FP Markets South Africa Review
Is FP Markets Legit in South Africa
Withdrawal delays at FP Markets, i didnt get my withdrawal till after 1 week. lso overnight swaps are too high
Poor customer support here in Nigeria. Maybe they do better in other locations but here in Nigeria its a no for me.
Poor customer support here in Nigeria. Maybe they do better in other locations but here in Nigeria its a no for me.
Customer service is not great, I messaged my account officer and he didn't bother to respond till this day
what brought me to FP Markets was the USD/KES currency pair trading but the spreads are high and the absence of KES account currency means currency conversion fees add up. Apart from that they are a great forex broker
FSCA Regulated Broker with ECN Pricing
| 👨 Broker | FP Markets |
| 👨 Accepts South African Traders | Yes |
| 👨 Founder | Matthew Murphie |
| 📅 Year Founded | 2005, Australia |
| ⚖ Regulators | FSCA |
| ⚖ FSP Number | 50926 |
| 📈 CFD Trading Instruments | Forex, Shares, Metals, Commodities, Indices, Crypto Bonds, ETFs |
| 🚀Leverage | 1:500 |
| 💻 Platforms | MT4, MT5, cTrader, TradingView |
| 📋Account Types | Standard, Raw, cTrader |
| 📋Base Currency | USD |
| 💰 Minimum Deposit | $100 (1,800 ZAR) |
| 💰 Minimum Withdrawal | $0 |
| 💰Withdrawal Fees | $0 |
| 📞Live Support | 24/5 |
| 🏖️ Inactivity Fee | $0 |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation - 10/10
FP Markets is regulated by the FSCA in South Africa with FSP number 50926. However, they are not an authorized over-the-counter derivative provider, meaning they cannot act as market makers.
Account Types - 6/10
1. Standard Account
The FP Markets Standard Account is a spread-only account so you dont pay any commissions per trade.
The Standard Account is suitable for beginners because of the spread-only pricing style & the minimum deposit is 100 AUD.
2. Raw Account
The FP Markets Raw Account is for those seeking very low spreads & who are prepared to pay a flat commission per trade in exchange.
The Raw Account is suitable for experts & trading robots because of the ECN Spread & the minimum deposit is also 100 AUD.
Account Management - 6/10
Account Currency
FP Markets does not have ZAR Accounts, instead your trading account is opened in USD by default. The absence of ZAR accounts means you will pay currency conversion fees every time you deposit/withdraw in ZAR.
How To Open An Account at FP Markets
Start by visiting the FP Markets website & click on ''open live''.
You will be taken to a page to fill in your personal detail. You can quicken the registration process by signing up with your google or Facebook account profile.
The second step is to select your trading platform, account currency & leverage.
The next step is to answer some questions about your trading experience & accept the declaration then click on "open account"
The final step is to verify your FP Markets account by uploading your Kenyan government ID.
Funding & Withdrawal - 8/10
FP Markets Minimum Deposit in ZAR
FP Markets minimum deposit in South Africa is $100 or 1,800 ZAR. Both the FP Markets Standard & Raw Accounts require the same $100 minimum deposit.
FP Markets Minimum Withdrawal
The minimum withdrawal at FP Markets is $0 so you can withdraw any profits you make immediately & manage your risk effectively.
How Long Do Withdrawals Take on FP Markets?
Fees - 6/10
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 per side per standard lot commission on every trade.
However, when trading Equity CFDs, the commission per side can reach as high as 5 USD for Hong Kong stock & 2 USD 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 Kenyan Bank.
Withdrawal fees only apply when you use Perfect Money (0.5% withdrawal fee), Neteller (2% withdrawal fee) & Skrill (1% withdrawal fee).
Range of CFD Markets - 10/10
1. Forex CFDs
You get to trade CFD on over 50+ forex pairs including major pairs like EUR/USD, GBP/USD, USD/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.
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 - 9/10
1. Toll-Free Help Line
FP Markets offers toll-free help lines that remain open 24/7 so you can call in for help.
2. Live Chat
Live agents are on standby 24/7 so you can chat with them.
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 one of our best forex brokers in South Africa for frequent traders seeking tight spread and transparent order execution.