FP Markets Review 2024

First, FP Markets is not permitted to operate their business in the entire US or the two major financial hubs of BC and ON in Canada. Since most of the FXTJ team members are from Canada, we had no other option but to test them from another country. Our colleague Martin has an amazing track record of trading forex, and since he is residing in Castellón, Spain, he was the only person who could trade with an FP Market account.

The next sections of this review will be his experience with his own words.

Hi all! I opened my forex trading account with FP Markets in mid-March this year and am still trading with the same account since I’ve got a fantastic trading journal here. From account opening to their social trading, I’ve tried everything. I tried to pen down my experience in chronological sections. I believe that would help you better to make your decision about whether you should go for them or not.

FP Markets Overview

I did some research to gather all the important details about FP Markets in this review. I looked closely at what they promised and the good things they say about themselves. Before you decide to join a forex broker, it’s really important to know what other traders think about them. So, I looked into their past and what people say about them to help you decide smartly before you start putting your money into trading. When you read this review about FP Markets, I hope it helps you make a good choice. You can learn about how well they have done before and if they’re trustworthy. This will help you have a safe and skilled trading experience.

FP Markets Accounts and Commission

FP Markets mainly offers three types of Trading accounts: Forex Accounts, IRESS Accounts, and Islamic Accounts.

Both Forex Accounts and Islamic accounts have two varieties of accounts offered, Standard accounts and Raw accounts. As I looked into those accounts, I found both Standard and Raw accounts require a minimum of 100 AUD or any equivalent amount to open an account. The standard account’s spread begins at as little as 1.0 pips, while for the Raw Account it is ZERO. Both types offer a maximum leverage of 500:1. I chose to open the Raw Account for its spread, mainly.

However, as you may already know, IRESS is a popular trading platform to trade forex, CFDs, shares, indices, commodities, and cryptocurrencies. FP Markets also offers an IRESS-based account, which is a margin account. The margin accounts enable you to trade with more money than you have. You can also term it borrowing money from the FP Markets fund. Again, this involves a great deal of risk exposure, as you might lose your invested money if the market goes against you.

Another important thing to share from my experience with this account opening is, the Standard Account doesn’t ask for a commission, but the Raw Account type cost me $3 every time I opened or closed a position. Which also means I had to pay $6 in total at every trade. They charged me this commission in base currency of my trade, like when I traded AUD/JPY, they charged in AUD, and when I traded EUR/USD, they charged that commission amount in EUR.

FP Markets Leverage

FP Markets offers a multitude of leverage options up to 1:500. This means if you have $100 in your trading account and you use a leverage of 1:50 it becomes $5000, and if you use the leverage of 1:500, it becomes $50000.

Although it enables you to make money a number of times greater than you invested, It also comes with a potential risk of losing everything if the market moves against you. We, the Forex Trading Journals’ traders, always suggest not using leverage unless you’re an experienced one.

FP Markets Deposit and Withdrawal

FP Markets offers a number of ways to deposit and withdraw. I deposited money through my Santander Credit Card. There are options for e-wallets like Neteller and Skrill and, obviously, Bank Wire transfers. The depositing process and creating the account were faster than I expected.

The biggest fear for me was the lag Forex Brokers create during the withdrawal process. I withdrew through a bank wire transfer during my initial months, and it took only a day to receive it at my end. But I switched to my credit card to withdraw funds, and it was super fast in processing the funds. So, I recommend the Credit Card option for withdrawal. I haven’t tried the eWallet yet, but I will keep you updated here once I do.

Do remember that they’ll take a cut of $3 on each open and each close of a trade as their commission.

FP Markets Trading Platforms

To me, accessing trading platforms easily is very important. You can never always be in a position to access trading from a web or desktop app; in those cases, a mobile app could be very helpful. Since FP Markets offers a number of platforms, things got easier, mostly because of the MT4 and MT5.

Mobile Trading Platform

Not all the trading platforms have the courage to launch a separate mobile app other than trading platforms like MT4, MT5, and cTrader, I found them creating a distinction by offering a mobile app available both on the iOs and PlayStore. In my experience, this should be termed “Trading on the Go.”.

Web Trading Platform

Not having a MT4 web terminal that too at a broker like FP Markets would’ve been a sheer disappointment, but they didn’t drop my expectations. I found the web trading MT4 terminal on the website, and there is nothing exaggerated about it. It’s just like another MT4 web terminal. Besides, the IRESS accounts can also be accessed from the web terminal of IRESS.

Desktop Trading Platform

FP Markets offers Desktop Trading through the MT4, MT5, and cTrader desktop software. I found these apps available on their website, and finding all the apps, softwares and trading terminals are very easy to locate, it is under their menu labelled “Platforms”.

FP Markets Educational Contents

I must say that FP Markets is a reasonable place to get Forex Education. I found a lot of learning materials on their website. There are efficient Forex Trading Courses, ebooks, podcasts, webinars, and tutorial videos available on the website and YouTube channel. Additionally, they have blogs and articles on the website, and the contents they contain are very relevant to our day-to-day trading.

FP Markets Trading Tools

I always consider it a bonus if a forex broker offers trading tools and widgets that are important for traders to plan their trading portfolio. You can find it very easily on their website. Besides trading tools, I also found calculators like the pip, margin, swap, profit calculator, and currency converter. The trading signal and other services are also available there.

FP Markets TrustPilot

So, in addition to being a house trader and a solo trader, I definitely will check the broker’s Trustpilot to see what other traders are saying about them. I followed my regular practice this time as well since it’s my way of doing things.

FP Markets Telegram & Discord

FP Markets are very regular with their timely updates on the Telegram channel. Besides promotional offers, the Telegram channel also served as a good source for the latest news that impacts trading. However, I didn’t find them on Discord. I reached out to customer support to know if they were really absent on Discord, and they also confirmed their absence. There are a number of fake discord servers pretending to be FP Markets; if you’re choosing them as your broker, be cautious to avoid the fake social handles.

FP Markets Customer Support

I found FP Markets offering 24/7 dedicated customer support to its clients and visitors. Besides, support is also available through emails and phone calls. The number to reach them out is +44 28 2544 7780 and emails can be sent to support@fpmarkets.com for a prompt response in case of any emergency. 

FP Markets Areas for Improvement

Since it is impractical to be perfect, we can never define forex brokers as being “pitch perfect.” There is, however, always room for improvement. FP Markets also have areas to improve.

Customer Support

FP Markets customer support is not bad but I found long queues everytime I seek support for the live chat. I think the best way to deal with the issue of lengthy queues is to bring in more support agents or use a chatbot that can deal with the most frequent issues and complaints traders have.

Fees

FP Markets’ fee  margins are high. I  think they can follow some tactics to be more competitive with others. Like they can lower their fees by offering more discounts. The execution of promotional campaigns can draw attention of new traders as well as motivate existing traders to trade more frequently with FP Markets. They can also collect traders’ opinions related to fees and other suggestions for improvement. Furthermore, a competitive evaluation of other brokers can give a broad idea of how to restructure their fees and serve worldwide traders while maintaining their profits. 

FP Markets Alternatives

Frequently Asked Questions (FAQs) about FP Markets