This review is a result of months of tests conducted on all of FP Markets’ site, partnered trading platforms, services, and other offers.
This short feature aims at giving a pointed and informed assessment of the brokerage firm’s multi-faceted functions alongside its legitimacy in operating as a financial institution. The review team had also taken cues and consulted other online reviews and client testimonies to solidify their stance on the broker.
A CFDs provider, FP Markets is an internationally-recognized entity that had created a venue to trade CFDs across different financial instruments, namely, Forex, Indices, Commodities, Stocks, and Cryptocurrencies.
FP Markets was established back in 2005 and is headquartered in Australia. pertaining to the brokerage firm’s legitimacy, it must be noted that FP Markets is actually not a singular entity, but a group of companies. Under this legal umbrella are First Prudential Markets Pty Ltd, which is regulated by the ASIC, First Prudential Markets Ltd. which finds regulation through the Cyprus Securities and Exchange Commission, and FP Markets LLC. sanctioned by the St. Vincent and the Grenadines.
Its international reputation and the various legal entities that sanction all its activities is enough to declare that FP Markets is a legitimate brokerage firm, making trading with the company safe.
But of course, sound trading conditions with FP Markets is another matter altogether. For this cause, a look into its services and offers is in order.
Available Accounts
FP Markets offers a number of accounts that is dependent on the type of financial instrument that the trader chooses to use.
Demo Account
Much like with other brokerage firms, FP Markets offers its clients a Demo Account that is intuitive enough to get the user acquainted with all the live accounts’ functionality without gambling with their hard-earned money.
Islamic Account
FP Markets’ Islamic Account adheres to the provisions of the Sharia Law. It allows the trade of a number of Major and Exotic Pairs. What the reviewing team had observed is that the more exotic the pair is, the more pricey the Admin Fee (in USD) gets. For example, for AUD/USD, a trader is only charged with $5 while the EUR/AZR requires $33. Worthy of note, the first five nights of trading will not be charged.
Standard Account
This FP Markets account is meant for Forex trading. It requires only 100 AUD (or an equivalent) to open, the Spreads start at 1.0 pips, and the Maximum Leverage is at 500:1. It has over 50 Forex pairs and also trades other instruments such as precious metals, indices, and commodities. The minimum trade size is at 0.01 per lot. This account also makes EAs available as well as a mobile application and a VPS.
Raw Account
With this type of account, the offerings are the same with that of the Standard Account albeit with minor differences. The Spreads start at 0.0 pips and the Commission per lot is at $3 USD per 100,000.
Swap Free Account
Swap Free Accounts are charged and credited as normal accounts. It shares the same conditions as with the MetaTrader Platform Accounts.
As already made apparent, this type of account specializes in trading Forex
Trading Platform
FP Markets had partnered with MetaQuotes to provide industry favorites, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Clients agree that these platforms are wholly reliable in that they make it easy for even the more novice traders to navigate through its many functions. Both platforms can be easily customized to fit a trader’s individual needs.
It also offers WebTrader as another software option. While it is a closed system, WebTrader makes 2,000 instruments available to its users, gives its users the ability to place trades through only a few clicks within a single window, and allows customization on technical analysis tools.
These platforms, taking into consideration individual competence and actual client testimonies, had made it easy for FP Markets clients to conduct and keep tabs on their trades.
Funding and Withdrawal
Accounts opened through FP Markets can be funded through 8 gateways, namely, Skrill, Visa, Neteller, FasaPay, PayTrust88, Ngan Luong, Broker-to-Broker, and International Bank Wire. Understandably, only the latter ones charge for processing fees. The Broker-to-Broker approach charges 25 AUD should the transaction be done internationally, while the International Bank Wire requires 12.5 AUD.
The same gateways are used to withdraw funds from. The processing fee for each are relatively cheap with the letter ones bearing the more heavier charges. Again, for International Bank Wire, 10 AUD is charged, while the Broker-to-Broker method is charged with 25 AUD. Only Visa does not charge among the gateway option.
Conclusion and Recommendation
While a number of positive points have been given about FP Markets specifically its regulatory status, the trading instruments and trading software that it offers, and its other notable offerings, it is still recommended that the trader do his or her own leg work.
The trader is also reminded that the choice of brokerage is not solely decisive for the success of a trading endeavor; it is still reliant on one’s trading strategy and diligence in discerning which trades to take.
