{"id":1358,"date":"2023-01-04T01:11:00","date_gmt":"2023-01-04T01:11:00","guid":{"rendered":"https:\/\/www.publicfinanceinternational.org\/?p=1358"},"modified":"2023-02-06T11:24:05","modified_gmt":"2023-02-06T11:24:05","slug":"fp-markets-review","status":"publish","type":"post","link":"https:\/\/www.publicfinanceinternational.org\/fp-markets-review\/","title":{"rendered":"FP Markets Review 2023"},"content":{"rendered":"\n
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Visit FP Markets >><\/a><\/center>\n\n\n\n

Most of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.<\/em><\/p>\n\n<\/div><\/div><\/div>\n\n

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FP Markets was founded in 2005. FP Markets brokerage firm is also know as First Prudential Markets<\/strong>. They are best known for their customer service, client satisfaction and fast trade execution. This Australian CFD and Forex broker (First Prudential Markets Pty Ltd). Users of this platform have access a wide range of over 10,000 financial instruments<\/strong>. There is an added advantage in being able to automate the opening and closing of positions. FP Markets offers access to news and economic calendars to keep abreast with the market. There are also technical analysis indicators and charts to provide additional insight.<\/p>\n\n<\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n

FP Markets is a brokerage firm regulated by the Australian ASIC<\/strong> (Australian Securities and Investments Commission), which is one of the best regulators in the industry. The Cypriot CySEC<\/a> (Cyprus Securities and Exchange Commission) also monitors FP Markets. Between these two regulatory bodies, there is tremendous confidence in the platform and the financial products that they offer.<\/p>\n\n\n\n

This review will explore what FP Markets have to offer in great detail. We will consider some of their most robust features, as well as what could be better. This will be done in the context of this global forex broker as an entity as well as how it compares to other platforms.<\/p>\n\n\n\n

PROS<\/th>CONS<\/th><\/tr><\/thead>
Low forex trading fees<\/td>No ETfs, mutual funds, bonds, futures and options available<\/td><\/tr>
Easy access to funds<\/td>CFD broker fees are relatively high<\/td><\/tr>
Easy to get started<\/td>User interface on desktop trading platform<\/td><\/tr>
Several base currencies available<\/td>Additional fees for deposits made in currencies other than the AUD<\/td><\/tr>
Various payment methods<\/td><\/td><\/tr>
Low minimum deposits for forex trading<\/td><\/td><\/tr>
Access to a demo account<\/td><\/td><\/tr>
There are no withdrawal fees<\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

FP Markets Trading Platform Overview<\/h2>\n\n\n\n

At the time of writing, FP Markets offers a wide range of third party platforms<\/a> to grant access to users. There are three main ways through which you can access the platform. These are desktop, web and mobile. Most users will make use of all three.<\/p>\n\n\n

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Desktop trading platform<\/h3>\n\n\n\n

FP Markets<\/a> offers access to the renowned MetaTrader 4<\/strong> and MetaTrader 5<\/strong> (MT4 MT5). The desktop platform is one that most seasoned traders will be familiar with. There are distinct similarities in the functionality that you will come across on both desktop and web applications. This offers the same trading conditions on both.<\/p>\n\n\n\n

One key advantage of trading with FP markets desktop platform is that you can get alerts of changes in the prices of instruments that you want to trade. This can be done by changing settings to provide e-mail and mobile notifications.<\/p>\n\n\n\n

Through the FP markets desktop trading platform, you can trade forex, stock or CFDs. The stocks are traded<\/a> through the Australian Securities Exchange. As with other platforms from FP Markets, you will not have access to ETFs, mutual funds, bonds, options or futures.<\/p>\n\n\n\n

Web trading platform<\/h3>\n\n\n\n

The web trading platform provides users access to the market without the need to install additional software on your computer. This is an entirely browser-based experience. FP Markets call this their WebTrader<\/strong>. It provides you with access to both MetaTrader4 and 5.<\/p>\n\n\n\n

The WebTrader is accessible on both Mac OS and Windows. You may be required to upgrade your browser to the latest version, for security purposes. There are no limitations to what you can trade on the web trading platform in comparison to other access points. You can trade Forex, Share CFDs, Indices, Commodities & Cryptocurrencies.<\/p>\n\n\n\n

Mobile trading platform<\/h3>\n\n\n\n

FP Markets offers two versions of the mobile trading platform. You can access it through both iOS and Android devices<\/strong>. On iOS, you can download and use MetaTrader 4 on iPad as well as on the iPhone. The mobile trading platform makes it much easier to access the market from anywhere in the world. It makes the trading on the go fairly straightforward.<\/p>\n\n\n\n

To access it, you will need to download MetaTrader 4 from the App Store. Through the app, users get real-time quotes throughout the day. There is also the option to execute trades with a single click. FP Markets\u2019 iOS app was recognised for the quality of trade execution 2019 by Investment Trends.<\/p>\n\n\n\n

Another feature that distinguishes FP Markets from their competitors is that fact that you can keep track of executed trades. Through the offline mode, you can keep track of charts and symbol prices. The charts are easy to scroll through and read, courtesy of a well-designed user interface.<\/p>\n\n\n\n

The Android version of MetaTrader 4 is available through Google Play Store. It gives you the additional option of customisable trading layouts. The advanced features on the charts make them interactive in such a way that the data is easy to read on a small screen. It also comes with the option to keep track of your trading history.<\/p>\n\n\n\n

FP Markets – Account opening<\/h2>\n\n\n\n

An FP Markets account<\/a> can be opened online. There is no requirement of presenting yourself at a physical location. The main differentiator is the fact that customers from the US, Belgium, Japan, New Zealand, and, a few other countries do not have access to an FP Markets account.<\/p>\n\n\n\n

This is due to some constringent regulations that the platform does not adhere to. If you are opening a forex trading account, there is no minimum balance. This makes it ideal for those who are making a start with minimal capital. It is also suitable for beginners who want to test the platform and their own skills before making a larger deposit.<\/p>\n\n\n\n

If you are opening an Iress trading account, you will be required to make an initial deposit of at least $1000.<\/p>\n\n\n\n

Account types<\/h2>\n\n\n\n

FP Markets<\/a><\/strong> offers different account types. These are Forex trading and Iress trading accounts. The forex trading accounts are either Standard or Raw. The standard is compatible with MT4 and MT5 trading platforms. It is suitable for spreads of at least 1.0 pip. There is no commission taken on trades that are made through this account. To get started, you will need to make a deposit of $100 AUD or its equivalence in your currency. There is maximum leverage of 500:1.<\/p>\n\n\n\n

Raw<\/h3>\n\n\n\n

The FP Markets RAW account type is compatible with MT4 and MT5 trading platforms. It is suitable for spreads as low as 0.0 pips. There is a commission of $3.0 USD on transactions made on this account. There is a minimum of $100 AUD or its equivalent in your currency. The maximum leverage on this account type is 500:1.<\/p>\n\n\n\n

Iress Accounts<\/h3>\n\n\n\n

FP Markets Iress trader account types fall under Standard, Platinum or Premier. The standard account has a minimum commission of $10 AUD per lot. This then attracts additional fees at a rate of 0.1%. The minimum deposit for a standard account is $1,000 AUD. There is an equity CFD margin rate of at least 3% and FP markets base rate of upwards of 4%.<\/p>\n\n\n\n

A platinum account has a commission rate of at least $9 AUD. This then attracts an additional fee of 0.09% per lot. The minimum deposit is $25,000 AUD. There is an equity CFD margin rate of at least 3% on this account type. The FP market base rate is upwards of 3.5%.<\/p>\n\n\n\n

The premier account has no minimum commission per lot. It does attract a 0.08% commission rate per lot. The minimum deposit for this account is $50,000 AUD. There is equity CFD margin rate of at least 3%. The FP market base rate is upwards of 3%.<\/p>\n\n\n\n

Account types can also be differentiated based on ownership. An account can either be individual, joint, corporate or trust. An individual account has a sole owner. A joint account will have combined ownership between two or more people. A corporate account is one that is registered to a legally recognised entity.<\/p>\n\n\n\n

A trust account is one that is managed by a trustee. This is often done on behalf of a group or cooperative.<\/p>\n\n\n\n

Islamic Accounts<\/h3>\n\n\n\n

Those that have religious restrictions for when they can trade may opt for an FP Markets Islamic Account. This is specially designed to stop overnight rollover charges or profits on positions. Metatrader accounts can be converted into an Islamic account. They are a prerequisite to opening one.<\/p>\n\n\n\n

There are admin fees attached to trading with FP Markets accounts. These are outlined here<\/a>.<\/p>\n\n\n\n

Deposit and withdrawal<\/h2>\n\n\n\n

Deposits to your FP Markets account can be made in any of the following currencies:<\/p>\n\n\n\n