FPmarkets Account Features
Retail traders at FPmarkets can choose from two Forex account types and three CFD account types. Significantly, clients can open multiple customised accounts reflecting their trading requirements.
FPmarkets Demo Account
FPmarkets gives traders the opportunity to practice forex trading on the MT4 platform by opening a Demo account. Traders are given $100,000 of virtual money for risk free practice before deciding whether to deposit real money. Traders wishing to open a demo account need only give a name, email address, country and phone number. Subsequently, download the secure, MT4 trading software to their desktop and get started. The entire process takes just 30 seconds and traders who decide not to continue, can uninstall the MT4 software easily.
FPmarkets Forex Account Types
By setting up a forex account, traders can focus their attention on the forex market which revolves around major currency pairs and operates 24/6. FPmarkets has two types of STP forex account, both operating on the MetaTrader4 trading platform where trades are executed at ‘lighting’ speed. The minimum trade size for both accounts is 0.01 lot. Islamic accounts are also available on request, for traders choosing one of the MT4 forex trading account types.
Bitcoin Trading at FPmarkets
Traders choosing to register an FPmarkets forex account can now trade Bitcoin on the MT4 platform. Significantly, traders can access flexible leverage up to 10:1 which is a high compared to many online forex brokers.
FPmarkets MT4 Standard Account
A minimum deposit of AUD $200 or currency equivalent is required to set up an MT4 Standard account with flexible leverage up to 500:1. Traders get access to 50+ forex pairs, metals, commodities and indices. Whilst the account is free of commission, spreads start from 1.0 pips on major currency pairs, which is relatively high.
FPmarkets ECN Raw Account
The minimum opening balance required for an ECN Raw account is AUD $1,000 or currency equivalent. Traders get access to more than 60 products including 50+ currency pairings as well as indices, commodities and metals. Leverage up to 500:1 is available and commission of AUD $3.5 is payable per 100,000 lot traded. Importantly, the pip spread is tighter than the Standard account, starting at 0.0 pips on major currency pairs.
Traders who follow the Moslem faith can request a swap-free Islamic account after setting up a regular MetaTrader platform account. Upon approval, the regular account is converted to an Islamic account. Nevertheless, it retains the trading terms and conditions of a regular MetaTrader platform account. The fundamental difference is that swap charges and swap credits are not debited or credited on positions held open overnight. Notably an administration fee is charged on positions held open over two consecutive trading days.
FPmarkets CFD Trading Account Types
CFD traders have more than 10,000 underlying assets in equities, indices, forex pairs and commodities to choose from at FPmarkets. Any of the three CFD customised account types gives access to the award winning IRESS web-based trading platform and major international markets. Importantly, price and data transparency are key on the IRESS platform, giving traders Direct Market Access pricing. CFD account holders can place telephone trades free of charge irrespective of account type.
FPmarkets Professional CFD Account
A minimum deposit of $1,000 is required to open a ‘Professional’ account at FPmarkets for CFD trading. Notably, Direct Access Market commissions and margin rates charged to professional account holders are very competitive. We saw that a minimum $10 brokerage fee is payable, then a 0.1% brokerage rate. Significantly, ASX delayed data is provided free but fees for live data are payable if insufficient commission is generated every month. Traders can access competitive financing by paying RBA +3.5%.
FPmarkets Platinum CFD Account
A minimum opening balance of $25,000 is needed to set up a ‘Platinum’ account for CFD trading at FPmarkets. Importantly, the commission and financing rates on CFD trades are lower than the professional account. We saw financing rates are at RBA+3% and the brokerage rate at $9 minimum, then 0.09%. Nevertheless, whilst ASX delayed data is free of charge, a fee is charged for live data, if less than $50 commission is generated monthly as with the Professional account.
FPmarkets Premier CFD Account
To open a ‘Premier’ account to trade CFDs at FPmarkets, a minimum opening balance of $50,000 is required. However, traders are not charged platform fees or minimum brokerage charges. Indeed, we saw that the brokerage rate is a flat 0.08% and that competitive financing is available at RBA+2.5%.