FPMarkets Bitcoin Trading Review

 

FP Markets Review
6.8 / 10 Reviewer
{{ reviewsOverall }} / 10 Users (0 votes)
Pros
  • ASIC Regulated
  • MT4 & MT5 Support
  • ECN Account Options
  • High Leverage on BTC Trading
  • Cons
  • Deposit & Withdrawal Fees
  • Standard account has wide spreads
  • Decent Support
  • There are not that many Australian based brokers among the brokers live today but those that are there are in general very trustworthy, This is because AISC keeps a tight rein on the players in the Australian financial industry. Traders can be assured that FP Markets is a reliable and legitimate broker. 

    FP Markets has bitcoin pairs, but we are hopeful that in the future they will add to this group of currencies.  Leverage on BTC pairs is 10:1 which is higher than most, so if you are looking for BTC trading only, the FP Markets could be a good option.

    FP Markets is thus a very reliable Australian STP broker, offering competitive conditions for trading in variety of assets, including Bitcoin (with leverage 1:10). These can be traded on three trading platforms with NDD execution (no conflict of interest).  a good broker for those to look to trade on MT5 or MT4 or on another platform. They offer great trading conditions and go a step further in developing their own trading platform to keep clients just that little bit happier..  they have some issues with customer support, charges for depositing on credit cards, and a difficult withdrawal processes but still this is a mature and noteworthy Broker that will let you trade they ways you want.  see our breakdown here.

    Trading Platform(s)7.5
    Trading Experience7
    Trading Conditions8
    Trading Execution8
    Commissions and Spreads6
    Assets for Trading Offered6
    Account Options5.5
    Regulation & Compliance7
    Safety and Reliability8
    Initial Deposit7
    Deposits and Withdrawals5.5
    Customer Service6

    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 real accounts 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 in the future they will add to this group of currencies.  Leverage on BTC pairs is 10:1 which is higher than most, so if you are looking for BTC trading only, the FP Markets could be a good option.

    TRADING PLATFORMS

    FP Markets offers a couple of different platforms to traders.  Central to their offering is the MetaTrader 4 & 5 offering which is 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.  However, if you are an active trader, and generate commission for the broker by using the platform, the license fee is waived.  A mobile version of the platform is available free of charge.

    SPREAD AND LEVERAGE

    Spreads with FP Markets are as low as 0 pips depending on account type.  For the standard accounts, the spreads start at 1 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 being necessary at this time.

    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 for the bolded services above, there are additional fees.  Note that fees of 1.8% to 3.18% are charged on credit card deposits, but these fees are waved 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, to complete and send 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.  Withdrawals and access to client funds should be easier and without hoops.

    CUSTOMER SUPPORT

    Service is available via chat, email, and telephone.  While service can be a little slow on the live chat, you do get answers in the end.  Trying to get information about different account types did take time, so better training and more professionalism in the chat could help customers out.

     

    **Your capital might be at risk**

     

    Have another experience , we would love to hear about it 


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