FPG Information
Fortune Prime Global Limited (short for “FPG”) present itself an ECN forex broker, with its headquarter located in Melbourn, Australia. FPG advertises that it has a global business coverage, having setting branches and offices in many countries. FPG operates under the regulatory supervision of the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). FPG offers a comprehensive range of trading services, catering to both retail and institutional clients. FPG enables traders to access various financial markets, including forex, commodities, indices, shares and cryptocurrency, with the maximum trading leverage for forex trading is up to 1:500.
In terms of trading platforms, FPG offers the popular MetaTrader 4 (MT4) platform, known for its user-friendly interface, advanced charting tools, and extensive technical indicators.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. We will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.
Is FPG legit？
FPG operates through two entities, each regulated by different authorities. FORTUNE PRIME GLOBAL CAPITAL PTY LTD is regulated by the Australian Securities and Investments Commission (ASIC), a well-known regulatory body in Australia. ASIC oversees and enforces financial regulations to ensure fair and transparent operations within the Australian financial markets.
FORTUNE PRIME LIMITED, its global entity, is regulated by the Vanuatu Financial Services Commission (VFSC). The VFSC is the regulatory authority responsible for overseeing financial services providers in Vanuatu. While Vanuatu is an offshore jurisdiction, it does have its own regulatory framework in place to supervise financial activities within its jurisdiction.
Regulation by ASIC and VFSC signifies that FPG is subject to certain compliance standards and regulations in their respective jurisdictions. It is important to note that regulatory oversight helps promote transparency, investor protection, and adherence to industry best practices.
Pros and Cons
On the positive side, it offers a wide range of currency pairs and trading instruments, along with competitive spreads and low trading fees. The broker supports the popular MT4 trading platform and provides access to educational resources and market analysis. Traders can choose from four types of trading accounts and enjoy generous leverage of up to 1:500.
However, FPG also has its drawbacks. The broker imposes higher minimum deposit requirements compared with other brokers, which could deter beginner traders or those with limited capital. There is also a potential risk of price manipulation due to the absence of proper regulation. Withdrawal options are limited, and delays in processing withdrawals may occur.
Market Instruments
FPG offers popular markets to trade on, targeting different trading groups. A total of five classes of including Forex, Commodities, Indices, Shares, and Cryptocurrencies. However, Futures and Options trading are not supported.
Spreads and Commissions for trading with FPG
In terms of commissions and spreads, the types of accounts available determine the specific details.
For the Cent and Standard accounts, FPG provides a zero-commission trading environment. The Cent account features spreads starting from 0.2 pips, while the Standard account offers even tighter spreads starting from 0.1 pips. These accounts are suitable for traders who prefer to escape from the burden of additional commissions. The Prime account is designed for more experienced traders who require enhanced trading conditions. This account also offers a zero-commission setup, but with even lower spreads, starting from 0.1 pips. It provides traders with the advantage of tighter spreads for potentially better trade execution.
For traders who prefer an ECN (Electronic Communication Network) trading environment, FPG offers the ECN account. This account type features raw spreads starting from 0.0 pips, providing traders with direct access to the interbank market. However, there is a commission of $3.5 per lot traded, which is standard practice in ECN trading.
Non-Trading Fees
In addition to trading fees, FPG imposes non-trading fees that traders should be aware of. These fees, separate from the actual cost of executing trades, can impact the overall profitability of trading activities.
While FPG offers competitive spreads and low trading fees, it's important to consider the non-trading fees that may apply. These fees can include deposit and withdrawal fees, inactivity fees, account maintenance fees, and currency conversion fees. Traders should carefully review the broker's fee structure to assess the potential impact on their trading strategies and profitability. It's worth noting that non-trading fees can vary among brokers, and FPG may have its specific fee structure. By being aware of the non-trading fees associated with FPG, traders can better manage their costs and make informed decisions about their trading activities.
FPG Account Types
FPG offers two account types in total. The PRO account is designed for those who prefer a commission-free trading environment. With a minimum deposit of $50, traders can access over 200 instruments and enjoy spreads starting from 1.4 pips. This account type provides a maximum leverage of 1:500 and allows for ECN execution, making it suitable for both novice and experienced traders who prioritize straightforward pricing.
For traders seeking tighter spreads and direct market access, FPG offers the ECN account. This account type requires a minimum deposit of $100 and features spreads starting from 0.0 pips, with a commission of $3.5 per lot per side. Like the PRO account, it offers access to over 200 instruments and a maximum leverage of 1:500.
Trading Platform
FPG offers a reliable and feature-rich trading platform to cater to the needs of its traders. The broker supports the widely acclaimed MetaTrader 4 (MT4) platform, known for its robust functionality and user-friendly interface. MT4 is a popular choice among traders globally due to its comprehensive charting capabilities, advanced technical analysis tools, and efficient order execution. With MT4, traders can access real-time market data, monitor multiple instruments simultaneously, and execute trades with ease. FPG MT4 is available for Mac, PC, Android versions.
Webtrader
In addition to MT4, FPG also provides a Webtrader platform, offering convenience and flexibility to traders who prefer accessing their accounts via a web browser. The Webtrader allows traders to access their accounts from any device with an internet connection, eliminating the need for downloading or installing any software. It provides a user-friendly interface, essential trading features, and real-time market updates, enabling traders to execute trades and manage their positions effortlessly.
Leverage offered by FPG
FPG offers a maximum leverage of up to 1:500, which is a generous offer and ideal for professional traders and scalpers. However, since leverage can magnify your profits, it can also result in a loss of capital, especially for inexperienced traders. Therefore, traders must choose the right amount according to their risk tolerance.
Deposit and Withdrawal: Methods and Fees
Clients can fund their accounts via Bank Wire for multi-currencies (except in China Mainland), with a minimum deposit of $100. For traders in mainland China, the China Union Pay option is available, accepting CNY deposits starting from $50. Regional payment gateways like Dragonpay (Philippines), Help2Pay (global except Europe), and Payment Asia (global) enable instant deposits in local currencies like PHP, IDR, MYR, THB, and VND, with minimums ranging from $50 to $100. Tether (USDT) is also accepted worldwide, with a $50 minimum deposit. Most deposit methods are free of charge, except for potential fees imposed by the client's bank or payment service provider.
When it comes to withdrawals, FPG broker offers similar options to cater to traders worldwide. Bank Wire withdrawals are available globally (except China Mainland) for USD, with a $50 minimum. China Union Pay is an option for Chinese traders, allowing CNY withdrawals starting from $50. Regional payment gateways like Dragonpay, Help2Pay, and Payment Asia facilitate withdrawals in local currencies like PHP, IDR, MYR, THB, and VND, with minimums ranging from $50 to $100. Tether (USDT) withdrawals are also supported globally, with a $50 minimum. Most withdrawal methods are processed within one working day, and FPG does not charge any fees for withdrawals, although the client's bank or payment service provider may impose fees.
Customer Support
FPG provides assistance to its clients through multiple channels, including phone, email, and online chat. The availability of phone support enables traders to directly speak with a representative, allowing for real-time assistance and addressing any urgent queries or concerns.
For those seeking immediate assistance or quick responses, FPG offers online chat support. This feature allows traders to engage in real-time conversations with a support agent directly through the broker's website or trading platform.
Additionally, FPG provides a comprehensive Frequently Asked Questions (FAQs) section.
Educational Resources
At FPG, traders have access to some educational resources designed to enhance their trading knowledge and skills.
One of the key educational resources offered by FPG is daily economic analysis. Traders can stay updated on the latest economic events, market trends, and news that impact the financial markets.
Additionally, FPG offers detailed trading analysis, providing traders with technical and fundamental analysis of different financial instruments. This analysis explores price patterns, support and resistance levels, trend indicators, and other critical factors that influence market movements.
Furthermore, FPG provides financial tips and educational articles that cover a wide range of topics related to trading, risk management, and investment strategies.
Conclusion
In conclusion, FPG offers a range of positive features, such as a wide selection of currency pairs and trading instruments, competitive spreads, low trading fees, and access to educational resources. Traders also have the option to choose from multiple trading accounts and benefit from generous leverage. However, there are notable drawbacks to consider, including potential risks associated with price manipulation. Additionally, the withdrawal options are limited, and delays in processing withdrawals may occur.
FAQs
Is FPG a legit broker？
Yes, FPG operates legally under the regulations of ASIC in Australia and VFSC in Vanuatu.
Does FPG offer a demo account for practice？
Yes, FPG does provide a demo account.
What is the minimum deposit required by FPG？
FPG offers a low minimum deposit requirement of $100.
Can traders engage in copy trading with FPG？
Yes, FPG offers copy trading functionality, allowing traders to follow and replicate the trades of successful traders.
Risk Warning
Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities. Additionally, the content of this review is subject to change, reflecting updates in the company's services and policies. The review's creation date is also relevant, as information could have become outdated. Readers should confirm the latest information with the company prior to making any investment decisions. The responsibility for utilizing the information provided herein lies exclusively with the reader.
2024-09-17 14:32
2024-06-04 14:26
