The forex market is highly competitive, with numerous brokerages seeking your business. Experience doesn’t lie, however, and FP Markets stands as one of the oldest online forex brokerages in the industry. Since 2005, FP Markets has provided traders with great financial markets and numerous assets. FP Markets has a proven track record and a high reputation among experts.
If the age of FP Markets isn’t adequate proof of their legitimacy, their full compliance with Australian financial regulations should. By adhering to regulatory laws, FP Markets provides traders with safe access to all sorts of assets. This includes forex, cryptocurrency, indices, commodities, options, and ETFs. Global leaders in the world of trading often do business via FP Markets, owing to its robust suite of features, video tutorials, top quality customer service, and intuitive trading platforms.
While FP Markets has earned a top spot in the online forex industry, we don’t allow anyone to rest on their laurels. We’ve crafted this comprehensive review of their services to inform consumers as to whether or not FP Markets deserve their business. We had to assess their features against the top competitors in the industry, too. To reach this end, we used real money to establish a live trading account so we could assess the services that FP Markets provides. That information provides the basis for our honest, unbiased review. Here at Coinlib, we have the interests of the consumer at heart.
FP Markets Broker Review – Is This the Right Broker to Partner With?
FP Markets proudly proclaims itself as the ultimate destination for traders interested in financial markets. The goal of their business is to allow for the convenient sale of assets as diverse as cryptocurrencies, stocks, commodities, metals, indices, and more. With such lofty goals, we had to put them to the test and see if their services measure up to their ambitions. Before we launch into our in-depth review, here’s a quick summary of the pros and cons.
|The broker is regulated by the Australian financial authorities – ASIC (Australian Securities and Investments Commission)The spreads start from 0.0Traders get personal account managers to help them make accurate trading decisionsSupports four different trading platforms – MT4, MT5, WebTrader and IressIslamic trading is also supported on FP MarketsYou may trade currencies, stocks, commodities, metals, and indices on FP MarketsTraders have access to numerous educational materials and other trading toolsSupports a wide range of payment methods, including PayPalOver 10,000 financial instruments available to tradersAutomatic open and close positions featureOffers 10 base currencies||Live chat feature is not available 24/7Traders from certain jurisdictions are not accepted|
What Makes FP Markets Unique?
The reason FP Markets still stands as an industry leader is due to the strength of its services. A key selling point is the variety of trading platforms available; FP Markets supports four different trading platforms. This entails MetaTrader 4, MetaTrader 5, WebTrader and Iress. FP Markets delivers market access through an excellent, intuitive, and easily navigable user interface. Additionally, FP Markets carries a range of useful tools to assist traders in achieving success.
In addition to the quality of the features the company provides, they offer excellent fees and tight spreads often starting at 0.0. FP Markets does not charge fees on transactions, meaning that you can deposit and withdraw money ungarnished. Your bank may charge you for the transactions, however.
FP Markets carries one of the most expansive arrays of financial assets and instruments of any forex and CFD brokers. The financial assets FP Markets offers to traders number in the thousands. Currently, FP Markets gives traders over 10,000 financial instruments – 500 times most of the competition. Virtually all standard financial assets, such as stocks, cryptocurrency, forex and the like are available through the FP Markets platforms. FP Markets provides services to millions of clients worth billions of dollars a year. The company enjoys massive liquidity, resulting in easy deposit and withdrawal of funds invested in their markets.
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FP Markets Experience Test
To a trader, all services must be reliable. If any service is inadequate, it may result in financial losses, however good the others are. After opening our account, we tested the most important services offered by FP Markets. We use these tests as a means to determine the efficiency level of online brokerages.
We conducted our first test on the withdrawal process. Reliable withdrawals are perhaps the most essential service. After all, any breakdown here will block the traders from their money and prompt a breakdown in trust. Once we opened our account, we deposited funds into our trading account. We immediately had the option to withdraw our money. While we needed to submit our identification documents to the customer support team, it took less than an hour to gain their approval. With that, the funds were on their way back to our bank account. Credit cards and eWallets offer the fastest withdrawal times; your account reflects the withdrawn funds nearly instantly. Bank wires, on the other hand, entail modest wait times of 3-5 business days.
After testing withdrawals, we tested the customer service at FP Markets. Quality customer service is essential in any industry. This is doubly true when dealing with such large quantities of funds as in the forex industry. We put all customer support options at FP Markets to the test: email, phone call, and live chat on the website. In all regards, the FP Markets customer support team performed beyond expectations. We submitted a question to the customer support team and received a reply within minutes. They assured us they were on top of our issue and in less than an hour they had our answer. This system means allowed us to spend the intervening period focused on trading, rather than listening to elevator music on hold. It’s a subtle innovation we wish more customer service teams would adopt.
Finally, we put their trading platform to the test. FP Markets provides support for the three industry leaders; MT4, MT5, and WebTrader. Additionally, FP Markets supports Iress, another unique trading platform. Each platform has its advantages and tools to assist traders in achieving success. Additionally, they all offer an intuitive interface and speedy service. Each platform processed our orders within seconds, ensuring we didn’t lose good trades due to delay. In this regard, the platforms were fairly equal.
These three, fundamental services are truly indispensable to the success of traders in the finance market. When you deal with FP Markets, you can rest assured that FP Markets exceeds the mark and provides excellent service in each area. As a result, we can comfortably recommend FP Markets as your forex, crypto, stocks, and metals brokerage. The only reason we can think of to look away from FP Markets is if they lack specific services you’re interested in.
Is FP Markets a Scam or Legit?
Before trading through a platform, establishing their legitimacy is essential. While a legitimate company might offer you great opportunities, many illegitimate platforms exist to scam aspiring traders. Our exhaustive research into FP Markets allows us to say with complete certainty, though, that FP Markets is a legitimate forex and CFD brokerage.
The first step to take in assessing the legitimacy of a company is finding out if they’re regulated. FP Markets is regulated by ASIC and the Australian laws surrounding the finance industry. The Australian regulations FP Markets adheres to are in line with international regulations. As a result, FP Markets is bound by law to provide fair access to markets and to protect the data and funds of their traders.
In all, there can be no doubt of the legitimacy of FP Markets. Not only are they a reputable and respected forex and CFD brokerage of that’s been in business for 15 years. On top of that, their scale of operations has entailed trillions of dollars worth of transactions in that time. Finally, the Australian regulatory agencies provide all necessary approval and verify the legitimacy and reliability of FP Markets.
Two important policies that regulated companies follow are Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies. These regulatory laws help cut down on illegitimate traders, fraud, and other criminal activity in the financial markets. Additionally, they improve transparency and offer greater security to traders. Part of this means that FP Markets requires all traders to verify their identity and location before they enjoy full activity on the account. As a result, you should ensure you possess the documents needed to prove your identity and location when opening an FP Markets account. This is an industry-standard procedure that all reputable brokers require from their customers.
To find all information about FP Markets operation, you can search the Terms and Conditions. It rigorously and thoroughly provides all information on the operations of the company, their criteria for different financial activities, and all important information. FP Markets is staffed with experienced traders who possess a strong understanding of the financial markets, and you can be sure of their knowledge and professionalism.
FP Markets possesses one of the most robust security systems among all online brokerages. Besides the strength of the security protocols, they’re efficiently applied. As such, withdrawal and deposit services provided by FP Markets do not compromise either speed or safety. You can confidently operate with FP Markets without any fear of safety issues.
Additionally, FP Markets respects the privacy of its users. Because of this consideration, FP Markets does not sell or share their data with any third party, affiliate companies, or others interested in procuring data for marketing purposes. All data FP Markets gathers from its traders is treated as confidential.
FP Markets Regulation and Safety of Funds
Like all reputed forex and CFD brokers, FP Markets is regulated by the laws of the nation it’s located in. The Australian Securities and Investments Commission (ASIC) oversees financial regulations in Australia, which FP Markets adheres to. This offers an additional guarantee that FP Markets is safe, reliable, and respected. Some of these regulations include the AML and KYC policies described earlier, and their stipulations with regard to verifying their status as legitimate traders. Thanks to these policies, FP Markets can curb various financial crimes and limit the flow of funds to criminal organizations.
The other high priority for the company is providing security and safety with regards to trader funds. The powerful security protocols in place with FP Markets ensure that their traders do business quickly, efficiently and securely. One mechanism by which they achieve this is storing company funds and client funds separately. As such, clients may always reliably access their funds. Client funds are stored in reliable, reputable banking institutions that follow international regulations and keep their funds secure. Additionally, the company would remain able to pay out to clients in the unlikely event that it goes under.
FP Markets – Account Types
There are five account types offered by FP Markets. Two of these accounts are offered under the forex account, while three are available through Iress. The account types are tailored to the unique needs of different types of traders. While there are subtle differences from one account to the next, they’re equal in that they provide traders with secure, easy access to the financial markets.
Forex Account Types
There are two different types of forex accounts offered by FP Markets:
On the one hand, FP Markets offers the Standard Account. The standard account has a minimum deposit of AUD100 and supports trading via MT4 and MT5. The Standard Account doesn’t include commissions charges but spreads start from 1.0. When it comes to leverage on financial assets, Standard Account users have a ratio of 1:500.
The other Forex account is the Raw Account. For the most part, it’s quite similar to the Standard Account. The minimum deposit of AUD100 is identical. Raw also has dual-platform support, for MT4 and MT5. Leverage on financial assets remains at 1:500. However, the Raw account users are charged $3 as a commission on platform transactions. On the other hand, spreads start from 0.0 rather than 1.0.
Iress Account Types
The three Iress account types are different types of accounts aimed at Iress traders. Iress is generally a choice of experienced traders who value the advanced tools it offers.
Here, the Standard Account is oriented solely towards the Iress trading platform. The minimum deposit amount is AUD1000. Commission rates are based on a per-lot basis, and amount to AUD10 and then 0.1%. Equity margin rates for CFD services begin at 3%, compared to the base rate with FP Markets. The base rate for FP Markets starts out from 4%.
Like the Standard account, the Platinum Iress account exclusively serves the Iress trading platform. The minimum deposit is AUD25000. The commission drops to AUD9 and 0.09%. While the CFD equity margin rates are identical to the Standard account, at 3%, the base rate for FP Markets starts out at 3.5%.
The highest account type obtainable at FP Markets is the Premier Iress account. Like the other Iress accounts, it only serves the Iress platform. The minimum deposit leaps to the sum of AUD50,000. There is no basic, minimum commission on this account. The only commission on the Premier account is 0.08%. Both the CFD equity margins and the FP Markets base rate begin at 3%.
While the ascending account types offer some valuable advantages, all customers enjoy the excellent essential features of an FP Markets account. All accounts offer access to financial markets via a fantastic user interface and all accounts entail access to exceptional customer service. Additionally, all FP Markets traders enjoy a powerful suite of educational tools, trading tools, and the thousands of financial assets available via the FP Markets platforms.
Additionally, Muslim traders who follow Shariah Law will be happy to see that FP Markets offers an Islamic account tailored to their religious needs.
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FPMarkets Trading Conditions
FP Markets has the following trading conditions:
- Trading times are in GMT+2, or GMT+3 during daylight savings time
- FP Markets offers all FX currency pairs around the clock, with exception to a two-minute break around midnight.
- Each trading week lasts from Monday at 00:02 to Friday at 23:57.
- FP Markets offers positions that you may automatically open and close.
- Some accounts offer spreads starting from 0.0
- Unique fees, charges, and conditions via Iress trading platform
- Holiday trading hours vary by each platform
- Leverage on financial assets of up to 1:500
Fees and Spreads
FP Markets doesn’t charge a commission on some of its account types and trades. However, those fees the broker does charge are quite reasonable. Forex trades on Raw accounts and metals are both subject to a commission of just AUD3.50. The fees on the Iress accounts change by account, country and financial instruments in play.
FP Markets offers trades with impressively tight spreads. For the Standard account users, the spreads start from 1.0 pips. Spreads on Raw accounts start from 0.0 pips. Spreads like this are highly competitive and allow traders to take advantage of good financial opportunities.
Account Opening Experience
Registering with FP Markets is a simple, straightforward process. Opening an account with them gives you access to their platforms and powerful trading tools. With an FP Markets account, you can deal in stocks, forex, indices, commodities, and cryptocurrencies.
Visit the broker’s official site to begin the process of opening an account. The top right corner of the platform has a tab labeled ‘OPEN LIVE.’ Once you click on this tab, FP Markets automatically redirects you to the registration page.
Opening an FP Markets account entails a four-stage registration process. In the first stage, you provide personal information including your full name, email address, and phone number. In the second stage, you provide more personal information such as residential address and occupation.
The third stage is where you select your trading account type. In addition to choosing your account type, you need to choose your trading platform and base currency. The final step is to answer a questionnaire that’s aimed at helping the FP Markets team get to know you. Once the survey is done and you agree to the terms and conditions, your account is automatically opened. Once you verify and fund your account, you’re free to begin trading.
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Deposit and Withdrawals
The diverse range of payment methods that FP Markets supports help traders fund their accounts quickly. To deposit funds to your FP Markets trading account, follow the steps below:
- Login to your FP Markets trading account and select the ‘DEPOSIT’ option in the top right of the screen
- Choose your preferred payment method
- Provide the relevant information to your payment method and your desired quantity of deposited funds
- Submit an application
After completing this process, your account automatically represents the new funds.
Many different payment methods work on FP Markets, including the following:
FP Markets naturally supports PayPal, as Paypal is one of the largest online payment platforms. You can deposit funds from PayPal with any of the following currencies; AUD, CAD, EUR, GBP, HKD, JPY, SGD, and USD. Accounts via MT4 and MT5 have no transaction fees, but Iress accounts have a 2% transaction fee. PayPal allows you to add funds to your FP Markets account instantly.
Credit/Debit cards beat out PayPal as the most popular method for payment. FP Markets accepts major credit and debit cards such as Visa, MasterCard, and others. There are no transaction fees for MT4 and MT5 trading accounts. Iress accounts, on the other hand, are charged 1.6% for AUD. Other currencies are marked up and charged at 3.18%. You can use credit and debit cards to deposit funds in CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. FP Markets instantly processes Credit/Debit transactions, and the funds will reflect in your account in less than an hour.
FP Markets also accepts payment from electronic wallets. Some accepted e-wallets include Neteller, Skrill, Fasapay, Poli Pay, and Pay Trust. FP Markets will instantly fund eWallet payments to your account.
FP Markets accepts both local and international bank wire transactions. It takes one business day for the funds to reflect in your bank account. Domestic wire is free of fees, while international bank wire entails a fee of 12.5 AUD per transaction.
Broker to Broker
You can transfer your funds from another brokerage platform to FP Markets. Similar to bank wire, funds take one day to reach your FP Markets trading account. For domestic transactions, there are no transaction fees. On the other hand, an international broker to broker fee requires an AUD25 fee per deposit.
Similar to the deposit of funds, you can easily withdraw your earnings from FP Markets. However, you need to verify your ID and residence first. Withdrawals are still fairly easy to complete, and require you take the following steps:
- Login to your FP Markets trading account – at the top right corner, you can find the ‘TRADING’ icon. Select it.
- Find and click ‘FUNDS WITHDRAWAL.’
- Choose how to withdraw your funds and provide your details
- Input your desired withdrawal and submit the withdrawal request
- Your request is reviewed and approved in less than an hour if all documentation is provided. Your account will be credited immediately. However, methods such as bank wire transfer may entail a delay in the arrival of funds.
FP Markets requires users to verify their accounts before gaining full account activities.
Proof of Identification
FP Markets requires you to prove your identity per various regulatory policies such as KYC and AML. The accepted documents are:
- National ID card
- Driver’s license
- International passport
Copies must clearly display all important information such as name, date of issue, and date of birth.
Proof of Residence
FP Markets also require users to verify their address. Some of the documents accepted include:
- Utility bills (electricity, water, others)
- Bank statement
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FP Markets Trading Platform
Few forex brokerages offer four different trading platforms, as FP Markets does. The most popular trading platforms are MT4 and MT5. They’re used by a wide range of brokers, and a standard option provided by many excellent brokers. FP Markers traders who operate via MT4 and MT5 enjoy fast order execution, expert advisors, and a wealth of informational tools to help their trading. There are other perks such as live trading accounts, one-click trading and many more.
Additionally, FP Markets provides access to the WebTrader platform. WebTrader is the easiest to use since it doesn’t require you to download any software. While accessibility is a big selling point for Webtrader, it offers a useful suite of tools that any trader will appreciate.
Finally, FP Markets provides traders access to the Iress trading platform. This is a new and improved active trading platform that comes with a range of advanced functionalities. Where WebMaster is fantastic for beginners and the MT platforms are good for everyone, Iress is aimed at experienced traders. On Iress, you have advanced features such as multiple portfolios, accurate exchange pricing and more.
Regardless of the trading platform you use, FP Markets traders enjoy access to thousands of financial assets and fantastic customer service.
Education and Resources
FP Markets has a vast catalog of educational materials available to help traders better understand the markets. This catalog includes educational courses, eBooks, video tutorials, a glossary, and a newsletter. With these educational assets, traders can study and learn new strategies to approach the financial market.
Alongside the educational tools, traders with FP Markets enjoy a range of useful trading tools. Traders can access tools such as daily market news, the week ahead report, the daily market report, an economic calendar, and more. With this set of tools, traders can track trends in the market and stay ahead of the curve.
The FP Markets customer service team is first-class. The team is highly professional and friendly, and each member has an in-depth knowledge of the financial markets. They offer instant responses to customer issues and you can reach them by phone, email, or live chat via their website. With their dedication to great service and high level of knowledge, you can rest comfortably when your funds are with FP Markets.
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Frequently Asked Questions (FAQs)
Is FPMarkets Regulated?
FP Markets is an Australian company, regulated by the ASIC. Regulated companies such as FP Markets adhere to financial regulations such as AML and KYC policies.
What is FP Markets?
FP Markets is a CFD and forex brokerage based in Australia. It provides international access to the financial markets for many traders. Through the FP Markets financial platforms, traders can trade stocks, indices, metals, futures, commodities, and many other financial assets. In exchange for access to the financial market, FP Markets charges modest user transaction fees and trading fees.
Who has Experience Working with FP Markets?
FP Markets has suitable options for all classes of traders. Their WebTrader trading platform is suitable for beginners, Iress suits the need of professionals and MT4/MT5 are suitable for any traders. As such, all sorts of traders around the world have experience with FP Markets.
How does FP Markets Work?
FP Markets provides access to major trading platforms with thousands of financial instruments. These include stocks, forex, cryptos, and many other options. FP Markets functions by charging modest trade fees and commissions.
How Reputable are FP Markets?
FP Markets is a respected, venerated online brokerage. Besides operating for well over a decade, FP Markets complies with the Australian regulatory agency and the local and international policies they enforce. Furthermore, FP Markets handles hundreds of billions of dollars worth of transactions a year. Their operations have grown so large thanks to the faith traders possess in their strong security protocols.
How do I Open an Account with FP Markets?
Open an FP Markets account by following these steps:
- Visit the official FP Markets website
- Click on the ‘OPEN LIVE’ tab
- Provide the necessary details in each of the four registration categories
- Submit your ID and residency verification documents
- Complete your registration and deposit funds to get started.
Where is FPMARKETS Based?
The company’s office is located in Sydney, Australia. Their office is at First Prudential Markets Pty Ltd Level 5 Exchange House 10, on Bridge St. This can be found at Sydney NSW 2000 AUSTRALIA.
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