FP Markets Forex BrokerREVIEW
August 01, 2019
FP Markets Forex Broker Review
Founded in 2005, FP Markets is one of the most well-established trading brokers and is licensed to operate by ASIC, CySEC and FSCA.
Based in Australia, it offers an extensive range of tradeable assets and CFDs to clients in the country and overseas, supported by access to both the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms and leverage of up to 1:500.
It has won more than 40 industry awards, so does FP Markets live up to the hype? In this review, we aim to find out.
Offering of Financial Investments
As well as being a global forex broker, FP Markets offers over 13,000 tradeable assets in total across all of the key areas, including 70+ Forex pairs, shares, energies and natural gases and, when hedging your bets, precious metals such as gold and silver, bonds, ETFs.
The company has partnered with a number of major financial institutions to ensure that the liquidity pool is nice and deep ? this is reflected in its excellent market prices and tight spreads.
FP Markets Trading Account Types
FP Markets has separated its five account types across MT4/MT5 and the Iress platform, so the account you hold will depend on which trading software you plan to use.
MetaTrader clients can open a Standard or Raw account. The Standard account has a minimum deposit of AUD$100, with leverage of up to 1:500 and spreads from 1.0 pips. The Raw account is the same as Standard, though spreads start as low as 0.0 pips ? perfect for scalping.
Via Iress, there are three account types: Standard, Platinum and Premier. Equity margin rates start from 3% across the board, though you should note the minimum deposits required ? for Standard, this is AUD$1,000, but for Premier, as much as AUD$50,000 is required.
There is also an FP Markets demo account available.
FP Markets Commission and Fees
The commission charged by FP Markets depends on your account type. Forex traders can enjoy 0% commission with a Standard account, while $3 commission (each way) is charged to Raw account members.
Iress traders will note that commission is AUD$10 minimum and starts at 0.1%, though this drops to 0.9% and 0.8% for Platinum and Premier respectively.
There are fees for leveraged overnight positions, and inactivity fees kick in after two months of no trades.
FP Markets Platforms and Tools
FP Markets offers its clients a full range of trading platforms, including MetaTrader, Iress and WebTrader.
You can also utilise a suite of trading tools, including MAM/PAMM, VPS, Autochartist, Myfxbook and more.
FP Markets Research
Housed under the ‘Resources’ tab, FP Markets offers its clients a comprehensive range of educational materials.
There are trading glossaries, eBooks and video tutorials aimed at all levels of traders, whether you are a complete newcomer or more experienced.
The FP Markets Academy is also an excellent bonus, with technical analysis posts, latest new updates and webinars all provided.
FP Markets Mobile Trading App
The broker has designed its own in-house mobile app, and this allows its clients to open and close positions in a variety of markets, on the go.
Available on Apple and Android devices, the FP Markets app delivers one-click trading and allows you to select your own ‘favourites’ to accelerate the process.
Should I Trade with FP Markets?
In this FP Markets broker review, we have discovered that this is a firm that offers so much to its clients in terms of the breadth of the platforms available and the educational resources you can use to your advantage.
Forex traders, in particular, will find FP Markets to be an outstanding broker thanks to its low fees and spreads in this area, though stocks and shares traders will certainly find more agreeable conditions elsewhere.
- Wide choice of platforms
- Dedicated mobile app
- Tight spreads in most trading categories
- Not ideal conditions for stock trading
- Fees on some withdrawal methods
Is FP Markets ECN?
FP Markets is an ECN broker, with all trades executed directly in the market rather than through a dealing desk or an intermediary. With deep liquidity pools provided by a number of institutions, you will be able to access high-value ECN pricing that is streamed directly to your order book.
Are FP Markets a safe broker?
Operating for more than 15 years, it is safe to say that FP Markets is a trustworthy broker, with no hint of scam or fraudulent activity to its name. It is regulated by both ASIC, CySEC and FSCA ? this affords clients complete peace of mind that it is operating fairly and securely.
What are FP Markets’ platforms?
There is a wide range of options at FP Markets, with access to the MetaTrader trading platform (both MT4 and MT5), WebTrader and Iress. The firm has also developed its own proprietary app, enabling you to monitor open positions and action new trades wherever you are on your smartphone or tablet.