Fpmarkets South Africa – Is This a Good Broker?

Website URL: https://fpmarkets.com

Founded: 2022

Regulations: None

Languages: English, Arabic, Portuguese (Brazil), English (Canada), Czech, Spanish (Chile), Chinese, German, Spanish, French, Greek, Indonesian, English (Ireland), Italian, Swahili (Kenya), Korean, Malay, Portuguese (Portugal), Polish, Russian, Thai, Vietnamese, English (South Africa), Chinese (Hong Kong), Chinese (Taiwan)

Deposit Methods: Visa, MasterCard, Neteller, Bank Transfer, StickPay, FasaPay, Skrill, Volt, dragonpay, PerfectMoney, Paylivre, Cryptocurrencies (Bitcoin, Tether, Ethereum, XRP)

Minimum Deposit: AUD$100 (or equivalent)

Free Demo Account: Yes

Number of Assets: 10,000+

Types of Assets: Currency Pairs, Shares, Indices, Commodities, Bonds, Metals, Digital Currencies

Trading Accounts and Conditions

Fpmarkets South Africa offers their clients 5 different types of trading accounts. Two of them are on the MetaTrader platform and three of them are on the Iress software.

For the MT platform, here are the trading account types:

• Standard Account: The minimum deposit is AUD$100 (or equivalent). The spreads start from 1.0 pips. There are zero commissions and the maximum leverage is 1:500.
• Raw Account: The minimum deposit is AUD$100 (or equivalent). The spreads start from 0.0 pips. There is an USD$3 commission per lot each way. The maximum leverage is 1:500.

For the Iress platform, the following are the trading account types:

• Standard Account: The minimum deposit is AUD$1,000. The commission (ASX) is a minimum of AUD$10 and then 0.1%. The Equity CFD Margin rates start from 3%. Financing is done by FP Markets with a base rate of +4.0%.
• Platinum Account: The minimum deposit is AUD$25,000. The commission (ASX) is a minimum of AUD$9 and then 0.09%. Equity CFD margin rates start from 3%. Financing is done by FP Markets with a base rate of +3.5%.
• Premier Account: The minimum deposit is AUD$50,000. There is no minimum commission; there is flat rate of 0.08%. Equity CFD margin rates start from 3%. Financing is by FP Markets with a base rate of +3.0%.

This broker also offers a SWAP FREE account for Muslim traders. There are also PAMM and MAM accounts for those traders that want to manage multiple accounts or have a money manager take care of their accounts.

fpmarkets South Africa – Advantages

Here are all the advantages to trading with fpmarkets:

• Strongly Regulated

fpmarkets is a branch of the FP Markets (First Prudential Markets) group of brokers. FP Markets was established in 2005 in Sydney, Australia and has since become one of the foremost brokers in the country. The company also has an offshore branch office based in St. Vincent and the Grenadines (SVG).

FP Markets is regulated by the ASIC, the Australian Securities and Investments Commission, a financial authority that is known for its stringent rules and strong trader protection laws. The broker also obtained a license from the CySEC, the Cyprus Securities and Exchange Commission, in 2018. With this regulation in place, the broker is now allowed to offer their services in the EEA (European Economic Area).

fpmarkets South Africa belongs to the SVG branch, which means that it does not have the regulations that we would usually look for. SVG does not offer regulatory oversight to forex brokers. As a rule, if a broker is based in the SVG and does not have any other license, then we would strongly recommend to our traders that they should avoid those brokers since the possibility of a scam is extremely high. However, in fpmarkets’ case, the broker is actually a branch of an extremely reputed company – one that has licenses from some of the strongest financial authorities in the industry.

Because of this, we know that this broker would provide excellent services and would have good business practices in place.

Plus500

$100

Minimum Deposit

Start Trading

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82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Great Trading Platforms

fpmarkets offers their clients the use of the MetaTrader 4, MetaTrader 5 and the Iress trading platforms. The first two have been developed by MetaQuotes and are two of the best trading platforms in the world. The third – Iress – has been developed in-house by FP Markets as their signature trading app.

The MT4 and MT5 software are available to traders in desktop, web and mobile versions. The Iress platform is available as a mobile app on both Android and iOS. This app is designed for traders to use while they are on the go and want to execute fast trades, so it does not have the extensive charting options and analysis tools that the MetaTrader platforms offers. This does not mean that this is not a good trading platform. It has been designed for experienced traders who understand the market.

• Competitive Trading Conditions

The minimum deposit for the MetaTrader accounts is very reasonable at AUD$100. The spreads are also reasonable however, the RAW account does have a more competitive pricing as compared to the Standard account. The range of trading accounts offered by them is also excellent.

• Range of Payment Options

This broker offers their clients a range of payment options (as mentioned above). Furthermore, there are no deposit fees. Withdrawal fees depend on the type of payment option you have chosen. International bank transfers cost $10, and the various e-wallets have different fees that are applied. Blockchain fees are applied to crypto transactions, and they can be quite high, especially if you are using Ethereum, so we would advise a certain amount of caution there.

fpmarkets South Africa – Disadvantages

The only downside to trading with fpmarkets – if it can be called that – is that the leverage ratio can be quite high. And while it is legal in South Africa, traders can end up losing large sums of money if they do not use leverage with caution.

Another issue we have with this broker it their rather high minimum deposit requirement for the Iress trading app. At AUD$1,000, it will deter a lot of traders from using their app. 

Conclusion

fpmarkets South Africa is definitely a broker that can be trusted.

Fpmarkets South Africa

2.6

User Experience

3.0/10

Payment Options

2.4/10

Security

2.6/10

Support

2.6/10

Reputation

2.5/10

Pros

• Strongly Regulated
• Great Trading Platforms
• Competitive Trading Conditions
• Range of Payment Options

Cons

• High Leverage
• High Minimum Deposit for Iress App