Every day, there are dozens of new forex and CFDs brokers appearing on the internet. As a trader, we are really spoiled for choice when it comes to the brokers that we can sign up with. Nevertheless, we should always bear in mind that quantity doesn’t equal quality. This is especially true in the online trading world. As we are dealing with finances, it becomes even more critical that we select the right broker to work with from the start. In this review, we will look at FP Markets, one of the most highly regarded CFD broker in Australia as well as in the Asia Pacific region.
Operational since 2005, the award winning CFD broker FP Markets has become the leading direct market access (DMA) CFD broker in Australia. With its headquarter in Sydney Australia, FP Markets is regulated by the Australian Securities and Investments Commission (ASIC). In addition, FP Markets also maintains a regional headquarter in Beijing China. There is also a representative office located in Shanghai. The broker’s product offering includes more than 10,000 financial instruments covering various asset classes such as currencies, commodities, market indices, stocks and cryptocurrencies. With its advanced trading platforms and competitive spreads, traders at FP Markets can be assured of a trading advantage when it comes to trading the financial markets independently.
FP Markets Platforms
In terms of the trading platforms that are available at FP Markets, they include the widely adopted MetaTrader 4 and the more updated MetaTrader 5. These two platforms are popular among traders largely due to the wide array of trading tools that are integrated directly into the platforms For example, the MT4 and MT5 come with a built in programming language called the MQL 4 and MQL5 respectively. With this powerful language, tech savvy traders can program the MT trading platforms to execute trades automatically based on their specific trading strategies.
Apart from the MetaTrader platforms, FP Markets has also supplied its traders with the IRESS trading platform. This platform represents the flagship platform for FP Markets and is ideally suited for trading CFDs. The key features of this powerful platform include:
- Access to the world’s financial markets
- Based on HTML 5 technology
- Comprehensive charting package
- Live News and Price feeds
- Transparent Pricing
For traders who need to be connected to the financial markets no matter where they are, FP Markets has provided a mobile trading app built on the MT4 platform. This mobile app while optimized for smartphones or tablets, contains the same powerful features as the desktop version. With the mobile trading app you also have access to a fully customizable charting package, 50+ technical indicators one click trading functionality.
Depending on the type of instruments traded, FP Market has a selection of trading accounts for its traders to choose from. For forex trading, traders can choose between a standard trading account, or an ECN account. While the spreads on a ECN account can be as low as zero pip, you will be liable for a commission charge of AUD$5 per 100,000 units traded.
For CFDs trading, there is a choice of 3 different types of accounts namely the Professional account, the Platinum account and the Premier account. The keys differences among the various type of CFD account are the minimum deposit requirement and the interest rate on financing.
For share trading, you have a choice of the normal Shares account and Non Leveraged CFD account. The main difference between the two is the commission rate. For the Shares account, the commission rate is 0.11%. For the non leveraged CFD account, the commission rate is lower at 0.08%.
FP Markets Bonus
In this category, FP Markets offers 3 types of promotions, “Refer a Friend” promo, 10% credit bonus and VPS reimbursement. For every successful referral on the IRESS trading platform, you will receive a $100 bonus from FP Markets. For referrals on the MetaTrader platforms, the referral bonuses range from $50 to $300 depending on the amount of the initial deposit.
The 10% credit bonus is only applicable to traders using the MT4 platform. Traders who deposit an amount ranging from $200 to $50,000 can claim this bonus.
MT4 traders who sign up for a VPS service and trade a minimum volume of 10 lots on the standard account or 20 lots on the ECN account can claim for reimbursement for an amount up to a maximum of $50 per month.
FP Markets Funding Options
For funding and withdrawals, FP Markets has provided several options.
- Bank Wire Transfer
- China Union Pay
- Credit/Debit Cards
- For Australian based traders, you also have the option to transfers funds from your account with other brokers to your account at FP Markets.
FP Markets Customer Support
The customer support service at FP Markets is provided on a multi lingual basis. It is available 24 hours a day 5 days a week. To contact customer support, you can do so through email, live chat or call them directly on the telephone.