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Overall Score
4.3 /5

Pros

  • 10,000+ Assets offered
  • Excellent choice of Trading Platforms
  • Top Tier Regulations
  • Fast Execution

Cons

  • Withdrawal Fee
  • No Bonus Available
  • Main Regulators: CySEC, ASIC, FSCA, FSA-S, FSC-M
  • Crypto: Yes
  • Minimum Deposit: $100
  • Average Trading Cost EUR/USD: 1.1 pips
  • Withdrawal Fee: $0
  • Account Opening: 1 Day
Year Established
2005
Headquarters
Australia
Traded Assets
10,000+
Options
Crypto
Trading Fees
Average
Trading Platforms
MT4, MT5, cTrader, Prop Platform
Islamic Account
Demo Account
Funding Methods
Bank wire, credit cards, e-wallets
Tiers 1 Regulators
Tiers 2 Regulators
Yes
Negative Balance Protection
Yes [except under ASIC]

Products

Overall Score
4.3 /5

Pros

  • Great Asset Offering
  • Leverage up to 500:1
  • Crypto available
  • Good Trading Execution

Cons

  • Mainly CFDs

Asset Selection and Leverage

MT4/MT5 traders have access to over 250 trading instruments, offering a sufficient range for most traders. 
Forex traders can choose from more than 70 currency pairs, with additional diversification options available through cryptocurrencies, commodities and metals, indices, equity CFDs (on the MT5 platform), and bonds.

The IRESS trading platform provides over 10,000 equity CFDs and a few futures contracts, though its availability is geographically limited.

 
Availability
Maximum Leverage
Forex
500:1
Crypto
5:1
Stocks
20:1
Equity Indices
200:1
Precious Metals
500:1
Other Commodities
200:1
Bonds
1:1
ETFs
1:1
Real Stocks
20:1
Real Bonds
Options
Thematic Indices
Synthetics


Clients onboarded through Tier-3 regulated subsidiaries can access maximum leverage of 500:1 for Forex trading, with negative balance protection in place, making it ideal for scalpers and those seeking highly leveraged accounts.
For retail traders under Cyprus and Australian regulation, the leverage is limited to a maximum of 30:1.

Trading Fees

FP Markets offers two pricing models that significantly impact trading strategies. The commission-free Standard account has an average EUR/USD mark-up of 1.1, equating to $11 per standard lot.
The commission-based account features raw spreads of 0.0 pips with a $6.00 commission per round lot.
Commodities, indices, and cryptocurrencies are free of additional costs, while equity CFDs and DMA traders face fees between 0.06% and 0.30%, with a minimum of $10.
Swap rates on leveraged overnight positions are another cost to consider, as they accrue financing fees the longer a trade remains open.

Average Trading Spreads (for Standard Accounts)

EUR/USD
1.1 pips
GBP/USD
1.3 pips
USD/JPY
1.4 pips
Gold
$0.2
Bitcoin
$17.3
S&P 500 Index
0.5
WTI Crude Oil
$0.02

Platforms

Overall Score
4.8 /5

Pros

  • MT4/MT5 available
  • cTrader available
  • TradingView platform
  • Good Mobile Trading app

Cons

  • Poor Design on the Desktop Platform

Various trading platforms are available for users, accessible via web, desktop, and mobile devices. These platforms include:

Popular External Platforms

The MT4 platform is one of the most popular trading platforms amongst new and established traders.
It offers a comprehensive set of features designed to empower traders with the tools they need to succeed in the dynamic world of financial markets.
From advanced analytical tools to smart trader features and community support, it caters to the diverse needs of traders while providing a seamless trading experience.

 

Key Features:
  • Analytical Tools: The platform boasts a wide array of analytical instruments, including advanced charting capabilities and a diverse range of technical indicators. These tools empower traders to conduct thorough market analysis and make informed trading decisions.
  • Smart Trader Tools: Enhancing functionality, the platform provides smart trader tools such as Expert Advisors (EAs) and a variety of indicators, allowing for automated trading strategies and advanced charting features.
  • Order Types and Execution Options: Traders benefit from the flexibility of various pending order types and execution options, enabling precise control over trade entry and exit points.
  • Community and Customization: Access to a vibrant trading community and thousands of online plug-in tools enriches the trading experience. Additionally, traders have the ability to create custom Expert Advisors using the platform's programming language.

 

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MetaTrader 5 (also known as MT5), is a versatile trading platform, that caters to advanced trading needs, providing access to automated trading systems, technical tools, and copy trading.
Among its notable features are:

  • Diverse Asset Classes: MT5 offers access to a wider range of asset classes, including stocks and commodities, compared to MT4.
  • Advanced Timeframes: MT5 provides additional timeframes for charting, offering more flexibility in analyzing price movements.
  • Enhanced Depth of Market (DOM): MT5 improves the Depth of Market feature, providing a more comprehensive view of market liquidity.
  • Built-in Economic Calendar: MT5 includes a built-in economic calendar, allowing traders to stay updated on key economic events directly from the platform.
  • Advanced Technical Analysis: MT5 introduces more built-in technical indicators and graphical objects for in-depth market analysis.
  • Hedging and Netting: MT5 supports both hedging and netting accounts, offering more flexibility in position management.
  • Improved Strategy Tester: MT5's Strategy Tester offers faster and more efficient backtesting of trading strategies compared to MT4.

 

Key Features
Analytical Tools:

The platform boasts a wide array of analytical instruments, including advanced charting capabilities and a diverse range of technical indicators. These tools empower traders to conduct thorough market analysis and make informed trading decisions.

Smart Trader Tools:

Enhancing functionality, the platform provides smart trader tools such as Expert Advisors (EAs) and a variety of indicators, allowing for automated trading strategies and advanced charting features.

Order Types and Execution Options:

Traders benefit from the flexibility of various pending order types and execution options, enabling precise control over trade entry and exit points.

Community and Customization:

Access to a vibrant trading community and thousands of online plug-in tools enriches the trading experience. Additionally, traders have the ability to create custom Expert Advisors using the platform's programming language.

 

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cTrader, developed by Spotware, is an intuitive trading platform that effortlessly balances simplicity with advanced functionality.
It offers powerful charting tools, sophisticated order entry options, and extensive customization features, making it ideal for both novice and experienced Forex and CFD traders.
Known for its user-friendly interface, cTrader facilitates a transparent trading experience with rapid execution speeds.

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TradingView is a leading platform renowned for its sophisticated charting tools, enabling users to visualize and analyze financial data with precision.
It combines a robust technical analysis suite with an active social network of over 30 million traders, fostering a community where insights and strategies are freely shared.

Ideal for traders of all skill levels, TradingView supports a variety of asset classes including stocks, cryptocurrencies, and Forex.
The platform's user-friendly interface and extensive customization options make it a top choice for real-time market analysis and trading.

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IRESS is a sophisticated trading platform developed by IRESS Limited, an Australian company established in 1993.
Renowned for its comprehensive suite of tools and real-time market data, IRESS caters to institutional and professional traders.
The platform supports a wide range of trading instruments, including equities, futures, and CFDs, providing robust analytics and execution capabilities.
Its global presence and advanced features make IRESS a preferred choice for serious traders worldwide.

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In-House Platform Offering

The FP Markets trading app offers a user-friendly interface with real-time market data and advanced charting tools.
It allows traders to access a wide range of instruments, including forex, CFDs, commodities, and cryptocurrencies, on the go.
The app supports seamless account management and fast trade execution, making it ideal for both novice and experienced traders.

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Accounts

Overall Score
4.4 /5

Pros

  • Competitive Raw Account
  • Islamic Account Available

Cons

  • No Negative Balance Protection under ASIC

Account Types

FP Markets offers a variety of trading accounts, each tailored to meet the diverse needs of different types of traders:

Standard Account
A commission-free spreads' account, designed for beginners.
Raw Account
Competitive ECN pricing, ideal for high-frequency and experienced traders.
Islamic Trading Account
Islamic accounts, also known as swap-free accounts, are tailored for Muslim clients, complying with Islamic law by not incurring swaps or interest charges on overnight positions. Instead, an administration fee is charged on positions, deducted from the account balance.
Demo Account
Traders can open unlimited MT4/MT5 demo accounts at FP Markets, ideal for algorithmic traders to test EAs and fix bugs. To ensure realistic trading conditions, it's recommended to select a demo deposit size similar to the intended real money deposit. However, it's important to note that demo trading cannot fully replicate live trading conditions.

Account Opening Process

The account opening process at FP Markets is straightforward but requires more data than many competitors, with initial steps completable via Google or Facebook.
Mandatory verification is swift, involving ID and proof of residency submission.

Account Base Currencies

FP Markets offers a good range of base currencies including USD, EUR, GBP, AUD, CAD, SGD, HKD, JPY, NZD, CHF.

Having the choice between multiple currencies is important for two main reasons:
1) If you deposit funds into your trading account using the same currency as your bank account, or if you trade assets denominated in your trading account's base currency, you can avoid paying any conversion fees.
2) To further reduce currency conversion costs, consider opening a multi-currency bank account with a digital bank.
These accounts typically support multiple currencies and offer favorable exchange rates, along with low-cost or free international bank transfers. Plus, you can open an account quickly and easily using just your phone.

Account Features

AvaTrade sets its minimum deposit at $100.
We believe this amount could still be considered relatively low and reasonable, albeit higher than the requirements of certain other Forex brokers.

AvaTrade applies an inactivity fee to accounts that have been inactive for a specified period.
The exact duration of inactivity and the associated fee may vary based on the account type and jurisdiction.
Typically, if an account remains inactive for more than 3 months, AvaTrade may charge an inactivity fee circa $50 on a quarterly basis to maintain the account.

It's important for traders to review the terms and conditions of their specific account type to understand the applicable inactivity fee and take necessary actions to avoid it.

Minimum Deposit
$100
Inactivity Fee
Currency Conversion Fee
Broker commissions
Yes [for Raw Account]
Hidden Fees
Negative Balance Protection
Yes [except under ASIC]

Deposit and Withdrawal

Overall Score
4.2 /5

Pros

  • Good local Payment Methods
  • Crypto wallet deposit available

Cons

  • Relatively High Minimum Deposit
  • Withdrawal Fee

FP Markets provides a wide range of deposit and withdrawal options.
However, FP Markets charges a withdrawal fee, except for domestic bank transfers and withdrawals to credit cards.

Payment Methods

Bank Transfer
Credit/Debit Cards
Electronic Wallets
Crypto Payments

AvaTrade accommodates the following e-wallets:

Neteller
Skrill
Paypal
BPay
FasaPay
PoliPay
DragonPay
Ngang Luong

Fees and Processing Time

Deposit Fee
Withdrawal Fee
Yes [except for a few payment methods]
Withdrawal Processing Time
Average

Trust

Overall Score
4.5 /5

Pros

  • Top-tier regulations
  • Good TrustPilot Score [4.8]
  • Established since 2005

Cons

  • No Banking License

Trading with FP Markets is considered safe due to its regulation by top-tier financial authorities like ASIC and CySEC. The broker employs advanced security measures to protect client funds and personal information.
Additionally, FP Markets maintains segregated client accounts, ensuring funds are kept separate from the company's operating capital.

Global Regulations
Registration Country
CySEC
Cyprus
ASIC
Australia
FSCA
South Africa
FSA SVG
St. Vincent and the Grenadines
FSC Mauritius
Mauritius

Customer Xperience

Overall Score
3.3 /5

Pros

  • Daily Research and Trading Recommendations
  • Great Education Materials
  • Free VPS Hosting
  • Great Customer Support

Cons

  • No Bonus available

Education and Research

The FP Markets Traders Hub delivers daily research and trading ideas in a high-quality format. A streaming news service, available as one of the twelve MT4 plug-ins, provides valuable real-time information directly within the trading platform.

New traders can access educational resources such as webinars and videos, and the FP Markets Academy offers comprehensive trading courses, live webinars, podcasts, and trading guides.

Overall, the research and educational offerings at FP Markets are top-notch, enhancing the core trading experience.

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Sweeteners

Bonus
Trading Competitions
Free VPS
EA

Customer Support

FP Markets excels in customer support, offering multilingual assistance in 34 languages, available 24/7. Clients can reach out via email, live chat, phone, or the call-back option.
The comprehensive FAQ section addresses many common questions, so traders typically need additional support only in emergencies.

FAQs
Quality
Support Methods
Web,
Live Chat,
Email,
Phone,
Support Hours
24/7
Multiple Languages
English,
Arabic,
French,
Portuguese,
Spanish,
Russian