FP Markets Review
Richard Montana | April 27, 2022
FP Markets is an established and regulated broker that offers a great selection of 10,000+ financial instruments for you to trade across multiple global markets including Forex, Stocks, Cryptos & CFDs. They are an award-winning broker who provide reliable and industry leading trading conditions including powerful and sophisticated platforms with transparent pricing, tight spreads, fast execution speeds and very competitive trading costs. I would consider them one of the best brokers if you are a day trader who wants to trade forex, cryptos and stocks, in a regulated environment with a trusted broker. I have been with them for a few years now and never had any issues.
Pros / Cons
- Regulated trading broker
- Huge range of 10,000+ financial instruments
- Powerful & sophisticated MetaTrader & IRESS platforms
- ECN pricing model with raw tight spreads from 0.0 pips
- Fast execution through Equinix servers
- No requotes & no dealing desk
- Commission free accounts
- Multiple deposit / withdrawal methods with no fees
- Multiple brokerage awards
- No inactivity fees
- Islamic swap-free accounts
- Copy trading & autotrade
- Educational Traders Hub
- Autochartist & many other useful trading tools
- 24/7 customer support
- No US clients
- No fixed spread accounts
- High minimum deposit of $1,000 for CFD accounts
Established in 2005, FP Markets can offer you award-winning ECN trading conditions with direct market access pricing, tight spreads from 0 pips and flexible leverage up to 1:500. They have a huge number of products for you to trade with over 10,000 global instruments including Forex Currency Pairs, Commodities, Cryptocurrencies, Stocks, Shares, Indices, Metals, Equities, Energies, CFDs & ETFs. If you are impressed by this product range, IG have over 17,000 and TMGM more than 15,000!
FP Markets (First Prudential Markets Pty. Ltd.) have a no requote policy and are under strict ASIC and CySEC regulation with their head office located in Sydney, Australia. This gives me confidence that they are a company who we can trust.
There is a selection of powerful trading platforms to choose from, MT4, MT5 & IRESS. You have the convenience of being able to trade all markets and instruments from one account. I like this as it means I can switch seamlessly between platforms and manage my account from my laptop and mobile.
Focused on understanding what traders need, FP Markets mission is to provide the ultimate trading experience to all types of traders, regardless of your investment size or prior experience. They incorporate the latest technologies to ensure ECN pricing in all market conditions. This means that anyone can get access to industry leading trading conditions, on par with competitors such as IC Markets and Pepperstone.
Liquidity providers (LP’s) include huge global names Barclays, HSBC, RBS, Credit Suisse, J.P. Morgan, Goldman Sachs, Commerzbank, Standard Chartered, Citibank and BNP Paribas. More liquidity means that you can get your trades executed at better prices as all of the LP prices are pooled together. This is better than using a market maker who sets their own prices.
They have won numerous awards for fast execution speeds, client satisfaction and customer support. Awards include Best Global Forex Value Broker Award, Outstanding Value CFD Provider, Best Customer Service, Best Trade Execution, Most Satisfied Traders, Best Education Material, etc. Multilingual support is available 24 hours a day, 7 days a week. Each client is provided with a dedicated account manager. I personally don’t feel the need for an account manager as I like to trade on my own accord but if you are looking for a little assistance along the way then this can help.
FP Markets is authorised and regulated by the Australian Securities and Investment Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC). This strict regulation means that they must comply to strict rules and regulations which helps to give you peace of mind that you are using a trusted and reputable trading broker who will operate with the upmost integrity and transparency.
I always prefer to trade with a regulated broker as I want my funds to be in safe hands. The only downside is that regulation means that some features are restricted. Leverage being one of them as unregulated brokers tend to offer higher leverage. Traders Way for example have leverage all the way up to 1:1000.
Your funds are held in segregated accounts with top tier banks, separate from the company’s funds to ensure that they cannot be used for any other purpose. Unfortunately, there is no negative balance protection for ASIC and St Vincent clients and negative balance protection is only available if you have an account with the CySEC entity.
FP Markets accepts clients from all over the world although they do not accept applications from residents of USA, Japan or New Zealand, or from any other country or jurisdiction where restrictions apply due to local laws and regulations. To find a suitable alternative you can go to compare brokers page. If you are based in the USA, IG and Forex.com would be my top choices.
You can access global markets and manage your portfolio from a range of industry leading trading platforms. You can choose between Metatrader 4 (MT4) & Metatrader 5 (MT5), IRESS, webtrader and mobile apps for iPhone and Android devices.
I like the simplicity of the MetaTrader platforms and the fact they are available with most brokers. IRESS is more limited, with FXTRADING.com and Invast Global being amongst the brokers who also offer that particular platform. Just keep in mind, if you decide to switch brokers down the link, your choices may be dependent on the platform you are familiar with.
MetaTrader 4 Platform
MetaTrader 4 (MT4) is one of the world’s most popular trading platforms and provides live streaming prices with advanced charting features including a large range of 50+ built in indicators for market analysis to assist you with your trading decisions.
The FP Markets MT4 platform incorporates an ECN exchange model for fast order execution. Multiple charts and market data can be viewed at the same time which enables you to efficiently track multiple instruments. One click trading is supported so that you can easily execute numerous order types directly on live charts.
You can sign up for free to the MQL5 community to access many other indicators and follow other traders. You will find plenty of indicators, robots and signals. It is also a great place to ask any questions, request tools and learn more about the platforms.
MT4 is available on desktop (Windows / Mac), web and as mobile trading apps (iPhone / iPad / Android / Tablet). I find both platforms to be very user-friendly. I can easily open charts, load indicators, analyse instruments and place trades. I like the convenience of being able to follow the progress of my trades via the mobile app at any time I feel like it.
MT4 is fully customisable to suit your own individual preferences with emphasis put on usability for quick and efficient trading. There are multiple chart types and time frames along with a set of drawing tools. You can modify chart layouts, time frames, colours and add technical indicators to charts.
You can create your own trading strategy templates and save them for future use or attach one of the templates already included to charts. Custom indicators and automated trading strategies can also be created. I have run automated systems (expert advisors) in both MT4 and MT5 for many years. MT4 is my preferred platform for automated trading as I find it the easiest to use.
MetaTrader 5 Platform
MetaTrader 5 contains many of the same features as MetaTrader 4 with more indicators, market depth display, 21 time frames, built in economic calendar and an improved strategy tester.
I think MT4 should be more than adequate for the majority of you who just want to follow the markets and make trades. If you are looking to do a lot more in terms of market analysis and complex strategies, then you might want to consider MT5. It is also generally considered to be more of a stock trading platform whereas MT4 is a popular forex platform.
FP Markets Trading App
FP Markets have their very own proprietary trading app where you can trade Forex and CFDs across shares, indices, commodities, futures and cryptocurrencies, from the palm of your hand. You can easily access all of your favourite trading products from one convenient app through one account.
Through the FP Markets app, you can place, monitor and review trades within seconds. Traders can also conduct research and technical analysis using a wide range of trading tools.
The feature-packed FP Markets Trading App puts you in control of your trading experience and is available on all iOS and Android devices. I found the app very user-friendly but limited in terms of market analysis tools when compared to the MetaTrader app.
Whatever your level of trading experience, novice or professional, there is a set of tools that can be used to assist with your trading. This includes copy trading, Autochartist, an economic calendar, alerts, trade terminal and more advanced trade assistance apps. There are detailed user guides for each of the tools.
In my opinion, there are more than enough tools built-in the platforms if you are a casual trader. These additional tools could be useful if you are planning on trading full-time and want to conduct complex market analysis. On the other hand, they can also be helpful for generating trading signals without you needing to stare at charts all day long.
FP Markets Copy Trading allows you to find, follow and copy other traders automatically. This means that you do not necessarily need to build your own trading strategy or conduct research on forex markets. Copy trading can help to remove some of the complexities of trading forex and CFDs. FP Markets offer copy trading through the powerful MetaTrader 4 and MetaTrader 5 platforms.
With FP Markets, you can download the Autochartist MT4/5 Plugin to your trading platform to access the powerful technical analysis tool and take your trading to the next level. Use the powerful Autochartist technical analysis tools in order to understand trading opportunities in real time. Autochartist provides real-time trade setups for beginner and experienced traders alike.
Some of the key Autochartist features include:
- Trading signals are delivered via email, mobile applications with push notifications, within the client area and in the MT4/MT5 platform
- Autochartist delivers 1,000+ actionable trade opportunities & ideas per month
- Access financial markets across Forex, Metals, Indices, Commodities and Cryptos
- Save time by having Autochartist continuously scan the market for potential trading opportunities.
- Visual quality indicators give novice traders the ability to better interpret chart patterns
- Experienced traders to perform advanced search functions
I have been a huge fan of Autochartist since I first used it many years ago. Back then it was only capable of doing limited market analysis, nowadays it has grown into one of the best trading tools and a must for anyone looking for automated market analysis. It is no coincidence that it is available through many other brokers including BlackBull Markets.
FP Markets have a trader toolbox that can help you to get the most out of the trading platforms whilst enhancing your overall trading experience and taking it to the next level. To receive access to the trader toolbox you need to make a deposit of at least $1,000 and will be sent the software via email.
Trader Toolbox Connect
Trader Toolbox Connect gives you news feeds and economic calendars direct to your trading platform.
The Trader Tools Alarm Manager allows you to setup customised alerts and notifications as well as perform automated actions such as opening and closing your positions.
The Trader Toolbox Correlations Trader app lets you compare correlation between two instruments and displays recent price activity to help with your trade decisions.
The Correlation Matrix displays areas of low or high correlation between markets on multiple time frames. This can be used to find trading opportunities.
This tool allows you to interact with trading platforms and send commands via VBA code in Excel RTD. You can monitor, analyse and report your real time trading activity directly into excel. This includes ticket and price data.
Market Manager lets you view the markets recent price activity, place and manage orders, take full control over your account and keep up to date with the latest market information.
Stealth Orders allow you to hide your pending orders from other market traders. It will buy and sell at market of a pre-defined price rather than place a limit or stop order. You can also use stealth stop losses and take profits.
The Tick Chart Trader can be used to quickly enter and exit trades multiple times during your trading session. This is great for scalping strategies that rely on the smallest tick movements.
The Session Map provides a brief overview of the markets and your trading account. It displays the main markets across the globe, economic calendar and key market information.
Trade Terminal has additional trading features that are not usually included within trading platforms. It shows an overview of account metrics, position analysis and allows you to automatically apply rules for scaling out of positions.
The Mini Terminal is an extension of the Trade Terminal with the purpose of enabling you to fully concentrate on a specific market with specific charts.
The Sentiment Trader displays information about FP Markets clients current and historical positions. You can see what other traders are doing which is sometimes used as part of a correlation trading strategy.
I personally believe that sentiment analysis is very under-rated. Everyone is so focused on technical indicators and fundamentals (which are both great in their own right) that they miss the sentiment which is a key component in what moves the markets. All of these strategies combined with price action can help improve your trading edge.
A VPS (Virtual Private Server) allows you to run trading platforms on a virtual machine 24/7. FP Markets has partnered with Liquidity Connect (LiquidityConnect.com), to provide a free customised low latency solution for qualified traders who meet minimum trading requirements, starting from trading over 10 lots on a standard account. The FP Markets Edition VPS seamlessly connects traders to the Equinix NY4 grid using the latest innovative technology.
I use a VPS to run my MetaTrader platforms around the clock without needing my laptop up and running. This is because I use automated systems that need the platform open at all times in order to analyse the markets. If you are planning on using any trading robot, then a VPS can be a great solution. I pay around $30 per month for mine and run over 10 platforms simultaneously without any issues. GO Markets also provide a free VPS if you reach a certain trading volume each month.
You can access your VPS from anywhere at anytime via Remote Desktop Connection (RDP) or a mobile platform.
Reduce Power Bills
As a VPS runs in a data centre, there is no need to have your computer running which can save on power costs whilst keeping your trading strategies running.
A VPS lets you run trading platforms around the clock. This can be useful if it is not possible to have your computer switched on all of the time and you need to run an automated system.
If using a professional data centre, there is a chance that the data connection speed will be faster than using the internet at home. FP Markets use a provider who are located close to their own servers to help maximise trading speeds.
FP Markets offer a Multi Account Manager (MAM) and Percent Allocation Management Model (PAMM). Money managers can take advantage of FP Markets Electronic Communications Network (ECN) and deep liquidity for tight spreads and fast execution speeds at the required volumes.
Bespoke trading conditions
Money managers can customise trading conditions such as commission and spread mark-ups, leverage, fees, account currencies and margin call/stop out.
Funds can be transferred in and out of MAM and PAMM accounts quickly and easily without interrupting the trading activity.
You can get real time commissions into your trading account and withdraw them at any time. The MAM manager is able to quickly calculate performance fees and commission at any time.
FP Markets have an online information centre with a collection of educational guides that are divided into 3 sections, beginner, intermediate and advanced. These guides cover a variety of different topics from the very basics of trading, risk management, trading platforms, technical analysis and more.
There is an abundance of information all in one place that is suitable to different levels of traders including video tutorials and eBooks to help improve your trading knowledge and skills.
FP Markets also provide daily market reports, market analysis and webinars.
I didn’t really learn anything new from the trading guides but found the market analysis informative and became more aware about some potential trading opportunities approaching on various markets.
FP Markets Traders Hub
FP Markets have a trading information centre known as the Traders Hub. The Traders Hub blog is a rich source of fresh and informative content and daily technical and fundamental analysis to assist you with your trading skills and knowledge. This can be a great resource for beginners whilst experienced traders can enjoy some professional market analysis.
The Traders Hub includes an abundance of helpful information including the following:
- Technical Analysis: Daily and Weekly Analysis from the FP Markets team of industry experts
- Fundamental Analysis: Daily and Weekly Analysis from the FP Markets team of industry experts
- Trading Knowledge: A wide range of articles, eBooks, and videos for you to increase your trading knowledge
- Company News: Find out all the latest news on FP Markets
This Traders Hub is designed to further enhance the brokers offering and continues with their commitment to provide traders with unparalleled trading conditions.
FP Markets offer a good range of trading instruments across different markets that can all be traded from one account. Forex can be traded on MetaTrader 4/5 whereas CFDs are available on the IRESS platform. I would have preferred to have all instruments available in the MT4 platform but as I mainly trade forex, it isn’t that big a deal. Just keep this in mind if you plan on primarily trading stocks.
There are over 10,000+ global products to trade including Equities, Indices and Commodities. You can trade these through FP Markets award winning platform with transparent pricing, fast execution speeds and competitive trading costs. I would compare the platform to AvaTrade in terms of CFD trading, both being top brokers if you want to buy and sell instruments with minimal fuss.
You can specify the expiry that you want by choosing the expiry contract month, with a large selection of contracts to choose from, including major commodities such as Crude Oil, Live Cattle, Corn, Platinum and SFE SPI 200.
FP Markets provide a good selection of minor, major and exotic forex pairs. These are available 24 hours a day, 5 days a week. Leverage goes up to 1:500 and spreads start from 0 pips.
They have some of the world’s largest liquidity providers to give clients access to greater liquidity and industry leading spreads. Transparent price feeds offer fast and reliable order execution.
I found the forex product offering to be one of the best that I have come across. Although most brokers should be providing zero spread accounts nowadays, I felt confident with the execution and overall feel of FP Markets. I would say XTB is another good choice if you are looking to trade forex.
You can trade over 2,000+ domestic shares and ETF’s with no hidden fees and charges. The commission structure is highly competitive and a free 24-hour phone broking service is included.
FP Markets have a few different accounts for beginner and advanced traders. All accounts come with flexible leverage up to 1:500 and implement the ECN pricing model via NY4 Equinix Servers in New York. This aims to give you the tightest possible spreads and fastest possible trade execution speeds.
There are no account inactivity fees so you won’t get stung with any unexpected charges in that aspect. However, you can get higher leverage with FXPRIMUS if this matters to you, as they have leverage up to 1:1000 available.
The standard account has a low deposit requirement of just $100, spreads from 1.0 pips and charge no commission on trading. This account might work for you if you are holding trades for the long term and are not too concerned with the spreads. If you don’t have the $100 to invest, you can open an account with Trade Nation with a deposit of just $1.
ECN RAW Account
The ECN RAW account also has a minimum deposit of just $100, with spreads starting from 0 pips but does charge a very competitive $3 commission per lot. This equates to $6 per round turn which is lower than the industry average but not quite as good as FXTM. This is my account of choice as I like to use scalping strategies where each pip matters.
FP Markets offer a selection of trading accounts specifically for CFDs. The Professional, Platinum and Premier accounts. The Professional account has the lowest initial deposit of $1,000 but the highest fees overall whereas the Platinum account requires a higher $25,000 initial deposit but has lower fees. The Platinum account has the largets initial deposit requirement of $50,000 but does have the lowest fees overall.
I think it would be better if they provided CFD trading accounts for a $100 deposit as they do the forex accounts. You can trade CFDs with TD365 for just $1
FP Markets offer a swap-free Islamic account that complies with Sharia law if you are a Muslim trader. These can be opened upon request and incur an administration fee on positions. The swap-free account option is available on both the Raw and Standard account types on the MT4 and MT5 trading platforms. An Islamic client can trade all the instruments available on the platforms.
It is a shame that they don’t provide the Islamic account on the IRESS platform as it limits the available instruments to you if you need this account type due to your religious beliefs.
FP Markets award-winning multilingual support team is available 24/7 to respond to all of your questions and technical support request. Support is available via phone, chat and email. I have found them to be very helpful over the years and have even had them reach out to see how things are going without even being prompted to do so.
FP Markets have a good selection of different funding and withdrawal methods including some online payment processors such as Skrill and Neteller that are quick and easy to use.
I like the availability of digital wallets as this is usually where I prefer to transfer my funds for trading. This is because I don’t have to wait days as I would with bank transfers. If you want to take advantage of some unexpected market news, then it is useful to get quick access to your funds rather than watching an opportunity pass you by.
- International bank wire – 10 AUD
- Neteller – 2% max. 30 USD per 45,000 USD transaction
- Skrill – 1% + country fees (if applicable)
- PayPal – No Fees MT4/5, 2% fee for IRESS
- Fasapay – 0.50%
- Paytrust88 – 1.5%
- Ngan Luong – 1,000 VND + 1%
- Online Pay – 18 USD
- Broker to Broker – Domestic (AUD): no fees, International: 25 AUD
- Credit/Debit cards (VISA and Mastercard) IRESS platform – Domestic (AUD): 1.6%, International: 3.18%
- International bank wire – 12.5 AUD
- Broker to Broker – Domestic (AUD): no fees, International: 25 AUD
- PayPal – No Fees MT4/5, 2% fee for IRESS
Additional fees may be charged when using certain payment methods but this is expected from nearly all brokers. Bank transfers can take a few business days to clear. You can open an account in USD, GBP, EUR, CHF, JPY, NZD, CAD, SGD, HKD & AUD. The various different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
You can open an FP Markets account in just a few minutes. There is a short online form to complete after which you will need to verify your email. You then upload your identification documents for KYC purposes. Once confirmed you are able to fund your account and start trading. Customer support are available to assist during the account opening process if required.
I had absolutely no problems opening an account and had my account manager reach out to make sure I was happy with everything.
FP Markets is a regulated broker with plenty of experience to make sure you get a top-class trading experience. They have a great range of products for you to trade with low costs including forex, stocks and cryptos.
You get access to award winning platforms that make it a breeze to trade online with transparent pricing and fast execution speeds. Whatever your investment size or trading strategy, you can choose from flexible account types and leverage to suit your own needs.
If you don’t have the time or knowledge to trade manually, they can also provide you with social trading via Myfxbook auto trade and MQL5 signals. This is all topped off with educational resources and market analysis to keep you up to speed and some of the best customer support I have received from any broker over the years.