Forex trading requires a dependable broker with robust tools, competitive fees, and quality support to succeed in the fast-paced currency market. FP Markets, established in 2005 and regulated by ASIC (Australia) and CySEC (Cyprus), has gained recognition as a top Forex broker, especially among professional traders. In 2024, the broker continues to stand out with advanced trading platforms and Forex market analysis tools designed to enhance trading performance. This FP Markets review provides an overview of the platform's features, pros and cons, and essential aspects for traders considering FP Markets as their primary trading partner.
FP Markets provides traders access to two highly respected platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), known for their user-friendly interfaces and powerful analytical capabilities.
MetaTrader 4 (MT4): MT4 remains popular due to its simplicity and wide range of analytical tools. Traders can access custom indicators, automated trading through Expert Advisors, and advanced charting options.
MetaTrader 5 (MT5): For those interested in more assets beyond Forex, MT5 offers features like extended time frames, additional chart types, and an integrated economic calendar.
Additionally, FP Markets offers Iress, a proprietary platform aimed at more sophisticated traders. Iress includes tools like advanced charting and real-time data feeds, which benefit day traders and professionals seeking precision.
| Platform | Best For | Features | Drawbacks |
|---|---|---|---|
| MT4 | Beginner to advanced | Custom indicators, EA trading | Limited asset coverage |
| MT5 | Advanced traders | More assets, timeframes | Slightly complex |
| Iress | Professionals | Real-time data, detailed charts | Higher fees |
FP Markets provides several account types to cater to different trader levels:
Standard Account: Ideal for beginner traders, the Standard Account has no commission fees, and spreads start from 1.0 pip.
Raw Account: Designed for experienced traders, this account charges a low commission per trade but offers tight spreads from 0.0 pips.
Islamic Account: For traders who require swap-free trading, FP Markets offers Islamic account options that meet Sharia law requirements.
The Raw Account is particularly attractive to active Forex traders who want to benefit from competitive spreads and lower transaction costs.
FP Markets offers a comprehensive selection of instruments, including Forex pairs, commodities, indices, cryptocurrencies, shares, and metals.
Forex: FP Markets provides access to over 60 Forex pairs, making it an excellent choice for currency traders.
Commodities: The platform includes oil, gold, and silver, which allows traders to diversify outside Forex trading.
Cryptocurrencies: The availability of major cryptocurrencies like Bitcoin and Ethereum enables traders to participate in the digital asset market.
This diversity allows traders to implement various Forex trading strategies while also engaging in other markets, reducing overall portfolio risk.
FP Markets is known for its competitive fee structure. Below is a breakdown of the key fees:
Spreads: Standard Account spreads start from 1.0 pip, while Raw Accounts can have spreads as low as 0.0 pips, with a commission fee.
Commissions: Raw Account charges a commission fee starting at $3 per lot, which is relatively low compared to other brokers.
Swap Rates: Overnight fees apply, depending on the asset and trading direction; however, Islamic accounts are available for traders who require swap-free options.
FP Markets’ fee structure is advantageous for traders who use short-term Forex trading strategies, such as scalping, where tight spreads and low commissions are essential for profitability.
FP Markets provides responsive customer support available 24/5 via live chat, email, and phone. The support team is known for its professionalism and ability to assist with technical issues and account inquiries.
Availability: 24/5, covering key Forex market hours.
Languages: Support in multiple languages, catering to a global customer base.
Response Time: Users report fast response times, with live chat resolving issues within minutes.
FP Markets offers an array of educational resources suitable for beginners and experienced traders:
Video Tutorials and Webinars: Covering everything from basic Forex market analysis to advanced trading strategies.
Market Analysis and Daily Reports: These updates keep traders informed of market trends, economic events, and technical insights.
Trading Guides: Comprehensive guides on Forex trading strategies, risk management, and platform usage help traders build foundational skills.
The quality and range of FP Markets’ educational resources make it an ideal choice for traders focused on continuous improvement and skill development.
FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC), two well-respected financial authorities. These regulatory licenses ensure that FP Markets adheres to high standards of financial transparency and client fund protection.
Client Fund Security: Funds are stored in segregated accounts to prevent misuse.
Regulatory Oversight: Regular audits and strict adherence to regulatory standards.
Insurance: ASIC regulation includes compensation schemes, adding a layer of security.
For traders prioritizing safety, FP Markets provides an environment where client funds and data are rigorously protected.
Wide range of trading instruments: Forex, commodities, cryptocurrencies, and more.
Low spreads and competitive fees: Especially for Raw Account holders.
Strong educational support: Video tutorials, market reports, and analysis tools.
Reliable customer support: Professional and multilingual support staff.
Higher fees on Iress platform: Suitable mainly for advanced users.
Limited cryptocurrency selection: Although Bitcoin and Ethereum are available, options are limited compared to crypto-specific brokers.
FP Markets offers a comprehensive trading environment that is well-suited for both beginner and professional Forex traders. With powerful platforms like MT4, MT5, and Iress, FP Markets caters to a variety of trading styles and strategies, from short-term scalping to long-term investments. For traders who prioritize a mix of low fees, broad market access, and strong customer support, FP Markets is an excellent choice.
In 2024, as Forex trading strategies and market analysis continue to evolve, FP Markets is positioned to support traders with the tools they need to succeed in a dynamic market. Whether you are an experienced trader looking for competitive spreads or a novice in search of educational resources, FP Markets offers the capabilities to help you grow as a trader.