FP Markets Forex & CFD Broker Review #
FP Markets is a well-established Australian forex and CFD (Contracts for Difference) broker known for its low costs, a variety of trading platforms, and educational resources. Here's a detailed look at their services to help you decide if they're a good fit for your trading needs:
Pros:
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Regulations: FP Markets holds licenses with a reputable authority:
- Australian Securities & Investments Commission (ASIC) of Australia
ASIC is a strict regulator, providing a good level of security for traders in Australia. Be sure to check regulations if considering FP Markets from other locations.
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Account Types: FP Markets offers a variety of account types to suit different needs:
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Standard Account (MetaTrader 4/5): Beginner-friendly with commission-free trading and slightly wider spreads.
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Raw Account (MetaTrader 4/5): Offers the tightest spreads with commission fees per trade.
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IRESS Account: Ideal for share trading (availability subject to regulations) with a different fee structure.
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Trading Platforms: FP Markets provides a good selection of industry-leading platforms:
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MetaTrader 4 (MT4): The industry-standard platform, popular for its user-friendly interface and extensive customization tools for technical analysis and trade management.
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MetaTrader 5 (MT5): Advanced platform offering additional features compared to MT4.
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IRESS (for eligible accounts): A powerful platform designed specifically for share trading.
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WebTrader: Web-based platform accessible from any device for on-the-go trading.
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Mobile Apps: FP Markets offers MT4 and IRESS mobile apps for iOS and Android devices.
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Trading Instruments: FP Markets offers a wide range of instruments for trading:
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Forex: Major, minor, and exotic currency pairs.
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CFDs: Contracts for Difference on a vast selection of stock indices, commodities, precious metals, and cryptocurrencies (availability may vary depending on regulations).
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Shares (IRESS Account only): Ability to buy and hold actual shares of companies in some regions (subject to regulations).
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Competitive Spreads: FP Markets is known for its competitive spreads, especially on the Raw Account with commissions.
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Educational Resources: FP Markets provides a decent collection of educational resources, including:
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Webinars and seminars
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Trading articles and guides
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Video tutorials
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Affiliate Program: FP Markets has an affiliate program allowing partners to earn commissions by referring new traders.
Cons:
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Wider spreads on the beginner-friendly Standard Account.
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Commissions on Raw accounts.
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IRESS platform might have a different fee structure for share trading (check details).
Overall:
FP Markets is a strong contender for forex and CFD traders, particularly those seeking a well-regulated broker with a variety of user-friendly platforms, competitive fees, and educational resources. The beginner-friendly Standard Account has wider spreads, but the Raw Account offers tighter spreads with commissions. Consider your trading style and experience when choosing an account type. Here are some additional things to keep in mind:
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Compare Fees: While FP Markets offers competitive fees, compare their spreads and commissions with other brokers to find the most cost-effective option for your trading style and instruments.
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Choose an Account Type Wisely: Select the account type that best suits your experience level and trading needs. Consider factors like spreads, commissions, minimum deposit requirements, and desired platform (MT4/MT5 or IRESS for shares).
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Explore Educational Resources: Supplement FP Markets' resources with additional educational materials from reputable sources to enhance your trading knowledge.
Remember, forex and CFD trading involve inherent risk. Conduct your own research, understand the risks involved, and never invest more than you can afford to lose.