FP Markets Review 2019
“FP Markets is an Australian online brokerage firm that is regulated by ASIC. FP Markets offers clients with true ECN spreads on its sophisticated platforms.”
FP Markets is the brokerage arm of First Prudential Markets Pty Ltd, an Australian firm which was established in 2005. In over 14 years of brokerage operations, FP Markets has grown to become a foremost online forex and CFD broker.
The Head Office is located in Sydney, Australia. There are two additional branch offices in Beijing and Shanghai, both of which are located in China. The brand has won multiple industry awards in areas like; customer service, trader education and trade execution. Here are some advantages of trading with FP Markets:
- Over 10,000 trading instruments to choose from.
- Modern trading platforms.
- Low spreads on forex currency pairs.
- Regulated brokerage conditions.
- Multilingual and efficient customer support
Investor Protection & Regulations
“FP Markets compliance with ASIC regulatory requirements ensures that investors are adequately protected.”
FP Markets is authorized and regulated by the Australian Securities and Investments Commission (ASIC). They operate with the Australian Financial Services License (AFSL) number 286354. ASIC is reputed for imposing stringent rules on brokers.
FP Markets asserts that investor deposits are safely kept in the National Australian Bank, which is one of the big 4 banks in Australia. This ensures segregation of traders’ funds from the operational funds of FP Markets.
ASIC protection comes with a high level of assurance to the traders working with the broker. It means that clients have recourse if they are unhappy with the broker’s services and have somewhere to turn to seek remediation.
“FP Markets provides access to over 10,000 trading instruments most of which are equity CFDs obtainable across different global exchanges.”
- UK 100
- NAS 100
- FRA 40
- BTC/USD (Bitcoin)
- FP Markets connects clients to 7 different exchanges in UK, USA, Australia etc to provide over 20,000 equity shares for trading. Examples are stocks such as Apple, Microsoft, Lloyds, etc.
“The account type is tied to the asset being traded and the platform used for trading. There are Forex, Share and CFD account types available as well as an Islamic and demo account.”
- CFD Account Types
Three account types are available and the trading platform is IRESS.
- Professional Account
The minimum opening balance is $1,000 and the minimum brokerage fee is $10. IRESS platform fee of $55 is charged monthly. The fee is waived if the trader generates up to $150 in commission per month.
- Platinum Account
The minimum opening balance is $25,000. The platform fee charges ($55 per month) apply but waived just like the Professional Account. The minimum brokerage fee is $9.
- Premier Account
The minimum opening balance is $50,000. For this account type, there are no platform fees and no minimum broker charges.
- Forex Trading Account Types
This account type can be used to trade currency pairs, metals, indices and commodities on the MT4 or MT5 platforms.
- Standard Account
The minimum amount required to open this account type is $200. The spread starts from 1.0 pip. There are no commissions and the broker charges are factored into the spread.
- ECN RAW Account
$1,000 is the minimum account opening amount. The spread starts from 0.0pips. Commission is charged at $3.5 per 100,000 lots.
- Share Trading Account
Shares are traded on the IRESS trading platform. To use the platform, an access fee of $55 per month plus $22.00 for Australian Exchange (ASX) market data. The fee is waived once a commission of $200 is generated by the trader.
- Standard Account
Commissions start from 0.11% and a minimum fee of $14.95 is required.
- Non Leverage CFD
No minimum fee is required and the commission starts from 0.08%.
- Islamic Accounts
This type of account is available on request. The client must first open an MT4 or MT5 and then contact the customer support with the request. Swap charges are not applicable on this account type but however, if a position remains open for two consecutive days, an admin fee is charged. Every other condition is the same as the MT4 or MT5 accounts.
- Demo Account
The demo account is free for practice purposes. It comes with a $100,000 virtual currency amount. The signup process is fast and easy. Upon successful registration, an account number and password is sent to the client’s email for immediate access to the demo account. Links to download and install the required platform is also provided in an email. Full activation of account for live trading becomes possible when account verification and payment is complete.
FP Markets supports multiple account types. The platforms can be downloaded and demo trading can begin pending when the client is ready to go live.
FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where the use of their services would be contrary to the local laws or regulations.
Every account holder is verified by performing a “Know Your Customer” (KYC) which entails providing a “proof of identity” and “proof of residency” documents. This simply means that the trader must scan and send a valid ID which has been issued by the government and a utility bill issued within the last six months. This verification is also a regulatory requirement.
Deposit & Withdrawals options
“Multiple payment and withdrawal methods are available with FP Markets including Credit/debit cards, wire transfer and e wallets. Charges depend on the method of transaction used as well as the trading platform. FP Markets covers costs for the MT4 and MT5 fees.”
Several methods of deposits and withdrawals are accepted on FP Markets. About 10 currencies are accepted for transactions. The following are the accepted payment options:
- Credit/Debit Cards: 3 Major debit/credit cards are accepted. These are VISA, Mastercard and China Unionpay. Card transactions are usually processed instantly. For withdrawals using cards, it takes 4-5 business days. Deposits on the IRESS platform attract a charge of 1.6% of amount in AUD or 3.18% of amount in foreign currency. There are no charges on the MT4 and MT5 platforms.
- Bank Wire Transfer: This method takes 2-7 working days for complete processing. A local transfer in AUD is free but foreign transfers attract a charge of $25 per transaction.
- E-Wallets like Neteller and Skrill are accepted. Deposit fees for the IRESS account using these methods will cost 4% of the deposit amount.
- BPay is for only Australians and the only currency accepted is the AUD. The processing takes 12-24 hrs to complete. Deposit fee for IRESS platform is 1.6% of deposit amount.
- POLi connects Australian client to only Australian banks. There are no transaction charges.
- FasaPay: This is a global method for online payments. The only accepted currency is USD and there are no transaction charges.
- PaySec: IRESS fee for this payment method is 3.25% of deposit amount while MT4/MT5 platforms are free. FP Markets state that they cover the fees for the MT4 and MT5 platforms; therefore there are no transaction fees on these platforms. All charges are waived for first time deposits. In over a decade of operations, there have been no reports of missing funds by FP Markets clients.
Web & Desktop Trading Platforms
“There are various forms of the IRESS, MT4 and MT5 platforms provided by FP Markets, for web, download and even mobile.”
Forex traders are given the options of MT4 and MT5 trading platforms in various forms. A Webtrader is available across all devices and all Operating Systems. Just login with the correct id and password, choose the right platform (MT4 or MT5) and start trading.
The desktop versions of the FP Markets MT4 and MT5 are available on windows PC and iMAC computers. They can be downloaded from the FP Markets website and then installed on the computer.
The IRESS platform is available for clients who wish to trade CFDs and shares. FP Markets grant access to the IRESS platform which is available online. IRESS has 3 platforms: IRESS Investor, IRESS Trader and IRESS Viewpoint platforms.
Privacy & Security
“Protection through industry best security practices includes fund protection through segregation of client funds and onsite data encryption.”
Investors are further protected from identity thefts, hacking and cybercrimes by FP Markets’ adoption of cyber-security best practices. Every account is verified and the data input or retrieved from the website are encrypted during transmission.
FP markets collect personal information of their clients and keep them securely. Their website and trading platforms are electronically protected through a 128-bit encryption. This is to protect clients from identity theft and other cyber crimes. Know Your Customer (KYC) is performed on every client in order to prevent money laundering in accordance with regulatory standards.
Segregation of Client Funds
Investor Funds are held in bank accounts different from that of the broker. This act of funds segregation is done so that investors’ funds will be unaffected in the improbable event of broker insolvency.
Mobile Trading Platforms
“With FP Markets, clients can trade anywhere, anytime with the IRESS app, MT4 or MT5 mobile apps. The mobile apps allow traders to manage their accounts, follow market news and execute trades. The IRESS app is a stripped down version of the web client.”
The IRESS app is available for iPhone and Android devices. The main features include:
- Advanced order management
- Advanced Charting
- Live dynamic pricing from over 10,000 trading instruments
- Real time financial news
- Full customization of IRESS Viewpoint Suite.
The MT4 and MT5 trading platforms are available on Android and iPhone mobile devices. Some of the salient features of these apps are:
- Real time quotes
- Customizable layouts
- Advanced Charting
- Access to trading history
- One-click trading.
FP markets grants free access to all mobile apps. All platform charges are waived on the mobile apps.
“The provided platforms are full of features useful to every kind of trader.”
The IRESS trading platform is a powerful Direct Market Access (DMA) execution trading platform replete with useful features for traders. 3 versions (IRESS Investor, IRESS Trader and IRESS Viewpoint) are provided by FP Markets.
The IRESS Platform has the following features:
- The IRESS Viewpoint application has 59 technical indicators to assist a trader in identifying trade opportunities.
- There are over 50 drawing tools that can be used directly on charts in order to mark or annotate points.
- Price action can be compared between different trading instruments. Trading instruments can easily be compared on multiple time frames. This can help a trader determine when best to place his trades.
- Traders edge offers a full range of tools including economic calendar, alarms and trade terminal. Once you have deposited into your account you will receive an email with the software to start using this technology.
The MT4 Trading platform is the most popular platform among forex traders and it is provided by FP Markets. Some of the features of the MT4 are:
- Advanced charting capabilities
- Built-in technical indicators
- Multiple timeframes
- Downloadable on Windows and Mac operating systems
- Fully customizable desktops and charts.
- Allows the use of Expert Advisors which automate forex trading.
The MT5 trading platform which is a newer and improved version of the popular MT4 is provided by FP Markets. It is available as a standalone desktop application for windows PC and MAC. It is also available as Webtrader and as mobile app.
Some other tools provided by FP Markets include:
- Forex VPS: For as little as $25 per month, a forex VPS service is made available to traders who desire 24/7 connection to the markets. This is perfect for traders who use a forex robot.
- The Economic Calendar.
- A Daily Report is available for traders who wish to subscribe to the services. The reports are delivered via email and it is free.
Also please note that FPMarkets serves money managers by offering them MAMM accounts in which they can keep their clients accounts segregated and PAMM accounts (percent allocation money management), a software app for clients to attach money to a specific trader who manages accounts.
Commissions & Spreads
“FP Markets features low spreads starting from 0.1 on the EUR/USD ECN account or 0.7 on the EUR/USD Standard account.”
The table below is a list of the minimum spreads for the standard and ECN Raw accounts as obtained from the FP Markets website.
|Symbol||Spread (Standard Account)||Spread (ECN Raw Account)|
*Data was taken from the broker’s website at time of writing.
Bonus & Promotions
“Several bonuses are available at FP Markets including 10% credit bonus and a refer a friend bonus.”
FP Markets continues to provide some incentive bonuses. These are:
- Refer A Friend Bonus: When a client refers a friend to FP Markets, the referrer gets rewarded in cash. If the new client funds an IRESS account, both clients gets a bonus of $100 each. If the new client funds an MT4 or MT5 account, the referrer gets a reward depending on the amount deposited. A minimum of $50 bonus is received for amounts between $500 – $999 and a maximum of $300 is received for amounts above $10,000.
- VPS Reimbursement: This is for clients that subscribe to use the VPS service monthly. For each month, trade a minimum of 10 standard lots on a Standard Forex account or 20 standard lots on an ECN Raw account within the month. You will be reimbursed with a cash payment into your trading account. The maximum payment is capped at $50 per month. “Reach customer care via phone, email, web chat and fax in 12 languages. The web chat representative responded to chats in less than a minute and the response was efficient and knowledgeable.“There are a number of ways prospective and active clients can reach the FP Markets customer support.
“Reach customer care via phone, email, web chat and fax in 12 languages. The web chat representative responded to chats in less than a minute and the response was efficient and knowledgeable.”
There are a number of ways prospective and active clients can reach the FP Markets customer support.
- Instant web chat facility is available in 12 languages.
- The support phone numbers are 1300 376 233 for Australians and +61 2 8252 6800 for international Clients. For the Chinese clients, the phone number is 400 166 0012.
- Clients can also receive support through fax. The Australian fax number is: (02) 8252 6899 and the international fax number is +61 (0)2 8252 6899
- The support email address is firstname.lastname@example.org. Email for Chinese clients is email@example.com .
The customer care representatives are well trained, knowledgeable and responsive. The web chat representative responded to chats in less than a minute.
“Live market news and analysis are available to clients of FP Markets”
FP Markets provides daily market reports to clients. These focus on different popular assets and are published each day. Live markets news and forex market analysis is found on the company’s website. They also offer an overnight summary table displaying the popular assets and their closing prices.They also schedule webinars periodically.
“FP Markets has a well-organized online training resource centre with a trading course, ebooks and 97 video lessons for all levels of trader.”
FP Markets offers a professionally prepared trading course for active and intending clients. It consists of 97 Video lessons, e books and lesson articles. The courses are organized according to trader level, which is a spectacular offering. It is available for beginners, intermediate and advanced traders. The system is designed to monitor and record the client/student’s progress.
“Relevant awards showcase the positive trading experience of clients of FP Markets.”
FP Markets has won several awards, one of which is the “Most Satisfied Traders” award, awarded by Investment Trends Report, a highly reputable organization that develops and delivers independent, deep insights research. This award has been won by FP Markets a whopping six times. There are loads of positive reviews for the services provided by FP Markets. The trading experience itself is highly satisfactory, with a wide selection of platforms, assets and account types to suit all types of trader.
Where is FP Markets based?
FP Markets are based in Sydney, Australia but they also have offices in Beijing and Shanghai which are located in China.
How does FP Markets make money?
FP markets make money from spread charges and commissions.
How do I deposit into an FP Markets account?
Deposits can be made using Visa, Mastercard and UnionPay debit/credit cards. e-wallets like Neteller and Skrill are accepted. BPay, FasaPay, POLi, PaySEC and Bank wire transfers can as well be used to make deposits.
What is the min. deposit for FP Markets ?
The minimum deposit is $100 for a share trading account and $200 for a forex standard account
What is the max leverage in FP Markets?
The maximum leverage obtainable is 1:500
How do I open an account with FP Markets?
Fill the online form available on the bottom of every page and click on “Register Now”.
Does FP Markets use MetaTrader?
Yes, FP Markets use the MT4 and MT5 trading platforms.
FP Markets has been in operation for over a decade and have garnered many prestigious industry awards. They are a true ECN broker that offer very low spreads to their clients. The cutting-edge platforms provided are fast, secure and bursting with features.
Trading education is one of the positives that FP Markets boasts of. A comprehensive trader education suite is provided for traders. This is well-organized and professionally delivered through videos, e-books and articles.
The multilingual nature of the customer service makes this an inclusive way to reach out to active and prospective clients. Above all, FP Markets is a regulated brokerage and complies with all the regulatory standards set out by ASIC.
|Number Of Employees||100|
Trading Account Options
FP Markets Trading Features
|24 Hours Support||Yes|
|Support During Weekends||No|
Customer Support Languages
|Supported Trading Platforms||MT5|
|Has VPS Services||Yes|
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