FP Markets Philippines Review 2024 - TU expert opinion
Is the Forex market legit in Philippines?
Forex trading is legal in the Philippines, however there are certain difficulties. The operation of the Forex market in the Philippines is regulated by the Philippines Securities and Exchange Commission. Due to a complex law, there are few local brokers in the country. The Philippines Securities and Exchange Commission is generally hostile, which is why trading is problematic. However, the residents of the Philippines can use the services of international brokerage organizations. Therefore, it is worth considering the possibility of trading with international companies.
How to Trade Forex in the Philippines
For a safe start in the Forex market, you need to register on the website of an international brokerage company with a stable reputation, and a SEC license for providing financial services. Make sure you have a stable high-speed Internet connection on your device. After registering, pass verification and fund your account using your debit/credit card or another option. Next, you need to install a trading platform or download the broker’s mobile app if you plan to trade with your smartphone. As soon as your deposit is credited to your account, you can start trading any currency pairs your broker offers.
Our Evaluation of FP Markets
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
FP Markets is a reliable broker with the TU Overall Score of 7.45 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by FP Markets clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews showed that the broker’s clients are mostly satisfied with the company.
FP Markets provides its services worldwide and adjusts its trading conditions subject to the requirements of supervisory authorities.
Detailed Review of FP Markets in Philippines
FP Markets is a good choice for traders from Philippines. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
FP Markets is an ECN broker which means that it doesn’t interfere with trading of its clients and broadcasts prices directly from major liquidity providers. Client funds are held on accounts with AA-rated Australian banks and are segregated from the broker’s capital. User accounts on the FP Markets website offer Two-Factor Authentication (2FA), negative balance protection, and SSL encryption.
FP Markets by the numbers:
-
25+ payment systems;
-
10 base account currencies;
-
40+ awards for premium services and the best execution speeds;
-
24 seconds is the average response time in a live chat;
-
Client support is available in over 40 languages.
Advantages of FP Markets for trading in Philippines
Traders Union analysts conducted a detailed analysis of FP Markets for traders from Philippines. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
Clients are not required to confirm their bank cards before making a deposit;
Access to analytics from Autochartist and Trading Central, economic calendars, and Traders Toolbox;
The broker doesn’t charge inactivity fees, but it archives accounts with the possibility to unblock them at any time;
During high market volatility, leverage reduces automatically to protect traders from big losses;
Traders can work from any device without installing special software.
FP Markets offers numerous tools to improve trading quality, access to a large number of markets, and leading trading platforms.
Analysis of the Main Features of FP Markets in Philippines
Traders Union analysts analyzed the key features of FP Markets for traders from Philippines. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for FP Markets traders from Philippines
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of FP Markets trading conditions for traders from Philippines. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, MetaTrader 5, cTrader, and Iress for Australian residents
|
---|---|
📊 Accounts: |
Demo MT4, Demo MT5, Demo cTrader, Standard, Raw, Islamic Standard, Islamic Raw, and Iress
|
💰 Account currency: |
USD, EUR, AUD, GBP, PLN, SGD, HKD, CAD, CHF, and JPY
|
💵 Replenishment / Withdrawal: |
Bank cards, bank transfers, cryptocurrencies, broker-to-broker transfers, Skrill, SticPay, Neteller, FasaPay, Rupee Payments, Rapyd, Perfect Money, Pagsmile, Rapid Transfer, Google Pay, Apple Pay , and other payment systems
|
🚀 Minimum deposit: |
AUD 100 or equivalent
|
⚖️ Leverage: |
Up to 1:500
|
💼 PAMM-accounts: |
Yes
|
📈️ Min Order: |
0.01
|
💱 Spread: |
Standard — from 1 pips
Raw — from 0 pips |
🔧 Instruments: |
Currency pairs and CFDs on metals, indices, commodities, stocks, ETFs, bonds, and cryptocurrencies
|
💹 Margin Call / Stop Out: |
100%/50%
|
🏛 Liquidity provider: |
Commerzbank, HSBC, BNP Paribas, and others
|
📱 Mobile trading: |
Yes
|
➕ Affiliate program: |
Yes
|
📋 Orders execution: |
ECN pricing on MT4, MT5, and cTrader
DMA pricing on Iress |
⭐ Trading features: |
No restrictions on the number of open trades
|
🎁 Contests and bonuses: |
Refer a Friend bonus
|
FP Markets Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by FP Markets for traders from Philippines. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
FP Markets’ fees vary subject to the account type and the market. Fees on the Standard account are spreads. On the Raw account, spreads start at 0 pips, and there is a $3 fee per lot for trading Forex and metals. Fees for trading CFDs on U.S. stocks and ETFs are 2 cents per stock (min $2), and for stocks of other markets, they are 0.05%-0.2% per direction (min $2/EUR 2/GBP 2/AUD 5). The broker doesn’t charge deposit and withdrawal fees. Also, it compensates fees up to $50 if deposits of more than $10,000 are made by international bank transfer. Withdrawal fees withheld by payment systems or blockchains are not compensated by the broker. There is no inactivity fee.
Account type | Spread (minimum value) | Withdrawal commission |
Standard | $10 | Fees of payment systems and banks |
Raw | $0 | Fees of payment systems and banks |
The broker withholds swaps for transferring positions overnight. On Wednesday night, triple swaps are charged.
TU experts have compared FP Markets’ fees to those of other brokers. The results are shown in the comparative table below.
FAQs
Is FP Markets legal in Philippines?
Yes. FP Markets operates legally in Philippines. The broker holds the necessary licenses.
Can you learn trading with FP Markets? Does the broker offer courses for traders from Philippines?
Yes, FP Markets offers good trading courses and a lot of educational information for clients from Philippines.
Can FP Markets be trusted? Has the broker been operating in Philippines long?
FP Markets has been operating in Philippines quite long and has a good reputation. Therefore, traders can work with FP Markets.
Is FP Markets suitable for novice traders from Philippines?
Yes. FP Markets offers optimal trading conditions and good education for beginners from Philippines.
How efficient is FP Markets customer support in Philippines?
FP Markets offers a sufficient number of ways to contact customer support in Philippines, and also provides support in the state language.
Has FP Markets had any incidents involving theft of funds of clients from Philippines?
No. FP Markets provides reliable security of funds of clients from Philippines.
Will I be able to file a lawsuit in Philippines if FP Markets violates my rights?
Yes. If FP Markets violates your rights, you can file a complaint with the regulator of Philippines, and then with a court.
Can FP Markets clients from Philippines use the broker’s mobile app?
Yes. The mobile app of FP Markets is available for the clients from Philippines.
Does FP Markets provide Philippines market analysis?
Analysis of Philippines is featured in the information provided by FP Markets.
How can I withdraw funds from my account at FP Markets in Philippines?
FP Markets supports bank transfers and debit/credit cards of the banks operating in Philippines.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.