If you’re reading this, there’s a high chance FP Markets brokerage services are available in your country.
Whether you’re new to forex trading and looking for an unknown broker or looking to swap brokers, stay tuned for this FP Markets review.
FP Markets are famous for their low spreads and commissions. For that reason, I tested out the spread and trading fees meticulously, and I’ll highlight this and the quality of other offerings in the subheadings below:
- My Findings
- My Personal Experience with FP Markets
- Demo Trading on Markets
- FP Markets Alternatives
| Broker FAQ | Answers |
|---|---|
| Year Founded | 2005 |
| Free Bonus | No deposit bonus |
| Minimum Deposit | $100 on standard accounts, goes up to $1000, $25,000 and $50,000 on IRESS accounts |
| Spread | Raw spreads are available and start from 1.2 pips for floating spreads. |
| Leverage | Leverage is fixed at 1:500 and 1:30 for European clients. |
| Cent Account | x |
| ECN | ✓ |
| Deposit Methods | Credit/Debit Card, Bank Wire Transfer, PayPal, Skrill, Neteller, SticPay, PerfectMoney, DragonPay, Rupee, Pagsmile, Rapyd, Rapid, XPay, Finrax, LetKnowPay, LuqaPay, PayRetailers, ApplePay, GooglePay, VirtualPay, PayTrust, FasaPay. |
| Withdrawal Methods | Credit/Debit Card, Bank Wire Transfer, PayPal, Skrill, Neteller, SticPay, PerfectMoney, DragonPay, Rupee, Pagsmile, Rapyd, Rapid, XPay, Finrax, LetKnowPay, LuqaPay, PayRetailers, ApplePay, GooglePay, VirtualPay, PayTrust, FasaPay. |
| MT4 | ✓ |
| MT5 | ✓ |
| Mobile App | ✓ |
| Copy Trading? | ✓ |
| Trustscore | 85% |
FP Markets Review Summary and Rating
FP Markets is focused on providing competitive brokerage fees through tight spreads and lightning-fast execution.
Its trading platforms lack advanced features, which hold it back; however, the layout is user-friendly, and order confirmation is good. Nonetheless, they make out for it with third-party trading platforms (Meta Trader and cTrader).
Pros
Video content and updated articles
Multi-lingual support
Investor compensation scheme
Regulated by three financial bodies
Cons
International bank withdrawals are high
Perks locked behind IRESS account
Is FP Markets a Trusted Broker?
Formally known as FP Markets Limited, this broker was founded back in 2005 and was registered as a foreign exchange and CFD broker.
If you’re sceptical about the broker, fret not; three regulatory bodies regulate the company and boast a staggering award cabinet of 40+ international awards.
As for regulations, it is governed by the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the European Securities and Markets Authority (ESMA).
Moreover, regulations are essential to ensure clients’ funds are safe and not at the end of any ill practices from the broker.
My Findings
On this broker, the success rate so far sits at 74%- 89%, which reflects how difficult trading the foreign exchange market is.
Furthermore, trading conditions are favourable and healthy for all types of traders. First, all trading strategies are permitted, and low trading fees per trade are provided.
Contrarily, one major complaint in every FP Markets review is the high withdrawal fees to international banks.
Staying on the subject of deposits, there are at least 20 deposit routes available for traders. This might seem excessive initially, but multiple options don’t hurt anyone.
Account Types
FP Markets simplified the account offerings to ensure consumers are not overwhelmed. Hence, there are only three account types on this trading platform.
Standard account: On this account, spreads are floating, translating to higher fees- pricier.
Raw account: Differently, zero spreads are offered here, but commissions are charged in response to that.
IRESS account: The minimum deposit on this account type is higher but comes from the special features. Trading fees can be waived depending on trading volume, and a dedicated trading platform mainly for stocks is provided for IRESS subscribers.
Spread
Spread can be floating or raw once a suitable trading account has been chosen. Floating spreads start at 1.2 pips, while raw spreads are fixed at 0.1 pips (technical zero).
Leverage
The broker advertises 1:500 as the leverage on the platform, which isn’t false. However, traders in some regions will be forced to use a leverage ratio 1:30 due to European Union laws.
Lot Sizes
The minimum tradeable lot size is 0.01, a micro lot size. Since a cent account is absent on this broker, smaller trading lot sizes aren’t feasible.
Moving on, the highest lot sizes that can be used to execute a trade is 50 lot sizes.
Minimum Deposit
The minimum deposit on FP Markets is $100, far from the lowest available, but it’s not shabby either. The minimum stakes on the IRESS account vary from $1,000, $25,000, and $50,000, respectively.
Except for fund deposits made through a bank, no charges arise while funding a trading account.
Trading Platform(s)
The primary trading platforms are Meta Trader 4 and 5, respectively. Both platforms are available on mobile and desktop devices and are powered even further by third-party add-ons.
Indicators and robust charting tools are at your disposal here with no restrictions. Check out the best indicators on meta trader here.
Even though FP Markets provides a mobile trading platform, it is subpar.
Significant features that improve traders’ productivity are also missing, but the simplified layout makes it perfect for beginners.
Lastly, cTrader can be used with no additional cost for your copy trading demands. cTrader is a social copy trading platform with over 750+ strategies, so there’s a guarantee a risk tolerance acceptable for you will be found. One thing to note is certain service providers charge a couple of per cent as fees.
Education
Education is one area FP markets don’t outrightly come out on top of. However, giving credit where it’s due, they’ve been improving year over year in this regard.
Under the “Trader Hub” panel, technical and fundamental analysis is constantly provided in written and visual form (YouTube). Also, at the start of each week, market insights to guide trading decisions over the trading week can be looked out for, too.
Customer Support
To no surprise, a broker of this calibre offers multilingual support and provides support during weekdays. Live chat, telephone, and email are some of the ways to get in contact with a team member.
Expert Opinion on FP Markets’ Services
FP Markets is a broker with 40+ awards and a good track record. Therefore, right from the jump, what you’re in for is clear.
Account offerings are simplistic, but for traders who want a bit more, there are IRESS accounts. Sadly, this account isn’t accompanied by a sophisticated trading platform.
Furthermore, copy trading is made easier through the broker’s partnership with FX Book.
My Personal Experience With FP Markets
Creating an account with this broker was swift—the process slowly shifted towards full automation over the years.
During the sign-up process, an OTP was sent to verify my phone number with no courier charges.
Trading With FP Markets
Firstly, 130+ trading pairs are available with 10,000 stock options. Execution is good since all trading accounts are ECN by default. All sorts of trading strategies can be used without restriction to scalping and hedging.
Moreover, the IRESS account is a good alternative for traders with huge capital. Trading fees can be eliminated, therefore maximising returns.
Demo Trading with FP Markets
Using a custom forex trading robot for XAU/USD, huge turnovers of 600% were achieved on a FP Markets account.
FP Markets Alternatives
Traders registering for an IRESS account on FP markets access more privileges as mentioned in this FP Markets review.
One of those privileges is stock trading; alternatively, you get access to stock trading at no additional cost at Iron FX and Trade Nation.
FP Markets Review Summary
FP markets is available in 93 countries, and if your country makes the shortlist, you can’t go wrong with this broker.
As seen above, the trading environment checks all boxes whilst providing safety and quality customer support.
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