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…
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…
As FP Markets are based in Australia and regulated by ASIC, they are able to offer a large 1:500 leverage to clients! This is absolutely huge and more than enough to grow accounts quickly, as you are able to risk a large amount of your account per trade. Leverage of this level is a double edged sword, it can grow accounts fast but it can also ruin accounts even faster and blow them down to $0, so make sure you use risk management whilst playing with leverage.
|Forex Pairs||60+ Pairs|
|Spreads||Ranging from 0.0 pips, to average of 1 pip, depending on the account|
|Commissions||Depending on account, $0 or $6 per lot traded|
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!
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 account. It has frankly professional level trading conditions and the spreads/fee structure is so low, making it the perfect choice for traders! I trade a hybrid of swing trading, day trading and also the odd intraday move now and again, so having those tight spreads really does give me an edge, which I wouldn’t be able to get with a larger spread. Sign up for this account now!
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), which is one of the most prestigious regulators in the forex broker space. They also hold a license to provide financial services in Australia (AFSL). Alongside this regulation, they are also regulated by CySec, making them an even safer broker to be trading with!
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.
MetaTrader4 is a very basic forex trading platform, where you have basic charting functionality and basic order executing functionality. It’s popular because it’s extremely easy to use and frankly it’ll be perfect for newer traders or traders that like to do most of their analysis on other platforms like Tradingview.
MetaTrader5 is just the updated version of MT4. They have fixed a lot of the issues, added more complex tools and a better range of charting features for traders. The order execution and options had a revamp too, making it a much better platform than MT4 now, in my opinion! Support for MT4 will eventually be discontinued and all traders will be utilising MT5 instead in the near future.
Iress is a very advanced tool offer by FP markets for charting and executing positions. It comes with over 10,000 instruments, market depth, multiple different platform options, advanced charting tools and over 59 indicators to choose from, making it a really great choice of platform.
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:
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 Markets is just $100 AUD or equivalent on the MT4 & MT5 accounts. This is extremely low for such a high quality broker, allowing traders with lower deposits and beginner traders to get started on a reputable platform without having to deposit thousands for the privilege.
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.
There are a huge amount of really simple ways to get in touch with FP Markets, which definitely bodes well. I have used brokers in the past, which shall not be named, that have been near on impossible to contact and I’ve waited weeks for responses, but not this broker!
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…
- Live Chat On Website
- Email – Support@Fpmarkets.com
- Phone Support – +61 (0)2 8252 6800
- Toll Free Number – 1300 376 233
- Request Call Back
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. This is something brokers are starting to put a lot more time into, to help retail traders get better at trading and ultimately stop blowing through accounts, which does no one any good.
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 Babypips for free content!
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 Trustpilot, rating them at 4.9/5 stars over nearly 1500 reviews! They also have 3.4/5 stars on ForexPeaceArmy, although the sample size of reviews on there isn’t too large at all, making Trustpilot more trustworthy, if you’ll pardon the irony!
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!