FP Markets: Detailed Review and rating

FP Markets user-ratings: $100
  • Asset varierity - 0/10
    0/10
  • Trading platform - 0/10
    0/10
  • Support - 0/10
    0/10
  • Fees - 0/10
    0/10
  • Deposit/Withdrawal - 0/10
    0/10

Facts about the company:

  • Type: Forex & CFD Broker 
  • Regulation: ASIC (Australia) 
  • Minimum deposit: $100
  • Demo account: Free
  • Markets: 10000+ Forex, Indices, Shares, CFDs & Commodities
9.7/10
Comments Rating 9.7/10 (1 review)

Pros

  • Trade spreads from 0.0
  • Fast execution from an NY4 server facility
  • No dealing desk and no requotes
  • 24/5 Multilingual customer support
  • Globally Regulated
  • Maximum leverage 500:1

Cons

  • High minimum deposit for Iress accounts

About FP Markets

The Sydney-based broker FP Markets provides trading services primarily for professional traders. There are over 10,000 tradable markets in total, with a focus not only on CFDs but also on foreign exchange. Anyone wishing to trade the financial instruments can choose from five account models, although only two are available for private investors. Here is also a point of criticism, because the minimum deposits are simply too high for prospective traders with many account models. Nevertheless, the broker impressed the FP Markets test with many interesting offers. We show what strengths it has and where there is still room for improvement.

Screenshot of the FP Markets landing page

CFD trading offer: numerous tradable underlyings

CFD trading is the focus of FP Markets. Investors can trade more than 10,000 markets with a maximum leverage of 1:500 (for professional traders). The trading offer includes:

  • CFDs on shares
  • CFDs on commodities
  • CFDs on Indices

There are also other financial instruments, such as forex trading or investment in securities. In the FP Markets Test, we saw that the largest share is inequity CFDs. Investors can become active in numerous global trading places and trade DMA CFD Equity with over 12,000 offers. The range of Index-tracking CFDs is also interesting. As our experience shows, there are also two categories to choose from: DMA Indices and CFD Indices. The offered CFD indices include DJ30, US500, NAS100, UK100, STOXX50, GER30, JP225, HK50, and AUS200. If traders want to trade DMA indices, they have the following options:

  • NASDAQ 100 E-MINI
    NIKKEI 225 (CME)
  • S&P500 EMINI
  • DJIA MINI e-CBOT
  • DAX INDEX
  • EURO STOXX 50
  • Mini SPI 200
  • and SPI 200

CFDS ON COMMODITIES AND FUTURES

At FP Markets we have also gained experience in trading CFDs on commodities and futures. CFD trading on commodities is possible with gold, silver, and WTI. The range of DMA commodities is considerably larger. There is a total of 15 commodity DMAs to choose from, including

  • Wheat
  • Corn
  • Soybean oil
  • Soybeans
  • Soybean flour

It is noticeable that the traders can also invest in livestock and valuable commodities such as platinum or palladium. This provides the greatest possible diversification, which is further enhanced by the range of currencies on offer.

FOREX TRADING AT FP MARKETS

Investors can also trade foreign exchange with the broker. The various main currencies, secondary currencies and exotic currencies are available for this purpose. The trades are processed via a renowned platform that has proven itself for foreign exchange trading: the MT4. Those who wish can also use leverage for foreign exchange trading, which for professional traders is a maximum of 1:500.

  • Indices: 9
  • Commodities: 3
  • Stocks: 10,000+
  • Crypto currency: –

CFD Trading Conditions: trade from 0.0 pips

We have of course also gained FP Markets experience with the fees and costs of the broker and are happy to pass this on here. In total, access to over 10,000 CFDs on futures, commodities, foreign exchange and global securities is offered. Experience shows that the fees for trading activities are among the lowest in the industry. Anyone opening an account with FP Markets does not have to expect additional costs for maintaining it. Instead, the costs are only incurred for the actual trading. Let us take a closer look at the individual cost models using various examples:

COSTS FOR CFDS ON SHARES

If investors wish to trade CFDs on securities, the fees are highly variable. Investors trading Australian securities pay a 0.08 percent buy/sell fee, with the minimum starting at $0.00 USD. If investors trade in Singapore, a fee of 0.15 percent or a minimum of 25 SGD is payable. Trading in Frankfurt is subject to a fee of 0.10 percent or at least 10 euros.

FEES FOR CFDS ON INTERNATIONAL FUTURES

In the test we also took a closer look at the costs of trading CFDs on international futures. Those who trade ASX SPI200 (AP) pay AUD 15 by default, while those trading DAX (FDAX), SMI (FSMI), DJ Euro Stoxx 50 (FESX) pay AUD 15, and those trading E-Mini S&P500 (ES), E-Mini NASDAQ 100 (NQ), for example, pay USD 15. Trades investors Nikkei 225 USD (NKD), a fee of 17.5 USD is charged, and for Nikkei 225 JPY (NIY) 1750 JPY.

COSTS FOR FOREX TRADING

FP Markets is also a well-known provider of foreign exchange trading services. The broker provides real ECN spreads from as little as 0.00 pips. Spreads are offered at particularly favorable prices, especially when liquidity is high. For example, anyone who wants to invest in EURUSD has a minimum spread of 0.7 pips.

SPREADS FOR INDICES AND COMMODITIES

Not to forget the spreads for indices and commodities in our test. Here we see that trading is possible from as little as 0.5 pips (US500). The German 30 Index Cash can be traded from 1 pip. If investors want to invest in metals and trade them, they can for example trade XAUUSD from 0.16 pips and XPTUSD from 0.31.

CHARACTERISTICS OF THE LEVERS

Since the summer of 2018, there have been clear restrictions when it comes to maximum leverage for private investors. Private traders are only allowed to trade with a broker up to maximum leverage of 1:30, according to ESMA regulations. Therefore, it may be confusing for investors if they find significantly greater leverage of up to 1:500 at FP Markets. However, these levers only apply to professional traders and not to private investors. Even though the website states maximum leverage for foreign exchange of 1:500, traders should not be confused by this.

  • Max leverage: 1:500 (for professional traders)
  • DAX Spread: 1 pip
  • Minimum deposit: 1,000 USD (to professional account)

Regulation & Deposit Guarantee: AFS Licence

The trading offer and the attractive costs convinced us of the test. However, there are deficits in the regulation and presentation of deposit insurance. The broker is a brand of First Prudential Markets Pty Ltd, which enjoys a good reputation in Australia. All company information is transparently available on the website, even the risks involved in CFD trading are pointed out. However, as we found in the test, there is a lack of concrete information on regulation. We took a closer look at the information about the broker and had to search a little bit in order to get any meaningful information about the license from the tax authorities.

ASIC LICENSE

FP Markets is based in Australia and is therefore licensed by ASIC. However, we could not find more detailed information on the website or even after login. Nevertheless, it is important for traders to know that they can rely on a regulatory environment. However, we would have liked to have seen a little more transparency at this point, as competing brokers are more open about this issue. The same applies to deposit protection or the amount of it.

NO OFFICIAL INFORMATION ON DEPOSIT PROTECTION

CFD brokers in Europe usually have deposit insurance of 20,000 Euros or more. The information on this is presented transparently to investors by most brokers on the website. We also searched for it in the FP Markets Test and found no details. The same applies to compliance with the MIFID II guidelines. If you have any questions about this and are unsure, please contact Support before registering. However, we recommend that questions be written in English, as this can speed up processing considerably.

COMMITMENT AGAINST MARKET MANIPULATION

However, we found the commitment against market manipulation on the website interesting. All industry participants (including FP Markets) are legally obliged to ensure that the underlying markets are fair, orderly, and transparent. The Broker complies with the Corporations Act, confirming that manipulation of the market by creating a false or misleading market will not be undertaken.

  • Regulatory Authority: ASIC
  • MIFID II: k. A.
  • Deposit insurance: n.a. A.

Accounts & Accounts: different account models for CFDs and Forex

In the FP Markets test, it was not easy to keep track of the various account models when selecting them. There is an interesting solution with the broker because there are different account solutions available for foreign exchange trading and for CFD trading. Let’s take a closer look at the CFD trading accounts first. To the selection stand:

  • Standard
  • Platinum
  • Premier

The account models differ in terms of services and minimum deposit. With the professional account, investors must deposit USD 1,000 and can then start trading. It is noticeable that this account offer is aimed primarily at ambitious investors, as the services and additional costs of this account are specially tailored to the needs of these types of trading. Delayed ASX price data is free of charge and there is no additional fee for trading over the phone. However, if you want live ASX price data, you will pay USD 22.

PLATINUM ACCOUNT

With the Platinum account, investors need a minimum deposit of $25,000 USD and can then benefit from even lower fees and funding rates. This trading platform is also designed to meet the needs of professional investors, which is evident not only in the amount of the minimum deposit but also in the numerous tools available.

PREMIER ACCOUNT

The Premium Account scores points with its freedom from fees. There are no platform fees and no minimum brokerage fee. However, investors must make a minimum deposit of USD 50,000.

FOREX TRADING ACCOUNTS

In the FP Markets Test, we looked at the possibilities not only for CFD trading with the various account models but of course also for forex trading. These offers are also designed for private investors, which is already evident from the lower minimum deposit. There are two account models to choose from:

  • Standard
  • ECN RAW

The standard account is available from as little as AUD 100 or currency equivalent and trading starts as low as 1.0 pips. Traders can use the account to invest in various financial instruments: 50+ FX pairs, metals, indices, commodities. The maximum leverage is 1:500 (not for private investors). The minimum trade size is set at 0.01 lot for this account model. Traders can also use EAs and the mobile trading platform.

ECN RAW Account

Another possibility is the ECN RAW account. It also has a minimum deposit of 100 AUD or currency equivalent and allows trading from 0.0 pips. The fees per lot are AUD 3.5 per 100,000.

ACCOUNT FOR STOCK TRADING

In the test, we also do not want to forget the various account offers for securities trading. Traders can also differentiate here between Standard and Non-Leverage CFDs. The standard account is available from a minimum fee of 14.95 USD and the Non-Leverage CFD account has no minimum fee at all. Trading is possible on the Non-Leverage CFD account from 0.08 percent and on the Standard account from 0.11 percent. However, there is no leverage option with either the account model.

  • Beginners: Yes
  • Advanced: Yes
  • Pro: Yes
  • VIP: –
  • CFD trading platforms: two platforms available at FP Markets

Investors have various possibilities to use trading platforms with the broker. There is a choice:

  • MT4
  • MT5

Both platforms are available not only for the PC but also for mobile applications. Optimal for all investors who want to remain flexible in their trading and want access to trading events via smartphone or tablet at any time.

MetaTrader4

METATRADER-SUITE

In the test, we first deal with our experiences regarding the MetaTrader suite. Investors can trade Forex from as little as 0.0 pips and use numerous tools and indicators to analyze prices. Even one-click trading is possible. Investors can also use Expert Advisors to take advantage of the benefits of automated trading. The main functions of the platform are:

  • Price data in real-time
  • Market overview possible in several chart windows
  • Many order types
  • Alarm functions can be customized
  • Personalized settings
  • Numerous languages to choose from

Those who wish can first try out the functions of the trading platform with a free demo account. It takes less than a minute to conveniently apply online. Traders can choose between the standard and the RAW account and then gain access to the multifunctional trading terminal.

METATRADER 5

With MetaTrader 5, FP Markets provides a further trading platform. Investors can use it to trade Forex and CFDs. The strengths of the trading platform include

  • 21 time levels
  • 80+ Inbuilt Indicators and Charts
  • 6 Pending order types
MetaTrader5

The improved strategies for EAs and the tester are particularly interesting for all investors who prefer automated trading. Hedging is also permitted.

  • MT4: Yes
  • MT5: Yes
  • iOS: Yeah
  • Android: Yes
  • Broker-owned software: Yes

Usability of the website: modern, but partly confusing

Our experience with FP Markets shows a broker that tries to adapt to the needs of its investors. This succeeds in most points, but not in all. The website is modern and well structured. The menu structure in the upper part of the website is well solved as with many other brokers. Traders have a choice between the following items:

  • Quick start
  • Trade
  • Platform
  • Partner
  • Customer Resources
  • Contact

The language selection is also possible in the upper part of the website. There are eight other languages so that almost every investor can find his or her desired national language. Investors can find all the important information about the broker under the menu item “Quick Start“. This includes the different account models, the costs, and the possibilities for deposits as well as information on the trading platforms. For more detailed information, we recommend clicking on the individual menu items, including trading, platforms, or customer resources. This will open the respective window with more information content.

PAGES APPEAR PARTIALLY OVERLOADED

In the test, we clicked through the different main pages and the subpages and were satisfied. However, some information might be too much for investors. FP Markets provides too much content in a small space, but more often less is more.

WEBSITES ALSO OPTIMISED FOR MOBILE APPLICATIONS

The possibilities of the mobile application were positively noted in the test. Traders can also use the platforms via smartphone or tablet and download them for free for installation. This does not limit the functionality of the website, but it has been specially modified for the mobile application. That is why we gave it a positive rating in our test because mobile trading is a must-have today.

Customer support: even personal customer advisors

Investors can look forward to extensive support opportunities at FP Markets. However, according to our experience, support is not available in German. If you wish, you can contact the Australian-based broker directly via an Australian telephone number if you have any questions regarding your account or trading offers. Of course, German investors also have the possibility to do so, but not without additional costs. Furthermore, the support is English speaking, which could make communication and clarification of problems more difficult. It is also possible to contact us via e-mail, whereby there are separate e-mail addresses for the individual areas. In this way, investors are directed directly to the support department that is an expert in their particular problem.

REPLY MAY TAKE TIME

According to our experience from the test, the processing of support requests can take some time, especially if the volume of requests is high. Although we could not find any time restrictions in support, experience shows that there are fewer support staff on the weekends than on weekdays. In the test, we sent an email to support to open an account, and the processing and response took two working days. In the broker’s defense, however, we would like to say that the e-mail was sent on the weekend. Many other brokers also do not have full support for the weekend.

Support available:Monday – Saturday (AEDT)
07:00 – 07:00
Sunday – Friday (GMT)
22:00 – 22:00
Telephone: +61 (0)2 8252 6800
Adress:support@fpmarkets.com
Languages:9+

FAQ SECTION FOR FASTER HELP

FP Markets also offers an extensive FAQ section. Here investors can access all relevant topics relating to trading, accounts, or trading platforms and find quick help even without contacting support directly.

  • e-mail: Yes
  • Phone: Yes
  • Live chat: No
  • On site: No

Payment methods

If you want to start trading and your own credit, you must first capitalize on your account. That is why we took a closer look at the options for this in the test. It is noticeable that the broker relies on all renowned payment service providers that are available on the market. Deposits are possible with various credit cards, electronic purses, or bank transfers. However, the conditions for this vary considerably. Those who decide to use Visa or MasterCard do not have to expect any additional fees. The situation is different for credit cards with IRESS. Within Australia, 1.6 percent and internationally 3.18 percent fees are charged.

ELECTRONIC WALLETS WITHOUT ADDITIONAL FEES

Experience has shown that payments with Neteller and Skrill are possible without additional charges. However, the currencies are very limited here. As we found out in the test, investors can make payments with Neteller in AUD, CAD, CHF, EUR, GBP, JPY, PLN, SGD, and USD and with Skrill only in USD, GBP, and EUR. There are also differences in the processing time, although the electronic purses and credit cards are usually credited within a very short time. Bank transfers take longer, which can also cause additional costs.

BANK TRANSFER ONLY IN AUD FREE OF CHARGE

Our experience has shown that bank transfers can only be made in AUD at no additional cost. For international transfers, investors have to expect fees of AUD 12.50. In the test, we have also seen an interesting payment method that is not so common: Wire transfer from broker to broker. This is subject to an international fee of AUD 25.

CONDITIONS FOR PAYOUTS

The FP Markets Test also includes the conditions for payouts. Here there are some service providers who make free payments of winnings and others who do not. There are no additional charges for credit cards. The situation is different with international bank transfers, where investors have to pay AUD 25. If the winnings are paid out in AUD, this method is also free of charge. Fees are due for payouts with Neteller and Skrill: 2.00 percent (maximum 30 USD )with Neteller; 1.00 percent and the possible fee per country with Skrill.

Additional offers: FP Markets demo account and extensive training offer

Traders will find all the extras that the broker has to offer under the menu item “Customer Resources”. In the test, we have seen that there are countless training offers free of charge.

Investors can, for example, use the extensive range of further training to practice trading decisions depending on their own trading level. For this purpose, there are individual subject areas for beginners, advanced and experienced traders on all aspects of CFD trading, and much more. To refresh basic knowledge can also not harm successful investors. But the broker puts one on top and offers experienced investors extra knowledge of trading professionals. Thereby different topics are treated:

  • Analysis options
  • Tools and indicators of trading platforms
  • Commercial Psychology

All content in the continuing education area is also available in German, which makes it easier for German-speaking users. There are also numerous video tutorials, e-books and much more. In addition, the glossary provides a quick overview of the most important trading terms and thus always keeps you up to date.

FREE TOOLS FOR TRADING

In the test, we also took a closer look at the numerous free tools for improving trading activity. These include the economic calendar, the library, and the daily market report. With the Economic Calendar, investors can accurately analyze all upcoming major events related to CFD trading and the Forex market, and even get a forecast of how prices may move through the event. Of course, the Economic Calendar is also available via the mobile trading platform. Another free tool is the daily market report, which, however, according to our experience, is only available in English.

PROFESSIONAL TRADERS EVALUATE MARKET SITUATIONS

Many professional traders work together with FP Markets and evaluate market situations for investors on a daily basis. The free report is available either directly on the website or as e-mail notification. Anyone who would like to try out the forecasts for themselves can use the demo account and does not have to take any risks when trading.

DEMO ACCOUNT WITH 100,000 AUD BALANCE

FP Markets provides investors with a free demo account with AUD 100,000 in virtual funds. This gives traders the opportunity to get to know the broker and his capabilities without having to invest their own capital. We recommend this opportunity especially to prospective investors who have had little contact with CFD trading so far.

  • e-mail: Yes
  • Economic calendar: Yes
  • eBooks: Yes
  • Videos: Yes
  • Online courses: Yes
  • Demo account: Yes

Awards: FP Markets has received several awards

The broker’s awards are quite respectable, as there have been many over the years. FP Markets has been in the market for more than 13 years and during this time has received numerous awards for its service and trading offer. Customer ratings on relevant platforms also speak for themselves, with the broker receiving an average of more than nine out of ten possible points. Let us take a closer look at the individual awards in the test:

  • Six times a place in the Investment Trends Report as “Most Satisfied Traders
  • Four times winner “Best Trade Execution”
  • Two times winner “Best Education Material
  • Once winner “Best Customer Service”

In the test, we also gained a positive overall impression of the trading offers and, above all, of the training opportunities. Therefore, these awards are understandable to us. However, in our opinion, there is also room for improvement. For example, they have no opportunity to read through the Market Reports in foreign languages, as they are only available in English. Nevertheless, many training courses are also available in German, so that traders can refresh their knowledge.

AWARDS ESPECIALLY ON INTERNATIONAL LEVEL

In the test we tried to find awards not only from Australia and other distant countries, but also from Germany. But this was not possible. However, with our headquarters in Sydney and our increased presence in the Australian and American markets, this is hardly surprising in our eyes. Anyone looking for ratings or awards for FP Markets in Germany or Europe will hardly find them. This does not necessarily have to paint a negative picture of the broker, in our opinion. The reasoning behind this is quite simple: Up to now, FP Markets has not focused on German-speaking countries, so the local media have not had the broker on their list.

Conclusion

In the FP Markets Test, we took a closer look at the trading offers and trading conditions and can draw a predominantly positive conclusion. Nevertheless, in addition to the strengths, there is also potential for improvement. The broker has been on the market for more than 13 years and offers a particularly comprehensive range of products for CFD traders. However, it is primarily aimed at ambitious investors, as the account models and functions as well as the minimum deposit amounts clearly show.

A total of more than 10,000 tradable markets are available, including foreign exchange. Here, traders also have the option of using two different account models with low minimum deposits. As our experience shows, this offer is also aimed at private investors. Nevertheless, our impression remains that the Australian broker is primarily oriented towards ambitious and professional investors. For private investors, who have had little experience with CFD trading so far, this is certainly a difficult start, although it is simplified with the demo account. Therefore, we recommend that FP Markets demo account with 100,000 AUD balances be used for initial trading activities without risk. Investors can also gain access to the extensive training area and the numerous trading tools and benefit from the broker’s extras even without their own capital.


Which account options are available?

There are five different accounts from two different categories available. For Forex Trading with MT4 and MT5, a standard and raw account are offered. Moreover, there is a Standard, Platinum, and Premier account available for Iress trading.

What is the minimum deposit?

The minimum deposit for trading with MT4 and MT5 is $100 or the equivalent currency in other countries. However, the minimum for trading with Iress is $1000 which sets up a high barrier for traders and is therefore not a good option for beginners in trading.

Are there withdrawing fees?

Withdrawal is free of charge. However, a fee can be charged due to the commission fee the payment service sets up. However, the chances are good that there will be no fees charged with the right payment option.

Is FP Markets a regulated broker?

FP Markets sets fair conditions for traders and is a trustworthy broker. It is regulated by the Australian Securities and Investments Commission (ASIC) and operates under an Australian Financial Services Licence (AFSL).

One Response

  1. Andre Witzel September 13, 2020

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