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FPmarkets
Rating: Rated with 4.5 stars
Binary Option Programs Award
Min. Deposit
$200
Min. Investment
0.01 lot
Regulated Broker
Yes

FPmarkets Forex Broker Review

  1. FPmarkets

    Currently we cannot recommend trading with this brand. Try FXMasterBot – a trading software that offers access to several brokers and free signals.

    FPmarkets is one of the leading forex and CFD brokers in the rapidly expanding STP/ECN retail investment industry. Established in 2005, FPmarkets is owned by First Prudential Markets Pty Ltd, an Australian based company with offices in Sidney, Beijing and Shanghai. Significantly, the company is ASIC regulated and operates with the licence number 286354 issued by the Australian Financial Services.

    Whilst, a significant proportion of its client base is in Australasia, FPmarkets enjoys a global appeal and is accessible in Chinese, Spanish and English. FPmarkets has received 35 industry awards in recognition of many key aspects of its business operations, including overall customer satisfaction. Notably, we have seen that customer service remains a top priority and most customers’ comments are complementary about the efficiency with which FPmarkets handles enquiries. Promotional offers are usually available for both new and existing traders at FPmarkets, with the ongoing offers described on the FAQs page, rather than the dashboard of the home page.

    The most striking feature at FPmarkets is the huge choice of underlying assets available for Direct Market Access, CFD trading. Opening a CFD account with just $1,000 gives traders access to 10,000 financial instruments ranging from forex pairs, ETFs, indices, equities, futures contracts and commodities across multiple global markets. The underlying asset prices are shown on the powerful, web based IRESS trader, reputed to be the most advanced CFD trading software in the industry and enabling investors to execute trades in multiple products on up to 8 global financial exchanges. Alternatively, FPmarkets offers forex traders access to the enormously popular MetaTrader 4 platform, featuring impressively tight pip spreads and leverage as high as 500:1. FPmarkets forex trading accounts are competitively priced from AUD $200, creating opportunities for trading in currency pairs, Bitcoin, metals, commodities and indices.

    Trading Account Types Offered by FPmarkets

    Traders have a choice of five customised accounts at FPmarkets, two forex types and three CFD accounts with varying initial deposit requirements. We saw that clients are not limited to one account at FPmarkets, but can open several to suit their personal trading requirements.

    $100,000 Demo Account

    Forex traders are given the potentially valuable opportunity of testing the MetaTrader4 trading software with a demo account and $100,000 of virtual funds. Practice trading is completely risk-free and provides a practical way to learn about the tools and charts on the MT4 platform. FPmarkets requires a name, email address, phone number and country from anybody requesting a demo account. Notably, the MT4 software must be downloaded and installed on a desktop with a Windows operating system or Mac OS X. However, the installation process takes less than 30 seconds and the MT4 software is secure.

    Types of Forex Account Offered by FPmarkets

    FP Markets offers two types of forex account giving retail traders access to global forex markets 24 hours a day, 6 days a week. The STP forex accounts give access to the MetaTrader4 platform renowned for excellent charting and analytical tools as well as potentially profitable Expert Advisors. Traders requiring a swap free Islamic account for religious reasons, need to open a regular MT4 forex account and then contact customer support with a request to convert the account to an Islamic account.

    FPmarkets Offers Bitcoin Cryptocurrency Trading

    The opportunity for cryptocurrency trading with the Bitcoin underlying asset has been introduced by FPmarkets to the MT4 forex account with leverage up to 10:1. Importantly, traders don’t own the actual Bitcoin asset, but predict price movements of the underlying Bitcoin asset against other major currencies such as the USD. Whilst traders can potentially make large profits by trading Bitcoin CFDs, they don’t need to risk money buying the cryptocurrency itself.

    MT4 Standard Account at FPmarkets

    With an initial deposit of AUD $200, investors can register an MT4 Standard account with zero commission, leverage up to 500:1 and spreads from 1.0 pips. Trading instruments available to traders with an MT4 Standard forex account include Bitcoin, metals, commodities, indices and more than 50 forex currency pairs

    MT4 ECN Raw Account at FPmarkets

    To set up an ECN Raw account for forex trading on the MT4 platform requires an initial deposit of AUD $1,000. More than 60 financial instruments are available for trading with up to 500:1 leverage, including indices, Bitcoin, commodities, metals and around 50 currency pairs. The fundamental differences between the ECN Raw account and the Standard account, are the very tight spreads from 0.0 pips and the trading commission of AUD $3.5 charged on every traded lot (100,000).

    Islamic Account at FPmarkets

    Swap-free Islamic accounts are available at FPmarkets on request. However, only after setting up one of the regular MT4 or MT5 forex accounts. Following approval, IT technicians adjust the software, thereby converting the regular account to an Islamic account. Essentially, the account becomes free of swap charges or swap credits on trading positions remaining open overnight. Nevertheless, positions remaining open over two consecutive days are charged an administration fee by FPmarkets.

    CFD Trading Account Types at FPmarkets

    FP Markets has been offering Direct Market Access CFDs for more than 12 years, making it one of the leading DMA CFD brokers in Australia. Traders can choose from three trading accounts, giving them direct access to the web based IRESS platform and the most biggest financial markets in the world.

    FPmarkets Professional Account

    A $1,000 opening balance is needed to set up a professional account at FPmarkets. It gives access to CFD trading on the IRESS web trader and IRESS mobile apps for trading on the move. Customers with a Professional account enjoy competitive margin rates and low Direct Access Market commissions. Financing for trading with the professional account is RBA+3.5% and the minimum brokerage fee just $10, then 0.1% of subsequent trades. Delayed ASX data is free of charge but live data is payable if less than $50 commission to FPmarkets is generated each calendar month.

    FP Markets Platinum Account

    To set up a Platinum account for CFD trading at FPmarkets requires a minimum initial deposit of $25,000. However, traders enjoy lower commission fees and financing rates than with the Professional account, with financing at RBA+3%. The brokerage rate of $9 minimum, then 0.09%, is significantly lower than that offered with the professional account and advantageous for big volume traders. We were surprised to see that live ASX data is payable if monthly commission is less than $50. However, as with the professional account, delayed ASX data is provided free.

    FP Markets Premier Account

    A $50,000 deposit is required to set up a Premier account at FPmarkets. The advantage of the Premier account is that traders don’t pay minimum brokerage commissions or platform fees. Financing for CFD trading is very competitive at RBA+2.5% and the brokerage rate is 0.08%. Significantly, traders don’t pay royalties for live or delayed ASX data.

    Trading Platforms at FPmarkets

    Customers at FPmarkets can choose accounts giving access to the MetaTrader platforms popular with forex traders or to the powerful IRESS platform for CFD trading. Both IRESS and MetaTrader trading solutions offer free FPmarkets mobile apps for Android and iOS powered phones and tablets.

    FPmarkets MetaTrader4 Platform

    Both the MT4 forex trading platform and the later MT5 version are available for download to Windows powered desktop terminals or Mac OS X. The MetaTrader4 is very popular with forex traders worldwide, favoured for its customisable, multi-lingual platform and one-click trading. The MT4 gives traders access to a true ‘ECN’ environment for STP trade execution using live streamed prices in both the demo platform and the live trading platform. Significantly, traders can choose from a large number of order types, 9 time frames, dozens of indicators and 3 chart types, as well as expert advisors for automated trading signals. Even traders just starting out in forex trading can get up and running quickly using the excellent user guide incorporated into the MetaTrader software.

    Forex Trading Using FPmarkets MT4 Mobile Apps

    By downloading the FPmarkets MetaTrader mobile app, traders can keep track of their trade orders on the move, including those still pending and trades already executed.  Live quotes are accessible using the user-friendly apps as well as charts and symbol prices. The FPmarkets mobile apps are available free in the Apple App Store for iPhones and iPads, and in the Google Play Store for Android powered devices.

    FP Markets IRESS Web Trader

    The web-based IRESS CFD trading software, provides a uniquely powerful trading platform, giving CFD traders unrivalled access to international exchanges all over the globe. The software operates with HTML5 technology on any computers running Windows OS and on Mac computers, without software download required. The FPmarkets IRESS web trader gives customers a choice of 10,000 financial instruments for CFD trading on a customisable interface, and lets traders compare changes in asset prices across multiple time frames. Significantly, the IRESS web trader features 50 drawing tools, a huge charting package and 59 technical indicators.

    FP Markets IRESS Mobile Trading App

    The FPmarkets IRESS mobile app lets traders access and manage all their CFD holdings, as well as showing dynamic pricing, advanced charting and market news. Both the Android and iOS mobile apps for the FPmarkets mobile IRESS trader, are available for download on the FPmarkets website.

    FP Markets Education and Research

    FP Markets provides customers with a comprehensive choice of free educational material for ‘Beginners’, ‘Intermediate’ and ‘Advanced’ traders. We found the presentation user-friendly, with video tutorials, webinars and online classes covering every aspect of forex and CFD trading. Traders who prefer courses with written materials can download the trading E-Book and follow the E-Book course. Moreover, the extensive glossary is a useful tool for understanding the trading and financial terms used in forex and CFD trading. In addition to the education section, a separate research category on the FPmarkets dashboard, gives all traders, new and experienced, all the daily market information and analysis required to make informed trading decisions.

    Customer Support at FPmarkets

    FP Markets has received multiple industry awards reflecting the high level of service and overall customer satisfaction. We saw that a live chat service is offered on the FPmarkets interface 24 hours a day, giving anybody who wants it, anonymous access to the efficient customer service team. Alternatively, customers can phone the Australian or international number displayed on the interface, send an E-mail or use the Australian or international Fax numbers.

    Payment Methods Supported by FPmarkets

    Customers registering any sort of trading account at FPmarkets can choose from a broad range of international currencies to fund their accounts. These include, AUD, USD, CAD, EUR, GBP, SGD, HKD, JPY, NZD, CHF and CNY. A diverse choice of payment methods is supported by FPmarkets and we saw that additional ‘funding gateways’ will be added in the near future. Currently, traders can use the popular credit cards, Visa, Mastercard and UnionPay as well as several electronic payment methods including AstroPay, Skrill and Neteller. Customers can also choose to fund their accounts using BPay, Bank wire transfers or with traditional cheques. Interestingly, FPmarkets accepts money transfers from other brokers and provides information on how to make broker to broker transfers in a few easy steps.

    FP Markets Funding Charges

    Significantly, depositing funds to a trading account at FPmarkets is not free of charge with most available payment methods. Moreover, the level of fees charged by FPmarkets is determined by whether customers live in Australia or ‘overseas’. We saw that customers using credit cards to deposit, are charged a 3.18% fee if they live overseas and 1.8% if they live in Australia. Furthermore, to deposit USD using AstroPay costs 5%, whilst USD deposits using Neteller and Skrill, are charged a 4% fee. Wire2Pay transfers are charged 5.96%, a significant amount in our opinion. However, traders living in Australia who fund their accounts using BPay, are not charged deposit fees.

    Withdrawals from FPmarkets trading accounts also depend on whether customers live in Australia or abroad. Traders living within Australia are not charged a processing fee on withdrawals. However, traders living outside Australia pay a transaction fee of $20 on each international bank transfer and 1.8% for credit card withdrawals, with the money going to the financial institutions involved and not to FPmarkets.

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