FP Markets Pros and Cons

Pros

• Regulated in Australia by the ASIC, in Europe by CySEC, in Kenya by CMA, and in South Africa by the FSCA
• Choice of MetaTrader 4, MetaTrader 5, Tradingview, and cTrader or IRESS as the trading platform
• Over 13,000+ assets available to trade.

Cons

• High minimum deposit for CFD trading accounts
• Customer support is available 24/7
• U.S. Residents not accepted as clients

Broker Regulation

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 the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Capital Markets Authority of Kenya (CMA), and the Financial Sector Conduct Authority in South Africa (FSCA).

This extensive regulatory oversight helps protect traders from market manipulation and other unethical practices. With such regulation, you shouldn’t have to worry about withdrawals from a 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 standards such as keeping client funds in segregated bank accounts.

For additional security, FP Markets uses tier-1 banks for holding client funds. FP Markets is also a Financial and Service Provider authorised and regulated by the Financial Sector Conduct Authority in South Africa by the name FP Markets (Pty) Ltd and FSP number 50926.

This revision includes all the mentioned regulatory bodies, reinforcing the security and reliability of FP Markets for potential and current traders.

Account types

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 VPS and Islamic accounts 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.

Trading Platforms

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.

MetaTrader 4

The MetaTrader 4 platform offers all the following features:

• 3 customizable charts across 9 different time frames and 24 analytical objects
• 33 pre-loaded trading indicators and access to over 50 pre-loaded indicators and charts
• Direct trading from charts
• One-click trading
• 4 pending order types
• Create profiles to store your charting preferences. Then easily switch between these profiles as needed

MetaTrader 5

• 21 time frames and 68 analytical tools
• 38 pre-loaded trading indicators
• Trade multiple assets from the same platform
• Multi-threaded back testing
• Partial order fills
• 6 pending order types
• Depth of the market provides transparency of market liquidity

Education and Research

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

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 24/7.

• Phone: +1300 376 233 OR +61 (0)2 8252 6800
• Webform: Not available
• Email: support@fpmarkets.com