FP Markets Review – Pros, Cons
Are you looking into trade with FP Markets? Now there are thousands of brokers online, some being scams, some only suiting certain types of traders and some with much better conditions than others, picking the right forex trading broker has never been so important. We have extensively researched FP Markets for this review, with everything from signing up processes to their spreads and regulation. So, is FP Markets a good broker? To get more news about fp markets pros cons, you can visit wikifx.com official website.Who Are FP Markets?
FP Markets are one of the most popular forex brokers in the world, founded in 2005 and offers trading solutions for professionals and retail traders like us. They offer industry leading spreads starting at 0.0 pips, with a huge range of funding options, a maximum leverage of 1:500 and over 60 forex pairs to trade! Alongside that, they have over 10,000 stocks to trade and one of the best reputations within the industry for providing a great quality trading environment. Let’s find out more…
As FP Markets are based in Australia and regulated by ASICOpens in a new tab., they are able to offer a large 1:500 leverage to clients! This is absolutely huge and more than enough to grow accounts quickly, as you are able to risk a large amount of your account per trade. Leverage of this level is a double edged sword, it can grow accounts fast but it can also ruin accounts even faster and blow them down to $0, so make sure you use risk management whilst playing with leverage.
This broker offers a HUGE amount of products to trade. This includes over 60 forex pairs, over 10,00 stocks, 19 indices and metal, oil and commodities! As a forex trader and commodities trader this broker is absolutely perfect with such a large offering. Every pair you could want to trade is listed, meaning you won’t need to be trading with multiple brokers just to trade your favourite pairs.
Spreads and commissions are very important when looking at brokers, especially for traders that like to trade on the lower time frames as they typically make less pips profit in every trade, than swing traders for instance. With that being said, FP markets are a no dealing desk broker. This means they never manipulate the market prices, meaning they are able to offer industry leading tight spreads!
The spreads on the ECN accounts start from as low as 0.0 pips, and average 1 pip on the standard accounts, which is low enough for all kinds of traders to make money! The commission on the RAW ECN account is $3.00, $6.00 per round turn, on 1 lot! This is very competitive and I am yet to find a cheaper broker.
It’s nice to have a few different accounts to choose from when you’re signing up with a new broker. FP Markets offers 5 different live trading accounts, alongside a free demo account as well.This is split up into 2 trading accounts for MT4 and MT5, which are the Standard Account and RAW ECN account. On the standard account you are not paying any commissions on trades, but there is a slightly larger spread whereas on the Raw ECN account you are paying a small commission but have access to industry leading spreads.
The other 3 accounts are all situated on the Iress platform. They offer the standard, platinum and premier account types, all coming with their own range of benefits as you can see below. For most traders, the standard account is the only account worth thinking about as the minimum deposit on the platinum is $25,000 and it’s a huge $50,000 for the premier account, ruling out most retail traders.
In my opinion, I would recommend the RAW ECN accountOpens in a new tab.. It has frankly professional level trading conditions and the spreads/fee structure is so low, making it the perfect choice for traders! I trade a hybrid of swing trading, day trading and also the odd intraday move now and again, so having those tight spreads really does give me an edge, which I wouldn’t be able to get with a larger spread. Sign up for this account now!Opens in a new tab.
Are FP Markets Regulated?
The most important thing to look for in a forex broker is the regulation. If a broker isn’t regulated, then you may run into a whole host of problems further down the line when trades get manipulated and withdrawals go missing. So, are FP Markets regulated? Yes the are!
They are regulated by ASIC (Australian Securities and Investment Commission)Opens in a new tab., which is one of the most prestigious regulators in the forex broker space. They also hold a license to provide financial services in Australia (AFSL). Alongside this regulation, they are also regulated by CySecOpens in a new tab., making them an even safer broker to be trading with!
FP Markets have over 40 prestigious awards in their name, alongside their regulation, licensing, segregation of client funds and top tier liquidity. This makes them, in summary, one of the best forex brokers you could ever trade with! Your capital is safe with this broker.