If you fancy a forex market with direct market access translating to transparency in pricing and low fees you should put FP Markets into consideration. Let’s discuss this forex broker.
Who is behind FP Markets?
This forex broker is run by an Australian firm, First Prudential Markets PTY Limited and was established in 2005. Its headquarter is in Sydney, Australia, and other operational offices in Shanghai and Beijing China.
FP Markets is compliant with the Regulatory body Australian Securities and Investments Commission (ASIC). ASIC provides traders protection by ensuring safekeeping of the trader’s deposits at the National Australian Bank hence setting apart traders funds from those of the FP market operations. This assures the traders of the safety of the trading market.
FP Markets also offers a wide variety of research resources to its customers. The free daily reports, analysis, and market screenshots help the clients make informed decisions. There is also professional education materials that will target especially the beginners to get acquainted.
FP markets provide a wide range of trading instruments like Currencies pairs, Indices, Commodities, and Equity CFDs are among them. Equity CFDs include UK, USA, and Australian exchanges.The stocks involve companies like Apple, Microsoft, and Lloyds.
What trading platforms are available?
There are 3 major trading platforms on FP markets.
Metatrader 4(MT4) being one of the most popular platforms is crucial. It provides automatic trading options, real-time quotes, advanced charting, detailed news, and insights. It is easy to use hence enabling like-minded traders
MetaTrader 5 (MT5) is basically the next stage of (MT4). It offers traders more instruments and asset classes in addition to the MT4 features,
The IRESS platform offers Direct Market pricing for future CFD trading, indices, and global equities. It allows users to use personal trade alerts accessing an extensive range of analytical tools. The advanced charting and a large number of order options form part of the multiproduct available for trade.
These platforms are available on Windows, Mac, Web trade, ios, and Android-enabled devices.
What types of accounts are available?
FP markets have a wide range of accounts. The professional account. They include professional, platinum and premier accounts. They have different features. Opening an account requires a minimum balance for all accounts while it only the premier account that does not need a brokerage rate. The premier account holders also have standard platform fees with a fee weaver, and ASX lives data free. These traders that are interested in trading equities, indices and future CFD should consider these accounts.
If you are only interested in trading forex, there are the standard and ECN RAW accounts, and they too have different features but a minimum opening balance.
Deposits and withdrawal options.
FP markets allow various forms of payment methods. Credit/debit cards are processed instantly. However, it takes an average of 4-5 days to withdraw funds. E-wallets inclusive of Neteler and skrill allow funds deposit of 4% and wire. Local transfers are free while international transfers can go up to 25 dollars. Wire transfer takes 2-7days for that. It also accepts POLI and Fasa pay built they are available for Australian clients.
Spreads, leverage, commissions, and bonuses
The FP markets have leverage of 500:1 and Spreads of as low as 0.0 pips. This broker has various incentive bonuses. It also provides free trading signals. Whenever you refer friends, and they fund an IRESS account, both clients will get a reward of 100 dollars. For an MT4 or MT5 account, you receive a bonus of 500 to 999 for a 50 dollars deposit and 300 dollars for deposit of 10000 dollars. When you use the VPs services of about 20 standard lots, you get 50 dollars a month.
FP market has very supportive customer service. There is the web chat facility available in 12 languages. You can also opt for the traditional fax, call or email to communicate your grievances or gratitude. The response will be fast and professional while the online chats lasting for less than a minute.
- Extensive account and trading options.
The FP markets have a variety of accounts and trading commodities that gives extensive options that you will appreciate
- Excellent customer service.
The customer service is 24/7 and allows efficient response to the clients.
- Has Educational materials
The educational materials on the website are to assist the beginners with the basics
- Shares trading is unavailable
It has become impossible to buy your own shares on FP market
FP markets offer a wide variety of trading platforms and accounts. They are professional and gives the clients a chance to explore. There are also various commissions and bonuses that clients receive upon referral of other clients who fund an account. The educational materials are essential for the beginners as they try to find their way around the broker. Despite the unavailability of shares, FP markets is a broker that is worth consideration.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK