fpmarkets-australiaFirst Prudential Markets, known as FP Markets for short, is an Australian Forex and CFD brokerage service provider. It operates a Direct Market Access (DMA) model, thereby ensuring the provision of transparent pricing and fast trade execution. The broker clinched the number one spot for Trade Execution for IRESSTrader in the 2015 Investment Trends Report.

It has multiple account offerings. Also, it provides access to over 10,000 financial products, giving the convenience to trade CFDs on a wide range of financial assets such as Forex, equity, indices, commodities, futures, and Bitcoin. FP Markets has become popular with many traders because it has a deep understanding of what they need.

The broker has successfully combined the provision of standard pricing, fast execution speed, wide product range, responsive customer support, and quality trading tools to earn the trust of its clients.

Regulations

The regulatory status of the Forex broker you are planning to use should be paid special attention.  As a matter of fact, the reliability of each broker depends on the strength of the regulatory requirements that it follows, or claims to. In this case, FP Markets, being registered with the Australian Securities and Investment Commission (ASIC), gets a very high rating. Hence, its services are safe, secure, and sound.

Also, as part of its regulatory obligations, the broker keeps its clients’ funds in segregated accounts.

Leverage Options

FP Markets offers up to 500:1 in leverage. This is arguably one of the highest in the industry. Hence, the broker gives its clients the ability to increase their profit potential. However, high leverage also means high risk.

Trading Commissions and Fees

FP Markets has both commission and non-commission based fees plans. For Forex trading accounts, both are used. The Standard account, for instance, has a spread as low as 0.1 pips. Also, it charges no commission per lot. The ECN account, on the other hand, charges no spreads but there is a commission of AUD$3.5 per 100,000-unit lot.

For the CFD trading account, charges vary with the levels. In addition to brokerage rate, the broker also charges standard platform fees which range from $55 to as high as $150.

Deposit Conditions

The broker makes depositing and withdrawing easy and instant for its clients. It supports multiple methods of making deposits and withdrawals, which include:

  • Credit/Debit card (VISA, MasterCard, )
  • Bank Wire Transfer
  • BPAY
  • POLi Payments (only for Australian clients)
  • FasaPay
  • Electronic wallets (Skrill and Neteller)
  • Transfer from Existing Broker

Its fee schedule being transparent, the broker does not charge any hidden fee when you make a deposit or withdrawal. As a result, what you deposit is what you see. However, to withdraw your first deposit, your method of withdrawal has to be the same as your initial method of deposit. This is in accordance with general financial guidelines to ensure that clients can ascertain the safety of the transactions on their funds.

Account types

FP Markets provides a range of account types which successfully meet the requirements of almost any kind of traders. The Standard ECN Raw Account type has minimum trade size of 0.1 lots. Its minimum deposit requirement is $1,000.

No matter the instrument you are interested in trading, FP Markets has got an account type for you. For instance, for clients who wish to trade CFDs on equities, indices, and futures, the broker has a three-level CFD trading account. The good news: CFD traders using those accounts can also use the IRESS Trading Platform.  There is a two-level Forex account type available for Forex trading, too.

The three levels of the CFD trading account are Professional, Platinum, and Premier. The three vary in terms of minimum deposit requirements, trading platform, and costs. The Professional level of the CFD trading account has a minimum opening balance requirement of $1,000. For the Platinum level, the minimum opening balance is $20,000. The minimum of the Premier account level is $50,000. The IRESS is the platform of choice for the three.

The two levels of Forex Trading account are the Standard and ECN Raw accounts. The Standard one has a minimum account balance of $200. For the ECN Raw account, the minimum is $1,000.

Customer Support

FP Markets’ customer support service is available in multiple channels. These channels are a live chat, phone number, and email address. The live chat option is offered as a component of the trading website and is the most accessible. The customer support service can be reached 24/7 via the live chat. The broker can also be reached through multiple phone numbers.

The broker’s email address is unusually responsive and often, inquiries made through it are replied to in 24 hours. As the broker is headquartered in Sydney, with offices in other locations within the country, Australian clients can go to the broker’s offices for any problem that warrants a physical appointment. For new clients, the broker provides personal, dedicated account managers to help them first through the account opening process and subsequently, in their trading endeavor.

However, it comes as a surprise that despite all the support options offered, the most popular complaints of clients still have to do with the customer support service.

Tools for trading

A good Forex broker should provide standard trading tools for its clients. It should know full well that, to the largest extent, the success of those traders depends on them. Most times, traders do not outdo the level of the quality of the trading tools their brokers offer. Therefore, you should consider the trading tools offered when you want to choose a broker.

FP Markets provides the three standard trading platforms: IRESS, MetaTrader 4 and MetaTrader 5. The MetaTrader 4 platform is the most popular trading platform all over the world. With its generally user-friendly interface, it does not require understanding unnecessary technicalities to use.

The MetaTrader 4 trading platform provides a true ECN trading environment with advanced customisable charting, over 50 pre-installed technical indicators, real-time quotes and detailed news and insights. It also provides a suite of automated trading options known as Expert Advisors (EA’s).

Another advantage is that the platform can be run on both Windows and Mac operating systems. Finally, with the MetaTrader 4 trading platform, you can have 24/5 access to multiple financial markets.

Education and Informational Resources

In addition to the broker’s fast execution of trades, it also provides another edge for its users: comprehensive educational and research resources. This comprehensive library of educational resources is useful for all clients irrespective of their trading experience. The broker offers tutorials in video, instructional eBooks, and webinar forms. Moreover, from time to time, it conducts seminars for its clients to help them become better traders.

FP Markets also provides a wide range of research materials. Those resources include market analysis and daily reports and a dividend calendar — arguably the only one of such in the industry. In addition to these, the broker gives its traders the opportunity to access its senior analysts’ own portfolio — a huge boon to their trading exploits.

However, perhaps, the most vital advantage of all these is that no matter who you are, your level of knowledge and experience, you can surely benefit tremendously from FP Markets’ extensive learning and research resources.

Pro’s

  • The broker is well-regulated. It is registered with one of the most solid regulatory bodies in the world, the ASIC. Hence, it is safe and secure.
  • It offers its clients the benefit of a high leverage level, as high as 500:1.
  • Through its immense catalogue of trading products, the broker avails its traders many choices. There are over 10,000 financial instruments available for trading!
  • The broker supports multiple trading platforms: the IRESSS, the industry-standard MetaTrader 4, and MetaTrader 5. They are standard, with comprehensive learning and research tools provided.
  • With the broker, account opening, depositing and withdrawing are fast and easy to do. Since the broker operates a Direct Market Access (DMA) mode, trade execution is fast and costs are low.

Con’s

  • Generally, FP Markets is an excellent broker. Most users have positive reviews of its services. However, the most popular complaint about the broker is the poor quality of its customer support service. Thus, it needs to improve in this regard.
  • Importantly, the broker might need to make its CFD trading account more affordable. The brokerage rates and standard platform fees, among other fees, can put off many aspiring traders.

Conclusion

FP Markets is licensed by the Australian Securities and Investment Commission (ASIC). Hence, being a duly regulated broker, it is safe and secure. It keeps its clients’ funds in segregated accounts. The broker is focused on Forex and CFD brokerage, providing access to CFD products on a wide range of asset classes such as indices and commodities.

Moreover, the account opening process is fast and easy, with the broker providing multiple account types. The Forex and CFD trading accounts are offered in multiple levels, thereby ensuring that no matter your capital and trading requirements, you will always find a deal.

The immense product catalogue of over 10,000 trading instruments is indeed large compared to many of its peers’. Moreover, its leverage level of up to 500:1 is one of the highest in the industry. The broker has the advantage of transparent pricing and market depth,  custom trade alerts and news, and advanced trading tools.

It offers three trading platforms: IRESS, MetaTrader 4, and MetaTrader 5 which are of a superior standard, with the MT4 being the most widely used Forex trading platform. The MetaTrader 4 trading platform also supports algorithmic trading through the use of Expert Advisors (EA’s).

Hence, are you looking for a Forex broker? Do you currently use one but you are not satisfied with its services? FP Markets is worth checking out and you can sign up for an account.