FP Markets Forex Trading Account Review
With tight spreads and a choice of competitive trading platforms, FP Markets Forex Trading Accounts can give you an edge when trading forex.
Australian company FP Markets offers a wide range of trading opportunities to investors, offering competitive features and platforms to help you trade everything from CFDs and shares to forex and futures. If you’re looking to start trading currency on the global foreign exchange market, an FP Markets Forex Trading Account provides everything you need.
Offering some of the tightest spreads in the industry, FP Markets gives you the choice of two trading platforms designed to suit your investing needs. Unlike many other forex brokers, FP Markets runs an Electronic Communications Network (ACN) model. Just like direct market access trading in other markets, this means that FP Markets doesn’t try to profit from client losses.
FP Markets is a multi-award winning provider, having won the Investment Trends award for Overall Client Satisfaction five years in a row.
What can I trade with FP Markets Forex Trading Account?
As the name suggests, an FP Markets Forex Trading Account is designed to help you buy and sell currency. Foreign exchange markets run 24 hours a day, except on weekends, allowing you to place trades at a time that’s convenient for you.
FP Markets allows you to trade forex CFDs at low margin rates starting from 0.5%, providing access to more than 65 FX pairs.
Features of FP Markets Forex Trading Account
- Fast execution. FP Markets has servers located in the major financial hubs of US and European markets. These servers enjoy fibre-optic connection to all Tier-1 liquidity providers, allowing you to act instantly to market changes.
- Research. FP Markets offers an impressive range of research and educational tools to help you make the most of your account. From live market updates and announcements to company research and instructional videos, FP Markets provides plenty of information to help you build your trading knowledge.
- Access. Trades can be placed online, over the phone, or using the MetaTrader 4 dedicated mobile app. Customer support is also offered in phone, email and live chat form.
- Choice of platforms. Although most forex traders opt for the MetaTrader 4 platform, if you also want to trade CFDs and futures, you have the option of choosing IRESSTrader.
- Tight spreads. FP Markets always aims to offer the best possible prices to its customers. This means its spreads start from as low as 0.0 pips.
What accounts are available with FP Markets?
You can choose from a standard account or one designed for pro traders. The differences of these accounts are outlined below:
|FPM Spread Account||FPM Raw Account|
|Platforms||MetaTrader 4||MetaTrader 4|
|Spreads||From 0.8 pips||From 0.1 pips|
|Instrument||66 currency pairs, gold and silver||66 currency pairs, gold and silver|
|Leverage||1:1 - 30:1||1:1 - 30:1|
|Commission||Zero||3.5 per 100,000|
|Minimum trade size||0.01 Lot||0.01 Lot|
As you can see, if you’re a pro trader you can take advantage of tighter spreads than casual investors but you will also have to pay a commission on your trades. If you hold an FPM Spread Account, zero commission is payable on any of your forex trades.
What support/information is available with FP Markets Forex Trading Account?
With offices in London and Sydney, FP Markets can be contacted 24 hours a day, seven days a week. Phone, email and live chat support are all offered to ensure that trading help is on hand whenever you need it.
In addition, FP Markets offers an extensive suite of educational resources on its website. These include live webinars, free ebooks, instructional videos and tips and advice on some of the finer aspects of trading. These tools are all available for free to FP Markets customers.
What fees do you pay when using FP Markets Forex Trading Account?
If you use the MetaTrader 4 platform to trade forex, there is no platform fee to worry about. However, if you buy and sell forex using IRESSTrader you will need to pay a $55 monthly fee. Subscribing to additional news and data feeds can also incur an extra monthly fee.
When trading, the cost involved can vary depending on the spreads available, the commission charged, how close you can place the orders to the market price and a range of other factors. Costs can therefore vary depending on the currency pairs you are trading and several other considerations.
As the table above shows, you will pay a commission of 3.5 per 100,000 if you open an FPM Raw Account, but if you have an FPM Spread Account you will pay zero commission.
Pros and cons of using FP Markets Forex Trading Account
- Fast execution. FP Markets offers average matching speeds of 4ms and fast execution of trades.
- Trading options. FP Markets provides access to more than 65 currency pairs.
- Customer service. FP Markets offers 24/7 customer service via phone, email and live chat.
- Liquidity. FP Markets uses 14 top-tier liquidity providers to give you access to some of the best spreads in the industry.
- Established in 2005. Having started trading in 2005, FP Markets doesn’t have as long a history as some other forex providers.
How do I apply for FP Markets Forex Trading Account?
During the application process you will need to specify the type of account you wish to open (individual, joint, company or trust / super fund) and also provide the following information:
- Your name
- Your phone number and email address
- Your residential address
Once you’ve submitted your application, FP Markets will process it and inform you if you have been successful as soon as possible.