FP Markets Review

FP Markets Logo

Legal Company NameFirst Prudential Markets Pty Ltd
Websitehttps://www.fpmarkets.com
Year Founded2005
Offices LocationsAustralia (Sydney), China, Cyprus
RegulatorsASIC (AFSL No. 286354)
Broker TypePure ECN
Minimum Deposit$100
Maximum Leverage500:1
Minimum Spread0.0 pips
Deposit & WithdrawalCredit Card, Bankwire, Online Pay, POLi, Fasapay, Neteller, Skrill, PaySec, BPay
Currency Pairs50+
Trading PlatformMetaTrader 4, MetaTrader 5, IRESS
Web-based PlatformsYes
Mobile AppsYes

FP Markets is a leading ASIC-regulated ECN broker, providing tight spreads on their ECN RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. Relative to other ECN brokers, FP Markets has made a serious investment in new traders with award-winning customer service and structured educational material.

FP Markets Leader

Is FP Markets Safe?

First Prudential Markets Pty Ltd (Licence 286354) is regulated by ASIC and headquartered in Sydney, Australia with physical offices in Beijing and Shanghai.

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.

FP Markets for Beginners

FP Markets is a safe choice for beginners looking for an ASIC-regulated ECN 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 Material

FP Markets publishes a lightweight educational section for beginner, intermediate and advanced traders.

The beginner section is a general overview of key features in trading like margin, commission, leverage and margin call. There are also a set of trading lessons which take traders through case studies of long trades, short trades, scalping trading and pair trading. An additional section on each of the major financial markets is available. Learning this is important as no market works independently from each other in the global markets.

The intermediate section picks up where the beginner section finishes off. Starting with risk management and hedging CFD products and ending with a longer section on trading psychology, this second part of the introductory course provides traders with a complete view of Forex trading, though it is lacking in examples. There is an encyclopedia-style section covering common trading errors, but this has little practical application if you have not yet started trading.

The advanced section focuses more on trading opportunities. Shorter sections on fundamental and technical analysis compliment additional reading on technical indicators and speculating on CFDs. The technical indicator section is complete with examples and graphs that cover the main points.

Analysis Material

A daily market report is free for those who sign up. It is a high-level summary of all of the global financial markets, including commodities, oil and Forex. While there is limited actionable information in the report, there are a few pointers for daily trading opportunities.

Customer Support

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

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 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.

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.

ECN 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.

Cryptocurrency Trading

FP Markets currently only offers the BTC/USD pair, but we are hopeful that in the future they will add to this. Leverage is 10:1 which is higher than most, so if you are looking for BTC trading only, 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, China Union Pay, AstroPay, Neteller, Skrill, Wire2Pay, BPay, Bankwire & Broker to Broker transfer.

Fees between 1.8% to 3.18% are charged on credit card deposits, but these fees are waived on the first deposit and no fee is charged on AUD deposits.

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 20 USD will be charged for all international bank transfers and 1.8% for international credit card withdrawals.

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 additional 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, customisable 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

Compare FP Markets

FP Markets vs. AvaTrade

 FP MarketsAvaTrade
FundingCredit Card, Bankwire, Online Pay, POLi, Fasapay, Neteller, Skrill, PaySec, BPayBank wire, Visa/Mastercard, Paypal
RegulatedASIC (AFSL No. 286354)FSCA No.45984, ASIC, FCA, BVI, FFAJ
Broker TypePure ECNMarket Maker
Currency Pairs50+50+
Minimum Spread0.0 pips0.7 pips
Minimum Deposit$100$100
Max Leverage500:1400:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit FP MarketsVisit AvaTrade

FP Markets vs. XM Global

 FP MarketsXM
FundingCredit Card, Bankwire, Online Pay, POLi, Fasapay, Neteller, Skrill, PaySec, BPayBank wire, Visa/Mastercard, Skrill , Neteller
RegulatedASIC (AFSL No. 286354)EU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670
Broker TypePure ECNMarket Maker
Currency Pairs50+55+
Minimum Spread0.0 pips0.0 pips
Minimum Deposit$100$5
Max Leverage500:1500:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit FP MarketsVisit XM

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.

Overall

FP Markets are a strong ASIC-regulated ECN 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.

FP Markets
4
FP Markets logo

Product Name: FP Markets

  • Trading Conditions
  • Platform Choice
  • Regulation & Oversight
  • Customer Support

Pros

  • ASIC Regulated
  • MT4 & MT5 Support
  • ECN Account Options

Cons

  • Deposit & Withdrawl Fees
  • Standard account has wide spreads
Comments Rating 0 (0 reviews)


Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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