Is FP Markets regulated?

The FP Markets broker is regulated by many financial authorities in different countries like:

• CySEC: Cyprus Securities and Exchange Commission
• ASIC: Australian Securities and Investments Commission
• FSA: Financial Services Authority of St. Vincent and the Grenadines

Is FP Markets a scam?

FP Markets safety is divided into 2 parts: the safety of the broker itself and the safety of the client.

Broker safety

FP Markets has a +15 years of experience in forex and CFD trading since 2005. It has also +10,000 traders on its platform and has survived from several financial crises up-till-now.

The negative part here is that FP Markets does not have a banking background and is not listed on any stock exchange.

Client protection

FP Markets does have client protection amounts under its regulators as the following:

FP Markets Legal Entities Table

Unfortunately, FP Markets does not provide negative balance protection except for the EU-clients only. There’s no protection for the clients under the ASIC or FSA.

FP Markets provides a variety of trading instruments like forex and CFDs. There are also options to trade with commodities and cryptocurrencies.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

FP Markets Offering of Investments

Notes:

For the UK-clients, FCA bans trading in cryptocurrencies from Jan. 2021.

Social Trading

FP Markets allows social trading on its platform. That means that you can follow top traders and copy trades from them at any time.

Countries available

FB Markets accepts clients from all over the world except from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

Account types

FP Markets does provide a variety of account types based on the type of investment you want to do. According to each category of accounts, you can choose the category that suits you the most. The categories are:

• Forex accounts
• IRESS accounts

Let’s dive into each category of these in detail.

1- Forex Accounts

This category contains 2 main account types: standard and raw accounts. This category is mainly for trading forex.

FP Markets - Forex Account comparison

FP Markets - Forex Accounts

In addition to the previous account types, there is an islamic account option with no swap fees for people who follow islamic rules.

FP Markets - Islamic Accounts

2- IRESS Accounts

This category contains 3 main account types:standard, platinum, premier. This category is mainly for trading forex, futures, and CFDs.

FP Markets - IRESS Account comparison

FP Markets also has a great option for clients who want to open multiple accounts as they can open sub-accounts, each one of them can have its own base currency. (i.e., UDS, EUR, etc.)

FP Markets - IRESS Accounts

Min deposit

The minimum deposit for MetaTrader accounts is $100, but at the same time, the minimum deposit for CFD reading accounts is high starting at $1,000.

How to open an account

The process of opening an FP Markets account is very easy and straightforward within minutes.

You can open an FP Markets account in minutes through these steps:

1. Enter your email, name, country of residence, and some other personal information.
2. Provide some further information like date of birth, profession, etc.
3. Choose the account type you want to open along with the trading platform and base currency.
4. You’re ready to start trading, now!

FP Markets - Account opening

Notes:

There is a thing we noticed after creating an account which is interesting as we received a call from the customer support team of FP Markets to help us start trading on the platform. They also provide us with a tutorial video to know more about the MetaTrader Platform.

FP Markets have competitive trading fees and no inactivity fees within all brokers.

Commissions

FP Markets does charge no commission when trading forex whether you have a standard or islamic account which is very competitive.

FP Markets - Commissions

Trading Fees

The trading fees of FP Markets differ from one account type to another as the following:

Forex fees

• For standard accounts, the spreads start at 1.1 pips for the EUR/USD.
• For Raw (ECN) accounts, the spreads start at 0 pips for the EUR/USD, but there’s a commission of $3 per lot.

Metals

• For standard accounts, the spreads range between 0.012 and 0.16 pips for silver and gold respectively.
• For the Raw (ECN) accounts, the spreads range between 0.01 and 0 pips for silver and gold respectively. There’s also a commission of $3 per lot.

Indices

• For standard accounts, the minimum spread is 0.6 pips.
• For the Raw (ECN) accounts, the minimum spread is 0.1 pips.

Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow islamic rules.

Learn more about CFDs for muslims.

Commodity fees

• For standard accounts, the minimum spread is 0.04 pips.
• For the Raw (ECN) accounts, the minimum spread is 0.02 pips.

Cryptocurrencies

• For standard accounts, the Average spread is 0 pips.
• For the Raw (ECN) accounts, the minimum spread is 0.0005 pips.

Non-trading fees

• Account fee: $0
• Deposit fee: $0
• Withdrawal fees: $0 (for credit/ debit cards)

(you can check the full withdrawal fees in withdrawal fees section)

• Inactivity fee: $0

Account Currencies

The FP Markets account has a number of base currencies like EUR, GBP, USD, AUD, CAD, SGD, HKD, JPY, NZD, CHF.

Notes:

• You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
• You can open a sub-account under your main account, each one of the sub-accounts can have its own currency.
• If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

Deposit

1. Options

FP Markets deposit methods

FP Markets supports depositing using different electronic wallets such that:

• Visa and Mastercard
• Bank Transfers
• BPay
• Poli
• PayPal
• Neteller
• PaySafe (formerly Skrill)
• FasaPay
• PayTrust
• Nganluong.vn
• South American Payment Method

In addition to the previous deposit options, FP Markets offers an option to transfer your money from another broker as you want.

2. Fees

FP Markets does not charge any deposit fees except for the bank transfers, FP Markets will cover your International fees (up to 50USD) for deposits greater than 10,000 USD.

3. Time

All of the deposit options happen instantly except for some options that may take about 1 business day to be completed.

FP Markets - Deposit Options and Fees

Withdrawal

1. Options

FP Markets withdrawal methods and fees

Notes:

Please note, the withdrawal amount will need to be the same amount as your deposit and via the same withdrawal method. Once deposits have been withdrawn, you can use an alternative method to withdraw profits.

2. Fees

The FP Markets Withdrawal fees are as the following:

FP Markets - Withdrawal Options

3. Time

The withdrawal happens within 1 business day for all the options.

FP Markets - Withdrawal Options and Fees

You can trade on FP Markets on different platforms like MT4 / MT5 and there’s a new mobile trading platform as well.

FP Markets - Mobile Platform (New)

Languages

FP Markets mobile platform is available in a number of languages as the following table shows.

FP Markets - Mobile Platform - Languages

User interface (UI)

The UI of FP Markets mobile trading platform is very user-friendly with a great ability to navigate between sections smoothly.

FP Markets - Mobile Platform - UI

Login and Security

The mobile platform does support two-step verification login method nor Touch/ Face ID.

FP Markets - Mobile Platform - Login

Searching

Unfortunately, there’s no search option in the platform.

Placing orders

There are 2 types main types of orders:

1. Buy limit
2. Sell limit

FP Markets - Mobile Platform - Place Orders

Notifications and alerts

There’s no option to set alerts or notifications in the FP Markets mobile trading platform.

Portfolio and reports

FP Markets has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid.

MT4 Platform

Languages

MetaTrader 4 is available in a number of languages like:

MT4 Languages

User interface (UI)

MT4 has a very customizable UI that you can adjust according to your needs and preferences. On the other hand, it seems hard to find some of the features inside.

MT4 - Mobile Version - UI

Login and Security

Unfortunately, the MT4 does not provide a two-step verification method for logging in, and it does only support a one-step login.

Searching

Searching using the MT4 platform has its pros and cons.

• Pros: you can search by categories and find assets.
• Cons: you can not type the name of the asset and search for it manually.

Placing orders

MT4 has a simple order types which are:

1. Market
2. Limit
3. Stop
4. Trailing stop

In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good 'til canceled’ (GTC).

There’s also an order confirmation feature in MT4.

Notifications and alerts

Unfortunately, the MT4 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions.

MT4 - Mobile Version - Notifications Settings

Portfolio and reports

Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.

MT4 - Mobile Version - Portfolio

MT5 Platform

Languages

MT5 is available in 7 main languages: English, Russian, Spanish, Portuguese, Bulgarian, Chinese and Italian.

User interface (UI)

MT5 has a very customizable UI that you can adjust according to your needs and preferences with the dark theme option. On the other hand, it seems hard to find some of the features inside.

MT5 - Mobile Version - UI

Login and Security

Unfortunately, the MT5 does not provide a two-step verification method for logging in, and it does only support a one-step login.

Searching

Searching using the MT5 platform has its pros and cons.

• Pros: you can search by categories and find assets.
• Cons: you can not type the name of the asset and search for it manually.

MT5 - Mobile Version - Search

Placing orders

MT5 platform has a simple order types which are:

1. Market
2. Limit
3. Stop
4. Trailing stop
5. In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good 'til canceled’ (GTC).

There’s also an order confirmation feature in MT5.

Notifications and alerts

Unfortunately, the MT5 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions.

MT5 - Mobile Version - Notifications Settings

Portfolio and reports

Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.

MT5 - Mobile Version - Portfolio

FP Markets provides a useful toolbox for the MT4 traders which can give them the most from the platform and enhance their trading experience.

This toolbox includes a number of online tools, each with its features and advantages.

Trader Toolbox Connect

This tool provides you with the latest news and forecasts as well as the seeing the upcoming events in the economic calendar. You can then apply a filter and make edits as you wish in the newsfeed.

There is also a specific tab to access educational content from this tool which is kinda useful.

Alarm Manager

This tool helps you get notifications about the latest updates in the market as well as the ability to send automatic updates to your followers on Twitter account.

Correlation Trader

This tool shows you the correlation between two or more symbols over a timeframe and this correlation is measured between -100 and +100.

• The +100 means that the relation between these symbols is positive. In other words, if one of them goes high, the other one will do as well and vise versa.
• The -100 means that the price movements in symbol A and B have been exactly opposite.

FP Markets - Research - Correlation Trader

Excel RTD

Using this tool. You can display real-time data in excel

Market Manager

The market manager app shows you a watchlist of symbol prices and the open positions with the ability to close positions and open new one.

FP Markets - Research - Market Manager

Stealth Orders

The stealth orders allows you to hide your entry and exit levels from the market. The thing is that the stealth orders are only processed if the app is running and connected to your broker.

Tick Charts

This is mainly a charting tool where you can show tick charts in a variety of styles.

FP Markets - Research - Tick Charts

Session Map

The session map shows your current local time in relation to “sessions” during the trading day,

FP Markets - Research - Session Map

Trade Terminal

With trade terminal tool, you can access 5 main features which are:

• Account summary
• Order list
• List of market categories
• Central trading panel
• Quick-access trading panel

Sentiment Trader

The Sentiment Trader helps you by displaying information about current and historic long/short sentiment which is the percentage of traders who currently have (or had) an open buy or sell position in a symbol.

FP Markets - Research - Sentiment Trader

Other Tools

There are other useful tools within FP Markets like:

• Forex Calculator

You can use a variety of calculators to measure pips, currencies, margins, and profits.

• Autochartist

It allows you to understand the trading opportunities in real time by providing real-time trade setups for beginner and experienced traders alike.

Options

FP Markets supports different customer service channels like:

• Live chat
• Phone support
• Email support

FP Markets - Customer Support Options

Languages

The languages available for customer service are many with the support of major languages as the following table shows:

FP Markets - Customer Support Languages

Experience

• The phone support and live chat options are very helpful and have relevant answers in no time.
• The email support has a competitive responsive time and responds within hours.

Unfortunately, the customer support works only for 24/5.

FP Markets provide great educational materials like:

• Educational videos
• Ebooks
• Glossaries
• Webinars
• Newsletter

In addition to the previous options, there’s an option to open a demo account and trade with %0 risk.

FP Markets - Education

• 1. How long does it take to verify my account?
• It takes about 1 business day to verify your FP Markets account.
  1. Can I open more than one trading account?
• Yes, you can open sub-accounts under your main account. Each sub-account can have its own base currency.
  1. Does FP Markets allow bot trading?
• Yes, it does.
  1. Does FP Markets give a bonus?
• Unfortunately, FP Markets does not offer bonuses on trading accounts.
  1. Does FP Markets allow scalping?
• Yes, FP Markets does allow scalping and hedging.
  1. Where is my money held?
• Client funds are held with a AAA rated bank such as National Australia Bank or Commonwealth Bank of Australia. All client funds are held in segregated accounts.
  1. Is the swap-free account option available?
• The swap-free account option is available on both our Raw and Standard account types on the MT4 and MT5 trading platforms.
  1. How do I login using the MT4 mobile platform?
• Steps:

1. Go to ‘Settings’

2. Click on 'Manage Accounts' or 'Settings'

3. Then click on the small plus sign or select 'New Account'

4. Then select 'Log in to an existing account'

5. Search for the broker name

6. Select the server your account was set up on

7. Enter your login credentials and password

8. Click on 'Sign In'

• 1. Can I login to more than one account from the same computer?
• Yes, you can do such a thing by using the MT4 Multi Terminal.
  1. Can I login to the same account through different devices?
• Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
  1. Does FP Markets accept payments from third parties?
• FP Markets does not accept payments from third parties and will only accept funds that we receive directly from the named trading account holder.

Conclusion:

• Pros: negative balance protection, social trading, and low trading fees
• Cons: no banking background, no investor protection, no two-step verification
• Best for: beginners and professional traders
• Regulated by: CySEC, ASIC, FSA
• Headquarters: Sydney, Australia
• Foundation year: 2005
• Min Deposit : $0
• Deposit and withdrawal methods: credit/ debit cards, bank transfers, and electronic wallets
• Deposit and withdrawal fees: $0
• Base currencies: EUR, USD, GBP, AUD, CAD, SGD, HKD, JPY, NZD, CHF
• Offering of investments: forex, indices, commodities, real stocks, and cryptocurrencies
• Number of users: +10,000