RECOMMENDED FOREX BROKERS
FP Markets’ engaging website will, at a solid pace, immerse you into its many offers and features. Will it be able to retain your attention after some time has passed, though? Read all about it bellow.
The company behind the FP MARKETS is First Prudential Markets Pty Ltd. It is regulated by Australian Securities and Investments Commission (ASIC). This body preoccupies itself with enforcing the law against fraudulent activity, and promoting confident trader participation through tight controls over the financial market in Australia. Yet, with all that it does, there isn’t a compensation fund.
Meanwhile, FP Markets have acquired a license from CySEC in late 2018, but their European subdivision in not yet active.
The standard EUR/USD spread is 1.2-1.4 pips, and 0.45 pips for the ECN RAW account. The leverage can go as high as 1:500, since FP Markets is outside the control of ESMA.
Explore FP Markets in one of the following languages: Arabic, Indonesian, Italian, Spanish, Chinese, Korean, Malaysian, German, Portuguese, Thai and French.
FP Markets LOGIN
MT4 and MT5 have claimed their territories, yet again, with newcomer IRESS keeping things fresh.
The HTML5 built Iress is relatively new to the game. Iress Trader is a web based trade platform that is compatible on Windows and Mac. It offers a fresh design, great indicator and charting tools, and a ton of analytical instruments. Iress also offers 3 different CFD trader account types, making it mainly a platform for CFD trading.
Spreads average 1.45 pips. Expect a maximum leverage of 1:500.
Traders can also access Iress on mobile devices.
MT4 is abundant with great features that make it the powerhouse it is today. Expert Advisors, numerous order types, customizable charts and indicators, drag and drop chart and a plethora of other features MT4 defines the Forex market today.
Spreads for EUR/USD range between 1.2-1.4 pips, while the leverage can go as high as 1:500 since ESMA regulations are out of the question.
ECN RAW accounts have been taxed with $7 per 1 standard lot. While the advertised spread for EUR/USD is 0.45 pips, when adding the commission you get the real spread of 1.15 pips.
Metatrader 4 comes packed with tools and useful instruments that will give you a push when it come down to trading. Tools such as Correlation Trader (compares correlation between two symbols for more efficient trading strategies), or the Trader Toolbox Connect enabling you direct access to online trade resources to keep you informed and always on edge.
MT4 has been made available to all devices: Windows, Mac, iPhone, and Android, making it the number one choice. Remember that auto-trading bots are unavailable on MT4 web browser.
MT5 is an improvement over MT4 with increased number of time frames, more pending order types, better EAs and more, yet it cannot reach the level of popularity of MT4.
MT5’s spread for EUR/USD flickers between 1.2-1.4 pips, while for ECN RAW account users it’s 1.15 pips (commission included). The leverage cannot go any higher than 1:500.
MT5 is reachable on Windows, as a Webtrader, and on all mobile devices with a compatible operating system (iOS, Android). Note that auto trading is not possible on the Webtrader.
FP MARKETS MINIMUM DEPOSIT
The minimum deposit for funding is $100 for the standard account.
The broker provides the following methods for account funding: Credit Card, OnlinePay, POLi, FasaPay, Neteller, Skrill, PaySec, NganLuong.vn, BPAY, Bank Transfer.
As per usual Bank Transfers take the most time – between 1-3 days. Bpay deposit usually are credited the next day, and credit cards and eWallets are the quickest, normally during the same day.
FP Markets charges a vexing fee if traders should choose to use the Iress trading terminal. Mind you not all payment methods are burdened with this fee: Credit Cards are charged with 1.6% for AUD and 3.18% for all other funding methods; Neteller and Skrill settle for 4%, while PaySec requires 3.25% of your deposited sum.
FP MARKETS WITHDRAWAL TIME AND FEES
FP Markets is yet another broker, in a streamline of other financial service providers, that is purposefully vague about its payment methods. Even when communicating with the support agents we were unable to get coherent answers.
The broker is unclear on withdrawal methods used, unless one has already funded an account. So we must assume that they are more or less the same as the depositing ones: Credit Card, OnlinePay, POLi, FasaPay, Neteller, Skrill, PaySec, NganLuong.vn, BPAY, Bank Transfer.
Wire Transfer and Bpay withdrawals usually take up to 2 days to arrive in your personal account, after they have been processed which can take from 1-3 days. Credit Cards can, surprisingly, take longer, up to 5 days. Electronic wallets usually are instant, however this is not indicated on the website. The payment systems themselves take full responsibility on any transaction delays, once all withdrawal requests have been processed at the broker’s end.
FP Markets does not charge any withdrawal fees. At first we did a deep information dive into the website, and after getting close to zero result, we contacted a support agent who claimed that there are no charges whatsoever.
With that out of the way, please note that all clients are eligible for a transaction charge from their respective payment systems.
By far the most problematic aspect of FP Markets is the ambiguity with which it handles information concerning payment methods.
Everything else is pretty solid, and with the authority of ASIC FP Markets holds on its own. There is enough here to satisfy any trader.