Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Safety is also very important, but since we recommend only safe brokers regulated by top-tier authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether FP Markets is the right choice for a starting trader.

Is FP Markets good for beginners
FP Markets is a CFD broker

Just a quick heads up: FP Markets is a CFD broker. Usually we don’t recommend CFD brokers for beginners unless they want to trade currencies. For beginners looking to trade mostly stocks, we recommend choosing a stockbroker where you can buy the actual shares of a company instead of a CFD contract for the stock.

Some CFD brokers offer you the opportunity to bet on the price movements of some popular stocks; some might even offer company shares as a so-called stock CFD (contract for difference). While this might be a good idea for some short-term traders, there are many drawbacks to it: for starters, you’ll need to pay the broker a so-called financing charge as long as you hold the CFD. This could add up to a significant amount if you hold the CFD for more than a few weeks.

If you’d like to stick with CFDs, you might want to take a look at our article on CFD trading tips.

Is FP Markets good for beginners
Is FP Markets good for beginners?

Based on our scoring methodology, FP Markets might not overall be the best choice for beginners. If you'd like to see alternatives, check out our picks for the best brokers for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 FP Markets's web platform has some good things to offer: Clear fee report. Good customizability (for charts, workspace). Order confirmation. However, some things may not be suitable for beginners. Areas of improvement: No two-step (safer) login. No price alerts. Outdated design.
  • 📱 Sadly, FP Markets's mobile platform is not its strongest side, but there are a few positive aspects to it: User-friendly. Good search function. Price alerts. On the other hand, there are some things that could be improved: No two-step (safer) login. No Touch/Face ID login. No order confirmation.
  • 💰 Fees are one of the most important aspects when it comes to trading and FP Markets does well in some areas: Low trading fees. Low non-trading fees. Low forex fees. However, charges may be higher compared to some competitors. Areas of improvement: High stock CFD fees. High fee for international bank withdrawal.
  • 🕖 An account opening process is great when it is seamless from the get-go. FP Markets does an excellent job in this area: Fast. Fully digital. No minimum deposit for forex accounts.
  • 📚 FP Markets's education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes FP Markets's material worthy reading.
  • 📞 Live chat. Fast response time. Great email support. However, there is some room for improvement in FP Markets's customer service: .
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. FP Markets's deposit and withdrawal processes have some good things to offer: Credit/Debit card available. No deposit fee. Several account base currencies.

Is FP Markets good for beginners
Overview of FP Markets's services

Let’s take an overall look at how FP Markets compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

FP Markets services vs. similar brokers
FP Markets FXTM Markets.com
Web platform score 2.8 stars 2.8 stars 3.8 stars
Mobile platform score 3.8 stars 3.8 stars 4.3 stars
Fees Low Average Average
Account opening score 5.0 stars 5.0 stars 5.0 stars
Education score 5.0 stars 5.0 stars 5.0 stars
Customer service score 4.0 stars 4.5 stars 4.4 stars
Deposit and withdrawal score 4.7 stars 3.7 stars 4.5 stars

If you wish to read more about FP Markets, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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74-89% of retail CFD accounts lose money

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Is FP Markets good for beginners
Is FP Markets safe to use?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier regulators. As such, FP Markets is a safe and trusted broker.

If you’d like to know more, check out our deeper dive into FP Markets's safety.

Is FP Markets good for beginners
Where can I find more information?

If FP Markets is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2021 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the How to invest section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news. Like what happens with brokers after Brexit or what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Ádám Nasli

Author of this article

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Ádám Nasli

Broker Expert

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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