Table of contents:
- 1 FP Markets Payment Methods: Deposit, Withdrawal, Currencies and Processing Times
- 1.1 deposits and withdrawals with international brokers
- 1.2 Credit transfer from broker to broker
- 1.3 Payments usually only from personal private accounts
- 1.4 Usually binding: deposit and withdrawal in the same way
- 1.5 FP Markets minimum deposit and account types
- 1.6 This is how deposits and withdrawals are processed at FP Markets
- 1.7 FP Markets withdrawal, fees, processing time
- 1.8 Credit balance through friend referral at FP Markets
- 1.9 Conclusion: Transparency in payment methods and low minimum deposit at FP Markets
FP Markets Payment Methods: Deposit, Withdrawal, Currencies and Processing Times
FP Markets is an Australian Forex and CFD broker that has been operating internationally for more than 14 years. The provider is still little known in Germany. However, the broker, which is headquartered in Sydney, can demonstrate serious regulation by the Australian financial supervisory authority ASIC, which guarantees, among other things, the separate custody of customer funds. At the same time, traders have the advantage of being able to trade numerous securities at FP Markets with high leverage of up to 1:500, and this via various account types. The broker is also customer-friendly when it comes to payment methods: at FP Markets, deposits and withdrawals are also possible in euros and using eWallets.
- Trading account from just AUD 100
- Payment by credit card, bank transfer, Skrill, Neteller or by transfer from another broker
- Prompt processing
- Deposits and withdrawals may be subject to charges
deposits and withdrawals with international brokers
Forex and CFD brokers offering their services within the EU are in many respects obliged by the provisions of the MiFID Directive to implement protective measures for private investors. These include the separate management of customer deposits in segregated accounts, but also a restriction of so-called leverage. The possibility of moving a multiple of the deposited safety margin allows high profits when trading CFDs and forex pairs, but is also associated with corresponding risks. Because if a trade is not successful, the leverage is also used. In Europe, brokers are therefore allowed to grant private traders and small investors leverage of a maximum of 1:30. In addition, the broker may not demand any “additional margin”, i.e. additional payments, from the trader over and above the credit balance on the trading account.
What is intended to protect beginners and less experienced investors, however, is an obstacle for experienced traders with good risk management. They can’t trade with higher leverage, moreover, a broker headquartered within the EU closes a position that is in danger of sliding into the red – even if it is only a second “outlier” and the trade could otherwise be closed with a good profit.
That is why quite a few traders in Germany also trade via brokers based outside the EU, giving their clients greater freedom – with greater risk, of course. Here, in addition to regulation, the trading offer and conditions, the available payment methods in the international context are particularly important, as are the costs incurred for deposits and withdrawals. The currencies with which the trading account can be capitalised also play a role.
INTERNATIONAL PAYMENTS BY CREDIT CARD
If you make deposits and withdrawals by credit card with an international broker such as FP Markets, you are usually choosing a fast and often free payment method. This is because the credit is usually made immediately and the trader can start trading. The option to pay by credit or debit card is standard with most Forex and CFD brokers. Since credit cards are available at least at direct banks at favorable conditions, even completely free of charge, users do not have to calculate with high annual fees for the card. And as long as the selected broker offers sufficient security through SSL encryption, the protection of customer data during transmission is also guaranteed. The green colouring and the abbreviation https:// in the address line of the browser show that such encryption is guaranteed.
If traders wish to deposit money with FP Markets using Visa or Mastercard, the broker will request, as is not unusual, a scan of the credit card showing the first six and last three digits of the card number, as well as the name of the holder.
INTERNATIONAL BANK TRANSFER
Not every user has a credit or debit card or wants the amounts deposited to be credited immediately. Therefore, many traders capitalize their trading account by means of the classic bank transfer. Within the EU, this can be done quickly, free of charge and without complications even across national borders thanks to the introduction of the Single Euro Payment Area.
International bank transfers usually take longer and are rarely free of charge. Interbank commissions often accrue on the way from the reference account to the trading account with the broker. Depending on the currency in which the transfer is made, additional costs may also be incurred due to currency conversion.
EWALLETS FACILITATE INTERNATIONAL PAYMENTS
An alternative to bank transfers and executed just as quickly as credit card payments are transfers via electronic payment service providers. Developed for uncomplicated and secure payments in international online trade, providers such as PayPal, Neteller and Skrill have long since established themselves as independent payment solutions. Accounts are either filled by transfers or are linked to the personal current account. The security and low costs, as well as the possibility to make payments even via mobile phone, make eWallets increasingly popular. The minimum amounts for payments are usually low and the daily maximum limits are also compatible with the activities of experienced traders. Forex and CFD brokers are responding to this trend by adding the most popular providers to the list of available payment options. Although traders cannot use PayPal for transactions with the Australian broker FP Markets, Neteller and Skrill are available. When using electronic payment platforms for international payments, there are usually fees for both deposits and withdrawals. The user should know the amount of the fees before deciding on a payment method.
Credit transfer from broker to broker
Less common, but certainly possible, is the transfer of assets from one broker to another. The procedure is similar to the account change service offered by banks. If a trader wants to transfer funds from one broker’s live account to another, a special form must be filled out. This form is sent to both brokers, who then carry out the transfer. This of course involves administrative costs, which FP Markets is happy to pay, with fees ranging from AUD 12.5 to AUD 25 for all transfers made from trading accounts outside Australia.
Payments usually only from personal private accounts
Brokers outside the European Union also generally do not accept payments made by or on behalf of third parties. As a result, traders who wish to deposit money into their trading account cannot use a credit card of a partner, for example, or have a transfer made through a third party’s bank account. The specified reference accounts must be in the name of the trader. These restrictions are intended to help curb international money laundering and make payments traceable. Furthermore, users can only pay European brokers via a private account and not via company accounts. International brokers may do this differently when offering accounts to corporate clients.
Usually binding: deposit and withdrawal in the same way
Before choosing a particular payment option, there is another factor to consider – for subsequent withdrawals, these must generally be made in the same way as the deposit was made. Therefore, processing times and costs of a payment method are also relevant for withdrawals. If you want to change the payment method later, you can usually do so, but a certain amount of effort and re-verification must be accepted in this case. Although many traders would like to be able to flexibly combine different payment methods for deposits and withdrawals, this is not yet possible with most brokers.
FP Markets minimum deposit and account types
Before discussing how traders can deposit money with FP Markets, first take a look at the broker’s conditions. These are linked to the different types of accounts provided by the provider. Unlike most European Forex and CFD brokers, where all financial products can be traded through one account with more or less extensive services, FP Markets offers several different trading accounts specifically for Forex, CFD and stock trading. Islamic accounts are also offered, and of course a free demo account. Furthermore, traders can choose between different trading platforms, namely the MetaTrader in versions 4 and 5 and the web platform IRESS. Different accounts can be managed in parallel, so that access to all financial products is possible.
- Forex trading from a minimum deposit of 100 AUD
- Lowest minimum deposit for CFD trading 1,000 AUD
- Stock Trading
- Demo account
Either a standard or an ECN Raw account can be set up for Forex trading. For the Standard account, the minimum deposit is only 100 AUD, while for the ECN account with spreads from 0 pips, the minimum initial deposit is 1,000 AUD.
Three different account types are available for CFD trading. The lowest minimum deposit is AUD 1,000 for a Professional Account and AUD 25,000 for a Platinum Account, while depositing AUD 50,000 can benefit from the Premier Account’s low trading costs. The highest possible leverage in Forex and CFD trading at FP Markets is 1:500, with two additional accounts reserved for stock trading, where trading with leverage is not possible.
OPEN A TRADING ACCOUNT WITH FP MARKETS
If you want to set up an account with the broker, you can access the input forms for the demo or live account directly from the website via two different buttons. The demo is set up with minimal information. For a real money account, in addition to personal data, information on trading experience and personal finances are also required. In addition, private investors can now choose the account model they want. Individual or joint accounts can also be chosen with this broker, and a corporate account for corporate clients is also available from FP Markets.
- Individual and Joint Accounts
- Company accounts
- Uncomplicated opening procedure
- Legitimacy is required
In order to be able to use the trading account to its fullest extent, so that money can be withdrawn later via FP Markets, the account holder must verify his identity. This requires a valid ID and proof of residence, such as a current utility bill.
Once all the required documents have been uploaded and verified by the broker, the trading account is activated, which often happens immediately. After that, of course, the first payment must be made, and this must be the minimum amount required by the broker for the respective account type.
This is how deposits and withdrawals are processed at FP Markets
As far as the payment methods offered are concerned, the broker FP Markets offers its customers sufficient choice, so that transactions can always be executed quickly and comparatively inexpensively, even on an international scale. In addition, the Broker accepts various currencies, but not all payment channels. Customers who pay by credit card or by international bank transfer have the widest range of options. In addition to euros, CAD, CHF, GBP, HKD, JPY, NZD, SGD and USD can also be transferred. For traders with a MetaTrader account, credit card payment by the broker is free of charge, for an IRESS account a fee of 3.18% is charged on Euro transfers. An international bank transfer is subject to a fee of AUD 12.5.
If you want to avoid fees completely, you can use Skrill or Neteller, via Neteller with all the currencies described, via Skrill only with Euro, US Dollar or Pound Sterling.
Australian customers can use Bpay or PoliPay, regional payment solutions are available for Asian traders, and it is also possible to transfer funds from another broker, but the latter with fees between AUD 12.5 and AUD 25.
- Visa and Mastercard
- Bank transfer national and international
- Neteller, Skrill
- Regional payment solutions and transfer from other brokers
The processing times from the broker are minimal – as indicated on the website, deposits as well as withdrawal requests are usually processed within one business day, but not on weekends. Traders must, of course, take into account the further process and the deadlines from the payment service provider. Transactions are initiated from the personal customer area. Since FP Markets does not specify maximum deposit limits, the payment provider’s limits can be assumed here.
FP Markets withdrawal, fees, processing time
If you want to withdraw funds from the trading account after a while, you need to verify yourself, unless you have already done so when setting up the trading account. For this purpose, FP Markets provides a downloadable form that must be filled out and uploaded along with the required documents.
Withdrawals can then be ordered from the client dashboard. The procedures and currencies are the same as those available for deposits, and withdrawal requests are processed immediately by the broker.
There are no fees for withdrawals by credit card. The situation is different for the other options. International bank transfers are subject to a processing fee of AUD 25 for withdrawals. If you pay via Neteller, you have to expect costs of 2 %, but no more than 30 US dollars. Skrill charges 1 % and local fees, if applicable. International withdrawal to a trading account with another broker is also possible and can cost between AUD 12.5 and AUD 25.
As is common practice, before processing a payout, FP Markets first checks whether there are any open positions and whether coverage is guaranteed even after the desired amount has been paid out. Otherwise, the payout cannot be executed or cannot be executed in full.
The time at which the balance finally arrives on the reference account is also dependent on the payment service provider, despite rapid processing by the broker, just as with deposits. This applies in particular to transactions by bank transfer, which can take several working days internationally.
Credit balance through friend referral at FP Markets
Forex and CFD brokers outside of the European Union may well advertise with welcome bonuses. Such measures to attract new customers are used again and again, either consistently or as part of promotions. FP Markets does not appear to offer such bonuses. Instead, FP Markets allows traders to benefit from attractive referral bonuses. The level of bonuses depends in part on the trading platform through which a user trades and advertises. If a friend is referred to the IRESS trading platform, they will receive a bonus of AUD 100, and so will the referred trader. If the Referred Friend opens a trading account on the MetaTrader 4/5 platforms, the bonus payment is based on the amount of the initial deposit. From 500 AUD there is a bonus of 50 AUD, if the first deposit is more than 10,000 AUD by the referred person, the referrer will be credited with 300 AUD.
Conclusion: Transparency in payment methods and low minimum deposit at FP Markets
Traders who, for various reasons, want to trade with an international Forex and CFD broker, naturally also attach great importance to favourable conditions, a broad range of trading offers and trustworthy regulation – all the more so as the protection of customer funds and deposit insurance are not a matter of course with every international provider. Transactions to a broker outside the EU should provide a certain degree of legal certainty, as traders have greater difficulty in asserting their rights in the event of discrepancies.
On the other hand, a reputable broker outside the European Union also offers private traders the opportunity to trade with high leverage. A provider such as FP Markets, which is regulated by a recognised financial regulator such as the Australian ASIC and can boast numerous awards, is a good option here.
Thanks to the clearly communicated information – also in German – on all services offered by the broker and the transparency of the listed payment methods, interested users can gain an overview of the advantages and possible costs of the available account models and the payment options available. In addition, the platforms and the service can be tested completely risk-free with the demo account, before any initial deposit is made.