FP Markets Review: Is this broker legit, safe and trustworthy for Indians?
Review: FP Markets, an Australian CFD and FX broker founded in 2005, is so committed to providing great service that they even established their first office directly across the street from the Australian Securities Exchange.
Since then, FP Markets has received a slew of internationally acclaimed honors.
Review: This Australian broker, which provides services across the world, has a global presence and has even sponsored the English Premier League in the United Kingdom.
Is FP Markets a good company with 40 internationally recognized awards? Keep reading, and we'll tell you what we think of FP Markets in this assessment of the company.
Review: This broker does not provide any appealing welcome offers or incentives, which is most likely due to ASIC regulations and a desire to remain in the UK market, which does not allow such practices to be used.
Review: Opening a regular or FP Markets demo account is a straightforward and entirely digital procedure that takes only a few minutes.
Review: Following our evaluation of FP Markets, we were able to get our account authorized on the same day that we began the process of applying. It just took around 15 minutes to complete the entire process.
Review: It will only take a few minutes to register and have access to the entire range of Forex and CFD instruments.
Review: You will also need to complete a questionnaire to demonstrate that you understand the risks associated with trading and have a basic understanding of financial instruments.
Review: It is completely free to establish an account, however a $100 deposit is required as a bare minimum.
Review: Right from the bat, it may have been mentioned a few times during our study of FP Markets that there is a bit too much stuff and that newbies may need a moment to gather their bearings. We're referring to the entire collection of instructional resources and trading tools available on the main website. The inclusion of MetaTrader 4 and 5 to the platform is a fantastic step. These platforms are well-known for their ability to be completely customized. Beginners may design their ideal trading environment, while experienced investors can customize their trading environment to suit their needs.
Review: However, rather than offering four or more accounts, as several CFD trading platforms do these days, FP Markets has kept things simple by giving only two types of accounts: Standard and Raw. The distinctions between the two types of accounts are minor, yet they are substantial. Both accounts require a minimum deposit of $100AUD, and each can trade the entire range of instruments available, including 60+ forex currency pairs. Both accounts also offer ECN-Pricing executions and a maximum leverage of 500:1, as well as the ability to trade the full range of instruments offered.
Review: The expense of decreasing spreads is where the most significant change may be observed. According to our investigation of FP Markets, the regular account features zero fees and spreads that begin at one pip each contract.
Review: The Raw account, on the other hand, offers spreads as low as 0.0 pips, but transactions are subject to a $3USD (£2.25) charge per side.
The Raw account is unquestionably better suited to dedicated day traders, whilst the normal account is better suited to beginners and people who trade less frequently.
Review: FP Markets offers a swap-free Islamic account, which we discovered while doing our assessment of the company. The account may be created as either a MetaTrader 4 or MetaTrader 5 account, and it assures that no swap or rollover interest will be accrued on positions held over the weekend. According to the stringent norms of Sharia Law, this is the proper course of action. To create an Islamic account with FP Markets, you will need to provide documentation of your religious beliefs.
Review: As a result of our comprehensive study of FP Markets, we can confirm that this broker makes use of the MetaTrader 4 and MetaTrader 5 platforms, which are available as a web trader, desktop application, and mobile application. However, similar to what we discovered in our study of Plus500, FP Markets just developed a mobile trading app that looks to be based on third-party technology in order to provide a mobile trading platform that is similar to that of many other trading applications.
Review: MetaTrader is a trading platform that is widely used in the online trading sector. Most experienced brokers have spent a significant amount of time on this trading platform. MT4 and 5 include a customisable interface, useful trading tools, real-time pricing, and are ideal for use with trading bots, among other things. The MetaTrader 5 platform has access to nearly twice as many stocks as its predecessor, as well as a greater depth of technical indicators and a more comprehensive market presentation than the previous version.
Review: The online trader is compatible with Chrome, Firefox, Safari, and Internet Explorer 10 and above. Another advantage is that you won't have to worry about downloading any more apps. In addition, you may easily connect using your mobile browser and your favorite home device, such as a laptop or tablet, to access your account. The mobile trading app is a more simplified trading platform that can access the majority of the same instruments as the desktop trading platform. It is available for download on both iOS and Android smartphones.
Review: Our investigation into FP Markets found a colossal number of payment methods that are accepted. After all, this is a worldwide broker, and they have gone to great lengths to ensure that they are well-versed in each jurisdiction – such as Rupee payments in India and Paylivre in Latin America.
As part of our FP Markets study, we validated the availability of the following payment options:
Card of credit or debit
Transfers via bank account
Transfer in a Short Amount of Time
A number of different cryptocurrencies
Review: All of the payment methods listed above have no deposit fees and may be used to fill your account immediately - just a few brokers provide as many fast deposit options. Payments can be made using any of the payment methods given above, with the exception of broker to broker transfers. Payout durations range from immediate to 2 business days, and all of the methods stated above can be used for withdrawals. During our investigation of FP Markets, we discovered that we had received a bank transfer withdrawal in one working day.
Review: When doing our study of FP Markets, we made it a point to pay close attention to the costs. This is a low-fee broker, and we discovered that there are no account administration costs, as well as no inactivity fees. With the Standard account, traders pay no commissions because the charge is included into the spread, which means they save money. Raw account holders, on the other hand, will be required to pay a $3USD commission per side.
Review: Despite the fact that spreads were relatively low, we have observed lower spreads in other studies. For example, during peak trading hours, the average spread on the EUR/USD pair was 0.9 pips on average. The average spread on S&P 500 CFD shares was around 0.5 pips. However, there is a substantial decline in the spread price when utilizing the Raw account, which can more than make up for the additional cost. Whatever the account type, fees for stock trades range from 0.10 percent to 3 cents per share, depending on the size of the transaction.
Review: When withdrawing funds from FP Markets, there may be some costs associated with the transaction, however deposits are completely free. According to the supplier, some credit cards may charge additional costs, while cryptocurrencies charge a transaction fee for each blockchain transaction they do. If traders choose credit/debit cards as their preferred payout method, they will be able to take advantage of free withdrawals.
Review: The costs associated with withdrawals vary considerably depending on the method used. While bank cards are completely free, international transfers cost $10AUD, Rapid Transfer costs 1 percent, and e-wallets cost between 1 and 2 percent. Of course, cryptocurrencies have their own blockchain fees — which, depending on your cryptocurrency of choice, might be rather pricey at times.
Review: Now, we hope that doesn't happen, but things do go wrong from time to time. Every now and again, we just need a little assistance from our broker. You don't want to be kept waiting for an interminable period of time, whether it's for a monumentally critical matter or simply a few questions. That is why we put the customer care staff through its paces during our study of FP Markets.
Review: Is FP Markets a dependable source of information? Our UK evaluation of FP Markets revealed that the company excels in this aspect, as we discovered when we investigated the company's 24/7 help via several channels. Despite the fact that the small print states that support is only available on weekends between the hours of 08:00 and 16:00 GMT+2, this is not the case. For starters, the FP Markets website offers a live chat feature that allows users to communicate with a basic bot as well as a human person. Traders can also get in touch with assistance via email. We were able to receive replies by email within 2 hours, and the responses were always appropriate.
Review: Another support feature that we appreciate is the ability to request a call back. There is a toll-free line in the United Kingdom that consumers may contact if they have an urgent issue that cannot wait. However, if you are not in a rush, you may fill out a simple webform with your question and an agent will contact you as soon as they are able. Phone assistance is very responsive, with calls being answered within minutes and a call back from our request arriving within a couple of hours of submitting it.
Review: More than 12 languages are offered for customer service, including German, English, Portuguese, Chinese, Russian, Thai, Arabic, and Greek. German, English, Portuguese, Chinese, Russian, Thai, Arabic, and Greek are also available. Our evaluation of FP Markets found them to provide great customer service, with timely replies, many communication channels, and near-24/7 availability.
Review: When it comes to selecting an online broker, there is nothing more crucial than following the rules and regulations. Forget about the types of instruments available or how low the commissions are – you don't want to put your hard-earned money into the hands of a broker who might not be around in a week or two. That is why authentic regulation is the distinguishing feature of a broker who is truly safe and secure.
Review: Following our research of the FP markets, we discovered that the broker is regulated in two district jurisdictions.
Australian Securities and Investments Commission (ASIC)
Cypriot Securities and Exchange Commission is based in Europe (CySEC)
Review: In addition, the firm is registered with the Financial Services Authority in St. Vincent and the Grenadines, allowing it to operate on a worldwide scale. Both of these agencies are top-tier regulators, and Australia has some really stringent legislation in place when it comes to providing financial services to consumers. While there is no investment protection in effect in Australia, European traders are protected up to a maximum of €20,000 per transaction. Countries that fall under the jurisdiction of CySEC are similarly protected against negative balances.
Review: So, is it safe to invest in FP Markets? With 16 years of strong experience and oversight from two top-tier authorities, FP Markets has demonstrated that it is a trustworthy broker. While banking records would have provided an even greater level of openness, the fact that the broker survived the last two financial crises is still another indication of a trustworthy broker in the industry.
Review: We discovered two Copy Trading sites while doing our investigation into FP Markets – Social Trading and Myfxbooks Autotrade. Using the MetaTrader 4 or 5 trading platforms, any trader may copy the transactions of more experienced traders. Copy trading is a straightforward process that anybody can use. Traders will be able to access sophisticated copy trading tactics through the Myfxbooks Autotrade premium service, which is already accessible in the United Kingdom.
Review: There are several trading tools available to traders at FP Markets, which may be used to their benefit. One such tool is the forex calculator, which is a basic interactive tool that can be found on the FP Markets website and which allows traders to enter their intended transaction and compute pips, swaps, and profits based on the information entered. Traders can also use a Virtual Private Server (VPS) for forex trading, which minimizes execution latency and trading expenses while improving execution speed.
Review: In addition, FP Markets offers a dizzying array of instructional tools that are available to every trader at any time. We couldn't even go through all of the stuff on FP Markets throughout our study. The internet is full of classes in both written and video format, with instruction for people of different levels of expertise. A seemingly limitless supply of thought-provoking and instructional articles regarding trading strategy, cryptocurrencies, technical analysis techniques, and much more can be found in the Traders Knowledge part of the site.
Review: Our investigation into FP Markets also found an enormously extensive and dynamic economic calendar that can be accessed online. You may choose a specific financial event and you'll be presented with a wealth of information, including sector, source, and projections.
Review: Without the use of price manipulation or requotes, FP Markets provides forex spot trading of more than 60 forex currency pairs, including major, minor, and exotic pairings, with no commissions.
Review: Trading forex is similar to trading CFDs in that there are no commissions charged, and the expenses are again included into the spreads and begin at 0.0 pips. There are also no account administration fees, and there are no additional charges associated with trading using leverage.
Review: Forex transactions may be executed in increments of 0.01 lots, with a maximum leverage of 500:1 available. Trading hours are the same 24 hours a day, five days a week throughout the whole spectrum of global currency markets.
Review: FP Markets is a wonderfully low-cost broker because to its more than 60 currency pairings, which are traded without requotes and with minimal opening spreads. There are also no additional account management fees to add to the expense of doing business.
Review: FP Markets offers more than 70 CFD instruments, including more than 100 equities, as well as a diverse selection of indices, commodities, and fixed income securities.
Review: Traders at FP Markets will be charged no account maintenance fees and no charges — with the exception of Raw account holders, who will be charged commissions in exchange for significantly lower spreads than standard accounts. Spreads for CFD trading are also relatively modest, with spreads starting at 1.0 pips for the most popular instruments.
Review: When trading CFDs, investors may choose between the MetaTrader 4 and MetaTrader 5 platforms, with a maximum leverage of 500:1 available.
Review: This broker is quite economical and provides excellent market coverage, thanks to a large number of assets to choose from and very low average spreads. In addition, there are no commissions or account administration fees to be concerned about.
Review: There is nothing more crucial than dealing with a reputable broker who guarantees that your personal information and funds are kept safe at all times. There are a lot of variables that traders may use to establish whether or not a broker is safe and legitimate, in order to validate this. In our assessment of FP Markets, we found that the broker is quite safe and secure.
Review: Many brokers will brag about the amount of accolades they have received, and they will use these honors to promote their own excellence. There are several awards given out throughout the year, with certain awarding bodies being more prestigious than others in their field.
Review: Some brokers are required to establish minimum quantities for trading components such as deposits, withdrawals, transaction sizes, and so on. Others are not required to do so. Each broker is unique, and there is no single norm that applies to them.
Review: There are several reasons to trade with FP Markets, including the availability of more than 70 CFD products, more than 60 forex currency pairings, and a variety of trading platforms. Fees with this broker are quite reasonable, with no account maintenance fees and no commissions, as well as minimal spreads when compared to the market average. In addition, because FP Markets is regulated by two top-tier regulatory bodies, it is a secure solution for online trading.
Review: However, the number of markets available is far fewer than those of many prominent rivals. If this broker provides exactly what you are looking for in a trading platform, then our analysis of FP Markets can confirm that it is a highly cost-effective platform to use.
Review: Trading financial instruments such as currency pairs, CFDs, commodities, and indices involves a number of elements that must be considered in order to be successful. It is difficult to forecast the outcome of a trade-in transaction in such marketplaces. The assistance of a market specialist is required to ensure high trading profitability with certainty. These professionals are brokers or brokerage services that assist traders in the FX and CFD markets by providing them with the necessary information and resources. When it comes to trading various assets, the broker must be dependable, experienced, and technologically sophisticated.
Review: FP Markets, one of the world's leading online brokers for forex and CFD traders, fulfills all of these requirements perfectly. In 2021, FP Markets will be advising millions of traders across the world and developing its powers to assist them in making more money in the financial markets. Every component of FP Markets has been examined in this FP Markets Review in order to determine how the broker continues to be the finest in its services and why customers continue to place their confidence in its services. These are the main benefits of investing with FP Markets, as shown in our FP Markets review. It also discloses any disadvantages that this broker may have for his or her consumers. It also offers information about the broker's regulatory status, which indicates how safe it is to trade with in the market. In this FP Markets review 2022, all of the most pressing issues of traders have been addressed, guaranteeing that there is no prejudice in the broker's appraisal of itself. In this assessment of FP Markets, we have painted a clear picture of the function that FP Markets plays in the operations of forex and CFD traders in general.
Review: Second, First Prudential Markets is an online financial service company that specializes in trading and multi-asset brokerage services. The term "FP Markets" or "FPMarkets" is commonly used in the worldwide trading community to refer to this type of market. Over the years, FP Markets has built a solid name for itself as a provider of financial trading platforms and multi-asset brokerage services. The broker was established in 2005 and is registered under the name First Prudential Markets Pty Ltd. It is based in Sydney, Australia. FPMarkets is comprised of a number of different businesses that work together to provide a distinctive trading experience. These entities have the ability to trade a wide range of financial products. Although certain of the FP Markets offerings are restricted by legal requirements, the overall experience is positive. The trading instruments offered by the FP Markets broker vary depending on the nation of residence of the client.
Review: There is a diverse selection of assets available for purchase and sale. The forex currency pairs are the most actively traded assets at FP Markets, out of the more than 100 instruments accessible for trading on the platform. The broker provides trading services for more than 60 different currency pairings on the FX market.
Review: In addition, the FP Markets assessment highlights that there is a risk associated with FP Markets trading. Because of the nature of the markets, traders' losses may be greater than their deposits, and FP Markets does not cover traders' money in such situations. In order to avoid this risk, FPMarkets is working to improve the trading effectiveness of its customers using the popular MetaTrader 4 (MT4) forex trading platform, according to the company. In addition to the desktop version, an FP Markets mobile application is available for iOS and Android smartphones. Customers benefit from this native app since it is more responsive and allows them to be warned of market concerns more quickly. In addition, the process of monitoring markets and executing transactions is made easier by these mobile applications, which include mobile trading tools.
Review: The procedure for creating a new account on FP Markets FX's online trading platform is straightforward and straightforward. The procedures are completed on the company's official website, and the entire process is completed digitally to allow for speedy account opening. A new FP Markets trading account may be opened in as little as 15 minutes, according to the company. New accounts are authorized within 24 hours of being registered, thanks to the online Know Your Customer (KYC) and verification process.
To create a new account, traders must first visit the FP Markets website and log in using the FP Markets login page.
FPMarkets has a section dedicated to the creation of new accounts that can be found under the login tab.
It is necessary to include the account holder's name, email address, phone number, as well as the nation in which they reside, in this part.
Additional information about the trader, including his or her date of birth, occupation, and residence address, is included in the next section of the document.
The trader must now pick the account type, the base currency, and the trading platforms that he or she want to use.
In the final phase, traders must complete a quick questionnaire that will assist the broker assess their knowledge and skill in trading various financial assets.
Review: The commissions and fees charged to traders are determined by the entity that operates the FP Markets FX broker as well as the type of trading account used. Account kinds are available to traders, and they are as follows.
Review: FP Markets' ECN account with competitive spreads is available to all customers. As of June 2020, the average spread was 0.64 percentage points. The fee per trade for this account, on the other hand, is pretty reasonable in comparison. This type of account is the most popular among the broker's clients, who prefer it over the others. Raw ECN accounts are best suited for forex trading since they offer high liquidity.
Review: The nature and operation of this account are both very simple in nature. It is not recommended for traders with a lot of expertise. A simplified version of the more complicated Raw ECN account, it is especially intended for novices. The spreads on this account are quite wide, with an average of 1.15 pips for the EUR/USD as of June 2020, according to the latest available data.
Iress Investor Account Review: This account is designed for traders in Australia who want a low-cost trading experience. It provides FP Markets traders with access to the Iress Investor trading platform, which is beneficial for them. The account is exempt from the payment of monthly broker fees. The ability to stream data is disabled by default, and the charting package has some limitations as well.
Iress ViewPoint Accounts Review: The FP Markets Iress ViewPoint account, which is available only to Australian traders, has three different trading possibilities. The Standard option requires a $1,000 down payment as a bare minimum. The Platinum option may be activated with a minimum deposit of $25,000 dollars. Traders who wish to participate in the Premier option must make a minimum investment of $50,000. In addition, the fees for platform usage and data consumption are waived with the Premier account. In addition to giving access to the Iress ViewPoint platform, this account offers cheap financing rates for overnight positions, as well as a 0.08 percent commission rate and no costs for minimum commissions. This account is available to individuals who are 18 years or older.
Review: In addition to these accounts, FP Markets' clients are required to pay for the Iress ViewPoint platform as well as data use costs. The platform price for Iress ViewPoint is $55 per month for the Standard and Platinum trading accounts, with the Platinum trading account charging no fee. This charge includes the fee for real-time ASX data. This monthly platform cost can be waived if the commission-spending generates a minimum of $150 in turnover. Traders can save $22 per month by paying $50 on commissions instead of the $22 per month levied by the ASX royalty fee for live data. For Australian clients, the Iress ViewPoint platform provides a viable alternative to the MetaTrader trading platform. FP Markets makes it possible for these platforms to trade forex and expands the range of tradable products available. MetaTrader platforms are commonly used since they are free of charge and perform at a level of efficiency that is comparable to the Iress Viewpoint platforms.
Review: In addition to FX currency pairs and CFDs, FP Markets offers a wide range of other tradable commodities. In order to trade these assets, an FP Markets client must first fund his or her account with money. The trading features are activated with a minimum deposit of $100. A demo account may be used to practice trading forex pairs and CFDs in a more realistic environment. FP Markets caters to a wide range of traders, from beginners to experienced professionals. With the demo account, you can get a feel for the Virtual Portfolio of the FP Markets trading platform. API Trading is also available for experienced clients through the broker. It also offers StopLoss orders and trailing stops to clients who have demonstrated exceptional performance. TakeProfit orders are another important feature that distinguishes this broker from the competition. FXPro Markets' advanced tools for financial chart comparisons, as well as their research-backed technical analysis, are both valuable components of the service that they provide. They provide traders with the experience of top experts on financial markets and investment hazards, which they use to their advantage.
Review: Furthermore, FP Markets provides a diverse selection of trading platforms, including mobile trading, for its clients to choose from. FPMarkets is a forward-thinking broker that has made all of its products and services available on its website. Every trading platform and tool made available by the broker is considered to be a component of the broker's core services. When opening an FPMarkets account, consumers have the option of selecting one of the trading platforms and tools listed below. They may also personalize their options to some extent, and they can employ a mix of tools and platforms that are appropriate for their specific requirements. With the exception of the FPMarkets app, none of these services are owned by the broker. They are third-party items that have been packaged together as offered to clients.
Review: When creating an account with FP Markets, traders must choose a trading platform from a list of alternatives that includes Iress ViewPoint, MetaTrader 4, and MetaTrader 5. The Iress ViewPoint is a premium platform that is exclusively offered to clients in Australia and New Zealand. In contrast, MetaTrader 4 and MetaTrader 5 trading platforms are completely free to use and are available in all locations, making MetaTrader the most popular trading platform among FP Markets' clients.
Review: MetaTrader 4, often known as MT4, is a popular trading platform for various sorts of assets. It has been in operation for more than a decade, providing software solutions to traders across a wide range of marketplaces. It is a feature-rich platform with an intuitive user interface. In order to create a custom trading environment, there are a number of customization options accessible. It adapts to the trading requirements of its clients and is suitable for both novices and experienced traders. The success of the trades is largely dependent on the charting capabilities of this platform. A sophisticated set of order management tools assists traders in keeping track of their positions at all times. The MT4 trading platform, which is particularly useful in the currency markets, may help users enhance their trading talents. Additionally, it enables CFDs and Spread Betting, although its capabilities in the areas of stock, commodity, and indices trading are still in their infancy. It is also capable of trading ETFs and futures. Traders who want to purchase proprietary assets will not be assisted by the platform. Instead, it can properly predict price fluctuations through the use of a variety of forms. It also maintains an independent online platform, which may be accessed through a downloaded program for Windows and Macintosh systems, among other things. The MetaTrader 4 software package is compatible with devices that have the very minimum in terms of computer configuration.
Review: The popular trading platform, known as the MT4 WebTrader, is now available as an online web application. There are several web browsers that may be used to access and use the program, including Google Chrome and Safari. The app offers the same functionality as the MT4 trading platform. However, because of their straightforward navigation and reduced menus, it makes them simple to use. Mt4 WebTrader has a very good performance, which is quite impressive. It has the ability to do complex charting as well as automate the trade settings. Online trading tools and technical indicators, among other things, can be made available to traders. Because of the MT4 WebTrader's raw pricing environment and the lack of a Dealing Desk function, it is possible to trade from any place in the globe using this platform.
Review: The FP Markets mobile application is available on both the iOS and Android operating systems. The MetaTrader 4 mobile application is also accessible through the FP Markets app, in addition to the one mentioned above. The MT4 mobile application is available for download from the Apple App Store and the Google Play Store, respectively, for iOS and Android devices. These applications are completely free to use and give you immediate access to trading tools while on the go. These applications make it possible to manage a client portfolio while on the road. The MT4 mobile app provides access to a variety of advanced trading capabilities, ranging from position monitoring to trade execution.
Review: Trading Central is a service provided by the MT4 platform, which is a collection of next-generation market indicators that assess markets from the perspective of traders. Trading Central is available to all MT4 customers. Higher-level traders who require expert assistance should look no further than the Analyst Perspectives indicator. The Adaptive Candlesticks indicator recognizes patterns in trade charts, highlights major changes, and aids in the execution of constructive trades in the financial markets. For traders who want to trade for shorter periods of time and under timed conditions, the Adaptive Divergence Convergence (ADC) indicator is a handy tool.
Review: In addition, the broker's portfolio includes the modern MT5 trading platforms as well as a number of advanced trading tools. These features enhance the overall trading experience provided by MT5 and provide traders with a competitive advantage in the market. FP Markets offers a total of 20 specialized products to its clients, with a focus on trade execution, order administration, market analysis, risk notifications, instant messaging, market data procurement, and inventive strategizing among others.
Review: MultiTerminal Tool: The MultiTerminal plugin for MetaTrader 5 (MT5) allows users to construct an easy dashboard. It provides traders with the ability to manage and control several trading accounts simultaneously. It has the capability of managing more than 100 trading accounts from a single location. It is also capable of executing market orders for all of these accounts at the same time. Perform comparable actions on pending orders, live market prices, account tracking, and equity research with the assistance of this tool. The plugin consolidates all of these trading accounts into a single MetaTrader server, allowing for speedier turnaround times. It is not, however, capable of running automatic trading scripts.
Review: In addition, the Autochartist Plugin for MetaTrader 5 is the world's first market scanner designed specifically for this platform. It has progressed to include sophisticated scanning scripts that discover trading opportunities across a wide range of marketplaces and time intervals, among other things. A single AutoChartist graph may provide traders with a wealth of information of great value. The plugin also has a straightforward user interface and a completely configurable suite of features.
Review: In addition to the MT4 and MT5 trading platforms, FP Markets offers its clients access to a VPS hosting solution. This service is only available to MetaTrader 4 and MetaTrader 5 customers. The broker does not provide access to the cTrader platform.
Review: Here's a quick rundown of the advantages and disadvantages of trading with FP Markets:
Low forex commissions and a simple account opening process.
Fees on stock CFDs are quite high.
Withdrawals and deposits are processed instantly.
Money transfer fees from overseas banks are quite high.
Fees for services other than trading are waived.
Asset portfolios with a cap on their size.
Digital process from beginning to conclusion.
Having a high minimum deposit requirement on advanced accounts.
There are credit card and debit card options available.
A number of different base currencies are supported.
Customizations are available upon request.
Review: FP Markets does not leave any stone unattended when it comes to providing excellent client service. The company's customer service team is available online at all times throughout business hours. During the weekends, it is also accessible via live chat and email communication channels. When it comes to customer service, the FP Markets crew is fluent in a number of different languages. It is largely in English, but it also supports the following languages: Spanish, Romanian, Portuguese, Bulgarian, Russian, Arabic, Italian, French, and Greek. It is primarily in English, but it also supports the following languages: It also functions in regionally-native languages such as Latvian, Filipino, Polish, Thai, Indonesian, Malay, Vietnamese, and German, as well as in other European and Asian languages. The broker provides great customer service, which is regarded as an AA (double-A) grade service, in part because of its responsiveness in live chat and email interactions, as well as its multi-lingual assistance.
Review: FP Markets' live chat service is a critical part of their overall customer support offering. Clients may test the excellent responsiveness of FP Markets' live chat at any time and from any location in the world, including their own. The chat team is skilled at communicating with clients and providing them with relevant updates via the FP Markets app and the official website. The average response time for the live chat service has been found to be less than 30 seconds on most occasions. Communication with FP Markets from various nations is fruitful and resolute, despite the fact that they speak different languages. By providing customer care in a variety of languages, the organization is able to fully comprehend all of the challenges that its customers are experiencing. Getting access to live chat is likewise simple and uncomplicated.
Review: In addition, this FP Markets study revealed that clients may obtain FP Markets research information through the Traders Hub section of the company's official website. This area contains the most up-to-date information on the technical and fundamental analyses of the stock market. When compared to other brokers, FP Markets has superior access to high-quality market research, and the research services cover a wide range of assets and markets. FP Markets, on the other hand, does not develop its own research content. Instead, it gathers information on the markets from reputable third-party sources, which is more trustworthy. FP Markets also gives traders with direct access to these sources for in-depth research, which is advantageous for both traders and market makers.
Review: This FP Markets review has looked into the ways in which this broker generates revenue. There are three ways in which clients can pay FP Markets for their products and services. The deposit costs, the withdrawal fees, and the commission on spreads are all included in the total. Let's take a closer look at how it functions in practice.
Review: FP Markets requires all traders to pay a minimum deposit of $100 in order to create and activate their accounts. There are no refunds for minimal deposits since they are utilized as trading capital and cannot be reimbursed to the client. The financial instruments supplied by the different brokerage accounts are activated as a result of this deposit. FP Markets, like other brokers, demands a minimum deposit that is in accordance with industry guidelines. When it comes to creating a basic account, its clients are not restricted by financial constraints. Deposits are required to be made at a greater minimum level for premium accounts and additional services, according to the broker. As noted before in the trading accounts overview, these deposits are intended to separate traders who are operating at different levels. If a client invests in large quantities, the broker may provide a premium service that includes additional benefits for the client. Some consumers who do not want these premium capabilities and paid research tools are exempt from having to pay the hefty minimum deposits required by the company. The transaction commissions on these services are a little higher than on other services, especially on little deposits. Unfortunately, the firm is more active in assisting the clients who make more deposits than those who do not. Clients that fall within this category are supplied with a diverse selection of trading features. The technical analysis conducted by these instruments is beneficial to the clients in terms of risk management and decision-making.
Review: The market offers a wide variety of online trading platforms to choose from. FP Markets, on the other hand, differentiates its platforms depending on the minimum deposit requirements and account kinds. Some brokers may be required to make a minimum deposit of $6,500, while others may be required to make a minimum deposit of $10,000. On these deposits, the broker does charge a fee for the processing of the transaction. The money that have been placed are instantly added to the account using payment systems. Some payment methods, on the other hand, may charge a fee for each transaction. Transferring deposits in a particular fiat currency may be slightly more expensive than transferring deposits in another fiat currency. A credit card transaction may be a suitable choice in some cases. It is also possible to use a credit card with low fees if you plan to make frequent deposits.
Review: Withdrawals from FP Markets, an online foreign exchange broker, are free of charge. It has its own set of restrictions for the withdrawal of monies from its customers. Clients' money that is taken from the FP Markets platform is not subject to any processing fees. Client payments are delivered fast and securely thanks to a variety of withdrawal methods. In rare cases, withdrawals made through overseas banks may be subject to transfer processing costs. FP Markets now provides the option for traders to withdraw funds using a confirmed PayPal or Skrill account. Clients can also use alternative payment methods, such as BPay, FasaPay, Paytrust88, Online Pay, Neteller, UnionPay, and wire transfer, in addition to the ones mentioned above.
Review: The email assistance at FP Markets is also quite good, as you would expect. According to several online FP Markets reviews, their customer care is the most responsive when contacted through email. Emails are responded to in less than 15 minutes, and the situation is handled in less than 7 hours. When responding to client inquiries through these channels, the staff demonstrates exceptional efficiency.
Review: When it comes to offering help to FP Markets clients, telephone communications are also satisfactory. Calls are answered in less than 5 minutes, and the phone support team may resolve difficulties in real time while the customer is on the phone with them. Phone support is also effective when dealing with multilingual services.
Review: Clients who are no longer active are not charged any fees. Clients' trading activity needs are subject to the flexible terms and conditions of FP Markets, which includes an inactivity fee based on their trading activity requirements. If a client does not make any purchases or sales over an extended period of time, the account is considered inactive. In order to keep in touch with clients, customer service representatives contact them and check on them on a regular basis. In some cases, the brokers may cancel dormant accounts and transfer the balances to the respective clients' bank accounts, which are connected to the account's associated bank information.
Review: On CFD instruments, FP Markets also charges a commission, similar to other brokers. CFDs are free from the service fee that is charged to facilitate the purchasing and selling of CFDs. Orders that are modified or cancelled by registered clients, on the other hand, are subject to commission charges. Clients in Australia will be charged additional fees for financial research tools, such as the Iress ViewPoint trading platform, which are available through the broker. The instructional tools and market data provided by Trading Capital are included in the minimum deposits required for the individual accounts.
Review: According to this FP Markets review, the leverage provided by FP Markets on the spreads is extremely profitable for traders.
Review: A CFD, which is a leveraged instrument, has the potential to generate 10x leverage in a trade that is completed through it.
Review: A return of 10 thousand dollars can be attained from a single thousand-dollar investment.
FP Markets increases the amount of leverage it has on the spreads.
Review: Variable spreads are given by FP Markets. The spreads are adjusted on a daily basis in accordance with the quotations provided by the major international financial institutions. Market liquidity is at its peak during trading hours, and the broker offers the lowest spreads in the business, which are as low as 0.0 pips during those hours. With the FP Markets trading platform, you may take advantage of competitive spreads on FX pairs and CFD indexes. Currently, the average spread on the AUD/USD pair is 1.31 points for Standard traders and 0.21 points for Raw ECN traders, according to data from October 2020. On the EUR/AUD currency pair, the average spread for Raw ECN traders is 0.8 pips, while Standard account holders may trade with a spread of 1.9 pips. When it comes to CFD indices, FP Markets offers spreads ranging from 0.22 pips to 2.21 pips on the Australian 200 index Cash (AUS200). While this is happening, the CFD index of the US 30 Index Cash (US30) receives a spread that ranges from 0.4 pip to 5.49 pip.
Review: When trading using FP markets, the earnings and losses are correctly reflected in the leverage. When dealing with this broker, the outcomes of positive growth in the positions are constantly high. With just ten percent leverage, a thousand-dollar original investment may yield more than $11,000 in return. The broker uses both sides of the table to increase his or her leverage. In the event of a declining position, the same investment will provide at least a $9,000 return, which is less than the 10% decrease. Leverage of this type is most effective when utilized for short-term or intraday trading transactions.
Review: Following a comprehensive examination, this FP Markets review concludes that the broker provides a dependable service for FX and CFD traders. First Prudential Markets Pty Ltd. is a corporation that is regulated and overseen by market commissioners in Australia. First Prudential Markets Pty Ltd. is a company based in Australia that is permitted to deliver its services across Oceania. The broker complies fully with all applicable laws and regulations established by the Australian Securities and Investments Commission (ASIC). Scams, reimbursement schemes, and insolvency are all avoided at FP Markets, which is one of the best forex brokers Australia has to offer by remaining registered by the Australian Securities and Investments Commission.
Review: First Prudential Markets Pty Ltd. has been granted a license by the Cyprus Securities and Exchange Commission in order to provide a safe and secure trading environment. This regulating authority keeps track of the broker's activities and takes appropriate action as necessary. Brokers who engage in speculative conduct are subject to penalties or license suspensions. The trading platforms that FP Markets provides indicate that it is a broker with an average level of risk to its clients. The trustworthiness of FP Markets is 81 out of 100 points. The firm is not traded on a stock exchange. FP Markets safeguards its clients' cash by storing them in segregated accounts with tier-1 financial institutions. Clients from countries that are compliant with the Australian Securities and Investments Commission (ASIC nations) can trade with this broker in complete confidence.
Review: With everything taken into consideration, FP Markets is an above-average broker for trading forex pairs, CFDs, and several other assets. In order to cover the whole trading environment, FP Markets offers a wide range of financial products. It is governed by the Australian Securities and Investments Commission and the Cyprus Securities and Investments Commission, which protects its clients against scams and frauds. The spreads given on different account kinds appear to be pretty competitive, and the broker appears to be a good value. There is information on the spreads on the website, and those rates are mirrored when trading using the FP Markets platform. Because the firm is governed by the Australian Securities and Investments Commission, ASIC-regulated brokers are generally considered to be more secure investments than other brokers in the market.
Review: The availability of the MetaTrader 4 platform is also helping to improve the broker's reputation. With competitive spreads on the MT4 and MT5 platforms, traders may produce consistent gains from their trades. It is important to note that the commission charged on these deals is completed precisely as it appears on the website. When trading with FP markets, there are no hidden fees or charges. Everyone who opens an account with FP Markets will have access to more than 150 different products, which is a huge bonus. Traders with a lot of experience will benefit the most from the Premier trading account, in particular. Australian investors are the only ones who can use the Iress trading platform, which is only available in English.
Review: FP Markets is a pioneer in the broker market, having opened its doors in 1999. Its great customer service, research, and mobile trading capabilities are what are driving its widespread use. The FP Markets platform is expected to maintain its position as a frontrunner in the competition for the top FX and CFD brokers and in the years to follow.
Sites like FP Markets
Here is the list of brokers where Indians can trade Forex, Shares, CFDs, and Cryptocurrencies (Bitcoin, Ethereum):
- Olymp Trade - Facebook, Twitter, YouTube, Twitch, Reddit, Quora and Google Search user activity suggests that this one is gaining a lot of traction
- Quotex - Picking up steam in India in terms of popularity. Also famous in the US.
- OctaFX - OctaFX provides an entry-level, low-cost MetaTrader platform in addition to its social copy-trading platform.
- Binance - Great for investing in cryptocurrencies and is also an exchange platform.
- ExpertOption - Extensive instructional materials are made available by ExpertOption to its customers.
- 5paisa - 5paisa Capital Ltd is a publicly-traded and professionally managed firm.
- Kotak Securities Limited. - They have shown that they are deserving of the title of well-known and well renowned full-service brokerage business.
- RoboForex - Users from a variety of various backgrounds may be guaranteed of a flawless trading experience.
- VantageFX - Vantage completes its MetaTrader platform suite offering with support for numerous social trading platforms.
- Capex - It has swiftly established a reputation for itself by providing an enormous variety of complicated trading tools.
- PocketOption - Pocket Option is one of the most reputable binary options trading platforms.
- ThinkMarkets - Multi-regulated broker that specialises in forex and contract for difference (CFD) trading.
- Trader's Way - Trader's Way forex brand, is approved and controlled by the CySEC (Cyprus Securities and Exchange Commission).
- IQ Option - At the moment, this broker has more than 48 million registered users and processes more than a million transactions per day.
- Karvy - It is one of the most well-known brokerage businesses in India, with its headquarters in Hyderabad.
- Trading212 - It was founded in 2013 and is regulated by the Financial Conduct Authority.
- Markets.com - An excellent choice for traders looking for a comprehensive and dependable online platform.
- Capital.com - A multi-award-winning worldwide investment broker that originated in the United Kingdom.
- Trade.com - A premium brand, it provides a robust infrastructure as well as cutting-edge software.
- Sharekhan - The full-service broker was once affiliated with SSKI and was recently bought by the BNP Paribas Financial Services Group.
- Alpari - One of the world's biggest forex brokerage firms.
- iForex - A well-known forex and CFD broker that provides a wide range of tradable assets
- Exness - Exness a legitimate company in terms of usability.
- IC Markets - A top-tier broker for serious Forex traders, and it is regulated by financial regulators.
- FBS - Its brokerage platform provides access to worldwide markets.
- XTB - This Polish broker is one of the largest publicly traded Forex and CFD brokers in the world.
- Hugo's way - Registered in the Seychelles; it's a new player in the social trading arena.
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Written by Swarna Shrivastav
I'm an investment banker. But I also write for, and fact-check articles published by ForexBrokers.co.in. Full Bio.
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