FP Markets ECN Account- Which License? | Forex Factory

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FP Markets ECN Account- Which License?

  • #1
  • First Post: Nov 5, 2020 1:38am Nov 5, 2020 1:38am
I had shortlisted FP Markets a few months ago as their Trading conditions are better compared to other ECN brokers (Low Spreads & Commission) I am planning on opening a mid sized live account within a month or so.

However, i am based in EU and don't want to deal with their CYSEC license because of the low leverage. Based on the info in their website, https://www.fpmarkets.com/fp-markets-group/ I can see that they have ASIC and a offshore entity that offers higher leverage.

With ASIC leverage restrictions around the corner, I wanted to know if it is safe to open a account with their Global regulation as i assume there wont be any leverage restrictions with these offshore licenses in the near future?
  • #2
  • Nov 5, 2020 2:32am Nov 5, 2020 2:32am
Quoting Tobias19
I had shortlisted FP Markets a few months ago as their Trading conditions are better compared to other ECN brokers (Low Spreads & Commission) I am planning on opening a mid sized live account within a month or so. However, i am based in EU and don't want to deal with their CYSEC license because of the low leverage. Based on the info in their website, https://www.fpmarkets.com/fp-markets-group/ I can see that they have ASIC and a offshore entity that offers higher leverage. With ASIC leverage restrictions around the corner, I wanted to...
No one would know...

We can only hope.
I will tear the world apart for you.
  • #3
  • Nov 5, 2020 5:11am Nov 5, 2020 5:11am
Quoting Tobias19
I had shortlisted FP Markets a few months ago as their Trading conditions are better compared to other ECN brokers (Low Spreads & Commission) I am planning on opening a mid sized live account within a month or so. However, i am based in EU and don't want to deal with their CYSEC license because of the low leverage. Based on the info in their website, https://www.fpmarkets.com/fp-markets-group/ I can see that they have ASIC and a offshore entity that offers higher leverage. With ASIC leverage restrictions around the corner, I wanted to...
doesnt make a difference, cysec or offshore, they still operate out of australia.

if you want lower leverage just request to change it after your account is opened.
  • #4
  • Nov 5, 2020 3:57pm Nov 5, 2020 3:57pm
I think that nobody knows the credibility of offshore regulated firms.

I am working with ICMarkets(AU), they proposed me to move to ICMarkets(SC) / Seychelles from March 2021, but ...
Nobody wants to use a service for months, and when it comes to withdraw an amount of money ... the broker closes the account.

We are talking about an order of magnitude of 3 of 0's .... (but not as much as to qualify as a professional trader)

See my post (https://www.forexfactory.com/thread/post/13246038#post13246038)
  • #5
  • Last Post: Jan 18, 2021 8:50am Jan 18, 2021 8:50am
Quoting Bicarus
{quote} doesnt make a difference, cysec or offshore, they still operate out of australia.
I think they have a office in CY that also handles their ASIC client. Even though i have an ASIC account with them, one of their support executives that i spoke to was from Cyprus.

Also i think existing ASIC accounts that are not held by clients from Australia, they will eventually offer an option to move it to their offshore license (along with the current positions and all). Not really sure when they will do this though.
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