The online finance market witnesses a huge turnover every day of traders and brokers alike. However, the category termed brokers is differentiated into two parts, namely, scam brokers and legit brokers. These scam brokers hide under the anonymity of the internet and lure their victims. It also becomes a little hard for the trader to differentiate between the good brokers and the legit brokers. This is where we come to play; we do the job of differentiating and identifying the scam brokers so that you can go ahead and trade without any worries. Today, we are reviewing FP Markets and investigate whether it is a scam broker or a legit one. Established in 2005, FP Markets is a professional trading experience with 12000+ clients worldwide.
In this section of our FP Markets Review, we will be explaining and reviewing all that FP Markets offers and demands.
FP Markets Regulation:
The regulation of a brokerage firm is the most important fact that one should look at and cross-check with the regulator before trading or investing with the broker. In order for a broker to legally operate in the financial market, they must have a license issued by a regulator. FP Markets has not just one but two licenses from top tier regulators – the Australian Securities and Investment Commission (ASIC) of Australia and the Cyprus Securities and Exchange Commission (CySEC) of Cyprus.
FP Markets Leverage and Spreads:
The leverage and spread offered by a broker play a major role in deciding the fate of the trader in their trades. The higher the leverages and the spreads are, the higher is their chance of losing. Therefore, regulators go against offering high leverage and spreads. Despite having a valid license from two regulators, the leverage offered by FP Markets is still 1:500. The spread offered, however, is 0.0. The leverage offered is one of the cons of this brokerage firm whereas the spread will come under the pros and we give it a green flag.
FP Markets Accounts and Minimum Deposits:
FP Markets provides its customers with two different types of accounts with some similar qualities. The accounts are named as Standard account and Raw account, out of which, the Raw account is deemed popular by the company itself. The minimum deposit demanded in both accounts is 100 AUD.
FP Markets Deposits and Withdrawals:
Deposits and Withdrawal methods say a lot about the brokerage firm. The fewer the options in these two results in more suspicion that the brokerage firm might be a scam. FP Markets accepts deposits through bank transfers, electronic wallets, credit cards, debit cards, etc. The withdrawal method also has the same methods but a certain amount is deducted in some of the methods.
To sum up, all that has been said above, we can safely say that FP Markets is a legit broker. We encourage our readers to trade and invest with FP Markets. If you like this broker review, then make sure you read more broker reviews on our website. Till then, happy reading!