FP Markets Review

Author By Jeffrey Cammack Author Information Updated: October 26, 2020
Overall Rating
4.07 4.07 / 5
Rated #25 of 49 Recommended Brokers
Min. Deposit
AUD 100
Max. Leverage
500:1
Min. Spread
0.0 pips
Regulators
Regulator Origin
Trading Desk Type
AlertMost retail CFD accounts lose money. Your capital is at risk.

Summary

FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. A standard commission-free account is available for entry-level traders looking for a lower minimum deposit.

Relative to other Forex brokers, FP Markets has made a serious investment in new traders with award-winning customer service and the FP Markets Traders Hub which features daily analysis and an education portal covering all aspects of Forex trading.

Reviews

Regulation
111104/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
1110.503.5/ 5
Assets Available
111104/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Standard
Bonuses
None

Trading Conditions

Min. Deposit
AUD 100
Base Currencies
USD,AUD,CAD,CHF,EUR,GBP,HKD,JPY,NZD,SGD
Fx Pairs
60+
Hedging Allowed
Yes
Scalping Allowed
Yes
Swap Free Accounts
Yes

Average Spreads

Euro/USD
0.1
GBP/USD
0.2
USD/JPY
0.2

Company Details

Company Name
First Prudential Markets Pty Ltd
Founded
2005
Type
Regulators
Office Locations
Australia
fpmarkets-homepage-202010

Is FP Markets Safe?

First Prudential Markets Pty Ltd (Licence 286354) is regulated by ASIC and headquartered in Sydney, Australia with additional regulation from CySEC (License 371/18) issued in 2018.

FP Markets has been well recognised by Investment Trends, a leading international financial services research company, for their client satisfaction and educational material. In recent years, FP Markets has received the Highest Overall Quality of Service Award in the Australia CFD Report for five years running (2012-16), and the Best Educational Materials/Programs Award for three years running (2014-16).

Additionally, FP Markets also won the Value for Money award for four years running (2013-16). FP Markets no longer enters themselves into award schemes, but from their past results, it is very clear that customer satisfaction, educational support and value for money are top priorities.

Why FP Markets is Safe

Trading Conditions

FP Markets has different account types that offer either a spread-based or commission-based model.  This choice in accounts provides trading conditions for both the beginner and the experienced trader.

Account Types

FP Markets has two distinctly different real trading accounts, and a risk-free demo account. Both real accounts offer small trader sizes at 0.01 lots, and maximum leverage of 500:1. EAs and VPS are available on both accounts.

Display Name
Min Deposit
Max Leverage
Min Spread
Commission
Brokers
Platinum IRESS
USD 25
500:1
N/A
$9 AUD min, then 0.09%
Account Details
Premier IRESS
USD 50
500:1
N/A
No min, then 0.08%
Account Details
RAW
USD 100
500:1
0.0
$3.50
Account Details
Standard
USD 100
500:1
1.0
None
Account Details
Standard IRESS
USD 1
500:1
N/A
$10 AUD min, then 0.1%
Account Details

Standard Account – The Standard Account offers the best option for an entry-level trader looking for a lower starting deposit. The starting deposit of 100 AUD (or equivalent) gives clients unlimited access to the instruments available for trading – including 50+ currency pairs. The downside with this account is the wider spreads starting from 1.0 pips, but there is no commission on the trades.

Raw Account – This account offers very tight spreads, and instead, a commission at 3.5 AUD per standard lot traded. The minimum deposit is set at 1000 AUD (or equivalent), so this account is designed for the more serious trader or scalper.

fpmarkets-standard-accounts-202010

IRESS Account Types

fpmarkets.iress-accounts-202010

Cryptocurrency CFDs

FP Markets currently offers 5 of the most traded cryptocurrencies. They are:

  • BCHUSD Bitcoin Cash
  • BTCUSD Bitcoin 
  • ETHUSD Ethereum
  • LTCUSD  Litecoin
  • RPLUSD Ripple

Leverage is 10:1 which is higher than most, so if you are looking to trade cryptocurrency at a traditional broker, FP Markets could be a good option.

Spreads and Commissions

Spreads with FP Markets are as low as 0 pips depending on account type. For the standard accounts, the spreads start at 1 pip. Leverage for all clients is available up to 500:1 which is more than enough for any trader.

Deposit and Withdrawal Fees

The FP Markets client portal allows traders to deposit in 10 currencies. AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD. Deposits can be made via Credit Card, Paypal, FasaPay, PayTrust88, POLi, Klarna, Directa24, China Union Pay, Neteller, Skrill, BPay, Bankwire & Broker to Broker transfer.

The first time you make a withdrawal, you must complete a downloadable form and return it with photographic ID.  There are no admin fees charged for Australian withdrawals, but 10 USD will be charged for all international bank transfers.  There are no fees for withdrawals to international credit card, but variable fees on other withdrawal methods.

FP Markets for Beginners

FP Markets is a safe choice for beginners looking for an ASIC-regulated STP broker. The entry-level account offers tight spreads for the required minimum deposit, high-quality customer service, and a varied choice of platform – including specialist software as well as support for the industry standard.

Educational and Analytical Material

FP Markets recently launched the FP Markets Traders Hub which acts as a portal for all FP Markets educational content and market analysis. Daily technical and fundamental analysis is available, alongside a library of educational articles for traders and links to all the educational content produced by FP Markets. Content includes eBooks, video tutorials and trading courses for beginners. As FP Markets is a multi-asset broker, not all of the material available here is on Forex, with much of the content dedicated to shares and other CFDs. 

Overall, this is a major improvement on FP Market’s previous education and analysis section, and beginner traders will find the single point of entry more user-friendly.

FP Markets Traders Hub

Customer Support

Award-winning service is available via chat, email, and telephone 24/5, and offices are available for walk-in appointments in Sydney.

Trading Platforms

FP Markets offers a few different platforms to traders. Central to their offering are the MetaTrader 4 and 5 platforms, the leading platforms in the industry.

IRESS trading platform FP Markets

In addition to the MetaTrader platforms, FP Markets supports a professional software choice called IRESS Trader.  IRESS Trader is an advanced institutional trading platform and FP Markets charges a monthly fee for the platform, but if you are an active trader and generate a commission for the broker by using the platform, the license fee is waived.

In comparison to the MetaTrader platform, IRESS has a much simpler and intuitive user interface.  In order to give MetaTrader the advanced functionality that IRESS has, numerous plugins would be required.  These features include advanced order placement, setting alerts on news and price levels, customizable charts, and advanced watchlist features.

Mobile Trading Apps

MetaTrader has mobile app versions for clients on the move, or who want to take advantage of trading on the back of unannounced news events when away from a computer.

IRESS mobile offers traders much of the same functionality as on the desktop version. This includes:

  • Live dynamic pricing
  • Access to real-time financial news
  • Track portfolio and holdings
  • Advanced order management
  • Enhanced charting

FP Markets Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about their the complexity of financial products and also disclose the extent to which traders can lose their money.  FP Markets wants you to know: Contracts for Difference (CFDs) are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

Conclusion

FP Markets are a strong ASIC-regulated STP broker. They offer great trading conditions and go a step further in developing their own trading platform to keep clients just that little bit happier.

AlertMost retail CFD accounts lose money. Your capital is at risk.
  • Thomas says:

    I trade with FP Markets its an ASIC regulated broker with over 10 years of experience, The spreads are tighter and commission are lower when compared with other EURUSD broker, good to have such brokers around

  • Nikollete says:

    Good broker, FP Markets they have some of the lowest spreads starting from 0.0pips for a lot of major pairs. They are a ECN Broker regulated by ASIC and have been in business since 2005

  • Jase says:

    Spreads and commission are lower as mentioned, great customer support staff.

    Good broker even for a beginner.

  • Overall Rating
    Min. Deposit
    Regulation
    Trading Desk Type
    Trading Instruments
    Forex Pairs
    Crypto Pairs
    Pros
    Cons
    Regulation
    Trading Conditions
    Trading Platforms
    Deposit & Withdrawal
    Education & Research
    Assets Available
    Customer Service
    % Lose with this broker
    Leverage
    Spread
    Hedging
    Scalping
    Account Types
    Islamic Account
    Trading Platforms
    Funding Methods
    Trading Commission
    11110.54.07/ 5
    AUD 100
    ECN/DMA
    Commodities, Cryptocurrencies, Forex, Equities
    60+
    5
    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support
    • Expensive withdrawals
    111104/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    111003/ 5
    1110.503.5/ 5
    111104/ 5
    11110.54.5/ 5
    of retail investor accounts lose money when trading CFDs with this provider
    500:1
    0.0 pips
    Yes
    Yes
    Platinum IRESS, Premier IRESS, RAW, Standard
    Yes
    MT4, MT5, IRESS
    Bank Transfer, Fasapay, BPay, Klarna
    6 USD / lot - RAW Accounts
    1110.503.32/ 5
    USD 150
    ECN/DMA
    Commodities, Forex, Equities
    110
    2
    • Wide range of assets
    • Copy trading accounts
    • Limited market analysis
    • Limited education
    • Wide spreads
    1110.503.5/ 5
    110002/ 5
    111104/ 5
    111104/ 5
    111003/ 5
    1110.503.5/ 5
    111104/ 5
    62.8% of retail investor accounts lose money when trading CFDs with this provider
    1000:1
    0.0 pips
    Yes
    Yes
    Cent.Eurica, Cent.Standard, Insta.Eurica, Insta.Standard
    Yes
    MT4
    Bank Transfer, Mastercard, Bitcoin, Broker to Broker
    Fees Included in Spread
    1110.503.48/ 5
    USD 500
    ECN/DMA
    Commodities, Forex, Equities
    63
    4
    • Tight spreads
    • High minimum deposit
    • Limited education
    • Limited market analysis
    • Expensive withdrawals
    1110.503.5/ 5
    1110.503.5/ 5
    111104/ 5
    111003/ 5
    111003/ 5
    111104/ 5
    111003/ 5
    N/A of retail investor accounts lose money when trading CFDs with this provider
    300:1
    0.0 pips
    Yes
    Yes
    Advanced Mark-Up, Advanced RAW, Basic, Institutional
    Yes
    MT4, Sirix
    Bank Transfer, Mastercard, Skrill, Neteller
    Fees Included in Spread
    Visit Broker
    AlertMost retail CFD accounts lose money. Your capital is at risk.

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