FP Markets review: Unveiling the Broker
This FP Markets review delves into the offerings and features of this prominent broker. FP Markets provides a diverse range of trading opportunities, catering to various trader preferences globally.
FP Markets Trading Platforms: MetaTrader vs Iress
FP Markets offers different trading platforms, each with distinct advantages. The MetaTrader suite (MT4 and MT5) provides access to approximately 130 symbols. In contrast, the Iress platform suite offers a far more extensive range of CFDs.
The Iress platform supports 8,884 shares, 61 forex pairs, four metals, 12 indices, five cryptocurrencies, and three commodities. This makes Iress a robust choice for traders seeking broader market access compared to the MetaTrader offering.
FP Markets Cryptocurrency Trading
Cryptocurrency trading at FP Markets is available via CFDs. It’s important to note that direct trading of the underlying physical asset (e.g., buying actual Bitcoin) is not supported. Also, crypto CFDs are typically unavailable to retail traders in the U.K.
- Forex Trading (Spot or CFDs): Yes
- Tradeable Symbols (Total): 9956
- Forex Pairs (Total): 63
- U.S. Stock Trading (Non CFD): No
- Int’l Stock Trading (Non CFD): No
- Social Trading / Copy Trading: Yes
- Cryptocurrency (Physical): No
FP Markets Commissions and Fees
FP Markets stands out for its competitive pricing, especially through its MetaTrader offering. This positions it as a cost-effective choice for many global traders, particularly with its commission-based ECN accounts.
The Iress ViewPoint account, however, is generally less affordable. It is primarily designed for active traders who maintain higher account balances.
MetaTrader Standard vs. Raw ECN Account
The Raw ECN account from FP Markets offers highly competitive spreads. As of October 2021, the average spread was 0.1 pips. This makes it an attractive option for traders focused on minimizing costs.
The Standard account is a more expensive alternative due to its significantly higher spreads. For instance, the EUR/USD averaged 1.2 pips as of August 2022. This FP Markets review highlights the importance of choosing the right account type based on trading strategy.
Iress ViewPoint Accounts (Australia)
For Australian clients, the FP Markets Iress platform suite offers three account tiers. These include Standard (AUD 1,000 minimum deposit), Platinum (AUD 25,000), and Premier (AUD 50,000).
To waive platform and data fees, you must either qualify for the Premier account or incur at least AUD 150 in monthly commissions. While competitive, active traders with high balances might find better deals elsewhere.
Iress Investor Account (Australia)
The Iress Investor trading platform caters to traders seeking a basic, low-cost experience. This account option waives monthly fees but comes with platform limitations.
It lacks streaming data by default, requiring manual refreshes for quotes. Additionally, its charting package is significantly less robust than the ViewPoint platform. For a comprehensive FP Markets review, consider these trade-offs.
- Minimum Initial Deposit: $100 AUD
- Average Spread EUR/USD – Standard: 1.2 (August 2022)
- All-in Cost EUR/USD – Active: 0.7 (August 2022)
- Active Trader or VIP Discounts: Yes
- Execution: Agency Broker: No
- Execution: Market Maker: Yes
FP Markets Mobile Trading Apps
FP Markets provides a good selection of mobile apps for forex and CFD traders. Their proprietary app offers a clean layout but lacks some advanced features found in leading industry apps.
Fortunately, MetaTrader 4 and MetaTrader 5 are available, offering reliable alternatives with comprehensive functionalities. This ensures traders have access to robust mobile trading solutions.
Apps Overview
FP Markets offers three primary mobile trading apps. These include the widely used MetaTrader platform suite, the Iress trading platform, and their own proprietary FP Markets mobile software.
For this FP Markets review, the focus was primarily on the MetaTrader offering and the FP Markets proprietary app due to Iress being optimized mainly for share trading rather than forex.
Ease of Use
The FP Markets proprietary app is user-friendly, providing an intuitive experience for a new mobile application. However, it may not meet the expectations of traders accustomed to more feature-rich platforms.
Charting
The FP Markets mobile app offers basic charting capabilities, notably lacking drawing tools and indicators. Traders requiring advanced charting can utilize the comprehensive tools available within the MetaTrader suite of platforms.
Trading Tools
The FP Markets mobile app is somewhat limited in terms of integrated trading tools. It includes a favorites watchlist and several predefined asset class lists, but it does not offer integrated research or streaming news headlines.
- Android App: Yes
- Apple iOS App: Yes
Conclusion
Overall, this FP Markets review highlights a broker with diverse offerings. FP Markets caters to various trading styles and preferences through its MetaTrader and Iress platforms. While MetaTrader offers competitive pricing, Iress provides broader market access.
Traders should carefully consider the FP Markets commissions and fees associated with each account type. The availability of FP Markets cryptocurrency trading via CFDs and a selection of mobile apps further enhances its appeal. Choosing between FP Markets MetaTrader vs Iress depends largely on individual needs and trading goals.
