FP Markets South Africa - FP Markets Broker Review in South Africa 2024

FP Markets Broker is yet another veteran forex broker in the financial markets. Ever since its establishment in 2005, FP Markets has managed to achieve north of 40 international awards due to its dedication as well as understanding of the forex world. To provide a seamless trading experience, the company offers its official website in 21 languages to cater to the trading needs of clients from all walks of life.

It stands to reason that a forex broker of such a high caliber to be also regulated and monitored by various regulatory entities, as is the case with FP Markets. The company is under the supervision of the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the European Securities and Markets Authority (ESMA), the Financial Sector Conduct Authority (FSCA), as well as the Financial Services Authority (FSA), and registered in St. Vincent & the Grenadines. These licenses will further ensure a safe trading environment for the clients and safeguard their funds.

The trading accounts offered by FP Markets South Africa are simple, yet practical. FP Markets’ clients can register for a Standard or Raw trading account to trade in Forex, shares, indices, commodities, bonds, metals, cryptocurrencies, and ETFs. To access trading features, such as raw spread from 0 pips, leverage of up to 1:500, fast order execution (under 40 milliseconds) in an ECN Environment, and Low to no commission, you’d only need to make a $100 deposit. What’s more, the broker allows you to use any trading strategy (e.g., EAs, Scalping, and copy Trading) in both trading accounts.

With the help of state-of-the-art trading platforms, i.e., MT4, MT5, IRESS, cTrader, and WebTrader, your uninterrupted access to the international financial markets is guaranteed. You can also opt for the FP Markets’ very own iOS and Android apps for your trading convenience.

FP Markets South Africa takes every precaution to ensure that its clients’ deposits and withdrawals are carried out without a hitch. To that end, the clients can use debit and credit cards, local bank transfers, e-wallets, and cryptocurrencies among other payment methods to complete their transactions. This will enable traders from South Africa to choose the method they prefer the most without being inconvenienced.

Moreover, having access to features and services like forex educational programs, VPS, Copy Trading, Dedicated Account Managers, and Autochartist at FP Markets South Africa will equip you with everything you need to succeed in your forex trading. Additionally, whenever you find yourself in a bind, you can simply reach out to the company’s Customer Support – available 24/7 via telephone, email, social media, and live chat.

Account types offered by FP Markets South Africa

In the spirit of keeping things simple, FP Markets provides its clients with two types of trading accounts, namely, Standard and Raw. Holders of either account will have access to Forex, metals, commodities, shares, indices, bonds, cryptocurrencies, ETFs, and CFDs trading instruments. Traders who register an account with the company will be able to enjoy ECN Pricing and take advantage of features, such as EAs, Scalping, and Auto-Trading.

✅ Standard Trading Account

All traders, regardless of their trading skills or experience, could opt for the standard account. All they need to do is to deposit $100 to get access to leverage of up to 1:500, spread from 1 pip, and a minimum trading size of 0.01 lots. The holders of this type of account can access it on MT4, MT5, and cTrader trading platforms, and the icing on the cake is, that they’re NOT required to pay a commission. In addition, the standard account will be available in USD, AUD, EUR, GBP, SGD, CHF, CAD, JPY, HKD, PLN, ZAR, MXN, and BRL units of currency.

✅ Raw Trading Account

With the same amount of initial deposit ($100), Raw account holders can enjoy spreads from 0 pips, leverage of up to 1:500, and a minimum trading size of 0.01 lots. It should be noted that for this account type, a $3 commission per side is required. This account is also accessible on MT4, MT5, and cTrader platforms. The available currencies for the Raw account are USD, AUD, EUR, GBP, SGD, CHF, CAD, JPY, HKD, PLN, ZAR, MXN, and BRL.

A quick look at the table below will allow you to better compare the two trading accounts:

Standard

Minimum Deposit: $100
Leverage: 1:500
Minimum trade size: 0.01
Spread Type: Floating from 1 pip
Commission: No
Account Currency: USD

👉 Open Standard

Raw

Minimum Deposit: $100
Leverage: 1:500
Minimum trade size: 0.01
Spread Type: Floating from 0 pips
Commission: $3 per side
Account Currency: USD

👉 Open Raw

Most brokers offer the option to test their products and services via demo trading and FP Markets is no exception. FP Markets demo account will be a perfect choice for you to make your final decision about the broker and its offered trading products.

Last but not least, FP Markets South Africa also offers a special type of trading account, i.e., IRESS Account. This account is only accessible on the IRESS Trading Platform and can be used to trade all the available trading instruments.

How to deposit and withdraw funds at FP Markets South Africa

As a client, you do not need to worry about your payment options, because you’ll be offered plenty of payment methods, including credit cards, debit cards, local banks, e-wallets, Cryptos, and online banking.

The following payment methods are among the most preferred options used by FP Markets’ clients:

🔸 Credit and Debit Cards

Currencies: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD, CZK, PLN, & AED
Deposit: instant for MT4 and MT5, 1 business day for IRESS with no fees
Withdrawal: 2-10 business days depending on the bank, no fees

🔸 Bank Wire Transfer

Currencies: AUD, USD, EUR, GBP, SGD, & CAD
Deposit: 1 business day, no fees (FP Markets South Africa covers up to 50 USD for deposits more than 10,000 USD)
Withdrawal: 1-5 business days, no fees but the bank may charge an additional fee

🔸 Cryptocurrencies

Currencies: depends on the payment provider
Deposit: depends on the payment provider, with blockchain fees
Withdrawal: 1 business day, with blockchain fees

🔸 Neteller

Currencies: AUD, CAD, CHF, EUR, GBP, JPY, INR, BRL, SGD, & USD
Deposit: instant for MT4 and MT5, 1 business day for IRESS with no fees
Withdrawal: 1 business day, 1% fee (up to 30 USD) + country fees (if any) per 45,000 USD transaction

🔸 Skrill

Currencies: AUD, CAD, EUR, GBP, INR, USD, & BRL
Deposit: instant for MT4 and MT5, 1 business day for IRESS with no fees
Withdrawal: 1 business day, 1% fee (up to 30 USD) + country fees (if any)

🔸 SticPay

Currencies: JPY, EUR, GBP, USD, HKD, TWD, KRW, & SGD
Deposit: instant with no fees
Withdrawal: 1-2 business days with a 5% fee for bank wire, instant with a 2.5% fee for wallet

Other acceptable payment options at FP Markets South Africa are Perfect Money, Apple Pay, Google Play, and broker-to-broker, in addition to various local methods.

Is FP Markets South Africa reliable and safe?

FP Markets South Africa forex broker goes out of its way to make sure its clients’ funds are kept safely and securely in segregated accounts at top-tier Australian Banks.

The company has managed to acquire licenses from the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA), the Financial Services Authority (FSA), and the European Securities and Markets Authority (ESMA) regulatory authorities. FP Markets is also registered in the St. Vincent and the Grenadines which further solidifies its position in the financial scene as an outstanding forex broker.

Thanks to the acquired licenses from the aforementioned organizations, FP Markets is to adhere to every requirement (e.g., solvency) when it comes to risk management, staff hiring, and financial reports. Furthermore, FP Markets needs to go through regular external audits by certified organizations to prove its year-round compliance with the laws and regulations.

Types of spreads in FP Markets South Africa

FP Markets South Africa offers floating spreads for Standard and Raw trading accounts. The available spreads for the standard account holders will start from 1 pip with no commission, as for the Raw account holders, they will have access to spreads from 0 pips with a $3 commission per side ($6 per round trade).

A quick glance at the table below will let you know the average spreads for the most common currency pairs counted in pips:

Trading platforms offered by FP Markets South Africa

To facilitate a smooth trading experience for the traders, regardless of their budget level or trading proficiency, FP Markets provides all of its clients with the MetaTrader 4, MetaTrader 5, IRESS, cTrader, WebTrader, and mobile apps (iOS and Android) trading platforms.

✅ MetaTrader 4

The MetaTrader 4 platform will enable traders to use a customizable interface, one-click trading, market watch, EAs, and alerts. Other built-in features of this popular platform include 3 chart types, 9 timeframes, 24 analytical objects, and 60+ built-in indicators. MT4 will give you access to a ton of custom indicators as well as automated trading. In terms of compatibility, traders can use MT4 on iOS, Android, Mac, and PC with no problems. Using MT4, you’d be able to trade in 70+ Forex currencies, 63 share CFDs, commodities, 14 indices, and cryptocurrencies.

✅ MetaTrader 5

As a feature-packed, multi-asset trading platform, MT5 runs smoothly on Windows, Mac, iOS, and Android, so there will be no compatibility issues whatsoever. Those who opt for this trading platform will get access to a multitude of features, including depth of market display, 80+ technical indicators, 44+ analytical objects, 21 timeframes, 6 pending stop order types (including Buy Stop Limit and Sell Stop Limit), strategy tester for algo-trading and EAs, forex signals, real-time market news, and analysis, as well as copy-trading. Also, available trading instruments on MetaTrader 5 are 70+ Forex currencies, 120+ share CFDs, commodities, 14 indices, and cryptocurrencies.

✅ IRESS

The IRESS trading platform also comes with features, such as 10,000+ financial instruments in 130+ different financial markets, news, and economic calendars, 59 technical indicators, 50+ drawing tools, technical charts, multiple timeframes, and real-time price quotes in addition to auto open and close positions. Other noteworthy features of this great platform are 34 Forex currency pairs, over 10,000 stocks, 10 indices, future CFDs, and commodities.

✅ FP Markets Trading App

FP Markets South Africa forex broker also provides the opportunity to use its trading app on both iOS and Android. In this way, you’d be able to trade in more than 70 currency pairs, shares, indices, commodities, and cryptocurrencies. The trading app also comes with stop-loss and take-profit limits, charting tools, and a range of technical indicators. This unique and award-winning app also gives you access to the best liquidity providers in real-time, and if you ever run into problems, you can contact customer support which is available 24/7 and in multiple languages.

✅ cTrader

last but not least, there is the cTrader platform which can also be a great choice for traders who want to trade in more than 70 currency pairs and CFDs.

Available Markets at FP Markets South Africa

This broker provides seamless 24/5 access to the international markets so its traders can engage in trading using the following instruments with leverage of up to 1:500:

🔹Forex (70+ currency pairs, spreads from 0 pips)
🔹Shares (10,000+ stocks on global exchanges)
🔹Indices (19 major global indices)
🔹Commodities
🔹Bonds
🔹Metals (gold, oil, silver, and more)
🔹Digital currencies (BTC, ETH, LTC, and more)
🔹ETFs