FP Markets Review – Pros, Cons


Are you looking into trade with FP Markets? Now there are thousands of brokers online, some being scams, some only suiting certain types of traders and some with much better conditions than others, picking the right forex trading broker has never been so important. We have extensively researched FP Markets for this review, with everything from signing up processes to their spreads and regulation. So, is FP Markets a good broker? Read on to find out…

FP Markets are regulated by ASIC and CySec, making them a very safe broker to be trading with.
The minimum deposit at FP Markets is $100.
The spreads and fees depend on which account you're trading with, but they start from 0.0 pips and $6 commission per round turn.
FP Markets offer MT4, MT5 and Iress as their trading platforms.
They offer a maximum of 1:500 leverage for clients.
They have lots of free funding options including Wire transfer, Paypal, credit card, Skrill and Neteller.
They have an amazing reputation within the industry, with thousands of positive reviews on the forums.

Who Are FP Markets?


FP Markets are one of the most popular forex brokers in the world, founded in 2005 and offers trading solutions for professionals and retail traders like us. They offer industry leading spreads starting at 0.0 pips, with a huge range of funding options, a maximum leverage of 1:500 and over 60 forex pairs to trade! Alongside that, they have over 10,000 stocks to trade and one of the best reputations within the industry for providing a great quality trading environment. Let’s find out more…

Trading Conditions


As FP Markets are based in Australia and regulated by ASICOpens in a new tab.

Leverage1:500
Forex Pairs60+ Pairs
Stocks10,000+
Indices19+
SpreadsRanging from 0.0 pips, to average of 1 pip, depending on the account
CommissionsDepending on account, $0 or $6 per lot traded
Execution SpeedsInstant


This broker offers a HUGE amount of products to trade. This includes over 60 forex pairs, over 10,00 stocks, 19 indices and metal, oil and commodities! As a forex trader and commodities trader this broker is absolutely perfect with such a large offering. Every pair you could want to trade is listed, meaning you won’t need to be trading with multiple brokers just to trade your favourite pairs. 


Spreads and commissions are very important when looking at brokers, especially for traders that like to trade on the lower time frames as they typically make less pips profit in every trade, than swing traders for instance. With that being said, FP markets are a no dealing desk broker. This means they never manipulate the market prices, meaning they are able to offer industry leading tight spreads!

The spreads on the ECN accounts start from as low as 0.0 pips, and average 1 pip on the standard accounts, which is low enough for all kinds of traders to make money! The commission on the RAW ECN account is $3.00, $6.00 per round turn, on 1 lot! This is very competitive and I am yet to find a cheaper broker. 


In conclusion, the conditions and trading conditions that FP Markets offer are unbeatable. If you’re looking for a broker with a great offering, this is the broker for you! Sign up now! Opens in a new tab.

Account Types


It’s nice to have a few different accounts to choose from when you’re signing up with a new broker. FP Markets offers 5 different live trading accounts, alongside a free demo account as well.

This is split up into 2 trading accounts for MT4 and MT5, which are the Standard Account and RAW ECN account. On the standard account you are not paying any commissions on trades, but there is a slightly larger spread whereas on the Raw ECN account you are paying a small commission but have access to industry leading spreads. 


The other 3 accounts are all situated on the Iress platform. They offer the standard, platinum and premier account types, all coming with their own range of benefits as you can see below. For most traders, the standard account is the only account worth thinking about as the minimum deposit on the platinum is $25,000 and it’s a huge $50,000 for the premier account, ruling out most retail traders.


In my opinion, I would recommend the RAW ECN accountOpens in a new tab.

Are FP Markets Regulated?


The most important thing to look for in a forex broker is the regulation. If a broker isn’t regulated, then you may run into a whole host of problems further down the line when trades get manipulated and withdrawals go missing. So, are FP Markets regulated? Yes the are! 


They are regulated by
ASIC (Australian Securities and Investment Commission)Opens in a new tab.


FP Markets have over 40 prestigious awards in their name, alongside their regulation, licensing, segregation of client funds and top tier liquidity. This makes them, in summary, one of the best forex brokers you could ever trade with! Your capital is safe with this broker. 

FP Markets Trading Platforms


FP Markets offer 3 different trading platforms for retail traders to utilise. This is a great amount as a lot of brokers only offer MetaTrader4, whereas this broker offers MetaTrader4, MetaTrader5 and Iress. MT4 is the most common forex trading platform, as it is used by all brokers and millions of traders around the world. All of the offered platforms can be downloaded in your client area on the website, where you can then login to your trading account and start opening trades on your selected platform. 


MetaTrader4Opens in a new tab.


MetaTrader5Opens in a new tab.


IressOpens in a new tab.

Deposit & Withdrawal Methods


It’s important that forex brokers offer a large range of deposit and withdrawal methods to suit all traders. Even more important is that they process deposits quickly, with little to no fees. FP Markets offer a huge range of funding methods, all with absolutely 0% fees on deposits! 


These methods include:

MethodFees
Visa/Mastercard$0
Bank Transfer$0
BPAY$0
POLI$0
PayPal$0
Neteller$0
Skrill$0
BrokerToBroker$0


As with most forex brokers, you cannot deposit in the name of a third party. The name on the deposit account must match up with the account holders name, or the deposit will not be processed. This isn’t just a regulation imposed by the broker, governing bodies and regulators put this into effect to help stop money laundering and improve their AML processes. 


The minimum deposit at FP MarketsOpens in a new tab.

All client funds, once deposited, are held in a segregated client funds account with AA rated banks over in Australia. This money is kept completely separate to the brokers operating money, to safeguard the clients, no matter what happens to the broker. This is great to see from a broker as it really does add some peace of mind to know your money is safe. 

Client Support


There are a huge amount of really simple ways to get in touch with FP MarketsOpens in a new tab.


They are based in Australia, so if you’re in another part of the world like the U.K for instance you need to be mindful of the longer response times out of usual working hours. With that being said, they can be contacted…

I have used the live chat function and found it extremely useful for a quick query I wanted an answer for. If you have a more complex request, I would highly recommend giving them a ring or dropping them an email.

 
As well as actual support for clients, they offer support in the way of educational material as well.Opens in a new tab.

In the resources section of the website, you can find articles and videos about all things from risk management, technical analysis and even how to be utilising fundamental analysis, something that most traders don’t even consider! If you are looking into learning trading, I would advise utilising resources like BabypipsOpens in a new tab.

Reputation & Reviews


When choosing a forex broker, besides regulation, one of the next most important things to be looking at are reviews from other traders. Luckily, the longer a broker has been around, the more traders reviews we have to work with on forums and blog posts. This broker has been around since 2005, so we have thousands of reviews to look at!

FP Markets have excellent reviews on TrustpilotOpens in a new tab.

WebsiteRating
TrustpilotOpens in a new tab.4.9/5
ForexPeaceArmyOpens in a new tab.3.4/5

Conclusion

In summary, FP Markets are one of the best forex trading brokers in the market right now. Their offering of 1:500 leverage, paired with industry leading conditions, multiple platforms and a range of account types really does provide a great experience for us retail traders. This paired with their absolutely flawless reputation and high levels of regulation make them a perfect choice for all traders! Sign up for your FP Markets account now!Opens in a new tab.

Kyle Townsend

Kyle Townsend is the founder of Forex Broker Report, an experienced forex trader and an advocate for funding options for retail forex traders.

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