Overview of FPM
FPM (Forex Price Markets) is an online forex and CFD broker founded in 2019. The company is headquartered in Belize and is offshore regulated by the Belize International Financial Services Commission (FSC). FPM offers a wide range of trading instruments, including forex, CFDs on stocks, indices, commodities, and cryptocurrencies. The company also offers a variety of account types, trading platforms, and educational resources.
Is FPM legit or a scam？
FPM is subject to regulatory oversight by the Financial Services Commission (FSC) and holds a Retail Forex License with the license number IFSC/60/487/TS/19. As of now, its regulatory status is designated as Offshore Regulatory. It is crucial for traders and investors to diligently conduct research and remain informed about the regulatory standing of Forex institutions to safeguard a secure trading environment.
Current Status: Offshore Regulatory
License Type: Retail Forex License
License number IFSC/60/487/TS/19
Licensed Institution: Forex Price Markets Ltd.
Pros and Cons
Pros:
- Regulated by the FSC: FPM operates under regulatory oversight by the FSC. This regulatory framework enhances trust and security for traders.
- Offers a Range of Trading Instruments: FPM provides a diverse range of trading instruments, including cryptocurrencies. This variety allows traders to diversify their portfolios and explore different market opportunities.
- Utilizes MetaTrader 4 (MT4): MT4 offers advanced charting tools, technical indicators, and customizable features, empowering traders to conduct in-depth analysis and execute trades with precision.
- Leverage of up to 1:500: The platform offers competitive leverage, allowing traders to control larger positions with a relatively small amount of capital.
- Multiple Deposit Methods: FPM supports multiple deposit methods, including e-wallets. This flexibility enables traders to fund their accounts conveniently using their preferred payment options.
Cons:
- Limited Account Types: FPM provides a single selection of account types, which may not cater to the diverse trading needs of all users.
- Higher Spreads: FPM's spreads are relatively higher compared to industry standards. Higher spreads can increase the cost of trading, potentially impacting traders' profitability.
- 0.2% Commission for iMove Internal Transfers: FPM charges a 0.2% commission for iMove internal transfers.
- Limited Educational Resources: The platform offers limited educational resources. For traders looking to enhance their knowledge and skills, the lack of comprehensive educational materials can be a drawback.
Market Instruments
FPM offers a standard selection of tradable assets, spanning forex currency pairs, indices, commodities, and metals, catering to a wide range of trading preferences and strategies.
Foreign Exchange Currency Pairs:FPM offers a variety of forex currency pairs for trading. This includes major, minor, and exotic pairs, providing investors with opportunities to engage in the global currency market.
Indices:Investors on the FPM platform can access a range of indices, allowing them to trade on the performance of stock markets worldwide. These indices provide diversification and exposure to broader market movements.
Commodities:FPM extends trading options to include commodities such as agricultural products, energy resources, and metals. This enables investors to take positions on the price fluctuations of these essential goods.
Metals:FPM provides access to precious metals like gold, silver, platinum, and palladium. Trading in metals offers a hedge against inflation and economic uncertainties.
Account Types
FPM stands apart from the majority of brokers as it does not offer multiple account types. While this simplicity benefits traders seeking a straightforward experience, it may be a disadvantage for those who require multiple account options to suit their diverse trading needs.
How to Open an Account？
Opening an account on FPM trading platform involves several specific steps.
- Visit the Platform's Website: Access the official website of FPM .
- Registration: Locate the “Sign-Up” or “Open an Account” button on the platform's website and click on it.
- Account Setup: Provide your personal information, including your full name, email address, phone number, and residence address.
- Complete Identity Verification: FPM requires you to verify your identity to comply with financial regulations. Submit a copy of your identification document (passport, driver's license) and proof of address (utility bill, bank statement).
- Fund Your Account: After successful verification, you'll need to deposit funds into your account. Choose your preferred funding method, such as bank transfer, credit/debit card.
Leverage
FPM offers a leverage of up to 1:500 on forex and CFDs. Leverage allows you to control a larger position with a smaller amount of capital. However, it is important to be aware of the risks associated with leverage, as it can magnify your losses as well as your profits.
Spreads & Commissions
The EURUSD spread displayed on FPM's official website is 1.8 pips, notably exceeding the industry norm. This elevated spread translates to increased transaction expenses for traders. Furthermore, FPM imposes a 0.2% commission on each iMove internal transfer transaction for investors.
Trading Platform
FPM takes pride in offering the widely recognized and trusted trading platform, MetaTrader 4 (MT4). MT4 stands as a professional online trading platform of choice for numerous financial institutions, including Forex brokers, banks, and traders worldwide. This platform seamlessly facilitates trading in Forex, precious metals, and futures, making it a versatile tool for market participants.
Key highlights of the MT4 trading platform provided by FPM include:
- Diverse Range of Instruments: MT4 boasts an extensive selection of 39 different types of financial instruments. Traders have the flexibility to engage in a variety of markets, expanding their trading horizons.
- Leverage: With a maximum leverage of 500, FPM's MT4 platform empowers traders to amplify their trading potential, allowing for greater exposure to the markets.
- Minimum Investment Volume: MT4 sets a low entry point with a minimum investment volume of 0.01 lot, equivalent to 1,000 units of currency. This accessibility enables traders to start with smaller positions while learning and developing their trading strategies.
- Margin Level Reminder: Risk management is crucial in trading, and MT4 helps traders maintain prudent control over their accounts by providing margin level reminders. When the margin level falls to 30% of the investment funds, traders are alerted, prompting them to assess their positions and make informed decisions.
The use of MT4 by over 100 brokers and banks underscores its reputation and reliability as a preferred platform for online trading. FPM is committed to offering its clients a powerful and user-friendly trading environment through MT4, enabling traders to navigate the financial markets with confidence and precision.
Deposit & Withdrawal
FPM offers a variety of convenient payment methods to facilitate deposits. Here is a description of the available options:
- imove: FPM provides the option to deposit funds using their internal system called “imove.” This method is likely an in-house transfer system or a proprietary service provided by FPM for their clients. It may offer efficient and secure fund transfers within the FPM ecosystem.
- Credit Card: Clients can use major credit cards, such as Visa and Mastercard, for depositing funds. Credit card deposits are known for their ease of use and quick processing times, making them a popular choice for many traders.
- Bank Wire Transfer: FPM accepts deposits via bank wire transfers, which involve transferring funds directly from your bank account to your trading account. Bank wire transfers are suitable for larger transactions and are a secure way to fund your account.
- Local Bank Transfer: This option allows for deposits through local bank transfers. It can be particularly convenient for clients who prefer to use their local banking systems for funding their trading accounts.
- Electronic Transfer: Electronic transfer methods, which may include e-wallets or other electronic payment systems, offer additional flexibility for depositing funds. Common examples of e-wallets that are frequently used for electronic transfers include Skrill, Neteller, WebMoney, and Perfect Money.
Withdrawals via bank transfers and imove have a minimum withdrawal amount of USD 10 with no maximum limit. The clearance time for bank withdrawals is within 24 hours, excluding non-business days. Importantly, there are no commission charges associated with bank withdrawals.
The minimum deposit amount is USD 100. Deposits made using MT4 typically clear within 24 hours, excluding non-business days. It's important to note that there is a 0.2% commission charge per transaction for imove internal transfers when using the MT4 platform.
Overall, FPM provides a range of payment options to accommodate the diverse needs of its clients. The choice of method may depend on factors such as transaction speed, fees, and individual preferences. Clients should consider these factors when selecting the most suitable payment method for their trading activities.
Customer Support
FPM's consumer support services can be accessed by contacting them via email at info@forexpricemarkets.com or by utilizing the “CONTACT US” form available on their website( https://forexpricemarkets.com/contact.php). Inquiries submitted through this platform will be promptly addressed by their dedicated support team. Whether individuals have questions pertaining to their trading accounts, require assistance with technical matters, or seek information about FPM's services, the support team is readily available to assist.
Educational Resources
FPM's educational resources are relatively limited, primarily comprising basic FAQ sections and website navigation assistance. While these resources can help traders navigate the platform and address common queries, they fall short in providing in-depth educational materials and tools. Investors seeking comprehensive learning resources and market insights may find the current offerings insufficient for enhancing their trading knowledge and skills.
Conclusion
In conclusion, FPM offers a diverse array of trading instruments, including cryptocurrencies, and employs the popular MetaTrader 4 platform. It also provides high leverage options and multiple deposit methods for added convenience. The platform boasts regulatory oversight by the Financial Services Commission (FSC), providing traders with a sense of security. However, FPM levies a 0.2% commission on iMove internal transfers, and educational resources are somewhat lacking. Prospective clients should weigh these factors carefully when considering FPM for their trading endeavors.
FAQs
Q: What is the regulatory authority overseeing FPM？
A: FPM is regulated by the Belize International Financial Services Commission (IFSC).
Q: Can I trade cryptocurrencies on FPM's platform？
A: Yes, FPM offers a range of trading instruments, including cryptocurrencies.
Q: What is the maximum leverage offered by FPM？
A: FPM provides leverage of up to 1:500 on forex and CFDs.
Q: Are there multiple account types available on FPM？
A: No, FPM does not offer multiple account types; it follows a simplified account structure.
Q: What are the deposit and withdrawal options provided by FPM？
A: FPM offers various deposit methods, including credit cards, bank wire transfers, local bank transfers, electronic transfers, and an internal imove system for withdrawals.
Q: Are there educational resources available for traders on FPM？
A: Yes, FPM offers educational resources, primarily in the form of FAQ sections and website navigation assistance.
