FP Markets

FP Markets is a global trading broker that offers low fees and fast order execution. Clients can trade using the broker’s IRESS platforms and the popular MetaTrader (MT4 and MT5) systems. However, is the firm good for swing trading? This 2024 FP Markets review will explore the broker’s spreads, login process, minimum deposit, and more.

What Is FP Markets?

Company Details

FP Markets (short for “First Prudential Markets”) is an online forex, CFD and cryptocurrency broker. The company offices are in Sydney, Australia, with overseas affiliates in Limassol, Cyprus and St. Vincent and the Grenadines. The ASIC, CySEC and St Vincent & the Grenadines FSA are responsible for overseeing and regulating the firm’s activities.

History

The broker’s founders created FP Markets in 2005, so it has a long track record. The company’s experience and regulation suggest it is a legitimate broker and unlikely to be a scam. The brokerage has won several industry prizes, including “Best Global Value Forex Broker” at the 2020 Global Forex Awards.

Markets

FP Markets supports trading in a wide range of CFD products on currency pairs, stocks, indices, commodities and cryptos. However, the broker does not support options, futures or ETFs.

Trading opportunities are offered across:

• Cryptocurrencies: 11 cryptos and altcoins, including Bitcoin, Litecoin, Ethereum and Ripple
• Commodities: Six precious metals, including gold and silver, four energies and US coffee
• Indices: 12 global stock indices, plus the USD index and Volatility 75 (VIX75) index
• Stocks: 10,000+ shares and equities from global companies and business entities
• Forex: 63 major, minor and exotic currency pairs

FP Markets developed a CFD directory that contains detailed information on each of the stock CFDs offered, including company profiles, share prices, relevant news articles and more.

Trading Platforms

Clients can download the full MetaTrader suite (MT4 and MT5), as well as the broker’s IRESS platforms: IRESS Viewpoint, IRESS Trader and IRESS Investor. FP Markets also recently launched a social trading platform. IRESS is optimised for shares, rather than forex, and is more suited to active, high net worth traders due to its relatively hefty fees.

MetaTrader 4

MT4 is the most popular forex trading platform worldwide, available in desktop, webtrader and mobile app solutions. The system has been praised for being quick, reliable and simple to use and it’s great for swing trading. Additionally, MT4 features a solid range of technical analysis tools, including three interactive chart types and nine different timeframes.

Through FP Markets, traders can access 50+ pre-installed technical indicators. Further indicators and automated trading bots (known as expert advisors) are available for download from the MetaTrader marketplace. However, some traders may find MT4’s interface outdated compared to its more recent update, MT5.

Key features of MT4 include:

• Programmable algorithms and indicators
• Live news feed and customisable alerts
• Four pending order types
• Detailed historical data
• One-click trading

MetaTrader 4

MT5

Offering a more advanced trading experience, MT5 is preferred by some FP Markets clients due to its wider range of sophisticated trading tools. MT5 was designed for CFD trading and features over 100 price charts, 80 technical indicators and six pending order types. Like MT4, MT5 supports automated trading and has advanced market depth.

Other important features include:

• 21 timeframes
• Level 2 pricing
• 44 graphical objects
• Fully customisable interface
• Live market data & news feeds

MetaTrader 5

IRESS

The IRESS suite contains three web-based platforms for active traders: IRESS Viewpoint, IRESS Trader and IRESS Investor. IRESS accounts are direct market access (DMA), meaning that prices exactly match that of the underlying market – FP Markets does not profit from the spread. Instead, customers must pay a fixed brokerage fee each month. Only Australian customers can use the IRESS platforms.

IRESS Viewpoint is the updated version of IRESS Trader. The platform features 59 technical indicators, multiple timeframes and real-time market quotes. Traders can also use over 50 charting tools. IRESS investor, on the other hand, was designed mostly for hedging strategists. FP Markets customers can also download the IRESS mobile app for iOS and Android devices.

Key features of the IRESS suite include:

• Customisable chart templates
• Advanced order management
• Market heat map
• Market Depth
• Live news

IRESS Trader

FP Markets Social Trading

FP Markets also launched a social trading platform, allowing clients to copy the actions of other successful traders. Customers can choose who to follow using a global ranking table. The system is available on both iOS and Android devices. This is a great option for beginners looking to learn from experienced swing traders. Established investors can also capitalise on the platform to generate a secondary trading revenue.

Social Trader

Mobile App

Clients looking to trade with their smartphone can choose from MetaTrader Mobile or FP Markets’ recently-launched app. Both of these are available on iOS and Android devices. The MetaTrader mobile app is user-friendly, with a good search function and a well-designed interface. It also incorporates the same range of order types as the desktop platform and it’s possible to set mobile alerts using your computer.

The broker’s own app, on the other hand, is fully integrated with the desktop platform, allowing customers to make fast deposits and withdrawals. The application also comes equipped with a good range of technical analysis tools and a useful favourites list feature for creating custom-built menus. FP Markets mobile boasts real-time pricing and fast execution from the broker’s top-tier liquidity providers.

Trading Accounts

Both global and Australian clients have access to Standard and Raw account types, whereas IRESS accounts are limited to Australians only. All account types offer access to leverage rates of up to 1:500, the full range of instruments, micro lot (0.01 lot) transactions and the use of EAs, mobile trading and a free VPS.

MetaTrader Accounts

Standard Account

• Global & Australian clients
• $100 minimum deposit
• Spreads from 1.0 pip
• STP pricing model
• No commissions

Raw Account

• Global & Australian clients
• $3 per side commissions
• $100 minimum deposit
• Spreads from 0.0 pip
• ECN pricing model

IRESS Accounts

These accounts are direct market access (DMA), so the prices match those of the underlying market. In return for zero spreads, clients must pay an AUD 55 monthly fee, unless they generate over AUD 150 in commissions. Firmly aimed at highly active and professional traders, the IRESS accounts each have a significant minimum deposit. Muslim traders are catered for with an Islamic trading swap-free account.

Standard Account

• 1% ASX commission (minimum $10)
• 3% equity CFD margin rate
• $1,000 minimum deposit
• 4% financing rate

Platinum Account

• 1% ASX commission (minimum $10)
• 3% equity CFD margin rate
• $1,000 minimum deposit
• 4% financing rate

Premier Account

• 0.08% ASX commission (no minimum)
• 3% equity CFD margin rate
• $50,000 minimum deposit
• 3% financing rate

To open an account with FP Markets, follow the ‘Open Live’ link on the homepage. The four-step registration process is simple and fully digital. New customers are required to provide some basic personal information (name, address, profession) and fill out a short questionnaire to assess their level of trading knowledge. Make sure that you have read through and understood the broker’s terms and conditions before signing up. Once registered, clients may access the trading platforms and other resources through the client portal.

Demo Account

FP Markets clients can access a free demo account for 30 days. Virtual trading can be a good way for new and experienced traders to test out new strategies or trial the broker’s services. To login, simply follow the ‘Demo Account’ link on the website’s homepage.

FP Markets Leverage Rates

Leverage allows traders to borrow money against the future price of an asset, greatly reducing the amount of capital needed to open a position. This can increase the potential profits of a trade but may also amplify its losses. The CySEC-and ASIC-regulated branches of FP Markets cap the leverage at 1:30 for retail clients.

Customers registered with the St. Vincent office can use leverage rates of up to 1:500, though inexperienced traders should be careful with highly leveraged trades. Helpfully, the firm allows its clients to reduce the amount of leverage they use, which is an essential part of any swing trading risk management strategy.

FP Markets’ maximum leverage rates are as follows (with the St. Vincent leverage in brackets):

• Major Forex Pairs – 1:30 (1:500)
• Minor Forex Pairs – 1:20 (1:500)
• Major Indices – 1:30 (1:200)
• Commodities – 1:10 (1:100)
• Gold – 1:20 (1:500)
• Shares – 1:5 (1:20)
• Crypto – 1:2 (1:5)

Fees

FP Markets generally offers tight spreads, particularly for Raw account customers, where spreads for the EUR/USD pair can be as low as 0.0 pips. Other major pairs like USD/JPY, EUR/GBP and AUD/USD have average spreads of 0.10, 0.40 and 0.20 pips. However, the broker charges USD 3 per lot commission on all forex trades with Raw Accounts. Other spreads are equally competitive. For instance, 0.5 points on the S&P 500 Index and 1.7 points on the Europe 50 index.

On the Standard account, spreads start higher, from 1.0 pip. Popular pairs like EUR/USD, GBP/USD and EUR/GBP have average spreads of 1.20 pips, 1.30 pips and 1.60 pips. This makes the firm slightly more expensive than some of its competitors for long-term trading.

FP Markets does not charge for non-trading activity such as deposits and withdrawals, though bank wire transfers may incur a small transfer fee (typically around AUD 6). Holding a swing trading position over multiple days will incur overnight fees called swap rates.

Payments

Deposits

FP Markets supports the usual range of payment options (card, bank transfer and e-Wallet) plus a few more uncommon types. Wire transfer deposits may take several working days but other options are generally processed instantly. The broker accepts deposits in 10 base currencies (USD, EUR, AUD, NZD, GBP, JPY, CAD, CHF, SGD and HKD). Cryptocurrency payments are also accepted. All deposits are free.

• Cryptocurrency: BTC, ETH, XRP & USDT
• Visa & Mastercard Debit & Credit Cards
• Broker To Broker Transfer
• Volt (Bank Transfer)
• FasaPay
• Neteller
• Paypal
• Skrill

A minimum deposit of AUD 100 (or equivalent) is required to open a Standard or Raw account with FP Markets. The IRESS accounts have much larger deposit requirements. FP Markets has no deposit or welcome bonus promotions for new clients who sign up with its platform.

Withdrawals

FP Markets usually processes withdrawals within one working day, which is quite good. Although the broker itself does not charge withdrawal fees, some payment methods incur separate costs (for instance AUD 25 for international broker-to-broker transfers, 2% for Neteller, 1% for Skrill and 2% for PayPal). Card payments are always free.

FP Markets Regulation

FP Markets receives oversight from three major financial watchdogs. The Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and St. Vincent and the Grenadines Financial Service Authority (FSA) all license and regulate the various activities of the broker, ensuring fair practice. The ASIC and CySEC are reputable agencies, though the St. Vincent office does not hold its brokers to quite the same standards.

Security

European clients of FP Markets are entitled to negative balance protection and investor insurance. Unfortunately, those using an ASIC-regulated account do not receive negative balance protection, meaning that it is possible to lose more than your initial account funding. However, client funds are segregated and held with top-tier banks like the National Bank of Australia.

The MetaTrader platforms are protected with 128-bit Secure Sockets Layer (SSL) encryption, as well as the option to enable two-factor authentication (2FA) at the client area login. All funding and payment options are also secure and comply with industry regulations.

Customer Support

FP Markets’ customer service team can be contacted via email, telephone and live chat:

• Email: support@fpmarkets.com
• Live Chat: lower-right corner of the website
• Contact Number: +61 (0)2 8252 6800 or 1300 376 233

FP Markets’ customer service opening hours are 22:00 GMT Sunday to 22:00 GMT Friday. The department is quick to respond and reliably helpful. The broker also maintains a social media presence on Facebook, Twitter, YouTube and LinkedIn.

Additional Features

FP Markets also boasts the following useful features:

• Virtual private server (VPS) for MetaTrader accounts
• CFD share directory with over 800 entries
• MT4 Traders’ Toolbox
• Economic calendar
• Margin calculator
• Forex calculator

FP Markets Education & Research

FP Markets has a good variety of educational resources available, including platform tutorial videos, high-quality e-books, a glossary and a series of helpful and well-produced webinars. For market insights, see the Traders Hub page, which contains several trading articles and blogs. The Autochartist tool, available on the ‘Trading Tools’ section of the client portal, is an automated system capable of recognising chart patterns.

Autochartist

Pros And Cons

Pros

Benefits of choosing FP Markets include:

• Fast and convenient deposits & withdrawals
• Decent educational resources
• Competitive range of CFDs
• Several regulatory licenses
• Fast executions
• ECN accounts
• Tight spreads
• Copy trading
• MT4 & MT5

Cons

Drawbacks of choosing FP Markets include:

• IRESS platforms only for Australian customers
• Demo account limited to 30 days
• No options contracts or ETFs

Trading Hours

FP Markets follows standard opening hours for each of its assets. Clients can speculate on cryptocurrencies 24/7, whereas forex assets are available 24/5. Other assets follow the trading times of their respective markets and exchanges. The forex broker’s support team are available from 22:00 GMT Sunday through to 22:00 GMT Friday.

FP Markets Verdict

FP Markets is a competitive broker with an extensive offering of CFD instruments on forex, stocks, indices, commodities and cryptos. Our review found that the firm suits both beginners and active, high-net-worth traders with its range of standard and ECN-type accounts. All clients can access both MT4 and MT5, while Australians can also take advantage of IRESS technology platforms. Moreover, registration is easy and deposits are free and can be made using cryptos.

FAQ