Fake FP Market

Basic information

This FP Market is a 100% scam trying to defraud clients by taking advantage of a big player's name-FP Markets. Please be aware of the potential danger.

Pros and disadvantages of FP Markets

Low forex fees are provided by FP Markets. Since creating an account and making deposits are both really simple and quick, you can get started right away. There are several top-notch instructional resources available, including trial accounts and e-books.

Only forex, CFDs (equities, indices, metals), and cryptocurrencies are offered by FP Markets. The desktop and web trading interfaces for MetaTrader 4 are out of date. The quality of research tools varies, particularly when it comes to news, charts, and basic data.

Trading fees at FP Markets

Trading costs on FP Markets are often modest.

We are aware that comparing trading costs amongst CFD providers is challenging. So how did we go about making their costs transparent and comparable？ By totaling up all the costs associated with a typical deal for certain items, we compare brokers.

We have chosen well-liked securities from each asset class:

CFDs for stock indices: SPX and EUSTX50

CFDs for stocks: Vodafone and Apple

AUDUSD, EURCHF, GBPUSD, EURUSD, and EURUSD

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used was:

20:1 for stock index CFDs

5:1 for stock CFDs

30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for FP Markets fees.

CFD fees

FP Markets has low stock index CFD fees, but stock CFD fees are rather average.

INVESTMENT OFFER

The breadth of CFDs offered by the Iress platform suite to international clients includes 8,884 shares, 61 FX pairs, four metals, 12 indices, five cryptocurrencies, and three commodities, compared to FP Markets' MetaTrader offering, which is restricted to about 130 tradeable symbols.

Trading cryptocurrency at FP Markets is only possible through CFDs; trading the underlying asset is not an option (e.g. buying bitcoin). Notably, neither U.K. citizens nor retail traders from any broker's U.K. firm are permitted to trade cryptocurrency CFDs.

Commissions and fees

At least for its commission-based ECN account offering, FP Markets is one of the most cost-competitive brokers available to traders worldwide thanks to its MetaTrader offering. The Iress ViewPoint account option is more expensive but is designed for active traders with large account balances.

MetaTrader Standard versus the Raw ECN account from FP Markets: The Raw ECN account from FP Markets offers competitive spreads, which as of October 2021 averaged 0.1 pip. Due to its much greater spreads (averaging 1.2 pips as of October 2021 for the EUR/USD), its Standard account is a more expensive choice.

Australian Iress ViewPoint Accounts: Three account types with various minimum deposit amounts are available through the FP Markets Iress platform suite: Standard (AUD 1,000 minimum deposit), Platinum (AUD 25,000), and Premier (AUD 50,000). (AUD 50,000). You must either be eligible for the Premier account or spend at least AUD 150 in commissions per month to avoid platform and data costs. Saxo Bank and CMC Markets provide greater offers for active traders and traders with large balances.

Iress Investor Account (Australia): For traders seeking a bare-bones, low-cost experience, FP Markets also offers its Iress Investor trading platform. Monthly fees are waived for this less expensive account option, but with the reduced price come some platform limitations. There is no streaming data by default (click to refresh quotes), and the charting package is far more limited than its ViewPoint platform counterpart. My take: if you cant afford the ViewPoint account, then pass on Iress Investor.