking during the FP Markets review, to compare with other brokers. Your experience may slightly differ, as the markets tend to change and fluctuate.
You can trade real stocks at FP Markets if you want to. However, the only stocks available to trade are from the Australian Securities Exchange. For each of the accounts you get, the fees are different.
There are no inactivity fees charges, except for those on the IRESS Trader platform. If you use the platform, you'll have to pay $55 per month as commission unless you can generate a minimum of $150 per month as a trading commission or opt for the Premier account.
Withdrawals fees are charged only by the services you use and not FP Markets.
FP Markets Withdrawal Options
We went straight to the source for our FP Markets review and checked out the available withdrawal options provided by the broker. On average, the withdrawal time for FP Markets is one business day. In bank transfers, it is the same time frame, after accurate documents are received.
You can withdraw using:
- Visa or MasterCard, with the following base currencies on MT4 and MT5 (CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD and USD)
- Visa or MasterCard with the following base currencies on Iress (CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD)
- Domestic bank wire in AUD
- International bank wire (not in AUD), has a withdrawal fee of 10 AUD.
- Neteller, with base currencies (AUD, CAD, CHF, EUR, GBP, JPY, PLN, SGD, and USD)
- Skrill, with base currencies (EUR, GBP, and USD)
- Fasapay, with base currencies (USD and IDR)
- Ngan Luong for Vietnamese traders
- PayPal, with base currencies (AUD, CAD, EUR, GBP, HKD, JPY, SGD and USD)
- Online Pay
- CZK, PLN, AED on Visa/Mastercard - International Bank Wire - No fees, INR, BRL on Neteller, DragonPay, SticPay, PayTrust88, PerfectMoney, VirtualPay, Rupee, Xpay, LuqaPay, Rapid, Pagsmile, LetKnowPay, Finrax, Pay Retailers
- Broker to broker
To check out the withdrawal fees that apply to each respective method, check out the details.
FP Markets Deposit Options
The deposit options are almost the same as the withdrawal options you get. The channels are the same, and the base currencies do not change much. You can make your FP Markets deposit using:
- Visa or MasterCard
- Bank Wire
- Ngan Luong
- Broker to broker
With all the available methods, you can use the one that works best for you. FP Markets' commitment to convenience clearly shows. For South African traders you can also deposit through Virtual Pay (African Payment Method) with the following currencies supported: KES, UGX, TSH.
FP Markets Account Opening
The FP Markets account opening process is easy and fully digital. They provide you with access to an FP Markets demo account if you need one. The broker recommend the demo account because it is a great way for new traders to practice and get to know what they can improve.
First, you will need to provide personal details and further information about your trading experience. Then, you will be asked to configure your account and then fill out the declaration.
The entire process is smooth and takes less than 5 minutes to finish. After that, you just wait for the approval.
You will be asked to verify your identity and address. Be prepared to upload documents that prove both. For identity, a passport, government-issued ID or state-issued ID, will be enough. As for the address, you will need recent utility bills, bank statements, or official documents that prove where you live.
FP Markets Account Types
There are two major FP Markets account types you can choose from when using MetaTrader. They are Standard and Raw. On the Iress platform, you can have Standard, Platinum, and Premier. There is further categorization when you consider ownership. FP Markets account types can be:
To understand them fully, we will look at the relevant details you need to know before you choose one of them.
FP MARKETS METATRADER ACCOUNTS:
Standard (For MT4 and MT5)
- FP Markets spreads start from 1.0 pips.
- The commission (ASX) is 0 (Zero)
- The FP Markets minimum deposit is 100 Australian Dollars or an equivalent in your preferred base currency.
- The maximum leverage is 1:500
Raw Account (for MT4 and MT5)
- FP Markets spreads start from 0.0 pips.
- The commission is $3.5 (USD)
- The FP Markets minimum deposit is 100 Australian Dollars or an equivalent in your preferred base currency
- The maximum leverage is 1:500
FP MARKETS IRESS ACCOUNTS:
Standard Account (FP Markets Iress)
- AUD 10 min, then 0.1% commission per lot
- FP Markets minimum deposit of AUD 1000
- Equity CFD margin rates start from 3%
- FP Markets base rate is +4.0%
Platinum Account (FP Markets Iress)
- AUD 9 min, then 0.09% Commission per lot
- FP Markets minimum deposit of AUD 25,000
- Equity CFD margin rates start from 3%
- FP Markets base rate is +3.5%
Premier Account (FP Markets Iress)
- No min, then 0.08% commission per lot
- FP Markets minimum deposit of $50,000
- Equity CFD margin rates start from 3%
- FP Markets base rate is +3.0%
With these basic details, you will know which one of these FP Market account types provided, is most suited to you. The best thing to consider is the style of trading, strategy, amount of money you are willing to risk, and your level of expertise.
FP Markets Platforms
FP Markets has all the latest technology in trading software. As a trader, you want to have diversity so you can deploy your strategies properly. From the popular MetaTrader to the lesser-known but equally incredible Iress platform, FP Markets has it all.
You can choose from the following options:
You can enjoy access to Traders Edge Tools, the Affiliate Portal, the IB Portal, the Advanced Client portal, and MAM/PAMM accounts. All of these are here so you can choose the one that is most suited for you. If you prefer to trade by yourself, there are provisions for that.
If you would like to invest your money with expert traders, FP Markets ensures that you can. Let’s look at some of the details regarding these platforms and what they offer you.
The MetaTrader 4 platform gives users an interface that they can customize to fit their style. In addition to that, it has one-click trading, prices are streamed live, you can access the FP Markets demo account if you want to, and MarketWatch is available.
The accounts have 128-bit encryption to ensure security for traders. There are many chart types one can use for each style of analysis.
The platform is available for use across all devices. Mobile device users can get FP Markets download options for iOS or Android, those who trade on the go can access it from their browsers as WebTrader, and if you prefer to be at a terminal, you can download it and install it into your PC.
MT4 and MT5 are essentially the same, with key differences in features. The MT5 version of MetaTrader features new functions that you will not find on MT4.
For example, on MT5, you will be given a stunning 61 pending order types, market depth, automated trading using Expert Advisors, and tools from the MQL5 community. These are all things you will not be able to get when using MT4.
Whichever version you choose, you are provided with a complete suite of trading tools, one-click trading, several order types, varying execution modes, price quotes in real-time, synchronization of data, and online multilingual support (available 24 hours a day, five days a week.)
The key goal here is to pick a version you are comfortable with and completely familiar with. If you are using something that confuses you, it could affect how you trade and profitability.
As mentioned earlier in this FP Markets review, the browser version has the same features you get when using the desktop versions. You will have access to ECN pricing and all the tools without going through installing the software on your device.
Iress ViewPoint is the highlight of this platform. The complete Iress suite contains Iress ViewPoint, Iress Trader, and Iress Investor (for when you want to do some Direct Market access trading). With this platform, you will get many of the same features that MetaTrader has.
For instance, you can trade straight from your browser without installing or download the software and install it into your device.
The prices offered on the exchanges are genuine, while providing you with access to market depth. There are 59 technical trading indicators to aid in analysis, with over 50 tools just for drawing to enhance the analysis further.
The biggest selling point of Iress is that it gives you quotes in real-time for over 10,000 tradable financial instruments. That is a number much higher than any of the brokers in the market can provide.
FP Markets is now offering cTrader, a leading multi-asset Forex and CFD trading platform, boasting advanced charting, advanced order types, level II pricing, powerful trading tools and superior execution.
FP Markets Trading Platforms on Mobile
Users can access mobile trading at their convenience by using MT4 and MT5 on their iOS and Android devices. From the website, users can easily click on the links provided to download the apps directly into their mobile devices.
With the mobile apps, a trader can get the same manual trading features and technical analysis tools on both the desktop and WebTrader.
Iress has a mobile trading app too. It is available for both iOS and Android. The functionality is the same as what's on the desktop and browser versions. You will be able to get the same dynamic prices, real-time financial news, manage your orders, and so much more.
Top FP Markets Additional Features
FP Markets offers many unique features to enhance trading.
Secure FP Markets Client Area
Among the many things we found while researching this FP Markets review, was the secure client area. It works as a portal that allows you to securely log in and track all the things you are doing. You will be up to date on all the trades you are conducting.
You’ll find features that allow you to automate trading by creating your expert advisers and be able to monitor the markets continually.
The Traders Toolbox
This has got to be one of the most important features this broker provides. The toolbox allows you to get the most out of your MetaTrader platform. It contains 12 tools that are all for enhancing your trading experience through the provision of market insights.
- FP Markets Academy
- Economic calendar
- Tick charts
- Sentiment trader
- Correlation matrix
- Correlation trader
- Market manager
- Excel RTD
- Stealth Orders
- Trade Terminal
- Session Map
Find out more about the contents of the Traders Toolbox. You will find the User Guide for each of the tools and what they can all help you do.
The best part about getting a MAM/PAMM account at FP Markets is that they are perfect, because of their ideal slippage conditions. It is always best to use either account when you are dealing with an ECN or STP broker.
You can employ your Expert Advisors, enjoy strong order execution, and trade large orders without having to worry about slippage.
FP Markets integrates with MyFXbook, for the clients who would like to do social trading. The thing about social trading is that it allows you to reach full potential much faster. You get to learn from the traders with more experience than you.
In addition to all these, you will also get other features like:
- The Autochartist plugin
- VPS services
FP Markets offers more than just the usual set of features.
FP Markets Commissions and Spreads
Cost is always a big issue when choosing a broker. Most of the things we consider do not matter unless you can afford to trade with a broker and stay profitable. Spending too much on trading costs can pull you back.
However, FP Markets spreads, and commissions are not unreasonable or higher than normal. To get the full details, read their FP Markets commissions, and spread information.
But before you do that, let’s look at some of the basic charges you can expect when trading with this broker.
- On the Standard MT4 and MT5 accounts, you will engage in trading without commission.
- In the Raw MT4 and MT5 accounts, you will engage in commission-based trading. The total round turn charge is 7 Australian Dollars.
Both of these accounts offer FP Markets ECN pricing execution, to ensure that you always get the best prices. In addition to that, they both offer different spreads and swap rates (where applicable), can be found on the FP Markets website.
Depending on the account you open, the fees can be different. On the Iress platform, you may have to pay a monthly trading charge. However, this charge is waived if your trading activities generate more than $150 in commissions each month for FP Markets.
There is an ASX live data feed charge that is waived, too, based on how much you trade in a month.
The Standard Iress account charges a brokerage rate of $10 at the minimum and 0.1% after that.
FP Markets Education and Research
After spending more than ten years on the forex market scene and gaining a solid reputation, FP Markets has grown into a complete broker with provisions for anything you may need. In education, there is a variety of ways to learn.
FP Markets education comes in the form of:
- Video tutorials
Most of the material can be found on the Traders Hub Blog, run by FP Markets. As a trader, you can access the videos, courses, and topics to get the most out of complete knowledge.
It doesn’t stop there because they have a YouTube channel full of tutorials that show you how to navigate the platforms provided.
It’s great to have education tools. However, they are not enough if you do not have research tools to ensure that trading goes as smoothly as possible. From the Traders Hub page, you can read the technical analysis and fundamental analysis given by experts.
Most of the analysis covers all asset classes, to ensure that whatever you’re trading, you are not left out.
There is video analysis, just like with their education, if you understand visual presentation better than words on a page. Compared to the other brokers on the market, this level of analysis is nothing short of impressive.
Both beginners and advanced traders will find the information easy-to-grasp and very useful in making trading decisions.
FP Markets Customer Service Experience
Customer support is available on FP Markets 24 hours a day or 7 days a week. You can access them via telephone, email, or Live Chat. Live Chat is the fastest way to get a reply. They offer support in English, Chinese, Thai, German, Portuguese, Italian, French, and other languages.
There is a comprehensive FAQ section where you would most likely get answers to your questions. It takes less than 5 seconds, after logging in on FP Markets Live Chat, to get connected to an agent. The answers arrive quickly as well.
You can reach FP Markets via social media on Facebook, Twitter, LinkedIn, and YouTube.
The General Experience
FP Markets makes an effort to provide you with everything you would need. Our FP Markets review finds that they have everything here.
From the ECN/STP market access, MAM/PAMM accounts, great platforms, incredible support team, unique features, and varied account types, FP Markets stands out and proves why they are among the best.
All the essentials are here, which means that you can enjoy trading with this broker, without lacking any of the important things any trader can want.
We think that after this FP Markets review, it would be easy to decide on the best forex broker. Do they provide what you have on your checklist? If they do, then go for it. Their pricing is fair, their service is excellent, and the value for money spent is obvious.
From the excellent regulation to the equally excellent platforms, FP Markets aims to be the go-to broker for beginners and advanced traders alike.
They have multiple ways for you to fund your account and withdraw for convenience. With a low FP Markets minimum deposit of 100 AUD, it is easy for any trader to get an account and start trading.
We’d like to think that it all comes down to what you would like your broker to provide to you at the end of the day. Do FP Markets fulfil that expectation? Did you need something different? Is there something you would have liked to see that is missing?
If you are not sure, feel free to check out our other reviews on the top forex brokers in the world and gain the best insight to make the best choices.
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I’m trading with FP Markets for over 8 months now. Over this period I’ve been seeing that they have been Consistently improving their trading conditions (mainly spreads).
You really make it appear really easy together with your presentation however I find this topic to be
actually one thing that I feel I’d never understand. It sort of feels too complicated and
extremely vast for me. I’m looking forward in your subsequent put up, I will try to get
the cling of it!
Offering education-related content by experience level, in addition to specific topics, or adding progress tracking, would be a boost and help FP Markets compete with education leaders such as Admiral Markets and IG. Overall, the range of educational content is something FP Markets can improve.
Great post! We will be linking to this great article on our website. Keep up the great writing.