FP Markets Forex Broker Review | Superchoice Forex
In the box
Cost of the box
Opening account speed
Deposit & Withdrawal
Speed of execution
Total Score: 11 / 12
FP Markets Broker Review Summary
Welcome back to another forex broker review with SuperChoice Forex. This time we’re reviewing the powerhouse FP Markets. FP, or First Prudential Markets, are regulated by both the Australian ASIC and CySEC of Cypress. They were established in 2005, which checks out in their AFS licence search, as their license was issued in 2005. FP Markets key selling points are spreads from 0.0, max. 500:1 leverage, 24/5 customer support and over 10,000 tradable instruments. As always, I will be examining how well they deliver on these advertised points.
Unboxing – Opening an account with FP Markets
First things first, FP Markets start on a bad note, having a $100 minimum deposit just to open an account. Not cool FP! Very few brokers have account opening deposits, so this isn’t at all competitive. The obligation of depositing just to open the account doesn’t sit well with me, as they expect clients to front up money just to see live trading conditions and client features. FP provides traders with leverage options up to 500:1 and are quite flexible in their range of leverage choices, so they deliver on their selling point there. My account was also opened within 3 hours, so same day verification is provided on accounts, keeping competitive with the market there. 3 Hours for same day verification isn’t bad as some brokers take 12+ hours, however it certainly isn’t on the quick side.
Score = 2/3
FP have leveraging up to 500:1 and have same day account verification, receiving points there. Most brokers have a minimum deposit, however FP Markets have a $100 deposit obligation just to open an account, losing a point there.
What’s in the box? FP Markets Broker Review
So what is it that FP Markets offer their clients? Well one of their big claims to fame is offering over 10,000 tradable instruments, but you might be wondering what they are. Well they aren’t forex pairs, with an average at best offering of 50+ FX symbols. It isn’t their range of metals either, offering only gold and silver against the USD & AUD, or their commodities which only offer West Texas Oil (WTI), no Brent Crude CFD. They have a reasonable 12+ indices but nothing overtly competitive in these areas, nor in their 5 cryptocurrency products. The bulk of their boasted ‘10,000+ tradable products’ is found in their equity CFD offerings, offering access to US, AUS, UK, HK and Singapore share markets. Whilst this is a huge offering of products, the actual range of Forex and commodities isn’t all that impressive, with brokers such as Fusion markets having a larger range of Forex and commodity markets. Many of these products don’t actually benefit us forex traders, so personally the boast of 10,000+ tradable instruments doesn’t hold a lot of value for me here.
Another key selling point of FP markets is their 24/5 chat support, which of course I put to the test in their live chat. Their live chat wasn’t instantaneous, however they did get a reply back to me within about 25 minutes, so they are reasonably efficient. As always, I asked quite specific questions about different products dividends, swaps and margin requirements, which the agent was able to answer thoroughly, so their live chat staff are very knowledgeable and helpful.
FP Markets have quite an extensive range of educational material and market analysis content. Being a powerhouse broker, FP have a ‘traders hub’ that offers educational content for all levels, news updates, technical analysis, fundamental analysis, video tutorials and ebooks. Having gone through a number of their videos and checked their analysis content, I was fairly impressed with the depth of information, as many brokers don’t provide great detail in their education sections. This is one of the best educational and market analysis offerings I have seen with any broker, so credit where it is due.
In terms of platforms, FP Markets is different to most brokers. They offer MT4 and MT5 platforms, as well as the IRESS platform, a more institutional grade platform, to access their large range of products. Unfortunately they don’t offer cTrader, my personal favourite. The IRESS platform costs a monthly fee of $55, however is credited back to the client if their trading results in over $150 in commission per month. I got the impression that FP is home to some pretty large volume clients from this… I guess this is why they feel they can have an opening deposit, as they must cater to some serious high level traders. The IRESS trader platform is certainly designed for more experienced traders, however with offering both IRESS and Metatrader, FP Markets caters to traders of all levels.
FP have 12 different funding options across 10 base currencies, giving a nice selection of fee-free deposit and withdrawal methods. Popular methods include Skrill, debit/credit card, Paypal and more, across AUD, USD, GBP, EUR to name a few of their base currencies.
Trading conditions with FP Markets are quite competitive and they boast no dealing desk or requotes. I found slippage with FP markets to be minimal and just like advertised I had no requotes.
Score = 6/6
With a large range of tradable products, solid customer support, feeless funding, and quality trading conditions, FP Markets has cleaned up all points for this section.
Cost of the box – FP Markets Spreads, Fees and Commissions
Now considering all that FP has to offer you would expect a hefty commission to be attached, but that’s actually not the case. The commission rates vary based upon platform, however I will be reviewing the MetTrader cost structure. With MetaTrader through FP Markets commissions are $3 a side per lot, ahead of the industry standard of $3.5. Well how about their spreads? FP Markets advertise spreads from 0.0, and they are available too. I saw 0.0 spreads pop up occasionally on majors while I was monitoring, typically during the middle of the UK session when there’s more liquidity in the markets. FP Markets with MetaTrader also have no non-trading costs, so they receive a point there.
Score = 3/3
FP Markets have competitive pricing and spreads, with no hidden fees or costs.
My experience trading forex with FP Markets
In my opinion, FP Markets is a powerhouse broker that provides qualities such as education and market analysis, giving their traders quality support. They have competitive pricing and trading conditions, as well as good customer service. Personally, having a minimum deposit just to open an account leaves a bitter taste in my mouth and makes me inclined to take my business to a different broker, as there are certainly other brokers that offer better pricing and trading conditions across the pairs I trade. There is no denying however that FP is a serious broker that gives clients access to a wide range of markets.
Total Score = 11/12