What is The Minimum Account Balance at FP Markets?

FP Markets is an Australian company that helps people trade forex and CFDs. It follows rules from the Australian regulator ASIC. It’s known for being cheap if you trade on MetaTrader or cTrader. If you’re into forex and CFDs, FP Markets has good options with MetaTrader and cTrader. But it doesn’t have lots of learning stuff like other big companies. In this post, we’ll talk about the minimum account balance you need in your FP Markets account and the least you need to put in. You’ll learn when you need a minimum balance at FP Markets. 

Minimum Account Opening Balance Requirement at FP Markets

To open an account with FP Markets, you need at least $50. Here’s a comparison with other companies:

• For IRESS CFD accounts, you need $1,000 to start.
• For MetaTrader platforms, the minimum deposit is $100.

Minimum Account Balance Requirement for Stock/ETF Margin Trading

When trading stocks and ETFs on margin, the broker itself determines the minimum account balance you must always maintain in your FP Markets margin account.

Minimum account balance for derivative products

FP Markets offers derivative products to its clients:

• Forex
• CFD

Minimum Account Balance Requirement for Forex Trading

FP Markets provides forex trading for 63 currency pairs.

When trading forex, you exchange currencies against each other. For example, if you think the euro will strengthen against the dollar, you go long EUR/USD and go short if you think the opposite is bound to happen. Margin requirements and the minimum account balance are sometimes higher for exotic currencies as these tend to be more volatile.

Minimum Account Balance for CFDs

FP Markets provides CFDs (contracts for difference), so if you trade CFDs at FP Markets, you are required to maintain a certain account balance.

CFDs allow you to bet on whether asset prices will go up or down without buying the underlying asset. Inherently, they carry higher risks. At some CFD brokers, you can easily open an account even with just a couple of dollars and jump straight into CFD trading. The amount you need to start CFD trading also varies by asset classes. Some assets, such as oil, need a higher initial amount than others. In Europe, the initial amount and the initial margin requirements are set by the regulator.

If you trade CFDs, the balance in your account will change constantly in line with the gains or losses accrued and the size of the trades. If the amount in your account drops below the required margin, you will receive a margin call to deposit more money.

What is the minimum deposit at FP Markets?

At FP Markets, the minimum deposit amount is $50. This means that you have to deposit at least $50 to be able to start trading. After you have completed the registration and verification process, you need to fund your account to start trading.

Here’s a tip: don’t worry if you decide to switch brokers after depositing. You can always opt out and withdraw your funds.

Also, at FP Markets, there is no inactivity fee. This means that you won’t be charged any fee, if you decide not to use your account in the future.

What deposit methods are available at FP Markets?

At FP Markets, you have multiple options to choose from when you want to deposit money to your account. These options are the following: Bank transfer, Credit/debit cards, Neteller, Skrill, China Union Pay, BPay, PoliPay, Fasapay, Ngang Luong, PayTrust, PayPal, Interac, Dragonpay.

All these options are great, choose the most convenient one for you to be able to start trading. And remember, you can only deposit funds from accounts that are in your name.

There is also a difference in average transfer time for different deposit methods. While credit/debit card and e-wallet transfers are usually instant, bank transfers may take 2-3 business days to arrive.

Final Thoughts

Now you know the minimum account balance you need in your FP Markets account. You also understand how they differ. If you want to learn more, keep following Topforex for such valuable information. We’ve learned that the minimum deposit is what you need to open a new online broker account. And the minimum account balance is the amount you must keep in your margin account or trading account to avoid fees. Remember, your maintenance margin requirement can change, so it’s up to you to watch out for it.

More reads:

FP Markets account opening guide