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FP Markets

FP Markets Review
Trader's rating 4
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

Rakuten Securities Hong Kong

Rakuten Securities Hong Kong Review
Trader's rating 5
Editor's rating 4.4

Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Rakuten FX None 1k unit 1:20 0.9 pips
Trading Station None 1k unit 1:20 0.4 pips + US$0.08/lot (roundturn)

 

Rakuten FX Spread Highlight

Currency Pair
Spread
Currency Pair
Spread
Currency Pair
Spread
USD/JPY
0.9
EUR/USD
0.9
GBP/USD
1.6
NZD/USD
2.1
EUR/GBP
1.8
EUR/CHF
2.7
USD/HKD
3.0
HKD/JPY
4.0
AUD/USD
1.3
EUR/JPY
2.2
GBP/JPY
2.2
CHF/JPY
2.6
CAD/JPY
2.2
AUD/JPY
1.9
NZD/JPY
2.4
GBP/CHF
3.0
AUD/NZD
2.6
CNH/JPY
2.3
AUD/CHF
2.3
NZD/CHF
5.4
ZAR/JPY
4.6
NOK/JPY
4.3
TRY/JPY
3.7
SGD/JPY
4.6

 Spreads on Rakuten FX platform

 

Rakuten Securities Hong Kong offers trading in 40 currency pairs on two robust platforms. Potential clients can register and download its Rakuten FX trading platform demo for trial before account opening or actual trade.

 

Note that there is a difference in the margin requirement for hedging in the two types of accounts. Both Rakuten FX and Trading Station platforms require margin only on one side and margin counts on the side requires larger amount.

 

 

The Company. Security of Funds

 

Company Country Regulation
Rakuten Securities Hong Kong Hong Kong SFC

 

Rakuten Securities Hong Kong (Rakuten Securities HK) is a subsidiary of the Japanese forex giant Rakuten Securities, one of the three largest forex brokers in Japan, and also a pioneer in leveraged foreign exchange trading in Hong Kong.

 

Rakuten Securities, Inc. (“Rakuten Securities”) is the securities division of Rakuten Group which operates as Japan’s largest E-Commerce provider. Rakuten Group is based in Japan, but operates globally through various subsidiaries offering business services like e-commerce, travel, banking, securities, credit card, e-money, portal and media, online marketing and professional sports, etc.

 

Actually, Rakuten Securities acquired the Hong Kong brokerage from FXCM in the autumn of 2015 and subsequently rebranded and relaunched it in 2016.

 

Rakuten Securities HK is regulated by the local Securities and Futures Commission (SFC). This means that the client trading accounts are well protected and fully within Hong Kong's legal jurisdiction.

 

The SFC licensing procedure is a long and complicated one, involving submission of various documents, a test for officials representing the firm, and maintaining adequate accounting and control systems. The commission also exercises supervision over licensed companies, performing on-site reviews and off-site monitoring. There are also stringent capital requirements for the brokers. Since 2015 there is also the requirement that the license holders allow investors to claim damages if the intermediary is selling or recommending a financial product that is not reasonably suitable for the client. 

 

 

Trading Conditions

 

Minimum initial deposit

Rakuten Securities HK does not have a minimum deposit requirement. Naturally, in order to trade, one does need to put in some money in their account.

 

Spreads and commissions

Rakuten Securities HK offers fairly tight spreads. The Trading Station account has tighter spreads, but there is also a commission. The calculation of this fee appears to be a somewhat complicated affair, measured in pips, and ultimately turns out to be less favorable. As per Rakuten's own calculations, the commission is around 0.8 pips, which added to the spread, amounts to a total of 1.2 pips, compared to only 0.9 pips on Rakuten FX platform.

 

Leverage

The leverage of Rakuten Securities HK is 1:20, which is not much, but many jurisdictions have imposed caps on leverage at similar levels. For example, the maximum leverage allowed to retail clients in Japan is 1:25 and in Europe – 1:30 (as of August, 2018). The reason for such restrictions is the fact that using high leverage levels involves significant risk of loss.

 

 

Trading platforms

 

Rakuten Securities HK offers two trading platform and neither of them is MetaTrader 4, which is relatively rare among brokers. Instead, it has Rakuten Securities Japan's proprietary platform Rakuten FX, iSpeedFX and Trading Station, which was “inherited” from FXCM.

 

All platforms have applications for mobile devices and web versions.

 

Rakuten FX is an award-winning user-friendly platform with robust functionality and an AS Streaming trading function that allows speedy user execution and one click order execution. The platform features 7 order types, notifications, real time reports, trading from charts, 9 types of charts, 44 basic and advanced indicators and customizable parameters.

 

Click on image for larger view

 

Trading Station allows users to trade raw spread directly from top liquidity providers with No Dealing Desk (NDD) execution with a low fixed commission and using the essential functions of the proprietary Marketscope charting tool. The platform supports five order types, hedging, trading from charts and 60 basic and advanced indicators. It also offers one click or double click order execution and “simple” and “advanced” dealing rates, real time news and customization.


 

Click on image for larger view

 

   

Methods of payment

 

Rakuten Securities HK accepts client payments through ATM, internet banking and bank counter, for Hong Kong residents. For international clients the funding options are bank wire and post office wire (for clients in China). The broker also accepts checks and e-checks.

 

 

Conclusion

 

The mere fact that Rakuten Securities HK is regulated by SFC and is a subsidiary of a Japanese broker suggests it is stable and reliable. Hong Kong is not such a large market in itself, but China is, which makes the regulation lucrative. Besides, the trading conditions of Rakuten Securities HK are transparent and more than attractive: low spreads, no minimum investment requirement, three great trading platforms available.

 

To sum up the above:

 

 

Pros Cons
Regulated in HK, part of an international group No MetaTrader
Tight fixed spreads Low leverage
No deposit requirement  
Two user-friendly trading platforms, individual training  

 

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