- 1 FP Markets Basics
- 2 Our Opinion About FP Markets
- 3 FP Markets Regulation and Safety
- 4 Regulations In Nigeria
- 5 FP Markets Spreads
- 6 FP Markets Leverage
- 7 FP Markets Commission
- 8 FP Markets Non-Trading Fees
- 9 FP Markets Deposit
- 10 Methods
- 11 Minimum Deposit
- 12 Minimum Deposit ZAR
- 13 FP Markets Withdrawals
- 14 Methods
- 15 Minimum Withdrawal
- 16 How Long Does It Take
- 17 FP Markets Registration – How To Open An Account
- 18 FP Markets Account Types
- 19 Standard Account
- 20 Raw Account
- 21 Pro Account
- 22 Cent Account
- 23 FP Markets Bonuses
- 24 No Deposit Bonus
- 25 Welcome Bonus
- 26 FP Markets Trading Hours
- 27 FP Markets Scams
- 28 FP Markets Trading Assets
- 29 Trading Instruments
- 30 FP Market Trading Platforms
- 31 MetaTrader4
- 32 MetaTrader5
- 33 FP Markets Mobile Trading Platforms
- 34 Trading Tools
- 35 Economic Calendars
- 36 Trading Calculators
- 37 Traders ToolBox
- 38 FPMarkets Education
- 39 Extra Trading Services
- 40 VPS Services
- 41 Industry Awards
- 42 FP Markets Customer Support
- 43 Our Verdict
- 44 FP Markets Forex Broker Review – FAQ
- 45 FP Markets Forex Broker Review – Similar Brokers
FP Markets Basics
|🏛️ Based in||Limassol, Cyprus|
|⚖️ Regulation||CySEC, ASIC, SVG|
|💰 Minimum Deposit||$100 (40000 Naira)|
|💳 Deposit Options||VISA, MasterCard, Bank Wire, Paypal, Neteller, Sofort, Skrill.|
|💳 Withdrawal Options||VISA, MasterCard, Bank Wire, Paypal, Neteller, Sofort, Skrill.|
|📌Open an account||Start Trading with FP Markets|
Our Opinion About FP Markets
FP Markets is a regulated online forex broker. The company was first established in 2005 and they have grown into a large, global forex broker. Their offering is based on their deep understanding of what traders really need. As a result, they offer an award-winning service with great pricing, fast execution speed, cutting-edge platforms, and fantastic trading support.
As a regulated forex broker, FP Markets provides a safe trading environment and a high level of client fund protection. They offer easy market access and convenient trading. They offer CFDs across forex, indices, metals, and more. FP Markets also offers a great choice of live accounts. You can choose from 3 different account types – all of which come with tight spreads and low trading costs.
If you’re looking for great trading tools, then FP Markets is a suitable choice. They have a great selection of tools including trading calculators, premium trading tools, and VPS services. They also have free educational resources and webinars. If you’re looking for great customer service too, then you’ll be glad to know FP Markets has a helpful customer support team.
FP Markets Regulation and Safety
FP Markets is the brand name for a group of forex companies. While this might seem like an unusual setup, it allows them to operate under more regulatory supervision and offer a better overall service. The group has three registrations and licences all together. These come from some of the strictest regulators in the world. Here are the full details:
- ASIC Licence – They have a licence from Australian Securities and Investment Commission.
- CySEC Licence – The group has a licence with the Cyprus Securities and Exchange Commission.
- SVG Registration – The group has a registration with authorities in St. Vincent & the Grenadines.
Regulations In Nigeria
Traders from Nigeria come under the SVG entity. While this entity has less formal regulatory requirements, it is a highly reputable company offering a great level of client fund protection. All their clients benefit from negative balance protection and other important security measures.
FP Markets Spreads
FP Markets spreads are variable. Their average spreads are low across both account types. As an example of what you can expect, their average spreads for EUR/USD are 1.1 on the Standard account and 0.1 on the Raw ECN account.
FP Markets Leverage
FP Markets offers high leverage that is in the other forex brokers offering online trading services in Nigeria. The available leverage is still enough for forex traders to benefit from added opportunities. The leverage available depends on the instrument you choose. For example, the leverage available on forex pairs, commodities, and metals is 500:1. Meanwhile, the leverage available on indices in 200:1 and the leverage available on stocks in 20:1. With regards to other trading instruments, the leverage available on ETFs, cryptocurrencies, and bonds is 5:1.
FP Markets Commission
FP Markets offers great trading conditions in terms of commissions. There are no commissions on the Standard account, except on MT5 equities. And there are low commissions per lot of just $3.0 each way on the Raw ECN account.
FP Markets Non-Trading Fees
Unlike many other forex brokers, FP Markets does not charge any administration or inactivity fees. This means that you can stop trading for a few months, or even years, without worrying about incurring any extra fees.
FP Markets Deposit
As part of our deposits review, we checked the available payment methods. The FP Markets deposit methods include debit cards, credit cards, and bank wire transfers. It also accepts other methods such as Paypal, Neteller, and Skrill. If you don’t have accounts with any of those companies, you can also try Sofort, and GiroPay.
Funding your trading account is fairly affordable, due to their low minimum requirements. The recommended minimum deposit for FP Markets is 100 AUD (or equivalent).
Minimum Deposit ZAR
Funding your trading account is fairly easy, due to their wide range of accepted currencies. The recommended minimum deposit for FP Markets is 1174 ZAR (or equivalent).
FP Markets Withdrawals
As part of our withdrawal review, we checked the available payment methods. The FP Markets withdrawal methods include debit cards, credit cards, and bank wire transfers. It also allows other methods such as Paypal, Neteller, and Skrill. If you don’t have accounts with any of those companies, you can also try Sofort, and GiroPay.
The FP Markets minimum withdrawal amount is $5 for credit card, debit card, PayPal, Neteller, Skrill, Sofort, and Giropay. The minimum withdrawal amount is $100 for bank transfers.
How Long Does It Take
The withdrawal time is one business day for credit card, debit card, PayPal, Neteller, Skrill, Sofort, and Giropay. The withdrawal time is one to three business days for bank transfers.
FP Markets Registration – How To Open An Account
As part of our FP Markets review, we checked their online registration requirements. If you live in Nigeria, then you are eligible to open an online trading account at FP Markets. The registration process is quite simple and you can register online.
The first step is to register online. This is so that FP Markets can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.
The next step is verification. As part of the registration and account opening process,FP Markets needs to verify your identity. For this reason, they ask you to complete their KYC process and submit certain verification documents. This is so that FP Markets can check your identity. As part of the KYC process, you need to send them a primary form proof of ID. This could be a copy of your passport or driving licence. You also need to give them a secondary form of ID. This could be a utility bill, a bank statement, or a government issued tax document. Alternatively, it could also be a birth certificate, or a citizen certificate.
Once you have completed the KYC process, and FP Markets has verified your identity, they will then approve and verify your account. At this stage, you can deposit money and start using your account to trade forex.
FP Markets Account Types
FP Markets has three main account types – its Standard Account, its Raw Account, and its Pro Account. It also has a demo account for new traders who want to practise trading before opening a live account.
|Type||Spreads||Min. Deposit||Max. Leverage||Commission|
|Standard||From 1.0 pips||$50||1:30||$0|
|Raw||From 0.1 pips||$50||1:30||$3 each way|
This is the best account option for new forex traders in Nigeria. It has a minimum spread of 1.0 pips and there are no commissions. It also comes with high leverage of up to 1:30. The FP Markets minimum deposit for this account is $50. It includes access to all of their educational resources and online trading tools. The available base currencies are USD, EUR, and GBP.
This the best account option for more experienced traders in Nigeria. It has tight spreads starting from 0.0 pips. It is important to keep in mind, however, that there are commissions. This account also comes with high leverage of up to 1:30. The required minimum deposit is $50. It includes access to all of their educational resources and online trading tools. The available base currencies are USD, EUR, and GBP.
This account is only suitable for professional traders. The FP Markets Pro Account has tight spreads and flexible leverage. It includes access to all of the free market analysis and online trading tools. It also includes access to a Personal Account Manager. The available base currencies are USD, EUR, and GBP. If you choose to apply for a Pro account, you will need to prove you meet the minimum criteria.
FP Markets does not offer a Cent Account. However, it’s Standard Account is an affordable alternative for traders seeking low minimum deposits and low trading costs.
FP Markets Bonuses
FP Markets trading is great. They offer excellent account types and competitive online trading conditions. However, there may be room for improvement when it comes to bonuses and reward plans.
No Deposit Bonus
FP Markets does not offer a no deposit bonus.
FP Markets does not offer a no deposit bonus.
FP Markets Trading Hours
FP Markets’s trading hours for forex pairs are in line with forex trading hours. You can open trades whenever the forex market is open. FP Markets’ trading hours for other assets may vary slightly depending on the trading instrument.
FP Markets Scams
FP Markets is not a scam broker. They are a legitimate forex broker with licences from several reputable authorities. As a regulated company, they take adequate security and client fund protection measures. They also offer adequate payment methods and transaction handling processes.
FP Markets Trading Assets
FP Markets has an excellent choice of trading instruments. You can choose from over 10,000 CFDs products across forex, shares, metals, indices, commodities & cryptocurrencies.
- Forex: They offer access to 60+ forex pairs in all the top-performing currencies, 24 hours a day, 5 days a week. You can trade major, minor, and exotic forex pairs.
- Shares: You can trade CFDs on the world’s most famous companies across global markets and benefit from price movements in any direction.
- Metals: They allow trading on the spot market for metals including Gold or Silver against the US Dollar or Australian Dollar as a currency pair.
- Indices: You can trade CFD indices from across the world at margins starting at just 5%. They let you trade overseas indices with access to NASDAQ 100, S&P 500, EUREX, and more.
- Cryptocurrencies: They allow trading on the top 5 most traded cryptocurrencies on the cryptocurrency market – Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
FP Market Trading Platforms
FP Markets offers MT4, MT5, WebTrader, and its own FP Markets Trading App.
MetaTrader4 (MT4) is a great option for new forex traders in Nigeria. It has a user-friendly interface and comes with lots of useful trading tools. You can use it to get access to most trading instruments including forex, stocks, and indices. The FP Markets MT4 platform has charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. You can use these trading tools to carry out your market analysis and implement your trading strategies.
MetaTrader5 (MT5) is also a great platform for beginner traders. It has a simple interface and comes with many built-in trading tools. You access and trade all of the top financial markets including forex, shares, and crypto. It is very easy to use and to navigate. The MT5 trading platform also has many important features including 6 order execution types, 38 indicators, and 37 analytical objects. You can use these trading tools to enhance your analysis and improve your results.
FP Markets Mobile Trading Platforms
Both of their online trading platforms – MetaTrader 4 and MetaTrader5 – are available on Android mobile devices, iOS mobile devices, and tablets.
FP Markets offers many helpful trading tools. There are many options available depending on your knowledge, experience and your preferred trading style.
They offer a free economic calendar to help you stay on top of market trends. It covers all of the most important economic data releases from around the world. The calendar also includes detailed explanations and forecasts of each data release. As such, it makes analysing the markets and predicting price movements much simpler.
They have a range of trading calculators that you can use to plan your trades, manage your risk, and implement more effective trading strategies. The available trading calculators include a pip calculator, a Fibonacci calculator, a currency calculator and a pivot calculator.
FP Markets also offers a Traders Toolbox. These tools are great for managing trades and for carrying out market analysis. It includes the Alarm Manager, Correlation Trader, Correlation Matrix, and Excel RTD. It also comes with Market Manager and Stealth Orders, as well as Tick Chart, and the Session Map. If you’re looking for other options, you can also try other tools like their Trade Terminal, Mini Terminal, and Sentiment Trade tools.
FP Markets offers online live webinars, podcasts, trading eBooks, and video tutorials.
Extra Trading Services
FP Markets offers a VPS service. This means you can benefit from lower latency, faster execution, and less slippage. It is available for free if you trade over 10 lots on a standard trading account. It also free if you trade 20 lots on their Raw account.
A VPS service is suitable for Nigerian traders who want more stability and faster trading. This is because it enables you to trade with better technical conditions and more consistent connectivity. You can use the service to run automated algorithmic strategies, including Expert Advisors, on a virtual machine. You can also use it to minimize your risk of system downtime due to unexpected power failures, Internet cuts, physical difficulties, and computer shutdowns.
FP Markets works hard to provide a good service and to meet client expectation. They have a great reputation and they are also an award-winning brand. Over the years, they have won more than 40 forex industry awards including best customer service and most satisfied traders.
FP Markets Customer Support
The FP Markets Customer Support team is available via live chat, email, or phone. You can also get in touch with them using the contact us form on their website.
The FP Markets brokerage is an award-winning forex broker that offers excellent trading conditions and a wide range of trading instruments. Its high quality educational materials and trading support make it a suitable choice for new traders. Similarly, its excellent trading tools and cutting-edge trading technology make it a good choice for experienced traders as well.
FP Markets Forex Broker Review – FAQ
FP Markets operates based on a no dealing desk (NDD) execution model.
FP Markets has offices in Australia, Cyprus, and St. Vincent and the Grenadines.
FP Markets allows scalping trading strategies.
Yes, FPMarkets is a reliable forex broker. They are an established company with a global presence. They have licences from numerous reputable regulatory authorities. If you’re concerned about your money, you should know that FP Markets operates using strict security and client fund protection measures. They also follow all regulatory requirements regarding fair treatment, fair service, and fair customer support.
Ready to start trading? Register for an online trading account with FP Markets.
FP Markets Forex Broker Review – Similar Brokers
FP Markets is a great forex broker for traders in Nigeria. However, if you want to look at other forex companies, there are also many other choices for Nigeria. Here are some similar brokers.
Looking for more options? Take a look at more of our forex broker reviews.