FP Markets Review

Fees - 6.4/10

1. Spread

FP Market spread on the Standard Account starts from 1.0 pips (a bit high) while spread on the Raw Account starts from 0.0 pips.

EUR/USD average spread on the Standard Account is 1.2 pips which is a bit higher than what closest rivals offer.

On their Raw Account EUR/USD average spread is 0.1 pips which not exactly low but we would say it is fair.

2. Commission

Because the Raw Account charges lower spreads, FP Markets will also charge you a $3 USD or $3.5 AUD per side per standard lot commission on every trade.

However, when trading Equity CFDs, the commission per side can reach as high as 5 AUD for Hong Kong stock & 2 AUD for other Stock/ETFs.

3. Overnight Fees

Except you are operating an Islamic Account at FP Markets, you will be charged overnight swaps for leaving your CFD trade open till the next day.

4. Inactivity Fees

FP markets does not charge any inactivity fees but your account may be closed or archived if it has been dormant for a long time.

4. Withdrawal Fees

FP Markets does not charge withdrawal fees when you withdraw to your Credit/Debit card, or Local Australian Bank.

Withdrawal fees only apply when you use Perfect Money (0.5% withdrawal fee), Neteller (2% withdrawal fee) & Skrill (1% withdrawal fee).

5. Currency Conversion Fees

You are going to encounter currency conversion fees with FP Markets because they do not have Naira accounts; so any naira deposits will be converted to USD at a fee.

Range of Markets - 8/10

1. Forex CFDs

You get to trade CFD on over 50+ forex pairs including AUD pairs like AUD/USD, AUD/CHF, AUD/JPY etc.

You can also trade exotics such as USD/KES, USD/UGX, USD/ZAR etc.

2. Metal CFDs

FP Markets lets you trade Gold paired against the Australian Dollar (XAU/AUD), Gold vs US Dollar (XAU/USD), as well as other metals such as Silver, Palladium, Platinum, Zinc etc.

3. Share CFDs

You can trade over 700 Share CFDs without owning them. 105 Australian Shares, 123 EU Shares, 17 UK Shares, 433 US Shares, & 105 HK Shares are on the menu.

4. Energy CFDs

Crude Oil & Natural Gas are the available Energy CFDs at FP Markets.

5. Soft Commodity CFDs

Cocoa, Cotton, Sugar, Coffee, Corn, Soybeans & Wheat are the available soft commodities you can trade at FP Markets.

6. Index CFDs

FP Markets lets you trade the AUS 200 Index, Nasdaq, EUR50, GER40 & other popular indices.

5. Crypto CFDs

You can trade 10+ cryptocurrency paired against the US Dollar only. Bitcoin, LiteCoin, Ethereum, Doge, Solana, PolkaDot etc. are available.

6. Bonds CFDs

UK & US Bond CFDs are the only fixed income exposure you get at FP Markets.

7. ETF CFDs

You can trade 50+ ETF CFDs including the popular ones like Vanguard ETF, iShares ETF, ProShare ETF etc.

Platforms - 9/10

1. TradingView

Yes, FP Markets gives you access to the TradingView platform at no cost. However, to use the TradingView platform you must open a Raw Account

How To Connect FP Markets To TradingView

Log in to TradingView

Visit the TradingView website, click on sign in and you get the option to sign in with your Google Account, Apple Account, LinkedIn Account, X Account, or email. elect any sign in method to proceed.

Choose an instrument to trade

To select an instrument to trade on TradingView, click on Markets and then select any instrument of choice.

Navigate To Super Charts

After choosing an instrument to trade, opt to view the instrument on Super Charts by clicking on the "see on super charts" button.

Open Trading Panel

To see a list of brokers on TradingView, click on Trading Panel.

Proceed to expand the trading panel by clicking on the expand icon by the bottom far right hand side.

Choose Your Broker

After the trading panel opens, you will see a list of all the forex brokers on TradingView.

Locate your broker on the list and login with your broker details.

2. MetaTrader

Yes, FP Markets provides the MT4 & MT5 platforms so you can execute your trades on them.

3. cTrader

Yes, FP Markets has provided cTrader as part of their trading platforms. To use cTrader, you must open a Standard or Raw cTrader Account.

4. FP Markets Mobile App

This is a proprietary mobile trading app built by FP Markets and you can use it to fund your account, and place/monitor trades.

Tools - 9/10

1. Trade Medic

Trade Medic is a tool that studies your trading psychology & generates a report, to tell you what is wrong with your trading psychology & suggest areas of improvement.

2. Traders Tool Box

This tool is basically a set of MT4/5 upgrade Expert Advisors. The tool box contains free EAs such as Alarm Manager, Market Manager, Stealth Orders, Session Map etc.

3. Forex Calculator

FP Markets forex calculators consist of a Pip Calculator, Currency Converter, Margin Calculator, Swap Calculator 7 Profit Calculator.

4. Autochartist

Autochartist is basically a tool that scans the forex charts of instruments on your favorites/watchlist for chart patterns.

When Autochartist detects a chart pattern, it sends you an email containing an image of the pattern & possible ways to trade the pattern.

5. Copy Trading

You can copy the trades of other FP Markets traders by logging into your FP Markets portal, navigating to copy trading (from the side bar menu), then choosing a Strategy Provider to copy from.

FP Markets also allows you to logon to external copy trading platforms like Myfxbook & Signal Start (without paying any subscription), to copy trades from Strategy Providers there.

Customer Support - 8/10

1. Help Line

FP Markets offers help lines that remain open 24/7 so you can call in for help.

2. Live Chat

You can also communicate with a live agent using the live chat tool which is available 24/7.

3. Social Media

FP Markets can also be contacted by chatting them up on their social media pages on Facebook, Twitter, Linkedin & Instagram.

4. Personal Account Manager

FP Markets assigns a Personal Account Manager to every trader so you can reach out to them at any time for quick resolution of issues.

5. Education

FP Markets has provided beginner educational resources in Video, Podcast, ebook & other formats.

Final Verdict - 7.7/10

FP Markets is a good forex broker but their trading conditions are not tailored for Nigerians. The minimum deposit is too high, they don't have Naira Accounts & all these make it more expensive to trade with them

However, if you can afford them then FP Markets is the best forex broker for beginner traders.