At a Glance: FP Markets Pros and Cons
- Low fees for forex trading
- Multiple trading platforms
- Fast deposits and withdrawals
- Offers a risk-free FP markets practice account
- Slightly limited portfolio options
Essential Questions About The FP markets Demo Account
What Exactly is a Demo Account?
Whether you’re new to the markets or an experienced trader, moving to a new platform can often come with a steep learning curve. One of the best ways to get to grips with the complex tools and metrics at hand is to make use of a demo account, which allows you to effectively try out a platform completely risk-free.
When you open a new account with FP markets, you have the option of using a free demo account. The FP markets practice account gives you £100,000 in virtual funds to use on the forex markets. This is a great opportunity for the novice trader to learn the ropes as it means you can enter into real trade positions without risking any actual funds.
The FP Markets demo account is available to all new countries and can be set up in just a few minutes. Of course, you’ll need to enter a few details to comply with regulation, but this is usually verified automatically and can be done via your computer or mobile device. Once you’re up and running the virtual funds should be credited to your account immediately.
The FP markets practice account does exactly what it says on the tin: it allows you to practice trading forex in a risk-free environment before you enter the market properly.
Where do I Download the Demo Account Software?
Before you can start using your FP Markets demo trading account, you’ll first need to open an account with the broker. As we’ve mentioned above, this is pretty straightforward and shouldn’t take longer than a few minutes. You’ll have to verify your email and provide ID, so make sure you have access to both before opening your account.
The FP Markets practice account makes use of the industry-standard Meta Trader 4 platform. However, that’s just for the FP Markets test account and if you decide to start using the broker for real you’ll have access to several other trading environments, including MT5 and a proprietary web-based platform.
To start using the MT4 platform, you’ll first need to download the software and install it on your device. Once again, this is a fairly quick process and – assuming you have a reliable internet connection – won’t take longer than a few moments. You’ll see the link clearly displayed once you’ve entered your details to open an account with FP Markets.
If you’re someone looking to trade on the go, the good news is that you can also try the FP Markets demo account on your mobile device, again using the MT4 mobile platform. Once again, this is easy to acquire, simply choose the appropriate platform and follow the on-screen instructions.
Why Use a Demo Account?
Demo accounts are a hugely valuable learning tool. Whether you are a complete trading novice or someone who has played the markets for years, using virtual funds is a great way to refine your trading abilities.
If you’re a complete novice, the FP Markets practice account gives you a foothold, somewhere you can make trades, try out different tools and start figuring out your own trading style – and all without risking any real funds. If you are unsure of how to get into trading, then making use of a FP markets test account is a complete no-brainer.
Depending on what sort of person you are, you may find that you simply cannot learn to trade by any means other than good old experience. After all, even the most in-depth guides and how-tos can’t prepare you for how you will react to market volatility or calculate how much risk you are prepared to take on.
Opening an FP Markets demo account gives you that experience. A risk-free environment in which you can use stop loss and take profit orders, try out different charting options, figure out how often you are able to make trades and even give you an idea of what your trading style will be in future.
Using a demo account isn’t only beneficial for market newbies either. Even top-level traders can try out new strategies on an FP Markets practice account, to see how successful they are before going live. Once again, the practice account is simply a tool to improve ability, for any level of trader.
What Can You Trade on the FP Markets Free Broker Account?
The FP Markets practice trading account is a little lacking compared to some competitors – you are limited to the MT4 platform which, whilst perfectly adequate for the majority of traders, is only one of the platforms offered by FP markets. As such, you can’t get a complete feel for the broker as a whole.
FP markets offers trading in CFDs and Forex, but it is safe to say that it is predominantly focused on the latter. As such, the FP markets practice trading account gives you £100,000 to speculate on currency pairs listed on its exchange. Effectively, you are entering the live forex markets, simply using virtual funds instead of actual cash.
When using the MT4 trading console, you’ll have access to all its features and display metrics, as well as the ability to customise your display. Ultimately, most traders will notice very little difference between the FP markets demo account and the real thing.
As we’ve already touched upon, the FP Markets demo account is somewhat more limited than many other brokers and is mainly aimed at those looking to trade forex. If, however, you’re looking to branch out into things like stocks, commodities and cryptocurrency, you might want to try out other platforms, perhaps making use of the Plus500 demo account, or even other forex-based brokers, such as the Tickmill practice account.
Our Experience With The FP Markets Demo Account
As part of our review of the FM markets demo account, we took a closer look at the platform to see exactly how things work and what’s involved in opening an account. Having taken the tour, our experts had plenty to say about the platform:
Opening an FP Markets demo account
Getting set up with FP markets is a quick and easy process. Initially, you’ll be asked to fill in a few details, such as your name, address, age and email address. This is all fairly standard. After this, you’ll be asked to verify your email address and validate your ID with a valid document – namely your driving licence or passport. This might seem like an inconvenience, but it is a common regulatory requirement and is intended to keep you safe from identity fraud.
Getting to grips with the FP Markets trading platform
The FP Markets practice account allows you to download the MetaTrader 4 platform, complete with £100k of virtual funds. Users should note, however, that the live version of the website has several other platforms, including MT4 and its own web-based platform. That being said, MT4 is the market leader for a reason and you may well find once you are familiar with it, you’ve no desire to switch platforms later on.
Before you can actually get started, you’ll need to download the MT4 software. You’ll see numerous options to do this and will be prompted on sign-up. If for whatever reason this doesn’t work, you’ll also see the platforms listed on the menu bar of the main website.
MT4 isn’t a large file and is a reasonably streamlined piece of software, so assuming there are no technical difficulties, you should be up and running within five minutes.
Using the MT4 platform
Anyone with any trading experience will probably already be aware that MT4 is one of the top platforms on the market and the preferred choice of many professional traders. A key reason for this is how it manages to balance complex charting tools with an intuitive and easy-to-use interface.
When you first open the MT4 trading screen, you might be struck by how dated it looks – but don’t be fooled. The platform offers every tool and chart you could want. Most of the options are displayed along the control bar at the top of the screen. To your left, under the stand settings, you’ll see a list of tradable assets – in this case, forex pairs – and clicking on one will bring up pricing information in the central pane. Again, you can choose exactly how this information is displayed via the top menu.
To open and close trades, you simply click on the ‘new order’ tab at the top of the screen, after which you can input the particulars of your transaction, such as amount, margin and any stop loss or take profit orders. There’s also the option to add the ‘buy/sell’ buttons to the central trading window, via the display options.
The myriad of customisation options for MTF makes the FP markets demo account a truly indispensable tool. It lets you try out various set-ups and configurations until you find one that best suits your individual trading style.
If you are interested in other aspects of this broker, such as its fee structure or customer service provision, feel free to check out our comprehensive review of FP Markets.
Beyond Demo Accounts: Useful Information About FP Markets
The demo account option provides a fantastic opportunity to get acquainted with FP Markets, but there are a few things you might want to know in advance.
There’s no getting away from it, trading forex or CFDs is always going to involve some kind of fee. FP Markets charges a fixed commission for all transactions. This will differ depending on the market and platform you use, but most FP Markets reviews note that they are lower than many competitors. For forex, for example, there is no fee built into the spread, but the platform will charge £2.25 per lot per trade.
FP Markets also makes no charges for withdrawing and depositing to your account.
Upgrading your account
The good news is that the MetaTrader 4 account with FP markets is completely free with no in-built subscription charges. This makes it the ideal option for those looking to continue trading with the platform, after the FP markets practice account funds have been spent. Upgrading is seamless in this case, once you’ve funded your account with real cash then you’ll be able to continue trading just as you had before with virtual funds.
You can of course also choose to switch over to a different platform. However, novice investors should be aware that any advantages purported by a different trading console my not outway the risks involved in moving away from an interface you have experience with.
Get Started With FP Markets
The FP Markets demo account really is the ultimate tool for anyone looking to start trading forex or CFDs. All you need to do is head over to the FP Markets website, fill out a short form and you will get access to a free demo account, allowing you to try your hand at real-world trading completely risk-free.
One of the things that many FP Markets reviews note is just how easy it is to open an account. As such, you have little to lose by giving the platform a try. If, after spending the £100,000 in virtual funds you decide it’s not for you, you can simply close the account down, no questions asked.
Alternatively, you might find it provides the perfect trading environment for you and choose to see what else the broker has to offer.
We were impressed with FP Markets overall – it offers the complete forex/CFD trading experience with a reasonable fee structure and plenty of learning resources. Not least the FP Markets practice account, which gives you £100k in virtual funds to play around with and try out a few trading strategies.
If then you do decide to continue using the broker, you’ll have access to several other industry-leading trading platforms, including those optimised for both web and mobile device. As such, FP Markets offers a highly versatile trading environment suitable for both first-time novices and seasoned trading experts.
Using a practice account is the ultimate way to learn the ropes and start building some genuine trading experience. We think that FP Markets is certainly worth a try, but you might also want to consider opening a Vantage FX demo trading account, or an HYCM practice account, to get a feel for what other platforms have to offer.
FP Markets Demo Account FAQ
❓Is FP Markets a good platform?
What constitutes a good platform will vary from person to person. That’s why our experts look at wide criteria to rate each provider – covering everything from fees and charges, to customer service contact options. If you want the lowdown on FP Markets, then feel free to check out our review of the platform.
🤔 How do I get an FP Markets practice account?
Demo accounts provide a great way to try out a new platform. As such, many leading brokers now offer such an option. If you’re looking at FP Markets, then you’ll need to register with the platform to get an account. Full details of how to do this can be found in our guide to the FP Markets demo account.
💵 Does FP Markets offer virtual funds?
Demo accounts are fairly common these days, but they often differ in how they are set up. For example, some brokers offer limited trading in a safe environment, whilst others offer the same trading platform as their regular users get, but simply offer virtual funds to take away the risk element. Details of what you can expect from FP Markets can be found in our review of the platform.
☝🏻Is FP Markets legit?
If you open a trading account, naturally you want to know that everything is completely above board and your funds are fully protected. The best way of ascertaining this is by checking out a platform’s regulatory credentials. If you’re interested in FP Markets, then it’s worth having a read through of our platform review, as we will take a close look at any relevant licensing and regulation.