Table of Contents
- SECURITY, MARGINS AND TECHNOLOGY
- CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES
With this FP MARKETS Review we want to find out if FP Markets really is one of the best Australian Forex Brokers. We conducted an in-depth review in August 2019 to find out the answer and bring it to you!
Established in 2005 FP Markets (First Prudential Markets Pty Ltd) is an Australia-based Forex and CFD broker that is headquartered in Sydney (NSW). Further offices are mainly located in Asia.
FP Markets is one of the most recognised brands on the Australian Forex market with an outstanding reputation and large client base. The broker offers its customers a comprehensive package consisting of low trading fees, high security, professional trading platforms and fast customer support.
|💻 Trading Platform||MetaTrader, IRESS|
|🏢 Head Office||Sydney, Australia|
|⭐ Reviews||8.9 - 103 Reviews Trust Pilot|
|↔ Maximum Leverage||500:1|
|🖥 Execution Servers||NY4|
|📡 Broker Type||ECN|
|💰 Negative Protection||No|
|📊 Trading Options||Forex, CFDs, Crypto, Shares, Options|
SECURITY, MARGINS AND TECHNOLOGY
FP MARKETS REVIEW: SECURITY
- ASIC regulated
- High-level web security
Holding an Australian Financial Services Licence (AFSL) and being authorised and regulated by the Australian Securities and Investment Commission (ASIC), FP Markets ensures that all client money is held safely in a segregated bank account and is never used for hedging or other operational purposes.
FP Markets keeps customer funds separate from corporate funds with the top-tier financial institution National Bank Australia (NAB). Speculation with customer funds is strictly prohibited. The company is also third-party audited by the German auditing company BDO.
FP Markets does not accept applications from the United States of America, Japan or New Zealand residents or residents from any other country or jurisdiction where the use of their services would be contrary to the local laws or regulations.
FP Markets is one of the few genuine ECN brokers. This means that the broker gives you direct market access. The liquidity providers are several major banks, as highlighted on the broker's website. Traders can, therefore, trade without a conflict of interest and not against the broker. With a regulated ECN broker, traders can engage in Forex trading at the best market prices.
FP Markets doesn’t take its clients’ safety and security lightly and ensures that all user data is stored on secure servers.
FP MARKETS REVIEW: CHARGES AND MARGINS
- Spread mark-up or
- AU$7 commission per lot R/T
- Various trading platforms
- Up to 500:1 leverage
Clients have access to a wealth of over 10,000 trading instruments including currency pairs, indices, metals and commodities, equities, shares and one digital asset (Bitcoin).
The trading account type is tied to the asset being traded and the platform used for trading. There are various Forex, share trading and CFD account types available at FP Markets, as well as an Islamic (Shariah compliant) and demo account to test the trading environment.
Charges, fees and margins depend on the account type used and are at a highly competitive level. For example, there are two different Forex trading account types available. The Standard account, a STP account type, runs commission-free. Instead, spread-markups from 1.0 Pips apply. FP Markets' ECN Raw account option uses ECN real-time execution and commissions of AU$3.50 are applied for every lot traded. Low spreads, starting from 0.0 pips are available. For example, the average spread on the popular EUR/USD is 0.45 pips.
Both account types offer trading of 50+ Forex pairs, as well as indices, commodities and metals. Leverage can be set as high as 500:1.
There are three different CFD trading account variations available, all providing access to direct market access (DMA) commission and margin rates.
The two different share trading accounts available are FP Markets' Standard account that requires a minimum fee of $14.95 and where commission of 0.11% are charged, and the Non Leverage CFD account that asks for no minimum fee and runs with commissions of only 0.08%.
FP MARKETS REVIEW: TECHNOLOGY
- Fast trade execution
- MT4, MT5 and IressTrader
- MAM & PAMM
- VPS available
FP Markets offers highly sophisticated trading modalities and the choice of three powerful trading platforms:
First, there is the popular Metatrader 4 (MT4) and its younger brother Metatrader 5 (MT5), which are both well known in the foreign exchange trading scene. On top, FP Markets offers the IRESS Trader trading platform which allows access to all 10,000+ markets. IRESS Trader is the industry leader in direct market access (DMA) execution systems. It is a web based platform that dynamically streams data across multiple product types and exchanges. By combining access to full market depth, an enhanced in-house charting system for advanced technical analysis with live news flows, IressTrader provides everything the modern trader needs to maintain their edge in the market.
All three trading platforms are built on HTML 5 technology which is supported on all major web browsers (webtrader) for both Windows and MAC (OSX). All platforms are also available for mobile trading for both Android and iPhone/iPad devices. The mobile apps can be dowloaded via the respective app stores.
Money managers have further access to Multi Account Manager (MAM) and Percent Allocation Management Model (PAMM) allocations that offer numerous trade allocation methods including, Equity, Lot and Percentage.
FP Markets offers highly sophisticated trading modalities and the choice of three powerful platforms: Mt4, MT5 and IressTrader
Execution of Speed Comparison
CUSTOMER SERVICE, TRADING OPTIONS AND SPECIAL FEATURES
FP MARKETS REVIEW: AN OVERVIEW CUSTOMER SERVICE AND CLIENTS SUPPORT
- 24/5 customer support
- 10,000+ trading instruments
- 5 account types to choose from
- Head Office located in Sydney
The Head Office of FP Markets is located in Sydney, Australia. The company holds additional branch offices in Europe and Asia. Over the years, the brand has won multiple industry awards in areas such as customer satisfaction, best education material and trade execution.
Award winning 24/5 customer support is available through fpmarkets.com via their live chat facilities, as well as email and telephone. Dedicated, individual account managers are assigned to all serious traders, that can help to further improve the overall trading experience.
There are a variety of different FP Markets account types to choose from. Depending on whether you would like to trade Forex, CFDs or shares, you can select from a few options. It needs to be highlighted, that not all trading platforms are suitable for trading every available asset. For example, the MT4 platform cannot be used for equity CFD trading. If you would like to trade CFDs, you will need to utilise the IRESS platform instead. With this solution, all 10,000+ markets and financial instruments are accessible.
In terms of education and training FP Markets provides a vast selection of tools and resources. Through the broker's homepage clients can access tutorials, video tutorials, webinars, eBooks and trading courses. Bespoke training material is further divided into three main categories that can benefit all types of traders. These three categories are:
Beginner Traders: providing basic information to get an understanding about the financial markets, trading CFDs and other essentials.
Intermediate Traders: information on risk management, avoiding common mistakes, advanced charting and trade planning.
Advanced Traders: with tools and methods to analyse the markets and improve trading strategies, such as fundamental analysis, technical analysis and technical indicators.
A small FAQ section further helps answering the most common queries about account opening, funding, security or general trading account questions.
Market news and updates can be accessed via an economic calendar, investment trends, a research library and daily market analysis.
Funding options include credit cards and debit cards (VISA and Mastercard), Neteller, Skrill, POLI, BPay, Bank Wire Transfers, FasaPay, China Union Pay and Broker to Broker transfers.
FP Markets offers a free demo account. This account is unlimited in use and has no restrictions. It is filled with virtual credit where the trader can practice without the high risks of investing in the markets. A demo account is ideal to gain initial experience with the markets, financial products and trading platforms. In addition, many experienced traders use demo accounts to set up new trading strategies or trading methods and test them in a risk-free environment.
FP MARKETS REVIEW: FOREX AND OTHER TRADING OPTIONS
- 50+ currency pairs & Bitcoin trading
- 10,000+ markets
- Metals, indices, shares + energies
- FX, CFDs and share account options
Overall, the financial product portfolio of FP Markets is excellent. There are over 10,000 financial instruments available, including Forex pairs, commodities, indices, equity CFDs and more. Cryptocurrencies are the only asset class that is missing in the overall selection of products. Currently, only Bitcoin can be traded against the US dollar.
Forex traders have the choice of two Forex account types that offer access to 50+ Forex pairs, as well as indices, commodities and metals with a maximum leverage of 500:1. The Standard account option requires a minimum deposit of only $100 and no commissions are charged. Instead, spread mark-ups of minimum 1.0 Pips are applied. The minimum deposit requirement for the ECN Raw account type is $1,000 and commission of AU$3.50 per lot and side are charged but no further spread mark-ups are applied.
The three different CFD trading account options are:
- Professional Account
The minimum opening balance is $1,000 and the minimum brokerage fee is $10. IRESS trading platform fee of $55 is charged monthly. The fee is waived if the trader generates up to $150 in commission per month.
- Platinum Account
The minimum opening balance is $25,000. The platform fee charges ($55 per month) apply but are waived just like on the Professional Account. The minimum brokerage fee is $9.
- Premier Account
The minimum opening balance is $50,000. For the premier account option, there are no platform fees and no minimum broker charges. Here, the ASX royalty fee is automatically waived.
Further, two different share trading accounts are available:
- Standard Account
Commissions start from 0.11% and a minimum fee of $14.95 is required.
- Non Leverage CFD
No minimum fee is required and commission starts from 0.08%.
With the IRESS platform clients have access to all available financial instruments. From currency pairs, CFDs as well as shares, all 10,000+ assets and markets can be traded with the powerful IressTrader.
FP Markets Review: Special Features
- True ECN broker
- Three powerful trading platforms: MT4, MT5 and IressTrader
- Tight spreads, fast trade execution & leverage up to 500:1
- VPS available
Excellent trade execution with STP and ECN pricing.
Three powerful trading platforms available: IressTrader, MT4 and MT5.
10,000+ markets to trade in.
Tight, low spreads starting from 0.0 Pips.
Low minimum deposit requirement of only $100 AUD or equivalent for Forex accounts.
Competitive commission structure.
Most common trading styles, such as hedging, scalping and expert advisors (EAs) are welcome.
FP Markets offers three powerful trading platforms and allows access to 10,000+ markets to trade in!
Max Leverage Comparison
FP Markets is one of Australia's top online Forex, CFDs and share trading brokers providing award-winning service to its large client base. A wide range of over 10,000 markets can be accessed with this Sydney, Australia, based brokerage firm. Highly recommendable!