The broker ‘FP markets’ cross all the limits of being a suspicious broker and asks its users to deposit as much as fifty grand in one of its trading accounts, and that too, like a minimum deposit.
The broker has only one regulation, clearly defining an ongoing illicit game. The broker also does not allow the shorting position for any of its CFD tradable assets. No one can bet against the market; it is simply wrong.
The broker nowhere mentions that it has been regulated by any other regulatory authority offshore but claims an offshore trading probability.
The accounts that offer such a huge minimum balance are also not affected by commissioned trades. The broker asks for as much as $10 as a trading commission.
Let us read about the broker more:
FP Markets Account types:
The broker deliberately keeps it confusing for the trade to choose one of its different accounts. There are three categories in which a total of six trading accounts are offered. The trader gets influenced by the type of services each account offers and gets confused simultaneously. Blaming instincts is natural for the trader to go with the most appealing fact. In this broker case, it is forex trading. The broker forces forex trading to its users like the food on the broker’s table is dependent on it.
The broker provides trading on its standard forex account with $500 and, at the same time, exposes the trader to leverage 1:500. Such leverage on such a little amount is dangerous. In simple terms, the trader is exposed to a profit of 500,000 and at the same time disposed of a loss of the same.
The broker also offers a supposed VPS service. VPS stands for the virtual private server. The server is not private to the trader but the broker. Such private servers are responsible for false trades and the traders losing almost all of their money.
The iress category is what we want to focus on the most. The broker leaves all the limits of sparing the trader at some point and asks for a minimum deposit of $1000 for just the standard account of this category. The platinum account asks for $50,000 as the minimum deposit. This is far from anything; this is straight corruption and is wrong on so many levels. What traders does the broker expect to attract through such accounts?
The ones who are already established in the market, of course. Because these traders bring in the most liquidity moves for the broker. As can be seen, the broker has nothing for a novice trader trying to build his or her trading career. Again, $50,000 is a lot to ask for. The broker here is acting like a drug dealer by asking so much money from the trader.
Commission on trades:
When being exposed by such huge amounts, the broker can think of getting a rebate from commissioned trades, but no, the FP Markets makes sure that whatever money it can scorch out should be scorched out. The commission per trade for some of the accounts is more than $9 per trade, and somewhere it is more than 5% of the whole trade.
This is bad practice, and the day traders and swing traders can see right through it. Some of our sources who are already trading in the market told us that day trading profits are hugely affected by the broker’s commission, and such high commissions are a clear sign of a doubtful broker.
Such brokers should not be entertained at all, and the trading community as a whale should make sure that no one gets connected to the broker or begins his or her trading with the firm.
The broker also offers an Islamic account on which the trades are less commissioned. This is a way to lure in a religion-based population and racism in terms of people’s economic level.
FP Markets Tradable assets:
The broker claims to offer a lot of tradable assets, but the truth is, none of the tradable assets claimed by the broker has no proof of trading availability by the broker on the website. The CFD trading comes in with a catch that no one can go short with CFDs. If there is a chance where the market is about to crash, and someone realises it before a lot of people, then that person is bound to go down with the market. For the seeming fraud broker FP Markets, short positions do not exist for CFDs.
The broker fails to create trust within the traders as it makes an E-wallet connected to the website on which it claims that all the traded cryptocurrency can be kept. This is a scheme to keep in the money that the trader makes right in front of the broker’s eyes. Such wallets cannot be trusted with anything, let alone keeping the money in them.
The deposits in such cases are faster than ever, and the withdrawals, well, they practically do not exist. As the trader is about to withdraw his or her money, the broker introduces an “exciting new trade”, and the trader again invests whatever has been earned. The trade for sure must be exciting, but the thing is. Is it profitable? Probably no.
FP Markets safe or not?
The broker is asking for $50,000 as minimum deposit accounts can be seen as a fraudulent practice. On top of that, the broker restricts the trader from taking short positions on the trades they make. This is beyond suspicion. This is being utterly mean to the trader and giving out nothing to the community.
The broker also tries to lure in a religion-based population and makes sure that the word racism is hidden, but its practices scream racist as they proceed.
By providing such huge leverage on such a little amount, the broker makes sure that the trader is forever in the payment loop.
The broker seems quite suspicious where you might lose your money, and it is very clearly visible. We advise our traders to research the broker before getting involved properly. Brokers like HFTrading, GlobalTrade ATF, PrimeFin to name a few, have been in the market for a very long time and have come out as legitimate brokers.
The traders can anytime move their financials to these brokers. They have always been clear enough about what they say and mean, and they are also peer-reviewed.
Frequently asked questions:
Can I lose money while trading with FP Markets?
Yes, you can. If it has not happened yet, then there is a huge chance that a shakedown is on its way. ‘
Where else can I trade?
A trader has plenty of opportunities to take their financials elsewhere. From HFTrading to Global TradeATF, the traders can take their business anywhere. More importantly, brokers who have been in the market for a long time are regulated and have a reputation.
What else should I keep in mind?
Apart from checking that your broker is not cheating, make sure that the market you are trading in has all of your attention. Make sure that you demo trade, and most importantly, always keep the mathematics before the emotions.
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