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Comprehensive Review dedicated to traders from South Africa

FP Markets Review South Africa

Accepts South African Clients

Who is FP Markets?

FP Markets is a CFD and forex broker founded in 2005. The company’s vision is to create a superior forex destination where investors can conveniently access a full suite of products in global markets. The company has regulations in multiple jurisdictions including in South Africa, Australia, and Cyprus. This ECN broker offers South African traders a fairly high leverage of up to 1:500.

The FP Markets minimum deposit is $100 AUD or equivalent, this equals roughly to 1240 in ZAR.

Regulated by:

FSCA

Financial Sector Conduct Authority, based in South Africa, license no 50926.

CySEC

Cyprus Securities and Exchange Commission, based in Cyprus, license no 371/18.

ASIC

Australian Securities and Investments Commission, based in Australia, license no 286354.

FSA

Financial Services Authority, based in St. Vincent and the Grenadines, registration no 126 LLC 2019.

Risk warning: Remember that forex and CFDs available at FP Markets are leveraged products and can result in the loss of your entire capital.

Please ensure you fully understand the risks involved.

Pros

ECN broker with ultra-low spreads and highly competitive commissions
Access to both MT4 and MT5.
Local regulation (FSCA license)
A wide range of trading instruments (in total 10 000 +)

Cons

No ZAR account base currency
The FREE VPS can only be obtained if certain requirements are met

01


Assets

Trading assets on FP Markets

FP Markets provides over 10,000 trading instruments in 8 main market categories. These include forex currency pairs and CFDs on shares, metals, commodities, indices, cryptocurrencies, bonds, and ETFs. A summary of the trading instruments is as follows:


  • Forex – FP Markets has over 70 different currency pairs for clients to speculate on. Among these are two currency pairs involving ZAR, which are great pairs for South African traders. They include EURZAR and USDZAR. Nonetheless, South African investors can still trade other major, minor, and exotic currency pairs.
  • Cryptocurrencies Crypto trading is a staple for South African traders. Luckily, they can trade 5 of the most traded cryptocurrencies in the world. These include Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin.
  • Indices – Clients can trade CFD indices, allowing them to speculate on the movement of the underlying index without ownership of any shares. Some indices South African traders can invest in include AUS200, EURO50, US100, UK100, and US500.
  • Commodities South African traders can also diversify their portfolios by investing in commodities. Some of the best commodities available on FP Markets include Crude Oil, Coffee, Natural Gas, and Corn, among others.
  • Metals - There are three different metals to trade against the Australian Dollar, the Euro, and the US Dollar. The metals available for South African and global clients include Silver, Gold, and Palladium.
  • Stocks – On FP Markets, clients can trade CFDs on more than 10,000 international shares alongside stock CFDs across 4 continents.
  • Bonds - FP Markets avails all kinds of bonds including short-term, long-term, and even high bond yields. This is a great way to further diversify your portfolio.
  • ETFs - Finally, South African traders can invest in ETFs on FP Markets. These include Bond ETFs, Commodity ETFs, Currency ETFs, and Equity ETFs, among others.
Available Deposit & Withdrawal Methods

FP Markets supports the following deposits and withdrawal methods

Supported Platforms by FP Markets

FP Markets supports the following trading platforms

02


Platforms review

Trading platforms of the broker

FP Markets provides some of the best trading platforms to its clients. For starters, both MT4 and MT5 are widely recognized as the best trading software in existence today. They offer a smooth trading experience accompanied by a plethora of analysis and charting tools. The Iress trader is also a powerful tool used by over 12,000 traders worldwide.

The platform also comes with many charting tools for analytical analysis. All of these platforms are available on Web, PC, Mac, iOS, and even Android.

Nonetheless, FP Markets also avails its own mobile app for clients who prefer to use it over other platforms. Finally, a WebTrader is available with MT4 and MT5 execution capabilities and is compatible with both macOS and Windows. There is no need to download the WebTrader as it runs on the web.

Screenshot taken from the official website of FP Markets, homepage

Did you know?

FP Markets has on TrustPilot 4 119 verified customer reviews with a 4.9 average rating (out of 5 maximum).

03


Fees

Trading Fees on FP Markets and Demo Account

As an ECN broker, FP Markets offers some of the best pricing in the forex space. The spreads on FP Markets depend on the account a user is on. The Standard account allows clients to trade with spreads as low as 1.0 pips with no commissions. For example, the average spread for the EURUSD pair is 1.1 pips on this account. On the other hand, the Raw account features spreads as low as 0.0 pips and a commission of $3 per side per lot.

Luckily, South African traders can try the services of this broker before investing their real money. They can do this on a demo account that remains active as long as a client uses it. The demo account is available on both the MT4 and MT5 platforms. The spreads and market conditions on this account emulate real market conditions so that traders can test out their trading strategies before deploying them on the live market.

04


Social Trading

FP Markets Social Trading

FP Markets social trading involves three main technologies. First, FP Markets provides its own technology that allows clients to copy the trades of successful traders on the platform. FP Markets Copy Trading is best suited for traders lacking the time and experience to make their own moves. 


The second technology involved here is AutoTrade provided by Myfxbook.com. This technology allows clients to observe, track, and even dialogue with successful traders.

AutoTrade also allows clients to copy the most advanced trading techniques from successful traders.

The final technology for social trading on FP Markets is Signal Start. This technology connects those who provide signals and those who follow signals. Some of the features of Signal Start include copy-tested technology, industry-standard account analytics, a multi-broker platform, and a simple user interface.

Did you know?

FP Markets supports more than 25 different account funding methods and offers new clients a 20% deposit bonus.

05


Leverage

FP Markets Leverage

South African clients will enjoy some of the highest leverage from a forex broker. The leverage on this broker goes up to 1:500 for traders in this jurisdiction. Here is a breakdown of the leverage under different asset classes:

Forex 1:500

Stocks 1:20

Commodities 1:100

Gold 1:500

Indices 1:200

Cryptocurrencies 1:5

06


Accounts

FP Markets Trading Accounts

Standard Account

This account is designed to cater for the trading needs of most investors. It offers reasonably low spreads starting from 1.0 pips for major currency pairs. The minimum trade size is 0.01 lots and there is no commission charged on trades. The leverage goes up to 1:500 for South African traders. All trading instruments are available on this account with ECN pricing. This account is available on all three trading platforms.

Raw Account

The Raw account is for traders looking to trade with ultra-low spreads. On this account, the spreads start from 0.0 pips. However, clients have to pay a commission of $3 per side per lot when trading. The maximum leverage on this account remains 1:500 for South African traders. The minimum trade size is also 0.01 lots on this account. This account is also available on all three trading platforms.

MAM/PAMM Accounts

MAM stands for Multi-Account Manager. This account type allows money managers to trade on behalf of several clients at the same time. PAMM, on the other hand, stands for percentage Allocation Management Module Manager. This is a form of pooled money forex trading managed by a single money manager. The money manager trades on behalf of sub-account holders under a Limited Power of Attorney.

Islamic Account

This account is designed to accommodate Muslim traders who follow Sharia law. This account does not charge any swaps or interest charges on overnight positions. Instead, users are charged an administration fee on positions which is deducted from the balance of the account. Interestingly, this account is only available on the MetaTrader platforms. It is not available on the Iress trader.

07


Special Features

FP Markets Unique Features

Autochartist

This is a trading tool on FP Markets that uses technical indicators to identify chart patterns to easily point out trading opportunities in real-time. It is used on both the MT4 and MT5 platforms and continuously analyzes the market and alerts the user when trading opportunities are identified.  

Trader's toolbox

This is a trading tool on FP Markets that uses technical indicators to identify chart patterns to easily point out trading opportunities in real-time. It is used on both the MT4 and MT5 platforms and continuously analyzes the market and alerts the user when trading opportunities are identified.  

VPS

FP Markets offers clients a Virtual Private Server for their forex and online trading. This comes with a lot of benefits in security and fast order execution. If you’re a new customer, FP Markets will sponsor your VPS plan if you make a minimum deposit of $1,000. The company will continue covering your VPS charges if you trade a minimum of 10 lots on the Standard account or 20 lots on the Raw account per month.