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FP Markets Review

According to research in Nigeria, FP Markets, which was established in 2005, is a safe broker (with an average level of risk) for trading forex and CFDs. As a forex and CFD broker based in Australia, strict oversight is provided by ASIC in Australia, and CySEC in Cyprus. While the Central Bank of Nigeria (CBN) does not regulate FP Markets, and the broker does not occupy a local office in Lagos, Nigeria, FP Markets is highly recommended for Nigerian traders.

Updated : July 20, 2022

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005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

003 responsive design

Trading Platforms

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Company Block Shortcode

FP Markets at a Glance

🏛️ HeadquarteredAustralia
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2005
📱 Nigerian Office Contact NumberNone
⚖️ RegulationASIC, CySEC
🔎 License Number•Australia – ABN 16112600281
• Cyprus – 371/18
⚖️ CBN RegulationNone
✴️ Regional RestrictionsUnited States, Japan, New Zealand
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts7
📊 PAMM AccountsNo
📊 Liquidity ProvidersBarclays, BNP Paribas, Commerzbank, Credit Suisse, Goldman Sachs
💰 Affiliate ProgramYes
📊 Crypto trading offered?Yes
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:500
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)30,800 NGN (equivalent to AU$100)
💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
📈 Active Nigerian-based FP Markets customersUnknown
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal Options• Credit card
• Debit Card
• Bank Transfer
• Neteller
• Skrill
• PayTrust
• Sticpay
• Fasapay
• PlusDebit
• Rupee Payments
• Dragonpay
• Perfect Money
• Asian, African and Latam Payments
• Paylivre
• Cryptocurrency (LetKnowPay)
• Rapyd Bank Transfer
• Rapid Transfer
• Finrax
• Broker to Broker
💰 Withdrawal Methods• Debit Card
• Credit Card
• Domestic Bank Wire
• International Bank Wire
• Neteller
• Skrill
• Fasapay
• PayTrust
• Dragonpay
• Perfect Money
• Cryptocurrency
• MPSA
• FairPay
• Paylivre
• Finrax
• Sticpay
• Rupee Payments
• Rapid
• PlusDebit
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading Platforms• MetaTrader 4
• MetaTrader 5
• WebTrader
• Myfxbook AutoTrade
💰 Tradable Assets• Forex
• Shares
• Metals
• Commodities
• Indices
• Cryptocurrencies
• Bonds
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNone
👨‍💼 Languages supported on WebsiteEnglish, Arabic, German, Portuguese, Vietnamese, Indonesian, French, Malay, Italian, Russian
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/7
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansNone
✴️ Education for Nigerian beginners Yes
📊 Proprietary trading softwareNo
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is FP Markets a safe broker for Nigerians?Yes
✔️ Rating for FP Markets Nigeria9/10
✔️ Trust score for FP Markets Nigeria81%
👉 Open an account👉 Open Account

FP Markets Overview

FP Markets Review Overview

👉 According to research in Nigeria, FP Markets, which was established in 2005, is a safe broker (with an average level of risk) for trading forex and CFDs. As a forex and CFD broker based in Australia, strict oversight is provided by ASIC in Australia, and CySEC in Cyprus.

 

👉 While the Central Bank of Nigeria (CBN) does not regulate FP Markets, and the broker does not occupy a local office in Lagos, Nigeria, FP Markets is highly recommended for Nigerian traders.

 

👉 FP Markets offers services to over 80 countries worldwide and the broker has daily trading volumes exceeding $1 billion. In addition, FP Markets provides VPS hosting, the MT4 Myfxbook service, and MT4 MAM/PAMM for retail account management for automated trading solutions.

 

👉 FP Markets’ in-house social trading program has recently seen a comeback in popularity among retail traders, thanks to the company’s newest update. Investing in social trading demonstrates a flexible broker’s desire to provide the best possible service to their customers.

 

👉 This FP Markets review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

 

Distribution of Traders

👉 The distribution of traders with FP Markets is as follows:

➡️️​ Italy – 12.2%

➡️️​ Australia – 10.3%

➡️️​ India – 7.7%

➡️️​ Bahamas – 6.5%

➡️️​ United Kingdom – 6.1%

 

Popularity among traders who choose AvaTrade

🥇 While FP Markets does not dominate the Nigerian forex market, the broker still falls within the Top 50 brokers for Nigerian traders.

 

Regulation and Safety of Funds

FP Markets Review Regulation and Safety

👉 FP Markets has been a leading worldwide CFD and FX broker since 2005. The Australian Securities and Investments Commission (ASIC) oversees broker activities in Australia, while the Cyprus Securities and Exchange Commission (CySEC) oversees those in Europe. As a St. Vincent & the Grenadines registered corporation, we have a genuinely worldwide presence.

 

👉 There have been more than 40 awards in the categories of customer service and execution technology given to FP Markets.

 

👉 FP Markets has been providing forex traders with an exceptional trading experience since its establishment, and it continues to strive to be one of the finest forex brokers in the world. For investor safety, FP Markets has a specialized compliance and customer service staff that adheres to ASIC laws.

 

👉 Customers’ money is kept separate from the broker’s operational funds in segregated accounts at top-tier banks, so it cannot be used for anything else. ASIC and St. Vincent customers have no negative balance protection while CySEC customers have access to negative balance protection.

Account Types and Features

FP Markets Review Account Types

👉 FP Markets provides Nigerian traders with a choice between four live trading accounts, each suiting the needs of different types of traders and experience levels.

➡️ MT4/5 Standard Account

➡️ MT4/5 Raw Account

➡️ MT4/5 Islamic Standard Account

➡️ MT4/5 Islamic Raw Account

 

Live Trading Accounts

FP Markets Review Live Trading Accounts

 

MT4/5 Standard Account

👉 This account is the perfect option for Nigerian traders who want competitive trading conditions.

 

Account FeatureValue
💵 Minimum Deposit30,800 NGN (equivalent to AU$100)
📊 Average SpreadsVariable, from 1 pip
💸 Instruments Available60+ Forex pairs, metals, indices, commodities
📈 Maximum Leverage Ratio1:500
💰 Execution TypeECN
💳 Commissions0 NGN
🤝 Expert Advisors Offered?Yes
📲 Mobile App Offered?Yes
✔️ VPS Available?Yes

 

MT4/5 Raw Account

FP Markets Review Meta Trading Account

👉 This trading account can be registered on either MetaTrader 4 or 5, and it provides Nigerian traders with ultra-thin spreads and the fastest trade execution speeds.

 

Account FeatureValue
💵 Minimum Deposit30,800 NGN (equivalent to AU$100)
📊 Average SpreadsVariable, from 0.0 pips
💸 Instruments Available60+ Forex pairs, metals, indices, commodities
📈 Maximum Leverage Ratio1:500
💰 Execution TypeECN
💳 CommissionsUS$3 per side
🤝 Expert Advisors Offered?Yes
📲 Mobile App Offered?Yes
✔️ VPS Available?Yes

 

MT4/5 Islamic Standard Account

👉 This is a dedicated standard account for Nigerian Muslim traders, providing them with competitive trading conditions and the ability to use different trading strategies and tools.

 

Account FeatureValue
💵 Minimum Deposit30,800 NGN (equivalent to AU$100)
📊 Average SpreadsVariable, from 1 pip
💸 Instruments Available60+ Forex pairs, metals, indices, commodities
📈 Maximum Leverage Ratio1:500
💰 Execution TypeECN
💳 Commissions0 NGN
🤝 Expert Advisors Offered?Yes
📲 Mobile App Offered?Yes
✔️ VPS Available?Yes

 

MT4/5 Islamic Raw Account

👉 This provides Muslim traders with some of the best trade execution, making it the best account for high-frequency traders, day traders, algorithmic traders, and other fast-paced professional traders who want to be exempted from overnight fees.

 

Account FeatureValue
💵 Minimum Deposit30,800 NGN (equivalent to AU$100)
📊 Average SpreadsVariable, from 0.0 pips
💸 Instruments Available60+ Forex pairs, metals, indices, commodities
📈 Maximum Leverage Ratio1:500
💰 Execution TypeECN
💳 CommissionsUS$3 per side
🤝 Expert Advisors Offered?Yes
📲 Mobile App Offered?Yes
✔️ VPS Available?Yes

 

Demo Account

FP Markets Review Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and FP Markets offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

Islamic Account

FP Markets Review Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 FP Markets offers Muslim Nigerian traders a choice between the Standard and Raw accounts as an Islamic Account option. Each of these accounts has competitive trading conditions and advantages, ensuring that Muslim traders can add a competitive edge to their trading.

 

👉 However, traders who use this option must note that there are administration fees that are charged in USD per lot, per night. These fees are as follows:

InstrumentAdmin Fee Charged
AUS200, CHINA50, FRA40, GER30, HK50, JP225, US100, EURO50, UK100$1
AUD/USD, EUR/USD, GBP/USD, USD/CAD, USD/CHF, USD/JPY, NZD/USD, XAG/USD, XAU/USD$5
AUD/NZD, US500, LTC/USD, XRP/USD$2
US30, EUR/SEK, USD/SGD$3
AUD/SGD, CAD/JPY, EUR/CHF, EUR/JPY, GBP/CAD, NZD/SGD$4
AUD/CAD, CAD/CHF, CHF/JPY, EUR/DKK, EUR/GBP, NZD/CAD, USD/THB, XAG/AUD, USD/CZK$5
BTC/USD, GBP/JPY, GBP/SEK, XAU/AUD, XPT/USD$6
AUD/JPY, EUR/CAD, GBP/CHF, NZD/JPY$7
AUD/CHF, EUR/SGD, GBP/AUD, GBP/PLN, NZD/CHF, USD/CNH, USD/PLN, USD/SEK$8
CHF/SGD, EUR/AUD, EUR/NOK, EUR/NZD, EUR/PLN, GBP/DKK, GBP/SGD, GBP/NZD, USD/DKK, USD/NOK, XTI/USD, EUR/HUF, USD/HUF, EUR/CZK$10
EUR/ZAR, USD/MXN, USD/ZAR, XBR/USD, XTI/USD, XPD/USD$20
EUR/MXN, GBP/MXN, USD/RUB$30
EUR/TRY, GBP/TRY, USD/TRY$70
XNG/USD$80

Account Registration

FP Markets Review Account Registration

👉 Only a few minutes are needed to open an account with the FP Markets. After completing a brief online form, Nigerian traders will be asked to confirm their email addresses.

 

👉 Once traders have completed the KYC process, they need to provide proof of their identity by uploading a valid copy of a government ID, or any other valid form of identification along with proof of residence.

 

👉 Once the account has been verified, traders can begin trading after they have funded the trading account with the minimum deposit. In addition, customer service is ready to help with the account opening procedure if necessary. 

FP Markets Vs JustMarkets Vs Tickmill – Broker Comparison

FP MarketsJustMarketsTickmill
⚖️ RegulationASIC, CySECFSA

Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📱 Trading Platform• MetaTrader 4
• MetaTrader 5
• WebTrader
• Myfxbook AutoTrad
• MetaTrader 5
• MetaTrader 4
• ZuluTrade
• JustMarkets App
• MetaTrader 4
• MetaTrader 5
💰 Withdrawal FeeYesNoneNo
📈 Demo AccountYesYesYes
📊 Min Deposit30,800 NGN400 NGN ($1)41,700 NGN
💰 Leverage

1:500Up to 1:3000
1:500
💳 Spread0.0 pipsFrom 0.0 pipsVariable, from 0.0 pips
✴️ CommissionsFrom US$33 base currency units per lot/side$1 per side per 100,000 traded
💳 Margin Call/Stop-Out100%/50%40% and 20%100%/30%
📊 Order ExecutionMarketMarketMarket
💰 No-Deposit BonusNoYesYes
💰 Cent AccountsNoYesNo
📊 Account Types• MT4/5 Standard Account
• MT4/5 Raw Account
• MT4/5 Islamic Standard Account
• MT4/5 Islamic Raw Account
• MetaTrader 4 Standard Cent Account
• MetaTrader 4 Standard Account
• MetaTrader 4 Pro Account
• MetaTrader 4 Raw Spread Account
• MetaTrader 5 Standard Account
• MetaTrader 5 Pro Account
• MetaTrader 5 Raw Spread Account
• Pro Account
• Classic Account
• VIP Account
⚖️ CBN RegulationNoNoNo
💵 NGN DepositsYesYesNo
💳 Nigerian Naira AccountNoNoNo
👥 Customer Service Hours24/7
24/5
24/5
🛍 Retail Investor Accounts473
☪️ Islamic AccountYesYesNo

Trading and Non-Trading Fees

FP Markets Review Trading Fees

👉 Access to global markets and portfolio management are available from a variety of industry-leading trading platforms. Metatrader 4 (MT4) and Metatrader 5 (MT5) desktop versions, as well as WebTrader and iPhone and Android applications, are all available.

 

👉 Live streaming pricing, extensive charting capabilities, and 50+ built-in indicators for market research are all provided by MetaTrader 4, one of the world’s most popular trading platforms.

 

👉 Fast order execution is made possible using an ECN exchange mechanism on the FP Markets MT4 platform. With the ability to simultaneously monitor numerous charts and market data, traders can track a variety of instruments.

 

👉 With FP Markets and MetaTrader 5, more indicators, a deeper market depth display, 21-time frames, an integrated economic calendar, and an upgraded strategy tester are all part of this popular, powerful trading platform.

 

Range of Markets

👉 FP Markets offers the following range of markets:

➡️ Forex

➡️ Shares

➡️ Metals

➡️ Commodities

➡️ Indices

➡️ Cryptocurrencies

➡️ Bonds

Broker Comparison for Range of Markets

FP MarketsJustMarketsTickmill
💰ForexYesYesYes
🔨 Precious MetalsYesYesYes
💰 ETFsNoNoNo
📊 CFDsYesYesYes
📈 IndicesYesYesYes
💵 StocksYesYesYes
💳 CryptocurrencyYesYesYes
💰 OptionsNoNoNo
💸 BondsYesYesYes
🔋 EnergiesNoNoYes

Trading and Non-Trading Fees

Spreads

FP Markets Review Spreads

👉 FP Markets charges variable spreads across its trading accounts as follows:

➡️ MT4/5 Standard Account – 1 pip EUR/USD

➡️ MT4/5 Raw Account – 0.0 pips EUR/USD

MT4/5 Islamic Standard Account – 1 pip EUR/USD

➡️ MT4/5 Islamic Raw Account – 0.0 pips EUR/USD

 

Commissions

👉 FP Markets charges commissions on two account types as follows:

➡️ MT4/5 Raw Account – US$3 per side

➡️ MT4/5 Islamic Raw Account – US$3 per side

 

Overnight Fees, Rollovers, or Swaps

👉 Per the trading platform’s time, the swap rates of FP Markets are implemented at midnight. Only open positions are subject to these swap costs, which are computed in negative or positive points based on the interest rate differential between the currencies.

 

👉 In rare cases, both long and short positions in certain currency pairings may have negative swap rates, which Nigerian traders should be aware of. The MetaTrader 4 and 5 platforms automatically translate swaps, so traders do not have to worry about calculating them.

 

👉 To calculate overnight costs, FP Markets uses the normal lot size of 100,000 base currency units for each currency pair. Typical overnight fees that traders can expect from FP Markets are as follows:

➡️ EUR/USD – a long swap of -5.50 and a short swap of 0.38

➡️ BTC/USD – a long swap of -20.00 and a short swap of -20.00

➡️ US100 – a long swap of -1.07 and a short swap of -0.94

➡️ XAG/USD – a long swap of -1.36 and a short swap of -0.78

➡️ XAU/USD – a long of -4.88 and a short swap of -1.82

 

Deposit and Withdrawal Fees

FP Markets Review Withdrawal Funds

👉 While FP Markets does not charge any deposit fees, the broker charges the following withdrawal fees:

➡️ International Bank Wire other than AUD – 10 AUD

➡️ Neteller – 2% up to 30 USD in addition to country fees

➡️ Skrill – 1% and country fees

➡️ Fasapay – 0.50%

➡️ PayTrust – 1.5%

➡️ Dragonpay – 1.5%

➡️ Perfect Money – 0.5%

➡️ Asian, African, and Latam Payments – 2%

➡️ Cryptocurrency Payments – Blockchain fees

➡️ MPSA – 7.25%

➡️ FairPay – 0.5% plus an additional flat fee of 10 USD

➡️ Paylivre – 1.5%

➡️ Finrax – Blockchain fees

➡️ Sticpay – 5% for bank wire and 2.5% for wallet fees

➡️ Thai Pay – 0.5%

Deposits and Withdrawals

FP Markets Review Deposit and Withdrawals

👉 FP Markets offers the following deposit methods:

➡️ Credit card

➡️ Debit Card

➡️ Bank Transfer

➡️ Neteller

➡️ Skrill

➡️ PayTrust

➡️ Sticpay

➡️ Fasapay

➡️ PlusDebit

➡️ Rupee Payments

➡️ Dragonpay

➡️ Perfect Money

➡️ Asian, African and Latam Payments

➡️ Paylivre

➡️ Cryptocurrency (LetKnowPay)

➡️ Rapyd Bank Transfer

➡️ Rapid Transfer

➡️ Finrax

➡️ Broker to Broker

 

👉 The withdrawal methods that FP Markets offers are:

➡️ Debit Card

➡️ Credit Card

➡️ Domestic Bank Wire

➡️ International Bank Wire

➡️ Neteller

➡️ Skrill

➡️ Fasapay

➡️ PayTrust

➡️ Dragonpay

➡️ Perfect Money

➡️ Cryptocurrency

➡️ MPSA

➡️ FairPay

➡️ Paylivre

➡️ Finrax

➡️ Sticpay

➡️ Rupee Payments

➡️ Rapid

➡️ PlusDebit

FP Markets Education and Research

FP Markets Review Education and Research

👉 The educational materials that FP Markets offers are as follows:

➡️ Trading Courses Videos

➡️ Webinars

➡️ Podcasts

➡️ Events

➡️ Platform Video Tutorials

➡️ eBooks

➡️ Glossary

➡️ Newsletter

 

👉 The Research tools and resources offered by FP Markets are as follows:

➡️ Trader’s Hub

➡️ Trading Knowledge

➡️ Technical Analysis

➡️ Fundamental Analysis

➡️ Economic Calendar

➡️ Forex Calculator

➡️ Traders Hub Blog

FP Markets Affiliate Program

FP Markets Review Affiliate Program

👉 FP Markets offers one of the most successful partnership programs in the market, designed to reward and remunerate introducing brokers along with partners who bring new clients to FP Markets.

 

👉 Affiliates can earn up to $800 CPA and FP Markets also offers the following benefits and features:

➡️ Advanced real-time tracking technology

➡️ 24/5 advanced and transparent reporting

➡️ Dedicated conversion specialist access

➡️ Multilingual marketing tools that can be readily converted

➡️ Customized deals as well as payment structures

➡️ Innovative Introducing Broker and Affiliate portals

➡️ Fast and easy payments that include lucrative commissions

Verdict on FP Markets

👉 FP Marketplaces is a rigorously regulated broker with over a decade’s worth of expertise and provide a vast selection of trading products across numerous global markets. They provide award-winning systems with clear pricing, rapid execution times and reasonable trading fees.

 

👉 There are numerous account kinds and leverage to accommodate all sorts of Nigerian traders. FP Markets also provides social trading using Myfxbook AutoTrade and MQL5 signals, among several other beneficial features.

FP Markets Pros and Cons

✔️ Pros❌ Cons
FP Markets is a well-regulated broker that has a high level of trustworthinessThere are no fixed spread accounts offered
There is a wide range of markets that can be traded across asset classesThere is no dedicated Naira account offered to Nigerian traders
There are powerful trading platforms supported across devicesThere are withdrawal fees charged
Nigerian traders receive an ECN pricing model with raw and tight spreadsThere are administration fees charged on the Islamic Account
There is guaranteed fast trade execution through the Equinix servers
Commission-free trading is provided
There is a dedicated Islamic account option for Muslim traders
Copy-trading and automatic trading is offered
There is a dedicated educational trader’s hub

Frequently Asked Questions

Is FP Markets available in Nigeria?

Yes, FP Markets forex broker is available in Nigeria for trading. 

What is the cost of trading with FP Markets?

The cost of trading with FP Markets is a minimum deposit requirement of $100

Is FP Markets a fake or scam broker?

No, Our review of FP Markets reveal that is not a scam broker as it adheres to regulation by CySEC and ASIC.

Does FP Markets offer leverage and what is the maximum ratio offered?

Yes, FP Markets offers leverage to a maximum of 1:500.

How can I open a FP Markets trading account?

You can register for a live FP Markets trading account on the broker’s official website. 

Does FP Markets have good customer support?

Yes, the FP Markets customer support team is 24/7 available on live chat, email and telephone. 

9.3/10 - (19 votes)

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