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FP Markets

FP Markets Review
Trader's rating 4.6
Editor's rating 4.8

Trading Accounts

 

Account type Minimum deposit  Minimum trade size  Maximum leverage Typical Spreads
Standard  $100  0.01  1:500 1.45 pips 
ECN Raw $1000  0.01  1:500  0.45 pips + AUD $3.5 / lot (per side)

 

FP MARKETS offers its clients a choice of two live account types: Standard commission-free one, and RAw account which provides tighter spreads, but also involving a commission.


Micro lots are available for trade on both account types and, of course, the broker also provides free Demo accounts, which are always appreciated by inexperienced traders.


The Company. Security of Funds


FP MARKETS (FPM) is a CFD and forex provider specializing in Direct Market Access (DMA) trading, that has over 10 years of experience.


The company behind the FP MARKETS brand is First Prudential Markets Pty Ltd., which holds an Australian Financial Services License and is regulated by the Australian Securities and Investment Commission (ASIC).


ASIC requires licensed companies to meet certain requirements and to comply with various rules. Clients’ money is to be kept in segregated trust accounts. As for the minimum capital requirement, forex brokers must hold at least $ 1 million in order to prove their good financial standing. In comparison, UK’s FCA requires forex brokers to possess at least 730 000 EUR and Cyprus’ CySEC – 1 000 000 EUR.


Unlike many EU-based brokers, however, Australian ones are not covered by any compensation scheme. FCA-regulated brokerages, for example, fall under Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person per company.


Despite the regulation and the requirements set to Australian brokers, one should be aware of the risks of trading Margin FX and CFDs. Returns and gains are not guaranteed. ASIC, the Australian Government nor any other person guarantees any funds in your account.


Trading Conditions


Minimum Initial Deposit
Traders are required to deposit $100 in order to open an account with FP MARKETS, which is an average initial amount.


Average Spreads & Commissions

FP MARKETS offers variable spreads, the typical ones on its commission-free account amounting to 1.45, and the ones on the ECN Raw accounts averaging to 0.45 pips on EUR/USD. Considering that commission of $3 per standard lot per side applies on the Raw account, trading costs of such account holders amount to a little over 1 pip, which is a competitive pricing.


For further information, you may look up real-time spreads of 15 leading brokers here.


Maximum Leverage
Clients of FP MARKETS use leverage ratios up to 1:500 and such maximum leverage level is considered high. Some jurisdictions cap leverage to levels significantly lower than this (i.e. 1:50 in the US), because higher leverage involves higher risk of heavy losses in excess of initial investments.


Trading Platforms


FP MARKETS offers its customers several trading platforms: MetaTrader 4 (MT4), MetaTrader 5, and its in-house IRESSTrader, specialized in CFDs trading.


MT4 is the most widely used forex platform, available to FPM’s clients as PC, Mac, iPhone/iPad and Android versions. MT4 provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, extensive back-testing environment and a wide range of Expert Advisers (EAs). By using EAs traders may sit back, while the software does all the work, as Expert Advisers allow full automatization of trades.


If you are running EAs, it is vital that your platform is Internet connected 24 hours a day. The best solution in this case is VPS and FP Markets has partnered with TradersColo and BeeksFX VPS, to provide a customized low latency solution for their clients. The VPS seamlessly connects traders to the Equinix NY4 grid using cutting edge technology and providing excellent execution.


What is more, there are Multi Account Manager MAM/PAMM options on MT4. MetaFX has developed a stand-alone console to assist Multi Account manages in trading. The MAM/PAMM offered are customizable and user friendly.

 

As MT4 will soon be phased out, the broker launched trading in the latest version of MetaQuotes software - MetaTrader 5. It has most of the great features of MT4 (such as the great charting, and EAs), as well as some new ones. Most importantly, the MT5 offer traders the opportunity to trade an extended number of instruments from a variety of asset classes. 


As regards FP Markets’ proprietary platform IRESSTrader, it provides its clients with access to DMA CFDs with industry leading execution, a wide ranges of order types, stop-loss, live news feeds, international data, complete market depth and charting facilities.


IRESSTrader is a web based platform you can access from any PC or even a mobile device.


Methods of Payment


FP MARKETS offers its clients a variety of deposit/withdrawal methods: via credit/debit card, bank wire, BPAY, AstroPay, Neteller, Skrill, China UnionPay.


Depending on the depositing method, clients may use the following currencies: AUD, USD, SGD, CHF, GBP, CAD, HKD, JPY, EUR, and NZD.


Conclusion


FP MARKETS is a reliable Australian STP broker, offering competitive conditions for trading in variety of assets, including Bitcoin (with leverage 1:10). These can be traded on three trading platforms with NDD execution (no conflict of interest). To sum things up, here are the advantages and drawbacks with regards to FP MARKETS:

 

Pros  Cons
Low cost of trading, NDD execution No significant doisadvantages
ASIC-regulated  
Many platforms available (MT4, MT5, as well as a proprietary one)  
High leverage levels  

 

Headquarters: FP Markets Pty, Ltd Level 5, Exchange House, 10 Bridge Street, Sydney NSW 2000

Country: Australia

Regulated by: ASIC

QRYPTOS

QRYPTOS Review
Trader's rating 2.1
Editor's rating 3.8

Trading accounts

 

Account type Minimum deposit Leverage Maker Fee Taker Fee
Standard Undisclosed Unknown -0.075% 0.15%

QRYPTOS is the second brand operated by QUOINE (with QUOINEX being the main product they are famous for). While this may seem curious to those who aren't familiar with the crypto space, there is a simple reason for running two companies – they offer different services. Their first project is aimed at cash to cryptocurrency transactions, while QRYPTOS focuses on exchanging one digital asset for another. The situation is very similar to the one at Coinbase and GDAX.

 

 

The company, security of funds

 

Company Country Regulation
QUOINE Pte. Ltd Japan/Singapore/Vietnam JFSA

 

QRYPTOS is owned QUOINE Pte. Ltd., a company with offices in Japan, Singapore and Vietnam.  When it comes to their viability as an exchange, they are regulated by the Japanese Financial Services Agency (JFSA). This is more than what most competitors in the crypto-space can claim.

 

QUOINE was founded in 2014 and their latest project, QRYPTOS is even younger. A lot of its features, like the mobile apps are still under development. We will update this review, once major changes occur. 

 

Substantial hacks have not yet occurred at either of the companies operated by QUOIN. That being said, we must mention the most notable case of a technical issue, experienced by the parent company. One of their largest traders (the firm B2C2) made a $3.7 million profit, after allegedly “exploiting a glitch” in the QUOINEX trading software. The transaction(s) were later reverted, leading to a lawsuit. Not much is known about the details of this event. For the sake of clarity we must mention, this whole saga happened before the company received the JFSA regulatory approval.

 

As the QRYPTOS project is fairly new, there also aren't that many user reviews.

 

Trading conditions

 

 

Trading instruments (cryptocurrencies)

Quite a few coins are available at QRYPTOS. The full list includes Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin, Ethereum Classic, Monero, Zcahs, Sellar, Dash, Augur and NEM (13 trading pairs in total). While the selection isn't as big as the one provided by Bittrex, for instance, it is still very solid.

 

Minimum initial deposit

We didn't have information about the minimum deposit at QRYPTOS. On the other hand, forex brokers usually provide this freely. As an example, one of the world's leading FCA-regulated brokers (which also offers Bitcoin and Ethereum trading) IG doesn't have an entry bar. One can open an account with the company for as little as she wants. For a full comparison of the two different services, read this post.

 

 

Leverage

There is no information on the leverage available at QRYPTOS. The company’s other brand QUOINEX offers a 1:25 ratio, but a lot fewer products (and a different fee structure, more on that later). We are unaware if this functionality will be integrated with QRYPTOS. Keep in mind, cryptocurrencies tend to be a lot more volatile than traditional ones, where forex brokers offer amazing leverage levels, such as 1:500.

 

 

Fees

The main way of attracting volume to the QRYPTOS exchange is the fee structure. While a lot of exchanges offer slightly better conditions for market makers, going into negative territory I.e. paying rebates for providing volume is usually reserved for the big traders. QRYPTOS offers a 0.075% rebate for everybody who provides liquidity on their platform. The taker fee is a very competitive 0.15%. In effect the company is giving 50% of its profit to the passive traders.

 

Before you think, you can become a liquidity provider at QRYPTOS and make money without taking any risk, we will have to clarify how exchanges work. A market “maker” (not to be confused with a forex market maker) is a trader who places pending orders on the exchange, hence filling the “order book”. A taker is anybody who sends a market order, entering directly at the best possible price. If you decide to be a liquidity provider, who simply aims to profit from the buying and selling of others, you will still be taking a significant market risk. Whenever a swift market move occurs, your will be taking the other side. On top of that the field is very competitive, with a lot of algo players.

 

Trading platform

 

The platform provided by QRYPTOS is web-based, with mobile apps promised for the future. Traders can fully customise the layout to their preference, but the main limitation of browser platforms still applies – everything must be in the same window. When it comes to the charting, one can choose between the charts provided by either TradingView or Cryptowatch. Here is a preview of the default layout:

 

 

As you can see from the picture, the charts aren’t properly configured yet, or the trading activity is rather minimal. Additionally they have maintained one of the features from QRYPTOEX, which we didn’t like – the order book is still placed vertically. As far as our tinkering with the platform, we couldn’t find a way to make it appear better. That being said, this still a fairly new project, so such things should not be surprising. 

 

Methods of payment

QRYPTOS only accepts cryptocurrency transfers. They are possible in all of the coins, which the company supports. On top of that, you can use your QUOINEX account as a means of depositing money with the company.

 

 

Conclusion

QRYPTOS is the second brand operated by the JFSA-regulated company QUOINEX. While their initial project QUOINEX is oriented towards attracting new people to the cryptocurrency space, this one is for the more experienced traders. With 13 trading pairs this exchange offers some alternatives, but is by no means an altocoin heaven. The entire QRYPTOS project is still in its early days, and we will update this review, once more information is available.

 

Pros Cons
JFSA Regulation Not enough user feedback yet
No major hacks yet Not that many altcoins available 
Competitive commissions (including rebates) The order book is placed vertically (as in QUOINEX)
Customizable trading platform   
Several trading instruments  

 

Forex
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