In this guide on opening an FP Markets account, we’ll show you exactly how to start trading with First Prudential Markets Pty Ltd. Follow this step-by-step plan and you’ll be up and running in no time. So, let’t jump in!
For you to succeed in CFD trading, it is vital to invest with a broker that’s been in the industry for long enough, and that’s what FP Markets offers. FP Markets has been in the CFDs brokerage market for the longest period compared to all other CFD brokers in Australia, after the exit of MF Global brokers from the CFDs industry. FP Markets has its headquarters in Australia.
The company is regulated by the Australian Investments & Securities Commission, which is a highly regarded regulatory body. As a new investor, you should rest assured that ASIC will ensure that your legal interests are protected. In addition, FP Markets is also regulated by CySEC, which is the Cyprus Securities and Exchange Commission. This is a quality sign as CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law.
It is important to note that opening an account with FP Markets is done online, and the process is similar to the one when opening a bank account. The process is free of charge, and you will only be required to deposit some funds for you to start trading. However, you will be required to provide some information, which includes your details and identification details that will be used to prove ownership of the details provided. The following is a clear guide on opening an account with this provider.
Account Opening with FP Markets: Step-by-Step Guide
Just follow these easy step-by-step process to opening your account with FP Markets. It takes just a few minutes.
Go to FP Markets. Before you start to fill in your personal information, you will be required to choose the type of brokerage account that you want (typically one would go for either an individual or corporate account). Once you have selected this, you can now proceed to the next step.
Step 2: Submit personal information
Your next task will be to submit the required personal information. The platform will ask you to give your name, birth details, and employment status. Aside from the personal information, you will also be required to answer some basic questions to determine your trading expertise. It is important to provide true and accurate details in this stage as it determines whether your account registration is accepted or not.
Step 3: Confirm your identity
Here, FP Markets will require you to scan some documents and upload them for verification. You may be asked to upload an ID card, statement, or passport. Confirmation of these documents will take some time before your account is activated.
Step 4: Sign Contract
At the end of the registration process, you will be required to verify that all the information you’ve provided is accurate. Once you’ve verified this, you can proceed to sign a virtual contract by checking out a box that indicates the terms and conditions of your contract.
Step 5: Add funds to your account
After the confirmation of your details, you can start your trading journey, but you will have to add some funds first. The minimum amount you will be required to invest in FP Markets is $100. Once this is completed, you’ve become an investor!
Account types on FP Markets
It is important to understand that the accounts found on FP Markets are tied to the assets that are available for trading. The assets include Forex, CFD, and Shares. There’s also a demo account that one can open without any real funds. Below is a list of the accounts according to the asset class they belong to.
With a Forex Trading account, you will be able to trade indices, commodities, and currency pairs available on the MT5 and MT4 platforms. There are two sub-accounts in this class, the Standard account, and the ECN RAW Account.
i. Standard Account
To open this account, you will have to deposit a minimum of $100, and it has a spread of 1.0 pip upwards.
ii. ECN RAW Account
You will require a $100 minimum account deposit, but the account has a spread of 0.0 pips. The commission charged on this account is $3.5 for every 100,000 lots.
2) Accounts for Stock Trading
The trade on shares happens on the IRESS platform, and for you to use this platform, you will have to pay an access fee of $55 every month, together with an Australian Exchange Market data fee of $22. However, the IRESS platform fees are waived after the body has raised a commission of $200. The accounts that allow trading of shares include;
i. Standard account
You are required to pay a fee of $14.95, and commissions charged start from 0.11%.
ii. Non-Leverage CFD account
There is no fee required for this account, and the commission begins from 0.08%.
FP Markets provides an Islamic account for those clients that cannot pay or receive swaps because of their religious affiliation. A client has to open an MT4 or MT5 account, then have it converted to an Islamic account. It is important to note that there are no swap charges on the Islamic account but a position left open for two days in a row, there is an admin fee that will be charged. Nonetheless, all other conditions in the account remain similar to those in the MT4 or MT5 account.
4) Demo Account
FP Markets provides a free demo accountthat investors can use for practice. After opening the account, you are given a $50,000 virtual currency to trade with. When registering on the FP Market platform is complete, you will be issued with an account number and password, which will be sent to your email. You can use the account number and password to access your demo account. Other important download links are provided with the email. To activate your demo account to a live trading account, you will have to wait for your detail verification process to complete and successfully deposit some funds into the account.
5) CFD Accounts
There are three types of accounts available under this class, and the trade is carried on IRESS. The accounts are;
i. Professional Account
You will require a minimum of $1000 to open this account with a minimum brokerage fee of $10, a $55 fee for the IRESS platform. The waiver on the fees is given after the trader can generate $150 from commissions within a month.
ii. Platinum Account
This account requires a minimum balance of $25,000 to open. Monthly payment of $55 for the IRESS platform and a $9 fee for brokerage. The platform fee waiver is received just like in the professional account.
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