You may already have questions about the platform, such as is FP Markets safe? Or whether the platform is legit, but for now, let’s start at the beginning – opening an account.
Right off the bat, our review of FP Markets, found the onboarding process to be quick and easy, all you need to do to open an account is input a few details, verify your ID and email and you’re up-and-running!
Whilst there may not be any special offers or welcome deals on offer, there is an FP Markets demo account to all new customers – complete with £100,000 in virtual funds. This can be invaluable to beginner traders, as it gives you the chance to try out the platform and get a feel for the markets before you start investing real money. All you have to do is open an account and download the trading platform and you can start making trades without depositing a penny!
The first thing new users see when coming to the platform is its main website. Our FP Markets review UK found this to be visually appealing but well laid-out. There’s little room for confusion as to where to find everything.
The navigation bar at the top of the screen gives you quick access to everything you could need – the various trading platforms, how-to guides and other trading resources. If that weren’t enough, there’s also a large ‘trade now’ button on the main page, which takes you straight to account creation.
Depending on which platform you opt for, there may be a short download required. This is also true if you plan to use the demo account feature, as this requires you to have Meta Trader 4. This only takes a few moments and you’ll be prompted with the download link when opening an account.
There are quite a few options when it comes to opening an account with FP markets. If you’re planning to trade forex, you can open a standard account or a raw account – both of which are available in demo formants. The key difference between these accounts relates to how you are charged for trading. Choosing the right option will depend on how frequently you plan to trade and how large your transactions are likely to be.
It’s also possible to open an FP Markets Pro Account, which offers higher leverage for all assets, including forex, stocks, cryptocurrencies and commodities. However, our FP Markets review UK would not recommend this option for novice traders.
Fees – What’s the cost of trading at FP Markets?
Next up in our FP Markets trading review, we take a look at the platform’s fee structure. This is one area that can really make or break a platform, but it appears that FP is more than competitive, especially when compared to similar-sized operators. In fact, you can compare them to another leading provider via our Plus500 review.
If you open the standard forex account, then you’ll pay no commission fees, but the currency pairs will have a wider spread, starting at a minimum of 1 pip. The raw account, on the other hand, offers spreads starting at 0 pips but comes with a flat commission fee of £3 per lot.
During our review of FP Markets, we were unable to actually open a pro account due to the eligibility criteria, however the advantages appeared to relate to an increased margin facility, with maximum leverage available at no extra cost.
Generally, most reviews note that FP markets has low fees and very reasonable spreads. The option to open a standard or a raw account also means you can choose the fee structure that best suits your trading style – whether you are a high volume trader or someone looking to open just a handful of positions throughout the week.
So, we’ve looked at the fee structure and the account types available, but is FP markets good for actually trading? The simple answer is yes. One of the things that struck our review of FP Markets is the range of trading platforms offered.
The main trading platforms are the industry-renowned Meta Trader 4 and Meta Trader 5. Anyone familiar with the trading world is likely to be familiar with these platforms, as they are more or less standard and have been for several years. They both offer powerful tools and charting metrics through a highly customisable interface. You open trades at the touch of a button, simply by clicking the ‘new order’ button at the top of the screen.
Finally, FP markets also offers its bespoke mobile trading app – available for Android and IOS. Both versions have a streamlined and easy-to-navigate interface that lets you trade on the move. You’ll have access to over 60 forex pairs, as well as CFD trading across metals, indices and commodities.
FP Markets scores well for its absence of transaction fees. There are no account fees, no withdrawal charges and no deposit charges – unless they are added by your payment provider. In addition, FP markets stands out for not charging an inactivity fee – something that many brokers still do.
When it comes to payment options, there’s also plenty of choice. You can fund your account with the traditional methods of Visa/Mastercard and bank transfer, as well as a range of e-payment options, including PayPal, Skrill, Sofort, Neteller and Giro Pay.
So is FP markets safe when it comes to payments? Absolutely. Any client funds are held with banks in segregated accounts away from the company’s own funds. FP Markets will also not accept any transaction requests from any account that isn’t registered in your name.
Trading can be a complex business so it’s always good to know that help is on hand if you need it. As such, our FP Markets review UK took an in-depth look at what sort of support you can expect.
We found the easiest way to get in touch was via the web chat feature. However, we were a little disappointed to find that this was not available seven days a week. However, you can reach the team 24/5 and when the chat service was manned, we found we were connected within two minutes and the customer service agents were helpful and attentive.
You can also get in touch via email and the team will generally respond the same day – we found times to be anything between one and seven hours, however this will of course depend on how busy the team is.
Finally, you can also get in touch with the team directly via telephone, which some users may prefer. Of course, we were unable to verify all the languages supported by the team, but the website states that help is available in English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, and Vietnamese.
The two questions that you are probably most interested in finding answers for are: is FP Markets safe with regards to your finances and Is FP Markets legit when it comes to operating in your region.
You can rest assured on both counts that everything at FP Markets is completely above board. In fact, the company has some fairly solid regulatory credentials. FP Markets is regulated in its native country by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC) for European customers and the Financial Services Authority of St. Vincent and the Grenadines for all other international clients.
This should resolutely answer the question is FP Markets safe, as each regulatory authority insists on strict criteria to ensure licenced brokers act responsibly and transparently.
For UK customers, FP Markets must also meet the stringent criteria of the Financial Conduct Authority. This should give you peace of mind that your deposit and account funds are completely safe and underwritten under the Financial Services Compensation Scheme (FSCS) up to £85,000 per person if the broker were to go under.
Aside from the features detailed above, our FP Markets review UK took a look at the platform as a whole and found it to be one of the top platforms out there.
One of the things that was most apparent throughout our review of FP Markets was the platform’s commitment to education – there are numerous resources available on the site, from basic how-tos to advanced trading strategies. Effectively, the platform offers a one-stop-shop for anyone looking to start a successful trading career.
We found video tutorials, guest posts and even free trading tools – all of which were comprehensive and surprisingly impartial. If you’re wondering is FP markets safe for beginners, then this should put your mind at ease – you’ll find plenty of support for your trading journey.
Our FP Markets review UK was also impressed with the support offered to customers. You can speak to an advisor within minutes, as detailed above, as well as ask for a callback or take a look through a very comprehensive FAQ. If you’re looking to compare brokers, we recommend checking out our review of “is BDSwiss legit?“.