FP Markets is ASIC and CySEC regulated, provides a minimum deposit of $1000 AUD and spreads ranging from 0.0 on major pairs and is proposed as a forex and CFD broker for any level of trader, beginners and professionals, but also for IB and managers who use MAMM and PAMM accounts.
In our FP Markets review we’ll analyze the fundamental aspects that are sought when opening a trading account like conditions, spreads, security and support, to understand if it’s a reliable broker and for which type of investor it’s more recommended.
FPMarkets Trading platforms
The Australian broker FP Markets offers 3 trading platforms: Metatrader 4, Metatrader 5 and IRESS trader (available only by opening an account under ASIC regulator), a selection in line with most of the simplest forex and CFD brokers online.
IRESS trader is the proprietary platform developed by FP Markets and available in desktop and mobile version.
At first glance it’s going to seem a touch complicated given the shortage of the Italian language, but during our test it surprised us very positively for the superb overall user experience. (below a screenshot of the IRESS trader).
The IRESS trader is a web trading platform that gives the likelihood to work on all financial instruments of FP markets and, what makes it particularly interesting, is that the high customization of the trading interface, with the likelihood of adding modules of interest like news associated with the financial asset for instance employing a GBPUSD chart and news.
As for putting orders, the lot calculator available is extremely simple and allows you to line the position supported the quantity you would like to shop for / sell, showing the required maintenance margin on the side.
An interesting function is that the possibility to shut the position at the top of the day no matter the achievement of stop loss and take profit, useful for instance for those that haven’t any interest in maintaining positions overnight.
The modules made available for the customization of the work plan, worksheet, include market depth, tutorials of the trading platform, charts, news, weekly analysis, etc., all very useful features to enhance operations and your own strategies trading.
Looking at the negative sides of the trading platform, it must be said that initially it may be a bit slow and complicated to use without having first seen the tutorials (available on the broker’s website), moreover, they’re all strictly in English so for those who don’t know the language aren’t suitable.
Beyond the linguistic aspect, the IRSS Trader is an intuitive, complete and very well organized trading platform compared to the average of the proprietary platforms that we’ve had the opportunity to test.
Metatrader 4 and 5
Standard among most of the best online brokers regarding forex trading, the MT4 and MT5 platforms are also offered by FP Markets in all their versions, desktop (to download and install on your computer), webtrader (to be used directly online) and mobile (for smartphones and tablets).
Due to the large database of Expert Advisors, automated trading robots and thousands of free online guides, MetaTrader is the most recognized platform worldwide and considered an industry standard for online trading.
The two platforms, MetaTrader 4 and Metatrader 5, are basically two different platforms (albeit very similar graphically).
They offer access to different markets and assets as well as to a different set of indicators and graphic objects, but beyond the diversity, they remain the 2 most suitable platforms for forex trading and to operate on CFDs, but above all for the use of trading. automatic, while the IRESS trader is the best option for trading shares.
Trading conditions, accounts and minimum deposit
FP Markets has a minimum deposit of $1000 AUD and offers very competitive trading conditions, a leverage of 1:30 for private clients and up to 1: 500 for professional clients , in line with other STP / ECN brokers and three types of accounts, Standard, RAW and Islamic. Here is a summary table taken from the broker’s official website.
All accounts include the possibility of trading micro-lots on forex and CFDs and can be opened in the EUR, USD and GBP currencies.
The Standard account doesn’t charge commissions on trading and has an STP type execution, therefore it applies a mark-up on the spreads. for example, analyzing the EURUSD pair, we find a minimum spread of 1 pip, good when compared with the average of the STP accounts of other online brokers reviewed.
The RAW account , the most interesting type of account, offers conditions with spreads ranging from 0.0 and a commission of 3USD per side per lot per trade (6USD in total for entry and exit), therefore low commissions compared to most competitors with this kind of execution.
TheIslamic account, which respects the guidelines of the Sharia, therefore without interest rates on all the assets that foresee them in case of overnight, is available on request to the broker proving to be belonging to these religions. the only cost deriving from maintaining the positions is given by the administrative fee that’s triggered from the end of the second day of opening.
All trading techniques are allowed on FP Marktes , scalping (even very short transactions) and hedging are allowed by the broker, as well as multiday trading and positions with daily closing (a feature present in fact on the IRESS platform).
FP Markets offers negative balance protection(in line with all regulated European brokers) and provides for a margin level of 50, so if we’ve an open position and the margin falls below this threshold, the broker will close the position automatically.
Automatic trading and the use of Expert advisors using the Metatrader is allowed, Additionally , FP Markets provides a free VPS service for traders with volumes of at least 10 or 20 lots (depending on the sort of account).
The deposit methods are varied due to their global presence, but for the Italian customer who generally uses only Euros, there are: bank transfer, Visa or Mastercard cards, Paypal, Skrill, Neteller and the capital transfer function from another broker.
The deposits and withdrawals don’t include costs and they are without minimum limits, the methods provided are credit card, bank transfer, Neteller and Skrill, they’re without commissions and without minimum limits.
Training and demo account
The training program offered by FP Markets is comprehensive but is completely in English, including the tutorial of the IRESS trading platform.
The free demo account has a duration of 30 days, with virtual capital on request when contacting customer service, as the opening of the demo account is subject to contact with the broker’s support service.
Customer service and support
During our tests, FP Markets customer service proved to be fast and of a good standard, able to respond transparently to the questions we asked.
The assistance service is active 24 hours a day via live chat, email and telephone in Italian and English.
Each trader is also assigned a dedicated account manager to contact if necessary and to provide information, advice and operational support.
In our experience and during our FP Markets review, the quality of the support service offered was above the average of the brokers reviewed.
Regulation and safety
First Prudential Markets Pty LTD is regulated in Australia under ASIC registration number 286354, CySEC under license 371/18 and St. Vincent, and has offices in Sydney, Australia. FP Markets is therefore duly authorized to provide financial intermediation services in accordance with the regulations required by law.
Client funds are kept in segregated accounts as required by Australian and European regulations and have a negative balance protection function, meaning it is impossible to lose more than what has been deposited.
To check the reputation of FP Markets, we carried out an online check on forums and authoritative sites within the sector, being pleasantly surprised by the number of positive reviews on the broker, especially on Trustpilot.
FP Markets therefore enjoys a good reputation among investors, and compared to the average of the brokers reviewed, it’s among the intermediaries with the best online reputation that we’ve had the opportunity to test.
FP Markets opinions
FP Markets is a broker with good conditions and diversified platforms and a good support service, conditions which, additionally to the multi-regulation and the ability to operate on many markets, make it one of the best among the forex brokers and CFDs that we’ve had. to test.
Good online reviews, efficient customer support, low commissions and competitive spreads are characteristics that we carefully evaluate when drafting our opinions on online brokers.
The only stumbling block may be the language of the training material and the IRESS trading platform (which are only in English), but for those who have no problems with this aspect, it’s an unreservedly recommended choice.
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