FP Markets: A 2020 Review

Established back in 2005, FP Markets is an Australian brokerage seen by the industry as wholly reliable and safe to do trades through. This reputation is owed to two things:

  1. The firm’s regulation through the Australian Securities and Investments Commission (ASIC)
  2. Being a recipient of the CySEC license

FP Markets’ clients benefit from the second premise primarily because it fosters a legal and sanctioned trading environment through the guidelines implemented by the ESMA and the MiFID. Both declarations bring to light the firm’s precedence to the fair and legal treatment of its clients as it adheres strictly to financial international laws and requisites.

Another facet that had caught the eyes of online trading community is FP Markets’ offering of highly competitive spreads. 

If the review team is to base its recommendation of the brokerage solely on these terms, then the decision would be easy. But of course, looking at FP Markets capabilities and offerings is integral in coming up with an assessment of the firm. 

FP Markets: A 2020 Review

Methodology

The review team spent 2 months with FP Markets to get a hang of all offers and functions. The methodology had involved availing and usage of all facets of the brokerage’s service. 

The review team had also taken into consideration the other reviews available through organic searches online. It must be noted however, that while these reviews have been looked into, these are in no way being made basis for the review team’s over-all findings. 

This review focuses on the following facets of the brokerage:

  1. The trading accounts available 
  2. Its offered trading platforms 
  3. Its fee structure
  4. Its offered spreads
  5. Its other tools

Trading Accounts

First off, it must be noted that the accounts clients can open through the brokerage firm are wholly reliant on the platforms that they offer.

The Forex accounts are divided in two classifications:

  1. The Standard Account

To open this type of account, 100 AUD is required. Its spreads start from 1.0 pips. Its trading instruments include over 50 forex currency pairs, metals, indices, and commodities. Its maximum leverage is placed at 500:1 and its minimum trade size is at 0.01 Lot. 

The Standard Account operates with the platforms MetaTrader 4 and MetaTrader 5. 

  1. The Raw Account

This type of account is also opened with 100 AUD. The spreads start from 0.0 pips. Its trading instruments are pretty much the same with what the Standard Account offers. Probably what can be observed as a major difference from this account compared with the aforementioned is its commission per lot. With the Standard account, there are no commissions, with the Raw Account, commissions are priced at $3 with every 100,000 lot.

Like the Standard Account, the Raw Account also operates with MT4 and MT5.

FP Markets also offer Islamic Trading Accounts that adhere to Sharia Law. This type of account is also called a Swap Free account. Delving into trading in Islam is seen as a “haram” or forbidden in the faith. Members of the community are only allowed to do so if the account is under customized settings and ultimately follow Sharia Law which allows other measures for individuals prohibited from making payments or receipt of swaps or rollover interests through overnight positions.

FP Markets does well by offering such, thus expanding its market reach and provides lucrative endeavours for members of the Islamic faith. 

The Islamic Accounts also enlist the capabilities of MT4 and MT5 to conduct trades and other financial transactions.

These accounts, while limited in number, are highly efficient and offer up a number of trading opportunities that its clients can earn from. The online testimonies through the tests done by the review team are duly affirmed. The spreads are noteworthy with the minimum deposit being low enough for novice traders to delve into. 

FP Markets: A 2020 Review

Trading Platforms: 

MetaTrader 4 and MetaTrader 5

FP Markets’ offering of MT4 and MT5 is also a welcome measure. It is no longer a surprise that the online trading community lauds these MetaQuotes products as they provide the best features that a trading platform can offer, including transparency in trading reports, customization of charts, and the provision of precise trading hours.

MT4 and 5’s interfaces are highly-intuitive and are therefore easy to navigate. These are also available through a web version.

Fee Structure

Apart from the minimum deposit, the fees required of clients depend on the type of account and the platform that the clients choose.

The following chart details the fees that clients are charged when they trade with specific accounts:

InstrumentStandardRaw
ForexZero (Built into the spread)3.50 (AUD, CAD, SGD), 3 USD, 2.75 EUR, 2.25 GBP, 20 HKD, 250 JPY*
MetalsSame as above3.50 (AUD, CAD, SGD), 3 USD, 2.75 EUR, 2.25 GBP, 20 HKD, 250 JPY*
CommoditiesSame as aboveZero (Built into the spread)
IndicesSame as aboveSame as above
CryptocurrenciesSame as aboveSame as above

The fees for the Raw Account appear to be reasonable given what it offers. The Standard Account, while enticing with its lack of charges, might not necessarily render the results highly desired by the traders who enlisted for the account. The review team highly recommends the Raw Account in that it has the same minimum deposit, but with more perks. 

FP Markets: A 2020 Review

Spreads

The review team had found FP Markets to offer a highly-diverse liquidity mix through different banking institutions that the brokerage had partnered with. These are on top of the tight spreads that the broker offers which start at 0.0 pips.

Other Trading Tools: The Forex Calculator

FP Markets also offers a Forex Calculator that includes the following functions:

  1. Pip Calculator
  2. Currency Converter
  3. Margin Calculator
  4. Swaps Calculator 
  5. Profit Calculator

These functions allow for the client’s better insight into what they are getting their money into. These tools are of great help to traders.

Trade With FP Markets Today!

Much of what had the review team had found out about FP Markets had been positive and truly enticing. The trading accounts are wholly reliable and the fees are justifiable.

It is also a good measure that FP Markets had provided an Islamic Account for those governed by the Sharia Law, making for an inclusive company characterized as being client-centric.

In light of these premises in addition to its legitimacy, the review team highly recommends FP Markets to interested parties looking into enlisting the services of the brokerage.