FP Markets Fees and Spreads
FP Markets spreads start from the average spread of 0.0 pips EUR/USD, and the commission depends on the trading account the trader is using. FP Markets is a reliable multi-regulated online broker with no-commission trading and tight spreads. It has over 70 000 active Kenyan traders and has a verified trust score of 81% out of 100.
Fees and Spreads Overview
Additional Trading Fees
Pros and Cons
Fees and Spreads
👉 The spread list for FP Markets starts from 0.0 pips on major financial instruments such as EUR/USD.
👉 Kenyans should expect a different spread list while trading with FP Markets depending on the financial instrument being traded, the trading account used, and the market conditions on the trading day.
👉 Spreads at FP Markets will vary according to these criteria, and Kenyans can expect various spreads for the following account types:
➡️ MT4/5 Standard Account – 1 pip EUR/USD
➡️ MT4/5 Raw Account – 0.0 pips EUR/USD
➡️ MT4/5 Islamic Standard Account – 1 pip EUR/USD
➡️ MT4/5 Islamic Raw Account – 0.0 pips EUR/USD
👉 Additional spreads that Kenyans can expect according to different accounts and financial instruments are as follows.
Additional Trading Fees
👉 Even though FP Markets has 0-pip spreads, there is a commission fee on the following accounts because of the tight spreads. This commission pays the broker fees for making the trade possible. Kenyan traders can expect the following commissions:
➡️ MT4/5 Raw Account – US$3 per side
➡️ MT4/5 Islamic Raw Account – US$3 per side
Overnight Fees, Rollovers, or Swaps
👉 FP Markets offers all currency rates for each product on its website. Using current bank interest rates and adding a little markup imposed by FP Markets, swap costs are computed.
👉 FP Markets’ overnight fees vary according to the financial instrument, position size, position type, and time a position is kept open.
👉 The following are some common swap fees for Kenyan retail traders:
Deposit and Withdrawal Fees
👉 FP Markets does not impose deposit fees, but blockchain costs could apply when Kenyan traders use cryptocurrencies to fund their accounts or withdraw monies. In addition, the following withdrawal fees are assessed according to the payment type used:
➡️ Neteller – 2% up to 30 USD in addition to country fees
➡️ Skrill – 1% and country fees
➡️ Fasapay – 0.50%
➡️ PayTrust – 1.5%
➡️ Dragonpay – 1.5%
➡️ Perfect Money – 0.5%
➡️ Cryptocurrency Payments – Blockchain fees
➡️ MPSA – 7.25%
➡️ FairPay – 0.5% plus an additional flat fee of 10 USD
➡️ Finrax – Blockchain fees
➡️ Sticpay – 5% for bank wire and 2.5% for wallet fees
➡️ Rupee Payments – 5.75%
➡️ Rapid Transfer – 1%
➡️ Virtual Pay – 2%
➡️ XPAY – 1.5% for all currencies apart from THB
➡️ LuqaPay – 3%
➡️ Pagsmile – 3%
👉 A benefit of FP Markets is that you will not be charged any fees or penalties if you do not utilize your account for an extended period.
Currency Conversion Fees
👉 When Kenyan traders deposit funds in KES and this does not match their base account currency, they will face currency conversion fees. This can either be a flexible or set amount as determined by FP Markets.
FP Markets Kenya Pros and Cons
|✔️ Pros||❌ Cons|
|FP Markets is a well-regulated broker||Administration fees charged on the Islamic Account|
|A dedicated Islamic account option are offered to Muslim traders||No fixed spread accounts offered|
|A wide range of markets can be traded across asset classes||Withdrawal fees charged|
|Powerful trading platforms for several devices are provided|
|Kenyan traders receive an ECN pricing model with raw and tight spreads|
|Fast trade execution through Equinix servers is guaranteed|
|Copy-trading and automatic trading is offered|
|Commission-free trading is possible|
|No inactivity fees charged on dormant accounts|
Verdict on FP Markets
👉 Overall, FP Markets is very competitive in terms of its trading fees and spreads.
What leverage ratio does FP Markets offer?
You can expect leverage between 1:1 and up to 1:500 with FP Markets, depending on the financial instrument that you wish to trade.
Is FP Markets a true ECN broker?
Yes, FP Markets is both an STP and an ECN broker, which means that you can expect zero-pip spreads and lightning-fast trade execution.
Is FP Markets regulated by the CMA in Kenya?
No, FP Markets is currently only regulated by the ASIC in Australia and CySEC in Cyprus.
What is the minimum deposit for FP Markets?
The minimum deposit for an account with FP Markets is 100 AUD or 8,500 KES.
What spreads can I expect from FP Markets?
You can expect spreads that start from 0.0 pips on the Raw Accounts, the dedicated ECN accounts offered by FP Markets.