Equity CFDs and DMA traders face a fee between 0.06% and 0.30% with a minimum of $10 or a currency equivalent. The equity trading charges depend on the country of the listed underlying asset, and the pricing environment remains average compared to other brokers. Our review focused on the MT4 trading platform, available to all clients at FP Markets. The Iress trading platform, restricted by geographical location, focused on global equity trading, features numerous additional costs. They can total above $200 per month for low-frequency traders, but FP Markets has a program in place for active traders to receive reimbursement for most costs. While non-equity trading costs remain very competitive, equity trading tends toward the industry average.
- All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor.
- We also like the breadth of instruments available through its platform.
- However, you should note that an administration fee applies when positions are kept open for two or more trading days in a row.
- Account verification remains mandatory but a swift process at FP Markets.
- IC Markets is considered Trusted, with an overall Trust Score of 84 out of 99.
- To open a trading account with FP Markets, you’ll need to make an initial minimum deposit of $100 AUD.
Data safety
Supporting documentation proving Islamic status may be required from the client in some cases. Here is a screenshot of swap rates at FP Markets for the EUR/USD from the MT4 trading platform. First Prudential Markets LTD remains authorized by the Cyprus Securities and Exchange Commission (CySEC), a leading Forex regulator. EEA traders get an investor compensation fund limited to €20,000 per client.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not a part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Adding more advanced video courses would only serve to improve FP Markets’ educational experience. FP Markets places its clients’ funds in segregated accounts with AA-rated Australian banks, separate from its bank accounts.
FP Markets vs IC Markets Comparison
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). See how FP Markets compares against each of the following brokers.
Mobile Trading Apps
Headquartered in Sydney, Australia, FP Markets (First Prudential Markets) was founded in 2005 as an online retail forex and CFD broker. The brand’s entities are regulated in Australia and Europe, with a total of 95 employees as of 2019. With FP Markets, you can open an account in one of 13 local currencies. If possible, open an account in your currency to avoid unnecessary currency conversion fees. All platforms are available for download fxtm broker reviews to your Windows computer or MacBook from FPMarkets.com. You may also trade through your browser or TradingView if you prefer.
The online account opening process remains straightforward, but FP Markets collects more data than some other brokers. It does offer traders to complete the first step via a Google or Facebook account. The application grants access to a clean back-office, from where traders can manage all their trading accounts and financial transactions. Account verification remains mandatory but a swift process at FP Markets. Most traders will satisfy AML/KYC requirements by submitting a copy of their ID along with one proof of residency document. The FP Markets Traders Hub provided daily research and trading ideas, presented in a quality format.
We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. Since mobile apps cater more to portfolio management, up-to-date developments, and copy trading, they offer the necessary tools to achieve the above. They include economic calendars, streaming news, and watch lists but do not include the cutting-edge trading tools FP Markets offers for its desktop trading platforms. FP Markets offers all traders the MT4/MT5 and cTrader trading platforms and select clients may qualify for the Iress trading platform, restricted by geographical location.
Other trading platforms
Other costs traders must consider are swap rates on leveraged overnight positions. One of the benefits of trading Forex is leverage, which means borrowing funds from the broker to manage more significant trading positions. It incurs financing costs, known as swap rates, and the longer a trade remains open, the higher the fees. Third-party withdrawal charges may apply, but there is no inactivity fee at FP Markets. FP Markets also earned Best in Class honors for Commissions and Fees in our 2024 Annual Awards. It’s worth noting that FP Markets’ share pepperstone canada CFD offering on Iress provides Direct Market Access (DMA) in terms of its pricing and execution process, including full depth of book available within the platform.
Therefore, FP Markets ranks among the leading brokers industry wide. DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here.
The multilingual customer support is available in 34 languages, 24/7. Clients may reach out via e-mail, live chat, phone, or the call-back option. A quality FAQ section answers many questions, and most traders may require additional assistance only during emergencies. Here is a screenshot after launching the FP Markets MT4 trading platform following installation, without modifications. A social trading broker with its proprietary CrowdTrading platform. Yes, based on your detected country of UA, you can open an account with this broker.
Here is a screenshot of a live FP Markets MT4 trading account during the London-New York overlap session, the most liquid one, where traders usually get the lowest spreads. Most of FP Markets’ research is found under the Traders Hub section on its website, where it is separated into technical and fundamental analysis. It’s important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. Both FP Markets and IC Markets offer Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw). IC Markets requires a minimum deposit of $200 before you can open an account and start trading.
By default, all ASIC-regulated brokers are market makers, but FP Markets deploys a no dealing desk (NDD) execution model. While the FP Markets Trading App only supports rudimentary charting tools, MT4, MT5, and cTrader come with a similarly advanced package as its more powerful desktop versions. Despite the availability, the screen size and absence of multi-screen support make complex analytics impossible to conduct.
Besides the build-in MT4 copy trading functionality, FP Markets partnered with Myfxbook Autotrade, also available from within the MT4 trading platform. The most recent expansion includes a proprietary copy trading service, FP Markets Copy Trading. VPS hosting is available, but minimum requirements exist to receive it free of charge. Regrettably, the 10,000 equity CFDs are only available on Iress.
New traders should familiarize themselves with the top menu icons, which offer several advantages. The user interface is the same as when MT4 launched in 2005, featuring a dated design, but plug-ins exist to change it. Trading with MT4 is simple and does not require a lot of time for new traders to learn. Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies.