FP Markets review (2021) Review
FP Markets is an Australian broker founded in 2005. It is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC). FP Markets is a CFD and forex broker which offers the MetaTrader suite with ultra-competitive spreads. The minimum deposit is $100, and they offer a demo account for you to practice your skills.
What can be traded
You can choose to trade from the following:
With FP Markets you can choose from two account types.
With both accounts, you can start with a demo account.
FP Markets regulation
FP Markets is an Australian brokerage company headquarters in Sydney, Australia ASIC regulation ensures trustable cooperation as well as full compliance with guidelines. And now they have enlarged its proposal and opened a European Cyprus entity thus eligible for trading proposal within the EEA zone.
One of the best educational tools is a demo account. FP Markets offer a free demo account so you can try the FP Markets platform with virtual trading before you put down a payment. You can easily open one from their website. I haven`t found out if the demo account is free of charge and for how long I may use it.
FP Markets doesn’t charge:
- Withdrawal fees
But they charge deposit fees and CFD commission fees. Overall FP Markets offers low forex fees but high stock CFD fees. Other fees depend on the account you choose.
Opening an account
First, choose the applicable type of account suitable for your trading needs and then proceed with registration. The registration form is everywhere to be found on their website. I chose to register for a Demo account.
I had the form filled in a minute, but I had to choose what account I want. Raw or Standard, no option for Demo account. So, I selected Standard as well as MT4 as my platform. For a beginner, these questions aren`t suitable. This confirmation message appeared, and I immediately received an email.
My email contained account information, login details and also a link to download the platform or upgrade to a live account. This means I won`t be opening a new account, I`ll continue with the one I opened when registering for Demo.
The whole process was simple, straightforward and intuitive. Because I had the option, I chose to go with the WebTrader. Surprisingly, I was then warned, that the registration is only available on the First Prudential Markets ltd. website.
When you click next, you`re back on the registration form, so you have to register all over again. A new account number, new email, new settings and the same message has appeared. Instead of MT4, I chose MT5 and the registration went through fine. I have a demo account with virtual $100 000 to learn to trade.
It is highly customizable you can easily change the size and the position of the tabs, available in many languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is a bit retro. Some features are hard to find too.
I missed the search function, where I can just type, what I`m looking for. Instead, the assets are grouped into categories.
FP Markets website
As soon as I typed in their web address a few pop-up windows came up. First, if I want a news feed, then a message, that the website is operated by a third party and then cookies consent.
The first site of their main page is chaos. Many colors and a lot of information at first. In the top pane, you can choose from:
- Quick Start
Scrolling down the main page a have Infographics on what I can trade, spreads explained and why to choose FP Markets. You can find a lot of information about the platforms, about FP Markets and you can register for an account at any time on any page. The Resources option is deep, you can find:
- Company information
- Education tools – webinars, e-book, video tutorials and glossary
- Traders hub – technical analysis, economic calendar and a forex calculator
- Help – FAQ, contacts and live support
They are active on Facebook, Twitter, Instagram, LinkedIn and YouTube. All accounts can be accessed from the website footer. Facebook has new posts, news, analysis and facts every hour.
You`ll find the same activity on Twitter and other social networks. Helpful videos on YouTube should be mentioned too.
Advantages and disadvantages of FP Markets
Its accounts for MetaTrader platforms provide competitive pricing near industry leaders in the commissions and fees category. There are fewer symbols available to trade on MetaTrader, with less than 150 instruments in total. I had problems with registering for a Demo account. They are transparent, regulated and I liked their Education support. They also have live chat available and they are active on social networks.
- Demo only on one platform
- Limited product portfolio
- Outdated web and desktop platform
- No two-step (safer) login
- Demo account
- Live chat
- Great support in education
Pros / Cons