FP Markets is one of the best Australian brokers that has been operating for 15 years now and providing clients with high-quality trading services. They have also gained industry recognition and numerous awards for their quality-rich trading services.
In this FP Markets review, we will discuss the broker in depth. We will cover its trading accounts and platforms; minimum deposit required, maximum leverage provided, spreads and commission fees, and other trading costs; assets available for trade on the different platforms; deposit and withdrawal methods, and their fees.
We will also explain all the regulatory aspects of forex trading and what are the benefits of dealing with a broker licensed in Australia and Europe, like FP Markets.
Trading Accounts & Assets Available
| Account type | Minimum deposit | Maximum leverage | Typical Spreads | Platforms |
| Standard | $100 | 1:500 | from 0.0 pips | MT4/MT5 |
| ECN Raw | $100 | 1:500 | from 0.0 pips + AUD $3.5 / lot (per side) | MT4/MT5 |
| Standard (Iress) | $1000 | 1:20 | Base Rate +4.0% | Iress |
| Platinum | $25 000 | 1:20 | Base Rate +3.5% | Iress |
| Premier | $50 000 | 1:20 | Base Rate +3.0% | Iress |
The account types at FP MARKETS are basically in two categories, based on the trading platforms available: MetaQuotes’ MT4 and MT5 or the broker’s proprietary software Iress.
FP Markets Account Types
FP Markets offer two different account types to its traders. Let us understand these two account types with the help of a table:
| Account Type | Standard | Raw Account |
| Commission | No Commission | Low Commission |
| Spreads | 1.0 pips | 0 pips |
| Leverage | Flexible Leverage | Flexible Leverage |
| Trading Assets | Forex, commodities, indices | Forex, commodities, indices |
| Trading Platform | Both MT4 and MT5 | Both MT4 and MT5 |
Account Opening
Here is a Step-by-Step Process to Open an FP Markets Account:
- Step 1: Visit FP Markets Website, i.e. “www.fpmarkets.com” in your web browser’s address bar.
- Step 2: Select the Sign-Up or Open Live Account Option
- Step 3: Provide Personal Information such as your full name, residential address, contact details, country of citizenship, date of birth, and tax identification details. If you are not 18 years or older, you won’t be eligible to open an account.
- Step 4: Additional Information such as your employment status, annual income, trading experience, objectives, and net worth might also be asked.
- Step 5: Carefully read through the broker’s terms and conditions. If you agree to them, tick the box or click the button to accept them.
- Step 6: Get your documents verified and KYC be performed.
- Step 7: After submitting your application and verification documents, the broker will review your information. This might take a few business days, so be patient while waiting for their response.
- Step 9: FP Markets will send you an email or notification confirming your account’s approval once your application is approved. They will provide you with important account details such as your account ID, account server, and passwords.
- Step 10: Log In and Start Trading
Important Note: Throughout the process, ensure that you are on the official FP Markets website and not on any fraudulent or phishing site. Double-check the URL and look for security indicators to stay safe online.
Tradeable assets
The broker provides access to over 10,000 trading instruments. These include more than 60 currency pairs, CFDs on commodities, indices, stocks, precious metals, and even cryptocurrencies like Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum. And on the Iress platform, clients of FP Markets can trade in thousands of share CFDs across 9 international exchanges.
| Trading Assets | Inclusions |
| Forex | GBP/USD, EUR/USD, and USD/JPY |
| Shares | CFDs |
| Indices | NASDAQ 100, S&P 500, and EUREX |
| Commodities | Energy, agricultural products, and metals |
| Bond | ETFs, IOUs etc. |
| Metals | Gold, silver against USD and Australian Dollar |
| Digital Currencies | Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum |
FP Markets: Security of Funds
FP MARKETS (FPM) is a trusted global CFD and forex provider that was established in 2005. Over the years, they have won more than 35 industry awards, such as ‘Best Trade Execution’, ‘Best Customer Service’, and ‘Best Value for Money. Furthermore, the renowned ‘Investment Trends CFD Report’ has awarded FP Markets with the ‘Most Satisfied Traders’ in the industry for 5 years running.
The broker is licensed by the Australian Securities and Investment Commission (ASIC), one of the most well-established financial authorities worldwide. The broker also has a European subsidiary, First Prudential Markets Ltd., which is regulated by CySEC, but more on that later.
The regulatory body ASIC requires the broker to meet certain minimum capital requirements (AUD 1 000 000) to meet client payout obligations, adhere to strict rules, and employ sound internal procedures for client account segregation, risk management, financial reporting, staff hiring, and external audit schedules.
The tight regulations make FP Markets a safe broker to invest your funds.
Trading Conditions On FP Markets
Minimum Initial Deposit
Traders are required to deposit $100 in order to open an MT4/MT5 account with FP MARKETS, which is average in the forex industry. And those who would rather use the broker’s Iress platform should invest at least $1000.
Average Spreads & Commissions
FP MARKETS offers variable spreads, the typical ones on its commission-free account amounting to 1.45, and the ones on the ECN Raw accounts averaging 0.45 pips on EUR/USD. Considering that commission of $3 per standard lot per side applies on the Raw account, trading costs of such account holders amount to a little over 1 pip, which is competitive pricing.
For further information, you may look up real-time spreads of 15 leading brokers here.
Maximum Leverage
FP MARKETS offers leverage ratios of up to 1:500, which are high enough to suit any trading strategy. Yet, this doesn’t mean that these levels are appropriate for all types of trades, especially inexperienced ones.
The thing is, using higher leverage means greater exposure to risk, and you may lose all funds in your account in a matter of minutes if the market moves against you. That is why the leverage available to retail clients is restricted in many jurisdictions, including in the US, the European Union, Japan, Canada, Turkey, and more. There were also similar plans proposed by the authorities in Australia, but they haven’t been put into law by the time of writing this.
Needless to say, European clients of FP markets will only be able to use the leverage of up to 1:30, as they will supposedly contract the broker’s Cypriot subsidiary. That said, many brokers try to circumvent the leverage restrictions in Europe by either classifying clients as professionals or transferring them to their overseas entity.
Trading Platforms
FP MARKETS offers its customers several trading platforms: MetaTrader 4 (MT4), MetaTrader 5, and its in-house Iress, specialized in CFDs trading.
The MT4, including extra tools
The MT4 is the most widely used forex platform, designed to facilitate a smooth and efficient trading experience. With FP Marketsit is available to FPM’s clients in all forms and shapes – desktop downloadable versions, web versions for various browsers, and mobile apps.
The reason for MT4’s extraordinary popularity is perhaps its reliability, ease of use and rich functionality. This trading software basically provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, extensive back-testing environment and a wide range of Expert Advisors (EAs). By using EAs traders may sit back, while the software does all the work, as Expert Advisers allow full automatization of trades.
Another notable feature of the MT4 is that the platform allows customization. So, those who are handy with code can create their own EAs and indicators. And those who don’t have the time and the skills to configure can select ready-made Expert Advisors and market indicators from the huge library for free.
Those trading on the MT4 will also be glad to know that FP markets have some extra Trader Toolbox for this platform – a suite of twelve online trading tools which will enhance your trading. More specifically, these include applications such as Trader Toolbox Connect, which provides news feed and economic calendars, and Correlation Trader which makes correlations between markets and highlights the areas of low or high correlation.
Other key tools from MT4 Trader Toolbox include Alarm Manager, Stealth Orders, Excel RTD, Session Map, Sentiment Trader, Tick Chart, and more.
The MT5, VPS services
As MT4 will soon be phased out, the broker launched trading in the latest version of MetaQuotes software – MetaTrader 5 (MT5). It has most of the great features of MT4, as well as some new ones. Most importantly, the MT5 offers traders the opportunity to trade an extended number of instruments from a variety of asset classes, including exchange-traded stocks. The MT5 can also be accessed via your browser, whichever it is, and can be downloaded and installed on your PC or mobile, regardless of the OS.
In recent years, MetaQuites has made many significant upgrades to the MT5, such as adding a hedging option, a tool for analyzing exchange markets, news management improvement, market data subscriptions, new chart settings, and even negative prices.
If you are into automated trading and running EAs all the time, it is vital that your platform is Internet-connected 24 hours a day. The best solution, in this case, is VPS, and FP Markets has partnered with TradersColo and BeeksFX VPS, to provide a customized low latency solution for their clients using the MT4/MT5. The VPS seamlessly connects traders to the Equinix NY4 grid using cutting-edge technology and providing excellent execution.
And the good news is that you can even use VPS with FP Markets free of charge – either if you meet a certain trading volume (over 10 lots on a standard trading account, or 20 lots on our Raw account), or if you make a minimum deposit of 1000 USD or equivalent.
Iress platforms
FP Markets’ proprietary platform Iress is web-based and basically intended for trading in equities. It provides industry-leading execution, a wide range of order types, stop-loss, live news feeds, international data, real-time price quotes, complete market depth, and charting facilities.
Speaking of charting, we have to point out that the Iress platform is equipped with 59 technical analysis indicators, more than 50 drawing tools, multiple timeframes, historical market data, and more. Also, you can customize and save chart templates.
Iress is a web-based platform built on HTML5. The entire Iress Suite comprises Iress ViewPoint, web-based Iress Trader, Iress Investor, and Iress Mobile.
When you log in to the Iress platform from the navigation menu, you can choose between Iress Trader or Iress ViewPoint. There is actually automatic data sync between the two. The Iress ViewPoint is said to provide advanced trading tools and better compatibility with a number of internet browsers.
As its name suggests, Iress Investor is intended for investors, who don’t wish to trade themselves. It’s designed as multi-product portfolio management alerts and features alerts, advanced charting, market data across multiple product types and exchanges, and a full range of order options.
The Iress investor platform is available for free, only if you wish live price streaming, you have to pay $22 per month. The Viewpoint version on the other hand has a monthly fee of $55 (+$22 for the live streaming). However, high-volume traders who generate more than $200 in commission in any calendar month, don’t have to pay these monthly fees.
And as regards the financial instruments available on Iress, these include over 10 000 stocks on global exchanges, futures CFDs, indices, commodities, and forex.
Extra services and tools
Furthermore, clients of FP Markets can automate their trades with MyFXbook’s AutoTrade – a state-of-the-art automated social trade copying service, which provides users with the opportunity to copy a wide selection of systems directly into their MT4 trading account.
Besides, clients of FP Markets may also use the powerful Autochartist technical analysis tool, which scans the market to provide detailed breakdowns across a wide range of forex and CFD instruments. The FP Markets Autochartist is customizable, so you can better control the trading activity, and can be used with the MT4 platform through a specially designed plug-in.
Methods of Payment
FP MARKETS offers its clients a variety of deposit/withdrawal methods: via credit/debit card, bank wire, BPAY, Neteller, Skrill, China UnionPay, PayPal, POLi Pay, Paytrust88, Ngan Luong, and FasaPay.
Depending on the depositing method, clients may use the following currencies: AUD, USD, SGD, CHF, GBP, CAD, HKD, JPY, EUR, and NZD. Also, note that deposits are either instant or processed within one business day.
Most of the deposit methods are free of charge, but not all. For example, if you use international bank wire, and don’t deposit in Australian dollars, you will be charged AUD 12.5. Besides, Iress account holders will be charged as follows:
- 1.6% if they use via Card in AUD, or 3.18%, if they deposit in another currency;
- 4% if they use Skrill or Neteller;
- 2% for PayPal.
And as regards withdrawals, those made by credit or debit card and domestic bank wire are free of charge, and the rest are charged as follows:
- AUD 10 for international bank wire;
- 2% (max. 30 USD per 45,000 USD transaction) for Neteller;
- 1% + country fees (if applicable) for Skrill;
- 0.50% for FasaPay;
- 1.5% for Paytrust88;
- 1 000 VND + 1 % for Ngan Luong;
- 2% fee for PayPal (IRESS account holders only);
- 18 USD for Online Pay.
Withdrawals at FP Markets are processed within one business day, once all required documents are received by the broker.
As you may have noticed, there are no fees for payments made via POLi and BPay for both deposits and withdrawals with FP Markets. The reason for this is that these payment methods are exclusively used in Australia, and BPay is actually owned by four Australian banks – Australia and New Zealand Banking Group, Commonwealth Bank, National Australia Bank, and Westpac. POLi’s parent company on the other hand is a fully owned subsidiary of Australia Post.
Skrill and Neteller, on the other hand, are used worldwide but are very popular in Europe. They provide a fast and secure alternative to payments with credit and debit cards. And besides, Skrill has recently adopted an anti-scam policy and only partners with regulated brokers.
FP Markets: Education and Customer support
The broker also provides rich educational materials on its website, which always leaves a good impression. They have a trading glossary, a number of video tutorials, and e-books on online trading, and also maintain a trading information resource called Traders Hub which could be useful to both newbies and regular traders. The Traders Hub was launched in 2020 and delivers the latest trading and analysis data. There, you may find daily technical and fundamental analysis, weekly trading analysis, as well as company news.
And if you have any questions, you can get in touch with FP Markets‘ customer support via phone, chat, and e-mail. They usually provide quick and relevant answers to traders’ questions and the number of supported languages is quite amazing: Arabic, Chinese, English, French, German, Greek, Indonesian, Italian, Malaysian, Portuguese, Russian, Spanish, Thai, and Vietnamese.
Furthermore, FP Markets uses TruRating – an innovative feedback solution that prompts clients to answer (anonymously) certain questions regarding the broker’s services. Thus, based on feedback from clients, the broker strives to improve its offerings.
Conclusion
FP MARKETS is a reliable brokerage operating in Australia and Europe, which is licensed by two of the most well-established financial regulators – the Australian Securities and Investment Commission (ASIC) and the Securities and Exchange Commission (CySEC). They have 15 years of experience on the financial markets and have won a number of industry awards, so they have earned themselves a solid reputation.
Furthermore, FP Markets offers competitive conditions for trading in a wide range of assets, and most notably a huge selection of stocks on its proprietary Iress platform. Other than that, the broker also supports the industry-leading MetaTrader4 and MetaTrader5, and a bunch of account types to choose from.
The broker’s intention has always been to deliver the ultimate trading experience for traders by providing the best trading conditions, technology, pricing, and product range, in combination with the reliability sound financial regulation brings along.
To sum things up, here are the advantages and drawbacks with regard to FP MARKETS.
FAQs
How do I withdraw from the FP market?
One can withdraw their funds from the FP Markets using a credit or debit card and using domestic bank wire that is free of charge.
What is the minimum deposit for FP Markets?
Traders are required to deposit $100 in order to open an MT4/MT5 account with FP MARKETS. And those using the broker’s Iress platform should invest at least $1000.
Is FP Markets good for beginners?
With vast educational resources and research material, and dedicated customer support, the FP Markets is a good choice for beginners as it also has a user-friendly trading platform.
What country is FP Markets from?
FP Markets is a licensed and regulated Austrian forex broker.
Is FP Markets available in India?
FP Markets allows trading in multiple countries, and India is also one of them, so yes, FP Markets is available in India.
