Independent rating of Forex broker FP MARKETS

About company

FP Markets is an Australian Forex broker founded in 2005. FP Markets is operated by First Prudential Markets Pty Ltd., which in turn is regulated by the Australian Securities and Investment Commission (ASIC). The ASIC requires licensed companies to comply with a number of rules. Thus, the broker is obliged to keep clients’ funds in segregated accounts. As for the minimum capital requirement, each Forex broker must have at least $1 million to prove that they are in good financial condition. However, unlike EU-based brokers, Australian companies do not participate in investor compensation programs. FP Markets clients can trade on seven global exchanges, including the Australian Stock Exchange (ASX) and the New York Stock Exchange (NYSE).

Trading conditions

• access to over 10,000 financial instruments: 60+ currency pairs, indices, commodities, and cryptocurrencies
• separate accounts for Forex and CFD trading
• technical indicators and charts
• positions are opened/closed automatically
• tight spreads from 0 pips
• scalping and Expert Advisors with no minimum distance between the spread
• multilingual support service
• demo account
• MT4, MT5, and IRESSTrader trading platforms
• PAMM/MAM

Trading platform

FP Markets offers its clients trading on three trading platforms - MetaTrader 4, MetaTrader 5, and IRESSTrader.

MetaTrader 4 (MT4) features:

• user-friendly interface with access to the color settings of technical indicators
• MarketWatch
• one click trading
• Expert Advisors (EA)
• 128-bit encryption for secure trading
• access to the MQL4 community
• compatible with iOS, Mac, and Android devices

MetaTrader 5 (MT5) features:

• technical indicators and market depth display
• advanced strategy tester for algorithmic trading and Expert Advisors
• 6 types of pending stop orders
• built-in trading systems and applications market
• copy trading
• forex scalping robots that increase the accuracy of Forex and CFD trading

IRESSTrader features:

• module linking
• Direct Market Access (DMA) applied to CFDs
• user-friendly interface
• advanced browser notifications
• construction of trading charts
• management of multiple portfolios
• real-time price streaming

Support service

Clients can reach out to the support service via live chat, email, and phone. Contact details are indicated on the company’s official website.

Traders’ reviews

There are no firmly positive or negative comments about FP Markets on the Internet. As for trading instruments and trading platforms, clients have no complaints. Some traders, however, point out that the main drawbacks are non-market quotes, the closure of positions without prior notice, and challenging withdrawal of funds.

Advantages:

• demo account
• low latency
• multilingual customer service
• large selection of trading platforms
• high leverage
• regulated broker

Disadvantages:

• frequent slippage
• non-market quotes
• problems with withdrawing funds
• closure of positions without notice
• web portal disruptions