FP Markets is a multi-asset broker that stands out in the competitive world of online trading. With a variety of features and services, it caters to both novice and experienced traders. In this comprehensive review, we’ll delve into the key aspects of FP Markets, including its offerings, fees, account types, trading platforms, regulatory status, and much more. By the end of this article, you’ll have a thorough understanding of what FP Markets has to offer and whether it aligns with your trading goals.
Multi-Asset Trading with FP Markets
FP Markets is a brokerage firm that provides traders with access to a wide range of assets. Whether you’re interested in forex, commodities, equity indices, or cryptocurrencies, FP Markets has you covered. This diverse array of trading options allows you to diversify your investment portfolio and explore various markets.
Exceptional Customer Service
One of the standout features of FP Markets is its exceptional customer service. The company boasts a dedicated support team available around the clock to assist traders. What’s even more impressive is their multilingual support, with services available in languages such as English, Chinese, and Spanish. For those who prefer direct assistance, FP Markets offers a call-back option, ensuring that clients can get the help they need even if they can’t access live support online. Additionally, their FAQ section covers a wide range of common questions, providing a valuable resource for traders.
Account Variety
FP Markets offers a variety of account types to cater to different trading preferences. Among these options is the commission-free Standard account, making it accessible for traders who prefer fee-free trading. For those seeking competitive spreads, the Raw Account is available, starting at just 0.10 pips on major currency pairs like EUR/USD, with a transparent six-dollar round-turn commission. Moreover, FP Markets provides an array of trading tools, including the powerful Autochartist. Traders can also take advantage of FP Markets’ VPS service and MAM/PAMM accounts for added flexibility and convenience.
Transparent ECN Pricing
FP Markets employs a transparent ECN (Electronic Communication Network) pricing model to ensure tight spreads and competitive pricing for traders. Institutional-grade liquidity guarantees swift execution of trades, and the use of fiber optic technology to connect with the NY4 Equinix server in New York further enhances speed and reliability.
Diverse ETF Offerings
For traders looking to diversify their portfolios further, FP Markets also offers a variety of Exchange-Traded Funds (ETFs). These funds track a wide range of assets, from individual stocks to entire industries. Additionally, there are bond ETFs for those interested in fixed-income securities, providing exposure to corporate bonds and treasuries. Commodity ETFs round out the selection, allowing traders to access the commodities market easily.
Educational Resources
FP Markets places great emphasis on education, making it a suitable choice for both beginner and experienced traders. The platform offers a wealth of educational resources, including Autochartist, an automated trading software that enhances the trading experience with advanced order placement, news alerts, customizable charts, and access to over 10,000 trading instruments. This multi-asset broker also welcomes British traders with a low minimum deposit of 100 AUD.
cTrader and MetaTrader Platforms
FP Markets provides traders with a choice of third-party trading platforms, including cTrader and MetaTrader. These platforms come with thousands of plugins, allowing traders to personalize their trading experience and access essential tools and features. While MetaTrader is a familiar name in the trading world, some may find it somewhat outdated and lacking certain features. In contrast, MetaTrader 5 (MT5) offers a more advanced platform with a built-in news feed, economic calendar, and the ability to execute trades directly from charts.
Regulatory Compliance
When it comes to selecting a broker, regulatory compliance is crucial for ensuring the safety of your funds. FP Markets Pty Ltd operates as a regulated and licensed broker in Cyprus, holding a license from the Cyprus Securities and Exchange Commission (CySEC). Additionally, FP Markets is a member of ASIC, the Australian financial regulatory agency, offering peace of mind to Australian traders. The company’s financials are audited by BDO Australia, and client funds are held with AAA-rated banks, further demonstrating its commitment to security and transparency.
Asset Selection
FP Markets impresses with its wide range of trading options. Traders can access 60 forex currency pairs, major commodities, 11 equity indices, and five cryptocurrencies. The hybrid ECN/STP execution style offers flexibility, allowing clients to choose between tight spreads and high-speed execution. FP Markets’ cTrader trading platform is user-friendly and equipped with excellent charting and technical analysis tools.
No Inactivity Fees
Unlike some brokers that charge inactivity fees for dormant accounts, FP Markets does not impose such fees. Inactivity fees typically kick in after a certain period of account dormancy, which can be as short as three months. With FP Markets, clients can enjoy flexible terms and conditions, allowing them to trade at their own pace without the fear of incurring additional costs. The broker also proactively contacts inactive traders to help them keep their accounts active. If a client remains inactive despite these efforts, FP Markets may close the account or transfer the balance to another client.
Account Minimum and Fee Waivers
FP Markets requires a minimum balance of at least 50,000 USD to open an account, making it accessible to traders with varying levels of capital. The broker also waives platform fees for IRESS Trader accounts, further enhancing its affordability. Additionally, FP Markets offers social and copy trading solutions for those interested in following experienced traders. The commission-based pricing structure provides access to a wide range of international stocks.
Demo Account for Practice
A demo account is an invaluable tool, especially for novice traders looking to gain experience without risking real capital. FP Markets offers a 30-day demo account, allowing traders to choose between MetaTrader 4 and Iress platforms. This risk-free environment enables you to familiarize yourself with the broker’s trading platform, test different strategies, and understand the costs and fees involved. It’s also an excellent way to evaluate automated trading solutions before implementing them in live trading. Even experienced developers can use demo accounts to fine-tune their trading solutions and identify any potential issues before releasing them to the public.
Aiding Beginners with Educational Resources
FP Markets’ website is a treasure trove of information about the company and Forex trading in general. It features FAQs, articles, and a trader’s blog, providing a wealth of knowledge to help traders at all levels of expertise. The training resources available on the platform offer valuable insights not only into Forex trading but also into training and analytics, making it an excellent resource for those looking to enhance their trading skills.
Regulation and Security
FP Markets places a strong emphasis on regulation and security, which is essential for building trust in the trading community. The broker is regulated by both CySEC and ASIC, demonstrating its commitment to adhering to strict regulatory standards. This dual regulation provides added assurance to traders from various regions. FP Markets’ compliance with industry regulations and its adherence to transparency and accountability contribute to its reputation as a trustworthy broker.
No Inactivity Fees
One notable aspect of FP Markets is its policy on inactivity fees. Unlike many brokers that charge fees for inactive accounts, FP Markets does not impose such charges. These fees can start accruing as early as three months after you open an account with some brokers and continue to be applied monthly. FP Markets takes a more client-friendly approach, applying inactivity fees only to accounts that have been dormant for a month. Furthermore, they offer flexible terms and conditions to help traders maintain active accounts. The broker proactively reaches out to inactive traders to discuss their options. In cases of extended inactivity, the broker may choose to close the account or transfer the balance to another client.
Transparent Fee Structure
FP Markets’ fee structure is transparent and trader-friendly. Inactivity fees, if applicable, are typically built into the spread and are usually less than 0.5 points. The average cost for a single lot is a reasonable $3.00. Importantly, FP Markets does not charge inactivity fees for other withdrawal methods, including bank transfers and credit cards, ensuring that traders have flexibility in managing their accounts. Additionally, the broker offers a free Islamic demo account for traders who require it.
30-Day Money-Back Guarantee
Traders often seek a broker that offers confidence and peace of mind. FP Markets steps up in this regard by providing a 30-day money-back guarantee. This feature allows traders to explore the platform and its services with the knowledge that they can request a refund within the specified period if they are not satisfied with their experience.
Conclusion
In conclusion, FP Markets is a well-established and regulated broker that offers a comprehensive array of trading options, impressive customer service, and a user-friendly platform. With its diverse range of assets, educational resources, and flexible fee structure, it caters to traders of all experience levels. Moreover, its commitment to regulatory compliance and security ensures a safe trading environment.
While some may find alternatives to certain fees, such as the IRESS service fee, FP Markets’ overall value proposition remains strong. The absence of inactivity fees is a definite advantage, especially for traders who prefer a less pressured trading experience.
Whether you’re a novice looking to learn the ropes or an experienced trader seeking a reliable and diverse trading environment, FP Markets is a broker worth considering. Its reputation for professionalism and commitment to customer satisfaction make it a strong contender in the online trading space. Ultimately, your choice of broker should align with your specific trading goals and preferences, and FP Markets offers a compelling option for a wide range of traders.