quora FpMarkets Review 2019 By FinanceBrokerage - Is FpMarkets Good?
General Information
Broker Name:First Prudential (FP) Markets
Broker Type:Forex
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:+61 282526800
Fax:(02) 8252 6899
Email:[email protected]
Languages:English, Chinese
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.
Minimum deposit ($)$500
Maximal leverage (1:?)1:400
Platform Review
FP Markets Content

● Introduction
● Trading Account

○ Forex Accounts
○ CFD Accounts

● Trading Conditions
● Safety of Funds, Regulations, and Licenses
● Payments, Fees, and Bonuses
● Additional Information

○ Website
○ Education
○ Customer Service

● Conclusion

FP Markets Review 2019 — Average Broker With Nothing New to Offer

FP Markets was created 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 logo

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. The main difference between the two lies in the spreads and commissions. See below.

● 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

● 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.

First Prudential (FP) Markets logo

CFD Accounts

● 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
● 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
● 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.

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.

First Prudential (FP) Markets logo

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.

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/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 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 is filled with 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. It is obvious that FP Markets is reaching for 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 strong at FP Markets. They have live-chat available at the bottom right side of the screen. They ask for minimal information at the start of the chat, which is very nice for solving issues fast. Many brokers ask for extensive information about the account which takes too much time for the user. You can also contact them on their Australian or International number if preferred.

First Prudential (FP) Markets logo

Conclusion for FP Markets review — Good, but not extraordinary

FP Markets comes off as a trustworthy broker. 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 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.

First Prudential (FP) Markets logo
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