FP Markets Review 2023 - Verified Customer Reviews
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FP Markets Review
Updated July 19, 2022
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
KEY TAKEAWAYS
- More than 10,000 stocks available for trading
- Fast and free withdrawals
- Regulated in Australia and Europe
- Low minimum deposit
Regulations and Money Protection
5.0
| Entity Name | Licence & Regulation | Client Money Protection | Deposit Compensation Scheme | Negative Balance Protection |
|---|---|---|---|---|
| FP Markets LLC (SVG) | St. Vincent & the Grenadines FSA Licence | ✔️ segregated client money |
❌ | ✔️ |
| First Prudential Markets PTY Ltd (AU) | Australia ASIC Licence | ❌ | ||
| First Prudential Markets Ltd (EU) | Cyprus CySEC Licence | ✔️ up to €20,000 |
Entity/Regulation
- International customers: First Prudential Markets LLC (trading as FP Markets) will be the counterparty for International customers. This entity is registered in the Saint Vincent & the Grenadines as a Limited Liability Company and regulated by the nation island Financial Services Authority (FSA) under license number 126LLC2019.
- Australian customers: First Prudential Markets PTY Ltd, (ACN 112 600 281), with registered address at Exchange, House Level 5/10 Bridge St, Sydney NSW 2000, Australia, is licensed by the Australian Securities & Investments Commission (ASIC). The company is registered to carry out financial services business in Australia, limited to the financial services covered by its AFSL license. The trading name, FP Markets, used by First Prudential Markets PTY Ltd, is also used by the other entities.
- European customers: First Prudential Markets Ltd is a Cyprus Investment Firm (CIF) authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). First Prudential Markets Ltd registered office is at Aigeo Court 2nd floor, 109 Griva Digeni, 3101, Limassol. The CySEC license allows First Prudential Markets Ltd to carry out brokerage activities in Europe, as an intermediary in the financial markets, respecting the MiFID obligations.
Client Money Protection
- FP Markets complies with the highest safety standards for client's funds. For this reason, FP Markets client's funds are kept in top-tier international banks, fully segregated from the company's funds.
- FP Markets also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. FP Markets holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.
Deposit Compensation Scheme
First Prudential Markets Ltd is a member of the Investor Compensation Fund (ICF), an investor compensation fund for CIF clients and its functions are regulated by the directive DI87-07 of the CySEC. If First Prudential Markets Ltd is unable to meet its obligations, clients might be entitled to compensation (up to the value of €20,000) per claim, irrespective of the number of accounts held, currency and place of offering of the investment service (within Europe).
Negative Balance Protection
For accounts opened with any of the FP Markets group entities there is a default negative balance protection (NBP) to protect clients from losses bigger than their original investments. This means that in extreme market volatility, or without an adequate stop loss in place, a losing trading position cannot cause a negative account balance.
Corporate Governance
FP Markets offers its clients regular account statements. Their financial accounts are audited by external audit firms, to ensure constant compliance with regulations across operations.
Accounts, Instruments and Platforms
| Accounts | Instruments | Platforms | Social trading | Maximum Leverage |
|---|---|---|---|---|
| MT4/5 ✔️Standard ✔️Raw IRESS ✔️Standard ✔️Platinum ✔️Premier ✔️PAMM ✔️Islamic Accounts |
✔️Forex ✔️Indices ✔️Stocks ❌Futures ❌ETFs ❌Bonds ✔️Commodities ✔️Cryptos |
✔️MT 4 ✔️MT 5 ❌cTrader ✔️IRESS |
✔️Myfxbook ❌ZuluTrade |
30:1 Europe 30:1 Australia 500:1 Rest of World |
Account types and currencies
- FP Markets has five types of trading accounts available; MT4 and MT5 with Standard and Raw accounts and IRESS with Standard, Platinum and Premier accounts. IRESS is a trading platform with advanced functionalities, including Direct Market Access (DMA), allowing for CFDs trading in stocks and futures along with other non-DMA financial instruments such as indices, commodities and Forex. FP Markets also offers swap-free accounts for traders of Islamic belief.
- FP Markets allows for social trading, including copy trading, through Myfxbook.
- FP Markets has MAM/PAMM accounts alternatives for money managers.
- FP Markets maximum leverage is 30:1 for accounts opened within Europe and Australia, and up to 500:1 for accounts opened in other countries around the world.
- Currently, FP Markets trading accounts are available in AUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, USD and HKD.
Financial instruments
Trading with FP Markets can be done via the Metatrader 4, Metatrader 5 and the IRESS platform, available on desktop terminal and mobile versions. FP Markets offers an excellent selection of more than 10,000 assets to trade, including Forex, indices, stocks, commodities and cryptocurrencies.
- FX market - 61 currency pairs (including Minor and Exotic crosses).
- Indices - 12 world indices including UK 100, CAC 40 and NIKKEI 225.
- Stocks - 10,000+ stocks CFDs from worldwide top companies and banks, such as Starbucks, HSBC, Visa or McDonalds.
- Commodities - 7 commodities CFDs available for trading; 4 metals (Silver and Gold included) and 3 energies including UK Oil and US Oil.
- Cryptocurrencies - 5 CFDs crosses for trading, including Bitcoin, Ripple and Ethereum.
Pricing
4.5
| Pricing/ Account |
MT4/5 Standard | MT4/5 Raw | IRESS Standard | IRESS Platinum | IRESS Premier |
|---|---|---|---|---|---|
| Spread EUR/USD | from 1.1 pip | from 0.0 pip | Commission based | Commission based | Commission based |
| Commissions (1 lot) | ❌ | from 6 USD | $10 min, then 0.1% | $9 min, then 0.09% | 0.08% |
| Minimum Deposit | from 100 AUD or equivalent | from 100 AUD or equivalent | from $ 1,000 | from $ 25,000 | from $ 50,000 |
Spreads
FP Markets trading spreads are not the most competitive in the market, for the entry-level account (Standard account). For the most traded pair, the EUR/USD, the minimum spread starts at 1.1 pip with an average of 1.2 pip. On the positive side, with a Raw account, the EUR/USD minimum spread is 0.0 pip.
To benefit from the ultra-low spreads there's a cost, of course, meaning that the Raw accounts have commissions. For the same example, EUR/USD, with the Raw account the standard lot commission for 1 lot (100,000 units) is 6 USD (3.00 USD per side, per lot), or the equivalent on your account currency. This commission is on average compared with other top brokers.
To benefit from the ultra-low spreads there's a cost, of course, meaning that the Raw accounts have commissions. For the same example, EUR/USD, with the Raw account the standard lot commission for 1 lot (100,000 units) is 6 USD (3.00 USD per side, per lot), or the equivalent on your account currency. This commission is on average compared with other top brokers.
Rollover Rates
FP Markets swap rates, as of 14-09-2020, for 1 lot EUR/USD (100,000 units) stands at an average rate of -4.15 for holding overnight a long 1 lot contract and at +0.09 for holding overnight a short 1 lot contract. We consider these swap rates to be slightly lower compared with the rollover rates offered by other top Forex brokers.
Deposits/Withdrawals and Other Fees
- Deposit fees - Trading accounts can be opened in 10 different currencies and maintained via 10 different funding methods, including cards, bank wires and e-payments such as Neteller, Skrill and PayPal. Deposited funds are available instantly on the trading account. FP Markets does not charge any fees for deposits.
- Withdrawals fees - Same policy applies for withdrawals (processing times vary depending on the withdrawal method chosen, normally within 1 business day). While FP Markets does not charge any withdrawal fees for e-wallet and bank wire transactions, the e-wallet provider as well as the sending and correspondent bank may charge according to their own fee structure. The minimum withdrawal amount is 5 USD. For more information, please visit the FP Markets deposit and withdrawals dedicated page.
- Inactivity fee - FP Markets does not charge an inactivity fee or any account maintenance fees.
Popularity
4.0
| Forex Education |
Deposit Options |
Deposit/Withdrawals Fees | Non expiring demo account | Customer Support |
|---|---|---|---|---|
| eBooks Video Tutorials Technical and Fundamental Analysis Daily Market Report |
Cards Bank Wire E-payments |
❌ | ✔️ | Multi language 24/5 Support Live Chat |
The popularity of FP Markets deserves a great 4 out of 5. Not one of the most popular brokers, but clearly with quite some potential to be a reference. Still, FP Markets should be considered a sound option if traders are looking for an alternative broker with a good variety of financial instruments, or, our recommendation, if you are considering the trading of cryptocurrencies, as their spreads are some of the most competitive we have found.
FP Markets is also popular with traders looking to diversify their trading portfolio. This broker offers an extensive product range in a wide range of markets; from Forex trading, CFDs on cryptocurrencies, indices, commodities and boasting more than 10,000 stocks CFDs available to trade.
- Trading accounts - The FP Markets Raw account is a popular choice with traders looking to save on trading costs, with a lower spread and a competitive commission of $6.00 per lot traded. Extra points for FP Markets' policy of no fees on deposits or withdrawals.
- Forex education - FP Markets also gets extra popularity points for their good range of Forex education materials, available through the Education tab. FP Markets clients can access FX trading eBooks, watch and learn with video tutorials, read and make informed decisions with FP Markets fundamental & technical analysis reports. To complete the offer, traders can get market insights with the broker's daily market report.
| Funding Methods | Credit/Debit cards (VISA and Mastercard), Domestic bank wire, International bank wire, Neteller, Skrill, PayPal, PoliPay, BPay, Fasapay, Paytrust88, Ngan Luong, Online Pay, Broker to Broker. |
|---|---|
| Support Languages | Arabic, Chinese, English, French, German, Greek, Indonesian, Italian, Japanese, Malay, Portuguese, Russian, Spanish, Thai, Vietnamese |
- Minimum deposit - Opening a trading account with FP Markets is quite easy and fast, taking around 10 minutes to complete all the forms with the required information. The minimum deposit requirement for the MT4/5 Standard and Raw accounts is 100 AUD, or the equivalent on your account currency (50 USD/EUR/GBP for First Prudential Markets Ltd EU customers).
- Customer support - FP Markets' multi language customer support service is available 24 hours, 5 days a week, in 15 languages. FP Markets' support is available via global phone numbers (depending on jurisdiction), email, contact form and live chat directly from the broker's website.
Broker Profile
First Prudential Markets Pty Ltd (FP Markets) is an Australian-regulated broker offering traders access to a full suite of CFDs across forex, equities, indices, metals, commodities and cryptocurrencies. Traders have at their disposal over 10,000 trading instruments, through a selection of industry-leading platforms including the classic MT4, MT5, and IRESS.
Founded in 2005 and regulated by the ASIC (Australian Securities and Investment Commission), FP Markets has grown to become one of the largest and most reputable players in the industry. FP Markets is part of a group of companies with over 36 industry awards in the field of client servicing and execution technologies.
FP Markets is a trusted global CFD and Forex broker. Their vision was to create the superior forex trading destination where traders could access a full suite of trading products in the global markets. The convenience of being able to trade CFDs across forex, equities, indices, commodities, futures and cryptocurrencies all from a single account is one of the key reason's traders choose FP Markets.
FP Markets offer a combination of pricing, execution speed, cutting-edge platforms, product range, customer support and market analysis, all key ingredients that give their clients the confidence to trade. Being an Australian licensed forex broker, the client's interests are a priority for them. With their firm commitment to excellence, FP Markets are one of the leading forex brokers in Australia.
Overall, on our FP Markets review, the broker scores a great 4.6 out of 5 as this broker still has a couple of key points to improve regarding their pricing and offerings. However, this broker seems to be quite popular amongst traders looking for portfolio diversity and competitive cryptocurrency trading. Also a positive note for the licenses and regulations in place, especially for European and Australian customers.
Data supplied in partnership with CashBackForex - Forex Rebates places FP Markets on the top 10 brokers for popularity with traders opening an account in 2020.
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Founded in 2005 and regulated by the ASIC (Australian Securities and Investment Commission), FP Markets has grown to become one of the largest and most reputable players in the industry. FP Markets is part of a group of companies with over 36 industry awards in the field of client servicing and execution technologies.
FP Markets is a trusted global CFD and Forex broker. Their vision was to create the superior forex trading destination where traders could access a full suite of trading products in the global markets. The convenience of being able to trade CFDs across forex, equities, indices, commodities, futures and cryptocurrencies all from a single account is one of the key reason's traders choose FP Markets.
FP Markets offer a combination of pricing, execution speed, cutting-edge platforms, product range, customer support and market analysis, all key ingredients that give their clients the confidence to trade. Being an Australian licensed forex broker, the client's interests are a priority for them. With their firm commitment to excellence, FP Markets are one of the leading forex brokers in Australia.
Overall, on our FP Markets review, the broker scores a great 4.6 out of 5 as this broker still has a couple of key points to improve regarding their pricing and offerings. However, this broker seems to be quite popular amongst traders looking for portfolio diversity and competitive cryptocurrency trading. Also a positive note for the licenses and regulations in place, especially for European and Australian customers.
Data supplied in partnership with CashBackForex - Forex Rebates places FP Markets on the top 10 brokers for popularity with traders opening an account in 2020.
Was this review helpful? Share it with a friend!
FP Markets User reviews
FP Markets Account types user rating
(16)Standard
(29)Raw