FP Markets Review in Jan 2024 Must-Read Before You Trade

It will provide you with DMA execution to trade stocks on the ASX stock market. The trading platforms are your essential link to the market with any broker. Therefore, they should provide all the tools you need for success.

This is by far one of the largest ranges of shares offered by any broker, worldwide. If you live in Australia, you have the option of opening an IRESS trading account. While designed for stocks, other selected CFD products are also available on the platform. In most cases when using IRESS, you will pay a monthly fee of $55. FP Markets commission fees are competitive compared to other online brokers with similar ECN Account types. As shown in the table below, RAW Account holders pay $3 per side, per 100k traded, while most brokers charge $3.50.

This process helps remove the need for you to filter through poor-performing providers. There is a minimum deposit of just 50 USD/EUR/GBP or 100 AUD, which is a relatively low requirement. However, for IRESS accounts, you’ll need a minimum deposit of $1000 AUD, which is relatively high. When combining the 2024 average spreads and commissions of the leading ECN accounts, FP Markets is one of the top-performing brokers in this category.

For new traders that are opening a standard account, not really as the average spread will be around 1.2 Pips. We really believe that the account customization process it’s very good as it allows traders to quickly be aware of their leverage, base currency and most important aspects. In the client area, customers will be able to manage their accounts, deposit or withdraw funds and download any of the necessary resources FP Markets provides.

Then is for you to share more about yourself, like address, employment status, and date of birth. Afterward, you can choose what type of platform you wish to use (MT4/MT5), account type (Standard/ECN Raw), and base currency. Lastly, it will ask you to answer some questions, and then once you are done, you can start trading. The most impressive part with this broker is the ECN pricing and low spreads for forex and indices. The availability of many stock CFDs on IRESS is also a positive feature for traders.

  1. The Iress platform suite offers well over 10,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option.
  2. The Investing Brokers team have over 15 years of experience in the online brokerage industry and are committed to providing reliable information for all of the brokers that we review.
  3. Money managers easily calculate the performance fees for all of their clients.
  4. There is a minimum deposit of just 50 USD/EUR/GBP or 100 AUD, which is a relatively low requirement.
  5. However, that pricing is only available with the MetaTrader platform, and FP Markets offers only 764 symbols on MetaTrader 5 (MT5).

What we particularly like about XTB is their designated and award-winning support for each client. Also, the broker can score with very competitive spread fees and is one of the best choices if the security of your funds is a major concern for you. For the second IRESS account, the Platinum IRESS Account minimum deposit is $25,000 AUD or equivalent. The majority of these payment methods do not charge any fees, especially for MT4 and MT5 accounts. However, IRESS accounts usually charge a small percentage of the fee for processing your deposit. It also makes sense due to the fact that IRESS accounts require a large amount of deposit compared to MT4 and MT5 accounts.

I think this can be a good way to get inspiration for trade ideas that you may have otherwise overlooked. To login to your FP Markets trading account, open the trading platform and select the appropriate server (MT4/MT5). FP Markets provides many trading tools to enhance the trading experience of its clients. Other than that, he was satisfied with the swap rates and the availability of a real person customer service representative.

Mobile trading apps

FP Markets shines as a low-cost broker for trading forex and CFDs – as long as you use the MetaTrader or cTrader platform. The Iress platform suite offers well over 10,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option. Lastly, the Premier IRESS Account requires a $50,000 AUD or equivalent minimum deposit.

What Is Our Opinion On FP Markets?

MetaTrader 4 is of course one of the best known, and best performing trading platforms on the market. It has been around for many years and is hugely popular providing for a very powerful performance and completely secure and encrypted communications throughout. A conversion fee may be charged if your deposit currency does not match a supported base currency though the broker offers many base currencies so this is usually not an issue. If you are Islamic trader complying with Sharia law, then you will be glad to note that an FP Markets Islamic Account is offered. These accounts are available on request from the broker and offer the very same great trading conditions you will find on other accounts. Trading here is done through the MT4 trading platform and three different allocation methods are available.

How Much Are Non-Trading Fees With FP Markets?

Our in-depth trading guides are created with the same rigorous, data-driven approach. To verify the availability of any features or markets within your country of residence, please contact the broker directly. To learn more about country-specific regulations and restrictions (and to discover fp markets our data-based picks for the best brokers by country), check out our country guides. Mobile trading is widespread among millennial and GenZ traders, copy traders, and those from emerging and frontier Forex markets. FP Markets offers four mobile apps, including its proprietary option.

Finally, we withdrew our funds to see if there are any issues with the withdrawal process. For this FP Markets review, we have opened an account with the broker and deposited over €6,000. The Coin Bureau Editorial Team are your dedicated guides through the dynamic world of cryptocurrency. With a passion for educating the masses on blockchain technology and a commitment to unbiased, shill-free content, we unravel the complexities of the industry through in-depth research. Lastly, FP Markets does not provide some very important risk management tools.

These payment methods vary in what type of account (either MT4, MT5, or IRESS) you’ll be placing your funds in. Also, the processing time of the deposit varies on the type of your account and the payment method you choose to use. MetaTrader 4 (MT4), MetaTrader 5 (MT5), and iressTrader (IRESS) platforms are available on mobile. Mobile trading enables traders to trade anywhere they are and anytime they want when connected to the internet.

CHRISTOS PROVIDED CONCISE AND CLEAR…

This is more for Money Managers or those who are thinking of using Money Managers. PAMM / MAMM accounts allow the manager to trade numerous different client accounts at the same time as they are linked up. Well, if you were thinking of funding an account with over $500 then it could make sense to fund an additional amount just to get access to these tools. In order to get access to these, you will need to fund your account with a minimum of A$1,000. If this was not enough, they also have a more involved online trading specific Ebook course.

Conclusion of the review: Is FP Markets legit? – We think: Yes

We do not provide investment advice or solicitation of any kind to buy or sell any investment products. Trading carries a high level of risk and may not be suitable for all investors. The Australian Securities and Investments Commission (ASIC) regulates FP Markets in Australia, while the Cyprus Securities and Exchange Commission regulates its operations in Europe. They are also regulated in South Africa by the Financial Sector Conduct Authority (FSCA). The broker is a global organisation since it is also a registered business in St. Vincent and the Grenadines.

FP Markets offers Islamic forex accounts to its Muslim clients as the accounts have no swap charges for overnight positions. The Islamic accounts are available on both MT4 and MT5 trading platforms but not available on the Iress platform. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables. FP Markets believe that focusing on the key ingredients in getting successful trades gives its clients the confidence to choose them as a broker. As FP Markets is an Australian licensed forex broker, its clients’ interests’ are the top priority.

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