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FP Markets Review for Cryptocurrency 2024

FP Markets
4.0
FP Markets
4.0
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FP Markets offers trading in Bitcoin, Litecoin, Ripple, Ethereum, and Bitcoin Cash CFDs (contracts for differences). With tight spreads and fast execution speeds, this established broker allows you to trade without any need to use a crypto wallet. Those looking to diversify their investment portfolios may find the accessibility of FP Markets appealing, but is it suitable for all crypto traders?

Let’s find out in this FP Markets review for crypto.

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Pros & Cons

  • Pros
  • Well-established, regulated broker
  • Offers a great demo account
  • Ability to trade with leverage
  • No inactivity and withdrawal fees
  • Cons
  • Limited range of cryptocurrencies

FP Markets Overview

FP Markets is an established broker catering to a wide range of traders, from novices to experienced day traders and cryptocurrency enthusiasts. With fast execution speeds, low spreads, and the ability to trade Bitcoin, Litecoin, Ripple, Ethereum, and Bitcoin Cash CFDs, this broker offers an easy way to diversify one’s investment portfolio.

  • Overall
    4.0
  • Fees
    5.0
  • Deposit and Withdrawal
    4.0
  • Asset Selection
    4.0
  • Ease of Account Opening
    4.5
  • Regulation and Security
    5.0
General info
Headquarters Australia
Website https://www.fpmarkets.com/
Website Languages English, Spanish, Chinese, 18+
Regulated check
Country of Regulation Australia, Cyprus
Regulation Type CySEC / ASIC
Account Base Currencies EUR / USD / CAD / AUD / GBP / JPY / CHF / NZD
Staking and Rewards uncheck
Minimum Deposit $100
Deposit Fee
Deposit Types Bank wire / Credit Card / Skrill / Neteller / FastPay / ApplePay / PerfectMoney / Rapid Transfer / Cryptocurrencies / SticPay
Minimum Withdrawal
Withdrawal Fees 0.50% to 5.75%
Crypto-to-Crypto Trading Pairs uncheck
Cryptocurrencies as CFDs check
Islamic Account check
Demo Account check
Research & Education Tools check
Customer Support Email / Live chat / Phone
Customer Support Languages English
Support Days & Hours 24/7
Automated Trading check
Social Trading uncheck
Copy Trading check

Company Background

FP Markets is a trusted broker that has been around since 2005. It is a licensed and regulated broker in multiple jurisdictions, including Australia, Cyprus, and St. Vincent and the Grenadines.

FP Markets is regulated by top global financial authorities such as the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). It is also registered with the Financial Services Authority of St. Vincent and the Grenadines.

Unique Features

Unique features offered by FP Markets include copy trading, unlimited charts, and an alert system for market events via MT4 and MT5. With these tools, traders can follow successful strategies and receive real-time insights into market developments.

Traders can also access fundamental and technical analysis tools when using the integrated MetaTrader platform or engage in automated trading through the Expert Advisor (EA) feature. With FP Markets, it is also possible to trade on leverage with low spreads in a 24/5 market, ensuring a fast and efficient trading experience.

FP Markets also has a demo account that offers $100,000 of virtual funds and the freedom to trade over 10,000 CFDs on Forex, commodities, cryptocurrencies, and indices. The demo trading platform is customizable, allowing new and experienced traders alike to experiment with various settings and strategies.

FP Markets Crypto Fees

FeesAmount
Deposit Fee $0
Credit/Debit card Deposit Fees $0
E-wallets Deposit Fees $0
Bank transfer Deposit Fees $0
Withdrawal Fee $0
Credit/Debit card Withdrawl Fees $0
E-wallets Withdrawl Fees 0.50% – 5.75%
Bank transfer Withdrawl Fees $0
Inactivity Fees uncheck
Swap Fees(Instead of Overnight Fees) check
Spread / Commission Fees check
Currency conversion Fee check
Max Leverage 1:2
Minimum Spread 9.9

FP Markets’ minimum initial deposit is quite standard at $100. That said, it holds an edge over other brokers due to its zero withdrawal and inactivity fee policy. Moreover, FP Markets does not charge any conversion fees when trading in cryptocurrencies or other assets.

Trading Fees

Standard account holders are entitled to zero commission fees, and administrative charges, if any, are built into the spreads, which also tend to be very low. For raw account holders, the commission per side is $3.

Leverage Fees

A maximum leverage ratio of up to 2:1 is available at FP Markets on cryptocurrency CFDs, which allows traders to trade large positions with a smaller amount of capital. Interest rates vary depending on the asset and location, but the FP Markets website states that the base rate starts at 2.5%.

For example, at the time of writing, the interest rate for long positions held on Standard accounts is 5.5%, and 2% for short positions. As per FP Markets, the formula to calculate the interest rate for CFD contracts is as follows:

CFD Contract Interest Rate = Number of CFDs x Closing Price x Applicable Interest Rate / 365 days

FP Markets Deposit & Withdrawal

Funding methodSupportedMinimum DepositMinimum Withdrawal
Bank wire check $100 $0
Credit Card check $100 $0
PayPal check $100 $0
Skrill check $100 $0
Neteller check $100 $0
FastPay uncheck
UnionPay uncheck
PayRedeem uncheck
PerfectMoney check $100 $0
POLi Payments uncheck
Przelewy 24 uncheck
Payoneer uncheck
Rapid Transfer check $100 $0
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Withdrawals are generally free, except for international withdrawals, which usually incur charges of around $7. Rapid transfers also incur 1% of the total amount, and e-wallets incur around 1% to 2% of the total amount.

On the other hand, domestic bank transfers and credit cards are typically free ways to make withdrawals. Deposits are also free, except when credit cards and/or specific cryptocurrencies charge their own transaction fees.

Note that specific providers may vary from region to region. FP Markets provides a list of options for each trader to choose from depending on the region they access the platform from, the currency they use, and their individual preferences.

Supported Cryptocurrency

Coin nameCoin SymbolCoin icon
BitcoinBTCBitcoin
EthereumETHEthereum
Bitcoin CashBCHBitcoin Cash
CardanoADACardano
ChainlinkLINKChainlink
DogecoinDOGEDogecoin
EOSEOSEOS
LitecoinLTCLitecoin
RippleXRPRipple
StellarXLMStellar

Note that the cryptocurrencies available at FP Markets may vary based on your location and preferred base currency. To access the full list of cryptocurrencies and spreads available to you, please log in to your FP Markets account or access your local site.

Cryptocurrency CFD Trading at FP Markets

FP Markets offers cryptocurrency CFDs in major assets, allowing traders to take positions against the Australian and US Dollar. If, for example, a trader hopes to trade CFDs with Bitcoin as the underlying crypto — below are sample figures for BTC/USD trading:

Going Short or Long on Bitcoin CFD
Going Short or Long on Bitcoin CFD

The trader decides to buy one coin of BTC/USD at a 50% margin rate, hoping the price of the asset will rise in the future. This means the trader will have to deposit 50% of the total position’s value into their margin account. Using the prices above, the amount they have to deposit would hypothetically be:

Profit Calculation on Trade
Profit Calculation on Trade

If within the next hour, the price moves to 29789,76 / 29799,76, for example, this means it is a winning trade. The trader can close the position by selling at the price of USD 29789,76.

Conversely, if the price declined, then the trader would have suffered a loss:

Profit Calculation on Trade
Profit Calculation on Trade

Is My Crypto Safe at FP Markets?

CFD trading involves using margins, which always carries a degree of risk. Anytime a trader deals with borrowed money, there is always a risk of compound losses, as the trader would need to repay the money they owe in addition to other costs.

Relying on leverage to increase one’s trading capital also adds risk, as the margin amount must be managed carefully and kept above a certain acceptable threshold to avoid having positions automatically liquidated.

It is also important to note that trading with CFDs does not afford the investor or trader ownership of the underlying assets. For this reason, even if you trade crypto CFDs at FP Markets, you never actually own any crypto, so there can be no danger of having any crypto stolen – unlike at crypto exchanges where this is a real danger.

FP Markets is a regulated and licensed broker, making it one of the safest cryptocurrency brokers one can deal with online – as far as safety regarding CFDs goes.

FP Markets assures clients that their funds are held separately from the company’s capital and kept safe in leading banks, and that under no circumstances will the company use client funds to cover company expenses.

FP Markets Trading Platform

PlatformSupported
Proprietary Platform check
MetaTrader 4 (MT4) check
MetaTrader 5 (MT5) check
cTrader uncheck
DupliTrade uncheck
ZuluTrade uncheck

Mobile App

FP Markets has a proprietary app that offers ease of use, basic charting, and trading tools. The app has efficient search functionality, allowing traders to look for specific instruments and assets with speed and ease. It also has a sleek design and simple interface.

There are also various order types available, such as Market, Stop, and Limit. Traders can also use the Good ‘til Canceled (GTC) and Good ‘til Time (GTT) order terms and expiry. Overall, the app provides all the basic tools needed to get a head start in crypto trading. Advanced users, however, may find MT4 or MT5 more suitable — especially regarding charting and research tools.

One of the app’s drawbacks is the lack of two-factor and biometric authentication, making it slightly less secure than some of its competitors, especially since it is an app that traders use to manage their financial transactions.

The app is downloadable on iOS and Android devices and can be accessed in multiple languages, including Arabic, Chinese, Czech, English, French, German, Greek, Hindi, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Portuguese, Russian, Spanish, Thai, Turkish, Ukrainian, and Vietnamese. Other than the platform’s proprietary app, users can also download the MT4, MT5, and IRESS apps.

Opening an FP Markets Account

Most online brokers will require forms of identification and verification before you can open an account. FP Markets accepts the following documents:

  • Identification proof: Driver’s license, passport, or national ID card
  • Proof of residence: Bank statement or any utility bill

Opening an account is entirely digital and quite easy — the estimated sign-up time is about 3 minutes. Here’s how to open an account:

  1. Navigate to the FP Markets Official Website.
  2. Click the “Open Live” button on the upper right-hand part of the page. This will lead to the Account Application page.
  3. Follow the instructions on-screen and provide the requested information. If available, users can also connect their Facebook or Google accounts to sign up faster.
  4. Wait for the account login credentials to be sent via email.
  5. Download either the MT4, MT5, or IRESS trading platform.
  6. Login and start trading!

A demo account is also available for those looking to practice their trading skills before committing to trades involving real money. The process is similar, except that demo users will not need to submit any supporting documents. However, these documents will need to be submitted should you decide to switch to a live trading account later.

Regulation & Security

FP Markets is a global broker with more than 40 awards in execution technologies and client servicing. With over 15 years of experience, FP Markets ensures the safety and security of its clients’ funds by offering advanced encryption and anti-hacking measures for secure online trading.

The broker also employs sound internal procedures for risk management, staff hiring, financial reporting, and external audit schedules. In addition, FP Markets adheres to strict capital requirements to meet client payout obligations and offers their clients regular account statements. Their financial audits are conducted by external firms, ensuring that their accounts are compliant with regulations.

FP Markets also expressly states on its website that applications from U.S., Japan, and New Zealand residents are not accepted. The same rule applies to countries and jurisdictions where local laws and regulations prohibit the use of CFDs, leverage, or dealing with cryptocurrencies.

Country of the RegulatorName of the RegulatorLicence Number
AustraliaAUSTRAC – Australian Transaction Reports and Analysis CentreABN 16 112 600 281, AFS License No. 286354
St. Vincent and the GrenadinesRegistered – Financial Services Authority of St. Vincent and the GrenadinesLimited Liability Number 126 LLC 2019
CyprusCySEC – Cyprus Securities & Exchange CommissionCySEC License number 371/18
AustraliaASIC – Australian Securities & Investment CommissionABN 16 112 600 281, AFS License No. 286354

Customer Service

Customer Support
Days Monday to Friday
Hours 07:00 – 07:00
Live Chat check
Email check
Phone check
Supported Languages English / Spanish / German +9 Languages info
How fast was customer support when we tried? Normal

Why Should I Use FP Markets?

FP Markets is an excellent choice for those looking to get started in crypto trading or wanting to diversify their portfolios. With advanced trading platforms, secure online trading, and top-tier liquidity, it offers everything you need to succeed as a trader.

Hence, if you are looking for a reliable, high-quality broker with excellent customer service and a variety of trading platforms and accounts, FP Markets could be a good choice for you. With fast account registration and easy access to online trading platforms, it is among the most convenient brokers available today. Whether you are new to trading or an experienced trader, FP Markets has the tools, resources, and support you need.

The only real downside is the somewhat limited number of supported cryptocurrencies, which might not sit well with more diversified crypto traders. However, FP Markets is constantly expanding its offerings and might support more cryptocurrencies in the future, and currently offers trading in most of the big cryptocurrencies. So, if you are looking for a dependable crypto broker that offers excellent features and customer service, FP Markets is certainly worth considering.

Conclusion

At Daily-Crypto.com, we believe that when choosing a cryptocurrency broker, several factors should be considered, including liquidity, security features, trading platform, and customer support. Some additional things to look out for when choosing a broker include account opening and funding, order execution transparency, trading tools, education and research materials, leverage, swap rates, options availability, and withdrawal fees.

Overall, FP Markets should offer everything you need to get started with crypto CFD trading. Whether you are looking for user-friendly platforms with advanced charting capabilities or reliable customer support via phone, live chat, and email, FP Markets can be a solid choice. Taking advantage of the platform’s demo account is also recommended. This will help you better understand the trading process and allow you to practice different strategies risk-free.

FAQs

  • Is FP Markets a regulated broker?
    Yes, the broker is regulated in multiple jurisdictions.
  • Is FP Markets good for cryptos?
    Yes! FP Markets offers crypto CFDs on the major cryptocurrencies.
  • Is FP Markets good for beginners?
    Yes, FP Markets has a good demo account that offers paper trading in virtual funds, allowing beginners to grasp the basics of trading before committing real money to trading the market.v
  • How do I withdraw money from FP Markets?
    There are several ways to withdraw, including using debit cards, credit cards, e-wallets, and more.
  • What is the minimum deposit at FP Markets?
    The minimum deposit is $100.
  • Can I withdraw my crypto from FP Markets?
    Technically, you can’t buy and sell crypto as you would at an exchange, because CFDs do not grant ownership to underlying assets.
  • How do I sell my crypto at FP Markets?
    Technically, you can’t sell crypto on the platform as you would at an exchange, because direct ownership of cryptocurrency is not offered by FP Markets. You can, however, use CFDs to trade crypto.
  • Does FP Markets charge for leverage?
    FP Markets charges varying fees for leveraged trades, but the base fee is 2.5%.
  • Can you exchange crypto on FP Markets?
    No, FP Market’s crypto offering is only in the form of CFDs. There is no actual ownership of any crypto, so crypto cannot be exchanged – but crypto CFDs can be traded either long or short.
author
About Marcel Deer
With a background in journalism and digital marketing, Marcel is a keen crypto enthusiast and investor. A regular contributor to several crypto publications, he believes that META-based projects will soar in the coming years and is super-bullish on MeritCircle and the increase in P2E gaming platforms. Marcel is also excited about AVAX and FTM as ETH-chain alternatives, and any projects with strong utility, transparency, experience, and community marketing.