FP Markets Account Types

FP Markets Account Types Editor’s Verdict

Australian-headquartered FP Markets has established itself as a highly competitive broker, offering traders raw spreads, high leverage, and excellent order execution with full support for algorithmic and copy trading from upgraded MT4/MT5 trading accounts.

FP Markets also offers Iress accounts, which are geographically restricted, and primarily cater to equity traders. Therefore, our comprehensive FP Markets account types review focuses on the two MT4/MT5 account types, as they are available to all traders. Trading with the best account type will increase trading profits by keeping costs low.

FP Markets Account Types Overview at a Glance

FP Markets Account Types

FP Markets has one commission-free Standard and one commission-based Raw account. Since the minimum deposit is $100 for both account types, and trading conditions are identical except for trading costs, where the commission-based alternative is up to 66%+ cheaper, the commission-free account becomes arguably obsolete.

Below is an introduction to the FP Markets account types, which will help you pick the most suitable one for your circumstances and strategy.

FP Markets Standard Account

The FP Markets Standard account is the commission-free option and is available for the MT4 and MT5 trading platforms, where the latter offers 1,000+ assets as it includes equity CFDs. The pricing environment starts from 1.0 pips or $10.00 per 1.0 standard lot, making it an expensive choice in this market maker account. It fully supports algorithmic trading and copy trading, negative balance protection is available, and an Islamic account exists.

FP Markets Raw Account

The FP Markets Raw account is the commission-based alternative, featuring identical trading conditions as the Standard one, except for the pricing environment, where traders get raw spreads from 0.0 pips for a commission of $6.00 per 1.0 standard lot. The competitive cost structure, high leverage, and excellent order execution make it an ideal choice for algorithmic traders and scalpers. The only thing that could be better would be the addition of a volume-based rebate program.

Conclusion:

• The FP Markets Raw account is the better option for most, and an excellent choice for algorithmic traders, scalpers, and high-frequency strategies

FP Markets Account Features

The two FP Markets account types are identical, except for the pricing environment, where the commission-based Raw account offers lower trading costs than the commission-free Standard option. There is also a difference between trading platform choices, where MT4 caters to Forex traders while MT5 adds 1,000+ equity CFDs and ETFs.

Here is an overview of the FP Markets account types:

FP Markets Standard

• Upgraded MT4/MT5 trading platforms
• Full support for algorithmic trading, including VPS hosting
• Proprietary copy trading service alongside embedded MT4/MT5 solutions
• Account management via MAM/PAMM accounts
• Minimum deposit of $100 or a currency equivalent
• Eleven account base currencies
• 42 deposit currencies from 22 payment processors
• Commission-free account with spreads from 1.0 pips or $10.00 per standard round lot
• Maximum Forex leverage of 1:500
• Minimum trade size of 0.1 lots
• 60+ currency pairs, commodities, and indices
• Islamic account
• Market maker order processing with ECN pricing
• No inactivity fees

FP Markets Raw

• Upgraded MT4/MT5 trading platforms
• Full support for algorithmic trading, including VPS hosting
• Proprietary copy trading service alongside embedded MT4/MT5 solutions
• Account management via MAM/PAMM accounts
• Minimum deposit of $100 or a currency equivalent
• Eleven account base currencies
• 42 deposit currencies from 22 payment processors
• Commission-based account with spreads from 0.0 pips or and a commission of $6.00 per standard round lot
• Maximum Forex leverage of 1:500
• Minimum trade size of 0.1 lots
• 60+ currency pairs, commodities, and indices
• 1,000+ equity CFDs with commissions between 0.10% and 0.20% and minimum costs between $4.00 and $12.00
• US ETFs at $0.03 per share and a minimum fee of $4.00
• Islamic account
• ECN order processing with ECN pricing
• No inactivity fees

FP Markets Demo Account

FP Markets provides demo accounts and does not list a time limit. Since FP Markets relies on the MT4/MT5 demo services, which support customization of leverage and account balance, traders should select a nominal amount similar to what they plan to deposit for the sake of realism. Traders can open a demo account without registering for a live one, but the registration form does not offer traders the option to select a desired leverage and demo balance.

The demo account mirrors the trading platform and functionality but does not expose traders to trading psychology. This can promote unrealistic trading expectations and create a false sense of accomplishment. Therefore, I want to caution beginner traders against using a demo account as a simulation. The FP Market demo account is ideal for algorithmic traders to bug-fix trading solutions and for traders to test and compare trading strategies, including copy trading signal providers, and as an educational tool.

FP Markets Islamic Account

FP Markets offers swap-free Islamic accounts, but it levies an administration fee for this service. Therefore, Islamic traders should consider whether the administration fee, which merely changes the name of the cost to replace the absence of swap rates, makes the FP Markets Islamic account halal. Traders must open a live MT4 or MT5 trading account and contact FP Markets customer support to request an Islamic option for the specified account number.

Brokers can struggle to fulfill the conditions necessary to create trading conditions that make Forex trading halal under Islamic law. While a swap-free component must exist, it is not the only requirement, and FP Markets shifts the costs to an administration charge. The final answer depends on how traders interpret Islamic law in Forex trading. Those in doubt should consult an appropriate authority and contact FP Markets customer support if questions remain.

Pros and Cons of FP Markets Account Types

Understanding the pros and cons of the FP Markets account types will help traders make the best decision for their trading requirements.

Bottom Line

While FP Markets offers two account types, a commission-free Standard and a commission-based Raw option, the FP Markets minimum deposit of $100 for both arguably make the more expensive Standard account obsolete. Traders get adequate leverage and excellent order execution, making FP Markets ideal for algorithmic traders and scalpers.

The FP Markets account types support 11 account base currencies and 42 deposit currencies from 22 payment processors. Islamic and demo accounts are also available, the former after sending a request to customer support and the latter after traders open a live trading account. FP Markets does not list a time limit on demo accounts and does not charge an inactivity fee on live ones.

FAQs

How can I open a demo account at FP Markets?

To open a demo account with FP Markets, visit their website, complete the registration form, select the demo account, and customize the settings. Then, verify your profile, and you will receive log in details for the demo account enabling you to get started.

How can I open an FP Markets live account?

Open and complete the FP Markets five-step online application form. Account verification is mandatory, which follows established industry standards for regulated brokers.

What is FP Markets' Pro Account?

The FP Markets Pro account exists for UK and EEA resident traders, which offers identical trading conditions to those which traders resident in other jurisdictions receive. Given restrictive regulatory changes in the EU in 2018, brokers catering to traders from the region were incentivized to split their offers and relocate to business-friendly jurisdictions.

Does FP Markets offer an Islamic account?

FP Markets offers an Islamic account for the MT4 and MT5 trading platforms but not for its geographically restricted Iress platform.

Does FP Markets offer a raw account?

FP Markets offers its commission-based Raw account for a minimum deposit of $100. It has a competitive cost structure of 0.0 pips spreads for a commission of $6.00 per round lot.

Does FP Markets offer a bonus account?

No, FP Markets had promotional campaigns in the past for qualifying traders but presently lists none.

Which account type is best for FP Markets?

The commission-based Raw account is the best option at FP Markets, as it offers identical trading conditions to the commission-free Standard option but has significantly lower trading costs. The FP Markets minimum deposit is $100 for each.

By DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.