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FP Markets review 2022: Pros, Cons, and Key Features

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2 years ago

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FP Markets was established in 2005. It is regulated by the Financial Services Authority of St. Vincent and the Islands, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission. Because of its history and top-tier ASIC regulation, FP Markets is regarded as secure. FP Markets is also one of the best forex trading platforms for beginners.

More than 10,000 trading items; 15 years of experience in the Forex market; MAM and PAMM investing alternatives; order execution speed of 40 ms.

Pros

  • Low Currency Fees
  • Offering Meta Trader 4 and 5
  • Simple and Quick Account Opening
  • Deposits and Withdrawals Done Quickly
  • Numerous Account Types

Cons

  • High CFD Stock Fees
  • For Some Accounts, High Minimum Deposit

Key Features:

  • Some of the tightest spreads in the market are available from First Progressive Markets.
  • With this broker, you may trade major currency pairs starting at 0.0 pip.
  • Forex traders will be charged a commission of $6 per lot for each round turn, whereas share traders will be charged a commission of 0.1% (AUD$10 minimum).
  • Null manipulation: There is no dealing desk, no requotes, and no price manipulation at FP Markets. Without any manipulation, you can get access to institutional-grade liquidity.
  • Award-Winning Performance: The server clusters used by FP Markets at the Equinix NY4 facility provides lower execution, allowing it to handle a large number of deals quickly.
  • No limitations. At First Progressive, there aren’t many constraints on your trading approach. Any trading technique is permitted, including scalping, offsetting, EAs, and others. Since there is no required minimum spread distance, the conditions for EAs and scalping are optimal.
  • Outstanding customer service: Customer service at FP Markets is responsive and available in multiple languages.

Steps for creating an account

The procedure of opening an account is simple and completely digital. We finished everything in about 10-15 minutes, and the next day our account was approved. Let us take you through the four steps for opening an account at FP Markets:

  • Put your name, email address, and country.
  • Describe yourself in more detail, including your date of birth, residence, and profession.
  • Choose the base currency, trading platform, and account type.
  • Complete a short questionnaire to demonstrate your knowledge of different financial products.

Mobile trading platform

With the help of Meta Trader, FP Markets is the best forex trading platforms for beginners offers a fantastic mobile trading platform. On the other hand, there is no two-step login. FP Markets also provides iOS and Android mobile trading interfaces for Meta Trader 4, Meta Trader 5, and IRESS Mobile. We evaluated the Android version of the meta-Trader 4 mobile trading platform in our evaluation.

You must access the MT4 mobile trading platform after downloading it. You can choose from a number of languages on the mobile trading interface, just like on the web platform. On Android devices, however, changing the language can be a little complicated because you can only do so after changing your phone’s primary language.

Look and feel

We thought FP Markets’ mobile trading platform was very user-friendly and had a great design. You can quickly locate all the features.

Login and security

For its mobile app, FP Markets offers a similar one-step login process as it does for its web trading platform. A second layer of security would be provided by using two-step login. Additionally, there is no Face ID or fingerprint authentication. The login process would be more convenient if this feature was added.

Search capabilities

The mobile app’s search capabilities are effective. You can conduct a search by entering the product name in the search box or by browsing the category folders.

FP Markets: The Final Word

It’s difficult to stand out in a sea of many trading platforms that all have remarkably identical services, but FP Markets really goes above and beyond. Above all, its ECN-style pricing is difficult to match, and other strong points include the variety of assets you can trade, the many account types and trading platforms that are offered. Despite having several regulators across the world, fpmarkets.com’s head office is located in Sydney

However, if you want to trade outside of Australia and Europe (where FP Markets is not subject to the same regulation), you might want to think about a different option. Additionally, since you can’t benefit from the low spreads if you’re a long-term trader and are only willing to trade on a Standard account, you might feel the spreads to be exorbitant.

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