If you use the MetaTrader platform, FP Markets shines as a reduced broker for trading FX and CFDs. Although the Iress system suite has well over 9,000 traded on the exchange symbols, it is mostly used for share trading and is typically a significantly more expensive choice.
Forex and CFD traders can discover a flexible, cost-effective MetaTrader offer at FP Markets, however they won’t find the research and training materials that leading companies provide. But before starting the trade with this you should go and check fp Markets review.
Pros and cons of FP Markets
- FP Markets was established in 2005 and is licenced in one tier-1 or one tier-2 jurisdiction, making it a reliable broker (low-risk) for trading forex and CFDs.
- The MetaTrader suite is accessible from FP Markets, coupled with extremely low spreads through their commission-based Raw ECN account.
- FP Markets once again won the Best-in-Class award in 2022 for both MetaTrader & Commissions & Fees thanks to its affordable trading expenses.
- Over 8,800 tradeable symbols are available on the Iress platform package, which is accessible through FP Markets.
- The new mobile software from FP Markets is a good addition to its mobile portfolio, but it still lacks many of the capabilities that the best mobile trading apps normally have.
- Although the instructional content on FP Markets is not very excellent, it has become better every year since the addition of podcasts and additional articles.
- Unless you are an active trader or keep a high-balance account, data fees can build up rapidly on FP Markets’ Iress platform, which is more geared toward share trading than FX.
- Despite being compatible with MetaTrader 4, FP Markets’ Social Trading portal does not offer the sophisticated performance indicators available with copy trading leaders.
Making an investment offer
The breadth of CFDs offered by the Iress platform suite to international clients includes 8,884 shares, 61 FX pairs, four metals, 12 indices, five cryptocurrencies, & three commodities, compared to FP Markets’ MetaTrader offering, which is restricted to about 130 tradeable symbols.
Trading cryptocurrency at FP Markets is only possible through CFDs; trading the underlying asset is not an option (e.g. buying bitcoin). Notably, neither U.K. residents nor retail traders from any broker’s U.K. entity are permitted to trade cryptocurrency CFDs.
Fees and commissions
At least for its commission-based ECN account offering, FP Markets is one of the most cost-competitive brokers available to traders worldwide thanks to its MetaTrader offering. The Iress ViewPoint account option is more expensive but is designed for active traders with large account balances.
MetaTrader Standard versus the Raw ECN account from FP Markets:
The Raw ECN account from FP Markets offers competitive spreads, which as of October 2021 averaged 0.1 pip. Due to its much greater spreads (averaging 1.2 pips as of August 2022 for the EUR/USD), its Standard account is a more expensive choice.
Australian Iress ViewPoint Accounts:
Three account types with various minimum deposit amounts are available through the FP Markets Iress platform suite: Standard (AUD 1,000 minimum investment), Platinum (AUD 25,000), & Premier (AUD 50,000). (AUD 50,000). You must either be eligible for the Premier account or spend at least AUD 150 in commissions per month to avoid platform and data fees. Saxo Bank and CMC Markets offer greater deals for active traders and traders with large balances.
Iress Investor Account (Australia):
FP Markets also provides its Iress Investor trading platform for investors looking for a basic, affordable experience. With this less expensive account option, monthly fees are dropped, but some platform restrictions come along with the lower price. By default, there is no streaming data (click to refresh quotations), as well as the charting package is much more constrained than that of the ViewPoint platform. My advice is to skip Iress Investor if you can’t afford the ViewPoint account.
Apps for mobile trading
For traders of FX and CFDs, FP Markets offers a good selection of mobile apps. Although it lacks the cutting-edge features I’ve come to anticipate from the top brokers in this sector, its own software has a great layout for a brand-new mobile app. These all makes it best forex trading platform for beginners Thank goodness, there are trustworthy data-naming alternatives like Metatrader 4 and Metatrader 5.
Overview of the apps:
FP Markets provides three mobile trading apps: the well-known MetaTrader platform suite created by the MetaQuotes software firm, the Iress trading platform, and its own mobile software, FP Markets.
For this evaluation, I concentrated on FP Markets’ MetaTrader offering and the FX Markets exclusive app because that is primarily designed for share trading rather than forex.
is available with the FP Markets mobile app, however there are no drawing tools or indicators. The outstanding charting capabilities that are included with the MetaTrader family of platforms are also available to traders at FP Markets.
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There aren’t many useful trading tools in the FP Markets mobile app. There is only a favorites watchlist and a handful of additional pre-defined asset class lists. Neither integrated research nor live news headlines are available.