FP Markets Minimum Deposit Editor’s Verdict
The FP Markets minimum deposit is $100 for the commission-free and the commission-based MT4/MT5 trading accounts and $1,000 for the geographically restricted Iress account. Read the below, in addition to the FP Markets review, to better understand the minimum deposit offered by this broker.
The FP Markets account types and minimum deposit requirements are:
- Standard MT4/MT5 (FP Markets minimum deposit of $100, market maker account)
- Raw MT4/MT5 (FP Markets minimum deposit of $100, ECN account)
- Iress Standard (FP Markets minimum deposit of $1,000, market maker account)
- Iress Platinum (FP Markets minimum deposit of $25,000, market maker account)
- Iress Premier (FP Markets minimum deposit of $50,000, market maker account)
The FP Markets Minimum Deposit Amount Compared
MinimumDeposit | FP Markets | Axi | InstaForex | Tickmill | Admirals |
|---|---|---|---|---|---|
Commission-Free | $100 | $0 | $1 | $100 | $100 |
Commission-Based | $100 | $0 | $1 | $100 | $100 |
Unlike many brokers, FP Markets holds its commission-free and commission-based MT4/MT5 accounts to equal minimum deposits of $100. While this is fair treatment, it also makes the commission-free Standard option arguably obsolete since trading costs are 66%+ higher, but other trading conditions are equal. For example, the minimum fees for the EUR/USD in the commission-free account are $10 per 1.0 standard round lot versus $6 in the commission-based RAW alternative.
The geographically restricted Iress accounts require an FP Markets minimum deposit of $1,000 for the Standard option, while the Platinum and Premier accounts are available from $25,000 and $50,000, respectively.
Traders should not exclusively focus on the FP Markets minimum deposit amount but also consider how much capital they require to achieve their targets.
The pros & cons of the FP Markets minimum deposit
Pros of the FP Markets minimum deposit | Cons of the FP Markets minimum deposit |
|---|---|
Trustworthy and well-regulated broker with a clean operational record | The FP Markets minimum deposit is above average but within a reasonable range |
20+ Deposit methods include localized options and cryptocurrencies | |
No internal deposit fees, but third-party costs may apply | |
Instant funding for MT4/MT5 on all payment processors except bank wires |
FP Markets Deposit Fees and Deposit Methods
All FP Markets deposits remain free from internal deposit fees. Therefore, if you make a $500 deposit into any of your FP Markets trading accounts, you will receive $500 in your account. Third-party payment processing fees may exist however, which FP Markets cannot control. Bank wires always incur costs, but FP Markets reimburses bank levies on international deposits above $10,000 up to $50.
Not all the 22 FP Markets deposit methods and 47 deposit currencies are available to every trader, depending on their geographic location. Processing times and fees also differ, and traders must consider potential currency conversion fees if FP Markets does not support their currency. Cryptocurrency deposits face blockchain fees, which range between ultra-competitive and extremely expensive.
Traders should carefully check the deposit fees of their preferred payment processor and select the one with the lowest transaction costs unless there is a good reason not to. This should include checking withdrawal charges since withdrawals must follow the deposit path.
The minimum transaction amounts of payment processors are lower than the FP Market minimum deposit. Traders may reach out to FP Markets and inquire if follow-on deposits can be less than $100.
FP Markets deposit method availability vs. competitor brokers
DepositMethods | FP Markets | Axi | InstaForex | Tickmill | Admirals |
|---|---|---|---|---|---|
Bank wires | Yes | Yes | Yes | Yes | Yes |
Credit/debitcards | Yes | Yes | Yes | Yes | Yes |
Skrill | Yes | Yes | Yes | Yes | Yes |
WebMoney | No | No | Yes | Yes | No |
ChinaUnionPay | No | Yes | No | Yes | No |
PerfectMoney | Yes | No | Yes | No | No |
Othere-wallets | Yes | Yes | Yes | Yes | Yes |
LocalizedMethods | Yes | Yes | Yes | No | No |
Crypto-currencies | Yes | Yes | Yes | No | No |
Noteworthy:
- Processing times for most payment processors at FP Markets are instant for MT4/MT5.
- All Iress deposits require one business day after FP Markets receives funds.
- Bank wires can take one business day once FP Markets receives a deposit.
FP Markets Deposit Currencies
Traders should understand the difference between account base currencies and deposit currencies. The former is the base currency of your trading account (FP Markets offers eleven), and the latter are currencies available for deposits through payment processors (FP Markets supports 47). A currency conversion fee may apply each time they are different and if your deposit currency differs.
FP Markets supports the following account base currencies:
- Australian Dollar
- US Dollar
- Euro
- British Pound
- Singapore Dollar
- Swiss Franc
- Canadian Dollar
- New Zealand Dollar
- Japanese Yen
- Hong Kong Dollar
- Polish Zloty
FP Markets supports the following deposit currencies:
- Australian Dollar
- US Dollar
- Euro
- British Pound
- Singapore Dollar
- Swiss Franc
- Canadian Dollar
- New Zealand Dollar
- Japanese Yen
- Hong Kong Dollar
- Polish Zloty
- Czech Koruna
- Hungarian Forint
- Norwegian Krone
- Swedish Krona
- Danish Krone
- Turkish Lira
- United Arab Emirates Dirham
- Indian Rupee
- Brazilian Real
- Korean Wong
- Taiwanese Dollar
- Indonesian Rupiah
- Malaysian Ringgit
- Vietnamese Dong
- Kenyan Shilling
- Ugandan Shilling
- Tanzanian Shilling
- Philippine Peso
- Chilean Peso
- Colombian Peso
- Peruvian Sol
- Mexican Peso
- Cardano
- Bitcoin Cash
- Bitcoin
- Dash
- Ethereum
- Litecoin
- Paxos Standard
- Ripple
- TrueUSD
- USD Coin
- Tether
- Zcash
- Stellar
- Chainlink
Most Forex traders opt for the US Dollar as their account base currency, as 80%+ of the daily trading volume in the Forex market is in the US Dollar. This can limit currency conversion fees and will improve overall profitability. Traders can also lower potential currency conversion fees by opening a multi-currency account with an online or brick-and-mortar bank. This can support deposits in the desired currency, while transaction and conversion costs plus exchange rates are usually notably better compared to the situation when using online payment processors.
FP Markets trading account currencies vs. similar brokers
AccountCurrencies | FP Markets | Axi | InstaForex | Tickmill | Admirals |
|---|---|---|---|---|---|
US Dollar | Yes | Yes | Yes | Yes | Yes |
Euro | Yes | Yes | Yes | Yes | Yes |
British Pound | Yes | Yes | No | Yes | Yes |
Swiss Franc | Yes | Yes | No | No | Yes |
AustralianDollar | Yes | Yes | No | No | No |
Others | Yes | Yes | Yes | No | Yes |
Total | 11 | 10 | 3 | 3 | 10 |
Steps for Sending the FP Markets Minimum Deposit
Sending the FP Markets minimum deposit requires a verified trading account, and only verified accounts may request withdrawals. Account verification is mandatory to satisfy regulatory stipulated AML/KYC requirements. Most Forex traders will pass verification after sending a copy of their government-issued ID and one proof of residency document.
Here is how Forex traders can send their FP Markets minimum deposit:
1. Traders must open an FP Markets account before they can send the FP Markets minimum deposit from the secure back office. FP Markets has a five-step registration process. After completing the registration form, FP Markets will send a confirmation e-mail and login details.
2. Account verification is mandatory, and after uploading a copy of a government-issued ID and one proof of residency document, most traders are verified.
3. The back office manages all financial transactions. After logging into a verified trading account, navigate to the deposit tab, and select your desired deposit method. FP Markets supports 22 payment processors and will list the ones available. Enter the amount and confirm the transaction. Some third-party payment processors will redirect you to their page and require a login and deposit confirmation.
4. Processing times for most online payment processors are instant, while bank wires can take several business days. Once FP Markets receives the deposit, it will send a confirmation e-mail and credit the deposit to your trading account. The selected payment processor will also list the transaction in the payment history. FP Markets does not offer a money market account. No, FP Markets neither offers ZAR as an account base currency nor supports ZAR as a deposit currency. FP Markets supports bank wires, credit/debit cards, Skrill, Neteller, PayTrust, SticPay, FasaPay, Virtual Pay, Rupee Payments, Dragonpay, Perfect Money, Pagsmile, LetKnowPay, Rapyd, Rapid Transfer, Finrax, Payretailers, Xpay, Luqapay, Apple Pay, Google Pay, and broker-to-broker transfers. The FP Markets minimum deposit for MT4/MT5 is $100 or a currency equivalent, and $1,000 for its geographically restricted Iress account. No, FP Markets had promotional campaigns which included a $30 welcome bonus in the past for qualifying traders but presently lists none.FAQs
What is the minimum deposit with FP Markets for a money market account?
Does FP Markets have a minimum deposit in ZAR?
What are FP Markets' deposit methods?
What is the minimum deposit for trading with FP Markets?
Does FP Markets have a no-deposit bonus?