Fpmarkets Review : Is Good Forex Broker Or Not ? 2023 Pro Or Cons Latest Updated

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About FP Markets

FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader platform. The Iress platform suite offers well over 10,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option. Forex and CFD traders will find a versatile, affordable MetaTrader offering at FP Markets, but without the research and educational content offered by industry leaders.

FP Markets is an Australian CFD and forex broker regulated by the top-tier ASIC. FP Markets offers low forex fees. You can be up and running quickly as both account opening and deposits are super easy and fast. There are several excellent educational tools, such as demo accounts and e-books.

The product lineup at FP Markets is limited to forex, CFDs (equities, indices, metals) and cryptocurrencies. MetaTrader 4’s web and desktop trading platforms have an outdated design. The quality of research tools is uneven, especially when it comes to fundamental data, news or charting. BrokerChooser gave FP Markets a 4.2/5 rating based on analyzing 500+ criteria and testing via opening a live account.

FP Markets at a glance

How To Create Account At FP Markets

FP Markets offers many different account types with no minimum deposit requirements, which means US citizens of all financial backgrounds can sign up.

Trading Fees

FP Markets charges low trading fees compared to other Forex brokers. Unlike other brokers that offer a range of account types with lower spreads linked to higher minimum deposits, FP Markets only offers two accounts. Both account types are available on both MT4 and MT5.  The Standard Account has the trading costs included in the spread while the Raw Account offers tighter spreads and a small commission per trade. 

FP Markets’ fee structure is transparent, and it publishes all the spread and commission costs associated with either account.  FP Markets’ accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission.

Swap Fees

In a welcome show of transparency, FP Markets publishes all swap fees for each instrument on its site.  Swap fees are derived from the current bank interest rates plus a small mark-up charged by FP Markets.  

By way of example: Let’s say that you are trading EUR/USD, and the interest rate of the European Central Bank (ECB) is 0.25% and that of the US Fed is 1.75%. Suppose you want to go long on the EUR/USD, which means that you will buy Euro and sell USD.

Swap Fee Calculation = (Contract x (Interest Rate Differential + Markup)/100 x Price/Days per year

• Contract – 1 lot (100 000 EUR)
• Price of EUR/USD – 1.1058 pips
• Interest rate differential = (1.75%-0.25%) = 1.5%
• Markup – 0.25% (Broker’s Commission)
• Days per year = 365

FP Markets Payment Methods

FP Markets, an Australian-based online broker, offers a variety of payment methods to its clients. The available payment methods may vary depending on the client’s location and the type of account they hold. Here are some of the common payment methods accepted by FP Markets:

1. Bank wire transfer: Clients can deposit funds into their trading account via bank wire transfer. This method is generally the most reliable and secure way to transfer funds, but it can take longer to process.
2. Credit/debit card: FP Markets accepts Visa, MasterCard, and Maestro credit and debit cards. Deposits made through this method are usually processed instantly.
3. Online payment services: FP Markets accepts several online payment services, such as Skrill, Neteller, PayPal, POLi, FasaPay, and BPay. These services offer fast and secure deposits, with some services allowing for instant deposits.
4. Cryptocurrencies: FP Markets also accepts some cryptocurrencies, such as Bitcoin and Ethereum, as a deposit method. Cryptocurrency transactions are generally fast and secure, and they offer additional privacy and anonymity.

It’s important to note that FP Markets may charge fees for certain deposit and withdrawal methods. Clients should check with FP Markets for specific details on the fees and processing times associated with each payment method.

Minimum Deposit And Funding

There’s a minimum deposit of just $100, so you can get started on the platform without being a millionaire or committing all your money. However, for IRESS accounts, you’ll need a minimum deposit of $1000 AUD, which might be higher for some account types.

How about the deposit method?

One thing that we liked about FP Markets was the number of payment methods you can choose between. In addition to the usual suspects, like credit card payment by Visa or MasterCard and bank wires (bank transfers can take up to one business day), there’s a range of more unusual choices:

• Visa and Mastercard Debit Card and Credit Card(AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, JPY)
• Volt (direct bank transfer)
• Transfer from another broker
• Neteller (AUD, CAD, CHF, EUR, GBP, JPY, PLN, SGD, USD)
• Skrill (international money transfers) (USD, GBP, EUR)
• Zota Pay (good for Asia and Latin America)
• PayTrust
• Fasapay (USD, IDR)
• Perfect Money (for Bitcoin and cryptocurrencies)
• Cryptocurrency (pay directly in Bitcoin, Ether, Ripple, or USDT)
• Ngan Luong if you are in Vietnam (VND)
• Domestic and international bank wire
• PayPal (AUD, CAD, EUR, GBP, HKD, JPY, SGD, USD)

FP Markets Trading Platforms

FP Markets offers both MT4, the most popular trading platform in the world, and MT5,  the latest development by Metaquotes. As well as the desktop applications, FP Markets also offers MT4 and MT5 WebTrader, which are the browser-based version of the platforms, along with mobile and tablet versions of both iterations.

While MT4 and MT5 are both excellent trading platforms, many other CFD brokers also offer their own web-based platforms, which tend to be easier to use for beginner traders. On the other hand, the benefit of FP Markets offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.  Additionally, there are thousands of plugins and tools available for the MetaTrader platforms.   

FP Markets Regulation

FP Markets is part of First Prudential Markets Pty Ltd which is a regulated broker covered by regulators in Australia with the Australian Securities and Investments Commission (ASIC), and the European Cyprus Securities and Exchange Commission (CySEC). Traders in Australia operates using an Australian Financial Services Licence (AFSL). It’s also won more than 40 awards in the industry and gets liquidity from established blue chips like Goldman Sachs and Barclays.

High Grade Features Which Offer By FP Markets

Multiple trading platforms

FP Markets provides access to multiple trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and IRESS. These platforms offer a range of tools and features to help clients analyze the markets and execute trades.

Wide range of markets

FP Markets offers trading in a wide range of markets, including forex, shares, indices, commodities, and cryptocurrencies.

Low spreads and fast execution

FP Markets offers some of the lowest spreads in the industry, as well as fast execution speeds. This helps clients to maximize their trading profits and reduce their trading costs.

Education and research

FP Markets provides a variety of educational and research resources to help clients improve their trading skills and stay up-to-date with the latest market news and analysis.

24/5 customer support

FP Markets offers 24/5 customer support to its clients, with dedicated account managers available to assist clients with any questions or issues they may have.

Segregated client funds

FP Markets holds client funds in segregated accounts, separate from the company’s operating funds. This helps to ensure that client funds are protected in the event of the company’s insolvency.

Negative Balance protection

FP Markets offers negative balance protection to its clients, ensuring that clients cannot lose more than their account balance.

Customer Support

FP Markets offers 24/5 customer support to its clients, with a team of dedicated account managers available to assist clients with any questions or issues they may have. Here are some of the ways clients can contact FP Markets customer support:

1. Live chat: Clients can access live chat support directly through the FP Markets website. This is a quick and easy way to get answers to questions or resolve issues.
2. Email: Clients can send an email to FP Markets customer support, with a response typically within 24 hours.
3. Phone: Clients can call FP Markets customer support during business hours, with local phone numbers available for clients in Australia, China, and Malaysia.
4. Social media: FP Markets has an active presence on social media platforms such as Facebook, Twitter, and LinkedIn. Clients can use these channels to ask questions or receive updates on the latest market news and analysis.