- 1 FP Markets Basics
- 2 Why We Choose FP Markets
- 3 Key Benefits
- 4 FP Markets Regulation and Safety
- 5 FP Markets Regulations In Kenya
- 6 Fund Safety
- 7 FP Markets Account Types
- 8 How To Create An Account
- 9 Standard Account
- 10 Raw Account
- 11 Pro Account
- 12 FP Markets Deposits
- 13 Deposit Methods
- 14 Minimum Deposit In Kenya
- 15 FP Markets Withdrawals
- 16 Withdrawal Methods
- 17 Minimum / Maximum Withdrawals
- 18 FP Markets Bonuses
- 19 No Deposit Bonus
- 20 FP Market Trading Platforms
- 21 FP Markets Spreads
- 22 FP Markets Leverage
- 23 FP Markets Fees
- 24 FP Markets Trading Times
- 25 FP Markets Trading Assets
- 26 Trading Instruments
- 27 Trading Tools
- 28 FP Markets Education
- 29 Extra Trading Services
- 30 FP Markets Scams
- 31 Industry Awards
- 32 FP Markets Customer Support
- 33 Our Conclusion
- 34 FP Markets Broker Review FAQ
FP Markets Basics
|🏛️ Based in||Limassol, Cyprus|
|⚖️ Regulation||CySEC, ASIC, SVG|
|💰 Minimum Deposit||$100|
|💳 Deposit Options||VISA, MasterCard, Bank Wire, Paypal, Neteller, Sofort, Skrill.|
|💳 Withdrawal Options||VISA, MasterCard, Bank Wire, Paypal, Neteller, Sofort, Skrill.|
|📌Open an account||Start Trading with FP Markets|
Why We Choose FP Markets
FP Markets was first set up in 2005 and since then has grown into a large, international forex broker. Their offering is based on their in-depth knowledge of the financial markets. As a result, they provide an award-winning service with competitive pricing, fast trade execution, cutting-edge trading platforms, and fantastic customer support.
As a regulated forex broker, FP Markets provides a secure trading environment and a high level of client fund protection. They offer easy market access and convenient payment methods. They offer trading on forex, indices, metals, and more. FP Markets also offers a great range of trading accounts. You can choose from 3 different account types – all of which come with tight spreads, high leverage, and low trading costs.
If you’re looking for trading tools, then FP Markets offers many great options for new traders. They have a good selection of tools including trading calculators, premium trading tools, and VPS services. They also have free learning materials including webinars. If you’re looking for great customer service too, then you’ll be glad to know FP Markets has a helpful and responsive customer support team.
FP Markets Regulation and Safety
FP Markets is the brand name for a group of forex companies. While this might seem like a complicated setup, their business structure allows them to operate under more regulatory supervision and offer a better overall service. The group has three registrations and licences. These come from some of the top regulatory authorities around the world. Here are the full details:
- ASIC Licence – They have a licence from Australian Securities and Investment Commission.
- CySEC Licence – The group has a licence with the Cyprus Securities and Exchange Commission.
- SVG Registration – The group has a registration with authorities in St. Vincent & the Grenadines.
FP Markets Regulations In Kenya
Traders from Kenya are allowed to sign up via FP Markets’ SVG business entity. While this entity has less formal regulatory requirements, it still is a highly reputable company offering a great level of client fund protection. For example, they still offer negative balance protection, segregated accounts, and other important security measures.
FP Markets takes client fund safety very seriously. It keeps client funds in segregated accounts, separate from its own funds. It also makes sure that client money is not used for company purposes.
FP Markets Account Types
FP Markets has two main trading accounts – these are its Standard Account andits Raw Account. It also has a Pro account for experienced traders, and a demo account for new traders who want to spend time practising their trading.
|Type||Spreads||Min. Deposit||Max. Leverage||Commission|
|Standard||From 1.0 pips||$50||1:30||$0|
|Raw||From 0.1 pips||$50||1:30||$3 each way|
How To Create An Account
As part of our FP Markets review, we have looked at their online registration requirements. If you live in Kenya, then you are eligible to open an online trading account at FP Markets. The registration process is quite simple and you can complete the first step in minutes.
The first thing you need to do is register online. This is so that FP Markets can collect some personal details and create your online trading account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.
The second step is verification. As part of the registration process, FP Markets needs to check your identity for regulatory purposes. You will need to complete their KYC process and submit certain verification documents. For example, you will need to send them a primary form proof of ID. This could be a copy of your passport or driving licence. You also need to give them a secondary form of ID. This could be a utility bill, a bank statement, or a government issued tax document.
Once you have gone through the KYC process, and FP Markets has checked your identity, they will approve and verify your online trading account. At this stage, you can deposit funds and start using your account to trade forex.
The Standard account is the best option for new forex traders in Kenya. It has a minimum spread of 1.0 pips and there are no commissions. It also has high leverage of up to 1:30. The minimum deposit for this account is $50. It includes access to all of their educational materials and online trading tools. The available base currencies are USD, EUR, and GBP.
The Raw account is the best option for more experienced traders in Kenya. It has tight spreads starting from 0.0 pips. It is important to keep in mind, however, that there are commissions. This account also has leverage of up to 1:30. The required minimum deposit is $50. It includes access to all of their learning materials and free trading tools. The available base currencies are USD, EUR, and GBP.
As the name suggests, the Pro account is only suitable for professional traders. It has tight spreads and flexible leverage. The account comes with free market analysis and online trading tools. It also includes access to a Personal Account Manager. The available base currencies are USD, EUR, and GBP. If you choose to apply for a Pro account, you will need to prove you meet the minimum criteria for professional traders.
FP Markets Deposits
As part of our deposits review, we looked at what payment methods are available. The FP Markets deposit methods include debit cards, credit cards, and bank wire transfers. If you’re looking for other options, FP Markets accepts other methods such as Paypal, Neteller, and Skrill. If you don’t have accounts with any of those companies, you can also try Sofort, and GiroPay.
Minimum Deposit In Kenya
Funding your trading account is fairly affordable, due to their low minimum requirements. The recommended minimum deposit for FP Markets is 100 AUD (or equivalent).
FP Markets Withdrawals
As part of our withdrawal review, we checked the available payment methods. The FP Markets withdrawal methods include debit cards, credit cards, and bank wire transfers. It also allows other methods such as Paypal, Neteller, and Skrill. If you don’t have accounts with any of those companies, you can also try Sofort, and GiroPay.
Minimum / Maximum Withdrawals
The FP Markets minimum withdrawal amount is $5 for credit card and debit card. It is also $5 for PayPal, Neteller, Skrill, Sofort, and Giropay. The minimum withdrawal amount is $100 for bank transfers. The withdrawal time is one business day for credit card, debit card, PayPal, Neteller, Skrill, Sofort, and Giropay. The withdrawal time is one to three business days for bank transfers. These withdrawal times are fairly standard in the industry.
FP Markets Bonuses
FP Markets has a great online trading service. They offer good account types and fair online trading conditions. However, there may be some room for improvement when it comes to their bonuses and reward plans. FP Markets is not currently offering any forex bonuses.
No Deposit Bonus
FP Markets does not currently offer a no deposit bonus.
FP Market Trading Platforms
FP Markets has MT4, MT5, WebTrader, and its own FP Markets Trading App.
MetaTrader4 – MetaTrader4 (MT4) is a great option for traders based in Kenya. It has a simple interface and is easy to navigate. You can use it to trade forex, stocks, and indices. The FP Markets MT4 platform also has charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects.
MetaTrader5 – MetaTrader5 (MT5) is another great trading platform for traders in Kenya. It has a nice interface and many built-in features. You can use it to trade forex, shares, indices, and crypto. The FP Markets MT5 trading platform also has 6 order execution types, 38 indicators, and 37 analytical objects.
FP Markets Spreads
FP Markets offers good spreads. Their average spreads are low across both account types. As an example of what you can expect, their average spreads for EUR/USD are 1.1 on the Standard account and 0.1 on the Raw ECN account.
FP Markets Leverage
FP Markets has good leverage that is more or less in line with what other forex brokers are offering online trading services in Kenya. The leverage available depends on the instrument you choose. For example, the leverage available on forex pairs, commodities, and metals is 500:1. The leverage available on indices in 200:1 and the leverage available on stocks in 20:1. With regards to their other trading instruments, the leverage available on ETFs, cryptocurrencies, and bonds is 5:1.
FP Markets Fees
Commission – FP Markets has good trading conditions when it comes to commissions. There are no commissions on the Standard account, except on MT5 equities. And there are low commissions per lot of just $3.0 each way on the Raw ECN account.
Non-Trading Fees – Unlike many other forex brokers in Kenya, FP Markets does not have any administration or inactivity fees. This means that you can take a break for a few months, or even years, without worrying about being charged any extra fees.
FP Markets Trading Times
FP Markets’s trading hours for forex pairs are in line with the standard market hours. You can open forex trades whenever the forex market is open. FP Markets’ trading hours for other assets may vary slightly depending on the trading instrument. Trading hours for all assets may also vary on public holidays.
FP Markets Trading Assets
FP Markets has a great selection of trading instruments. You can take your pick from over 10,000 CFDs products including forex, shares, metals, indices, commodities & cryptocurrencies.
- Forex: They have 60+ forex pairs in all the top-performing currencies, 24 hours a day, 5 days a week. You can choose from major, minor, and exotic forex pairs.
- Shares: They have CFDs on the world’s most famous companies across global markets. You can trade your favourite brands and benefit from price movements.
- Metals: They allow trading on the spot market for metals including Gold or Silver against the US Dollar or Australian Dollar as a currency pair.
- Indices: They have CFD indices from all around the world, with margins starting at just 5%. They let you trade NASDAQ 100, S&P 500, EUREX, and more.
- Cryptocurrencies: They give you access to the top 5 most traded cryptocurrencies on the crypto market – Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
FP Markets has many helpful trading tools. There are many different tools you can use, depending on your knowledge, experience and your preferred trading style.
Economic Calendars – They have a free economic calendar that will help you stay on top of market news. It covers all of the most important economic data releases from around the world. The calendar also includes helpful explanations and detailed forecasts for each data release. As such, it makes analysing the markets and staying on top of trends much easier.
Trading Calculators – They have a basic range of trading tools that you can use to plan your trades, calculate your risk, and make more effective trading strategies. The tools available include a pip calculator, a Fibonacci calculator, a currency calculator and a pivot calculator.
Traders ToolBox – FP Markets also has a Trading ToolBox. It includes the Alarm Manager, Correlation Trader, Correlation Matrix, and Excel RTD. It also comes with Market Manager and Stealth Orders, as well as Tick Chart, and the Session Map. If you’re looking for other features, you can also try their Trade Terminal, Mini Terminal, and Sentiment Trade tools.
FP Markets Education
FP Markets has a nice selection of free educational materials. You can choose from live webinars, podcasts, trading eBooks, and video tutorials.
Extra Trading Services
FP Markets has a VPS service. This means you can benefit from lower latency, faster execution, and less slippage. It is available for free if you trade over 10 lots on a standard trading account. It is also free if you trade 20 lots on their Raw account.
A VPS service is suitable for traders who want better technical conditions. This is because it enables you to trade with better connectivity. You can use the service to run automated algorithmic strategies, including Expert Advisors, on a virtual machine. You can also use it to minimize your risk of system downtime due to unexpected power failures, Internet cuts, physical difficulties, and computer shutdowns.
FP Markets Scams
FP Markets is not a scam broker. They are a legitimate forex broker with licences from many regulatory authorities. As a regulated company, they take all the necessary security and client fund protection measures. They also offer convenient payment methods and straightforward transaction processes. You are unlikely to have security or funding issues with this broker.
FP Markets places a high value on good trading support and excellent customer service. They have a great reputation and they are also an award-winning brand. Over the years, they have won more than 40 forex industry awards including best customer service and most satisfied traders.
FP Markets Customer Support
The FP Markets Customer Support team is very helpful. You can reach them via live chat, email, or phone. You can also get in touch with them using the contact us form on their website.
FP Markets is a regulated company that offers excellent trading conditions and a wide range of trading instruments. Its high quality educational materials and trading support make it a good choice for new traders. Similarly, its excellent trading tools and cutting-edge trading technology make it a great choice for experienced traders too.
FP Markets Broker Review FAQ
No. FP Markets operates based on a no dealing desk (NDD) execution model.
FP Markets has offices in Australia, Cyprus, and St. Vincent and the Grenadines.
FP Markets allows scalping trading strategies and is fast enough to handle it.
Yes, FPMarkets is a reliable forex broker. They are an established company with a global presence. They have licences from numerous reputable regulatory authorities. If you’re concerned about your money, you should know that FP Markets operates using strict security and client fund protection measures. They also follow all regulatory requirements regarding fair treatment, fair service, and fair customer support.
Ready to start trading? Register for an online trading account with FP Markets here.