FP Markets is an online Forex and CFD broker which was established in the year 2005 by First Prudential Markets Pty Ltd. in Australia. Through the years, it has received various awards not going below 35 from different organizations due to the quality service and advanced features that they offer.
FP Markets is the one-stop destination of traders for online financial trading services with their comprehensive number of products and services. They give an avenue for traders to trade with ease and comfort in as much as they have a wide grasp and understanding of the needs of their clients.
One of the characteristics that set FP Markets from the rest of Forex brokers are the trading platforms that they provide to their clients.
Like any other online brokers, FP Markets offer MT4 for their client’s use. MT4 is known as the Standard trading platform which is equipped with a wide range of trading tools which users can use and when maximized, can collect as much information as they can. It comes with many features which include a comprehensive charting package, 128-bit encryption, technical indicators, one-click trading, customizable interface and so much more.
The IRESS is a unique and powerful trading platform launched by FP Markets in 2017. The IRESS is a replacement of the Iresstrader platform which has been offered to their clients before. It comes with a wide range of technical analysis tools, advanced price charts, module linking and the rest it has to offer.
In the name of advanced and quality service, FP Markets has adapted to the trend of mobile trading among online brokers too. The platforms which they offer is both downloadable through mobile phones which has the same features as web trading does. With this, clients can enjoy trading in the comfort of their mobile phones.
FP Markets offer their clients a wide range of trading accounts where they can choose from. These accounts depend on what instrument a client wishes to use. The account choices are as follows:
- Standard Forex Account – Requires a minimum initial deposit of $200 with no commission, but with fast execution.
- ECN Raw Account – It gives clients the access to over 60 products with an ultra tight spread which starts from 0 pip.
- Professional Account – It requires a minimum initial deposit of $1000 and offers $10 minimum commission. It also requires $55 IRESS trader fee to clients.
- Platinum Account – Requires an initial deposit of $25,000 with $55 IRESS Trader fee. It offers clients a minimum of $9 commission.
- Premier Account – Requires a minimum initial deposit of $50,000 and does not require any platform fee.
- Demo Account – A demo account for FP clients, especially those who are just new to trading, is available. The demo account is available on the MT4 platform as well.
A minimum initial deposit of $200 is needed in order for someone to open a trading account with FP Markets. It is a reasonable amount considering the products and services that FP Markets offer.
Deposits and Withdrawals with FP Markets are done through eWallets, Credit and Debit cards, China Union Pay and Wire Transfer. When funding with credit or debit cards, a charge of 0.8% is required for domestic cards while 3.148% is charged for international cards. On the other hand, transactions made with Union Pay has a charge of 1.75%.
The maximum leverage available in FP Markets is 1:500 for spot Forex trading. Generally, the leverage depends on the account type that a client has.
Spreads and Commissions
The average spread that FP Markets offer to clients is 0.6 pips with 0.8% commission. Generally speaking, the spreads and commissions offer to vary and greatly depends on the accounts that they offer.
Regulation and License
FP Markets is regulated by the Australian Investments and Security Commission (ASIC) which is known as a strict regulatory body. With that being said, clients are ensured that their legal interest is taken good care and are safe with them.
Communication with FP Markets is possible with four channels to choose from – live chat, email, telephone and social media. Furthermore, the FP Markets website is available in different languages to accommodate the needs of their clients of different nationalities.
Benefits of Trading with FP Markets
FP Markets clients enjoy a number of benefits. Such benefits include a wide range or secured trading accounts, lots of educational materials about trading in as much as they offer bonuses from referrals where clients can earn an extra income.
- Wide choice of trading accounts
- Secured trading
- High leverage
- Limited trading platform choices
With so many online trading scams today, FP doesn’t belong to those as they are legitimate in all means and ways. They are reliable and they offer their clients the best that they can when it comes to trading. They operate in accordance with professional and ethical standards, thus there is a little or no problem with them at all.