Earlier today, online broker comparison website OnlineBrokersAustralia.com.au published a thorough and unbiased consumer review of Forex and CFD provider FP Markets (First Prudential Markets). The conclusion being that while they excel at customer service, and are specialists in direct market access trading with 100% DMA on their entire CFD range of local & global markets, including Equity CFDs, Indices and Futures, the DMA CFD provider unfortunately loses points from slightly higher CFD pricing when comparing outright lowest CFD trading costs. FP Markets commitment to 100% DMA on all CFD instruments however, means consumers should expect slightly higher costs, which is not a “negative” aspect for traders wanting the best direct access trading platforms.
Other mainstream brokerage consumer review sites exist, however often provide overwhelming long lists of brokers and/or focus solely on promoting just the good qualities of a product, without a holistic view. This defeats the purpose of a comparison site to simplify and assist in the selection process. Online Brokers Australia ( http://www.onlinebrokersaustralia.com.au ) strives to tell the complete story, with a clear commitment to quality, rather than quantity of listings.
Stuart Young, Founder of OnlineBrokersAustralia.com.au said “Our reputation is extremely important to us. If traders and investors can’t trust us, then we will fail in our mission to ensure they can easily find a reputable, Australian regulated, online broker who meets their trading needs. That’s why we don’t list any broker that does not pass our initial stringent requirements test.”
The following extract makes a good summary of the review:
If true direct market access trading is a key requirement, it’s important to know that FP Markets entire range of global CFD products is 100% Direct Market Access (DMA), not just CFDs on equities & FX as many other brokers advertising DMA CFDs, including IG Markets, only offer. First Prudential Markets are not suited to those looking for the outright lowest CFD brokerage rates and trading costs, however FP Markets provide excellent value for money when compared to their 100% DMA competitors (i.e. comparing “apples to apples”).
Online Brokers Australia was created by Stuart Young in 2014. Young got the idea for the site when as a trader, he realised there are two key issues confronting those looking for a quality CFD, Forex or stock broker. Firstly, how hard it was to find a truly reputable online broker, and secondly, to find a broker comparison website that was not just listing all the “regular” review site brokers in an overwhelming large list, yet still be informative and easily assist the trader to find the broker most suited to their needs.
Since inception, OnlineBrokersAustralia.com.au has primarily focused on reviewing CFD, Forex and stock brokers in the Australian Online Trading Broker market, and always aims to list only the best, hand-picked and reputable online brokers in each category, with clear recommendations of who the broker would, or wouldn’t, be most suited to in its reviews.
Stuart Young also adds “For any consumer wanting to check the legitimacy of a review, or know if they can trust the source, I advise you to check for any obvious bias, or reviews that only list all the “positives” in an attempt to convince readers to sign up straight away. A quality review should always highlight both the key positives and negatives, provide concise yet relevant details about the broker, in addition to who the broker would, or wouldn’t be suited to.”
Online Brokers Australia’s complete and unbiased review of FP Markets (First Prudential Markets) can be found at http://www.onlinebrokersaustralia.com.au/fp-markets-review/