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FP Markets review: CFD and Forex Trading
Take advantage of low fees and direct market access when you trade CFDs and Forex with FP Markets.
FP Markets is an Australian-owned brokerage firm that specialises in CFD and Forex trading. Run on a direct market access (DMA) model that guarantees transparent pricing, FP Markets offers the fastest trade execution in the industry. In fact, it was ranked number one for Trade Execution for IRESSTrader in the Investment Trends Report 2015.
FP Markets offers multiple account types, trading platforms and service levels to suit the needs of different traders, and access to more than 10,000 financial instruments. Read on to learn more about CFD and Forex trading with our FP Markets review.
Important
Trading CFDs and forex on leverage is high-risk and not suitable for all investors - you could even lose your initial investment. Always check the provider’s PDS and consider the risks before trading.
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Details
| Type of broker | Online |
|---|---|
| Available markets | 70+ FX pairings, commodities, cryptocurrency, indices |
| Minimum Spreads for Major Currencies | 0.1 - 1.1 pips |
| Commission | $0 |
| Minimum opening balance | 100 |
| Minimum Trade Size | 0.01 lots |
| Leverage | 1:1 - 30:1 |
| Platforms | MetaTrader 4 MetaTrader 5 |
| Support | Phone, email and live chat |
| More Info |
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Trading CFDs and forex on leverage is high-risk and you could lose more than your initial investment. It may not be suitable for every investor. Refer to the provider’s PDS and consider the risks before trading.
Our verdict
FP markets is a highly touted broker with an average approval rating of 4.9 out of 5 according to Facebook.
First established in 2005, the service should work for investors who are looking to trade derivatives in forex, indices, commodities and stocks.
Its low fees, tight spread on pips and $0 commission funding options will appeal to most traders.
The company also has a strong customer service focus as well as providing educational resources for its members.
The downside for investors is that the broker does not allow investors traditional share trading services.
Good for
- Low fees. Compared to other CFD trading account providers, FP Market's brokerage fee is quite affordable.
- 24/7 customer service. Round the clock access to phone, email and live chat support provides guaranteed peace of mind for customers.
- Account and trading options. Choose from a range of account levels to suit your requirements and enjoy access to an extensive variety of CFD trading options.
Not so great for
- No share trading available. FP Markets no longer offers its traditional share trading service. You can still trade shares CFDs, but you can't buy and own shares through FP Markets.
What can I trade with FP Markets?
FP Markets providers access to more than 10,000 trading instruments.
- Equity CFDs. Trading equity CFDs involves buying and selling CFDs on equities listed on a stock exchange. Access international exchanges including the popular New York Stock Exchange and NASDAQ.
- Forex. FX, metals, commodities, cryptos, indices.
- Index CFDs. FP Markets provides access to some of the world’s biggest index products, allowing traders to open a position on an entire market rather than a specific stock. It offers price feeds straight from leading global futures markets including the Sydney Futures Exchange, NYSE LIFFE and Eurex. This allows you to trade index products such as the FTSE 100, S&P 500, Dow Jones and NASDAQ.
- International Futures CFDs. Access popular exchanges including NYM, SFE, Eurex, CME and CBT.
Note: FP Markets no longer offers traditional share trading, meaning you cannot buy and sell shares with the platform. This is now managed through amscot share trading. Instead, you can trade shares CFDs with FP Markets.
If you're looking for a share trading platform that allows you to buy and own shares in ASX-listed companies, take a look at our share trading comparison instead.
Trading features offered with FP Markets
More than 10,000 trading products
Access Australian and international shares, commodities, indices, metals, forex and more.
Market data and analysis tools
With FP Markets, customers looking to trade equities, indices and futures CFDs can access advanced charting tools via the IRESS trading platform. You can also access more than 50 inbuilt indicators, to help you spot significant movements and trends. You can also enjoy ongoing access to ASX live data, providing you pay the ASX a royalty fee of $22 per month (Professional and Platinum customers). This is waived if they generate at least $50 in commissions every month. The ASX royalty fee is automatically waived for Premier customers.
For customers looking to trade forex, both Metatrader 4 & 5 come also come with more than 50 pre-installed indicators, as well as customisable charts.
Award-winning broker service
FP Markets has won more than 35 industry awards, including Highest Overall Client Satisfaction, Best Trade Execution and Best Customer Service.
Research
FP Markets offers a huge range of research resources to its customers. This includes free daily reports and analysis, market snapshots, a dividend calendar and access to FP Markets’ senior analyst’s own portfolio.
Access
Customers trading with FP Markets can place trades online, over the phone, or by using the Metatrader or IRESS iPhone app. As for customer service, the company provides 24/7 phone, email and live chat support.
Fast trades
FP Markets guarantees that your trades will be executed as quickly as possible. It was ranked first for Trade Execution for IRESSTrader in the Investment Trends Report 2015.
Regulated in Australia
FP Markets is regulated by the Australian Securities and Investment Commission (ASIC).
Personal account managers
FP Markets offers personal, dedicated account managers to help you setup your trading account and place trades.
What account levels are available?
Customers can choose from a range of account types that have been designed to meet the requirements of a variety of traders. Details of these accounts can be found in the table below.
Customers primarily interested in trading equities, indices and futures CFD should consider FP Market's CFD trading account, which provides access to the IRESS trading platform. There are 3 levels of account available.
| Standard | Platinum | Premier | |
|---|---|---|---|
| Minimum opening balance | $1,000 | $25,000 | $50,000 |
| Brokerage rate | $10 minimum, then 0.1% | $9 minimum, then 0.09% | No minimum, then 0.08% |
| Trading platform | IRESSTrader | IRESSTrader | IRESSTrader |
| Platform standard fee | $55 (waived if you generate $150 commission monthly) | $55 (waived if you generate $150 commission monthly) | Fee waived |
| ASX live data fee | $22 (fee is waived if you generate more than $50 of commissions per month) | $22 (fee is waived is you generate more than $50 of commissions per month) | Fee is automatically waived |
| Telephone trades | No extra charge | No extra charge | No extra charge |
As you can see, the lowest brokerage rate is offered to Premier customers at 0.08%, but these account holders will also need to deposit a minimum of $50,000 to open an account. Premier customers can also avoid paying any platform and live data fees.
For customers looking to get started trading CFDs, the $1,000 minimum opening balance and competitive brokerage rate of a Professional account may better match your trading needs. However, keep in mind that a $55 monthly fee for access to IRESSTrader will apply.
For customers mainly looking to trade in forex, FP Market's forex trading account may be more appropriate. There are 2 levels of account available, both of which provide you with access to the Metatrader 4 platform.
| Standard | ECN raw | |
|---|---|---|
| Minimum opening balance | AUD$100 or equivalent | AUD$100 or equivalent |
| Spreads | From 1.0 pips | From 0 pips |
| Maximum leverage | 30:1 | 30:1 |
| Commission per lot | $0 | US$3 per side |
| Minimum trade size | 0.1 lots | 0.1 lots |
What trading platforms are available?
- IRESS: This trading platform offers direct market access pricing for global equities, indices and futures CFD trading. It offers multi-product portfolio management, advanced charting and a large range of order options. You can set personal trade alerts and access an extensive range of analytical tools.
- Metatrader 4 (MT4): This is the most popular platform for forex trading around the world. It offers advanced charting, real-time quotes and a large range of automated trading options. The platform is easy-to-use, making it mast to execute trades, and access to a community of like-minded forex traders.
- Metatrader 5 (MT5): This platform is the next stage of the MT4 platform. It offers the same features of MT4, however it gives traders access to even more instruments and asset classes and is available as a web-based platform or mobile app.
Is FP Markets good for beginners
As a general rule of thumb CFD and forex investing is a riskier form of trading meaning it might not be the best for total novices to financial markets.
Although it should be noted FP Markets does more than just CFDs and allows investors to buy shares, cash equities and underlying stocks instead of CFDs.
As well as providing a range of products the broker offers clear fee reports, $0 commission and a host of educational information that can help investors get up to speed.
Is FP Markets safe to use?
FP Market is a highly regulated broker.
In Australia the company is authorised under tier 1 regulator Australian Securities and Investment Commission (ASIC)
What support or information is available with FP Markets CFD Account?
If you need help with your account or with a trade, you can phone, email or use the live chat support 24 hours a day, 7 days a week.
You can also benefit from an extensive knowledge base through the FP Markets website. The education section includes video tutorials, instructional ebooks, live webinars and a range of other handy articles. All of these resources are available for free and can help you increase your trading knowledge.
What fees are charged when using FP Markets CFD Account?
Here's an example of the commissions and spread charged by FP Markets. Fees and charges vary depending on the asset class you're trading and the account level you use.
- Spread. The spread is the difference between the buy and sell price on a trade. City Index offers both fixed and variable spreads. The spread varies between products, but as an example the minimum spread applied on the forex AUD and USD currency pair is 1.1% with the average spread 1.66%.
- Margin. The margin is the amount needed for you to open a trade. FP Markets margins start from 0.5%.
- Commission. All CFDs are commission free, except Shares CFDs which vary. The commission charged on Australian shares is 0.10% for the "Professional" account level ($10 minimum).
How do I apply for FP Markets trading account?
You can open an account with FP Markets online in minutes. You can open an individual, joint, sole trader, company, trust or superannuation fund account.
- Provide your personal information. Your name, residential address, contact details and tax file number.
- Choose your account. Select which account you wish to open.
- Questionnaire. You will need to fill out a brief survey so FP Markets can get an understanding of your trading knowledge and trading experience.
- Fund account. When you've completed the questionnaire and FP Markets has successfully verified your identity, FP Markets will assess your application and let you know whether or not it has been successful. After this step, you can fund your account and place your first trade.
FAQs about FP Markets CFD and Forex trading account
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
