FP Markets Review 2023
A broker is a financial company that lists various instruments for the general community to trade. The range of assets is not limited to a single product. The brokerage can include forex, stocks, futures, options, etc., under a single platform with various technical tools.
From the early 1900s to the current year, the markets have seen tremendous growth in terms of volatility and structure. New tools are being developed daily to help enhance trader experience and increase a brokers offerings.
We have recently seen the growth of various brokers due to their quality services; FP markets are one of them. FP Markets has been a leading broker since 2005. It offers quality execution, multiple trading platforms, various funding options, and other features that can help generate long-term consistency.
Regulation and Security
A solid regulation by top-tier authorities adds a layer of security to your trading and funds. There are multiple regulatory entities located worldwide that precede the financial activities of brokers. FP Markets come under the eyes and ears of many of these, including:
- Australia: Australian Securities and Investment Commission (ASIC)
- Cyprus: Cyprus Securities and Exchange Commission (CySEC)
- Caribbean: St. Vincent and the Grenadines Financial Services Authority (SVGFSA)
First Prudential Markets host liquidity from reputable financial institutions to ensure minimal slippages. Regular audit reports are made public to keep everything transparent. The platform also offers negative balance protection to traders.
Your funds are kept in separate portfolios away from the company’s capital. The broker cannot use your balance for personal purposes under regulatory compliance. In the unlikely case of bankruptcy, this helps to give investors extra peace of mind.
Is FP Markets available worldwide?
Due to the multi-regulatory nature of FP Markets, it can provide its services to most regions. Traders should check in with customer support to see if they can open an account with the company.
Their multi-regional licenses make FP markets a reliable broker, and US residents can trust them with their investments; however, you should carry out due diligence before signing up. You can find out more about their services by clicking here.
Brokers and banks offer tailored trading software for traders by which they can send orders and manage their current trades. The platform can include various features such as chart integration, execution types, strategy testing, financial marketplace, expert advisors, etc.
FP Markets includes a range of trading software, each with specific characteristics. Their names and features are as follows:
- MetaTrader 4. One of the veteran trading software’s which launched on the same date as FP Markets and is a host to millions of traders. MT4 platform provides access to 9-time frames, a customizable interface, a market watch, one-click trading, and much more. The broker supports over 60 currency pairs, stocks, various commodities, and cryptos via MetaTrader 4.
- MetaTrader 5. Being a parent platform to MT4, the MT5 software comes with advanced features and tools. In addition to 21-time frames and 6 different order types, it supports trading on Forex, Indices, Shares, Metals, Commodities, and Crypto. There are over 80 technical indicators with a real-time market analysis on the all-advanced interface.
- Web Trader. An online trading platform that can be accessed with the help of a browser. The application is also provided by the developers of the MT 4/5 software. It features multi-language support, market depth, traders toolbox, spreads from 0 pips, and 1:500 leverage.
- Mobile Trading App. FP Markets have developed an exclusive mobile application available on Android and Apple smartphones. The software comes with a range of tools to analyze 60+ currency pairs, get in-app deposits, access 24/7 customer support, etc.
FP Markets has three account options for traders:
The standard account has raw spreads from 1 pip on 60+ FX pairs, metals, indices, and commodities. There are no commissions on any trade, and the executions are carried out using ECN models.
The raw trading account follows a commission model where traders are charged $6 for each standard 1 lot traded.. The spreads are minimal for raw portfolios.
Traders can use expert advisors, mobile apps, and VPS services with each option. The minimum deposit amount is $100, and the latency speed is minimal with the fiber link to the NY server.
The Islamic accounts are made available for the Muslim community. They operate in accordance with Islamic sharia, which prohibits the implementation of interests. The benefits and privileges are the same as that of a regular account, except there are no rollover fees for holding your positions overnight for 10 days.
After the 10th day, FP Markets charges an administration cost ranging from $1 to $80.
Raw and Standard account types are also available with an Islamic account. Although the Standard and Raw accounts are very similar in terms of what they offer, they do have some differences including the spreads and commissions which helps to differentiate them. All account types including Islamic accounts are available on both MT4 and MT5 platforms. You can view more information about their platforms here.
First Prudential Markets (FP Markets) has a smooth sign-up process for traders. It is possible to create your account in minutes and begin trading in a couple of hours. The steps are as follows:
- Click on the sign-up button
- Enter your email address and password
- Provide your credentials and accept the declaration
- Verify your account and start trading
Due to KYC regulations, the brokerage has to verify your identity documents. This is to prevent money laundering and credit/debit card fraud.
FP’s client area holds information to your trading accounts. Traders can access their profiles and fund their portfolios using the deposit section. These features become available once you verify your identity.
If you feel any difficulty, the help tab is just around the corner to answer your inquiries.
Deposit and Withdrawals
The broker supports multiple deposit methods, including credit cards, debit cards, online banking, bank wire transfer, and e-wallets such as Skrill and Neteller. Depending on the route, it can take a few minutes or up to 1 business day for the funds to show up in your account.
The funds are only accepted from sources under your name. Once your deposit is confirmed, you will be able to trade under live market conditions both on desktop and on the go via mobile or tablet devices.
Deposits are accepted in multiple currencies, varying according to the payment processor. The most common are USD, EUR, GBP, AUD, CAD, and USDT.
Traders can only withdraw their deposited funds to the same source as the deposit. However, the profits can be cashed out to other payment services. The extraction methods are mainly similar to the funding options and can take at least one business day.
FP Markets has an enormous list of over 10,000 trading instruments in its portfolio. Traders can trade on forex, shares, metals, indices, commodities, cryptocurrencies & bonds. The Iress platform allows direct access to top exchanges worldwide, including ASX, NASDAQ, and NYSE.
Commissions and Fees
There are no deposit fees while trading with FP Markets. For bank wire deposits, the company covers the international bank transfer charges if they do not exceed $50 for a deposits greater than $10,000.
For debit/credit card and bank wire withdrawals, the company don’t charge any withdrawal fees. For other methods, the withdrawal fee can vary from 1% to 8%, depending on the selected method.
Unlike other brokers, First Prudential Markets does not charge an inactivity fee for clients. If your account has been inactive for three months and has zero balance, it will be disabled. You can reactivate it at any time as per requirement.
The spreads can be as low as 1 pip for major currencies on the standard account. As mentioned before, traders can also opt for a raw spread account with 0 spreads and a fixed commission of $6per round lot.
Swap rates can differ based on the currency pair and the trade direction. A general observation can be made from the table below.
In simple words, leverage is borrowed cash provided by a broker to increase your overall buying power. With the widespread use of CFDs, traders have access to a high margin. The value can go up to 1:500, meaning your initial capital is multiplied by 500. No interests are charged, and various instruments are available with leverage.
The amount of leverage traders wish to implement depends on your risk appetite and the game plan. The rewards are proportional to risks in the financial markets.
FP Markets provides as much as 1:500 leverage for CFDs on forex and around 1:10 for most stocks.
|Leverage at FP Markets|
Analysis and Education
Analysis and education are crucial factors that aim to help professionals and beginners. Brokers with learning sections allow market participants to improve their trading skills and gain adequate trading consistency.
FP markets have multiple trading tools in their user’s section, such as a market news feed and charting tools. The broker has an interesting section called ‘Traders Toolbox’ under the ‘Platforms’ menu where you can access a wide range of reading material. For example, under the ‘Alarm Manager’ guide you can find out more information about how to set up automated actions such as opening and closing positions automatically. Amongst other guides available in the Traders Toolbox area, you can read the ‘Tick Chart’ guide which shows you how to determine the smallest moves in prices. The ‘Correlation Trader’ guide aims to help you view correlations easier between various currency pairs.
The education section of the FP markets has plenty of videos, trading courses, a glossary, and e-books to train beginners in terms of strategies, risk management, and psychology. Customers can learn about complex analogies and technical analysis through webinars and tutorials.
Efficient customer support ensures that the client’s issues are adequately solved. FP Markets assure various customer service options for their users. Customers can use email, live chat (24/7), telephone, or toll-free options to resolve their issues. In addition, clients can visit the FP Markets office during office hours to discuss their problems in person.
Reputation amongst Traders
According to the customer feedback, FP Markets is a reputable company in the financial market. It has a rating of 4.9 for 3,754 reviews on TrustPilot. Customers are delighted with its over-the-top support and regard its withdrawal process as fast and efficient.
The broker has earned 40+ international awards for its services in the financial industry. Some notable mentions are as follows:
- FP Markets has been awarded as the ‘Global Forex Value Broker’ for four consecutive years (2019, 2020, 2021, 2022) at the Global Forex Awards.
- FP Markets has been awarded the “Best Forex Trading Experience in the EU” at the Global Forex Awards 2021.
- FP Markets has been awarded “Best Trade Execution” at the Ultimate Fintech Awards 2022.
FP Markets have multiple collaborations for their partners. The mutual relationship between trader and broker offers earning opportunities for both parties. Some of the partnerships are as follows:
- CPA Affiliate Program: As an affiliate partner, your website directs customers to the FP Markets website. When the client becomes an active member, you can earn a commission. Marketing materials are available in multiple languages for promoting the broker.
- Hybrid Affiliate Program: Provides commissions in addition to the rebates. The earnings can vary based on the location of the referral.
- Money Manager Program: Professional traders can monitor and manage funds and, in return, get commissions. Commissions, performance fees, etc., are all customizable and are calculated automatically.
- White Label Partnership: FP Markets give access to technical setups and liquidity for aspiring traders to promote their personal companies. All the benefits at FP Markets are passed down to the trader.
- Regional Partnerships: FP markets have the extensive infrastructure and technical abilities to help you expand their program in your respective regions. It invites global licensed forex operators, service providers, and large IBs to develop partnerships and grow significantly.
Can beginners trade with FP Markets?
FP Markets has included a detailed education section within its website to help novice traders. It consists of daily market analysis and essential information on risk management and psychology. The broker also provides a demo account to trade with no risks. This can be beneficial for avoiding losses while trying out new strategies.
FP Markets is a regulated broker catering to the needs of swing and day traders. With a vast sum of instruments at your disposal and trading accounts, traders can spread their investment for risk diversification. The customer support is very efficient in responding to your inquiries with 24/7 support available in multiple languages. The brokers excellent reputation amongst traders speaks for itself.