76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
TRADE NOW - Minimum Trade Deposit $100
FP Markets is a Forex and CFD provider which is owned by Sydney-based First Prudential Markets Pty Ltd and has more than thirteen years experience in the industry.
The website aims to act as a one-stop shop which allows traders to access a vast suite of trading products across world markets. Customers can trade CFDs across futures, commodities, indices, Forex, equities, and Bitcoin using a single account.
The company has received more than thirty-five industry awards to-date, and its state-of-the-art technology provides traders with competitive pricing, over ten thousand markets, and fast execution speeds.
The site offers both new and experienced traders educational materials, as well as excellent customer support.
Regulations
The site is regulated by the Australian Securities and Investments Commission (ASIC) and operates under an Australian Financial Services Licence (AFSL) – number 286354.
Reliability
FP Markets has over thirteen years experience as a CFD and Forex provider, and holds thirty-six industry awards, including ones for Best Trade Execution, Best Customer Service, Best Educational Materials, and Highest Overall Client Satisfaction.
The company holds client money in a nominated National Australian Bank account, separate to FP Markets money. Client funds are paid into the FP Markets segregated account and can only be used as permitted under the strict client money provisions.
It does not, however, offer Negative Balance Protection, and is not covered by the ICF (Investor Compensation Fund). The Financial Ombudsman Service Limited handles disputes, and the company’s accounts are regularly audited by BDO Australia, a leading auditing firm.
SSL encryption is used to protect your data when it’s transmitted between your computer and the website.
Trading Platforms
The site offers a range of trading platforms, namely IRESS, MT4, MT5, Traders Edge, Virtual Private Server, and MAMM/PAMM, all of which come with advanced charting, powerful trading tools, and superior execution.
IRESS Platform
The IRESS platform suite is considered to be the premium product for CFD trading, future, indices, and global equities. With it, you gain access to global markets using a Direct Market Access pricing model which feeds live from the underlying exchange. To help give your trading an edge, there’s live streaming news, multi-product portfolio management, custom trade alerts, advanced charting (with both daily and intra-day time frames available), and a vast range of automated order options.
MT4 Platform
The MT4 platform for Windows and Mac is a true ECN trading environment that’s designed to give traders an advantage in the dynamic world of Forex trading. Highlights of the software include detailed news and insights, true ECN pricing, an active trader community, real-time quotes, one-click trading, advanced charting that lets you view market data and multiple charts at the same time), and a suite of automated trading options. You can begin trading with leverage up to 500:1 and spreads from as little as 0.0 pips.
Mobile Platform
You can invest on the move using MetaTrader 4 for iOS or MetaTrader 4 for Android. The mobile apps offer one-click trading, customisable Forex trading layouts, real-time quotes 24/5, offline modes with charts and symbol prices, trading history, and interactive and advanced charts which support zooming and easy scrolling.
Account Types
There are several types of accounts that you can create, depending on your investment style and experience level.
• It’s free to open a Demo MT4 Account, and you get $1,000 AUD of virtual funds to play with. The demo platform gives you a choice of more than 10,000 equities, Forex pairs, indices, and commodities across all of the major international markets.
• You can open an MT4 Standard Account with as little as $100 AUD. It allows you to trade with spreads from as little as 1.0 pips and never charges commissions on your trades. You get access to over sixty products across commodities, indices, and Forex, and multiple account options with leverage as high as 500:1;
• FP Markets considers the ECN Raw Account “the experts’ choice”. It offers low commissions (N.B., trade from just $3.50 AUD per lot), can be opened with just $1,000 AUD, performs fast trade executions over dedicated fibre-optic links, offers many more trading options than the MT4 Standard Account, as well as tighter spreads.
Cryptocurrencies Trading
Tradable assets include Forex, Commodities, Global Equities CFDs, Index CFDs, and Futures, and you can also trade the cryptocurrency, Bitcoin. There’s even a helpful article that explains the differences between trading physical Bitcoin and Bitcoin CFDs on the website.
Commissions and Spreads
Commissions and spreads are dependent on the type of asset traded as well as the type of trading account that you have.
Share trading commissions are 0.11% for Normal Share Purchase and 0.8% for Non-Leveraged CFDs. The lowest commission rate for CFDs is 0.08%, and minimum commissions for spot forex are zero pips for ECN Raw accounts and 1 pip for Standard accounts.
Deposits and Withdrawals Options
Making deposits and withdrawals is easy, and you can choose from the following payment options:
• Visa (AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD)
• MasterCard (AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD)
• Online Pay (RMB)
• Poli (AUD)
• AstroPay (USD)
• Neteller (AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD)
• Skrill (USD)
• Bank Wire (AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD)
• Bpay (AUD)
• Transfers from Other Brokers (AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD)
Withdrawals via Wire Transfer and Bpay take up to business days to arrive while credit card withdrawals take between four and five business days.
TRADE NOW - Minimum Trade Deposit $100
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Customer Support
The customer service team works 24 hours-a-day from Monday to Friday and can be contacted via email, telephone, live chat or post.
Support Telephone: +61 2 8252 6800
Support Email: [email protected]
Social Media Profiles: Facebook, Twitter
Q&A
• Is the site regulated?
Yes. FP Markets is regulated and licensed by the Australian Securities and Investments Commission (ASIC).
• How does FP Markets make money?
The company profits from the commission and spread that it charges its traders.
• How to deposit
You can deposit funds into your account using Visa, MasterCard, Wire Transfer, Neteller or Skrill.
• How to withdraw
The withdrawal methods are the same as the deposit methods. The processing time for withdrawal requests depends on your chosen payment method.
• How to open an account
To open an account, click on either the “Open Live” or “Try Demo” button at the top-right of the website, then complete the online registration form provided.
• Is FP Markets reliable?
Yes. FP Markets has been operating for thirteen years and is fully compliant with all the regulatory requirements imposed by ASIC.
• Does FP Markets use MetaTrader?
Yes. MetaTrader 4 is used to power both its desktop and mobile platforms, and it also offers an IRESS platform.
• What is FP Markets’ leverage?
The maximum possible leverage is 1:500.
Our Conclusion
Thanks to the strict controls that are imposed on Australian brokers by ASIC, you can rest assured that FP Markets is both reliable and trustworthy. The spreads are competitive, and the range of account options and software platforms mean that FP Markets is the ideal trading destination for both new and experienced traders.
