RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
First Prudential Markets (FP Markets) is a global award-winning Forex and CFD provider with over 13 years of experience in the financial markets sector. It offers trading in more than 10,000 tradeable assets on several trading platforms and promises No-Dealing-Desk environment with deep liquidity.
The broker is regulated in Australia and has offices in Sydney, Shanghai and Beijing.
FP Markets Regulation & Safety
This broker is owned and operated by First Prudential Markets Pty Ltd., a company licensed by the Australian Securities and Investment Commission (ASIC).
Being overseen by one of the most respected financial watchdogs in the world is definitely a strong sign of credibility. ASIC offers clients a lot of protections against unethical brokers. First of all, it requires regulated brokerages to maintain capital holdings of at least AUD 1 million. Second, client funds must be kept segregated (separate) from the company’ s operating balance. Third, there are no restrictions on the leverage provided to retail clients.
Currently, Australia is one of the main forex hubs in the world and is expected to attract even more forex brokers now that ESMA capped leverage at 1:30 to retail investors across Europe.
Note that does FP Markets not accept clients from USA, Japan, New Zealand residents or any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
FP Markets Trading Conditions & Account types
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads|
|Standard||$100 AUD||0.01||1:500||1.45 pips|
|ECN Raw||$1000 AUD||0.01||1:500||0.45 pips + AUD $3.5 / lot (per side)|
FP Markets offers its clients the above two account types for trading in forex. Both of them offer high leverage levels, reaching 1:500, micro tradeable lots and competitive spreads.
The Standard commission-free account provides access only to the MetaTrader 4 platform, while ECN Raw account holders can choose between MT4, MT5 and the broker’s in-house trading software.
FP Markets Trading Platforms
Another advantage of FP Markets is that its clients can choose among three trading platforms: MetaTrader 4 (MT4), MetaTrader 5, and its proprietary IRESSTrader, specialized in CFDs trading.
The widely used MT4 has proved to be a good and reliable trading platform with solid charting and automated trading options, and if you are good with coding, you can create your own indicators, EAs, etc. So, no wonder more than 80% of all forex brokers support the MT4.
As most MT4’s indicators and EAs are not supported on the MetaTrader 5, the latter is still in the shadow of its predecessor. Recently, however, a number of enhancements were made to the MT5 and many brokers switch to it or launch it alongside the MT4. MetaTrader 5 has kept most of the MT4 tools and features but is intended as a multi-asset platform, where users can trade forex and exchange-traded stocks from a single account.
As regards FP Markets’ proprietary platform, IRESSTrader, it provides its users access to DMA CFDs with fast execution, a wide ranges of order types, stop-loss, live news feeds, international data, complete market depth and charting facilities. Keep in mind that this platform has a monthly fee $55.
FP Markets Methods of Payment
FP Markets offers its clients a variety of deposit/withdrawal methods: via credit/debit card, bank wire, BPAY, AstroPay, Neteller, Skrill, and POLi.
On the website of the broker you can find all the details regarding the currencies you can deposit in for each of the payment methods, as well as the applicable fees.
As regards withdrawals, FP Markets does not charge any fees for processing Australian withdrawals. However, there is a $20 per transaction for International bank transfers and 1.8% for credit cards are payable to banks & Credit card companies.
FP MARKETS is a reliable Australian forex and CFD broker, offering transparent and competitive conditions for trading in variety of assets, including cryptocurrencies such as Bitcoin.