FP Markets offers two main categories of accounts to cater to different types of traders. These account categories are:
- Forex Accounts: Mainly for individual and retail investors.
- IRESS Accounts: Mainly for professional investors.
Each of the Forex and IRESS accounts has different types of accounts.
Forex Accounts
Under the Forex accounts, we have Standard and Raw accounts.
- Standard Account
- Available on both MT4 and MT5.
- Spreads start from as low as 1.0 pip.
- Offers Zero commissions on trades.
- Minimum deposit into the account is AUD $100 or equivalent.
- Maximum leverage allowed is 30:1.
- Raw Account
- Available on MT4 and MT5.
- Spreads start from 0.0 pips.
- Commissions start from $3.00
- Minimum deposit also at AUD $100.
- Maximum leverage also at 30:1.
IRESS Accounts
There are also two main types of IRESS accounts: The Standard and Platinum accounts.
This type of account is meant for much more experienced traders and some institutions.
- Minimum balance for the trading account is $1,000.
- Brokerage Rate is $10 minimum, then 0.1% per trade.
- Financing rate at 4% + the FP Markets base rate.
- Inactivity fees at $55 per annum.
- Platinum Account
This account is targeted largely at institutional traders who trade more sophisticated markets. It allows for CFDs, Forex, and even futures trading. It offers low brokerage rates and lower financing rates
- The minimum balance allowed is $25,000.
- Brokerage Rate for each trade is $9, then 0.09% per trade.
- Financing rate is 3.5% + the FP Markets base rate.
- Inactivity fee is $55, but can be waived if the account generates at least $150 in commissions monthly or if the account holds.
FP Markets Demo Account
FP Markets offers its traders a demo account via which they access the market 24 hours a day, for 5 days a week. The demo account enables traders to try out real-life trading, although with virtual funds.
The downside is that the demo account is only available for 30 days after registration, after which the trader is expected to move to the live account. Other brokers such as FXCM, however, offer perpetual demo accounts.
FP Markets also offers the Islamic Account which is swap-free.
How to open an account at FP Markets
Opening an account at FP Markets is quite simple and straightforward. The step-by-step process to do so is outlined here:
- Go to the broker’s trading portal at fpmarkets.com. The website will automatically route to the appropriate URL based on your location. Click on “Start Trading.” Alternatively, you can click on demo trading if you want to try out how trading works with FP Markets.
- On the next page, you will find an array of forms to fill in your personal information such as phone, location, and others. The estimated time for completing this should be about 3 minutes. This is much shorter than the time you need for registering with other brokers such as FXCM which requires up to 7 minutes for basic registration.
- After filling in the basic details, your registration does not end there. You need to carry out the verification or Know Your Customer (KYC) process. For this, you need to submit proof of identity and proof of residency.
Proof of Nationality: A government-issued identification such as a national passport, driver’s license, national identity card, and others.
Proof of Residency: A utility bill from your utility provider, including one for gas, water, electricity, or any other. An alternative is your bank statement.
All of these must be issued within the last 3 months to the time of your registration. After all these, you can deposit into your trading account and start trading the various instruments that FP Markets offers. The minimum amount you can deposit into the trading account is AUD $100, or equivalent.
How to delete your FP Markets account
The procedure needed to close your account at FP Markets goes thus:
- Send an email to cash@fpmarkets.com using the email account with which you registered with FP Markets.
- In the email, request that your account be deleted, alongside a genuine explanation for making the decision to do so. Ensure you include your Client/Trader ID and email.
- Also, request withdrawal of any funds you might have in the account.
You should get a response shortly.
Note that as a result of rules stipulated by the regulator, FP Markets has the responsibility to keep the records of clients’ transactions for up to 7 years. The data is, however, protected in compliance with data protection laws of Australia.
| Forex | IRESS | Demo |
| Min. Deposit | $100 | From $1000 – $25, 000 | From €10000 |
| Available Trading Assets | +13,000 | +13,000 | +13,000 |
| Advanced Charts/Autochartist | Yes | Yes | |
| Negative Balance Protection | Yes | Yes | |
| Guaranteed Stoploss | Yes | Yes | |
| Stocks Extended Hours | Yes | Yes | |
| Pers. Platform Introduction | Yes | Yes | |
| Personal Analysis | Yes | Yes | |
| Personal Account Manager | Yes | | |
| Exclusive Webinars | Yes | | |
| Premium Events | | Yes | |
By regulation, every new client must go through some basic compliance checks to ensure that you understand the risks of trading and are admitted to trading. When you open an account, you will probably be asked for the following items, so it is good to have them handy: A scanned colour copy of your passport or national ID A utility bill or bank statement from the last six months with your address You will also need to answer a few basic compliance questions to confirm how much trading experience you have. It is therefore best to take at least 10 minutes to complete the account opening process. Although you can explore the demo account immediately, it is important to note that you cannot make any real trading transactions until you have passed compliance, which can take up to several days depending on your situation.
The best way to close your account is to send an e-mail to support@fpmarkets.com with the e-mail that you signed up with. Make sure that you have withdrawn all of your funds before the closure.
