FP Markets Accounts Overview: Demo, Islamic Accounts, and Payment Options Guide

When choosing the right trading account, it's essential to understand the key features, advantages, and drawbacks of each option.

FP Markets offers two main account types—Standard and Raw—which can satisfy different trading styles and preferences.

This analysis will help you evaluate both accounts, considering factors such as trading costs, spreads, and suitability for various strategies.

By understanding the strengths and weaknesses of each account type, you can make an informed decision that aligns with your trading goals and needs.

FP Markets Overview

FP Markets is based in Australia and is a comprehensive trading platform offering CFD trading across various markets, including forex, stocks, indices, commodities, and cryptocurrencies. In terms of security, the broker is well-regulated by ASIC and CYSEC.

FP Markets offers two main account types and is supported by platforms such as MetaTrader 4 and 5, cTrader, and WebTrader (web platform). Additionally, FP Markets has expanded its services to include social and copy trading, as well as forex VPS.

FP Markets Account Types

FP Markets offers a commission-free Standard account and a commission-based Raw account. Since both account types have a minimum deposit of $100 and the trading conditions are the same apart from the trading costs, the commission-based option can be up to 66% cheaper, making the commission-free account somewhat outdated.

Heres an introduction to FP Markets account types, which will help you choose the most suitable account based on your situation and strategy. Alternatively, you can learn more in detail through this video:

Common Features

Both the Standard Account and the Raw Account require a minimum deposit of $100 AUD and provide access to 70+ Forex pairs, metals, indices, and commodities.

Both accounts offer 500:1 leverage and use ECN pricing, ensuring fast execution and direct market access.

Spreads and Commissions

The key differences between the two accounts lie in their spreads and commission structures.

The Standard Account offers wider spreads starting from 1.0 pips with no commission, as the cost is included in the spread.

In contrast, the Raw Account provides tighter spreads starting from 0.0 pips but charges a USD $3 commission per side.

Functions Summary

The two accounts bothsupports Expert Advisors (EAs), mobile trading apps, and VPS, and it is suitable for algorithmic and manual traders. This account type is ideal for those who dont trade high volumes or need tighter spreads.

Editor‘s Review

The Standard Account is more suitable for traders who prefer simplicity and don’t trade at high volumes, while the Raw Account is ideal for high-frequency or algorithmic traders who require tighter spreads and are willing to pay a commission for better pricing.

FP Markets Demo Account

FP Markets offers demo accounts with no time limit. Traders can open a demo account without registering a live account, but the registration form does not provide options to select the desired leverage and demo balance. FP Markets demo accounts are ideal for algorithmic traders to fix errors in their trading solutions, and they are also great for traders to test and compare trading strategies, including copy trading signal providers, and can serve as an educational tool.

The demo account reflects the trading platform and features but does not show traders the psychology of trading. This could foster unrealistic trading expectations and create a false sense of achievement. Therefore, I would like to remind beginners not to treat demo trading as the same as live trading, as real trading is much more complex.

FP Markets Islamic Account

Islamic (swap-free) accounts are designed in accordance with Sharia Law, offering no interest or swap charges on overnight positions. Instead, an administration fee is deducted from the account balance. These accounts are ideal for Muslim traders who cannot pay or receive interest.

Steps to Open an Islamic Account:

1. Open a MetaTrader 4 or MetaTrader 5 (MT4/MT5) account.
2. Email your account number to onboardingsc@fpmarkets.com and request conversion to Islamic.
3. Wait for confirmation from the Onboarding team.

FP Markets may request additional documentation, such as proof of faith, if the religion is not listed on your ID.

For assurance that your trading is halal, consult a religious authority.

FP Markets Account Types Pros and Cons

Below is an analysis of the pros and cons of the account types：

How to Open an Account with FP Markets?

Opening an account and starting to trade with FP Markets is a straightforward process designed to get traders into the market as quickly and smoothly as possible. Heres a simple guide with five key steps:

1. Choose Your Trading Platform and Account Type

   First, select the trading platform that best suits your needs, such as MetaTrader 4, MetaTrader 5, cTrader, or WebTrader (web platform). FP Markets offers both Standard and Raw accounts. Consider your trading style, experience level, and whether you require an Islamic account for compliance when choosing the right account.

2. Register Online

   Visit the FP Markets website and fill out the online registration form. You will need to provide personal details, financial background, and trading experience to ensure FP Markets can offer the best trading environment suited to your needs.

1. Verify Your Account

   As part of regulatory requirements, you need to verify your identity and residency. This typically involves uploading a copy of your ID (passport or drivers license) and a utility bill or bank statement showing your address. This step is essential for ensuring the security and integrity of the trading platform.

2. Deposit Funds

   Once your account is verified, you can fund your account using one of the available payment methods, including credit/debit cards, bank transfers, e-wallets, and even cryptocurrency payments.

3. Start Trading

   After funding your account, you can begin trading. Access your chosen platform, select from over 10,000 products across forex, stocks, indices, commodities, and cryptocurrencies, and start benefiting from tight spreads, fast execution, and excellent customer support. For those looking to enhance trading with automated strategies, consider using a forex VPS service to optimize performance.

FP Markets Deposits and Withdrawals

When choosing an account with FP Markets, its important to consider not only the account type but also the deposit and withdrawal methods, as they directly impact the efficiency of fund transfers. Whether you opt for the Standard Account or the Raw Account, the speed and flexibility of your payment methods are essential for smooth trading operations.

For Deposits

FP Markets offers multiple deposit methods, including credit/debit cards, cryptocurrencies, Skrill, Monetix Wallet, and bank transfers, with most options offering instant funding and no fees.

Cryptocurrency deposits and bank transfers may incur blockchain fees or take up to one hour or 1 business day, respectively.

For Deposits

FP Markets offers a variety of withdrawal options including Credit/Debit Cards (Visa/Mastercard), Bank Transfers, and several Cryptocurrency solutions. Withdrawal fees are generally free, but certain methods may have additional charges, such as conversion fees for credit cards or blockchain fees for cryptocurrency transactions.

Skrill, XPAY, AstroPay, Neteller, and Monetix Wallet are also available, with some methods like Perfect Money and AstroPay having a small fee (e.g., 0.5%).

Withdrawal processing times vary from 1 business day for cryptocurrencies and e-wallets to 2-10 business days for bank cards, with bank transfers taking up to 5 days depending on document verification.

Conclusion

FP Markets offers a straightforward and flexible approach to trading with its two main account types: the Standard Account and the Raw Account. For those who wish to test their strategies before committing real funds, FP Markets provides a demo account with no time limit. This allows traders to practice and refine their strategies in a risk-free environment.

Opening an account with FP Markets is a simple process that includes choosing the right platform (MetaTrader 4, MetaTrader 5, cTrader, or WebTrader), completing an online registration form, verifying your identity, and funding your account. With a minimum deposit requirement of $100, traders can get started quickly and begin trading a wide range of instruments.