Interactive Brokers vs FP Markets 2024

On the downside, the Iress trading platform remains geographically restricted and subject to non-trading related fees unless traders fulfill monthly trading volume requirements, which adds pressure to trade. Trading fees have the most notable direct impact on any strategy, and FP Markets offers two pricing models. The commission-free Standard account shows an average mark-up of 1.15 for the EUR/USD. Traders should always trade with a regulated broker but ensure that the trading environment remains competitive. Australian clients will deal with the subsidiary, regulated by the Australian Securities and Investments Commission (ASIC), First Prudential Markets PTY LTD.

Platforms and Tools

My assessment showed that FP Markets is geared towards experienced traders. It maintains an elevated level of transparency and has established itself as a reliable broker. It continues to earn the trust of clients for over fifteen years and counting.

1. Most traders will satisfy AML/KYC requirements by submitting a copy of their ID along with one proof of residency document.
2. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.
3. On the downside, the Iress trading platform remains geographically restricted and subject to non-trading related fees unless traders fulfill monthly trading volume requirements, which adds pressure to trade.
4. The FP Markets Traders Hub provided daily research and trading ideas, presented in a quality format.

Popular Forex Reviews

FP Markets has an advanced platform lineup that caters to experienced traders. Clients of the Australian entity can use the popular MetaTrader 4 and MetaTrader 5 with custom add-ons, along with the professional-grade Iress and Mottai platforms. From my research, the lowest trading costs can be accessed via the Raw Spreads account type. In addition, FP Markets does not charge deposits or withdrawals and does not have an inactivity fee.

Research Tools

The Iress platform suite offers well over 9,000 tradeable symbols, but it’s mostly a share trading platform – and is generally a much pricier option. FP Markets operates across six entities, each subject to different degrees of regulatory oversight. The broker offers safeguards like negative balance protection, segregated funds, and compensation funds through its CySEC-regulated EU entity. However, its St. Vincent & the Grenadines entity provides limited safeguards which impacted the trust score. Despite this, FP Markets maintains transparency and boasts a nearly 20-year track record, marking it as an above-average performer in the industry. FP Markets can accommodate scalpers and day traders thanks to tight spreads, low latency trade execution delivered from an Equinix NY4 facility server cluster, and 1-click trading.

Platforms & Financial Technology

Adding more advanced video courses would only serve to improve FP Markets’ educational experience. FP Markets requires a minimum deposit of $100 AUD before you can open an account and start trading. Our innovative Comparison Tool is powered by our own proprietary data, and built to take the guesswork out of choosing a forex broker. FP Markets has developed a proud reputation as an international Forex broker. In Australia, the company is regulated by the Australian Securities and Investments Commission (ASIC) and operates under an Australian Financial Services Licence (AFSL). The MetaTrader platforms are not the most intuitive, so the MT4/MT5 tutorials are a great addition to the FP Markets education section.

Regulated Forex Broker

The account was opened with the Australian entity of FP Markets (First Prudential Markets PTY Ltd) for this review. Besides the build-in MT4 copy trading functionality, FP Markets partnered with Myfxbook Autotrade, also available from within the MT4 trading platform. The most recent expansion includes a proprietary copy trading service, FP Markets Copy Trading. VPS hosting is available, but minimum requirements exist to receive it free of charge.

EEA traders get an investor compensation fund limited to €20,000 per client. With its multilingual support team available 24/7, FP Markets underscores its dedication to providing exceptional customer service, ensuring a seamless and supportive trading environment for all its clients. To cater to its global clientele, FP Markets’ live chat service is multilingual and supports over 12 languages, effectively removing language barriers and enhancing https://limefx.name/ the overall customer support experience. FP Markets provides the flexibility of choosing from seven base currencies for funding your account, including USD, AUD, NZD, CAD, GBP, EUR, and CHF. Upon registration, you have the option to select your preferred account base currency, which will be used for calculating commissions and managing your funds. FP Markets has a low minimum deposit and offers a range of fee-free deposit and withdrawal methods.

Having traded since 1998, Justin is the CEO and Co-Founded CompareForexBrokers in 2004. Justin has published over 100 finance articles from Forbes, Kiplinger to Finance Magnates. He has a Masters and Commerce degree and has an active role in the fintech community.

FP Markets goes above and beyond in this category, even covering bank fees for international transfers in some instances. TradingView is recognized for its industry-leading charts and social features, while cTrader is an advanced platform offering automated trading within a well-designed interface. It has advanced functionality limefx broker reviews like automated trading but is a bit dated in its look and feel. In light of this, I feel the platform is better suited to experienced traders than beginners. For example, clients with the CySEC-regulated EU entity benefit from a high level of regulatory scrutiny and a compensation scheme in the event of broker insolvency.

This web platform offers flexibility and accessibility, making it a convenient choice for traders who prefer to trade from various devices and locations. It provides essential trading features and tools, ensuring a smooth trading experience. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.