Headquartered in Sydney, Australia, FP Markets (First Prudential Markets) was founded in 2005 as an online retail forex and CFD broker. The brand’s entities are regulated in Australia and Europe, with a total of 95 employees as of 2019. With FP Markets, you can open an account in one of 13 local currencies. If possible, open an account in your currency to avoid unnecessary currency conversion fees. All platforms are available for download to your Windows computer or MacBook from FPMarkets.com. You may also trade through your browser or TradingView if you prefer.
Does FP Markets or IC Markets offer lower pricing?
The online account opening process remains straightforward, but FP Markets collects more data than some other brokers. It does offer traders to complete the first step via a Google or Facebook account. The application grants access to a clean back-office, from where traders can manage all their trading accounts and financial transactions. Account verification remains mandatory but a swift process at FP Markets. Most traders will satisfy AML/KYC requirements by submitting a copy of their ID along with one proof of residency document. The FP Markets Traders Hub provided daily research and trading ideas, presented in a quality format.
At ForexBrokers.com, we track over 110 international regulatory agencies and sort them by tiers (Tier-1, Tier-2, Tier-3, Tier-4, and Tier-5) to help you choose well-regulated, highly trusted forex brokers. Based on our research on the regulatory status of over 60 brokers, we’ve found that Both FP Markets and IC Markets hold 2 global Tier-1 licenses. FP Markets holds 1 global Tier-2 licenses, while IC Markets holds 0.
What is the minimum deposit requirement for opening an account with IC Markets?
The multilingual customer support is available in 34 languages, 24/7. Clients may reach out via e-mail, live chat, phone, or the call-back option. A quality FAQ section answers many questions, and most traders may require additional assistance only during emergencies. Here is a screenshot after launching the FP Markets MT4 trading platform following installation, without modifications. A social trading broker with its proprietary CrowdTrading platform. Yes, based on your detected country of UA, you can open an account with this broker.
Opening an Account
New traders should familiarize themselves with the top menu icons, which offer several advantages. The user interface is the same as when MT4 launched in 2005, featuring a dated design, but plug-ins exist to change it. Trading with MT4 is simple and does not require a lot of time for new traders to learn. Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies.
Besides the build-in MT4 copy trading functionality, FP Markets partnered with Myfxbook Autotrade, also available from within the MT4 trading platform. The most recent expansion includes a proprietary copy trading service, FP Markets Copy Trading. VPS hosting is available, but minimum requirements exist to receive it free of charge. Regrettably, the 10,000 equity CFDs are only available on Iress.
- In our analysis of 23 international regulators across 62 of the best forex brokers, FP Markets is considered Trusted, with an overall Trust Score of 87 out of 99.
- Forex traders get 70+ currency pairs, and diversification opportunities exist via cryptocurrencies, commodities and metals, indices, equity CFDs (available through the MT5 trading platform), and bonds.
- Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering.
- The user interface is the same as when MT4 launched in 2005, featuring a dated design, but plug-ins exist to change it.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Adding more advanced video courses would only serve to improve FP Markets’ educational experience. FP Markets places its clients’ funds in segregated accounts with AA-rated Australian banks, separate from its bank accounts.
Therefore, FP Markets ranks among the leading brokers industry wide. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here.
Supporting documentation proving Islamic status may be required from the client in some cases. Here is a screenshot of swap rates at FP Markets for the EUR/USD from the MT4 trading platform. First Prudential Markets LTD remains authorized by the Cyprus Securities and Exchange Commission (CySEC), a leading Forex regulator. EEA traders get an investor compensation fund limited to €20,000 per client.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. Since mobile apps cater more to portfolio management, up-to-date developments, and copy trading, they offer the necessary tools to achieve the above. They include economic calendars, streaming news, and watch lists but do not include the cutting-edge trading tools FP Markets offers for its desktop trading platforms. FP plus500 canada Markets offers all traders the MT4/MT5 and cTrader trading platforms and select clients may qualify for the Iress trading platform, restricted by geographical location.
Other costs traders must consider are swap rates on leveraged overnight positions. One of the benefits of trading Forex is leverage, which means borrowing funds from the broker to manage more significant trading positions. It incurs financing costs, known as swap rates, and the longer a trade remains open, the higher the fees. Third-party withdrawal charges may apply, but there is no inactivity fee at FP Markets. FP Markets also earned Best in Class honors for Commissions and Fees in our 2024 Annual Awards. It’s worth noting that FP Markets’ share CFD offering on Iress provides Direct Market Access (DMA) in terms of its pricing and execution process, including full depth of book available within the platform.
By default, all ASIC-regulated brokers are market makers, but FP Markets deploys a no dealing desk (NDD) execution model. While the FP Markets Trading App only supports rudimentary charting tools, MT4, MT5, and cTrader come with a similarly advanced package as its more powerful desktop versions. Despite the availability, the screen size and absence of multi-screen support make complex analytics impossible to conduct.
Equity CFDs and DMA traders face a fee between 0.06% and 0.30% with a minimum of $10 or a currency equivalent. The equity trading charges depend on the country of the listed underlying asset, and the pricing environment remains average compared to other brokers. Our review focused on the MT4 trading platform, available to all clients at FP Markets. The Iress trading platform, restricted by geographical location, focused on global equity trading, features numerous additional costs. They can total above $200 per month for low-frequency traders, but FP Markets has a program in place for active traders to receive reimbursement for most costs. While non-equity trading costs remain very competitive, equity trading quebex tends toward the industry average.
Here is a screenshot of a live FP Markets MT4 trading account during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. Most of FP Markets’ research is found under the Traders Hub section on its website, where it is separated into technical and fundamental analysis. It’s important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. Both FP Markets and IC Markets offer Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw). IC Markets requires a minimum deposit of $200 before you can open an account and start trading.