First Prudential Markets Pty Ltd trades as FP Markets offering forex and CFD trading with the RAW account requiring a minimum deposit of $100 AUD and offering low spreads from 0.0 spreads, a commission rate of $3.50 per lot, leverage of up to 500:1 and strong FP Markets reviews on review sites.
Below shows each of the above points in greater details for the complete FP Markets review.
The overall rating is based on review by our experts
FP Market is a no dealing desk broker (NDD) which means straight-through processing of orders. There are several other brokers offering this feature, so a comparison was made focusing on limit orders. These are orders when a trader sets a buy limit, buy stop, sell limit or sell stop. Based on 25 trades, FP markets achieved an execution speed of 80ms, which was the lowest as shown below.
Our FP Markets review found the company was more than a forex broker providing access to 10,000+ trading instruments. The financial instruments and markets it offers are listed below.
FP Markets allow trading of Shares CFD (also called equities) via the MT4/MT5 and IRESS trading platforms. If you are trading on MT4 or MT5, you can choose from 20 stocks. These shares will use ECN style pricing. There is no commission as fees as incorporated in the spread.
IRESS trader, unlike MetaTrader, offers thousands of different stocks for trade using Direct Market Access (DMA) execution. Commission costs are 0.08% per side.
There are 50+ currency pairs to trade including the most popular forex trading options including AUDUSD, EURUSD and GBPUSD. Commodities, Indices and even cryptocurrency including Bitcoin, Bitcoin Cash, Litecoin, Rippled (XRP), Ethereum can be traded through FP Markets.
Traders using FP Markets can access the most popular overseas exchanges. This includes the CBT, CME, CFE, Eurex and NYM. When trading these and other CFDs (Contracts for Difference) there are three account types available. The best value is the Premier account, but there are deposit requirements as shown below.
Our FP Markets review found that the index options available were one of the best of the ASIC regulated forex brokers. Markets that can be traded include the Dow Jones, FTSE 100, NASDAQ and even the Sydney Futures Exchange. Traders can use Index CFDs to open positions on the whole market rather than just targeting individual stocks.
Overall, unlike most other forex brokers that solely focus on currency trading, the wide range of financial service and markets offered this the category leader in the FP Markets review.
There are four forex trading platforms available by First Prudential Markets:
MT4 is currently the world’s most popular forex trading platform. It offers the following features:
MetaTrader 5 (MT5) in many aspects is an upgrade on MT4. It offers the following features:
This MetaTrader trading platform allows you to access MT4 and MT5 via web-browsers. It is designed to be rich in features without compromise on performance. It offers all the essential features you need for successful trading.
MetaTrader is available via desktop (Windows, Mac), Web-browser (WebTrader) and Mobile trading via MetaTrader mobile app (Android, iOS).
Forex traders who open an FP Markets account and deposit over $1,000 in Australian Dollars will receive Traders Edge. This is 12 additional tools to MT4/MT5 to enhance the forex trading experience.
This MT4/MT5 feature combines economic calendars and news fees within the forex trading platform. Traders can also open websites within the MT4 terminal.
Traders using this feature can receive alerts when events occur in the market or within the account. It can then also make automated actions and send updated via SMS, e-mail or even Twitter.
This feature allows traders to find a correlation between currency pairings over an adjustable time-frame. Recent price activity can also be traced to make informed trades.
This metric helps traders identify symbols with a weak or strong correlation. This can help calibrate trades based on those with a high or low correlation rankings.
For those who love Excel, the RTD can use live market data without macros, programming or XLL add-ins. Using VBA code trade commands can then be made and pushed into the market.
There are four features market manager offers including “watch list” with open positions for different symbols, headline account information, open ticket lists and recent symbol price activity.
Stealth orders allow traders to hide their pending orders (both entry and exit levels). The feature buys or sells at the market price when the price target is reached.
From when the app is opened, tick charts compile market data. This allows fast position exit and entry on a first in first out basis. Historical data can’t be accessed using the tick chart.
This map MT4 platform feature shows each ‘session’ throughout the day in your local time. For example, it will show when the New York Session commenced when trading activity is higher.
This feature displays the open positions and pending orders, current metrics and applies automated rules for position analysis and scaling positions with expert advisors (EAs).
This is an addition to the trading terminal mentioned above, allowing traders to focus on specific market and charts in a minimised window on a desktop or tablet device.
This feature displays short and long current and historic information on traders’ sentiment. This is the percentage of traders having open, sell or buy positions.
Upgraded in 2017, IRESS is designed to be an easy-to-use forex trading platform built on HTML5. Like MetaTrader, there is a web-based option, desktop version and apps for android and apple devices.
Transparent pricing & market depth
Insert orders across exchange order books and view prices that flow from the underlying exchange. Make TP/SL or custom order strategies for expert users looking to make complicated order types.
Custom trade alerts and news
News alerts and trades can be set to arrive through SMS, email, or through the trading platform. Get real-time news through the trading platform, including the ASX, Newswire and Dow Jones. All you need to do is provide your mobile phone number or email address.
View global CFDs information and make trades from currency, commodities, futures and equities. View charts that can be set daily or intraday with a wide range of analytical and indicator tools.
Most forex traders select the MT4 platform, but those also looking to for an ‘all-in-one’ platform that includes stocks will select the IRESS trading platform. The availability to choose from the most popular forex trading platform or a versatile platform like IRESS is why our FP Markets review found the broker was the best in this category.
Investment trends of the ‘gold standard’ awards firm where forex traders vote on the best forex broker across a number of categories. FP Markets reviews have led to multiple awards, including ‘Best Global Forex Value Broker, ‘Most Satisfied Traders’ and ‘Best Customer Service’.
FP Markets has a range of online training for beginner, intermediate and expert forex traders. Every Monday webinars are available with expert analysis and expert analysis to help traders understand the hot spots across the markets to trade.
Both technical analyses combined with some fundamental analysis is discussed during these sessions.
Our FP Markets review found their trade execution was up there with the best forex brokers based on their data centres and fibre optics. The trade servers are located in New York (NY4) and London (LD5) close to where the liquidity providers are. Fibre optics connect Australian forex traders, reducing latency speeds across borders.
Their customer support is multi-lingual, offered 24 hours a day across all weekdays. The customer service team are also experienced and well-trained to understand forex trading in current market conditions. FP Markets offers live chat options via their homepage at fpmarkets.com.
There are a number of phone numbers to contact FP Markets on. Within Australia, there is a 1300 376 233 telephone number of (02) 8252 6800 for those looking to avoid 1300 numbers. The extension for Australia is +61 for international customers.
FP Market reviews from current and past customers are well warranted based on their customer service, execution speeds and training provided. If you’re looking for the best forex broker when it comes to reputation and satisfaction, FP Markets is a logical choice.
There are three CFD account with First Prudential Markets and two forex accounts. The minimum deposit for both the Standard account and RAW accounts (ECN account) is AUD$100. When it comes to IRESS account the minimum is $1,000 but to get the lowest possible fees, the minimum deposit is $50,000.
These minimum deposits (minimum opening balances) are higher than most other forex brokers and indicate that FP Markets focuses on medium to high-volume traders. Those looking just to casually try currency trading with a few dollars may wish to consider a different forex broker offering lower minimum balance options.
If you are looking for low deposit accounts, then consider FP Markets MetaTrader accounts.
Our FP Markets review found that some deposit methods incurred funding fees. Most other forex brokers waive such fees, so it’s important to understand which methods incur fees and what these charges are.
Credit card fees are only applied if you are using the IRESS platform. A 1.6% charge is made for those funding their account through either an Australian debit card or credit card. If you have an overseas debit or credit card, on the other hand, this increases to 3.18%. The exception to these funding fees is for the first deposit to fund an account for which the charges are waived. It should be noted that American Express (AMEX) cards are not accepted.
Neteller & Skrill
Neteller and Skrill have no charges, and funding is instant. Neteller offers a choice of funding currencies including AUD, CHF, CAD, GBP, EUR, PLN, JPY, SGD, USD. Skrill is only available in USD.
bPay & Direct Transfer
A 0% deposit (no charge) is offered for these payment methods. The issue though is payment takes 1 business day to clear which can delay forex trading. bPay only accepts Australian Dollars, while direct transfer can be done in a range of currencies.
If you wish to avoid fees and delays when making deposits, POLi is an excellent option. POLi offers instant transfer fee-free deposits through an online payment system that connects bank accounts to Australian clients. Additionally, there are no bank wire fees and China Union Pay also comes with a 0% deposit fee.
Withdraws can be made via the deposit methods and must go back to the same account. Credit cards and domestic wire transaction have no fees. For international bank transfer, an additional intermediary bank’s ‘handling fee’ may be charged. International wire transfers will incur a cost of $25 AUD, while FasaPay withdrawals may incur a 0.50% fee.
FP Markets offer leverage, which is critical when CFD trading or currency trading. This can accelerate making profits or accelerate losing your money. This also increases the risk of online trading, which is why risk management features should be considered. Below are the two salient features that some forex brokers offer and insights into what FP Markets offer.
Negative Balance Protection
When the trades move in the wrong direction, losses can be significant leading to a negative account. Fx broker balance protection policy will either guarantee or aim to exit the broker before their balance goes into negative policy.
If you are using MT4 or MT5, then FP markets will automatically exit your position when the 50% stop out level is triggered. In addition to this, margin calls will commence at 100%. This means you will be notified by email to take the action that suits your needs. Traders using IRESS will be notified by phone and email.
Margin call and Stop outs do not guarantee that a negative balance can’t occur, as high volatility can still result in significant slippage. If your risk-averse, you may want to consider this. So clients are ultimately responsible for the management of their money and any negative balances.
FP Markets offers stop-loss orders. This means you can pre-set the maximum profit or loss that can be made on a trade. This is a great risk management feature, but losses (or profits) may exceed this level due to slippage, which is when the order couldn’t be filled at a set level. Like for negative balance protection, this is due to extreme volatility which can happen during market events such as interest rate announcements. The only way to avoid losing your money through slippage is by choosing a broker with guaranteed stop-loss orders which also leads to higher fees. As an ECN pricing style forex broker (which means no dealer interaction) FP Markets can’t offer this feature.
FP Markets an ideal forex broker for those looking to trade not just currency but a wide range of markets. They offer strong trading platform options and strong customer support to assist with trades. The forex broker is not recommended for those new to trading CFDs or those with a low-risk appetite who may require risk management features.
FP Markets offer two branded of trading platforms. These are the MetaTrader 4, 5 and WebTrader editions and IRESS. Once you have chosen a platform, find the account using the platform that suits your needs.
Compare Forex Brokers recommends you open either the RAW forex trading account or platinum CFD account as they incur the lowest trading costs. Just note there are high minimum deposits required. Overall, their low spreads, strong customer service and platform offerings make FP Markets ideal for intermediate or expert forex traders.
Yes, FP Markets is a safe forex broker by all industry standards. This brokerage trading firm is regulated in three tier-one jurisdictions (FCA, ASIC and CySEC) and your money is held in segregated accounts with leading banks (National Australia Bank or Commonwealth Bank of Australia). At FP Markets clients can enjoy trading in over +10,000 CFD instruments spread across 5 asset classes, access a good range of trading platforms (MT4, MT5 and IRESS), spreads starting from 0.0 pips and ECN trading conditions.
Yes, FP Markets is an ECN broker that supplies its forex quotes from a wide network of liquidity providers including Goldman Sachs, JP Morgan, HSBC, Citibank, etc. The benefits of trading with an ECN broker includes lower spreads, minimal slippage, lightning-fast order execution speed and deep liquidity. FX Markets clients can access the ECN pricing model through the RAW account with a minimum deposit of USD 100.
Yes, FP Markets accepts retail forex traders from Canada. Actually, FP Markets accepts clients from all over the world excluding retail FX traders residents in the US, Japan or New Zealand. The minimum deposit to open a live trading account is USD 100 or 100 units of the account base currency.
Check out a full comparison of IIROC regulated brokers here: Top 10 Canadian Forex Brokers.
FP Markets Australia leverage is 30:1 when trading major currency pairs and 20:1 when trading minor pairs. This means you can effectively borrow up to 30 times your deposit on forex amplifying any potential profit or loss from small market movements. If you are trading gold and major indices, you’ll be offered 20:1, while other financial products have lower leverage. This includes 10:1 for minor indices, 5:1 for stocks and 2:1 for cryptocurrencies like Bitcoin.
A higher maximum leverage of 500:1 is available via FP Markets offshore entity based in St Vincent and the Grenadines, but with high leverage also comes higher risks. For example, a small 0.2% change in a currency pairing at 500:1 will lead to a trader doubling their profit (before fees) or losing the whole amount. Additional slippage could leave to a negative result, so it’s recommended to gain experience and understand the high risk involved with leverage.
FP Markets RAW account offers Direct Market Access (DMA). This means their traders with this account make trades directly with liquidity providers through their forex trading platform. By making trades without interference from a forex broker there is increase price transparency, faster trade executions and dramatically lower spreads. A consistent commission instead is charged as the transparent brokerage fees. A similar broker account is IC Markets and Pepperstone who offer an ECN RAW account.
It should be noted that an ECN pricing style forex broker means that foreign exchange liquidity providers are combined to a forex price feed for institutional and retail clients. The auction allows the best offer and bids available on aggregate for each forex pairing. Overall, the ECN pricing style forex broker network focuses on combining sufficient volume to fill orders at the quoted offer with reduced slippage.
FP Markets’ headquarter is located in Sydney, Australia, Level 5, Exchange House,10 Bridge St, Sydney NSW 2000. FP Markets have been an Australian Securities and Investments Commission (ASIC) regulated broker since 2005. Being an Australian regulated broker requires deposits are held in a segregated account from the Australian forex broker. This means in the unlikely event that the fx broker had liquidity issues, the client’s funds would remain protected and returned to the trader, which protects clients from potential scams. Our FP Markets review noted they have an additional policy to maintain twice the required capital required of a CFD broker. The forex broker’s AFS Licence Number is 286354.
As of April 2019, FP Markets acquired a CySEC (Cyprus Securities & Exchange Commission) license (number 371/18) to allow them to target and onboard European customers. A number of other brokers have done the same in recent months.
An FP Markets demo account is available across both their MT4 and IRESS trading platform. A demo account allows individuals to test the waters with forex trading. Strategies can also be tested with $50,000 in virtual funds. A First Prudential Markets Pty Ltd demo account may have some slight differences to a real account, such as a lack of slippage. These should be understood prior to moving to a live forex trading account.
Justin Grossbard has been investing for the past 20 years and writing for the past 10. He co-founded Compare Forex Brokers in 2014 after working with the foreign exchange trading industry for several years. He also founded a number of FinTech and digital startups including Innovate Online and SMS Comparison. Justin holds a Masters Degree and an Honours in Commerce from Monash University. He and his wife Paula live in Melbourne, Australia with his son and Siberian cat. In his spare time, he watches Australian Rules Football and invests on global markets.