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FP Markets

FP Markets is an award-winning trading destination that focuses on catering to the needs of Australian traders. Launched in 2005, the brokerage offers a superior selection of instruments, including foreign exchange trading, CFDs, indices, equities, futures, commodities, and cryptocurrency trading.

What sets FP Markets apart from its competitors is the deep understanding of traders’ needs. The broker deploys a combination of great spreads, fast execution speeds, a broad product range, and excellent customer support. Also featured on FP Markets are numerous tools for market analysis that enable customers to make informed trading decisions.

The brokerage firm gives its clients a choice from several great trading platforms including the ever-popular MetaTrader and the highly innovative Iress platform. Multiple accounts are available, with customers having the option to trade via standard, raw, interest-free, platinum, and premier accounts. Beginners get the chance to hone their trading skills by opening free demo accounts.

The superiority of FP Markets over the competition is further consolidated by the fact the company has collected more than 30 awards for excellence over the past 15 years. Some of these accolades include the awards for Highest Overall Client Satisfaction, Best Customer Service, and Best Trade Execution.

Regulations

FP Markets is geared toward the needs of Australian traders but also accepts registrations from many other countries worldwide. Its international operations are subject to the regulations of the Cyprus Securities and Exchange Commission (CySEC). This enables the brokerage to legally service customers based in member states of the European Union (EU).

Its services in Australia are supervised by the Australian Securities and Investments Commission (ASIC). These two licenses serve as a guarantee that FP Markets offers a fair and transparent trading experience to its customers.

Other than that, the brokerage firm is owned and managed by First Prudential Markets Limited, a company whose main offices are located in Sydney, Australia. As of 2019, the number of its employees stood at 95 people.

Another interesting fact about FP Markets is that the company’s founder, Matthew Murphy, is a member of the Australian CFD and FX Association. This entity represents many Australian and international brokerages. Its main purpose is to advocate adequate customer protection and healthy competition within the international trading industry, with special stress on improving the protection of traders’ capital.

Due to regulatory restrictions, FP Markets cannot accept trades from clients based in certain countries. The restricted jurisdictions include Japan, Canada, the United States of America, Syria, New Zealand, North Korea, Iran, Iraq, and Belgium. If you fail to see your country in the registration form’s drop-down menu, this means your jurisdiction is not supported by FP Markets.

Trading Instruments

FP Markets’ biggest claim to fame is its broad array of trading instruments, more than 10,000 to be exact. Traders have an immense choice of options for Forex, CFD, indices, equities, and futures trading. Trading cryptocurrencies and soft or hard commodities is also possible at FP Markets. These are all available at ultra-tight pricing, with the spreads starting from zero pips in some cases. Trading on margin is supported as well. Retail customers can benefit from leverages of up to 500 to 1.

Forex Trading

The multi-award-winning brokerage provides foreign exchange traders with access to more than 50 currency pairs at ultra-competitive spreads from as low as zero pips. Beginner traders have the chance to build up experience by investing in major currency pairs, all of which involve the US dollar. The most popular options include USD/JPY, GBP/USD, and EUR/USD.

Minor pairs are also readily available and so are exotics like CAD/JPY, AUD/CHF, EUR/NOK, GBP/SGD, and EUR/ZAR. We consider these more suitable for experienced traders who are very well-acquainted with the foreign exchange markets.

FP Markets has teamed up with some of the largest banks and non-banking financial institutions in the world. This ensures its customers enjoy very deep liquidity pools and have access to the best possible prices for the foreign exchange markets.

Additionally, FP Markets’ customers will benefit from very low latency during the execution of their orders. Execution speeds are incredibly fast as orders are placed within less than 40 milliseconds.

Forex traders can widen their exposure to the global foreign exchange markets by taking advantage of maximum leverage of 500:1. They have a choice from several platforms including MetaTrader 4, MetaTrader 5, and the innovative Iress.

CFD Trading

FP Markets is also a leading brokerage when it comes to offering trades on derivatives like the Contract for Difference (CFD). These derivative instruments give traders a chance to invest in various underlying assets without actually purchasing or owning them. Rather, the customer speculates on the differences in the current pricing of the respective underlying asset.

Whether the client wins or loses money depends on the asset’s price changes from the moment the contract was opened to when it closes. Speculation is possible on the price moments in both directions, up and down. CFDs differ from other derivative instruments like the futures because the contract lacks a fixed expiry date.

Another distinctive feature of the CFD is that it is a leveraged product. Leverage enables traders to expand their trades way beyond their budget. However, this financial “boost” is unsuitable for inexperienced customers of FP Markets because it carries significant risks of incurring debts and massive losses. FP Markets offers both short-term and long-term contracts for difference, providing CFD trading with currency pairs, equities, commodities, and cryptocurrencies.

Equities Trading

Customers of FP Markets will benefit from exposure to the global equity markets, having a choice from over 10,000 stocks across four continents. It is possible to trade equities with leverage of up to 500:1.

The company offers stocks from the world’s biggest exchanges including the Hong Kong Stock Exchange, the Singapore Exchange, the Australian Securities Exchange, the UK’s London Stock Exchange, and the US Nasdaq and New York Stock Exchange (NYSE).

FP Markets provides very competitive margins, allowing you to boost your market exposure. The brokerage gives its customers the ultimate flexibility by allowing them to go both long and short when trading with equities.

Soft and Hard Commodities

Traders looking to hedge risk and bring more diversity to their portfolios are presented with a wide range of commodity options. FP Markets enables its customers to gain exposure to a huge variety of products, including commodities like agricultural goods, silver, gold, crude oil, copper, and natural gas.

The ASIC-regulated broker provides very competitive spreads for these commodities and allows clients to partake in both the opening and closing phases of the markets. Commodities like gold are great because they maintain their value and their prices tend to jump during periods of economic uncertainty.

Prices are usually influenced by various non-market factors like natural disasters and seasonal availability. FP Markets does not send re-quotes for commodity orders, which is another advantage of trading such goods here. Commodity traders get to enjoy great spreads, fast speeds of order execution, very low slippage, and deep liquidity.

Indices Trading

FP Markets provides traders with a choice from the most popular indices on a global scale. Experienced customers can take advantage of very competitive leverages when trading CFD indices, with the margins starting at only 1%. FP Markets gives them access to a variety of options including S&P 500, Eurex Exchange, Nasdaq, and AUS200 indices.

CFD trading enables clients to speculate on the underlying indices’ price movements. Trading costs are lower in this case because the traders do not actually own the underlying assets.

The flexible contract sizes enable you to tailor your index positions depending on your individual risk profile. Other available indices you can diversify your portfolio with include the DAX, the Dow Jones Industrial Average, the UK100, the Japanese Nikkei 225, and the Euro Stoxx 50 index.

Cryptocurrency Trading

Cryptocurrencies have attracted the attention of many traders worldwide. It is only natural for an award-winning brokerage like FP Markets to cater to popular demand by offering traders a wide choice of cryptocurrency markets.

Customers can join the cryptocurrency revolution by trading popular decentralized currencies such as Litecoin, Bitcoin Cash, Ripple, Ethereum, and Bitcoin. There are many different combinations of cryptocurrencies against fiat currencies you can trade at FP Markets, with some of the options being BTC/AUD, BTC/ETH, and ETH/USD.

One thing to keep in mind before you incorporate those in your portfolio is the high volatility of the cryptocurrency markets. This increased risk results from the dramatic shifts of cryptos’ prices, which causes massive intraday swings.

Furthermore, the prices are influenced by crypto news rather than political or economic factors. Here you can trade cryptos even without having a cryptocurrency wallet. Trading on both rising and dropping prices is possible at FP Markets.

Trading Platforms

Platforms

PC / MAC

Smartphones

Tablets

MetaTrader 4
MetaTrader 5
Web Trader
IRESS Trader

FP Markets gives its clients a choice from a decent selection of robust trading platforms. Traders can download and install MetaTrader 4 or MetaTrader 5 on their desktop computers although the browser-based version of the software, WebTrader, is also readily available.

Another option is to execute your trades via the innovative Iress trading platform, which offers various advanced functionalities to investors. Some of these include dozens of drawing tools, more than 50 technical indicators, and many different timeframes. FP Markets keeps up with the times by allowing its customers to execute trades on the go via their portable devices.

MetaTrader 4

The MetaTrader 4 (MT4) platform is a good choice for beginner and seasoned traders alike. FP Markets offers it for a free download on Mac and Windows-based desktop computers. This software is usually recommended to people who are looking to exclusively trade on the foreign exchange markets since it is geared predominantly toward the needs of Forex traders.

MT4 ensures a seamless trading experience as it is equipped with a variety of great features, including many different tools for charting, options for automated trading, and price charts. Another advantage of using it is that technical indicators are available in spades here.

The interface is customizable as well. Other useful functionalities incorporated into the software include the MarketWatch feature, single-click trading, the Expert Advisors (EAs), price alerts, and live-price streaming.

The platform is also compatible with iOS and Android-based mobile devices. Security is the last thing you should worry about when trading via MT4 since FP Markets uses a highly reliable 128-bit encryption.

MetaTrader 5

MetaTrader 5 (MT5) is the newer upgraded version of its predecessor and is courtesy of the same developer, the Russian company MetaQuotes. It supports a broader selection of trading instruments, allowing users to trade commodities, futures, indices, equities, bonds, and options.

Some traders complain about its interface not being user-friendly enough but we believe you will experience no difficulties if you have previous experience with MetaTrader 4. We find MT5 more convenient than its predecessor because it is an all-in-one trading platform.

The benefits of MT5 greatly outnumber its disadvantages. The platform is loaded with nice functionalities starting with six available types of pending orders, including the Sell Stop Limit and the Buy Stop Limit. Hedging is possible via MetaTrader 5.

The software also displays the Depth of Market, a feature that is otherwise unavailable in its precursor. There is also a new and improved multi-threaded strategy tester for the Expert Advisors along with 21 timeframes, 38 indicators, 44 graphical objects and a built-in email system that allows you to attach files. Transferring funds between accounts is also an option for those who use MT5.

Webtrader

FP Markets’ customers who do not feel like installing additional trading software on their devices can still join the brokerage. FP Markets grants them the option to trade directly in their browsers thanks to the availability of the MetaQuotes WebTrader. This browser-based software is available in both the MT4 and MT5 versions.

It allows for great ease of trading and provides you with access to ECN (Electronic Communications Network) prices. Similarly to the downloadable software, the WebTrader is equipped with a variety of great functionalities. You can open a position with one click of the mouse button.

The Depth of Market feature is also incorporated here. Traders have access to real-time price quotes and a diverse selection of useful trading tools, including graphical objects and technical indicators. The browser-based software is available in multiple languages, allowing non-English speakers to trade seamlessly on desktop and mobile devices.

The Iress Platform

FP Markets also gives traders the option to use the innovative Iress Trader along with several related platforms such as Iress ViewPoint and Iress Investor, available in browser-based and downloadable formats. There are lots of features these platforms can offer.

Iress Trader is a true leader when it comes to DMA (Direct Market Access) execution. It supports all the features you might possibly need to maintain your edge on the markets, including transparent pricing, live news streams, a market heat map, alerts on orders and price levels, and a highly customizable interface.

The software is compatible with Microsoft Windows and Mac devices. It features 59 technical indicators, a comprehensive range of timeframes, more than 50 drawing tools, and prices for over 10,000 instruments, including domestic and international futures, currency pairs, and indices. The browser-based version is compatible with a wide range of browsers including Google Chrome, Firefox, Opera, and Safari.

Payment Methods

Another advantage FP Market has over the competition is the availability of a broad variety of safe banking options. There are more than ten great funding options, with traders having the chance to register their FP Markets accounts in ten different base currencies.

These include AUD, EUR, GBP, NZD, JPY, CHF, SGD, CAD, and HKD. We recommend you set up your trading account in your country’s local currency, if available, as this would spare you the fees associated with currency conversion.

Traders can conduct hassle-free deposits via secure payment methods such as Visa and Mastercard credit or debit cards, domestic and international bank wire transfers, the digital wallets Neteller, PayPal, and Skrill, Ngan Luong, Paytrust88, Fasapay, BPAY, and POLi.

One thing to bear in mind when choosing a deposit option is that some of these methods are country-specific. For example, Ngan Luong is a payment method available only to customers from Vietnam while Paytrust88 can be used by payees from six Asian countries, including Vietnam, China, South Korea, Malaysia, Thailand, and Indonesia.

As for the minimum deposit amount, it stands at $50 or the currency equivalent across all available account types at FP Markets. The bad news is some of these methods come with additional transaction costs. The deposit fees depend on the type of account you have opened.

For example, if you deposit to your Iress account with Neteller, you will have to pay 4% on top of your deposited amount. The same goes for Skrill. Domestic bank wire transfers are fee-free but international ones are charged $12.5 extra if you deposit in any other currency than AUD.

The fee-free methods include BPAY, POLi, Fasapay, Ngan Luong, and Paytrust88. PayPal deposits come at no extra costs if you register an MT4/MT5 account. A charge of 2% applies to Iress accounts. As for the timeframes, deposits are either instant or take up to 1 business day depending on which method you use. Broker-to-broker transfers are also possible.

Where withdrawing from your FP Markets balance is concerned, you can resort to options like cards, the above-mentioned digital wallets, Fasapay, bank wire transfers, Paytrust88, and Ngan Luong. POLi is not supported for withdrawals.

Note that the broker’s terms and conditions stipulate that if you have funded your account with a credit or a debit card, your withdrawals will be returned to the same method you originally used. FP Markets compensates for the deposit fees by offering free withdrawals via Visa, Mastercard (for MT4/MT5 accounts), and domestic wire transfers. Withdrawals take one business day provided that the broker’s financial department has received all the necessary documentation from you.

BrandMinimumFeesProcessing Time
$50For IRESS Domestic (AUD): 1.6% International: 3.18%MT4/5: Instant funding
Iress: 1 business day
$50For IRESS Domestic (AUD): 1.6% International: 3.18%MT4/5: Instant funding
Iress: 1 business day
$50For IRESS 4%1 business day
$50No Fees MT4/5
2% fee for IRESS
MT4/5: Instant funding
Iress: 1 business day
$50For IRESS 4%MT4/5: Instant funding
Iress: 1 business day
$50For IRESS 4%MT4/5: Instant funding
Iress: 1 business day
$50No FeesMT4/5: Instant funding
Iress: 1 business day
$50No FeesMT4/5: Instant funding
Iress: 1 business day
$50No Fees1 business day
BrandMinimumFeesProcessing Time
-No FeesMT4/5: Instant funding
Iress: 1 business day
-No FeesMT4/5: Instant funding
Iress: 1 business day
-No Fees1 business day
-No FeesMT4/5: Instant funding
Iress: 1 business day
-No FeesMT4/5: Instant funding
Iress: 1 business day
-No FeesMT4/5: Instant funding
Iress: 1 business day
-No FeesMT4/5: Instant funding
Iress: 1 business day
-No FeesMT4/5: Instant funding
Iress: 1 business day
-No FeesMT4/5: Instant funding
Iress: 1 business day

Account Types

FP Markets caters to both novice and versed traders by offering them a huge choice of account types. Switching between accounts is very simple, with each customer being permitted to open and use up to eight FP Markets accounts.

Beginner traders and those who are unfamiliar with the brokerage have the opportunity to start their trading experience by registering free demo accounts. There are several account options for traders who want to trade Forex via the MT4 or MT5 platforms.

More seasoned customers are catered to with the availability of standard, platinum, and premier Iress accounts. Clients who profess the Islamic faith can register swap-free accounts to trade without interest.

Standard Forex Accounts

Customers can register a Standard Forex account with a starting balance of $100 only. This is an option for those of you who want to trade via MT5 or MT4. There are many benefits for standard account holders, starting with the fact the spreads start at as little as 1 pip. The minimum trade size is equal to 0.01 lot. There are no additional commissions per lot since all the charges are built into the spreads.

Leverage for Standard accounts is flexible and reaches up to 500:1. This account type also grants you access to more than 60 trading products, including various currency pairs, commodities, and indices. Order execution is lightning-fast as the trades are executed via a fiber optic connection to FP Markets’ dedicated NY4 servers.

Raw Forex Accounts

Raw Forex accounts are among the most popular options among FP Markets customers and are also available for MT4/MT5. To use this account, you need a minimum opening balance of $100 or the currency equivalent.

Spreads start from zero pips. Raw accounts use the ECN pricing for orders’ execution. The minimum trading size coincides with that for Standard Forex accounts, i.e. 0.01 lot. One of the differences here is that this account type comes with additional commissions that stand at $3 per lot. The maximum leverage is again 500:1. The supported instruments include currency pairs, indices, metals, and soft commodities.

Iress Accounts

Traders who insist on using the sophisticated Iress trading platform are presented with a choice from three distinct account types – Standard, Platinum, and Premier. All three are intended specifically for trading with contracts for difference and therefore, are mostly suitable for experienced and professional traders.

The Standard Iress account requires a minimum balance of $1,000 whereas the minimums for the Platinum and Premier options are $25,000 and $50,000, respectively. Another distinctive thing here is that all three accounts are associated with fees and brokerage rates that vary from 0.1% to 0.08%.

The Standard Iress account gives you access to highly competitive DMA commissions and margins. However, the Platinum version comes with lower commissions while the Premier account has no platform fees and brokerage charges whatsoever.

Another benefit of having an Iress account is that it enables you to execute trades over the telephone without incurring additional charges. All three types can be tested for free in demo format. This would give you a good idea about which of the three is most suitable for you.

Islamic Accounts

These are swap-free accounts geared toward the needs of Islamic customers whose faith prohibits them from paying and receiving interest on their overnight positions. FP Markets requires customers interested in this swap-free option to first set up MT4 or MT5 accounts. Then, they need to send the brokerage a request for the conversion of their MetaTrader accounts into Islamic accounts.

Also important is to mention that these swap-free accounts are not charged administration fees but this applies only to the first five nights of trading. Once this period expires, the administration fees are enforced. Said fees range from $1 to $33 depending on the currency pairs you trade.

Another essential thing to consider is that certain Forex pairs like EUR/TRY and USD/TRY cannot be traded interest-free by Islamic account holders. Such customers are recommended by the brokerage to close their positions before the trading day ends at midnight platform time. Apart from these peculiarities, swap-free accounts work similarly to the standard MetaTrader accounts and offer the same trading conditions.

Support

FP Markets is fully committed to the satisfaction of customers, providing them with a laudable support service and several options for contact. The support staff is on standby 24/5. The easiest way to receive answers to your queries is by using the live chat facility. You will find it at the bottom of the lower right corner of your screen.

You can address all issues and subjects with the chat assistants because they are competent about a variety of trading-related topics. There is also the added benefit of being serviced in your native tongue.

The support staff can converse in a wild variety of languages including English, Spanish, Italian, Arabic, German, Indonesian, Thai, Portuguese, Japanese, Malay, Greek, and Chinese. The second contact option is to reach them via email at support@fpmarkets.com.

Keep in mind this address is intended for general inquiries, though. There are separate emails for specific subjects like funding, account opening, withdrawals, and new inquiries. Finally, FP Markets’ support can also be reached over the telephone by dialing +61 02 8252 6800 or the toll-free number 1300 376 233 for Sydney. There is also a fax number (+61 02 8252 6899).

Conclusion

FP Markets is one of the brokerages that are impossible to compete with when it comes to providing a superior trading experience. The broker offers an unprecedented range of more than 10,000 financial instruments, which is something few other trading sites can compete with.

In addition to this wild diversity, FP Markets gives its customers access to a variety of account types, covering a broad spectrum of trading styles and preferences. There are several great platforms to choose from, each one offering various features for advanced trading. And on top of all that, the spreads offered by FP Markets are incredibly competitive.