FP Markets

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fpmarkets-logo
4.5
Rated 4.5 out of 5
4.5 out of 5 stars (based on 6 reviews)
Excellent67%
Very good17%
Average16%
Poor0%
Terrible0%
70.70% of retail investor accounts lose money when trading CFDs with this provider.

FP Markets Experiences & Review

In this Review & Test we will report about our FP Markets experiences. We will go into the most important aspects and also offer the possibility for you to rate and comment

The most important facts about FP Markets

Financial Prudential Markets is a top-notch global Forex broker. FP Markets is a BrokerCheck Award winner and has won multiple other awards as well, has its physical offices in Sydney, Australia as well as Limassol, Cyprus.

FP Markets review highlights

Minimum deposit in USD$100
Trade commission in USDVariable
Withdrawal fee amount in USD$0
Available trading instruments+10300

Your rating of FP Markets

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The most important facts about FP Markets

What we liked about FP Markets

FP Markets offers traders one of the lowest commissions on the trading of Forex pairs. Also, traders don’t have to pay any fees to deposit funds and withdraw them. This means that traders get to enjoy more of their profits rather than give them up to the broker.

Furthermore, the minimum deposit that traders need to put into their accounts before they can trade is commendably low. What’s more, traders get access to a wider range of assets and lots of educational and research tools that will bolster their trading. The customer service experience at FP Markets is top-notch, accessible, and helpful.

FP Markets has built a good reputation for offering high-quality financial markets trading services for over 15 years. It is regulated by highly respected authorities in the financial services sector all over the world. The broker won the Best Global Value Forex Broker by the Global Forex Awards for 3 consecutive years.

Low commissions on trading

Only 100$ min. deposit

No deposit and withdrawal fees

Over 10000+ available assets

What we disliked about FP Markets

Although the trading fees charged by FP Markets are generally low, the fees on stock CFDs are on the higher end. The broker does not offer good trading demo account services. Although the demo account it offers comes with up to $100,000 virtual funds, traders only have access to it for 30 days after registration.

Then, traders cannot purchase actual stocks through FP Markets. Only investors based in Australia can have access to Australian-listed stocks.

Account tiers

Mostly CFD stocks

Demo Account limited to 30 days

No US Traders allowed

Comparison FP Markets vs. average Broker

Available Trading Assets

DAX Spreads

Gold Spreads

Which trading assets are available at FP Markets

FP Markets offers an enormous range of over 10000 different trading instruments. Compared to the average broker, FP Markets offers an above-average number of indices, commodities, currency pairs. To the delight of many experienced traders, CFD Futures are available.

Among the available instruments are:

  • +60 Forex/Currency pairs
  • +8 Commodities
  • +14 Indices
  • +10000 shares
  • +5 Crypto currencies

FP Markets Review, Experiences & Trading Conditions

FP Markets is a major international Forex broker that gives traders access to over 60 Forex pairs including major, minor, and exotic pairs. Comparatively, FXCM offers 40 pairs and eToro gives 47. This means you get much more with FP Markets.

However, FP Markets is a comprehensive CFDs provider and, as such, traders can access other markets. These include stock indices CFDs (up to 14 including S&P 500, NASDAQ 100, and FTSE 100) and shares CFDs (over 10,000). Then, there are commodities (6), including gold and oil, and cryptocurrencies (5) including Bitcoin and Ethereum.

Note that all of these are largely CFDs, which means traders do not own the underlying assets. Traders can, however, access actual shares of companies, but only those listed on the Australian Stock Exchange (ASX).

FP Markets offers fast execution speeds for trades. This quick speed of implementing trades means traders experience fewer instances of hitches and slippages that may lead to some huge losses.

One other attribute that FP Markets is known for is charging very low fees for the various services it offers to traders. Activities that traders carry out in and outside the platform do not get to attract too high commissions, as they will find with other brokers.

The financing rates are low, which means traders don’t get exorbitant fees for using leverage to boost their capital and potential profits. Withdrawal fees are also non-existent. As a result, traders get exactly the amounts they withdraw out of their accounts. There are also no inactivity fees.

Educational materials at FP Markets

FP Markets provides traders with an extensive set of educational tools that will make them better savvy about the markets. The educational portal on its website has dedicated sessions for Technical Analysis featuring weekly reports containing technical analyses and outlooks for the coming week. It also has explanatory posts on basic Forex concepts to build up traders’ knowledge base.

Then, there is a section on Fundamental Analysis where “global fundamental analysis” reports are published for each week, giving a rundown of the conditions across all markets. There are also videos on various Forex topics.

Scalping allowed

Hedging allowed

Negative Balance Protection

Guaranteed Stop Loss

STP/DMA Execution

ECN/RAW Account

Deposit Bonus

Loyalty Bonus

Available Trading Software and Platform at FP Markets

FP Markets offers advanced trading platforms, the MetaTrader 4, MetaTrader 5, and the IRESS that offer live charting, powerful trading tools, and superior execution. The MT4 platform has a customisable interface, live-streamed prices, and integrated expert advisors. It also comes with over 60 pre-installed technical indicators and access to the Metaquotes MQL5 Community.

Available Accounts at FP Markets

FP Markets offers two main categories of accounts to cater to different types of traders. These account categories are:

  1. Forex Accounts: Mainly for individual and retail investors.
  2. IRESS Accounts: Mainly for professional investors.

Each of the Forex and IRESS accounts has different types of accounts.

Forex Accounts

Under the Forex accounts, we have Standard and Raw accounts.

  • Standard Account
  • Available on both MT4 and MT5.
  • Spreads start from as low as 1.0 pip.
  • Offers Zero commissions on trades.
  • Minimum deposit into the account is AUD $100 or equivalent.
  • Maximum leverage allowed is 30:1.
  • Raw Account
  • Available on MT4 and MT5.
  • Spreads start from 0.0 pips.
  • Commissions start from $3.00
  • Minimum deposit also at AUD $100.
  • Maximum leverage also at 30:1.

IRESS Accounts

There are also two main types of IRESS accounts: The Standard and Platinum accounts.

  • Standard Account

This type of account is meant for much more experienced traders and some institutions.

  • Minimum balance for the trading account is $1,000.
  • Brokerage Rate is $10 minimum, then 0.1% per trade.
  • Financing rate at 4% + the FP Markets base rate.
  • Inactivity fees at $55 per annum.
  • Platinum Account

This account is targeted largely at institutional traders who trade more sophisticated markets. It allows for CFDs, Forex, and even futures trading. It offers low brokerage rates and lower financing rates

  • The minimum balance allowed is $25,000.
  • Brokerage Rate for each trade is $9, then 0.09% per trade.
  • Financing rate is 3.5% + the FP Markets base rate.
  • Inactivity fee is $55, but can be waived if the account generates at least $150 in commissions monthly or if the account holds.

FP Markets Demo Account

FP Markets offers its traders a demo account via which they access the market 24 hours a day, for 5 days a week. The demo account enables traders to try out real-life trading, although with virtual funds.

The downside is that the demo account is only available for 30 days after registration, after which the trader is expected to move to the live account. Other brokers such as FXCM, however, offer perpetual demo accounts.

FP Markets also offers the Islamic Account which is swap-free.

How to open an account at FP Markets

Opening an account at FP Markets is quite simple and straightforward. The step-by-step process to do so is outlined here:

  • Go to the broker’s trading portal at fpmarkets.com. The website will automatically route to the appropriate URL based on your location. Click on “Start Trading.” Alternatively, you can click on demo trading if you want to try out how trading works with FP Markets.
  • On the next page, you will find an array of forms to fill in your personal information such as phone, location, and others. The estimated time for completing this should be about 3 minutes. This is much shorter than the time you need for registering with other brokers such as FXCM which requires up to 7 minutes for basic registration.
  • After filling in the basic details, your registration does not end there. You need to carry out the verification or Know Your Customer (KYC) process. For this, you need to submit proof of identity and proof of residency.

Proof of Nationality: A government-issued identification such as a national passport, driver’s license, national identity card, and others.

Proof of Residency: A utility bill from your utility provider, including one for gas, water, electricity, or any other. An alternative is your bank statement.

All of these must be issued within the last 3 months to the time of your registration. After all these, you can deposit into your trading account and start trading the various instruments that FP Markets offers. The minimum amount you can deposit into the trading account is AUD $100, or equivalent.

How to delete your FP Markets account

The procedure needed to close your account at FP Markets goes thus:

  • Send an email to cash@fpmarkets.com using the email account with which you registered with FP Markets.
  • In the email, request that your account be deleted, alongside a genuine explanation for making the decision to do so. Ensure you include your Client/Trader ID and email.
  • Also, request withdrawal of any funds you might have in the account.

You should get a response shortly.

Note that as a result of rules stipulated by the regulator, FP Markets has the responsibility to keep the records of clients’ transactions for up to 7 years. The data is, however, protected in compliance with data protection laws of Australia.

ForexIRESSDemo
Min. Deposit$100From $1000 – $25, 000From €10000
Available Trading Assets+13,000+13,000+13,000
Advanced Charts/AutochartistYesYes
Negative Balance ProtectionYesYes
Guaranteed StoplossYesYes
Stocks Extended HoursYesYes
Pers. Platform IntroductionYesYes
Personal AnalysisYesYes
Personal Account ManagerYes
Exclusive WebinarsYes
Premium EventsYes

Deposits and withdrawals at FP Markets

FP Markets offers a wide range of payment channels through which traders can carry out deposits and withdrawals. These channels are listed below:

  • Credit/debit cards (especially those powered by Visa, MasterCard, or American Express)
  • Bank Transfers/ EFT (Electronic Funds Transfers)
  • BPay
  • Poli
  • PayPal
  • Neteller
  • Skrill
  • PayTrust (local bank transfers. Available in specific countries).

Depositing funds into your trading account is free as FP Markets does not charge any fees. However, each payment channel may charge fees for making transactions happen. Note that FP Markets does not accept any third-party payments (deposits and withdrawals) as they are rejected and returned to source. This means that traders can only initiate transactions from an account in their own name. This is for security purposes.

For bank payments, FP Markets enables traders to choose from a wide range of local currencies. In this regard, FP Markets does much better than competitors such as FXCM which only allows 4 currencies. Bank transfers can take a few days to get to you although FP Markets itself processes them within just 1 business day. FP Markets does not charge any bank withdrawal fees for traders based in Australia.

However, it charges an EFT overseas withdrawal fee of AUD $6. This is one of the cheapest you can find and much better than what FXCM offers for instance. With FXCM, overseas transfers can require up to $40, depending on the country.

How is the service at FP Markets

FP’s customer service is satisfactory, with over 40 languages supported. The live chat support is offered in English, Arabic, Indonesian, Italian, Spanish, Russian, Chinese, Japanese, German, Portuguese, Thai, French, Malay, Greek, and Vietnamese. The web pages can be displayed in English, Arabic, Indonesian, Italian, Spanish, Vietnamese, Russian, German, Portuguese, Thai, French, and Malay.

The customer service at FP Markets is good, friendly, and often helpful. They are available 24/7 across a variety of channels. There are phone, fax, and toll-free numbers for traders to call. There is Live Chat accessible on the mobile app and website, available in more than 12 languages. Then there is an email chat (via support@fpmarkets.com) for any inquiries traders want to make.

FP Markets performs better than a number of comparable brokers such as FXCM which does not provide 24/7 customer service access.

Is FP Markets regulated and secure?

FP Markets is arguably the safest and most secure broker around. It is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, and the Financial Services Authority (FSA) of St. Vincent and the Grenadines. Moreover, there has not been a public incidence of hack of the broker and clients’ funds are kept in AAA-rated banks.

Is FP Markets a scam or regulated & trustworthy?

FP Markets is registered with top financial regulatory authorities on different continents. These include the Australian Securities and Investments Commission (ASIC), St Vincent and Grenadines Financial Services Authority (SVGFSA), and the Cyprus Securities and Exchange Commission (CySEC).

Here are the various subsidiaries under which FP Markets operates, depending on their locations:

Is my money safe at FP Markets?

The funds you deposit with FP Markets are safe and secure, as a result of the arrangements that the broker has put in place. First, it has arranged to insure your deposits as they are held in AAA-rated Australian banks such as the National Australian Bank and the Commonwealth Bank of Australia.

The broker holds these funds in segregated accounts which means they do not get mixed with the broker’s own funds. Then, the broker complies with the Australian Client Money Rules under the Corporations Act when administering clients’ funds.

Often, the broker’s regulators also demand some insurance for traders. These include:

  • ASIC – no protection (Australia)
  • CySEC – €20,000 (EU)
  • SVGFSA – no protection (remaining countries).

Another feature of FP Markets that protects traders is the negative balance protection. This means that when trader account balances go negative, they cannot, in effect, lose more than they had. However, the negative balance protection feature does not include ASIC and St. Vincent clients. It is only for CySEC clients.

Did FP Markets get hacked?

So far, there have been no public hack incidents at FP Markets. For extra security, we, however, recommend you use a strong password and enable two-factor authentication (2FA). 2FA adds an extra code that will be created dynamically and sent to your phone or email. This extra layer of security means that it will be very unlikely that your account will be compromised by malicious parties.

Is my personal information safe with FP Markets?

FP Markets respects the rights of every trader to maximum privacy and security and makes efforts towards achieving such. It secures clients’ data using a combination of Secure Sockets Layer (SSL) and Transport Layer Security (TLS) alongside other security protocols.

Summary: Review of FP Markets

FP Markets is highly recommended for intermediate and experienced traders who are familiar with the basics of trading with a broker. The services of FP Markets such as the types of accounts available are tailored for professional traders and those who may have some experience.

Nonetheless, the broker’s trading platforms and technology are always constantly under review and always improving. It is, therefore, not a surprise that the broker has remained a widely acclaimed broker for over 15 years.

Highlight's of FP Markets

Free demo account for trading beginners

10000+ available assets

Max. Leverage 1:500

$100 min. deposit

How do you open an account at FP Markets

By regulation, every new client must go through some basic compliance checks to ensure that you understand the risks of trading and are admitted to trading. When you open an account, you will probably be asked for the following items, so it is good to have them handy: A scanned colour copy of your passport or national ID A utility bill or bank statement from the last six months with your address You will also need to answer a few basic compliance questions to confirm how much trading experience you have. It is therefore best to take at least 10 minutes to complete the account opening process. Although you can explore the demo account immediately, it is important to note that you cannot make any real trading transactions until you have passed compliance, which can take up to several days depending on your situation.

To open an account at FP Markets just press the button below
CFDs are complex instruments and involve a high level of risk due to leverage. 70.70% of of retail investor accounts lose money when trading CFDs with this provider. 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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