FPmarkets review

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Contact Info

Established in 2005, FP Markets is the longest operating Forex and CFDs broker in Australia. The broker offers traders the convenience of being a one stop destination for trading forex and CFDs. The range of available instruments includes currencies, commodities, cryptocurrencies, equities, futures and market indices. Through FP Markets’ understanding of its clientele base, the broker is able to offer traders competitive spreads and fast execution of trades hence giving them the confidence of trading in a reliable trading environment.

Intro

Operating for over a dozen years, FP Markets is Australia’s longest operating CFDs broker. The broker is also the leading CFDs broker in the country with the exit of MF Global from the CFDs industry. While the brokerage firm’s headquarters is based in Sydney Australia. FP Markets also maintains a regional headquarter in Beijing and a regional office in Shanghai. As an Australian based financial services provider, FP Markets comes under the regulatory oversight of the Australian Investments & Securities Commission (ASIC). ASIC is highly regarded in the financial industry and clients of FP Markets can rest assured that their legal interests are well protected by the regulator.

Other factors which help FP Markets to be the broker of choice, is the fact that they operate with full transparency. Traders’ funds are kept in segregated accounts at Tier 1 banks and the broker’s financial accounts are audited by the leading Australian Auditor BDO. In addition, should ever there be any financial dispute, traders at FP Markets can refer to complaints to the dispute resolution scheme operate by the impartial Financial Ombudsman Service Limited (FOS).

Accounts & Market Access Information

In terms of trading accounts, FP Markets offer 2 main types of trading account for forex trading, a Standard account and an ECN account.

Minimum deposit of AUD$200

Leverage: 500:1

Instruments: 50+ FX pairs, metals, Indices, Commodities

Commission free Trading: Yes

Spreads: from 1.0 pip

Minimum deposit of AUD$1000

Leverage: 500:1

Instruments: 50+ FX pairs, metals, Indices, Commodities

Commission:  AUD $3.5 per 100,000

Spreads: From 0 pips

For CFDs trading, you have a choice of 3 different types of accounts:

Opening Balance: $1000

Financing Interest: RBA +3.5%

IRESS Trader Platform Fee: $55 (Fee is waived if your commissions totaled in excess of $150 for the month)

Opening Balance: $25,000

Financing Interest: RBA +3.0%

IRESS Trader Platform Fee: $55 (Fee is waived if your commissions totaled in excess of $150 for the month)

Opening Balance: $50,000

Financing Interest: RBA +2.5%

IRESS Trader Platform Fee: None

For share trading, the trading accounts are divided into a Shares account and a Non Leveraged CFD account. The commission rate for the former is 0.11% and 0.08% for the latter.

Funding of the above mentioned trading accounts can be done through:

In terms of withdrawal fees, the following fees are applicable:

There is no deposit fee except for Neteller which charges a 4% deposit fee.

Trading Platforms & The Trading Environment

For trading platforms, there are 3 main types of platforms to choose from at FP Markets. They consist of the IRESS Trading platform, the MT4 & MT5 platforms.

IRESS Trading platform

The IRESS trading platform made its debut in 2017 to replace the IRESSTrader. Based on the HTML 5 web technology, the trading platform is accessible with most updated web browsers. The IRESS platform is geared towards CFD trading and is fully equipped with a wide range of tools to enhance one’s trading abilities. Its features include:

MT4 & MT5 Platforms

In addition to the IRESS trading platform, FP Markets has also provided its traders with the popular MetaTrader based platforms. The MT4 and MT5 are renowned for their reliability and power tools that are integrated directly into the platforms. Their main features include the following:

Trading Fees

With access to more than 10,000 different types financial instruments, the spreads and commissions charged by FP Markets are one of the lowest for the online trading industry. Nevertheless, it should be noted that the applicable fees are dependent upon the type of instruments traded. The following tables below shows the commissions that are payable on the different asset classes:

Forex

ExchangeCommission per Side
FX0 (built into the spread)
Metals0 (built into the spread)
Commodities0 (built into the spread)
Index0 (built into the spread)
Cryptos0 (built into the spread)
Forex (RAW)$3.5 (AUD,CAD,SGD), $3 USD, $2.75 EUR, $2.25 GBP, $20 HKD, $250 JPY
Metals (RAW)$3.5 (AUD,CAD,SGD), $3 USD, $2.75 EUR, $2.25 GBP, $20 HKD, $250 JPY

Equity CFDs

CountryCommission per SideMinimum Charge
Australia0.08%**0 AUD**
Singapore0.15%25 SGD
Hong Kong0.30%100 HKD
London0.10%10 GBP
Frankfurt0.10%10 EUR
NY NYSE2 cents/share15 USD
NY NASDAQ2 cents/share15 USD

Futures CFDs

ExchangeProducts OfferedStandard
SFEASX SPI200 (AP)15 AUD
EurexDAX (FDAX), SMI (FSMI), DJ Euro Stoxx 50 (FESX)15 EUR
CMEE-Mini S&P500 (ES), E-Mini NASDAQ 100 (NQ)15 USD
CMENikkei 225 USD (NKD)17.5 USD
CMENikkei 225 JPY (NIY)1750 JPY
CBTE-Mini DOW (YM)15 USD
NYMLight Sweet Crude Oil (CL)15 USD

Customer Support

For customer support, the service is available through email, live chat and the telephone. The hours of operation are however not specified.

Conclusion

Australian brokers are few and far in between in the online industry. However this does not mean that they are any less reliable than the other brokers we find in the industry. In fact, you hardly hear of any scam brokers originating from Down Under. This is to be expected as ASIC maintains a strict regulatory oversight over the operators in the industry. Given their track record and the product offerings, FP Markets come highly recommended for any traders looking to sign up with a reliable and trustworthy broker.

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