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FP Markets Review 2020 – Is this broker trustworthy?


General Information

Broker Name:First Prudential (FP) Markets
Broker Type:Forex
Country:Australia
Operating since year:2005
International offices:Shanghai, Beijing
Regulation:ASIC, 286354
Address:Level 5, Exchange House 10 Bridge St., Sydney NSW 2000
Broker status:Regulated
Customer Service
Phone:+44 28 2544 7780
Fax:(02) 8252 6899
Email:[email protected]
Languages:English, Chinese
Availability:GMT+3
Trading
Trading Platforms:Web PROfit, MT4 (Compatible with iOS and Android)
Trading platform(s) timezone:GMT+3
Demo Account:Yes
Mobile trading:Yes
Web based trading:Yes
Bonuses:10% welcome bonus
Other trading instruments:Currencies, commodities, cryptocurrencies, equities, futures and market indices.
Account
Minimum deposit ($)$500
Maximal leverage (1:?)1:400
SpreadVariable
Platform Review

Review Contents:

  1. Introduction to FP Markets Review;
  2. Trading accounts at FP MArkets;
  3. FP MArkets Tarding Conditions;
  4. Safety of Funds, Regulations, and Licenses;
  5. Payments, Fees, and Bonuses;
  6. Conclusion for FP Markets Review.

Introduction: Average Broker With Nothing New to Offer

FP Markets was created back in 2005 in Sydney. They have had over 14 years in the brokerage experience. In the past decade, they have managed to become one of the most approved brokers in the industry. FP Markets has two more offices in China, in Beijing and Shanghai.

FP Markets leaves a good impression at first, though it does come with downsides. In our FP Markets review, we will do our best to show you all of the aspects of the broker. Hopefully, this will be enough for you to decide whether they are worth your time.

First Prudential (FP) Markets webpage

 

Trading Accounts at FP Markets

FP Markets offers different accounts to different kinds of traders. Depending on which platform you wish to use and what assets you wish to trade, you will receive several options. The accounts are segmented into two main categories: Forex and CFS account.

Forex Accounts

You will have the ability to open two types of account in the Forex section Standard and Raw ECN (raw account). The main difference between the two lies in the spreads and commissions. To explain in more details see below.

Standard

  • Minimum deposit: $100 AUD
  • Spreads: from 1.0 pips
  • Instruments: 50+ FX pairs, metals, indices, commodities
  • Maximum Leverage: 500:1
  • Execution: STP-Pricing
  • Commission per lot: Zero
  • Minimum trade size: 0.01 lot
  • EA’s
  • Mobile App
  • VPS Available

ECN RAW

  • Minimum deposit: $200 AUD
  • Spreads: from 0.0 pips
  • Instruments: 50+ FX pairs, metals, indices, commodities
  • Maximum leverage: 500:1
  • Execution: ECN-pricing
  • Commission per lot: AAUD $3.5 per 100,000
  • Minimum trade size: 0.01 lot
  • EA’s
  • Mobile App
  • VPS Available

Though the differences between the two Forex options are not too great, the minimum deposit increases with commissions, though the spreads fall greatly. you can choose the account depending on how seriously you want to invest your time and money in trading Forex.

currency spreads

CFD Accounts

Professional

  • Minimum deposit: $1,000
  • Brokerage rate: $10 min, then 0.1%
  • Financing: RBA +4.0%
  • IRESS Trader & fee: $55 inc. GST fee is waived if $150 generated in a month
  • IRESS Investor & fee: free
  • ASX live data fee: $22.00 ASX Inc GST fee waived if generated $50 in a month
  • ASX delayed data: free
  • Telephone trades & fee: free

 

Platinum

  • Minimum deposit: $25,000
  • Brokerage rate: $9 min, then 0.09%
  • Financing: RBA +3.5%
  • IRESS Trader & fee: $55 inc. GST fee is waived if $150 generated in a month
  • IRESS Investor & fee: free
  • ASX live data fee: $22.00 ASX Inc GST fee waived if generated $50 in a month
  • ASX delayed data: free
  • Telephone trades & fee: free

 

Premier

  • Minimum deposit: $50,000
  • Brokerage rate: no min, then 0.08%
  • Financing: RBA +3.0%
  • IRESS Trader & fee: free
  • IRESS Investor & fee: free
  • ASX live data fee: free
  • ASX delayed data: free
  • Telephone trades & fee: free

Unlike Forex accounts, CFD trading types differ greatly. The higher level you go, the more benefits you receive. The premier account has most of the benefit fees waived. Though the minimum deposit increases, the benefits increase proportionally as well.

Islamic Trading Accounts

FP markets as well as some other brokers is offering Islamic accounts for the traders. Islamic Accounts are designed for clients who cannot pay or receive swaps or rollover interest on overnight positions due to religious reasons.

In order to open an Islamic Account, a client must first open a Metatrader (MT4/MT5) Platform account and then request for it to be converted into an Islamic Account. Islamic Accounts will not be charged the admin fee for the first five nights of trading. If positions are held longer, the admin fee will be applicable from the sixth night.

Islamic account status will not apply on the following pairs USDTRY, EURTRY and swaps will be charged/credited as a normal account. If you do not wish to receive any swap credit/charges on these symbols you should ensure that all open positions are closed before end of day 00:00 platform time.

Also if you consider opening an account with this broker, you may begin with demo account

Moreover, the account types depend on your trading preferences and come with great benefits. We consider this to be a huge plus for FP Markets.

 

Trading Conditions at FP Markets

The trading platforms offered at FP Markets are MT4, MT5 and version of IRESS. The MT4 and MT5 are basic platforms in the industry, useful for functional charting and technical analysis indicators.

Additionally, there are EAs which use trading algorithms which greatly benefit the users. You will also gain access to economic calendars and more.

The IRESS is a type of platform developed in Australia which gives you direct market access. CFD account users will receive access to these platforms. You will receive specs such as:

  • Advanced order management
  • Access to full market depth and analysis
  • Real-time and dynamic market data
  • Module linking
  • Advanced Charting
  • Ability to trade before and after-market auctions
  • Live streaming new

This platform is perfect for active traders, and though they cost extra with the minimum deposit it is worth the while.

For additional payments, you will receive access to other tools. Trader toolbox will give you access to the collection of tools as shown below.

 

trading conditions

 

For money managers, there are PAMM/MAMM accounts available. You can also get access to trading VPS which is a highly important aspect to pro traders.

The leverage offered at FP Markets is quite high. 1:500 means that there is a higher amount of possible risk, which is not very alarming but still something to keep in mind. The spreads are very good, if not the best in the industry. No wonder FP Markets has such a valued user base.

 

Safety of Funds, Regulations, and Licenses

In the 14 years of their experience, they have managed to create a solid reputation for themselves. Since fund safety is the number one concern for most of the traders, we take it very seriously. We want to provide you with all of the information you might need.

So, FP Markets is regulated by ASIC, the Australian Securities and Investment Commission with a license number 286354. ASIC regulations are tough and trustworthy. They require their clients to meet the following criteria:

  • Capital reserves – the company needs to have a capital reserve of AUD $1M
  • Background checks – all managing directors and the company need to go through a thorough background check
  • Segregated accounts – brokers are required to keep client funds separate from the company’s funds
  • Regular reporting – the companies are controlled through regular reports to make sure the brokers are capitalized at all times

FP Markets has additional security protocols to protect their clients. All of the funds are kept at the National Bank of Australia in segregated accounts. They also have connections with some of the most trusted banking institutions such as JP Morgan, Goldman Sachs, HSBC, and Citibank. These companies come in handy through Equinix datacenter in New York.

 

Payments, Fees, and Bonuses

FP Markets offers many methods of deposits and withdrawals. They accept about 10 currencies for transactions.

  • Credit cards / Debit cards – Visa, MasterCard, UnionPay. Withdrawals take about 4-5 business days.
  • Bank wire transfers – local Australian banks are free but international transfers cost $25 per transaction. Transactions take 2-7 business days.
  • E-Wallets – Nettler, and Skrill
  • BPay – Australian institution. 12-24 hours per transaction.
  • FasaPay – Only accept USD. There are no fees.
  • PaySec – IRESS charges 3.25% fee. MT4 and MT5 are free of charge.

 

The payment options are quite basic and the fees are not at all extraordinary. The bonuses and promotions offered my FP Markets are:

  • Refer a friend bonus — If a client refers a friend, they will receive bonuses depending on the platform of choice. If the new client signs up on IRESS platform then they will receive $100 each. If MT4 or MT5 they will receive a bonus depending on the deposit amount.
  • VPS Reimbursement — Clients who subscribe to VPS monthly will receive various bonuses depending on their trading volume every month.

 

First Prudential (FP) Markets logo

 

Additional Information About FP Markets

The website for FP Markets is very simple. They have a user-friendly interface with easy navigation. The website gives full information regarding their conditions, policies, risk disclaimers, and more. The website is available in many languages such as English, Arab, Vietnamese, Spanish, Chinese, German, Portuguese, Russian, French, Italian, and more.

As part of this FP Markets Review, we may conclude that in fact, FP Markets is working to reach a global user base and they are doing a splendid job doing it.

They also have an extensive amount of educational content on their website. You will find materials from the beginner to professional levels. You can put them to use to brush up on your knowledge or to learn new market changes whenever you wish.

The customer support is expressly strong at FP Markets. They have live-chat available at the bottom right side of the screen. Generally, many brokers ask for extensive information about the account which takes too much time for the user.

However, FP Markets ask for minimal information at the start of the chat, which is very nice for solving issues fast. You can also contact them on their Australian or International number if preferred.

Conclusion for FP Markets Review

In the first place FP Markets comes off as a trustworthy broker established in 2005. They have many tools to offer to their traders. The bonuses and payment options are also satisfactory. The regulations are strong and hopefully endorsed in the company.

It is also unfortunate that the minimum deposit requirements for professional CFD accounts are high, especially with the fees that follow with payment transactions. They only offer Bitcoin from cryptocurrency which is merely not enough for modern traders. FP Markets does not provide guaranteed stops or negative balance protection.

Overall, FP Markets is not a bad broker. They do have some issues that we discussed above. Of course, if the pros outweigh the cons for your personal preferences, this might be the broker for you. Make sure to check out our other broker reviews to find a better match for yourself.

Good, but not extraordinary

All in all, now I will quickly sum up what was already said. The minimum trade size on the website is 0.01. The minimum to open live costs $100 and maximum leverage is 500:1.

The FP Markets was established in 2005 in Australia, Sydney. It has four trading platforms: IRESS, MT4, MT5, and WebTrader.

The company offers ECN, Mobile Trading, and Web Trading. They are available in more than 60 currencies. Moreover, more than 5 cryptocurrencies are available (Ethereum, Litecoin, Bitcoin, etc.). Concerning the CFD-s they have stock indexes, oil, stocks, other commodities, silver, gold, and other precious metals.

Moreover, the company offers PAMM, MAM, Scalping, News Spike Trading, and EAs/Robots. They offer deposit methods such as UnionPay, Transfer from existing Broker, Skrill, Poli, Paytrust88, PayPal, Ngan Luong, Neteller, FasaPay, BPAY, MasterCard, Visa, and Bank Wire. Meanwhile, withdrawal methods are via Skrill, PayTrust88, PayPal, Ngan Luong, Neteller, FasaPay, Mastercard, and Visa.

Thus, with its customer service, it is one of the best brokers. The agents are accurate and prompt with their replies to any queries user might have. In terms of withdrawals and payments, they are one of the fastest.

Overall, many users are happy to be a customer of FP Markets, after using other various forex brokers and consistently facing disappointment.

First Prudential (FP) Markets logo

 

FP Markets Review

Name: FP Markets

Description: With over 14 years of experience FP Markets has become one of the most approved brokers in the industry. FP Markets offers two main categories of the accounts: Forex and CFS.

Overall
4
  • Support
    (4)
  • Platform
    (4)
  • Spread
    (4)
  • Trading Instrument
    (4)


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