FP Markets Trading Broker Review 2024

FP Markets is a globally recognized online broker that has established itself as a reliable and competitive option for both novice and experienced traders. Founded in 2005, FP Markets offers a comprehensive range of trading instruments, including forex, CFDs on indices, commodities, and cryptocurrencies, making it a versatile platform for diverse trading strategies. Regulated by top-tier authorities, the broker is known for its transparency, competitive trading conditions, and robust customer support. Our hands-on review of FP Markets revealed an impressive blend of low trading costs, fast execution, and advanced trading tools, solidifying its reputation as a trusted choice among traders worldwide.

Why to choose FP Markets?

FP Markets stands out as a top-tier broker due to its blend of low-cost trading, diverse asset offerings, and strong regulatory oversight. For traders seeking tight spreads, fast execution, and a broad range of trading instruments, FP Markets delivers on all fronts. The broker’s commitment to transparency and customer satisfaction is evident through its robust customer support, multiple platform options, and comprehensive educational resources, making it an ideal choice for traders of all experience levels. Whether you’re a day trader, swing trader, or long-term investor, FP Markets provides the tools and conditions necessary to succeed in a highly competitive market environment.

FP Markets offers an extensive range of trading instruments, ensuring that traders can access a wide array of markets across various asset classes. The broker provides over 10,000 CFD instruments, including:

• Forex: Trade on more than 60 currency pairs, including majors, minors, and exotics, with competitive spreads and fast execution speeds.

• Indices: Access popular global indices such as the S&P 500, NASDAQ, FTSE 100, and DAX 30, allowing for diversified trading opportunities.

• Commodities: Trade in precious metals like gold and silver, as well as energy products like oil and natural gas, and agricultural commodities such as wheat and coffee.

• Shares: FP Markets offers CFD trading on shares from major global markets, including the U.S., Europe, Asia, and Australia.

• Cryptocurrencies: Engage in trading leading cryptocurrencies like Bitcoin, Ethereum, Ripple, and more, with the flexibility of 24/7 market access.

This wide selection of trading instruments allows traders to build a diverse portfolio, manage risk, and capitalize on market opportunities across multiple sectors and regions.

FP Markets stands out in the trading industry for its competitive and transparent fee structure, catering to a wide range of traders, from beginners to seasoned professionals. Below is a detailed breakdown of the various fees associated with using FP Markets.

Deposit Fee at FP Markets

FP Markets does not impose any deposit fees, regardless of the payment method used. Traders can fund their accounts via various methods, including bank transfers, credit/debit cards, PayPal, Neteller, Skrill, and more, without worrying about extra costs. However, it’s important to note that some third-party payment providers might charge fees, so it’s advisable to check with your payment service to confirm if any charges apply.

Withdraw Fees at FP Markets

Similar to deposits, FP Markets does not charge fees for most withdrawal methods. Withdrawals via bank transfers, credit/debit cards, and e-wallets like PayPal, Neteller, and Skrill are generally free. However, international bank withdrawals may incur a fee of approximately AUD $10 to AUD $20, depending on the bank and the country. Processing times for withdrawals typically range from 1 to 5 business days, depending on the method chosen.

Account Fee

FP Markets does not charge any account maintenance or management fees, which is a significant benefit for traders who prefer to keep their accounts open without frequent trading activity. This lack of account fees allows traders to focus on their strategies without worrying about hidden costs eroding their capital.

Inactivity Fee

An inactivity fee of $10 per month is charged if no trading activity occurs for 12 consecutive months. This fee is relatively moderate compared to industry standards but is still something to consider for traders who might not be active regularly. Keeping your account active with occasional trades can help you avoid this fee altogether.

Spreads and Commissions

FP Markets offers two primary account types, each with its own fee structure tailored to different trading styles:

• Standard Account: This account is commission-free, with spreads starting from 1.0 pips. It is ideal for traders who prefer a straightforward cost structure without the need to calculate commissions on each trade.

• Raw Account: Designed for more advanced traders, the Raw account features spreads starting from 0.0 pips, but with a commission of $3 per lot per side ($6 round trip). This account is particularly attractive for scalpers and high-frequency traders who benefit from the lower spreads, even after factoring in the commission.

Overall, FP Markets provides a cost-effective trading environment, especially for those who prioritize low spreads and transparent fee structures. The variety of accounts ensures that both low-volume traders and active traders find suitable pricing to match their trading styles.

FP Markets is a well-regulated broker, ensuring a high level of safety and security for traders. The broker operates under the supervision of multiple regulatory authorities, which reinforces its commitment to transparency and client protection.

Regulator Licences of FP Markets

• ASIC – Australian Securities and Investments Commission – Australia:
  FP Markets holds an Australian Financial Services License (AFSL) under license number 286354. ASIC is known for its strict regulatory standards, which include client fund segregation and regular audits.
• CySEC – Cyprus Securities and Exchange Commission – Cyprus:
  FP Markets is also regulated in Europe under license number 371/18. CySEC ensures compliance with the Markets in Financial Instruments Directive (MiFID II), which mandates strong investor protection measures.
• FSA – Financial Services Authority – St. Vincent and the Grenadines:
  For global operations outside Australia and the EU, FP Markets is also registered with the FSA under registration number 126171, offering a broader reach to clients worldwide.

Investors Protection

FP Markets offers investor protection schemes depending on the jurisdiction under which the client is registered. For example, under CySEC regulation, clients are protected by the Investor Compensation Fund (ICF), which can compensate eligible investors up to €20,000 if the broker fails to meet its obligations. However, it is important to note that non-EU clients do not have access to such compensation schemes, which is a common practice among brokers operating in multiple regions.

About FP Markets

FP Markets was founded in 2005 in Sydney, Australia, and has since grown into a globally recognized brokerage firm. With nearly two decades of experience, the broker has built a strong reputation for providing competitive trading conditions, exceptional customer service, and a wide range of trading instruments. Over the years, FP Markets has expanded its operations globally, establishing offices in Europe and Asia, and gaining multiple regulatory licenses. The broker’s longevity and steady growth are testaments to its reliability and dedication to serving traders.

FP Markets offers a variety of trading platforms to suit different trading styles and preferences. Whether you are a beginner or an experienced trader, FP Markets provides access to industry-leading platforms that are equipped with advanced tools and features.

Mobile Trading Platform

FP Markets offers mobile trading through the MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader apps, available for both iOS and Android devices. The mobile platforms provide a seamless trading experience with full functionality, including real-time pricing, charting tools, and technical analysis indicators. Traders can place orders, monitor their positions, and manage their accounts on the go, ensuring they never miss a market opportunity.

Key features:

• User-friendly interface designed for mobile devices

• Access to over 50 technical indicators and charting tools

• Real-time alerts and notifications

• Full account management capabilities

Web Trading Platform

FP Markets’ web trading platform is accessible via the MetaTrader WebTrader and IRESS WebTrader. These web-based platforms do not require any downloads, making them convenient for traders who prefer to trade directly from their browser. The WebTrader platforms provide a robust trading experience with access to all the features of the desktop versions.

Key features:

• Cross-device compatibility (works on any device with a web browser)

• Advanced charting tools with customizable layouts

• Fast execution with low latency

• Secure and encrypted trading environment

Desktop Trading Platform

For those who prefer desktop trading, FP Markets supports the MetaTrader 4, MetaTrader 5, and IRESS platforms. These platforms are ideal for traders who require advanced charting, automated trading via Expert Advisors (EAs), and high-speed execution.

Key features:

• Advanced technical analysis with over 80 built-in indicators

• Support for automated trading (EAs) and custom indicators

• Multi-account management (MAM/PAMM) for professional traders

• Depth of market (DOM) and one-click trading features

Social/ Copy Trading

FP Markets supports social and copy trading through third-party integrations with Myfxbook AutoTrade and the MQL5 community. Traders can automatically copy the trades of successful traders, making it easier for beginners or those with limited time to benefit from the strategies of more experienced traders.

Key features:

• Easy-to-use interface for finding and following top traders

• Transparent performance statistics and risk management tools

• Ability to diversify by copying multiple traders

FP Markets’ range of trading platforms ensures that traders have the flexibility and tools they need to trade effectively, regardless of their preferred device or trading style.

FP Markets offers a wide range of deposit and withdrawal options, ensuring flexibility and convenience for traders worldwide. The broker supports multiple account currencies, making it easier for clients to manage their funds without incurring unnecessary conversion fees.

Deposit Methods

FP Markets provides various deposit methods, including:

• Bank Transfers: Available for both local and international transfers. Processing time varies from instant to 2-5 business days, depending on the region.

• Credit/Debit Cards: Accepts Visa, MasterCard, and other major card providers. Deposits are processed instantly.

• E-Wallets: Includes popular options like PayPal, Neteller, Skrill, and more. Most e-wallet deposits are processed instantly.

• Cryptocurrencies: FP Markets supports deposits via Bitcoin and other cryptocurrencies, which are processed within minutes.

Withdraw Methods

FP Markets offers the following withdrawal options:

• Bank Transfers: Withdrawals to local and international bank accounts. Processing time is typically 1-5 business days.

• Credit/Debit Cards: Withdrawals are returned to the card used for the deposit, with processing times ranging from 1-5 business days.

• E-Wallets: Withdrawals to e-wallets like PayPal, Neteller, and Skrill are usually processed within 24 hours.

• Cryptocurrencies: Withdrawals via cryptocurrencies are processed quickly, typically within 24 hours.

Account Currencies

FP Markets supports a wide range of account currencies, including but not limited to:

• AUD (Australian Dollar)

• USD (United States Dollar)

• EUR (Euro)

• GBP (British Pound)

• SGD (Singapore Dollar)

• CAD (Canadian Dollar)

• JPY (Japanese Yen)

• NZD (New Zealand Dollar)

• CHF (Swiss Franc)

• HKD (Hong Kong Dollar)

Having multiple account currencies available allows traders to avoid currency conversion fees when depositing and withdrawing funds in their local currency.

Fees and Processing Times

As mentioned earlier, FP Markets does not charge fees for most deposit and withdrawal methods, making it cost-effective for traders. However, international bank transfers may incur a fee depending on the bank and country. Deposits are generally processed instantly, while withdrawals can take from a few hours to a few business days, depending on the method chosen.

This flexibility in funding options and account currencies ensures that traders from various regions can efficiently manage their accounts with minimal friction.

FP Markets offers a robust selection of research and educational resources designed to support traders at all levels. The broker provides daily market reports that cover major events, technical analysis, and market sentiment across forex, commodities, indices, and cryptocurrencies. Additionally, an economic calendar highlights upcoming events and data releases, enabling traders to anticipate and plan for market movements.

For deeper analysis, FP Markets integrates professional-grade tools like Trading Central and Autochartist into its platforms. These tools provide technical analysis, market commentary, trade ideas, and real-time scanning of the markets for trading opportunities based on chart patterns and key levels, all of which are essential for informed decision-making.

On the educational front, FP Markets caters to both beginners and experienced traders through comprehensive trading guides, video tutorials, and regular webinars hosted by industry experts. These resources cover a wide range of topics, from basic trading concepts to advanced strategies, ensuring that traders have the knowledge and skills needed to succeed in the markets.

FP Markets prides itself on delivering excellent customer support, ensuring that traders can access assistance whenever they need it. The broker offers multilingual support, reflecting its commitment to serving a global client base.

Customer support is available 24/5, aligning with the global forex market hours, ensuring that traders have access to help during key trading periods. The support team can be reached through multiple channels, including live chat, email, and phone. Live chat is the fastest option, typically providing instant responses, while email queries are usually addressed within 24 hours. Phone support is available for more urgent issues, with dedicated numbers for different regions to minimize wait times.

In addition to these traditional support channels, FP Markets also offers a comprehensive FAQ section on its website, covering a wide range of common queries related to account management, trading platforms, and fees. This self-service option is particularly useful for traders who prefer to find answers independently.

Contact Options:

• Live Chat: Instant support via the website

• Email: [email protected] (Response within 24 hours)

• Phone: Regional numbers for direct assistance

Overall, FP Markets’ customer support is responsive, knowledgeable, and accessible, making it a reliable choice for traders who value quick and effective assistance.

Account Types

FP Markets offers a range of account types designed to cater to different trading styles, experience levels, and financial goals. Whether you are a beginner just getting started or an experienced trader seeking advanced features, FP Markets provides options that align with your needs.

Standard Account: The Standard Account is ideal for beginners or those who prefer a straightforward trading experience. This account type offers commission-free trading with spreads starting from 1.0 pips. It requires a minimum deposit of just $50, making it accessible to traders with smaller capital. The Standard Account provides full access to all trading instruments, including forex, indices, commodities, shares, and cryptocurrencies.

Raw Account: The Raw Account is designed for more experienced traders who prioritize lower spreads and are comfortable with a commission-based structure. Spreads on the Raw Account start from 0.0 pips, with a commission of $3 per lot per side. This account type is particularly popular among scalpers and high-frequency traders who need tight spreads to maximize profitability. Like the Standard Account, the Raw Account also requires a minimum deposit of $50.

IRESS Account: For traders looking to trade shares directly, FP Markets offers the IRESS account. This account provides direct market access (DMA) and is suited for those who wish to trade on global stock exchanges. The IRESS account comes in several variants, including the Standard, Platinum, and Premier accounts, each offering different levels of service, features, and pricing. These accounts typically require higher minimum deposits, starting at AUD $1,000, and are geared towards more active traders or those managing larger portfolios.

Islamic Account: FP Markets offers an Islamic Account option for traders who need to comply with Sharia law. The Islamic Account is available for both the Standard and Raw account types and features no swap or rollover interest on overnight positions. Instead, a small administrative fee may apply, depending on the currency pair and position size.

Demo Account: FP Markets also offers a free Demo Account, which allows traders to practice their strategies and familiarize themselves with the trading platforms without risking real money. The Demo Account mirrors live market conditions, providing a realistic trading environment with virtual funds. This is an excellent option for beginners to build confidence or for experienced traders to test new strategies.

Opening an account with FP Markets is a straightforward and user-friendly process, designed to be completed in just a few minutes. The broker has streamlined the process to ensure that traders can start trading as quickly as possible while still adhering to regulatory requirements for verification and compliance.

Steps to Open an FP Markets Account:

1. Registration: Begin by visiting the FP Markets website and clicking on the “Open Account” or “Register” button. You’ll be prompted to fill in a basic registration form with your personal information, including your name, email address, phone number, and country of residence. You will also need to select your preferred account type and platform (MetaTrader 4, MetaTrader 5, or IRESS).
2. Verification: After submitting your registration details, FP Markets will require you to verify your identity and address. This is a standard procedure known as Know Your Customer (KYC). You’ll need to upload a valid government-issued ID (such as a passport or driver’s license) and a proof of address document (such as a utility bill or bank statement) that is no older than three months. The verification process typically takes a few hours to a couple of days, depending on how quickly you provide the necessary documents.
3. Account Funding: Once your account is verified, you can proceed to fund your account. FP Markets offers a variety of deposit methods, including bank transfers, credit/debit cards, e-wallets, and cryptocurrencies. There are no deposit fees for most payment methods, and the minimum deposit requirement is $50 for the Standard and Raw accounts.
4. Start Trading: After funding your account, you are ready to start trading. You can log in to your chosen platform (MetaTrader 4, MetaTrader 5, or IRESS) using the credentials provided during registration. You will have full access to all the trading instruments, tools, and resources available with FP Markets.

FP Markets has designed the account opening process to be quick and efficient while maintaining compliance with regulatory standards. With a user-friendly interface and clear instructions at each step, traders can easily set up their accounts and start trading in no time.

In summary, FP Markets is a highly reputable broker that offers a compelling combination of competitive trading conditions, a wide range of trading instruments, and robust regulatory oversight. Our self-test of the broker highlighted its strong points, including low trading costs, multiple platform options, and excellent customer support. With nearly two decades of experience, FP Markets has established itself as a reliable choice for traders across the globe.

The broker’s comprehensive educational resources and advanced research tools make it an attractive option for both beginners and experienced traders. The availability of different account types, including Islamic accounts and a flexible Demo Account, ensures that traders can find the right fit for their needs. The account opening process is smooth and efficient, allowing new users to get started quickly.

However, the absence of investor protection for non-EU clients and the inactivity fee might be areas of concern for some traders. Despite these minor drawbacks, FP Markets remains a strong contender in the market, particularly for those who value tight spreads, fast execution, and a broad selection of trading instruments.

Overall, FP Markets excels in providing a well-rounded trading experience, making it a top choice for traders of all levels. Whether you’re looking to trade forex, indices, commodities, shares, or cryptocurrencies, FP Markets delivers the tools, support, and conditions needed to succeed.

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FAQ

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