FP Markets review

The market is full of forex traders claiming to be the best around. If you’re a beginner trader in particular, it can be a confusing situation. Yet, finding the ideal broker doesn’t need to be difficult, as long as you do plenty of prior research. 

FP Markets is a popular forex broker based in Australia. With a range of tradable instruments and platforms, this broker is a flexible choice. You can also choose from different accounts that are designed to cater to different requirements and ability levels. 

In this FP Markets review, we will cover everything you need to know about this popular broker. In the end, you’ll have all the information on hand to make an informed decision. 

TL;DR

• FP Markets is a reputable forex and CFD broker regulated by ASIC and CySEC.
• Offers competitive spreads and low fees, especially on Raw accounts.
• Provides popular trading platforms like MetaTrader 4, MetaTrader 5, and Iress.
• Wide range of CFDs available, particularly on stocks.
• Fast execution speeds and reliable customer support.
• Limited product portfolio beyond forex and CFDs.
• Educational resources could be more comprehensive.

FP Markets: What’s It All About?

The Captain of Low-Cost Trading

FP Markets, also known as First Prudential Markets, offers a low-cost option for traders looking for minimal fees. Known specifically for their forex and CFD trading, this broker was established in 2005 and has its headquarters in Australia. It has strong regulation by ASIC and CySEC, ensuring transparency and fair trading. 

This broker has a strong reputation in the financial market, which gives peace of mind to beginners and advanced traders. It offers a wide range of financial instruments, including forex, commodities, stocks, and cryptocurrencies, along with competitive trading conditions. 

FP Markets is a popular choice for beginners and experienced traders, offering competitive spreads and leverage up to 1:500. It is available to customers worldwide, however those from the US, Canada, Iran, and Japan are excluded. This is something to note. 

Features That Make FP Markets Stand Out

FP Market is a popular broker mainly due to its range of features. As we mentioned earlier, this broker offers a range of assets, including forex and stocks. Additionally, execution speeds are lightning fast, and it also offers social trading, to enhance your experience. 

Beginner and experienced traders benefit from competitive spreads and low commissions, depending upon the account type you choose. Leverage is up to 1:500, and there are multiple platforms available, including industry-standard MetTrader 4 & 5. 

If you experience any issues or you have specific questions, you can contact their customer service team. Many FP Markets reviews praise the quality of this service, which is available through live chat, email, and telephone. 

In addition, FP Markets offers a VPS service (Virtual Private Server). Top trading tools include access to the PAMM system and a Multi-Account Manager. These trading tools make it easy to identify the best moves to bring the largest gains. 

Pros

To give a full overview of FP Markets, let’s start with the advantages of choosing this broker. 

Competitive Pricing That Won’t Break the Bank

One of the main things that FP Markets is known for its competitive pricing and low fees. The minimum deposit is $100. This broker doesn’t charge commissions as they are built into the spread, giving you a transparent pricing structure. However, if you trade in forex and metals, you will pay a small fee if you use the Raw account. 

When it comes to depositing money into your account, there are several options. These include bank transfers, credit or debit card, and e-wallet choices, such as Neteller and Skrill.

Regulation You Can Trust

A very important aspect of choosing a broker is checking their regulation status. The good news is that FP Markets is regulated by ASIC in Australia and CySEC in Cyprus. However, due to regulatory restrictions, it does mean that FP Markets is unavailable to US customers. 

This strong regulatory oversight means that FP Markets operates in a transparent and fair way. Of course, this gives extra peace of mind during your trading endeavors. This broker also prioritizes customer protection, segregating client funds from operational funds and maintaining adequate capital reserves. The site also uses advanced encryption and firewall technologies. This ensures that data and transactions are as safe as they can possibly be, protecting your personal information and money. 

Quick and Easy Account Opening

Depending on your needs and preferences, FP Markets has a range of account types for you to choose from. It’s important to assess these carefully before making a decision. 

FP Markets offers a demo account, ideal for beginner traders who want to test their skills without risk. This account also has many features and tools, so it’s a great platform for learning. Alternatively, the Standard account is a good choice if you want to trade with variable speeds, without commission. You can access more than 70 trading instruments, including forex, indices, shares, and commodities, with a minimum deposit of $100. Leverage stands at 500:1. 

The Raw account is a good fit for advanced traders who value fast execution speeds and tight spreads. You can access more than 70 currency pairs, and the commission charge is $3 per lot. Both of these accounts are available on MetaTrader 4 & 5. 

FP Markets also offers an Islamic account with no swap fees and no interest for holding positions overnight. This account also gives access to all trading instruments on the Standard account. 

Many Trading Platforms on Offer 

A big advantage of using FP Markets is the trading platforms it offers. Industry-standard MetaTrader 4 & 5 are the two most popular choices, but there is also Iress, Web Trader, and the cTrader app. The app is available on iOS and Android, for on-the-go trading, at any time. 

All platforms feature a range of tools and analytical options, to help you focus on the best trades for your needs. Additionally, all accounts allow you to use these platforms, so you can choose the one that suits you best. 

A Range of Tradable Assets

FP Markets really shines in its range of tradable assets, with many available for you to choose from. This brings an element of flexibility, and allows you to diversify your portfolio. You can trade with more than 70 forex pairs, as well as cryptocurrency, including Bitcoin, Litecoin, and Ethereum. Additionally, FP Markets offers metals, stocks, bonds, commodities and indices.

This broker also offers tight spreads and leverage up to 500:1 depending on the instrument and account. Trading is available 24/5, and negative balance protection gives you extra peace of mind. 

Cons

FP Markets is a very popular broker but that doesn’t mean it isn’t without its drawbacks. To give a balanced view, here are the negatives. 

Web and Desktop Platforms Need Improvement 

While FP Markets certainly offers several trading platforms to choose from, its desktop and web platforms are a little outdated. Compared to MetaTrader 4 & 5, with a range of features and a sleek appearance, you can really see the difference. 

You can get around this issue by simply choosing to trade with MetaTrader. However, those who dislike this platform or prefer a web/desktop option will miss out in terms of features and functionality. 

Some Withdrawal Options Come with a Price Tag

On the whole, FP Markets offers an affordable and low-cost trading experience, but withdrawals can be an anomaly. This doesn’t apply to all withdrawals but international bank withdrawals have high fees that can be a big issue. However, domestic bank withdrawals and withdrawals to credit cards are free. 

The fees charged for international withdrawals vary according to the country involved, but this can certainly eat into your funds. On the plus side, withdrawals are generally fast. 

Educational Content Could Use an Upgrade

FP Markets does offer some educational resources to help you learn about trading as you go. However, compared to other similar brokers, these are slightly lacking. You will find resources such as eBooks, tutorials and webinars, as well as seminars, and training courses. However, most of these are aimed toward beginners, which isn’t useful for advanced traders or those with some knowledge already. 

Criteria Evaluation: How Does FP Markets Measure Up?

Regulation and Trust: 4.5/5

Trading Platforms: 4/5

Fees and Spreads: 4.5/5

Product Range: 3.5/5

Customer Support: 4/5

Educational Resources: 3.5/5

Research and Analysis Tools: 3.5/5

Account Types: 4/5

Deposit and Withdrawal: 4/5

Community Reviews and Expert Recommendations

As part of our First Prudential Markets review, we explored community consensus and industry expert views. Such experienced opinions are important in helping you decide whether this broker is the right choice for you. 

Overall, FP Markets enjoys positive reviews. Users often comment upon the range of trading platforms and different account types. This gives a more flexible approach to trading and the ability to choose according to your preferences and needs. Fast execution speeds and low spreads are also regularly mentioned as positive points. 

However, many users comment upon the outdated web and browser platforms and state that they could use an update. International withdrawal fees are another area of concern for users, although many appreciate the lack of fees for domestic transfers. 

Industry experts agree with these views and particularly praise FP Markets for its customer service. Available in multiple languages, support is available 24/5, through telephone, email, and live chat. 

Pricing

FP Markets don’t charge a monthly fee for their accounts, which saves you money from the start. With tight spreads, you can expect to keep your trading costs low. However, there are variable costs depending on your trading volume and your chosen account. For that reason, make sure you do your research before choosing an account from the start. 

Where to Find FP Markets

You can find more information on the FP Markets website, where you can sign up for an account and start trading. 

Alternatives to FP Markets

There is no broker on the market that suits every single preference and need. Therefore, after reading this FP Markets review, if you feel it isn’t the right fit, there are many other alternatives. Here are some of the most popular. 

AxiTrader

AxiTrader is an ideal option for beginners, thanks to its high quality demo accounts. After signing up, you can use $50,000 of virtual money to practice your trading strategies. This broker also has a more extensive range of educational resources, compared to FP Markets. For more information, read our AxiTrader review. 

Pepperstone

Pepperstone is a very popular broker with customers worldwide. It also has extensive high-level regulation, giving you peace of mind from the start. The social trading feature is a major plus, along with its transparent pricing plans and great customer service. Our Pepperstone review gives you more information. 

eToro

One of the most reputable traders around is eToro, which has a copy trading feature to help you emulate successful trades. The platform itself is very easy to use and there is an app for on-the-go trading. You can also sign up for the eToro Club, which gives you extra perks and features. For more information, head to our eToro review. 

Alpari

Alpari is a well-established broker, having opened its doors in 1998. With a large range of tradable instruments on offer, you can also use a demo account to practice your moves. Beginners will appreciate the large range of educational tools, and this broker’s customer service is excellent. You can learn more in our Alpari review. 

Final Thoughts: Is FP Markets Your Ticket to Trading Success?

FP Markets is a popular broker and it’s no surprise once you learn about the broker’s many advantages. With competitive pricing and a high quality regulation, you save money and have peace of mind that your data and finances are secure. This broker also offers a large number of tradable assets, along with several platforms to choose from.

However, there are some downsides. While there are many educational resources available, these tend to be aimed toward beginners traders. If you have any experience already, you’ll find these to be less helpful than they could be. Another issue is high international withdrawal fees compared to other brokers. 

Ultimately, choosing a broker is a personal decision that will differ for everyone. It’s important to consider your needs and preferences and compare all sides. If FP Markets doesn’t suit you, there are many other brokers that will. However, the demo account is a good way to test the waters without risking your money. 

If you’re a beginner, it’s normal to feel a little confused when choosing a broker. However, TopBrokers is always there to help. We understand that comparing brokers isn’t the easiest task. We offer a range of resources on our website to help you find your best fit. 

In the end, it’s important to take your time, do your research, and find the right broker for your personal and unique needs. Once you do that, you’ll find it much easier to explore trading and more toward successful gains.