FPMarkets Bitcoin Trading Review
ACCOUNT TYPES
FP Markets offers two real trading accounts that are distinctly different and a demo account to give you a try before you deposit. Both accurate versions offer small trader sizes at 0.01 lots and a maximum leverage of 500:1.
STANDARD ACCOUNT
The standard account offers the best option for an entry-level trader looking for a lower starting deposit. The starting deposit of 200 AUD gives you unlimited access to the instruments available for your trading – including 50+ currency pairs. The downside with the account is the wider spreads starting from 1.0 pips, but there is no commission on the trades.
ECN RAW ACCOUNT
This account offers very tight spreads, and instead, a commission at 3.5 USD per standard lot traded. The minimum deposit is set at 1000 AUD, so this account is designed for the more serious trader or scalper.
CRYPTOCURRENCY TRADING
FP Markets has bitcoin pairs, but we are hopeful that they will add to this group of currencies in the future. The leverage on BTC pairs is 10:1, which is higher than most, so the FP Markets could be a good option if you are looking for BTC trading only.
TRADING PLATFORMS
FP Markets offers a couple of different platforms to traders. Central to their offering is the MetaTrader 4 & 5 offering, the leading platform in the industry. MetaTrader has mobile versions as well as downloadable versions of the software to install on both Mac and PC.
IRESSTrader is also available as an option. It is a propriety platform where a trader pays per month to use it. A mobile version of the platform is available free of charge. However, if you are an active trader, and generate a commission for the broker by using the platform, the license fee is waived.
SPREAD AND LEVERAGE
Depending on the account type, the spreads with FP Markets are as low as 0 pips. For the standard accounts, the spaces start at one pip. Leverage for all clients is available up to 500:1, which is more than enough for any trader.
REGULATION
First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354) is fully regulated by ASIC and keeps headquarters in Australia. There seems to be a strong focus on Australia with this brand and China, so we don’t see additional regulation necessary.
DEPOSITS AND WITHDRAWALS
The FP Markets client portal allows traders to deposit in 10 currencies. AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD.
Deposits can be made via Credit Card, China Union Pay, AstroPay, Neteller, Skrill, Wire2Pay, BPay, Bankwire & Broker to Broker transfer. Important to note that there are additional fees for the bolded services above. Note that fees of 1.8% to 3.18% are charged on credit card deposits, but these fees are waived on the first deposit.
Withdrawals require filling in a form and sending it in along with photo identification. The first time you make a withdrawal, you must complete a downloadable form and send it back in.
A system like this, along with a lack of withdrawals option as varied as the deposit options, is not an attractive part of working with this broker. Leaves and access to client funds should be easier and without hoops.
CUSTOMER SUPPORT
Service is available via chat, email, and telephone. Getting information about different account types took time, so better training and more professionalism in the chat could help customers out. While service can be a little slow on the live chat, you do get answers in the end.
**Your capital might be at risk**
Similar Brokers are:
etoro ~ FPmarkets ~ LegacyFX ~ UBCFX
Have another experience. We would love to hear about it.
1 comment