FP Markets Information
FP Markets is an Australian-based online brokerage firm that offers various trading instruments including 70+ forex currency pairs, 10,000+ stocks, 19 indices, commodities, bonds, metals, and digital currencies. The company was founded in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
FP Markets provides clients with access to multiple trading platforms including MT4/5, TradingView, cTrader, and FP Markets Trading App. The broker also offers two live account types, Standard and Raw, with the minimum deposit of $100 AUD or equivalent amount. In addition, the company offers free demo accounts for traders to test their strategies in a risk-free environment.
When it comes to trading conditions, FP Markets is known for its competitive spreads and low commissions. The broker also offers high leverage options of up to 500:1 for forex trading. Additionally, the broker offers 24/7 customer support and rich educational resources such as webinars, trading guides, and video tutorials, which can help both novice and experienced traders to improve their trading skills.
Pros & Cons
Pros:
Regulated by reputable authorities (ASIC, CySEC)
Various tradable instruments supported
Website easy to navigate
Low spreads and competitive pricing
Generous leverage up to 1:500
Rich educational resources available
Negative balance protection
Cons:
Regional restrictions
Limited live account types
Minimum deposit not the friendiest compared to other brokers
Withdrawal fee charged for some methods
Is FP Market Legit?
Yes, FP Markets is a regulated broker. They are regulated by two reputable regulatory bodies: the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
ASIC is known for its strict regulations and is considered to be one of the most trusted regulators in the world. CySEC is also a reputable regulator and is responsible for regulating the financial markets in Cyprus, which is an important hub for forex and CFD trading. FP Markets’ adherence to these regulatory bodies’ rules and regulations ensures its transparency, and fairness in its operations.
Market Intruments
FP Markets offers over various market instruments for traders to choose from, including 70+ forex currency pairs, 10,000+ stocks, 19 indices, commodities, bonds, metals, and digital currencies.
With Forex, traders can access major currency pairs, as well as minor and exotic currency pairs.
For indices, FP Markets offers a selection of popular indices from around the world, including the S&P 500, NASDAQ, FTSE 100, DAX 30, and more.
In the commodities market, traders can trade precious metals like gold and silver, as well as oil, natural gas, and other commodities.
FP Markets also offers trading in cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, as well as shares from various exchanges, including the NYSE and NASDAQ.
Account Types
When it comes to FP Markets’ account types, there are a few important things to consider. Firstly, it is worth noting that the available account types depend on which trading platform you choose to use. The MT4 and MT5 platforms offer Standard and Raw account types.
Let’s take a closer look at each account type. The Standard account offers commission-free trading with spreads starting from 1.0 pips, while the Raw account offers commission-based trading with spreads starting from 0.0 pips. The Raw account is designed for traders who require lower spreads and are willing to pay a commission for the privilege.
The minimum deposit requirement is $100 AUD or equivalent for both account types.
Demo Accounts
FP Markets offers free demo accounts for both the MT4 and MT5 platforms, allowing traders to practice their strategies and familiarize themselves with the platforms before opening a live trading account. The demo accounts provide access to real-time market data, competitive spreads, and a range of trading tools, making it an ideal option for traders of all levels to test their trading skills without risking their capital.
One of the key advantages of FP Markets’ demo accounts is that they allow traders to experience the same trading conditions as their live accounts, giving them a realistic view of the market environment. In addition, the demo accounts are unlimited, meaning that traders can practice for as long as they want without any time restrictions.
Islamic Accounts
FP Markets also offers Islamic or swap-free accounts to clients who follow the Muslim faith and cannot receive or pay interest due to religious reasons. These accounts comply with Sharia law and allow traders to hold positions overnight without incurring any rollover fees or interest charges.
FP Markets’ Islamic accounts are available for all account types, including the Standard and Raw accounts for MT4 and MT5. Traders can open an Islamic account by submitting a request to the FP Markets support team, which will review and approve the application.
Leverage
The leverage offered by FP Markets for other instruments varies based on the type of instrument and the entity under which it operates. For example, the Australian entity of FP Markets offers a maximum trading leverage of up to 1:500 for major forex trading, while the CySEC entity offers a maximum trading leverage of up to 1:30 for forex trading. Besides, for commodities and indices, the maximum leverage available is usually lower than for forex trading.
Spreads & Commissions
FP Markets offers competitive spreads and commissions for its traders.
The spreads for forex trading start from as low as 0.0 pips, depending on the type of account and trading platform.
The Raw account, which is available on both the MT4 and MT5 trading platforms, charges a commission of $3 per side per lot traded, while the Standard account has no commission but slightly wider spreads.
Trading Platforms
FP Markets offers its clients a variety of trading platforms to choose from, including MT4/5, TradingView, cTrader, and FP Markets Trading App.
The MT4 platform is well-known for its user-friendly interface and extensive range of analytical tools, making it a popular choice among traders of all levels. The MT5 platform is an upgraded version of MT4, offering additional features such as more timeframes, additional order types, and advanced technical analysis tools.
Please note that FP Markets charges fees, which depend on the account type and trading platform being used.
Specifically, Standard account holders using any platforms are charged zero commissions for all trading assets, while Raw account holders using MT4/5 platforms are charged a commission of $3.5 per lot for forex and metals trades, and Raw account holders using cTrader platform are charged a commission of $3 USD per lot.
Copy/Social Trading
FP Markets presents robust copy trading services.The options include an embedded MT4 service from a leading algorithmic broker, an embedded MT5 service ideal for equity CFD copy trading, and an embedded cTrader service as a reasonable MT4 alternative.
Additionally, traders can leverage the well-trusted third-party service Myfxbook AutoTrade or explore the fee-based emerging alternative Signal Start.
Furthermore, FP Markets provides an in-house maintained copy trading service, FP Markets Social Trading, catering to traders seeking a proprietary solution.
Deposit & Withdrawal
FP Markets requires a minimum deposit of $100 AUD or equivalent. This means that you can not open an account with FP Markets unless you deposit at least $100. However, it is important to note that some payment methods may require a higher minimum deposit. For example, if you are using a bank wire transfer, the minimum deposit may be higher than $100 due to processing fees.
Educational Resources
FP Markets offers some educational resources to help traders improve their knowledge and skills in trading. These resources include video tutorials, webinars, podcasts, trading guides, ebooks, glossary, etc. The broker also provides a demo account for traders to practice their trading strategies without risking real money.
