FP Markets Review 2024 – Best Multi-Asset Trading Platform

There are multiple factors involved in the success of trading financial instruments, such as forex pairs, CFDs, commodities, and indices. The outcome of a trade-in in such markets is quite unpredictable. The certainty of high trading profitability requires the assistance of a market specialist. These specialists are brokers or brokerage services who help traders in the forex and CFD markets. However, the broker must be reliable, experienced, and advanced for trading multiple assets, and FP Markets is all of that.

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RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

Fitting these criteria is FP Markets, one of the world’s best online brokers for forex and CFD traders. In 2021, FP Markets is guiding millions of traders around the world and improving its capabilities to help them make more money. In this FP Markets Review, every aspect of FP Markets has been explored to understand how the broker stays best in its services and why people continue to trust its services. This FP Markets reviews reveals the key advantages of investing with FP Markets. It also reveals the drawbacks that this broker may bring to the clients. It also provides information on the regulatory status of this broker, which depicts its safety in the market. In this FP Markets review 2024, all key concerns of traders have been addressed, ensuring that there is no biased assessment of the broker. It also has more than 10,000 stocks on the global exchanges market. The review of FP Markets places a clear picture of how FP Markets plays a role in the activities and forex and CFD traders.

What is FP Markets?

First Prudential Markets is an online financial service provider in the domain of trading and multi-asset brokering. It is popularly known as “FP Markets” or “FPMarkets” in the global trading community. By providing financial trading platforms and multi-asset broker services, FP Markets has gained its reputation over the years. Founded in 2005, the broker is registered under the company title, First Prudential Markets Pty Ltd. Different entities work under the FPMarkets brand to offer a unique trading experience. Multiple financial instruments can be traded with these entities. Some FP Markets services are limited by regulatory restrictions, but the overall experience is good. FP Markets broker offers trading instruments based on the country of residency of its client.

A wide range of assets is available for trading. Out of the 100+ instruments available for trading, forex currency pairs are the primary assets traded with FP Markets. The broker offers services for trading more than 60 forex currency pairs.

The FP Markets reviews also identifies that there is a risk involved with FP Markets. Based on the market conditions, traders’ losses may exceed their deposits, and FP Markets does not protect their investments in such cases. However, FPMarkets aims to mitigate this risk by improving trading efficiency through the popular MetaTrader 4 (MT4) forex trading platform. There is an FP Markets mobile app for iOS and Android devices. This native app works quicker and helps clients in getting notified of market risks immediately. These mobile apps also ease the process of monitoring markets and executing trades through their mobile trading features; along with that, it has also won the Best Value Broker in the Global market category, which was given by global forex awards in 2022.

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FP Markets Trading Accounts

The process of opening a new account on FP Markets FX’s online trading platform is quite easy. The steps take place on the official website of the company, and the process is fully digital for quick account openings. The average time taken for opening a new FP Markets trading account is 15 minutes. Due to the online KYC and verification process, new accounts get approved within 24 hours from the registration.

To register a new account, traders must go to the website and open the FP Markets login page.

• In the FPMarkets login tab, there is a section for opening a new account.
• In this section, the account holder’s name, email address, phone number, and the resident country needs to be added.
• In the next part, additional information on the trader, particularly the date of birth, profession, and residential address, is provided.
• Now, the trader needs to select the account type, the base currency, and the trading platforms,
• The final step is answering a brief questionnaire to help the broker understand the trader’s knowledge and proficiency in trading different financial assets.

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The commissions & fees charged to the traders depend on the FP Markets FX broker entity and the trading account type. Traders can choose from the following account types.

• Raw ECN account: The FP Markets Raw ECN account offers competitive spreads. The spreads average at 0.64 pips as of June 2020. On the other hand, the commission per trade of this account is quite affordable. This account is the preferred type among the broker’s clients. The Raw ECN account is suitable for forex trading.
• Standard Account: This account is quite basic in its nature and functioning. It is not ideal for experienced traders. It is an alternative to the complex Raw ECN account and is primarily used by beginners. The spreads on this account are significantly high, with 1.15 pips average for the EUR/USD as of June 2020.
• Iress Investor Account: For traders in Australia, this account offers a low-cost trading experience. It helps FP Markets traders with access to the Iress Investor trading platform. The monthly broker fees for this account are waived. Streaming data is disabled by default, and there are limitations to the charting package.
• Iress ViewPoint Accounts: Exclusively for Australian traders, the FP Markets Iress ViewPoint account offers three trading options. The Standard option charges a minimum deposit of $1,000. The Platinum option can be enabled with a $25,000 minimum deposit. For the Premier option, traders require a minimum deposit of $50,000. The Premier account also waives the fees on platform usage and data usage. In addition to providing access to the Iress ViewPoint platform, this account also offers low financing rates for overnight positions at a 0.08% commission rate and no charges on minimum commissions.

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In addition to these accounts, FP Markets’ clients need to pay the Iress ViewPoint platform and data fees. The platform fee for Iress ViewPoint is charged at a $55 monthly fee on the Standard and Platinum trading accounts. This fee includes the live ASX data fee. A minimum turnover of $150 in the commission-spending can waive this monthly platform fee. A $50 in commission-spending can help traders avoid the $22 monthly fee charged on the ASX royalty fee for live data. The Iress ViewPoint platform is an alternative to the MetaTrader platform for Australian clients. FP Markets enables these platforms for forex trading and improves its selection of tradable products. MetaTrader platforms are widely adopted for being free of cost and equally efficient to the Iress Viewpoint platforms.

FP Markets Review – Key Offerings

The key tradable assets supported by FP Markets include forex currency pairs and CFDs. An FP Markets client needs to add money to the account for trading these assets. A minimum deposit of $100 activates the trading features. A demo account can be used to run a simulated version of trading forex pairs and CFDs. FP Markets caters to different types of traders, from beginners to experts. The Virtual Portfolio of FP Markets trading platform can be tested with the demo account. The broker also offers API Trading for its experienced clients. It also provides StopLoss orders and trailing stops for high-performing clients. The TakeProfit orders are also a key offering that makes this broker unique. The advanced tools for financial chart comparisons and their research-backed technical analysis are valuable parts of the service provided by FP Markets. They help traders with the expertise of top analysts on financial markets and investment risks.

Moreover, FP Markets offers a wide range of trading platforms, supporting mobile trading for its clients. FPMarkets is a dynamic broker, and it has listed all its offerings on the website. Every trading platform or tool provided by the broker is a part of the FPMarkets core offerings. While choosing the FPMarkets accounts, the clients can choose between these trading platforms and tools. They can also customize their selections to some levels and use a combination of tools and platforms suitable for their needs. Apart from the FPMarkets app, these offerings are not owned by the broker. They are third-party products bundled as offerings to the clients.

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FP Markets: Trading Platforms & Tools

While opening an FP Markets account, traders need to select the trading platform from the options, including Iress ViewPoint, MetaTrader 4, and MetaTrader 5. The Iress ViewPoint is a paid platform and available only for Australian clients. The MT4 and MT5 platforms, on the other hand, are free to use and available for all regions, making MetaTrader the most used trading platform among FP Markets’ clients.

MetaTrader 4

MetaTrader 4 or MT4 is a leading platform for trading all types of assets. It has been active for more than a decade, offering software solutions to traders from all markets. It is a feature-rich platform with an easy-to-use UI. There are several customizations available to support a bespoke trading environment. It adjusts to the trading needs of clients and works well for beginners as well as experienced traders. The charting functionality of this platform drives the success of the trades. An advanced range of order management tools helps traders in monitoring their positions at every moment. The MT4 trading platform can improve the trading abilities of the users, particularly in the forex markets. It also supports CFDs and Spread Betting, but its capabilities in trading stocks, commodities, and indices are quite nascent. It can also trade ETFs and futures. The platform does not help traders in buying proprietary assets. Instead, it can speculate price movements accurately through multiple formats. It also runs an independent web platform, which is a downloadable application for Windows and Macintosh devices. The MetaTrader 4 software suite is compatible with minimum computing configurations on these devices.

MetaTrader 4 WebTrader 

The popular trading platform is available as an online web app called the MT4 WebTrader. It is a web-based application that can be operated through web browsers such as Google Chrome and Safari. The app has the same features as the MT4 platform. But, it makes them easy through its simple navigation and streamlined menus. The performance of MT4 WebTrader is quite impressive. It can run advanced charting and automate trading parameters. It can provide traders access to online trading tools and technical indicators. The raw pricing environment of MT4 WebTrader and the absence of a Dealing Desk feature make it feasible for any location in the world.

MetaTrader 4 Mobile App

The FP Markets mobile app is available on iOS and Android platforms. In addition to this app, FP Markets also provides access to the MetaTrader 4 mobile application. The MT4 mobile app is available on the Apple App Store and Google Play Store for iOS and Android devices. These apps are free to use and provide instant access to trading features with mobility. These apps help manage a client portfolio on the go. The MT4 mobile app supports several advanced trading features, from monitoring positions to executing trades.

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Trading Central

Trading Central is a service provided under the MT4 platform, which is a set of next-generation market indicators that analyze markets based on trading perspectives. The Analyst Perspectives indicator is a go-to solution for expert help at higher levels of trading. The Adaptive Candlesticks indicator identifies patterns in trade charts, illustrates significant changes, and helps in constructive trading. The Adaptive Divergence Convergence (ADC) indicator is a useful tool to trade for shorter periods and under timed conditions.

MetaTrader 5

The broker also provides the advanced MT5 platforms and a series of advanced trading tools to its offering. These tools improve the entire trading experience of MT5 and deliver a competitive advantage to its traders. FP Markets gives its clients a total of 20 exclusive tools, specializing in trade execution, order management, market analysis, risk notifications, instant messaging, market data procurement, and innovative strategizing.

• MultiTerminal Tool: The MultiTerminal plugin creates an intuitive dashboard for MT5 users. It enables traders to manage and operate multiple trading accounts. It can manage more than 100 trading accounts under one roof. It can also execute market orders simultaneously for all these accounts. It helps in performing similar operations on pending orders, live market prices, account tracking, and equity analysis. The plugin puts these trading accounts on the same MetaTrader server for faster turnarounds. However, it is unable to run automated trading scripts.
• AutoChartist Plugin: The Autochartist plugin is the world’s first market scanner for MT5 users. It has evolved with advanced scanning scripts that identify trading opportunities across multiple markets and different time intervals. A single graph of AutoChartist can give high-value information to traders. The plugin also comes with a simple UI and a fully-customizable suite.

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Besides MT4 & MT5 tools, FP Markets also provides its clients access to a VPS hosting service. This service is available for MT4 & MT5 users only. The broker does not offer a cTrader platform.

FP Markets Review Pros & Cons 

Here’s an overview of the pros and cons of trading with FP Markets:

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FP Markets Review – Customer Support & Research

Based on the customer service, FP Markets leave no stone unturned. Its customer support team is available online during all business hours. It is also reachable during the weekends through live chat and email communications. The FP Markets support team is capable of handling clients in multiple languages. It primarily operates in English and provides support for Spanish, Romanian, Portuguese, Bulgarian, Russian, Arabic, Italian, French, and Greek languages. It also operates in the regionally-native languages such as Latvian, Philippines, Polish, Thai, Indonesian, Malay, Vietnamese, and German. The broker runs an excellent customer service, which is rated as a AA (double-A) grade service, particularly due to its responsiveness in live chat, email communications, and multi-linguistic support.

• Live chat is a key customer service provided by FP Markets. Clients can test the high responsiveness of FP Markets’ live chat at any time and in any county. The chat staff is adept at sending messages to the clients the necessary updates through the FP Markets app and the official website. The average response time for the live chat has been recorded to be under 30 seconds. Language-wise, communicating with FP Markets from different countries is productive and resolute. By providing customer support through multiple languages, the company understands all the issues faced by its clients. Access to live chat is also easy and straightforward.
• Email support at FP Markets is equally excellent. Several online FP Markets reviews indicate that their customer service through email delivers the fastest response. In less than 15 minutes, emails are replied to, and the matter gets resolved under 7 hours. The team proves high efficiency in answering client queries through these channels.
• Telephonic communications are also satisfactory in providing support to the FP Markets clients. The calls are answered in less than 5 minutes, and the phone support team can fix the issues in real-time during the call. The phone support also works well with multilingual services.

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This FP Markets reviews also discovered that clients could access the research content from FP Markets under the Traders Hub on the website. This section has updated information on the technical and fundamental analysis of the market. FP Markets have better access to quality research than other brokers, and the research offerings analyze all sorts of assets and markets. However, FP Markets does not create its research content. Instead, it uses reliable third-party sources to collate information on the markets. FP Markets also provides direct access to these sources for in-depth research which is beneficial for traders.

FP Markets Review – Deposits & Withdrawals

This FP Markets review has explored how this broker makes money. There are three methods in which the clients pay FP Markets for their services. The deposit fees, the withdrawal fees, and the commission on the spreads. Let’s check out in-depth, how it actually works.

Deposits

All traders need to make a minimum deposit of $100 to open and activate an FP Markets account. The minimum deposit is used as trading capital and cannot be refunded to the client. This deposit activates the financial products offered by the respective brokerage accounts. Like other best forex broker in the market, FP Markets minimum deposit is based on industry standards. Its clients do not face financial limitations in opening a standard account. However, the broker charges a higher minimum on deposits for premium accounts and additional services. These deposits, mentioned earlier in the trading accounts review, are aimed to segregate traders on different levels. If the client is investing high volumes, the broker offers a premium service that offers more to the client. Some clients who do not require these advanced features and paid research tools are not compelled to pay the high minimum deposits. The transaction commissions on these services are a bit higher, particularly on low deposits. The company, unfortunately, is more active towards serving the clients providing higher deposits. A wide range of trading features is provided to such clients. The technical analysis performed by these tools helps these clients in their risk management.

A variety of online trading platforms are available in the market. But, FP Markets offers its platforms based on the minimum deposit requirements and the account types. Some brokers may have to make a minimum deposit of $6,500, while some may have to deposit $10,000. The broker does charge processing fees on these deposits. The deposited funds are directly added through payment systems. However, some payment methods may accrue a fee on the transactions. Transferring deposits in a particular fiat currency could be a bit more expensive than the other. A credit card transaction is perhaps a viable option. A credit card with low charges is also suitable for adding money regularly.

Withdrawals

FP Markets online FX broker does not charge fees on the withdrawals. It has its specific rules on the withdrawal of clients’ funds. Money withdrawn by clients from the FP Markets platform is not subject to any processing charges. Multiple withdrawal methods ensure client payments are provided quickly and securely. Transfer processing fees may be charged on withdrawals through some international banks. FP Markets also allows traders to withdraw funds with a verified PayPal account or a Skrill account. Clients can also access other payment systems, namely, BPay, FasaPay, Paytrust88, Online Pay, Neteller, UnionPay, and wire transfer.

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Inactivity

There is no fee charged to the inactive clients. An inactivity fee on the trading activity requirements of clients is subjected to flexible terms and conditions of FP Markets. If the client is not buying or selling for more extended periods, its account is rendered dormant. Customer support reaches out to the client and checks the inactivity status periodically. Under certain circumstances, the brokers may close the inactive accounts and transfer the balances to the respective clients through the linked bank details.

FP Markets also does charge commission on CFD instruments. The service charge for facilitating the buying and selling of CFDs is exempted. Registered clients, however, are charged with commissions for modifying or canceling orders. The broker also charges additional fees for financial research tools, such as the Iress ViewPoint trading platform but Australian clients only. Trading Capital’s educational resources and market data are included in the minimum deposits of the respective accounts.

FP Markets Review – Leverage & Spreads

This FP Markets review finds the leverage of FP Markets on the spreads quite lucrative for traders. CFD, a leveraged product, can reap 10x leverage in a trade executed through it. A ten thousand dollar return can be obtained from just a thousand dollars of investment. FP Markets magnifies its leverage on the spreads.

The spreads offered by FP Markets are variable and get updated daily as per the quotes provided by major international financial institutions. The broker provides industry-leading spreads, which dip down to the lowest at 0.0 pips during the liquidity time of the markets. FP Markets trading platform offers competitive spreads for forex pairs and CFD indices. As of October 2020, the average spread on the AUD/USD pair is 1.31 pips for Standard traders and 0.21 pips for Raw ECN traders. Similarly, the average spread on the EUR/AUD pair is 0.8 pips for Raw ECN traders, while Standard account holders can trade with 1.9 pips. For CFD indices, FP Markets offer a spread ranging between 0.2 pips to 2.21 pips on Australia 200 index Cash (AUS200). Meanwhile, the CFD index of US 30 Index Cash (US30) gets a spread ranging from 0.4 pips to 5.49 pips.

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The profits and losses when trading with FP markets are leveraged accurately. The results of positive growth in the positions are consistently high with this broker. With just 10% leverage, an initial investment of a thousand dollars makes over $11,000 in profit. The broker places its leverage in both ways. For a falling position, the same investment will bring in at least a $9,000 return, under the 10% fall. Such leverages are best when used for short terms trades or intraday trades.

Is FP Markets Safe?

After a thorough evaluation, this FP Markets review considers the broker a reliable service for forex and CFD traders. The company – First Prudential Markets Pty Ltd., is regulated and monitored by market commissions. Registered in Australia, First Prudential Markets Pty Ltd. is authorized to provide its services in Oceania. The broker is completely compliant with the regulations set by the Australian Securities and Investments Commission (ASIC). FP Markets – one of the Best forex brokers Australia protects its traders from scams, reimbursement schemes, and insolvency by staying regulated under this commission.

To provide a secure trading environment, First Prudential Markets Pty Ltd. is licensed under the Cyprus Securities and Exchange Commission. This regulatory body monitors the broker’s behavior and takes necessary actions. It also places fines or suspends the licenses of brokers with speculative behaviors. Based on the trading platforms that FP Markets offers, it is considered an average-risk broker. The trust score for FP Markets would 81 out of 99. The company is not publicly traded. FP Markets protects the funds of its clients by keeping them in separate accounts at tier-1 banks. Clients from countries compliant with the Australian Securities and Investments Commission (ASIC countries) can trade safely with this broker.

Final Thoughts on FP Markets

All things considered, FP Markets is a fairly reliable broker for trading forex pairs, CFDs, and multiple assets. FP Markets offers various financial products that cover the overall trading landscape. It is regulated by the Australian commission and the Cyprus commission, which protects its clients from scams or frauds. The broker seems to be quite competitive with the spreads offered on different account types. The website provides information on the spreads, and the same rates are reflected when trading with FP Markets platform. Since the company is regulated under the Australian Securities and Investments Commission, ASIC-regulated brokers are usually safer options than other brokers.

Access to the MetaTrader 4 platform is also improving the broker’s reputation. Trading with competitive spreads through MT4 & MT5 platforms generates profits consistently. The commission charged on these trades is executed exactly how they are displayed on the website. There are no hidden costs in trading with FP markets. Every FP Markets trading account gets access to over 150 instruments, which also a significant plus point. The Premier trading account, in particular, is best suitable for experienced traders. The Iress trading platform is available for Australian investors only.

FP Markets is a trailblazer in the broker industry. Its excellent customer service, research, and mobile trading is driving its adoption. In 2024 and for the years to come, the FP Markets platform is likely to continue as a forerunner in the race of best brokers for forex and CFD trading.

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FAQs

Is FP Markets Safe?

Based on our FP Markets reviews, it is considered an average-risk broker. FP Markets protects its clients’ funds by keeping them in separate accounts at tier-1(high trust) banks. Thus it can be said that it is a safe broker.

Are FP Markets regulated?

Yes definitely. The FP Markets is entirely compliant with the Australian Securities and Investments Commission (ASIC). FP Markets – one of the Best Forex Brokers in Australia protects its traders from scams, reimbursement schemes, and insolvency by staying regulated under this commission.

How do I withdraw from FP Markets?

You can withdraw money from the following link: https://www.fpmarkets.com/funding/withdraw-funds/. Make sure you need to withdraw the same amount as your deposit back by the same method. Once deposits have been withdrawn, you can use an alternative option to withdraw profits.

Do FP Markets accept Canadian clients?

Yes, it is. Though the FP Markets trading platform is an Australian broker & completely compliant with the regulations set by the ASIC, it accepts clients from Canada and all over the world as long as CFD and Forex trading is not prohibited.