FP Markets review summary
FP Markets is an Australian CFD and forex broker founded in 2005. It is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority of St. Vincent and the Grenadines.To get more news about FP Markets Pros & Cons, you can visit wikifx.com official website.
FP Markets is considered safe because it has a long track record and is regulated by the top-tier ASIC.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.31% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FP Markets pros and cons
FP Markets offers low forex fees. You can be up and running quickly as both account opening and deposits are super easy and fast. There are several excellent educational tools, such as demo accounts and e-books.
The product lineup at FP Markets is limited to forex, CFDs (equities, indices, metals) and cryptocurrencies. MetaTrader 4's web and desktop trading platforms have an outdated design. The quality of research tools is uneven, especially when it comes to fundamental data, news or charting.
In the sections below, you will find the most relevant fees of FP Markets for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.
We also compared FP Markets's fees with those of two similar brokers we selected, FXTM and Markets. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of FP Markets alternatives.
Forex fees
FP Markets forex fees are low. Depending on the type of account you choose, commissions may vary (see available account types below). The costs for the 'ECN Raw' account include a lower spread cost and a $3 per lot per trade commission. If you choose the Standard account, you'll be charged a higher spread cost but no commission.
FP Markets doesn't charge an inactivity fee or account fees, except for the IRESS Trader platform. Here, a monthly fee of AUD 55 is charged, unless you generate at least AUD 200 in monthly commissions or hold a balance of AUD 50,000.
FP Markets charges no withdrawal fees if you use domestic bank transfer or credit cards, but an AUD 10 fee is levied on international withdrawals.
What is the minimum deposit at FP Markets?
The minimum deposit depends primarily on what assets you want to trade. You can either open an account using the MetaTrader platforms for forex trading, or go for CFDs and stocks on the Australian Securities Exchange and open an account using the IRESS platform. The minimum deposit for MetaTrader standard accounts is AUD 100, while the same standard account on the IRESS platform needs to be funded with at least AUD 1,000.
Account types
FP Markets has two trading platforms, MetaTrader and IRESS, each coming with separate account types that involve different fee structures. There's also a difference between accounts based on ownership. Sounds complicated? Let's clear that up for you: for forex, we recommend MetaTrader, while for stocks and CFDs you should use IRESS.