Overall Rating

5/5

Top 5 Forex Brokers
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2.
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 FP Markets Review

📅 Year founded

2005

📈 Multiple top-tier regulation

Yes

📍 Headquarters

Sydney, Australia

🌍 Country of regulation

Seychelles / Australia / Cyprus / South Africa / Mauritius / Saint Vincent and the Grenadines

✅ Regulators

FSA / ASIC / CySEC / FSCA / FSC

📈 Execution Type

Market Execution

💰 Minimum Deposit

$100 AUD or equivalent

🛡️ Negative Balance Protection

Yes

📉 Trading Platforms

MetaTrader4 / MetaTrader5 / Web Trader / cTrader / IRESS

 ☪  Islamic account

Yes

📉 Trading Instruments

CFDs on Forex / Shares / Indices / Commodities / Cryptocurrencies / Bonds / ETFs / Metals / Derivatives / Futures

📱 Mobile trading

iOS / Android / Windows

💳 Payment Types Accepted

Credit and Debit Card / Bank Wire Transfer / Cryptocurrencies / AstroPay / OZOW / PerfectMoney / Skrill / Neteller / InstantEFT / PayO

🎮 Demo Account

Yes

 ⓒ Copy Trading

Yes

🎁 Bonus Offer

100% deposit bonus for trading

💰 Account Currencies

USD / EUR / GBP / AUD / CAD and many more including cryptocurrencies

📈 Minimum Trade

0.01 Lots

📈 Account Types

MAM / PAMM / DMA

📈 Margin Trading

Yes

📈 Trading fees

Low

📈 Inactivity fee

No

💰 Withdrawal fee

On some payment methods

☎ Customer Support

24/7 multilingual customer support

💰 Max. Leverage

500:1

✔️ Hedging Allowed

Yes

✔️ Scalping Allowed

Yes

💰 Commission

Standard – Zero / Raw – $3USD per lot

💰 Spreads

From 0.0 pips

💰 Leverage

500:1

💰 Currency Pairs (Total Forex pairs)

70 +

🔢 Number of clients

 

🥇 Instruments Offered

10 000 +

📙 Education

Trading Courses / Live Webinars / Podcasts / Events / Platform Tutorials / eBooks / Trading Glossary / Trading Guides

Click here ✅ Open a Trading Account

 

WHAT IS FIRST PRUDENTIAL (FP) MARKETS?

 

If you are looking for one of the best brokers in forex, First Prudential (FP) Markets is definitely a good option for you.

Found in 2005, FP Markets is a respectable forex and CFD brokerage firm with its headquarters located in Sydney, Australia. This online broker is regulated by the FSA, ASIC, CySEC, FSCA and FSC.

At FP Markets, clients can trade a range of trading instruments, such as forex, metals, indices, commodities, shares, derivatives, futures and cryptocurrencies.

The broker also offers a variety of trading platforms to its traders, including MetaTrader4 (MT4), MetaTrader5 (MT5), Web Trader, cTrader and IRESS.

 

INTRODUCTION

 

FP Markets is a trusted and globally regulated broker with more than 40 international awards earned over the last few years. Clients’ funds are also kept in segregated bank accounts.

The broker has more than 18 years of trading experience and has reached 80 + countries around the world.

As a result of the broker’s main investments in advanced trading technology, clients of FP Markets have access to the latest trading platforms and market integration systems.

Traders can expect to receive round-the-clock multilingual customer support, five days a week.

At FP Markets, clients have access to more than 10 000 financial instruments, technical indicators, charts, a news and economic calendar, ultra-fast execution, personal account managers and consistently low spreads from 0.0 pips.

The broker has more than 100 employees globally and over $1 billion USD worth of transactions are executed every day with FP Markets.

 

PROS & CONS

 

PROS

  • Forex fees are low.
  • Swift and user-friendly broker account opening process.
  • Fast processing of deposits and withdrawals.
  • Non-trading fees are low.
  • Regulated by ASIC (Australia).
  • ECN pricing on offer.
  • More than 10 000 financial instruments available to trade.
  • A variety of trading platforms available.
  • A variety of trading tools available.
  • 24/7 customer support available.
  • Great education tools available.
  • FP Markets minimum deposit from $100 AUD.

 

CONS

  • Stock CFD fees are high.
  • The web and desktop platforms are outdated.
  • International bank withdrawal fees are high.

 

TRADING INSTRUMENTS

 

Forex

The forex market is considered as one of the largest, fastest and most liquid markets in the world. With numerous awards earned, this broker is considered a global leader in the forex industry.

FP Markets is a trusted and multi-award-winning broker that offers seamless trading experiences through ground-breaking trading technology.

FP Markets operates 24/5 and offers more than 70 forex pairs. The broker also provides very tight spreads, starting from 0.0 pips.

With great charting tools, clients are in full control when making informed trading decisions. Forex can be traded on the MT4, MT5 or WebTrader trading platforms.

Clients can start trading forex with a leverage of up to 500:1 and a minimum of $100 AUD.

 

Metals

Gold has always been one of the most appealing metals, but there are also other popular tradable metals available at FP Markets.

At FP Markets, metals such as the following can be traded through CFDs:

  • Gold vs US Dollar (XAUUSD).
  • Gold vs Australian Dollar (XAUAUD).
  • Silver vs US Dollar (XAGUSD).
  • Silver vs Australian Dollar (XAGAUD).

 

The following benefits can be expected when trading forex:

  • All gold and silver market prices are available.
  • 500:1 is the maximum leverage available.
  • Traders can choose to trade short or long.
  • Great trading platforms are available, such as MT4 and MT5.
  • Clients can expect real-time charts for gold and silver.
  • Support from personal account managers are available 24 hours a day, five times a week.
  • Practice your trading skills with rich educational resources available.
  • Super-fast order execution.

 

Commodities

A number of commodities are available to trade at FP Markets, including metals, energy and agricultural products.

FP Markets is an SCB-licensed broker provider and offers optimal trading experiences to its clients with advanced trading tools available.

Commodity prices can fluctuate by factors, such as:

  • Diverse weather.
  • Seasonal availability.
  • Natural disasters.
  • Non-market related factors.

 

At FP Markets, commodities are traded through CFDs and it can be valuable for clients who are looking to diversify their portfolios.

Traders can expect the following when trading commodity CFDs with FP Markets:

  • Various commodity products to choose from.
  • Pre-open market.
  • Direct market access execution on exchange-traded commodities.
  • Enter and exit trades 24/5.
  • No re-quotes.
  • No manipulation of prices.
  • Competitive spreads.
  • Customised trading software.
  • Choose between different asset classes.
  • Risk management tools available.

 

The following commodities can be traded with FP Markets:

  • Commodities – WTI (West Texas Intermediate).
  • DMA Commodities – WTI CRUDE.
  • CFD Commodities – Gold, silver and WTI.

 

Indices

Trading indices at FP Markets allows you to trade on outstanding trading platforms at competitive leverage. Costs are much lower when trading CFD indices since traders do not take physical ownership of any shares.

The broker provides traders with access to the major stock indices via CFDs, such as EUREX, NASDAQ, S&P 500 and others. At FP Markets, you can trade global indices CFD futures or indices vs forex.

With great trading platforms available, the broker provides exposure to the following:

  • Live streaming prices; and
  • Ground-breaking technical analysis and charting tools.

 

The following indices can be traded with FP Markets:

  • DMA indices – NASDAQ 100 E-Min, DAX Index, Nikkei 225 (CME), EURO Stoxx 50, S&P 500 E-Mini, Mini SPI 200, DJIA E-Mini (CBOT) and SPI 200.
  • CFD indices – US30, FRA40, US500, GER30, US100, JP225, UK100, HK50, EURO50, AUS200, CHINA50 and SING30.

 

Cryptocurrencies

Cryptocurrencies are regarded as the most exciting asset class globally. Trading cryptocurrency CFDs with FP Markets do not require a digital wallet or exchange.

The broker has a range of cryptocurrencies that can be traded against Fiat currencies. Trading crypto CFDs is easy with FP Markets and you do not have to be a professional trader.

The broker provides crypto CFDs in major assets, such as Bitcoin, Litecoin, Ethereum, XRP (Ripple) and Cash Bitcoin, for positions against both AUD and USD.

Trading crypto CFDs with FP Markets offers the following benefits:

  • Provides an opportunity to diversify portfolios of traders.
  • Bitcoin prices are independent from of other financial instruments.
  • Latest cryptocurrency news available.
  • Available 24 hours per day, 7 days a week.
  • Rising and falling prices can be traded.
  • You do not require a digital wallet or exchange.
  • Low spreads.
  • Leverage trading available.
  • Trade crypto CFDs from various digital assets.
  • Robust and cutting-edge cryptocurrency trading platform.
  • Ultra-low latency execution.
  • Live streaming prices.

 

TRADING PLATFORMS

 

FP Markets offers its clients smooth trading experiences with the feature rich and user-friendly MT4 and MT5 trading platforms.

 

MetaTrader 4 (MT4)

FP Markets is a suggested broker for MT4. The MT4 platform is regarded as the globe’s most popular and most powerful trading platform.

Here are some reasons to use the MT4 online trading platform:

  • Flexible trading conditions.
  • Ultra-tight spreads.
  • Customisable interface.
  • One-click trading.
  • Live price streaming.
  • 128-bit encryption for secure trading.
  • Customisable alerts.
  • Multiple charts.
  • iOS and Android compatibility.
  • Advanced charting tools.
  • Various technical indicators.
  • Real-time price charts.
  • Market news and insights.
  • Very fast execution speed.
  • More than 50 pre-installed Indicators.
  • Access to the MQL5 community.
  • Professional technical analysis.
  • Automate trading with Expert Advisors (EAs).

 

MetaTrader 5 (MT5)

The MT5 is an all-in-one trading platform and is regarded as one of the most advanced trading platforms in the world.

Here are some reasons to use the MT5 online trading platform:

  • Buy and Sell Stop Limits.
  • Hedging allowed.
  • E-mail trading alerts.
  • Push notifications on mobile devices.
  • Exchange trading allowed.
  • Multi-functional trading platform.
  • Ultra-Low Spreads starting from 0 pips.
  • $100 AUD minimum deposit.
  • Up to 500:1 leverage.
  • Various technical analysis tools.
  • Forex signals.
  • Automated trading systems.
  • Copy trading features.
  • Wide-ranging technical analysis tools.
  • More than 80 technical indicators and analytical objects.
  • Market Depth feature.

 

WebTrader

Clients can trade on the broker’s MT4 and MT5 WebTrader platform that allows them to trade straight from a browser with ECN pricing access.

IRESS Trading Platform

For DMA (Direct Market Access) trading, FP Markets offers its traders access to the following platforms:

  • IRESS ViewPoint.
  • IRESS Trader.
  • IRESS Investor.

 

The IRESS interface provides the following features:

  • Advanced charting tools.
  • Real-time data.
  • Technical indicators.
  • Drawing tools.
  • Multiple timeframes.
  • Module linking.
  • Complete chart customization.

 

BROKER ACCOUNT TYPES

 

FP Markets has two broker account types on offer, consisting of the Standard Account and the Raw Account. To open an account with the broker is very simple and you can start trading right away.

 

Standard Account

The MT4 and MT5 trading platforms can be accessed through the broker’s Standard Account and a minimum opening balance of $100 AUD is required before you can start trading.

With this broker account, spreads start from 1.0 pip and you have access to over 70 forex pairs, metals, indices, and commodities to choose from.

The account offers leverage of up to 500:1 while no commissions are charged on trades. You can also access a free demo account through the Standard Account option.

A mobile app is available for trading with FP Markets and ultra-fast executions can be expected. In addition, VPS is available, as well as Expert Advisors (EAs).

 

Raw Account

The Raw Account has very low commissions and traders can start trading from as low as $3 USD per lot. A minimum balance of $100 AUD is required to start trading on the Raw Account.

This broker account also has fast execution speeds and spreads start from 0.0 pips.

Leverage of up to 500:1 can be expected with the Raw Account and the account offers many trading options with more than 70 products to trade.

 

HOW TO OPEN AN ACCOUNT

 

To open a trading account can be stressful, especially for new traders. FP Markets has a fully digital process and makes it easy for opening a trading account with them.

The estimated time to complete the registration process is roughly 3 minutes and you can open a trading account with this online broker within 10 to 15 minutes.

FP Market’s account opening process can be completed by following the steps below:

  1. Select the ‘Open Live’ option on the broker’s website.
  1. Provide the broker with your personal details, such as your email address, account types, country of residence, gender, full names and phone number.
  1. Provide FP Markets with further details about yourself, such as your date of birth, residential address and profession.
  1. Choose your preferred broker account type as well as the type of trading platform that you would like to use. Then select your account base currency and complete a short questionnaire on your knowledge of different financial products.
  1. Complete the ‘Declaration’.
  1. Your account is ready to start trading.

 

DEMO ACCOUNT

 

At FP Markets, you can open a demo account if you want to practice your trading skills. The broker’s demo account has 50 000 units of virtual money available to trade with.

The demo account may expire if you are not using it on a regular basis. Once the demo account has expired, the broker will not be able to reactivate the account.

The demo account will automatically expire after 30 days of no use.

 

SOCIAL TRADING AND COPY TRADING

 

At FP Markets, traders can automate their forex trading account with Myfxbook and Autotrade. Installation is very user-friendly and no volume-based fees are charged.

A trading system such as AutoTrade offers traders the opportunity to duplicate a range of systems directly into their MT4 trading account in order to boost their trading results in the forex market.

Here are some reasons to use AutoTrade from Myfxbook.com:

  • Best trading systems are indicated.
  • No demo accounts, only real accounts.
  • Clients have total control.
  • No software to be installed.
  • Completely automated system.

 

COMMISSIONS & FEES

 

FP Market’s trading costs depend on the type of broker account opened as well as the type of market being traded. On the broker’s website, you will find the commission for CFD trading as well as the exchange fees.

 

Standard MT4 / MT5 Account

  • The standard account offers zero commission on trading.
  • Spreads start from 1.0 pip.
  • ECN pricing execution offered.
  • Spreads and swap rates are available on FP Market’s website.

 

Raw MT4-MT5 Account

  • Spreads start from 0.0 pips.
  • Offers commission-based trading of $3 USD per lot.
  • ECN pricing execution offered.
  • Spreads and swap rates are available on FP Market’s website.

 

IRESS Standard Account

  • Brokerage fees are applicable but can be waived.
  • Waiving of fees depends on your trading activity (if you make $150 USD monthly in commission).

 

LEVERAGE

 

Leverage allows you to trade larger lots, even though a trader may have small amounts to trade with. Leverage can also increase a trader’s exposure to the markets. Leverage can be seen as ‘borrowing funds’ from the broker.

At FP Markets, you can expect to trade with a leverage of up to 500:1 for forex and precious metal CFD positions, which traders can significantly benefit from.

It must be noted that leverage comes with greater risk. Before trading, you should make sure that you understand the risks that accompany leverage. FP Markets has a risk policy whereby leverage is provided to traders based on their available equity.

 

WITHDRAWALS AND DEPOSITS

 

FP Markets has many deposit and withdrawal options on offer, however, the broker charges fees on some of the withdrawal methods.

 

Withdraw Funds

Go to your FP Markets Client Area in order to withdraw funds from your FP Markets trading account. Withdrawals must usually be made through the same method that was used with your initial deposit.

Withdrawals can be made by any of the following methods:

  • Credit / Debit Card (No brokerage fee charged) – Processing takes up to 1 business day.
  • International bank wire – Processing takes up to 1 business day upon receipt of all the necessary documents.
  • Neteller – Processing takes up to 1 business day.
  • Skrill – Processing takes up to 1 business day.
  • Fasapay – Processing takes up to 1 business day.
  • Paytrust88 – Processing takes up to 1 business day.
  • Ngan Luong – Processing takes up to 1 business day.
  • Broker to broker domestic – Processing takes up to 1 business day.

 

Deposit Funds

FP Markets offers a range of different funding options across a number of base currencies. Traders can deposit funds instantly with no deposit fees charged by the broker.

Deposits can be made by logging into the FP Markets Client Area on the broker’s website. After logging in, traders can select the ‘funding’ option and choose ‘deposit’ in order to make deposits into their trading accounts.

At FP Markets, you can deposit funds into your trading account with an easy and secure process. In most cases, the broker does not charge deposit fees.

Deposits can be made by any of the following methods:

  • Credit / Debit Card (No fees charged) – Depositing is instant.
  • International bank wire – Processing takes up to 1 business day upon receipt of funds.
  • Neteller (No fees charged) – Depositing is instant.
  • Skrill (No fees charged) – Depositing is instant.
  • Fasapay (No fees charged) – Depositing is instant.
  • Paytrust88 (No fees charged) – Depositing is instant.
  • Ngan Luong (No fees charged) – Depositing is instant.
  • Broker to broker Domestic (No fees charged) – Processing takes up to 1 business day.

 

Note that in addition to the above, there are further deposit / withdrawal methods available on FP Markets’ website.

 

CUSTOMER SERVICE

 

Clients can contact the broker in local languages through live chat, phone customer support, email and a FAQ section.

At FP Markets, customer support can be provided in various languages, including Chinese, English, German, Russian, French, Indonesian, Thai, Arabic, Greek, Italian, Malaysian, Portuguese, Spanish and Vietnamese.

The broker’s email support is regarded as being quick with relevant answers. The live chat option also works well and customers can expect helpful and informative feedback within a few seconds when using this function.

FP Markets also provides 24/7 customer support. One of the few brokers with this offering.

The broker’s customer support representatives can be reached 24 hours a day over the phone. FP Markets has a skilled team of experts and representatives to ensure great customer service.

 

RESEARCH

 

FP Markets have a variety of research tools to use. These tools are for both technical and fundamental analysis. However, the broker’s charts can be upgraded in terms of design and convenience.

 

Trader Toolbox

The broker’s trading platforms include some of the basic research tools. Other more advanced research tools can be found in the broker’s ‘Trader Toolbox’. Research tools can be accessed on the website. These tools are also offered in various different languages.

Here are some of the tools you can expect in the Trader Toolbox:

  • An alarm manager in order for traders to set up more advanced alarms, such as a news alert.
  • A correlation matrix that displays the link between assets.
  • A sentiment trader that displays the distribution of buyers & sellers.
  • Access to historical data of basic assets.

 

In order to access the Trader Toolbox of FP Markets, a minimum deposit of $1 000 AUD (or an equivalent amount in another currency) is required. Upon qualification for the tools, traders will get an email with a link whereafter the Trader Toolbox can be downloaded.

 

Trading Hub

FP Markets has a ‘Trading Hub’ in the form of a blog where trading ideas are provided to traders. The trading ideas are further divided into two categories, namely technical and fundamental analysis. In our opinion, the quality of these trading ideas is fantastic.

 

Autochartist

Autochartist is available to use via the MetaTrader trading platforms. This is a tool that identifies charting patterns and accordingly provides traders with an indication of the trading direction. In order to download Autochartist, traders need to log into their ‘Client Portal’ and select ‘Trading Tools’.

 

Charting Tools

The brokerage firm has average charting tools. There are over 31 technical indicators available to use as well as other editor tools, such as ‘trendlines’ or ‘Fibonacci retracement’.

 

EDUCATION       

 

FP Markets’ educational offering is considered to be very good. Traders can expect to receive a number of ways to educate themselves.

On the website, you can find the educational tools under the ‘Education’ and ‘Client Resources’ tabs. In 2020, FP Markets rebranded its educational centre as “The Traders Hub”. 

 

eBooks

FP Markets’ eBooks is a great educational offering for those who want to develop their trading knowledge. With eBooks, you can learn to understand the way in which the forex market functions with the fundamentals of technical and fundamental analysis.

These comprehensive eBooks are created with the assistance of professional CFD traders. The eBooks are developed in order to make sure that traders have the best head start.

FP Markets’ eBooks are created with inputs from some of the broker’s most experienced traders such as go-to strategies and techniques.

 

Trading Courses

Trading courses are catered for beginner, intermediate and advanced traders. With these courses, you can expect static texts covering some of the fundamentals of trading.

 

Video Tutorials

At FP Markets, forex traders can access their educational videos in order to assist them in using the MT4 trading platform.

The video tutorials provide traders with a general idea on the following:

  • How to install the MT4 trading platform.
  • How to use ‘market watch’.
  • How to use ‘navigator’.
  • How to trade terminal.
  • How to place different order types.

 

Glossary

FP Markets has an extensive glossary on offer for traders to learn more about trading.

 

GLOBAL AWARDS

 

There are a number of factors why the brokerage firm gained its respectable place in the market. Also, FP Markets is well-known and recognised by several publications and reputable editions.

In 2019, FP Markets won the ‘Best Global Forex Value Broker’ award at the Global Forex Awards. In addition, the broker has also collected many industry awards over the 15 years including but not limited to the following:

  • Best Trading Conditions (2023) – Ultimate Fintech Awards Global.
  • Most Trusted Broker (2023) – Ultimate Fintech Awards Global.
  • Best Global Forex Value Broker (2023, 2022, 2021, 2020 and 2019) – Global Forex Awards.
  • Best CFD Broker in Africa (2023) – FAME Awards.
  • Best Trade Execution (2023) – Ultimate Fintech Awards APAC.
  • Most Transparent Broker (2023) – Ultimate Fintech Awards APAC.

 

PROMOTIONS

 

The brokerage firm does not provide any bonuses or promotions due to its regulatory restrictions. However, FP Markets does offer a free VPS through its own dedicated server.

In order to receive a free VPS, traders must do either of the following:

  • Deposit a minimum of $500 USD.
  • Trade over 20 lots on a raw account or trade over 10 lots on a standard account.

 

CONTESTS

 

According to our research conducted on FP Markets, we could not find any evidence of contests or competitions that are being held by this online Forex broker.

 

SAFE OR SCAM?  

 

In our opinion, FP Markets is a safe broker with a great overall offering. After conducting an in-depth investigation of FP Markets, we found that they are safe to trade with. The broker is also regulated by the familiar Australian Securities and Investments Commission (ASIC) amongst various other regulators.

  • The broker has a decent history of offering forex, CFDs and more.
  • The broker has more than 18 years’ experience in the industry.
  • The broker has good customer support.
  • The broker’s processing time of deposits and withdrawals are fast.
  • The broker has a global presence, having clients in over 80 countries.

 

CONCLUSION

 

FP Markets is an excellent forex and CFD brokerage firm and a great choice for both beginner and professional traders.

FP Markets has a user-friendly and simple account opening process while no inactivity fees are charged by the broker.

According to this FP Markets broker review, the broker requires a minimum deposit of $100 AUD, which is higher than other brokers, but still represents good value, while depositing funds into your trading account is also fast and easy.

The broker offers an all-inclusive and specialised trading experience to its clients with numerous financial instruments available. FP Markets also provide ECN access.

We highly recommend this broker for forex trading, since they are well regulated, provide good value for money and have a wide array of trading instruments available to traders.

 

FP Markets Review

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