|Minimum account size||AU$200|
|Minimum lot size||0.01|
|Spread on EUR/USD||0 pips|
|Payment methods||Credit Cards, China UnionPay, Bank Wire, BPAY, Neteller, Broker to Broker|
|Accepts Australian traders||Yes|
|Support||Phone, Email , Live Chat|
- Regulated in Australia (ASIC)
- Over 10,000 assets
- Offers ECN account
- Accepts local payment options
- Dedicated support for Australian traders
- Average minimum account size
FP Markets is an ASIC-regulated forex brokerage that is locally based in Australia. According to their website, their “deep understanding of what traders need” is what sets them apart from other brokerages in the market. Sounds impressive but were they able to prove such statement? Continue reading this unbiased review to know the answer.
There are two major platforms to choose from. The first is the IRESS platform suite which comes with transparent pricing, customizable alerts, real-time news, completex order types and a wide variety of indicators and analytical tools. They also offer the popular MetaTrader 4 forex trading software which also has a number of notable features such as one-click trading, advanced charts, an online community where you can copy successful traders, true ECN pricing and many more. Such offerings warrant a Platform score of 8/10.
Their interface of their platforms are very simple and sleek so you won’t have to worry about getting confused with complex menus or experience any system lags. Such simplicity and user-friendliness merits a Design score of 4/5.
The AU$200 minimum account size is not the lowest in the market but falls under the average category and it’s the reason why they earned a Minimum Deposit score of 4/5.
Minimum Lot Size
Micro lot trading is allowed by this broker so you can buy and sell smaller amounts of assets with each of your trades. The minimum accepted lot size is 0.01 which is basically the standard and this is the reason why they notched a Minimum Trade score of 4/5.
If you’re interested to invest on a wide range of markets then this broker is definitely a good choice because their platforms will allow you to choose from more than 10,000 instruments. You can trade on local and international equities, commodities, indices, currency pairs and even on Bitcoin. Such diversity warrants a perfect Tradable Assets score of 5/5.
They offer variable spreads on the MetaTrader 4 platform which resources its quotes from major international financial institutions. If you’re signed-up for an ECN Raw account, you can even enjoy spreads for as low as 0 pips. Such competitive pricing deserves a Payouts score of 10/10.
Withdrawals via BPAY and wire transfer may only take up to 2 business days while other methods such as credit cards can take up to 5 business days. All of our withdrawals were processed within the given timeframes and had no delays. This kind of speed and security warrants a Withdrawal Time score of 7/10.
Deposit and Withdrawal Methods
For banking, they accept credit cards, bank wire, China UnionPay, Neteller and even transfers from other brokers. It’s also worth mentioning that they accept BPAY which is one of the most popular local payment methods in Australia. Such convenience in account funding deserves a Deposit and Withdrawal Methods score of 5/5.
For clients in Australia, they offer a local phone support but you can also get in touch with them alternatively via email or live chat. They also have office in Sydney so you may pay them a visit if you wish to talk to one of their agents in person. In this category, FP Markets notched a Customer Support score of 10/15.
They provide Direct Market Access (DMA) pricing so the quotes that they provide are accurate and in real-time. It’s so fast that they even received several awards for their best trading execution and for such technology, a Quote Accuracy Score of 9/10 is well-deserved.
FP Markets is locally based in Australia and is locally regulated by the ASIC (Australian Securities and Investments Commission) so it’s no question that they are very popular and has a huge customer base in this country. This is further proven by the significant number of positive reviews that they have received from their satisfied traders and this warrants a strong Reputation score of 13/20.
Final Score: 80/100