FP Markets Review
FP Markets is a broker that exists since 2005. It has more than 12,000 clients all over the world, and over the years, it got a lot of praise for the products and services it offers. It has the MT4 and MT5 platforms, as well as the Iress mobile trading. Furthermore, users have access to a plethora of instruments in multiple markets, like commodities, indices, and currencies.
Despite all the experience it has, there may be some aspects that you haven’t discovered yet, and they are relevant to your decision on whether to use the platform or not. It’s good to have all the facts ready before you sign up and deposit your hard-worked money. Thus, this review will explore different sides of FP Markets and make sure you can use this data to make an informed decision.
Who Is FP Markets for?
FP Markets is ideal for beginner traders due to its low prices and low minimum deposit. Since a newcomer may not have a lot of money to spend or may not trust a platform enough to spend so much money, it is great to see such low fees. Besides, there is a demo account, making it an even better option for someone looking to get started.
The account opening process is easy and fast, which also makes for a great start. Moreover, there are enough products for a beginner to get started with, which prepares them to become amazing traders in the future.
What is also great is the educational aspect. Both beginners and more experienced traders can use different materials to help them progress as traders. There are educational videos, webinars, platform tutorial videos, e-books, and even a trading glossary.
Things We Like
One of our favorite aspects when it comes to FP Markets is the fact that they ensured the Forex fees are low and that the minimum deposit is also low. We love it when traders make the platform more accessible for newcomers or people with fewer funds.
Making deposits and withdrawals is a fast process, giving people access to their funds much quicker than other platforms.
Another great aspect that we loved very much was the fact that people have access to a large variety of quality educational materials. This is a great opportunity for them to learn more, and also practice using the FP Markets platform at the same time.
The customer service is also another aspect we like. You can contact the team through email, phone, and live chat. They respond very fast, and you get support in different languages as well.
Things We Don’t Like
Now, let’s move on to the bad aspects of the platform. FP Markets has a limited product portfolio. While the instruments may be enough for someone who is just getting started, there may be people looking for more, particularly if they have an avid interest in the trading world. So, it’s disappointing to see the wasted potential.
Also, stock CFDs come with high fees – so, even if you don’t have high Forex fees or minimum deposits, you will still have to pay a stock CFD fee.
Lastly, we were disappointed to see that the desktop and web platforms don’t have an up-to-date design.
Pros / Cons
- The account opening process is fast and easy
- It comes with low Forex fees
- Deposits and withdrawals are very quick
- The instrument range is pretty limited
- Stock CFDs have high fees
- The desktop and web platforms are pretty outdated
Safety and Regulation
Safety is an important aspect of any platform. If you’re going to deposit money and use it for trades, you want to make sure that it is safe to do so. Well, here are some details regarding the safety of FP Markets.
Who Is FP Markets?
FP Markets is an Australian Forex and CFD broker. It was founded in 2005, and it serves more than 12,000 clients in the entire world. They combine great trading technology with true ECN electronic bridges, which makes them an outstanding platform to use.
The broker offers several platforms, including MT4, MT5, web-based global Forex trading top platforms, and Iress mobile trading. FP Markets also gives people access to multiple instruments such as commodities, indices, and currencies.
The company’s headquarters are in Sydney. They are also registered in the Grenadines and Saint Vincent.
Is FP Markets Regulated?
The broker is regulated by a few top-tier authorities. These are the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, and the Financial Services Authority of St. Vincent and the Grenadines.
FP Markets Licenses
- First Prudential Markets Ltd – authorized by CySEC (Cyprus) registration number 371/18
- First Prudential Markets Pty Ltd – authorized by ASIC (Australia) registration ABN 16 112 600 281 AFS 286354
Is FP Markets Safe or a Scam?
FP Markets is a safe platform, mainly because it’s been around for a very long time. It has been on the market since 2005, so it had enough time to establish itself as a strong and safe broker. On top of that, it is also regulated by top-tier authorities.
It has negative balance protection under CySEC. Investor protection of €20,000 is also offered under CySEC.
There are also a few downsides regarding safety. There is no investor protection under ASIC, for instance, and there is no negative balance under it either. Moreover, FP Markets doesn’t have a banking license.
Countries It Accepts Clients from
The platform can be accessed from anywhere in the world. However, there are some exceptions too. People from Japan, Belgium, New Zealand, and the U.S., as well as a few others, are not allowed to use FP Markets.
FP Markets is a pretty reputable platform, and the many awards it has won over the years are proof of that. Many reputable editions and publications recognized the broker as one of the greatest on the market. It won the #1 Best Trade Execution four times, the #1 Most Satisfied Traders award six times, and the #1 Best Education Material award two times.
Range of Offerings and Products
The products you can find on FP Markets range from Forex to cryptos and even CFDs. People can also trade Australian stocks. Unfortunately, the instruments are pretty limited, as you cannot trade mutual funds, ETFs, options, futures, and bonds, as well as other stocks.
FP Markets offers 9,000 stock CFDs, 14 stock index CFDs, 61 currency pairs, 6 commodity CFDs and 5 cryptos.
FP Markets comes with a maximum leverage of 1:30.
The trading platform is pretty outdated, at least the web and desktop versions. The platform is provided by MetaTrader and it has order confirmation, as well as a clear fee report and good customizability when it comes to the web platform. Sadly, it offers no price alerts and there is no 2-step login.
The Desktop trading platform also has price alerts, good customizability, and a clear fee report. The downsides include the bad design, bad search function, and the lack of a 2-step login.
Then, the mobile platform is a bit better than the other two. It is user-friendly and has price alerts. Also, compared to the other two, it has a good search function. But just like the others, it has no 2-step login. Moreover, it has no order confirmation and no touch or face ID login.
The Iress and MetaTrader platforms come with different account types. MetaTrader has a standard account and a raw account, while Iress has standard, premier, and platinum accounts.
You can also open a demo account if you wish to learn more about FP Markets and trade with no risk in the beginning.
Deposit and Withdrawals
Something great about FP Markets is the fact that you can make deposits using multiple methods. You can make bank transfers, use your credit or debit card, or your e-wallet. Several account base currencies are available too. Deposits are free of any charge.
What Is FP Markets Minimum Deposit?
The minimum deposit is $100, so you don’t need to spend a lot of money on it.
You can perform a withdrawal using all the methods available for deposits as well. The downside is that certain methods will come with fees.
FP Markets Promotions
FP Markets doesn’t offer any promotions or bonuses to its users.
Client Support and Education
Education is where FP Markets shines. Besides the demo account, the broker also offers high-quality materials like educational videos and a trading platform tutorial. Moreover, it features a trading glossary, e-books, and webinars too.
Verdict – Overall Rating
In conclusion, FP Markets is a great platform. The minimum deposit is low and they have a wonderful education section. Also, they offer free deposits and allow you to use any method you want to deposit and withdraw funds. Still, they need to work on outdated platforms. Overall, though, FP Markets is a good option for many traders, especially beginners.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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