Opening an account in FP Markets is very easy and fully online. Read the guide below to see the full details.
Online trading platforms have not only given customers easy and fast access to the market but also allowed them to open trades from their own computers. This was then followed by the development of advanced features like charting and technical analysis tools, as well as web-based platforms and mobile trading apps that allow traders to trade on the go. As a result, the forex market remains as the largest financial market to this day with millions of active traders worldwide.
If you are planning to start trading, the first thing you need is a trading account. Such service is usually provided by a forex broker or exchange. Thankfully, now there are loads of top brokers with great offers suitable for practically any type of trader. You just need to pick the one that suits your style and is able to help you reach your goals. This time around, we'll introduce you to FP Markets. We'll cover everything you need to know about opening an account with the broker, starting from the documents you need to the actual step-by-step guide.
Contents
Introduction to FP Markets
Founded in 2005, FP Markets is a well-known broker that offers its clients high-quality service and attractive trading conditions. This is evidenced not only by customer reviews and ratings but also by licenses obtained from trusted authorities as well as a good number of awards.
Furthermore, FP Markets offers an impressive list of more than 10,000 trading instruments, including forex pairs, shares, commodities, stocks, metals, equities, indices, and digital currencies. With only 100 AUD or equivalent, traders can start trading on trusted platforms like MT4 and MT5.
FP Markets also provides super-fast trading execution, competitive spreads, and excellent customer support. In order to help you improve your trading, the broker offers a wide ion of analytical tools as well as educational materials.
Keeping positions open overnight won't result in the overnight/rollover fee reducing your earnings, so you don't have to worry about it. FP Markets offers the most competitive swap rates in the industry by introducing Swaps Points in the form of a live swap rates list on the MT4 and MT5 platforms. Here are some examples:
- ACWI: -5.00 for long positions and -2.50 for short positions.
- ADAUSD: -20.00 for long positions and -20.00 for short positions.
- AGG: -5.00 for long positions and -2.50 for short positions.
KYC Procedure Requirements
As a fully regulated broker, it is only natural for FP Markets to comply with International Anti-Money Laundering (AML) regulations. This means it is mandatory for all clients to follow the Know Your Customer (KYC) procedures when opening a new trading account.
During the verification process, you will be asked to provide a colored copy of several documents. Please note that each file size must not exceed 10 MB and the accepted formats are JPEG, JPG, and PDF. At FP Markets, there are two types of documents that you'll need to provide, namely:
1. Proof of Identity
This document is needed to confirm your identity. The document must contain your full name, photograph, valid expiry date, and your signature. You can choose to provide one of the following options:
- Valid Travel Passport
- National ID Card
- Driving License
2. Proof of Address
This document is needed to confirm your residency. The document must be dated within the last 6 months and it must state your name and full registered address. Note that PO Box addresses are generally not accepted, but there might be an exception in several countries. Here are the document types that you can choose:
- Recent Utility Bill (electricity, gas, water, waste disposal, or internet)
- Recent Bank Statement
If you are unable to provide any of the above, you may instead submit other official documents that state your name and residential address. However, please note that you can't use the same document as both Proof of Identity and Proof of Residence, so you need at least two different documents to verify your application. If you have problems when uploading your documents on the Client Portal, you can send the documents via email to onboarding@fpmarkets.com.
Later on, you can update your personal information by sending a request via email using your registered email address. In this case, you'll also need to provide some supporting documents such as marriage certificate for a name change or an updated proof of address for a residential address change.
How to Open a New Account in FP Markets
1. To register a new trading account, head over to FP Markets' official website and click "Open Live" in the top right corner or "Start Trading" in the middle of the screen.
2. Enter your personal information such as your email address, first name, last name, account type, country of residence, gender, phone number, and referral code (optional). You also have the option to sign up using your Google or Facebook account. To proceed to the next step, click "Save and Next".
3. Enter additional details about yourself such as your date of birth and full address. Then, enter your financial situation which includes your employment status, occupation, annual income, and source of funds. Click "Save and Next" to go to next step.
4. Configure your account details. It consists of your preferred trading platform in FP Markets, account type, trading currency, and leverage. Then create a strong password and confirm it. The password must be at least 7 characters long and contain 1 upper case, 1 lower case, 1 symbol, and 1 number. The symbols accepted are #$@!%&. Once you're done, click "Save and Next".
5. Choose your experience in trading. Then, read the terms and conditions by clicking the provided link. Once you're done, tick the agreement box and click "Accept and Open Account".
6. Congratulations, the registration process is completed. You can now log in to FP Markets' Client Portal using your registered email address and password.
7. In order to log in to your MT4/MT5 account, simply download the platform on your computer, then check your email inbox to find your account credentials.
How to Verify Your Account
In order to get full access to the broker's service, your account must be verified. Here's a complete guide to verify your account:
1. Visit the broker's website and log in to your Client Portal using your registered email address and password.
2. Go to Profile on the left side menu and click "Document Upload".
3. Provide a clear and colored copy of the documents for Proof of Identity and Proof of Address. You can either scan the document or take photos with your mobile phone.
4. Select the document category, then click "Browse" to find your files and submit them. Make sure that the documents are valid and meet all the requirements.
5. Wait for the broker to verify the documents. The verification process can take up to 1 business day, but FP Markets typically aims to finish the process within the hour.
6. Once the verification is done, you'll get an email about the status of your account. If there was an issue with your document, you may be requested to provide additional documents for further verification.
Conclusion
With over 15 years of experience, it is quite unsurprising that FP Markets continues to capture the attention of clients from all around the world with their impressive offers and trading conditions. If you are interested to sign up, you simply need to visit the website and complete the registration process as explained in this guide. As you can see, the process is very simple and fully online, so you can do it anywhere using your computer or mobile phone. On top of that, don't forget to verify your account in order to access the broker's full service.
FP Markets is a trusted global broker offering more than 10,000 CFD products across forex, shares, indices, commodities, and cryptocurrencies. This broker supports low commissions and tight raw spreads from 0.0 pips that are made possible by their partnership with leading banking and non-banking financial institutions.
19 Comments
Jan 10 2023
As explained in this article, if you want to register and join FP Market, you need to verify to further secure your account, and yup, if we verify an account, we definitely have to collect identification documents such as identity cards and residence documents. And all documents must be clear so that they can be processed by FP Market.In this article, the author explains that the FP market is regulated. Now, the question on my mind is, do the regulations in FP market guarantee the security of your funds and the security of your account? Because the registration process requires important documents, so I have to make sure the security is really good. If anyone knows, can you help answer, guys?
Jan 10 2023
Jan 15 2023
How can I open an Islamic swap-free account? Do I need to provide additional documents?
Jan 19 2023
Lily: Yes, you must have a document proving that you are a Muslim. In your ID card, driver's license or any other document that proves it. In my opinion, if you are a day trader like scalping and day trading, you don't need to open a free overnight account because you won't be charged if your trading length and position are active. you only for a few hours and remember to avoid time of day change. I have to say this because the exchange fee is not really free. Usual, the swap-free accounts may get fees from commissions as the feedback.
Jan 19 2023
John:I'm new to forex and I don't understand why swap fees won't be charged if you are trading with scalping or day trading. Sorry to say, actually I don't understand scalping and day trading and swaps you talked about. Is there an explanation of these terms and can I read the article about it on this website? Thanks!
Jan 19 2023
Madisson Flower: Since the explanation about trading style (scalping, day trading, swing trading and position trading) can be read at this website, i will explain it with briefly :
So, swap rate occur when the trade is open until changing day. And of course scalping and day trading won't get swap because the duration of trading is from hours to one day only.
Jan 19 2023
I have questions that I've always wanted to ask. Since this site offers a comment section, may I ask:
Thank you!
Jan 19 2023
Winarti: Let me answer your question :
Jan 22 2023
Is there an option to close or deactivate my account?
Jan 23 2023
Calvin Daghns:
yes, you can close or deactivate your account. This tutorial will provide instructions on how to permanently remove your FP Markets account, whether it is a real or demo account. Simply follow these steps:
1. You will need to log into the email address associated with your FP Markets account
2. create a new email, and title it "Request for FP Markets Account Deletion."
3. In the body of the email, state that you would like to or close your account. Then, send the email to cash@fpmarkets.com.
Jan 31 2023
Can I open more than one trading account?
Jan 23 2023
@Jasmine Olliver: Hey there! It is big Yes! Typically you can open more than one trading account with FP Markets. Having multiple trading accounts can offer several advantages, such as the ability to trade different strategies or test different trading approaches simultaneously. It also allows you to segregate funds for specific purposes or diversify your trading activities. However, it's important to review the specific account policies and terms provided by FP Markets to ensure that opening multiple accounts aligns with their regulations and requirements. Additionally, consider the practical aspects of managing multiple accounts, such as account funding, monitoring, and record-keeping.
Feb 5 2023
Do I have to provide verification documents again every time I open a new trading account?
Jun 10 2023
@Kayla: Hey there! When it comes to opening a new trading account with FP Markets, it's possible that you might need to go through the KYC (Know Your Customer) process again. KYC requirements are generally in place to ensure regulatory compliance and maintain the security and integrity of the financial system. It helps the broker verify your identity and protect against fraud or money laundering.
While I can't provide specific information about FP Markets' policies, it's common for brokers to require KYC documentation for each new account you open. This means you might need to provide identification documents, proof of address, and other relevant information to verify your identity.
To get the most accurate and up-to-date information, it's always a good idea to reach out to FP Markets' customer support. They'll be able to guide you through the account opening process and provide any specific details regarding their KYC requirements.
Feb 13 2023
Is it necessary to translate my documents to English or other language?
Feb 3 2023
@Yuki: Based on my experience, there is no need to translate any documents when opening a KYC account with FP Markets. The broker typically requires the original documents to be uploaded without translation. However, it's important to check if FP Markets supports your language. For instance, if you are Indonesian, verify if FP Markets has support for Indonesian language. If they do, it means they can understand and process your uploaded documents in their original language. Therefore, translating the documents is not necessary as it can be considered as altering the original documents.
If you are unsure about these document requirements, I recommend contacting FP Markets' customer service for more information. They will be able to provide specific guidance and address any concerns you may have regarding document translation. It's always a good idea to seek clarification directly from the broker to ensure a smooth KYC process. I hope this helps answer your question about document translation.
Aug 12 2023
Being a newbie in trading and on the lookout for a good broker, I got intrigued by FP Market after going through this article. I noticed there's a feature called social trading on their dashboard. Can someone break it down for me? Is it like a trading forum or something? I'd love to get the scoop on this.
Aug 13 2023
Social trading, often referred to as a form of copy trading, allows traders to automatically mirror the trades made by more seasoned and successful traders. In simpler terms, you can pick a skilled trader to follow and replicate their trades in your own trading account. This feature is particularly beneficial for newcomers who want to gain insights from experienced traders and potentially reap the benefits of their knowledge without having to invest significant time in mastering complex trading strategies.
When it comes to copy trading, you can browse through a list of experienced traders and assess their performance metrics, including their success rate, average returns, and drawdown. Once you've identified a trader you'd like to emulate, you can establish an automated system that mimics their trades within your own trading account. Various platforms and brokers, including FP Markets, facilitate this process. It's important to remember, however, that copy trading doesn't guarantee profits.
Despite its advantages for beginners, it's crucial to exercise caution and conduct your research and analysis before executing any trades, even when replicating the trades of a more experienced trader. Additionally, it's essential to carefully evaluate the traders you choose to follow and be aware of the risks associated with copying trades. Nevertheless, copy trading serves as an excellent way to learn from others and potentially capitalize on their expertise in the financial markets.
Read more: Your Definitive Guide to FP Markets Copy Trading
Aug 14 2023
Absolutely, Medusa's response is spot on! Copy trading is a feature provided by certain brokers that allows you to automatically replicate the trades of other successful traders. In simple terms, you select a trader to emulate, and their trading actions will be duplicated in your own trading account. This can be a valuable option, especially for beginners who are still getting the hang of things and wish to leverage the expertise of more seasoned traders. However, it's crucial to conduct your own due diligence and be selective when choosing a trader to copy, as not all traders possess the same level of success or align with your specific trading objectives and risk tolerance.
Additionally, it's worth noting that copy trading typically comes with associated fees, such as commissions or markups on spreads. If you're new to trading, you might find this article helpful as a guidance: Your Definitive Guide to FP Markets Copy Trading