FP Markets is an Australian-based forex and CFD broker that has been providing trading services since 2005. Renowned for its low spreads, excellent trading platforms, and comprehensive market access, FP Markets caters to both beginners and experienced traders. In this review, we will provide a detailed analysis of FP Markets’ features, account types, trading conditions, and other important aspects for 2024.
Overview
- Founded: 2005
- Headquarters: Sydney, Australia
- Regulation: ASIC (Australia), CySEC (Cyprus)
- Minimum Deposit: $100
- Leverage: Up to 1:500
- Trading Platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), IRESS (for professional traders), FP Markets WebTrader, Mobile Trading Apps
- Instruments: Forex, Commodities, Cryptocurrencies, Indices, Shares, Metals
- Spread: From 0.0 pips on Raw Spread accounts
- Customer Support: 24/7 multilingual support via live chat, phone, and email
Regulation and Security
FP Markets is regulated by two major financial authorities:
- ASIC (Australian Securities and Investments Commission), License No. 286354
- CySEC (Cyprus Securities and Exchange Commission), License No. 371/18
These regulatory bodies ensure that FP Markets complies with strict financial standards, providing traders with a secure trading environment. ASIC, in particular, is a highly respected financial regulator known for its rigorous requirements regarding transparency and protection of client funds.
FP Markets uses segregated client accounts, meaning your trading capital is held separately from the company’s operational funds, adding another layer of security. The broker also offers negative balance protection, ensuring that clients cannot lose more than their account balance.
Account Types
FP Markets offers two main types of accounts for forex and CFD trading, catering to different trading styles:
- Standard Account
- Minimum Deposit: $100
- Spreads: From 1.0 pips
- Leverage: Up to 1:500
- Commission: None
- Best For: Beginners and casual traders
- Raw Spread Account
- Minimum Deposit: $100
- Spreads: From 0.0 pips
- Leverage: Up to 1:500
- Commission: $3 per lot per side
- Best For: Scalpers and professional traders
Trading Platforms
FP Markets provides multiple trading platforms, each tailored to different types of traders:
- MetaTrader 4 (MT4)
MT4 is the industry standard for forex trading, offering a wide range of tools including charting, indicators, and automated trading through Expert Advisors (EAs). It’s a reliable platform for beginners and experienced traders alike. - MetaTrader 5 (MT5)
MT5 is an upgraded version of MT4, offering more timeframes, more order types, and an expanded range of asset classes. It’s ideal for traders who want a multi-asset platform that can handle not just forex but also shares, indices, and commodities. - IRESS
This is a premium platform offered by FP Markets, particularly suited for professional traders who need advanced trading tools, access to global markets, and deep liquidity pools. IRESS offers more sophisticated charting tools and market depth information. - FP Markets WebTrader
For those who prefer not to download any software, FP Markets’ WebTrader offers an easy-to-use, browser-based solution with fast execution and full access to all market instruments. - Mobile Trading Apps
FP Markets offers mobile trading apps for both MT4 and MT5 on iOS and Android, allowing traders to manage their accounts and trade on the go.
Spreads, Commissions, and Fees
FP Markets is known for its tight spreads, especially on the Raw Spread account, making it a popular choice for scalpers and day traders. Below is a breakdown of the fees:
- Standard Account: Spreads from 1.0 pips, no commission.
- Raw Spread Account: Spreads from 0.0 pips, with a commission of $3 per lot per side.
FP Markets charges no deposit fees, and the withdrawal fees depend on the method used. For most withdrawal methods (credit cards, PayPal, Skrill, etc.), there are no charges, but for international bank transfers, a small fee may apply.
Leverage
FP Markets offers leverage of up to 1:500, which is highly attractive to traders looking to maximize their exposure with a smaller initial capital. However, it’s important to use leverage responsibly, as higher leverage increases both potential gains and risks.
Leverage restrictions may apply depending on the trader’s location and the regulatory body overseeing their account (for example, CySEC-regulated accounts may offer lower leverage than ASIC-regulated ones).
Deposit and Withdrawal Methods
FP Markets supports a wide range of deposit and withdrawal options, making it convenient for traders around the world. Some of the most popular methods include:
- Credit/Debit Cards (Visa, MasterCard)
- Bank Wire Transfers
- eWallets: PayPal, Neteller, Skrill, FasaPay
- Cryptocurrencies: Bitcoin (through selected partners)
One of the standout features of FP Markets is the no-fee deposits and fast withdrawals, with most withdrawals processed within 24 hours.
Instruments and Assets
FP Markets offers a broad selection of markets to trade, including:
- Forex: Over 60 currency pairs, including majors, minors, and exotics.
- Cryptocurrencies: Bitcoin, Ethereum, Litecoin, and more, traded against fiat currencies.
- Commodities: Gold, silver, oil, natural gas.
- Indices: Major global indices like the S&P 500, NASDAQ, DAX, FTSE.
- Shares: CFDs on over 10,000 international shares from global exchanges like the ASX, NASDAQ, NYSE, and LSE.
This wide variety of instruments makes FP Markets a great choice for traders who want to diversify their portfolio across different asset classes.
Customer Support
FP Markets is known for its excellent customer support, which is available 24/7 through the following channels:
- Live Chat: Available in multiple languages.
- Phone: Local and international numbers.
- Email: support@fpmarkets.com
In addition, FP Markets offers a comprehensive education section on its website, including trading guides, webinars, video tutorials, and market analysis. This makes it an ideal platform for beginners who are looking to improve their trading skills.
Pros & Cons of FP Markets
Pros:
- Well-regulated: By both ASIC and CySEC, offering a safe trading environment.
- Tight spreads: From 0.0 pips on Raw Spread accounts.
- Flexible account types: Suits both beginners and professionals.
- Wide range of instruments: Forex, cryptocurrencies, shares, commodities, indices.
- Fast execution speeds: Ideal for scalping and high-frequency trading.
- 24/7 multilingual support: With excellent customer service ratings.
- Advanced trading platforms: MT4, MT5, and IRESS for professional traders.
- No-fee deposits: And fast withdrawals.
Cons:
- IRESS platform is expensive: Requires higher deposits and is best suited for professionals.
- Limited cryptocurrency offerings: Compared to some other brokers.
- Spreads on the Standard Account: Could be more competitive.
Who Should Trade with FP Markets?
FP Markets is ideal for both beginners and advanced traders. Its low minimum deposit, competitive spreads, and wide range of assets make it a great option for anyone looking to trade forex and CFDs. With the choice of MT4, MT5, and IRESS platforms, FP Markets caters to both casual traders and professional, high-frequency traders.
Beginners will appreciate the user-friendly platforms, low entry requirements, and excellent educational resources. Meanwhile, advanced traders will benefit from the Raw Spread account’s tight spreads, fast execution, and access to more sophisticated platforms like IRESS.
Conclusion
FP Markets is a highly-regarded broker in the forex and CFD industry, offering a reliable, well-regulated, and feature-rich trading environment. With its low-cost Raw Spread account, excellent customer service, and diverse range of assets, FP Markets remains one of the top choices for traders in 2024.
Whether you’re a beginner looking for a solid start or a professional seeking tight spreads and advanced trading tools, FP Markets provides a comprehensive offering that caters to a wide range of traders.
