FP Markets is a strong Australian broker. Regulated by ASIC, offering tight spreads on their ECN RAW account, and MetaTrader platforms to all clients, we see FP Markets as being the kind of broker traders would enjoy.
FP Markets offers two real trading accounts that are distinctly different, and a demo account to give you a try before you deposit. Both real accounts offer small trader sizes at 0.01 lots, and a maximum leverage of 500:1.
- Standard account: The standard account offers the best option for an entry level trader looking for a lower starting deposit. The starting deposit of 200 AUD gives you unlimited access to the instruments available for your trading – including 50+ currency pairs. The downside with the 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 USD per standard lot traded. The minimum deposit is set at 1000 AUD, so this account is designed for the more serious trader or scalper.
FP Markets offers Bitcoin pairs, but we are hopeful that in the future they will add to this group of currencies. Leverage on BTC pairs is 10:1 which is higher than most, so if you are looking for BTC trading only, the FP Markets could be a good option.
FP Markets offers a couple of different platforms to traders. Central to their offering is the MetaTrader 4 & 5 offering which is the leading platform in the industry. MetaTrader has mobile versions as well as downloadable versions of the software to install on both Mac and PC.
IRESSTrader is also available as an option. It is a propriety platform where a trader pays per month to use it. However, if you are an active trader, and generate commission for the broker by using the platform, the license fee is waived. A mobile version of the platform is available free of charge.
First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354) is fully regulated by ASIC and keeps headquarters in Australia. There seems to be a strong focus on Australia with this brand, and China so we don’t see additional regulation being necessary at this time.
Spread and Leverage:
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.
Deposits and Withdrawals:
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. Important to note that for the bolded services above, there are additional fees. Note that fees of 1.8% to 3.18% are charged on credit card deposits, but these fees are waved on the first deposit.
Withdrawals require filling in a form and sending it in along with photo identification. The first time you make a withdrawal, you must complete a downloadable form, to complete and send back in.
A system like this, along with a lack of withdrawals option as varied as the deposit options is not an attractive part of working with this broker. Withdrawals and access to client funds should be easier and without hoops.
Service is available via chat, email, and telephone. While service can be a little slow on the live chat, you do get answers in the end. Trying to get information about different account types did take time, so better training and more professionalism in the chat could help customers out.
While there are some smaller issues with customer support, charges for depositing on credit cards, and difficult withdrawal processes, I still think this broker is worth review. They are a strong player in Australia and ASIC at heart. They offer great trading conditions and go a step further in developing their own trading platform to keep clients just that little bit happier. That, we really appreciate.