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FP Markets is an online Forex and CFDs provider launched in 2005 . They are headquartered in Australia and are regulated by ASIC.
FP Markets offers traders the opportunity to trade a wide range of instruments mostly wrapped as CFDs (Contracts for Difference), offering over thirteen thousand(!) tradable instruments, including an incredible selection of over thirteen thousand individual shares quoted in leading global markets. In addition to individual shares FP Markets offers trading in over 50 Forex currency pairs and crosses, the commodities gold, silver, and WTI Crude Oil, 5 cryptocurrencies, and 11 major global equity indices. Maximum leverage (on Forex) is a very high 500 to 1 although this requires more than the minimum deposit to achieve. For example, placing the minimum deposit of $100 gives a maximum leverage of 100 to 1, while a deposit of $500 is required to secure a maximum leverage of 500 to 1.
FP Markets differs from most brokers in offering clients ECN pricing, allowing the opportunity of fast execution and natural spreads. A choice between account types is offered depending upon whether you want to trade Forex, CFDs, or individual shares.
Forex traders are offered a choice between a Standard account and a Raw account. The Forex Standard account requires a minimum deposit of $100 AUD or equivalent, and offers spreads starting from 1.0 pip, with no commission.
The Forex Raw account requires a minimum deposit of $100 AUD or equivalent and offers spreads from no minimum, but a commission of AUD $3.50 is charged per lot per trade.
An Islamic account and a VPS are also available.
CFD traders are offered a choice between three Iress account types. The Standard account requires a minimum deposit of $1,000. A minimum brokerage fee of $10 per month is charged (or 0.1% of trade size, whichever is higher). Overnight financing is at RBA + 4%, and the $55 GST fee per month is waived if the trader generates at least $150 of commission in a month. The $22 monthly GST fee for ASX data is waived if the trader generates at least $50 of commission in a month. The Platinum account requires a minimum deposit of $25,000. A minimum brokerage fee of $9 per month is charged (or 0.09% of trade size, whichever is higher). Overnight financing is at RBA + 3.5%, and the $55 GST fee per month is waived if the trader generates at least $150 of commission in a month. The $22 monthly GST fee for ASX data is waived if the trader generates at least $50 of commission in a month. Finally, the Premier account requires a minimum deposit of $50,000. A brokerage fee of 0.08% of trade size is charged, with no minimum flat fee. Overnight financing is at RBA + 3%, and the $55 GST fee per month is waived unconditionally.
All accounts offer a minimum trade size of 1 micro-lot (0.01 full lots).
Scalping and hedging are allowed, and automated trading is possible. This combination of advantages is something that is increasingly hard to find.
There is a choice of trading platforms, with clients offered a choice between MetaTrader 4, MetaTrader 5, and the iressTrader platform.
An extremely wide range of assets are available for trading, particularly ishare CFDs. Over thirteen thousand shares may be traded, primarily those quoted on major global exchanges mostly within the U.S.A., Australia, Hong Kong, and the U.K.
Traders may trade Forex, indices and commodities as well as individual equities. The MetaTrader 4 and 5 platforms will be more suitable for Forex / CFD traders while the iress platform will be most suitable for clients wishing to trade equities, although it is possible to trade all the instruments offered by FP Markets through iress.
As of January 2020, FP Markets is offering traders access to the Autochartist suite of trading tools. This service is a wonderful addition to the broker’s offerings, as it allows traders maximum control over their trading activity. Autochartist is a great tool to help with risk management and to give traders visual indicators in real time to help them better understand the market and where it will likely be moving. FP Markets’ Autochartist package is available for both mobile and web-based traders.
FP Markets offers an extensive education section on their site, including a selection of tutorials and webinars. And eBooks. Three separate specialized courses are offered for beginner, intermediate, and advanced traders. The courses are simply static texts covering some of the basics of trading. The video tutorials are mostly recorded weekly market analysis. There is also a blog section that houses interesting market developments.
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In February 2020, fpmarkets expanded its education center by offering daily technical and fundamental analysis as well. The brokerage also rebranded its educational center as “The Traders Hub” as a way to tie in all aspects of its educational offerings under one umbrella. If the section continues to be updated regularly by in-house professional traders, it will provide this brokerage with yet another edge over the hundreds of Forex brokers that do not offer in-house market research.
Bonuses and Promotions
The best promotion offered by this brokerage is a free VPS. To request a free VPS, traders must either deposit a minimum of $500 or trade over 10 lots on a standard account, or 20 lots on a Raw account. The VPS is provided with the broker’s dedicated server.
Depositing funds into a FP Markets account is an easy and secure process. Both may be made using a few different methods, including credit cards, debit cards, bank transfer, Neteller, FasaPay, Online Pay, POLi, PayPal, BPay, Paytrust88, NganLuong.vn, Broker to Broker and Skrill. Withdrawals are generally made through the same channel that deposits have been made through. FP Markets adds no charges of their own to any fees which may be charged by such payment processors.
Customer support is based in Sydney, Australia, and is available 24/5.
FP Markets has a well-rounded and professional offering for traders looking to trade a very wide range of assets in the form of CFDs, particularly in Forex, by use of an ECN/STP pricing model. There’s no question that this broker could be an especially attractive broker for clients with relatively small deposit size who wish to benefit from solid execution and a low spreads / commissions model. Higher-volume traders may negotiate volume-based commission discounts.
In terms of features, the stand-out strengths of FP Markets offering are:
- An incredibly wide range of instruments available for trading: over thirteen thousand instruments across the asset classes of Forex currency pairs, global equity indices, gold, silver, crude oil, and individual stocks and shares. The vast majority of the offering is in individual stocks & shares.
- Competitive spreads for larger depositors.
- Maximum leverage as high as 500 to 1.
- Choice of Swap-Free account types (Islamic account).
- Regulated by a major industry center (ASIC).
- FP Markets is a well-established firm with an earned reputation to protect.
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MetaTrader4 – Webtrader and Desktop
The MetaTrader 4 is an independent trading platform, developed for trading FX, commodities and other products and is one of the most advanced and easy platforms to use. It remains the gold standard of trading platforms.
In addition to the wide range of markets available to trade, the MT4 platform provides traders with a multilingual interface, instant execution, built in help guides for MT4 and MetaQuotes Language 4, a complete technical analysis package including a wide range of in-built indicators and charting tools, various custom indicators and time periods and more.
Automated trading is also offered through the MetaTrader 4 platform where traders can create and test their automated trading strategies by using the MetaEditor, Strategy Tester and Compiler tools within the MT4 platform.
With this automated trading system clients may create Expert Advisors, software programs enabling traders to constantly monitor the markets. Custom Indicators help traders to predict future price movements by analyzing past and current price information. And the Scripts feature gives traders the opportunity to set up an automatic repetition of specific operations such as closing all positions with a single keystroke.
The MetaTrader 4 and platform apps can be used on iPhones, iPads, Multi-Terminal, and all Android devices.
MetaTrader 5 – Webtrader and Desktop
Traders may use MetaTrader 5 as an application or as a web-based browser, the cutting-edge improved trading platform. The MetaTrader5 offers increased work speed, powerful programming environment MQL-5, enhanced security and data encryption, advanced technical analyses, the ability to buy Stop Limit and Sell Stop Limit deferred orders and more.
The MetaTrader 5 platform application can be used on iPhones, iPads, Multi-Terminal, and all Android devices.
In early 2020 iress launched its upgrade to the iress trader platform built on efficient HTML5 code. The new platform provides multi-product execution and access to level 2 exchange data as standard. The new fluid and intuitive interface design coupled with major upgrades to charting and analytic tools cements Viewpoint as the future of trading systems. The platform is most suited to trading equities.
HTML 5 technology supported on all major web browsers
FP Markets Review: Complete FX Broker Review
FP Markets is a large Australian broker that allows clients from around the world to trade numerous different assets and markets.
They offer their traders both ECN execution and Direct Market Access (DMA) with CFDs. This allows them to provide a highly refined trading experience with near instant execution and razor thin margins.
However, is FP Markets safe and can you trust them?
In this FP Markets Review, we will give you everything that you need to know about this broker. We will also give you some of the top tips that you need to know in order to make the most trading here.
FP Markets is based in Sydney Australia and was established in 2005. They are the brokerage arm of First Prudential Markets and are located at Level 5, Exchange House, 10 Bridge Street. They also have a regional head office in Beijing and a representative office in Shanghai.
FP Markets has ECN execution on their forex trading accounts with direct connections to liquidity providers. They also offer DMA for their CFD accounts which gives traders access to equity and commodity CFD markets. In total, there are over 10,000 instruments on offer!
All of these factors have helped FP Markets grow exponentially and they currently have over 200,000 clients across the world. They have also been recognised by a number of industry bodies and have won numerous awards from the Investment Trends Reports.
FP Markets takes traders from a number of different regions and countries. They have translated their website into another 11 different languages.
Having said that, there are some regions where they restrict traders. These include the likes of USA, Japan, New Zealand and certain provinces in Canada.
Is FP Markets Safe?
Broker safety is perhaps the number one concern for any trader and as such, it is a big component in our review.
There are a number of things that we look for when determining this but the most important of considerations are regulation, client fund safety and risk management protocols.
Let’s take a look into each of these individually.
FP Markets is regulated by the Australian Securities and Investment Commission (ASIC) and has an AFS licence of 286354 . Below is the copy of their business registration:
FP Markets ASIC Licence. Image via ASIC
Regulation by ASIC is considered to be one of the most secure in the world and there are a number of protections that the trader is afforded. In order to have an ASIC regulation, the broker has to meet the following requirements:
- Capital Reserves: Before a broker can be regulated by ASIC, they have to have capital reserves of A$1m.
- Background Checks: There are background checks that need to be done on both the company and the directors beforehand.
- Segregated Accounts: Brokers are required to keep client funds separate from those of their main operations.
- Regular Reporting: There are regular reporting requirements on an annual basis that the broker has to adhere to. These make sure that the broker is well capitalised at all times
Apart from the benefit of knowing that this broker had to clear these hurdles to get their licence, it also helps to know that there is an agency to turn to if you have complaints. ASIC has a consumer reporting arm which can deal with these.
FP Markets has a number of other security protocols and reporting standards that they adhere to.
Firstly, all of the client funds are stored in those segregated accounts at the National Bank of Australia. This is a tier one Australian bank which has got strong levels of liquidity.
They also make use of auditing services from BDO. These are well regarded auditors in the broker space and they are able to reconcile the trading books on a regular basis.
Finally, they use some of the top liquidity providers in the industry including the likes of JP Morgan, Goldman Sachs, HSBC and Citibank. They are connected directly with these providers as FP Markets uses the Equnix datacentre in New York to locate their trading servers.
Assets & Leverage
There are a range of assets that you can trade on FP Markets and they have over 10,000 instruments on offer across their Forex and CFD trading products.
Exactly what asset you can trade will depend on the type of account you have (covered in detail below).
If you have created a standard Forex account then you have access to a number of standard markets. These include the following:
- Forex: Up to 45 FX pairs to trade including all Majors and a number of Minors / EM currencies.
- Metals & Commodities: You can trade Gold and Silver denominated in both USD and AUD. You can also trade WTI oil
- Indices: Numerous global equity markets
- Cryptocurrency:Bitcoin only
So, there appears to be a reasonable range of Forex pairs for you to trade. However, we were quite disappointed to see that you can only trade one cryptocurrency in Bitcoin. If you wanted to trade a greater selection then you could consider IQ Option CFDs.
You also have a pretty limited range of commodities to trade and can only trade equity indices on these standard forex accounts. However, if you decide to open a CFD account with DMA, you have more of a selection.
The CFD accounts also give you access to thousands of single stocks that you can buy directly on the exchanges. Below is a short snippet of the assets that you can trade:
FP Markets CFD Asset List
In addition to these assets, they also have a number of Index CFDs and DMAs. These cover most of the same markets that the Forex accounts do accept that it is done on a more advanced trading platform (see below).
Given that FP Markets is a CFD and Forex broker, this means that you are trading on margin. You will usually only require a small percentage of the trade position (margin level) to hold a particular notional in trade value.
Trading on the margin means that your position is leveraged and your gains / losses are magnified by a certain factor (leverage factor).
The amount of leverage that you can achieve at FP Markets will depend on the account type that you have as well as the type of assets that you are trading. If you are using the Forex accounts, then the max leverage levels for the particular assets are:
Apart from these, you will also have limits based on the size of the deposit and equity balance. For example, with a deposit of $100 and a max equity balance of $100k you are allowed a max of 100:1 leverage. However, with a min deposit of $500 and a max equity of $10,000 you are allowed all the way up to the 500:1 leverage.
In terms of the CFD accounts and DMA assets, the amount of leverage that you can take on will vary on a case by case basis. It will start all the way down at 1:1 and go up to about 200:1. The riskier assets such as the single stock CFDs will have lower leverage levels.
FP Markets Fees & Spreads
When trading with leverage, the volume that you trade is much larger than normal. That means that fees and spreads can eat into your profitability.
Given that FP Markets is an ECN broker and that they offer Direct Market Access, they have some really low spreads on their assets. In most cases, prices are coming straight from the liquidity provider / exchanges.
If you have created a Forex account, the exact fee that you will be charged will differ slightly depending on whether you have created a Standard STP account or a Pro ECN Raw account. Below are the min spreads for a selection of assets for the Standard / ECN (pips):
These fees are pretty reasonable and are some of the lowest that we have seen. In fact, FP Markets has even won an award for being one of the Cheapest Non-Advisory Phone Brokers in the industry.
Take note though that although the ECN account has lower spreads than the standard, you will have to pay a “lot” commission of $3 per round trip. This is about standard for ECN accounts at other brokers.
You will also have to pay swap fees on positions that you hold overnight. These can be thought of as financing fees that are charged on the basis that you are trading with borrowed money. This can be positive or negative based on the applicable interest rate parity at the time.
Applicable Swap Rates on MT4 Platform
If you are trading on the CFD account then the fees and spreads will differ greatly depending on the asset that you are trading. These will all be presented to you clearly on your IRESS platform.
You will also be charged commissions and financing. With this financing fee, they will add / subtract 2%-4.5% on the base rate on a long / short position. You can see more on their fees page.
Most of the trading platforms at FP Markets are free although they will charge you $55 per month if you create an account on IRESS Trader/Viewpoint.
However, if you trade 15 times (with a standard min ticket fee of $10 AUD) or more per calendar month or generate more than $150 in commissions you will get this fee rebated to you and effectively use this platform for free.
You will also have to pay a fee for access to more robust data feeds that come directly from the Equity and Futures exchanges. However, as with the IRESS trader above, these fees will be rebated if you make a certain number of trades a month.
When it comes to funding your account, there are no fees that are charged on the on the FP Markets side. However, given the payment processors that they use, you may be charged a fee depending on the funding method.
This will also depend on where you are sending the money from as you could incur wiring fees if from another country. Below are the fees that you could pay based on payment methods:
- Bank Wire: If local to Aus, you will not be charged anything. If international, you could pay a $25 inward fee
- BPay: If you are funding with a BPay credit / debit card then you will have to pay 1.6% if paying into an IRESS account
- Credit Card: Deposit fees into an MT4/MT5 are free but you will be charged 1.6% for NAB credit / debit card funding into an IRESS account. This will be 3.18% if funding in foreign currency
- Neteller: If you are funding into an MT4/MT5 then you won’t be charged but if you are funding into an IRESS account then you will be charged 4%.
So, it seems that when funding a standard / raw ECN account then you most likely won’t be charged a fee although you will be on an IRESS account. There are some payment methods that are fully free and these include the likes of China Union Pay .
You should also note that there may be additional fees that intermediary banks or your own bank may charge that could increase the cost of this funding.
Finally, you will be happy to know that there are no withdrawal fees that are charged by the broker.
FP Markets Account Types
As mentioned, there are a number of different accounts at FP Markets. These will differ according to the type of platform that you want to use as well as the assets that you want to trade.
FP Markets has segmented these different accounts into two main categories. These are their “Forex” and “CFD” accounts. The latter gives you Direct Market Access on the IRESS platform whereas the former uses the standard MT5 / MT4 for forex trading.
Let’s take a closer look into each of these briefly:
There are two types of accounts that you can open with the Forex account type. These are the Standard and the Raw ECN .
As shown above in the fees, the Standard has slightly higher spreads although there is no commission charged on the lots traded. The Raw ECN gives you access to spreads straight from the liquidity provider but you will have to pay a slight lot commission.
Below are the main differences between the two accounts:
Standard vs. Raw ECN Account at FP Markets
For both of these account types, the minimum trade size that you can put on is 0.01 lots and both accounts give you access to a max leverage of 500:1 .
CFD Trading Accounts
With these accounts, you get DMA access which means greater order book visibility. However, given that these accounts give you more tech to trade with, there is a higher minimum deposit of $1,000 .
There are three different CFD accounts that you can open and these differ according to the minimum deposit amount, the brokerage rate as well as the financing rate. Below are the main differences between the accounts:
Comparison of CFD Accounts at FP Markets
The premier account seems to be the best option for the professional traders where financing and brokerage rates on large volume can have a negative impact. However, if you are not that regular of a trader then you should consider the professional or platinum.
With all of these accounts, you get delayed ASX data, free Telephone trades and free use of the standard IRESS Investor.
Finally, for those of you who are conscious of the laws around Sharia finance, FP Markets allows you to open an Islamic account on the MT4 platform. These are adjusted so that swap fees are not included.
If you want to create an account like this then you will have to first open an MT4 account and then get it converted into an Islamic account. This is done by contacting customer service who will switch it over manually.
When the position is held over two consecutive days then you will be charged an administration fee. You can see the full outline of all the fees on their Islamic Accounts page.
FP Markets Demo Account
Why risk your funds at first when you can try a perfectly respectable demo account?
FP Markets gives you the option to open a demo account on each of their platforms. These are non-threatening ways to trade on an account with demo money ($100k) and test out your trading skills.
These demo accounts use exactly the same trading platforms that you will have with the live account so they should replicate the actual trading accounts quite well. In order to create a demo account all you will need is an email address, your name and number.
Demo Account with 100k Funds
There are a number of different trading platforms that you can use at FP Markets. These will differ according to the type of account you have and the type of trading you want to do.
Firstly, they have both of the Metatrader platforms. These are third party platforms that are developed by the Metaquotes software company.
Then, they have a few different versions of the IRESS platform. This is a trading platform that was developed in Australia and used by a number of other brokers. This is the platform that gives you Direct Market Access.
Let us take a deeper look into each of these platforms.
The MT4 platform is the most popular third-party trading platform currently on the market. It is used by countless brokers around the world and is well known to traders.
At FP Markets, this MT4 platform is available on both the standard STP account as well as the raw ECN account. This means that you can trade all of those Forex account instruments that we mentioned above on this platform.
So, what is so good about the MT4?
Well, this platform was developed by traders for traders and has extensive functionality. You have a plethora of charting functionality as well as a range of technical analysis indicators and studies.
FP Markets MT4 User Interface
The MT4 platform is also compatible on a number of operating systems. These include Windows, Mac, Linux, Android and iOS. The MT4 platform has also been developed so that it could be run online in a browser.
The MT4 platform also has its own programming language where you can code your own Expert Advisors (EAs). These are trading algorithms that you can develop to trade automatically for you. This is the MQL4 coding language that is pretty easy to understand.
FP Markets also does offer their traders the MT5 platform. This is a slightly upgraded trading platform that has more charting functionality. It also has other goodies like an economic calendar and market depth chart.
The main reason that traders may move to this platform is because it gives them the opportunity to trade other markets such as equities. However, given that FP Markets has the IRESS platform, you should rather use this as it gives you access to more markets.
Moreover, given that the MT4 is much more popular than the MT5, it is battle hardened and time tested. You are better suited to trade on this platform than on the MT5 for now.
This is the flagship trading platform available at FP Markets. This will allow you to connect directly with the exchanges in order to buy the shares that we mentioned above. You can also trade Forex and EFTs on it.
The IRESS is available to those traders who have the CFD accounts. There are three different types of platform and they are the IRESS Investor, the IRESS trader and finally the IRESS viewpoint.
The IRESS investor is the entry level platform at FP Markets. This is more for those traders who employ a buy-and-hold strategy and don’t need the latest charting and data feeds. This is also free on all CFD accounts.
One step up from this and you have the IRESS Trader / Viewpoint. These have a great deal more functionality and you can conduct more thorough technical analysis. Some of the additional features include:
- Advanced order management
- Access to full Market depth
- Real time, dynamic market data
- Module linking
- Advanced charting
- Ability to trade pre and post market auctions
- Live streaming news
UI of the FPMarkets IRESS Viewpoint
So, if you are a trader that is quite active and is looking for additional tools to supplement your trading then upgrading to the Viewpoint or Trader is probably your best bet.
Of course, this will cost you extra given that you are getting live data straight from the exchanges. They cost $55 a month however, you can earn this back as a rebate if you trade a certain volume on the exchange (see above).
As with the MetaTrader platforms, IRESS is available on PC, Mac, through your web browser or on your mobile.
FP Markets Mobile Apps
If you are going to be away from your PC then you will no doubt want to make use of the mobile apps on offer.
Unfortunately, there is no app that will allow you to administer your account at FP Markets. So, if you need fund your account, withdraw or make any changes in the admin panel then you will have to do this through their online portal.
However, you can make use of both the MT4 and MT5 mobile apps that have been developed by MetaTrader. These are available in both iOS and Android and are one of the most downloaded trading apps in the world. Combined, there are over 12m downloads for the two apps.
These apps give you a great deal of functionality that is just not available on other apps. This includes mobile charting, order management, technical studies and other useful indicators.
MT4 App in the iTunes Store
If you had a CFD account then you can also use the IRESS mobile app. This is also available on iOS and Android. Although not as popular as the MetaTrader apps, it does have a range of features:
- Track portfolio and holdings
- Enhanced charting
- Live dynamic pricing
- Advanced order management
So, should you trade on mobile?
Well, we would prefer using a PC or web platform. This is mainly because of the shortcomings of mobile trading including higher latency and less functionality. It is much harder to chart effectively on such a small screen.
Deposit / Withdrawal
If you wanted to start trading on a live account at FP Market, then you will need to fund it. Funding your account is pretty easy and you will head on over to the “funding section” within your account management.
Once there, you will have to select a method to fund. There are a range of these that are available and they include wire transfers, web wallets, credit cards and a number of other local payment options. The full list of these is below:
Deposit Options at FP Markets
The quickest method from the above would be to use one of the web wallets like Skrill, Neteller, or through a credit / debit card. A wire transfer could take 2-3 days especially if sent from overseas.
Withdrawals are a bit more involved than the deposits. Firstly, you will have to complete their KYC requirements in order to verify your identity.
You will also need to complete a withdrawal form where you will give them your banking details. You can withdraw with many of the same options as the funding above including through a card, a wire and Neteller.
As is the case with the funding of the account, they can only make a payment to an account in your name and there are no third-party transfers.
Customer support is one of those things that can either make or break your trading experience. This is why it is such an important criterion for us.
FP Markets has a number of options for you to reach their customer service. The first of these is through a standard email address. This is their support email at [email protected] .
Yet, perhaps your best bet to get a prompt response to your query is through their live chat function. They are able to answer your questions immediately and are also available in over 12 languages.
Live Chat Window at FP Markets
We actually tried out the live chat and were able to get through to someone almost instantly. We spoke to numerous different agents in our interactions and they were all very clued up on the brokerage and their products.
For those of you who prefer to speak on the phone, there are a few telephnone numbers that you can reach out to. Their Australian number is available on +61 2 8252 6800. They also have a number in China on 400 166 0012.
We called the Australian number and we were dealt with immediately. Note that telephone dealing is also possible for those clients that hold a CFD accounts at FP Markets.
All of this active customer support does not come as a surprise to us. This is because FP Markets received the best customer service award from Investment Trends magazine.
FP Markets Education & Research
It is always nice to see when a broker throws in educational material which can help to augment your trading experience. You know what they say:
Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime
FP Markets is no exception in this regard. They have a host of educational and research material that you can make use of.
These are written resources that are positioned at multiple different levels of experience. They are short and sweet explanations of a number of concepts in Forex and CFD trading. They have the Beginner, Intermediate and Advanced trader guides.
They are also easy to navigate and cover a range of different topics from the fundamentals of global markets to the intricacies of order management and technical analysis. They are relatively easy to navigate and work through at your own pace.
Different levels of learning Guides
Moreover, these guides are free to use and do not require you to even have an account. You can head over to the information centre right now and take a look at them.
Of course, in addition to these educational guides, you also have a standard glossary with a comprehensive collection of terms. You can peruse this if you are unclear about anything.
If you would prefer to watch some videos in order to learn about the markets then FP Markets has a bunch of them as well.
These videos are guides that are well narrated and take you through the basics of charting and technical analysis. Up until 2020, they also used to run a number of daily market updates on these videos.
Unfortunately, they have not updated these since 2020 so some of the market analysis may be stale. This does not mean that you won’t be able to get value from it. Many of the disciplines that they talk about are still applicable in today’s markets.
These are additional resources that could help supplement the basic guides. They are in Ebook form which means that you can also download them for offline use or print yourself some copies.
We downloaded one of the Ebooks and found it to be quite well written and comprehensive. The standard Ebooks at FP Markets are the following:
- Avoid CFD Mistakes Guide
- 3 Essential Strategies Forex Strategies
- Spotting Opportunities in Volatile Markets
- Technical Analysis
- Fundamental Trading
If this was not enough, they also have a more involved online trading specific Ebook course. These look into specific markets including Forex, Stocks and CFDs.
These guides will help your ongoing trading and analysis. They take a look at the markets from both a fundamental and technical perspective.
Firstly, you have your daily market updates. These are short research pieces that will give you updates on what is happening. From these, you can also drill down into the more specific markets that you would like to cover. Overnight reports are published so that these are in your inbox the moment you wake up.
You can also take a look at all of the previous research that should be available in the archives. Below are a collection of some of the categories of some of these reports:
Research Report Categories at FP Markets
While most of these are quite up-to-date, the webinars section is a bit dated. We would hope that FP Markets could update this sometime in the future so that they can compete with other brokers that have this.
Finally, you also have a standard Economic Calendar. This is available on for free on the website and will give you a breakdown of some of the most consequential economic news that is coming in the week.
FP Markets has included a range of other helpful tools that could help improve your trading experience.
Some of these are free while others are paid services. However, in most cases, if you are able to trade a certain minimum amount then FP Markets will reimburse you these funds.
These are add-ons that you can use on the MT4 platform. In order to get access to these, you will need to fund your account with a minimum of A$1,000 .
These are essentially tools and apps or “extensions” that you can install on your MT4 program. Below is a collection of all these added tools:
MT4 Trader’s Toolbox at FP Markets
If you wanted to use one of these then we would encourage you to read the in-depth guides and manuals that FP Markets have compiled for you. They have also put together a collection of videos tutorials that take you through these tools.
So, should you consider these tools?
Well, if you were thinking of funding an account with over $500 then it could make sense to fund an additional amount just to get access to these tools. They will help by making your analysis that much easier.
This is more for Money Managers or those who are thinking of using Money Managers. PAMM / MAMM accounts allow the manager to trade numerous different client accounts at the same time as they are linked up.
FP Markets provides these money managers with a number of features including lightning fast execution from the MAM Master to the MAM sub accounts. They also have access to all of the account types, order types, trading parameters and the ability to alter these parameters in real time.
Given that FP Markets offers true ECN liquidity, it allows these money managers to execute these trades much more quickly and with some of the lowest spreads. Of course, low spreads and fast execution for the manager benefits the end client as well.
Pro traders will know the inherent benefits that come from using a Virtual Private Server (VPS). These allow for low latency execution from a server that is located nearby the exchange servers.
FP Markets has an arrangement with two VPS providers. These are Traders Co and Becks FX which are well regarded providers in the Forex industry. If you come through FP Markets, you will get a discount rate.
These providers connect their servers directly to those used by FP Markets. FP Markets holds their servers at the Equinix datacentre in New Jersey which is used by all the High Frequency Trading firms in New York.
Equinix New Jersey Co-location Data Centre. Source: Equinix
If you wanted to hire a VPS, this will cost you about $25 a month . This is actually worth it if you think about the increase in trade execution speed you garner from using a professional machine.
What We Didn’t Like
While there were numerous things that we liked at FP Markets, there are a few areas of improvement that we think they need to work on.
Firstly, the high $1,000 minimum on the DMA account may be a barrier for some traders to get on board. This could be unfortunate for those traders who wanted to trade a selection of their single stock equities.
We also found that the fees that you have to pay on deposits into the CFD IRESS accounts are quite high. For example, 1.6% on Visa cards for AUD funding and 3.18% for other currencies. They could find it hard to compete with other brokers in Australia such as Axi Trader.
Secondly, in terms of cryptocurrency assets, you can only trade Bitcoin. This is really substandard and every other broker that we have covered have at least a minimum of 4 crypto assets to trade.
Lastly, FP Markets does not provide some very important risk management tools. These are Guaranteed stops and negative balance protection.
Without guaranteed stops, the market could gap through your stop levels and without the negative balance protection, you could be sent into debt on a large market swing. If these are an important consideration for you then you can check out Plus 500.
Regulated CFD Brokers ⚖️
Our FP Markets review found the broker to be a high quality one. They have some of the lowest spreads on their Forex ECN accounts and the Direct Market Access on their CFD accounts is amoung the best.
Moreover, they have top quality execution with advanced trading technology on three separate platforms. Great customer service, numerous trading tools and education resources.
Indeed, it is not just our review that has found them to be a great broker but also by others in the industry. FP Markets has won a number of awards in the categories of trader satisfaction, trade execution, education material and a few more.
Yes, there are a few things that we think they need to improve. But they appear to be a receptive broker that are open to suggestions from their traders.
So, should you use FP Markets?
We would encourage you to do your own research, but based on this review, they should be a strong contender for your broker of choice.
FP Markets Review
FP Markets is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and commodities.
- Limited range of instruments
- Not FCA Regulated (See alternatives)
To open a live account, you’ll need a minimum deposit of at least €200. Alternatively, FP Markets offers a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by ASIC (AFSL #286354). FP Markets puts all client funds in a segregated bank account and uses tier-1 banks for this. FP Markets has been established since 2005, and have a head office in Australia.
Before we dive into some of the more detailed aspects of FP Markets’s spreads, fees, platforms and trading features, you may want to open FP Markets’s website in a new tab by clicking the button below in order to see the latest information directly from FP Markets.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
Losses can exceed deposits
What are FP Markets’s spreads & fees?
Like most brokers, FP Markets takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The commisions and spreads displayed below are based on the minimum spreads listed on FP Markets’s website. The colour bars show how competitive FP Markets’s spreads are in comparison to other popular brokers featured on BrokerNotes.
|EUR/USD (Average: 0.7 pips)||Not offered||0.7 pips||0.1 pips|
|GBP/USD (Average: 1.1 pips)||Not offered||1.7 pips||0.1 pips|
|USD/JPY (Average: 1.1 pips)||Not offered||0.6 pips||0.1 pips|
|AUD/USD (Average: 0.8 pips)||Not offered||0.6 pips||0.2 pips|
|USD/CHF (Average: 2.3 pips)||Not offered||2.3 pips||0.2 pips|
|USD/CAD (Average: 2.9 pips)||Not offered||0.5 pips||0.3 pips|
|NZD/USD (Average: 3.6 pips)||Not offered||2.8 pips||0.3 pips|
|EUR/GBP (Average: 2.4 pips)||Not offered||0.5 pips||0.1 pips|
Spreads are dynamic and are for informational purposes only.
As you can see, FP Markets’s minimum spread for trading EUR/USD is pips – which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with FP Markets vs. similar brokers.
How much does FP Markets charge to trade 1 lot of EUR/USD?
If you were to buy one standard lot of EUR/USD (100k units) with FP Markets at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $13.14. Here’s a rough breakdown of the fees and how this compares against XTB & AvaTrade .
|Spread from :||$ 7.00||$ 2.00||$ 7.00|
|Total cost of a 100k trade:||$ 7.00||$ 2.00||$ 7.00|
|$5 less||$0 less|
|Visit FP Markets||Visit XTB||Visit AvaTrade|
All fees/prices are for informational purposes and are subject to change.
What can you trade with FP Markets?
FP Markets offers over 10,101 different instruments to trade, including over 60 currency pairs. We’ve summarised all of the different types of instruments offered by FP Markets below, along with the instruments offered by XTB and AvaTrade for comparison.
|FX / Currencies||FP Markets||XTB||AvaTrade|
|# of forex pairs offered||60||48||59|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|Commodity CFDs||FP Markets||XTB||AvaTrade|
|# of commodities offered||18||21||16|
|Index & Stock CFDs||FP Markets||XTB||AvaTrade|
|# of stocks offered||10000||1606||99|
|See FP Markets’s Instruments||See XTB’s Instruments||See AvaTrade’s Instruments|
What’s the FP Markets trading experience like?
1) Platforms and apps
FP Markets offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. FP Markets also offer their custom IRESS platform. The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice.
FP Markets also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.
Still not sure?
2) Executing Trades
FP Markets allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. FP Markets allows you to execute a maximum trade of 50 Lot. As FP Markets offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.
As a market maker, FP Markets may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Finally, we’ve listed some of the popular funding methods that FP Markets offers its traders below.
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
- Demo account
- Mini account
- Standard account
- ECN account
- Managed account
- Credit cards
- Bank Transfer
3) Client support
FP Markets support a limited number including English and Chinese.
FP Markets has a BrokerNotes double AA support rating because FP Markets offer live chat, phone, email support and less than three languages.
4) What you’ll need to open an account with FP Markets
As FP Markets is regulated by ASIC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore FP Markets’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with FP Markets you can visit their website here.
- Written by Marcus Taylor
- Founder & CEO
Marcus founded BrokerNotes in 2020 after trying hard to find a broker for himself to trade and struggling to compare brokers like-for-like. You can find more about BrokerNotes & Marcus here.
CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from http://www.fpmarkets.com.au/ on 01/04/2020.
FP Markets not quite right?
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FP Markets Review – 5 things you should know about fpmarkets.com
First Prudential Markets (FP Markets) is a global award-winning Forex and CFD provider founded in 2005. It offers trading in more than 10,000 tradeable assets on several trading platforms and promises No-Dealing-Desk environment with deep liquidity.
The broker is headquartered and regulated in Australia.
FP Markets Regulation & Safety
This broker is owned and operated by First Prudential Markets Pty Ltd., a company licensed by the Australian Securities and Investment Commission (ASIC). Its EU subsidiary is authorized by CySec.
Being overseen by one of the most respected financial watchdogs in the world is definitely a strong sign of credibility. ASIC offers clients a lot of protections against unethical brokers. First of all, it requires regulated brokerages to maintain capital holdings of at least AUD 1 million. Second, client funds must be kept segregated (separate) from the company’ s operating balance. Third, there are no restrictions on the leverage provided to retail clients.
Currently, Australia is one of the main forex hubs in the world and is expected to attract even more forex brokers now that ESMA capped leverage at 1:30 to retail investors across Europe.
Note that does FP Markets not accept clients from USA, Japan, New Zealand residents or any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
FP Markets Trading Conditions & Account types
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads|
|Standard||$100 AUD||0.01||1:500||1.45 pips|
|ECN Raw||$100 AUD||0.01||1:500||0.45 pips + AUD $3.5 / lot (per side)|
FP Markets offers its clients the above two account types for trading in forex. Both of them offer high leverage levels, reaching 1:500, micro tradeable lots and competitive spreads.
The Standard commission-free account provides access only to the MetaTrader 4 platform, while ECN Raw account holders can choose between MT4, MT5 and the broker’s in-house trading software.
FP Markets Trading Platforms
Another advantage of FP Markets is that its clients can choose among three trading platforms: MetaTrader 4 (MT4), MetaTrader 5, and its proprietary IRESSTrader, specialized in CFDs trading.
The widely used MT4 has proved to be a good and reliable trading platform with solid charting and automated trading options, and if you are good with coding, you can create your own indicators, EAs, etc. So, no wonder more than 80% of all forex brokers support the MT4.
As most MT4’s indicators and EAs are not supported on the MetaTrader 5, the latter is still in the shadow of its predecessor. Recently, however, a number of enhancements were made to the MT5 and many brokers switch to it or launch it alongside the MT4. MetaTrader 5 has kept most of the MT4 tools and features but is intended as a multi-asset platform, where users can trade forex and exchange-traded stocks from a single account.
As regards FP Markets’ proprietary platform, IRESSTrader, it provides its users access to DMA CFDs with fast execution, a wide ranges of order types, stop-loss, live news feeds, international data, complete market depth and charting facilities. Keep in mind that this platform has a monthly fee $55.
FP Markets Methods of Payment
FP Markets offers its clients a variety of deposit/withdrawal methods: via credit/debit card, bank wire, BPAY, Neteller, Skrill, PayPal, FasaPay, POLi, Ngan Luong, Online Pay and Broker to Broker.
On the website of the broker you can find all the details regarding the currencies you can deposit in for each of the payment methods, as well as the applicable fees.
As regards withdrawals, FP Markets does not charge any fees for processing credit card and Australian bank wire withdrawals. However, there is a AUD 10 per transaction for International bank transfers, 1% fee for Skrill withdrawals and 0.5% fee for FasaPay withdrawals.
FP MARKETS is a reliable Australian forex and CFD broker, offering transparent and competitive conditions for trading in variety of assets, including cryptocurrencies such as Bitcoin.
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