Is FP Markets Scam? | FP Markets Safety and Reliability

  • يونيو 29, 2021
  • Posted by: ForexTradeOn
  • Category: FP Markets broker review
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Is FP Markets Scam? | FP Markets Safety and Reliability

Pros

Cons
  • Regulated by CySEC, ASIC, and FSA
  • Negative balance protection
  • +15 years of experience
  • No banking background
  • No investor protection

Introduction

‘First Prudential Markets’ or ‘FP Markets’ for simplicity is an Australian forex and CFD Broker that has a long tracking record from 2005 with the largest trading options and lowest fees.

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

On the other hand, FP Markets are not regulated by the top-tier FCA.

Is FP Markets a Scam?

FP Markets broker has a long record as a trading platform since 2005 with more than 10,000 users worldwide and passed through different global crises ending with the coronavirus.

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

FP Markets Awards

Since its foundation in 2005, FP Markets has been awarded with more than 40 awards. For example, in Nov 2020, it was the 15th anniversary for the FP Markets Broker. Also, FP Markets was recognized as the Best FX Broker in Australia 2020.

Client Protection

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

FP Markets Legal Entities Table

Country

Protection amount

Regulator

Broker’s Legal Entity

EU

€20,000

CySEC

First Prudential Markets Pty Ltd

Australia

No protection

ASIC

First Prudential Markets Ltd

Other countries

No protection

FSA

First Prudential Markets LLC

Negative Balance Protection

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.

Two-step Verification

FP Markets supports the two-step verification method while logging in.

FAQs

  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. 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.


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