First Prudential Markets (FP Markets) Review

Review Summary

Review Detail – FP Markets

• FP Markets (First Prudential Markets Pty Ltd) is 100% Australian owned & operated. They have been providing traders with cutting edge execution technology, competitively priced ASX shares, ECN pricing & direct market access (DMA) CFDs, through award winning trading platforms for over 10 years.
• First Prudential Markets Pty Ltd (ACN 112 600 281) holds an Australian financial services licence (AFSL) No. 286354 and is regulated by the Australian Securities & Investments Commission (ASIC), in addition to their CySEC regulation.
• Client funds deposited with FP Markets are held in a trust account at the Commonwealth Bank (CBA). The trust account is established, maintained & operated in accordance with the Australian Client Money Rules that are governed within First Prudential Markets AFSL 286354. Regular external audits are conducted by top tier firms including PKF.

• DMA CFD Trading

  Full market transparency with 100% Direct Market Access across all FP Markets DMA CFD products and STP (‘Straight Through Processing’) ECN Interbank Direct Pricing for on Forex accounts. With FP Markets’ DMA CFDs it is not just equity CFDs that are DMA; it is the whole range of global products that are completely transparent including Asian, American, Australian and European Equity, Indices and Commodities CFDs.
  The effect of Direct Market Access on your online trading is:

  • No dealer intervention between you and the markets. Therefore price and liquidity will be identical to the exchange, with no price re-quotes or order rejection during fast moving prices.
  • Trades are 100% hedged so orders flow onto the underlying market
  • Ability to participate in Open and Close market phases

• Fees and Spreads

  It’s important to compare “apples to apples” when looking at the spreads & fees of brokers offering 100% DMA on all CFD instruments offered. Providing direct access increases the operating costs of the broker because every trade placed by a customer is entered directly into the underlying market. Like most things in life, there are pros and cons to everything.
  The pros of DMA trading are listed above and the “cons” (I use this term very loosely) are simply that it increases the operating costs of the broker. This naturally means their pricing structure for DMA CFDs will be a little higher when compared to CFD brokers that are NOT offering direct market access on all products. The key is finding the best match for your own trading style and requirements.
  FP Markets provide excellent value for money when compared to their 100% DMA competitors.

• The largest range of Australian share CFDs with full market depth available on over 2,000 ASX equity CFDs and margins from as little as 3%

• Forex ECN Trading

  Transparent, no ‘last-look’ ECN pricing exchange model for direct Forex / STP FX trading. In laymen’s terms this means the broker has no opportunity to re-quote, and is offering extremely reliable, fast and consistent order execution.

• Quality trading research & education provided to clients, including trading guides, daily market report, follow Gary Burton’s (Head of the Australian School of Technical Analysis) portfolio and live webinars to answer common client questions and to also provide an information portal for clients
• For existing share holders, it’s easy to transfer current CHESS sponsored accounts with no fees and charges
• Free phone trading available, even when buying ASX equities (many stock brokers charge extra for buying or selling ASX shares via the phone). FP Markets do not charge additional commission for orders placed over the phone!
• Excellent trading platform options with both the ultra low-latency IRESS Trader platform and MT4 trading platform

• FP Markets Cryptocurrency

  Cryptocurrency CFDs offered by FP Markets are:

  • Bitcoin
  • Ethereum
  • Ripple
  • BitcoinCash
  • Litecoin

• Minimum Deposit Requirements

  An FP Markets derivatives trading account (Forex and Contract for difference account) requires an initial minimum deposit of AU $100. However, for share trading on their Iress accounts the initial deposit required is AU $1000.

• First Prudential Markets – Industry Awards

  FP Markets is one of the most highly awarded DMA CFD & FX providers in the industry. They have won awards from multiple independent rating groups. These rating firms include CANSTAR CANNEX (5 star rating), Investment Trends, Smart Investor, The Bull, and Money Magazine.
  Award winning categories include:

  • Best Value for Money
  • Outstanding Value for DMA CFDs
  • Outstanding Value for Online Share Trading
  • Best Trade Execution
  • Awarded ‘Highest Overall Client Satisfaction’ for the last 5 years running from Investment Trends Australia CFD Report
  • 5 star rating from CANSTAR CANNEX