We will be running through a FP Markets review in this article.
Not many users are aware that CFDs are one of the hardest things to trade. They come with a high risk of losing money. This risk alone is 74% with FP Markets. As it’s so hard, you need to work with the best.
There are many brokers on the market. As you can imagine, this makes it hard for you to trade CFDs as you might not know which to choose. That’s why you need to utilize top names like FP markets.
You might be interested in opening an account with them. Before you do, read ahead as we’ll be going through everything you need to know about them.
FP Markets At A Glance
At a glance, you’ll see that the platform primarily caters to Australians. Not just this, but it’s regulated by the Australian Securities And Investment Commissions as well.
It was founded in 2005 and is still around. This is a testament to how loyal its user base is. It started as the brokerage arm of First Prudential Markets, an investment firm in Australia.
If you’d like to meet them in person, FP Markets has a head office which is located in Sydney.
|Type of Trading:||CFDs|
|Regulation:||ASIC – Australian Financial Services Licence number 364264|
|Contact – Phone||+61 2 8252 6800|
|Contact – Email||Click here|
As they’ve been around for so long, they’ve acquired numerous awards. Some of their most prominent awards were for trader education, trading execution, and customer support.
To sum how useful their services can be, let’s dive a bit into what you can get with FP Markets:
- Quick Customer Support
- Customer support in numerous languages
- Highly regulated services
- Website is highly encrypted, so no risk of hacking
- Website is easy to use
- Mobile trading available
- Numerous assets to trade with
- Numerous account types
- Over 10,000 trading instruments available
What Are You Trading With?
There is a multitude of assets you can trade on FP Markets. Although CFDs are the most common, you can use the site to trade cryptocurrencies, indices, stocks and ETFs as well.
Are You Inactive?
If you’re an occasional trader, you might not use your account that much. You may think this isn’t a problem as you can just revisit your account and get back to work.
Unfortunately, this isn’t the case with many online brokers. This is because you’re supposed to pay inactivity fees. These fees can be quite high. Some of FP Market’s competitors make you pay such a fee, such as XM.
Thankfully, you don’t have to do so when you sign up for FP Markets.
Are You Withdrawing Cash?
When trading, you’ll want to withdraw the money you’ve made. Similar to inactivity fees, you may be charged a certain amount from your funds when withdrawing cash.
The amount withdrawn can be a lot: the highest it can go is $10. This isn’t the case with FP markets as you’re free from withdrawing fees if you’re in Australia. If you aren’t, you need to pay a huge sum as withdrawal fees. Most of the time it’s between $25-30 AUD.
However, you can withdraw the cash through numerous means. It can either be through online services like Skrill or Paypal, or you could get the money sent to your bank account.
If you are getting it sent to your bank account, it takes a bit of time. It usually takes up to a business day to get your request approved.
How Much Will You Be You Charged?
You can use FP Markets to trade all sorts of assets. As you know, brokers charge a fee for trading. The amount cut depends on who you’re working with.
In terms of FP markets, the fees depend on the asset you’re trading.
For example, CFDs are relatively pricey to trade. However, you can say this is because FP markets offer great services for you to trade CFDs with.
It’s Easy To Set Up An Account
If you want to trade immediately, you should think about setting up an account with FP Markets. It’s known to be quick as the registration process takes a few minutes. Once this is done, it can take a day to get your account confirmed.
There are different types of accounts for you to use. Each account depends on the type of asset you want to work with.
The accounts are:
In terms of CFD, the trading platform is IRESS and there are 3 main account types:
To open this account, you need a balance of $1000 in your bank. The brokerage fee charged from you will be $10, plus you’ll have a monthly fee for IRESS which is $55. However, you can waiver the fees if you make more than $150 a month.
To open this account, you need a bank balance of $25,000. The monthly IRESS fees are charged as well along with a brokerage fee of $9. However, you can waiver the fees if you make more than $150 a month.
Premier accounts are top tier CFD trading accounts. You need a $50,000 bank balance to open them. Thankfully, no fees are charged.
In terms of forex trading, there are 2 accounts available.
You need $100 to start the account. The spread starts at 1.0 pip.
ECN Raw ACCOUNT
You need $100 to open the account which is a bit more than what you need on Highlow. A commission of $3.5 per 100,000 slots is charged. The spread starts from 0.0 pips.
Are You a Muslim?
Trading Forex if you are a Muslim can be hard. Because your account and trading options need to align with what your religion says.
Many online brokers have become aware of this, allowing their customers to create Islamic accounts. This is the case with FP markets as well.
To create an Islamic account, you’ll need to create an MT5 and then contact FP markets. With your request accepted, you won’t be paying for swap charges.
Other than that, trading forex is identical to the other accounts.
New At Trading?
You may be new at trading. If you are, you’ll find it intimidating to take the leap and start investing. So, you’ll need to practice your skills and knowledge.
You can easily do this with FP Markets by your side as you can make a demo account. You’ll have to register for it specifically. Thankfully it’s a click away. You’ll get an email and all you have to do is open it and confirm your request.
In terms of the demo account, you’ll get $100,000 to practice with. As you can guess, this isn’t real money but virtual.
Be The Best Trader
Although a demo account would help you learn more about the real thing, you need to read up on it too. That’s why you’ll find FP Markets useful as they offer a myriad of resources for you to learn from.
These resources include 97 video lessons, several ebooks and lesson plans for you to go through.
Their lesson plans aren’t directed only at beginners. You may be well versed in trading but can still utilize them. This is because they offer plans for intermediate and experienced users as well.
Access To Charting Tools
To be the best trader, you need to make use of charting tools. This will help you make the best move as you can study the data. Thankfully, FP markets offer over 31 charting tools for you to use.
However, many say that the data in its charts are outdated. This makes the availability of the tools useless.
Access To Trading News
You need easy access to trading news to make good decisions. Being aware of trading news will help you figure out what the current trends are. With your eye on a profitable trend, you’ll make the most of your investments.
Although FP Markets offers its users trading news, it’s very limited. This is because it’s usually a line or so long, and is not an extensive report.
It’s Very Secure
The online broker you’re using needs to be very secure. After all, you’re trading with a lot of money. And your personal details are on it, so it shouldn’t get to the wrong hands.
Although the majority of brokers are secure, some are more secure than others. This is the case with FP Markets as they’re known to have a highly encrypted website. The data on it is protected and encrypted during transmission. The encryption used is 128-bit.
The 128-bit encryption is known to be superb in countering cybercrimes, especially identity theft.
What’s more, your identity will be verified each time you make a withdrawal or deposit. KYC will be enforced to ensure it’s actually you and not a third party. Fortunately, KYC is very common when it comes to online brokers, not just FP Markets.
It’s Easy To Use
You need a trading platform that’s easy to use. If it’s not, you’ll find it hard to trade on. Because of this, FP Markets is your best bet as it’s known to be easy to navigate.
Their website is minimalistic with a lack of clutter. This makes the webpages load fast and prevents lag. What’s more, you know where you’re going as there aren’t any unnecessary pages.
It’s easy to use because it comes with a mobile app as well. So you can trade with FP Markets wherever you are. That being said, there’s a major disadvantage to using their app.
If you go to the Appstore, you’ll see that the FP Market app is quite huge. So it’ll take up a lot of data to download. As it’s so big, it will eat up a lot of storage space on your device.
The app is known to run in your phone’s background so it will use up a lot of RAM, slowing your processor down.
In terms of the web version, you can easily change the size of the tables and where you want them to be. So you have the ability to customize it.
What Language Do You Speak?
Although it is primarily for Australians, you can utilize their services and trade using many languages. This makes trading easier than ever as you don’t have to rely on just English.
In terms of the languages available, there are quite a few. There are 37 languages for you to choose from and some of them include:
There Are Many Promotions
If you’ve been using FP Markets for a while, you will be rewarded. This is because they offer their users a number of promotions.
Occasional promotions come and go, but there are two that are set.
If you refer FP markets to a friend and they start an IRESS account, you would get $100. In case of an MT4 one, you will get whatever your friend deposited.
If you’re subscribed to VPS, you will get a hold of a special promotion as well. Trade at least 10 slots with a standard forex account, you will receive the amount you spent via your trading account. This also is true if you trade 20 regular slots on your ECN account.
Great Customer Support
Trading can be difficult. You may face a number of obstacles which is why you need a platform that offers great customer service. Not only should they be helpful, but customer service needs to be quick so that you can solve your issues and get back to trading.
The support lines are 1300 376 233 for Australians while it’s +61 2 8252 6800 for users across the globe. If you’re a Chinese user, you have a special number: +400 166 0012.
FP Markets offers superior online support. You can access their web chat facility and get answers to your questions almost immediately. The answer comes in less than a minute. What’s best about this is that the web chat facility is available not only in English but in 12 different languages.
In terms of how well-trained they are, their customer support reps have to pass rigorous tests to be approved. So whoever you’re speaking to will know what they’re talking about.