FP Markets review

4.1/5

First Prudential Markets (FP Markets) is an Australian brokerage firm founded in 2005. The firm is authorized and regulated by the Australian Securities and Investments Commission (ASIC). They operate with the Australian Financial Services License (AFSL) number 286354. ASIC is reputed for imposing stringent rules on brokers and ASIC protection comes with a high level of assurance to the traders working with the broker. FP Markets are also regulated by the Cyprus Securities and Exchange Commission (CySEC). The Head Office is located in Sydney, Australia. The brand has won multiple industry awards in areas like; customer service, trader education, and trade execution. FP Markets asserts that investor deposits are safely kept in the Commonwealth Bank, which is one of the big 4 banks in Australia. This ensures the segregation of traders’ funds from the operational funds of FP Markets. Furthermore, their website is available in 12 languages; English, Arabic, Indonesian, Italian, Spanish, Vietnamese, Russian, German, Portuguese, Thai, French, Malay.

Markets and Products

FP Markets caters for both retail and professional clients. The firm facilitates a number of different ways that clients can trade on the market. This includes direct market access (DMA) which provides clients with direct access to the orderbooks of exchanges, CFDs, forex, and futures contracts. DMA allows traders to directly place their orders into the orderbook of exchanges and monitor their order in real-time. The firm mainly specializes in providing CFDs. Traders can speculate in products including shares, indices, futures, forex, commodities, precious metals, and cryptocurrencies. Across these markets, FP Markets has over 10,000 products available to be traded.

Trading Platforms and Features

FP Markets have three platforms available for clients. The platforms are MT4, MT5, and IRESS. MT4 is a highly popular trading platform among traders. It is available to be downloaded for desktop, mobile, and there is also a web-based version available. The platform features technical analysis tools for traders and an intuitive to use interface. There is also the option for those with knowledge of programming to build trading algorithms within the platform. MT4 can function as an electronic network communication (ECN) depending on the account that users set up with FP Markets. This allows users to directly access the interbank forex market providing users with the most attractive prices. This also means that the broker does not pass on the order to market makers or dealers who may wish to profit from processing the order. This allows the user to avail of more attractive spreads but the brokerage will typically charge higher fees making this model more suitable for the larger trader. MT5 is a similar product to MT4. Both also have access to huge trading communities that exist on the platform.

IRESS is the other platform provided by FP Markets. The IRESS platform is a trading software that provides DMA for users. The platform is also supported for the web, desktop, and mobile. The desktop version of IRESS comes at a cost of $55 per month but the web-based and mobile version have no charge. Similarly to MT4, users of IRESS can use advanced technical analysis tools and make complex orders. The platform also links up with real-time news developments.

There are also a number of options available to clients of FP Markets separate from the trading platforms. These include multi-account manager (MAM) accounts, percent allocation money management (PAMM) accounts, and the ability to set up a virtual private server (VPS). MAM and PAMM accounts are managed account whereby the investment decision-making in the account is delegated to a third-party such as a money manager. These type of accounts are also offered by other brokers such as eToro. Setting up a VPS enables the traders on the platform to run automated algorithmic strategies and also to delegate to a money manager. The VPS option furthermore lowers latency and reduces the risk of a shutdown.

FP Markets also have a “traders toolbox” which consists of applications that traders can use on their platform to improve their trading experience. Examples of some of the applications available in the traders include an alarm that can notify of certain events, a trading calendar, and correlation tools.

Account Structure

There are a number of different account types that clients can choose from. These include individual accounts, joint accounts, corporate accounts, and trust accounts. When accounts are funded, the funds are segregated into different accounts for different clients. Clients can set up an account with as little as $100. There are multiple options for funding and withdrawing from an account. The payment processing options include Visa, Mastercard, Neteller, Posi, and Skrill as well as others. There are various fees applied for the different payment processing options. Users can also set up a demo account to try out the platform prior to trading with real money.
There are two types of forex accounts which can be opened. The standard account requires a minimum funding of $100. Instead of using an ECN to enable direct access to the interbank forex markets, clients with a standard account will have pricing determined from straight through processing (STP). This means that the spreads will be wider and each trade is processed electronically by the broker and passed onto a liquidity provider. The spreads for this option start at one pip but the users benefit from zero commissions. There is leverage capability of up to 500:1. There is a more professional account that provides pricing based on ECN. This account type requires a minimum funding of $1000. The spreads are lower with this option and start at 0 pips. However, there is a commission charge of $3.50 per 100,000 lots. There are also leverage capabilities up to 500:1.

What are the fees?

MarketSpreadCommission
Equity CFDsNA0.08% to 0.3% on each side of trade based on region. Minimum commission applies based on region.
International Futures CFDNA/td>$15, varies based on region.
Forex (STP)From 1 pipZero
Forex (ECN)From 0 pips$3.50 per 100,000 lots
FuturesNA$1.5 per lot+, a minimum fee of $10 per futures contract trade*

Anything else I should know?

FP Markets also has educational resources available via their website, this includes research on current market conditions as well as educational tools that traders can use to learn about trading or improve their strategies. There are a number of eBooks available which anyone can access for free by providing their email address. The eBooks introduce different topics for traders such as technical analysis, fundamental analysis, and various strategies which can be applied. FP Markets have also won several awards related to their performance in areas such as education and customer service. They have a rating of four stars out of five stars on TrustPilot based on 96 reviews.

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Pros

  • Range of CFDs, options and more than 10,000 trading instruments. Regulated by Australia’s ASIC
  • Propriety IRESS trader built to be used with the MT4 platform, offering clients the ability to use their platform for both CFDs and share trading. There is a charge to use this platform, but a rebate is available for frequent traders
  • FP Markets offers Bitcoin trading
  • No inactivity fee

Cons

  • Depending on the account, initial funding fee can be much higher than other brokers
  • Charge funding fees to deposit money into an account. Depending on what kind of method is used, fees can be as high as 4%.
Platforms : MT4, MT5, IRESS
    • Fixed spreads

    • Variable spreads

    • Stop losses

    • Limit orders

    • One-click trading

    • Trailing stops

    • Expert advisors (EAs)

    • Virtual private server

    • Direct market access

    • STP broker

    • ECN broker

    • Market maker

    • Price alerts

    • Signal trading

    • Watchlists

    • Charting tools

    • iOS App

    • Android App

    • Windows App

  • Major Stock markets (US UK Germany)

  • Indices

  • Penny stocks

  • Forex

  • Majors

  • ETF

  • CFDs

  • Bitcoin

  • Commodities

  • ETFs

  • IPO

  • Options

  • Futures

  • Bonds

  • Hong Kong stocks

  • Japanese stocks

  • Listed on Stock Exchange

  • Scalping

  • Hedging

  • Demo account

  • Islamic account

  • Micro account

  • Standard account

  • VIP account

  • Zero spread account

  • Managed account

  • Credit cards

  • Bank transfer

  • PayPal

  • Neteller

  • Skrill

  • Electronic wallets