Founded in 2005, First Prudential Markets (FPMarkets) is a regulated Australian CFD and forex broker that offers low fee trading, blazingly fast deposits, and excellent education tools for new traders. This broker differs from many others with an expansive CFD offering, high-quality educational tools, and multiple trading platforms. FPMarkets offer low forex fees and lightning-fast deposits, but suffer from a limited overall portfolio.
FPMarkets is a legitimate broker with multiple licenses with a long track record that makes it a safe and trusted CPD cryptocurrency broker. Our FPmarkets review found it to be reputable and highly recommended by its users.
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FPMarkets allow crypto trading, and all other products, at a minimum execution of 0.01 lot. The maximum trading volume allowed at FPMarkets is a trade of 50 lot. With ECN and STP executions, we found spreads to be very tight with excellent transparency over the trading price.
For the purpose of this FPMarkets review, we tested the MetaTrader 4 platform as it is conserved the most likely of choice for clients as it is the obvious free option. The FPMarkets web trading platform feels a touch outdated at times but makes up for it with considerable customizability. We found it easy to adjust the size and positions of tabs but a little bit of time was needed to find all the features.
Deposits and withdrawals were easy to find however, and were all clearly displayed in the Client Area. Our FPMarkets review found the design of the platform left a little to be desired, with a white colour scheme and, again, an outdated look. The platform performed well, with snappy responses, however, a lack of price alerts was a let-down.
The MetaTrader 4 Platform has excellent compatibility with a native app for iOS, Windows, Android, and as a Web Trader. MetaTrader 4 leverages 128-bit encryption protocols for very secure trading on both live and demo accounts. We found One-Click Trading with MetaTrader 4 to be very responsive and there were no requotes or freezing.
The account opening procedure is rather pain-free and took us about 10 minutes to complete entirely online. Our account for this FPMarkets review was approved on the same day. We determined the procedure could be broken down into 4 easy steps:
You can observe the crypto markets within the Market Watch feature of MetaTrader 4. Alternatively, you can search for a preferred cryptocurrency. Once you have finalised your crypto of choice, you can choose a leverage you are comfortable with. You can finalise the CPD trade by matching the required margin to make the trade. MetaTrader 4 have great inbuilt tools to study and follow the price movements of your chosen crypto trade.
Making a withdrawal at FPMarkets was quite simple. After logging into the Client Area and accessing the Funding tab, we simply selected our method and an amount. Our FP Market review used a credit card and our withdrawal only took 1 day to be processed.
|Company||First Prudential Markets Pty Ltd|
|Headquarter||Level 5, Exchange House, 10 Bridge Street, NSW2000 Sydney, Australia|
|Year of Founding||2005|
|Available Languages||English, German, French, Italian, Spanish, Russian, Polish, Portuguese, Arabic|
|Customer Support||Live Chat, Phone, Email Support|
|Phone||+44 28 2544 7780|
|Licence||ASIC – Australian Securities and Investments Commission|
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Our FPMarkets Review found multiple accepted payment methods in at least 10 different currencies including AUD, NZD, EUR, and GBP.
There are no withdrawal and deposit fees, with some minor exceptions, or account and inactivity fees. Withdrawal times greatly vary at FPMarkets with card payments taking anywhere from 4-5 business days, Wire transfers from 2- 7 business days, and e-wallets were the fastest at 12-24 hours.
We found deposits when using our MetaTrader 4 account to be instant. Our FPMarkets Review showed a minimum deposit requirement of $100AUD and there is no minimum withdrawal amount specified. We’d recommend either Bpay or a Card payment due to no fees and fast withdrawal speeds.
Our FPMarkets review revealed three methods of customer support in the form of a live chat, phone line, and email contact. An excellent feature of FPMarkets is the expansive range of languages available including Arabic, Chinese, English, Greek, Russian, and several other European and Asian languages.
The phone lines are seriously fast. During our FPMarkets crypto review, our phone calls were answered within 30 seconds on average, although we found email support to be superior. Email responses were both quick and provided relevant answers. Over several emails during our testing for this FPMarkets review, we received fantastic responses within a couple of hours.
Live chat was also incredibly responsive and informative but all the customer service methods would have benefited from 24/7 availability. FPMarkets provide the live chat option in every window of their website. The live chat option is very easily visible and accessible.
This broker is considered very safe owing to a long, proven history and regulation by the following authorities:
There is no investor protection under ASIC, however, the lengthy track record of this broker proves it has successfully survived previous financial crises and it has continued to maintain a solid record.
The MetaTrader platforms are secured with 128-Bit Secure Sockets Layer (SSL) encryption and the additional option to enable Two-Factor Authentication (2FA) when logging in. FPMarkets complies with all industry regulations and all funding and payments are secured. All funds are kept in segregated accounts at the National Bank of Australia, so your funds are safe from business failure.
In 2019, FPMarkets was awarded the Best Global Forex Value Broker at the Global Forex Awards and the broker was named Forex and CFD broker with the best quality of trade execution in the 2019 Investment trends Australia Leverage Trading Report. Most recently, FPMarkets was recognised as the best Forex broker in Australia for the year 2020 by the FX Australia Forex Awards.
Our FPMarkets review research provided us with a view that this broker is perceived as a trusted, customer-focused broker that comes highly recommended for beginner traders.
Online FPMarkets reviews are all highly positive, exemplified by a 93% excellent rating by customers on Trustpilot. A majority of reviews commend the customer service of FPMarkets and comments regarding speedy withdrawals.
Unlike crypto exchanges that allow you to buy cryptocurrency, FPMarkets crypto trading is offered in the form of CFD trading. Rather than buying the currency itself, and only claiming ownership upon gaining the private key through a crypto wallet, FPMarkets crypto trading allow traders to bet on whether the price of a cryptocurrency will go up or down.
This form of crypto trading can be beneficial due to the trading opportunities afforded by a highly volatile asset. Our FPMarkets crypto review revealed 5 cryptocurrency CFD’s on offer in Bitcoin, Bitcoin Cash, Ripple, Litecoin, and Ethereum. We found the minimum spreads to be low when compared to other brokers such as trading crypto in our Plus500 review, and the cryptocurrency education provided by FPMarkets is industry leading.
FPMarkets bitcoin and altcoin traders from New Zealand can use up to 500:1 leverage and tight spreads from 0.0 pips.
Our FPMarkets review for New Zealand revealed zero account fees, zero inactivity fees, and no deposit or withdrawal fees either for domestic bank transfers and credit card payments. Although there is an inactivity fee if you use the IRESS Trader platform where a $55AUD monthly fee is charged.
The MetaTrader platforms are both free to use, so is the lite version of the IRESS Mobile platform. However, the IRESSTrader/ViewPoint trading platform offered to FPMarkets crypto traders is charged at $55AUD per month, although this fee can be waived if you meet certain requirements such as generating more than $150AUD in commissions.
Our FPMarkets review 2021 confirmed that this CFD broker is regulated in a single tier-1 jurisdiction and another single tier-2 jurisdiction, further proving the safety of this broker. The FPMarkets MetaTrader platform offerings are limited to around 130 tradable symbols whereas, the IRESS platform offers an extensive range of over 8000 shares.
This broker does offer actual shares but is limited to offerings only available on the Australian Securities Exchange. Regulatory restrictions prevent FPMarkets from accepting clients from many major countries including the US, Canada, and Japan.
FPMarkets offer a rather extensive portfolio of other CFD’s, Forex, Stocks, ETF’s, Mutual funds, options, and bonds. Unlike some brokers, Australian stocks are included too. Forex products trade via an Electronic Communication Network (ECN), whilst CFD’s are traded through Direct Market Access (DMA). Trading CFD’s this way does come at an advantage in the form of lower spreads and faster executions since your orders do not have to pass through any intermediate parties such as a market maker.
Our FPMarkets review turned up 61 currency pairs, 14 stock index CFD’s, 15,000 stock CFD’s, and 6 commodities. You can purchase actual stocks at FPMarkets but only those found on the Australian Securities Exchange. FPMarkets beat most competitors, such as our XTB review and XM, in their stock CFD offerings but do fall a little short in the stock index and commodities department.
FPMarkets also allow for micro-pip trading and a maximum leverage of 500:1. However, you will find the maximum leverage is often the default set up, so be mindful when executing trades as you can choose to lower your choice in leverage to best suit your trading strategy. However, it is worth noting that we found, during our FPMarkets review, that you cannot adjust the default leverage on Iress platforms.
FPMarkets is an Australian global CFD and Forex broker with over 15 years of industry experience and is regulated by ASIC. Our FP Markets crypto New Zealand review showed that this broker offers exceptional confidence in its offerings of CFD’s across a vast range of markets including Forex, commodities, cryptocurrency, futures, and equities.
This broker proved to offer very low forex fees and zero non-trading fees including no deposit or inactivity fees. Both deposits and withdrawals during the course of our FPMarkets review were incredibly fast and easy. Opening an account at FPMarkets is very simple and the educational tools provided are exceptionally high quality – perfect for the novice New Zealand crypto trader.
It is our recommendation that FPMarkets is a very safe and high-quality broker that offers multiple trading platforms for CFD trading. FPMarkets provide a very customer-centric service and provide advanced trading platforms that cater for every level of trader, be they advanced or a beginner.
Looking to buy crypto currency online? There are several ways to invest in cryptocurrencies. A crypto CPD is a way to invest in the growth or failure of a cryptocurrencies price.To see if crypto CFDs are available at FPMarkets, take a look at our latest guide
Online brokers and crypto exchanges offer a myriad of investment opportunities that are easily accessible, affordable, and very diverse. FP Markets offer an expansive array of investment options with multiple means of accessibility – to find the specifics of their trading options, take a look at our recent FPMarkets review.
Online brokers offer their services through crypto trading platforms that allow users to access markets within their web browser, mobile phone, or personal computer. FPMarkets provide access to multiple online trading platforms, each with its own unique benefits.
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