FP Markets Review 2024
Website: www.fpmarkets.com
Min. Deposit: US$ 100
Leverage: 1:30
Trading Platforms: IRESS, MT4, MT5, cTrader
Regulation: ASIC, CySEC, St. Vincent and the Grenadines, FSP, CMA
Headquarters: Australia
Founded: 2005
Regulatory Licenses:
- First Prudential Markets Pty Ltd - authorized by ASIC (Australia) registration ABN 16 112 600 281 AFS 286354
- First Prudential Markets Ltd - authorized by CySEC (Cyprus) registration 371/18
- First Prudential Markets Ltd - authorized by St. Vincent and the Grenadines registration 126 LLC 2019
- First Prudential Markets Pty Ltd - authorized by Financial Sector Conduct Authority in South Africa registration 50926
- First Prudential Markets Ltd - authorized by the Capital Markets Authority (CMA) in Kenya
Updated on January 26, 2024
Quick Links
FP Markets stands out as a prominent and expansive Forex Broker, providing a professional trading experience since its inception in 2005. Catering to over 12,000 clients globally, FP Markets distinguishes itself by utilizing ECN electronic bridges, thereby enhancing its offerings with advanced trading technology and a commitment to innovation. Based in Sydney, Australia, FP Markets benefits from the rigorous regulatory environment of ASIC, ensuring a trustworthy and compliant trading experience. Furthermore, the expansion into the European Cyprus entity has broadened its trading proposals within the EEA zone. Additionally, FP Markets Pty Ltd is authorized and regulated by the Financial Sector Conduct Authority in South Africa, marking its presence as a global financial services provider.
FP Markets is celebrated for its well-regulated environment, appealing to both novice and seasoned traders. The broker's strengths include competitive pricing, a comprehensive trading portfolio with a variety of platforms, and an ECN trading environment complemented by exceptional educational resources. Moreover, the broker's evolution from an Australia-centric to a globally recognized entity underscores its growth and development.
Pros
Low pricing and competitive spreads
A diverse selection of trading platforms
Exceptional educational resources and trading support
Cons
Higher spreads for stock trading
Additional commission on some withdrawals
Diverse trading conditions across FP Markets entities
FP Markets Review Summary in 10 Points
Headquarters: Australia
Regulation: ASIC, CySEC, St. Vincent & Grenadines, FSP, CMA
Platforms: IRESS, MT4, MT5, cTrader
Instruments: Over 10,000 products including Forex, Indices, Commodities, Metals, Cryptocurrencies, Equity CFDs, Bonds, ETFs, 70+ Forex pairs
Minimum deposit: $100
EUR/USD Spread: Starting from 0.0 pips
Demo Account: Available
Base currencies: 10 options
Education: Comprehensive materials through Traders Hub including news, outlooks, video tutorials, eBooks
Customer Support: 24/7
Overall FP Markets Ranking
Based on our extensive analysis and compared to a pool of 1000 brokers, FP Markets is highly rated for its excellent trading conditions. Notable for its low fees, wide global exposure, and superior platform offerings, our overall ranking is 9.5 out of 10.
FP Markets has consistently been acknowledged for its excellence in the market, receiving multiple accolades from esteemed publications and organizations. Recent awards include Best Global Forex Value Broker, Best Forex Broker Australia, Outstanding Value CFD Provider, and Best Forex Partners Programme in Asia. Additionally, the Ultimate Fintech Awards APAC 2023 recognized FP Markets for Best Trade Execution and Most Transparent Broker. Moreover, the Global Forex Awards 2023 awarded FP Markets for ‘Best Value Broker – Global’, ‘Best Broker – Europe’, and ‘Best Partners Programme – Asia’, highlighting its commitment to quality and client satisfaction.
Is FP Markets safe or a scam? ▲
FP Markets is undoubtedly a secure trading platform, backed by stringent regulations from the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). This regulatory framework ensures a high level of service quality and adherence to international laws. The segregation of clients' funds into top-tier banks like the National Australia Bank and the Commonwealth Bank of Australia, along with daily fund reconciliation, provides an additional layer of security. While the regulatory environment varies across entities, the Cyprus entity offers negative balance protection and participates in a retail account compensation scheme, unlike the SVG entity. It is advisable for traders to familiarize themselves with the specific protections and policies applicable to their trading entity.
FP Markets offers varying leverage levels based on the regulatory jurisdiction under which an account is registered. As a broker regulated in Australia, FP Markets adheres to the Australian Securities and Investments Commission (ASIC) guidelines, resulting in a significant reduction in leverage, previously available at 1:500. For European traders, under the European Securities and Markets Authority (ESMA) regulations, the maximum leverage is capped at 1:30. Meanwhile, South African traders have the opportunity to engage with over 70 forex pairs, benefiting from spreads starting from 0 pips and leveraging up to 1:500, thanks to the broker's international branches which operate under different legislative frameworks allowing for higher leverage in certain cases.
FP Markets caters to a diverse clientele by offering two main account types featuring STP and ECN execution models through the MT4 or MT5 platforms. Additionally, there are three IRESS account types designed for traders with a preference for this specific platform. FP Markets further extends its services by offering MAM and PAMM accounts and enabling copy trading across all account types. It's worth noting that there might be variations in the pricing model among the different accounts, so traders are advised to select the one that best fits their trading needs. Below, we delve into the advantages and disadvantages of each account type, providing a comprehensive comparison.
The process of opening an account with FP Markets is streamlined and digital, allowing for the quick setup of a Demo account. Transitioning to a Live Account can be accomplished within a day or two, ensuring a smooth initiation into trading. The steps to open an account include providing personal information, proof of identity and residence, selecting the preferred account type and trading platform, and completing a questionnaire to assess financial experience. Following account verification, traders can make their first deposit and commence trading.
FP Markets offers an extensive selection of over 10,000 trading products, including Forex, Indices, Commodities, Metals, Bitcoin, and Equity CFDs. The brokerage provides access to more than 70 forex pairs and has recently expanded its currency offerings to include the Mexican Peso (MXN), Brazilian Real (BRL), and South African Rand (ZAR) against the US Dollar on the MT4 & MT5 platforms. Each trading instrument is accompanied by its specific trading conditions, such as flexible leverage and required margins, which can be reviewed on the FP Markets platform. The range of instruments, primarily comprised of Forex and CFDs, earns FP Markets an instrument score of 4.0 out of 5.
FP Markets structures its fees based on the account type, with certain accounts, like the IRESS account, incurring charges based on a commission plus a percentage of the trade. The choice of account type can thus significantly influence the overall trading cost. FP Markets is recognized for its competitive pricing, with no withdrawal fees and generally low other charges. This competitive fee structure, when compared to over 1000 other brokers, positions FP Markets favorably with a fee rating of 4.0 out of 5. Traders should also consider rollover or swap rates as part of their cost calculations, especially for positions held open for more than a day. For Muslim traders, FP Markets offers a Swap-Free account option, aligning with the stringent rules of the faith.
FP Markets offers competitive spreads that vary by account type. For the STP account, the EUR/USD floating spread averages at 0.7, while the ECN account boasts a mere 0.1 for the same pair. However, the ECN account does incur a commission for every order, set at $3 for Forex instruments, $3.5 for Metals, and a $0 commission for commodities or cryptocurrencies. When comparing fees with another renowned broker, BDSwiss, FP Markets stands out for its lower Forex spreads, which are significantly below the industry average of 1.2 pips for EUR/USD. However, it's worth noting that fees for Stocks are slightly above average. Below is a comparison of the most traded instruments to illustrate this point. FP Markets Spreads receive a lower-than-average rating, scoring 4.0 out of 5 in our comprehensive comparison to over 1000 other brokers.
FP Markets offers a variety of payment methods for account funding, including both fee-incurring and free options. Trading accounts are available in 10 base currencies, offering a significant saving and easier fund transfer options. Overall, the funding methods are ranked positively, with a score of 4.5 out of 5. The absence or minimal fees for deposits, the coverage of international fees up to $50 for deposits greater than $10,000, and the range of account base currencies are notable highlights. However, FP Markets does not waive transfer fees for deposits via Bank Transfer and Broker to Broker. Withdrawal options are diverse, including wire transfers, e-wallets, and cards, with some options incurring fees and others free of charge. Typically, FP Markets processes withdrawal requests within 1-2 business days.
FP Markets offers an extensive selection of trading platforms, including MT4, MT5, IRESS, and now cTrader. This variety caters to a wide range of trading preferences and styles, with each platform providing powerful capabilities and advanced features such as advanced charting, order types, level II pricing, and superior execution. The availability of MAM and PAMM accounts further enhances the options for money managers. FP Markets' platforms are ranked favorably, with a perfect score of 5.0 out of 5, compared to over 1000 other brokers. This is attributed to the market-leading software, alternative options, excellent copy trading, and technological solutions provided.
FP Markets excels in customer support, offering service through various methods including live chat, phone, and email. The support team is available 24/7 and caters to a global audience with a range of languages. The broker has established support centers in Asia, Europe, and Australia to ensure accessibility across time zones. Our testing and client feedback highlight the fast, knowledgeable, and easily accessible nature of FP Markets’ customer service, earning it a score of 4.5 out of 5.
FP Markets prioritizes education and provides a wealth of learning materials, analysis, and guides through its Traders Hub. The platform offers trading videos, information, webinars, events, and podcasts, catering to traders at different levels of expertise. Additionally, FP Markets offers comprehensive research tools, market outlooks, news feeds, trading ideas, and third-party tools like Autochartist. This abundance of resources makes FP Markets an excellent choice for beginners, contributing to an education rating of 4.5 out of 5 based on our findings.
In conclusion, FP Markets emerges as a leading provider in CFD and Forex trading, offering a high-quality trading environment through direct market access and sophisticated technology. With a broad instrument range, competitive pricing, and an exceptional selection of trading platforms, FP Markets caters to traders of various sizes and expertise levels. Whether you are a beginner, a professional trader, interested in ECN trading, currency and CFD trading, or looking for a platform that supports MT4, MT5, cTrader, or IRESS, FP Markets has you covered. The broker is also well-suited for those interested in copy trading, MAM and PAMM trading, running EAs, or employing a variety of trading strategies. Overall, FP Markets is a reliable brokerage suitable for long-term cooperation and welcomes different types of investors, scoring highly across all areas of our review.
