FP Markets is an Australian-based CFD and forex provider that has been providing its broker services since its launch in 2005. The broker is ASIC regulated and offers traders the ability to trade a huge number of assets wrapped as CFDs. This selection includes over 13,000 individual shares across the global equity markets. The broker also offers maximum leverage on its forex products of 1:500.
FP Markets Pros and Cons
When choosing a CFD broker one very important consideration is whether the broker is regulated. Any broker not regulated by a trustworthy third-party body puts the trader at undue risk. In the case of FP Markets they are regulated by both the Australian Securities and Investment Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
This regulation helps protect traders from market manipulation and other shady broker practices. For one thing, you shouldn’t have to worry about withdrawals from a regulated broker like FP Markets since a failure to honor a withdrawal request is a violation of regulatory rules that could lead to the broker losing their license and regulated status.
Regulated brokers are also held to other standards such as keeping client funds in segregated bank accounts. For additional security FP Markets also uses tier-1 banks for holding client funds.
FP Markets has several different account types based on whether you are looking to trade CFDs, forex, or individual shares.
In the case of forex traders there is a choice of two different accounts – Standard and Raw.
The Standard forex account requires an AUD$100 minimum deposit, and features spreads that begin at 1.0 pips. There are no commissions with the Standard account, traders can access leverage of up to 1:500, and ECN pricing applies. There are 50+ forex pairs offered in the account, as well as trading in commodities, indices, and metals.
The Raw forex account has all the same features with one change. Spreads are 0 pips, but there is an AUD$3.50 commission charged per lot per trade.
In both the Standard and Raw accounts there are a VPS and Islamic account available. Both use either the Metatrader 4 or Metatrader 5 platform.
Those looking to trade CFDs at FP Markets will have a choice of three account types on the IRESS platform. These are the Standard, Platinum, and Premier accounts. The differences between the three accounts are their minimum deposits, brokerage fees and financing costs.
All three account types have a $55 GST fee which is waived for accounts generating a minimum $150 in monthly commissions, as well as a $22 GST fee for ASX data which is waived in accounts generating $50 in monthly commissions. All three also have a minimum trade size of 0.01 lots.
Standard accounts have a $1,000 minimum deposit. The brokerage fee for this account is $10/mo. or 0.1% of trade size, whichever is higher. Overnight financing is RBA + 4%.
Platinum accounts increase the minimum deposit required to $25,000, while the brokerage fee is reduced to $9/mo. or 0.09% of trade size, whichever is higher. Overnight financing for this account is RBA + 3.5%.
Premier accounts have a $50,000 minimum deposit but lower the brokerage fee to 0.08% of trade size and no minimum flat fee. Overnight financing is RBA + 3% and the $55 GST fee is waived regardless of monthly commissions.
All three account types permit automated trading, hedging, and scalping.
FP Markets has four different trading platforms available, the choice of which is determined by whether you are trading forex or CFDs.
Forex traders can choose between the Metatrader 4 and Metatrader 5 platforms. These are the most popular forex trading platforms in the world, and they’ve won numerous awards over the years.
The Metatrader 4 platform offers all the following features:
Metatrader 5 is the next generation upgrade from Metatrader 4 and has the following features:
The Web Trader is Metatrader’s online, browser-based platform. You can access either MT4 or MT5 in the Web Trader. It was designed for convenience without sacrificing trading performance and comes with all the tools and features needed to trade the markets successfully.
Both MT4 and MT5 are available in mobile versions for either Android or iOS devices. Again, these versions are designed for maximum convenience while still providing all the power that Metatrader users have come to expect from the platform.
Those who choose CFD trading at FP Markets will do so using the HTML5 platform IRESS. Similar to the Metatrader platforms IRESS also comes in desktop, web-based, and mobile versions. IRESS allows for trading CFDs and shares, as well as forex. It features 55 technical indicators and 50 different drawing tools, all meant to help users’ spot trends and trading opportunities.
IRESS is excellent for viewing transparent market pricing, and it allows traders to place order across exchange order books. It also has the ability to create complicated custom order strategies in addition to basic take profit and stop loss orders.
Very recently (January 2020) FP Markets added the Autochartist suite of trading tools to their clients. This service assists traders with their risk management and gives visual clues that help to gain a better understanding of the market and where it is likely to move next.
FP Markets has one of the broadest arrays of assets available, especially when it comes to CFD’s on shares. There are over 13,000 global shares to be traded here, but that is not all, clients can also trade forex, commodities, indices, and cryptocurrencies. In the case of forex there are more than 50 currency pairs on offer, while commodities are limited to Oil, Gold, Silver, Volatility Index, Natural Gas, Platinum, Palladium and US Dollar Index. There are also 15 global indices to choose from and 5 cryptocurrency pairs.
As you can see, FP Markets is best for traders looking to buy and sell either forex or share CFDs.
FP Markets offer a vast array of educational materials, with a selection of eBooks being the primary trading resource. There is also a series of video tutorials, but those are specifically on the use of the Metatrader platform.
Very interesting is The Traders Hub, which is where the real educational material is housed, rebranded in February 2020, The Traders Hub has all the educational materials you might need to help improve your trading skills. This regularly updated educational resource covers basic trading knowledge such as managing risks and trading psychology, as well as both technical analysis and fundamental analysis. And it’s all tied together by The Traders Hub blog.
Customer service at FP Markets includes dedicated account managers for traders with large deposits, but there is also a basic support line for everyday issues and questions. This customer support team can be contacted via telephone, online chat, or by email. They are available Monday through Friday 24 hours.
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It is not surprising that FP Markets has a solid offering for traders of all experience levels, a huge array of asset choices, and a complete educational package. After all, online CFD brokers do not last for over 15 years without a strong presence, honest dealings, and a focus on their client’s best interests.
Traders at FP Markets enjoy a wide range of account types, with excellent spreads and access to both ECN and DMA pricing. Clients can also choose between the world-class Metatrader platform or the IRESS platform, which is an excellent choice for CFD trading. And with over 13,000 assets there is truly a market opportunity for every trader.
Add in the AutoChartist tools, the Trader’s Toolbox for Metatrader, the Trader’s Hub, and an awesome support team and this is a winning broker.
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