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FPmarkets Forex Broker Review 2020

FairBinaryOptions Broker Certificate
  • Min. Deposit $200
  • Max. Leverage 1:500
  • Spread EUR/USD 1.45 pips
  • Mobile Yes
  • Platform MT4/Iress
  • LiveChat Yes

Founded in 2005, FP Markets is a leading global forex and CFD broker owned by the Australian based investment company, First Prudential Markets Pty Ltd.  FPmarkets covers more than 10,000 trading assets across all international markets, for retail investors and trading professionals in English, Chinese and Spanish languages. We were impressed by the extensive range of free trading tools and educational material provided by FP Markets, aimed to help create trading opportunities for its clients in a ‘true ECN’ environment. Notably, FPmarkets is focused on a high level of service, receiving 35 industry awards to date on almost every operational aspect of the business. Investors can set up an MT4 platform, forex account for as little as AUD $200 and trade major currency pairs, Bitcoin, metals, commodities, and indices with up to 500:1 leverage and tight interbank spreads. With 12 years of experience in the industry, FPmarkets is regarded as the most established Direct Market Access, CFD broker in Australia. Indeed, it offers CFD traders, a huge list of tradeable assets including equities, indices, futures contracts, ETFs, currencies and commodities. Furthermore, FP Markets is reputed to have the best web based IRESS platform on the market for desktop and mobile trading in CFDs. With the IRESS suite of trading solutions, CFD traders get Direct Market Access pricing and the possibility of multi-product execution on 8 global exchanges. We saw that FP Markets likes to reward both new and established customers with promotional offers from time to time, with the promotions posted on the FAQs page of the broker’s website.

FPmarkets is regulated by the Australian Securities and Investment Commission (ASIC) and has offices in Sidney, Shanghai and Beijing. The company operates with the Australian Financial Services Licence number 286354.

  1. Website Preview

  1. 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.

    Islamic Account

    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%.

  2. FPmarkets Trading Software

    FPmarkets does not have proprietary trading software but offers forex traders access to the popular and reliable, MT4 and MT5 trading platforms through software downloads to desktop terminals and native apps for mobile devices. For traders interested in trading CFDs, the web based IRESS platform with HTML5 technology is available for desktop and mobile trading.

    MetaTrader4 Trading Platform

    The MT4 is the world’s favourite forex trading platform, created to run on desktops using Windows operating systems (Windows 2000 onwards) and with Mac OS X. The software must be downloaded to the desktop where it is fully customisable to reflect personal preferences in background, font and chart colours. Significantly, MT4 provides live streamed prices on both the live and Demo platform creating a ‘true ECN’ trading environment. Moreover, it’s packed with features making it stand out from most other forex trading platforms. These include numerous order types, 3 chart types and 9 time-frames, one click trading, multilingual options as well as Expert Advisors and indicator tools. Whilst the more advanced MT5 trading platform is offered for forex trading with FPmarkets, the MT4 remains the software of choice with most retail traders.

    Forex Trading with MT4 Mobile Apps

    One-click mobile trading on a user-friendly interface is available through the FPmarkets MT4 iPhone and iPad app (free download at the Apple App Store) as well as an FPmarkets MT4 Android app (free download from the Google Play Store). Importantly, the mobile apps facilitate trading on the move with live quotes as well as giving access to complete trade orders including pending orders and trade history. Interestingly, charts and symbol prices can be viewed in offline mode.

    IRESS CFD Trading Platform

    An outstanding platform for trading CFDs, the highly intuitive IRESS trader operates with web based HTML5 code and is instantly accessible from any Windows and MAC operated desktops without software download. The FPmarkets web IRESS has a fully customisable interface and includes an extensive charting package, 59 technical indicators, 50 drawing tools and prices for 10,000 trading instruments. It even lets traders compare divergences between instrument prices on multiple time frames.

    IRESS Mobile Trading Apps

    The IRESS mobile apps for Android and iOS powered mobile devices can be downloaded directly on the FPmarkets website. With the mobile app, traders can keep track of their CFD portfolio and holdings, also get live dynamic pricing and advanced charting at any time. Additionally, traders can access financial news in real time and manage advanced orders.

    Your capital might be at risk
  3. FPmarkets Support Information

    We found the quality and extent of the educational material provided by FPmarkets very impressive. Moreover, it’s conveniently divided into sections for Beginner, Intermediate and Advanced traders. Well presented, easy to understand trading courses with video tutorials, are provided free of charge as well as free webinars and classes. For traders who like more traditional learning tools, a trading E-Book and an E-book course, is available free of charge together with a glossary of all the trading terms used on the trading platforms. Research materials are listed in a separate category on the dashboard and give traders access to all the information needed for making trading decisions. Like the education section, the research offered includes a free daily market report, market news, forex market analysis, trader’s education as well as webinars.

    FPmarkets Customer Support

    The customer service provided by FPmarkets is straightforward and efficient, helping to earn the company, industry awards for customer satisfaction. Customers can get instant help over the live chat function on the website 24 hours a day, even without giving a name and email address if they prefer to remain anonymous. An email address can be used for written enquiries and for traders who prefer to speak with a customer support agent over the phone, Australian and international phone numbers are given on the website. We also saw that Australian and international Fax numbers are available for clients wishing to send documentation for account verification without using the internet.

    Support Information
  4. FPmarkets Company Information

    FPmarkets supports account funding in multiple currencies including AUD, USD, CAD, EUR, GBP, SGD, HKD, JPY, NZD, CHF and CNY. Customers can choose from a broad range of secure payment methods to fund their FPmarkets trading accounts. Currently, we saw that clients can deposit with Visa, Master and UnionPay credit cards, AstroPay, wire transfer, BPay, cheques and with various electronic payment methods including Neteller and Skrill. Transfers from other brokers are also accepted and clear instructions are given by FPmarkets on how to carry them out. Notably, we saw that FPmarkets is planning to add ‘alternative funding gateways’ soon.

    It’s important to realise that customers are charged fees for depositing funds, with the fees dependent on whether they are resident in Australia or overseas. Traders funding their accounts with a credit card are charged 1.8% if they live in Australia and 3.18% of the amount deposited if they live elsewhere.  Customers depositing USD using AstroPay are charged a 5% fee. Funding using Neteller is charged 4% and USD deposits made with Skrill are charged 4%. Customers within Australia using BPay to deposit AUD are not charged a deposit fee. We did not see the exact fee for bank wire transfers, however, deposits made with Wire2Pay are charged a hefty 5.95%.

    We were pleased to see that withdrawals to customers within Australia are free of processing charges, whilst withdrawals requested by overseas customers are charged a flat $20 transaction fee for international bank transfers and 1.8% of the amount withdrawn to a credit card. We saw that the withdrawal fees are paid to the banks and credit card companies making the transactions and not retained by FPmarkets.

  5. Your capital might be at risk
First Prudential Markets Pty Ltd
FPmarkets is licensed by ASICFPmarkets
is licensed by
ASIC
Reg. Num.: 286354

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