Home / Forex Brokers in Australia / FP Markets Review

FP Markets Review

FX Scouts By Jeffrey Cammack Updated: May 12, 2020
Overall Rating
4.27 / 5
Min. DepositAUD 100
Max. Leverage500:1
Min. Spread0.0 pips
Regulators ASIC,CySEC
Regulator Origin ASIC CySEC
Trading Desk Type

Summary

FP Markets is a leading ASIC-regulated STP broker, providing tight spreads on their RAW account, coupled with the choice of MT4, MT5 and IRESS trading platforms. A standard commission-free account is available for entry-level traders looking for a lower minimum deposit.

Relative to other Forex brokers, FP Markets has made a serious investment in new traders with award-winning customer service and the FP Markets Traders Hub which features daily analysis and an education portal covering all aspects of Forex trading.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
Beginner Friendly Standard
Bonuses None
Our Review Process

Trading Conditions

Minimum DepositAUD 100
Base currenciesUSD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD
Number of FX Pairs60+
Hedging Allowed Yes
Scalping Yes
Islamic Account Yes

Average Spreads

EUR / USD0.1
GBP / USD0.2
USD / JPY0.2

Company Details

Company nameFirst Prudential Markets Pty Ltd
Founded2005
Website www.fpmarkets.com
Type ECN/DMA
Regulators ASIC,CySEC
Office locations Australia

Deposit & Withdrawal Methods

Supported Platforms for FP Markets

FP Markets Homepage

Is FP Markets Safe?

First Prudential Markets Pty Ltd (Licence 286354) is regulated by ASIC and headquartered in Sydney, Australia with additional regulation from CySEC (License 371/18) issued in 2018.

FP Markets has been well recognised by Investment Trends, a leading international financial services research company, for their client satisfaction and educational material. In recent years, FP Markets has received the Highest Overall Quality of Service Award in the Australia CFD Report for five years running (2012-16), and the Best Educational Materials/Programs Award for three years running (2014-16).

Additionally, FP Markets also won the Value for Money award for four years running (2013-16). FP Markets no longer enters themselves into award schemes, but from their past results, it is very clear that customer satisfaction, educational support and value for money are top priorities.

Why FP Markets is Safe

Trading Conditions

FP Markets has different account types that offer either a spread-based or commission-based model.  This choice in accounts provides trading conditions for both the beginner and the experienced trader.

Account Types

FP Markets has two distinctly different real trading accounts, and a risk-free demo account. Both real accounts offer small trader sizes at 0.01 lots, and maximum leverage of 500:1. EAs and VPS are available on both accounts.

Standard Account – The Standard Account offers the best option for an entry-level trader looking for a lower starting deposit. The starting deposit of 100 AUD (or equivalent) gives clients unlimited access to the instruments available for trading – including 50+ currency pairs. The downside with this account is the wider spreads starting from 1.0 pips, but there is no commission on the trades.

Raw Account – This account offers very tight spreads, and instead, a commission at 3.5 AUD per standard lot traded. The minimum deposit is set at 1000 AUD (or equivalent), so this account is designed for the more serious trader or scalper.

Forex Account Types

IRESS Account Types

Iress Account Types

Cryptocurrency CFDs

FP Markets currently offers 5 of the most traded cryptocurrencies. They are:

  • BCHUSD Bitcoin Cash
  • BTCUSD Bitcoin 
  • ETHUSD Ethereum
  • LTCUSD  Litecoin
  • RPLUSD Ripple

Leverage is 10:1 which is higher than most, so if you are looking to trade cryptocurrency at a traditional broker, FP Markets could be a good option.

Spreads and Commissions

Spreads with FP Markets are as low as 0 pips depending on account type. For the standard accounts, the spreads start at 1 pip. Leverage for all clients is available up to 500:1 which is more than enough for any trader.

Deposit and Withdrawal Fees

The FP Markets client portal allows traders to deposit in 10 currencies. AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD. Deposits can be made via Credit Card, Paypal, FasaPay, PayTrust88, POLi, China Union Pay, Neteller, Skrill, BPay, Bankwire & Broker to Broker transfer.

Fees between 1.8% to 3.18% are charged on credit card deposits, but these fees are waived on the first deposit and no fee is charged on AUD deposits.

The first time you make a withdrawal, you must complete a downloadable form and return it with photographic ID.  There are no admin fees charged for Australian withdrawals, but 20 USD will be charged for all international bank transfers and 1.8% for international credit card withdrawals.

FP Markets for Beginners

FP Markets is a safe choice for beginners looking for an ASIC-regulated STP broker. The entry-level account offers tight spreads for the required minimum deposit, high-quality customer service, and a varied choice of platform – including specialist software as well as support for the industry standard.

Educational and Analytical Material

FP Markets recently launched the FP Markets Traders Hub which acts as a portal for all FP Markets educational content and market analysis. Daily technical and fundamental analysis is available, alongside a library of educational articles for traders and links to all the educational content produced by FP Markets. Content includes eBooks, video tutorials and trading courses for beginners. As FP Markets is a multi-asset broker, not all of the material available here is on Forex, with much of the content dedicated to shares and other CFDs. 

Overall, this is a major improvement on FP Market’s previous education and analysis section, and beginner traders will find the single point of entry more user-friendly.

FP Markets Traders Hub

Customer Support

Award-winning service is available via chat, email, and telephone 24/5, and offices are available for walk-in appointments in Sydney.

Trading Platforms

FP Markets offers a few different platforms to traders. Central to their offering are the MetaTrader 4 and 5 platforms, the leading platforms in the industry.

IRESS trading platform FP Markets

In addition to the MetaTrader platforms, FP Markets supports a professional software choice called IRESS Trader.  IRESS Trader is an advanced institutional trading platform and FP Markets charges a monthly fee for the platform, but if you are an active trader and generate a commission for the broker by using the platform, the license fee is waived.

In comparison to the MetaTrader platform, IRESS has a much simpler and intuitive user interface.  In order to give MetaTrader the advanced functionality that IRESS has, numerous plugins would be required.  These features include advanced order placement, setting alerts on news and price levels, customizable charts, and advanced watchlist features.

Mobile Trading Apps

MetaTrader has mobile app versions for clients on the move, or who want to take advantage of trading on the back of unannounced news events when away from a computer.

IRESS mobile offers traders much of the same functionality as on the desktop version. This includes:

  • Live dynamic pricing
  • Access to real-time financial news
  • Track portfolio and holdings
  • Advanced order management
  • Enhanced charting

FP Markets Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about their the complexity of financial products and also disclose the extent to which traders can lose their money.  FP Markets wants you to know: Contracts for Difference (CFDs) are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

Conclusion

FP Markets are a strong ASIC-regulated STP broker. They offer great trading conditions and go a step further in developing their own trading platform to keep clients just that little bit happier.

Most retail CFD accounts lose money. Your capital is at risk.

Compare CFD Brokers

FP Markets

FP Markets

Visit Website
IC Markets

IC Markets

Visit Website
Admiral Markets

Admiral Markets

Visit Website
Overall Rating 4.27 / 5 4.46 / 5 4.28 / 5
Minimum DepositAUD 100AUD 200AUD 100
Regulation
ASIC ASIC
CySEC CySEC
CySEC CySEC
ASIC ASIC
ASIC ASIC
CySEC CySEC
FCA FCA
Trading Desk Type
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, Metals, EquitiesCommodities, Cryptocurrencies, Forex, Indicies, Equities, Bonds, FuturesCryptocurrencies, Forex, Indicies, Metals, Equities, Bonds, WTIs
Forex Pairs60+6040+
Crypto Pairs51032
Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
  • High minimum deposit
  • Limited market analysis
  • Expensive withdrawals
Read Full Review Read Full Review
Trust Rating 5 / 5 5 / 5 5 / 5
Trading Conditions 4.5 / 5 4.5 / 5 4 / 5
Trading Platforms 4.5 / 5 5 / 5 4.5 / 5
Deposit & Withdrawal 3 / 5 4 / 5 2.5 / 5
Education & Research 3.5 / 5 3 / 5 5 / 5
Assets Available 4 / 5 4.5 / 5 4.5 / 5
Customer Service 4.5 / 5 4.5 / 5 4 / 5
% Lose with this broker of retail investor accounts lose money when trading CFDs with this provider N/A 76% of retail investor accounts lose money when trading CFDs with this provider
Leverage500:1500:1500:1
Spread0.0 pips0.1 pips0.1 pips
Hedging Yes Yes Yes
Scalping Yes Yes Yes
Account Types
  • Standard IRESS (Professional)
  • Standard - MetaTrader (Standard)
  • Zero.MT5 (Standard)
Islamic Account Yes Yes Yes
Trading Platforms MT4, MT5, IRESS MT4, MT5, cTrader MT4, MT5, MT Supreme
Funding Methods Bank Transfer, Visa, Mastercard, Paypal, Skrill, Neteller, Fasapay, BPay, paytrust88, POLi Bank Transfer, Visa, Mastercard, Skrill, Neteller, Paypal, Unionpay Visa, Mastercard, Skrill, Neteller, POLi, Bitcoin, Bank Transfer
Trading Commission 6 USD / lot - RAW Accounts 7 USD / lot - True ECN account 6 USD / lot - Prime Account
Clear all brokers

FP Markets

Visit Website

IC Markets

Visit Website

Admiral Markets

Visit Website
Overall Rating 4.27 / 5 4.46 / 5 4.28 / 5
Minimum DepositAUD 100AUD 200AUD 100
Regulation
ASIC ASIC
CySEC CySEC
CySEC CySEC
ASIC ASIC
ASIC ASIC
CySEC CySEC
FCA FCA
Trading Desk Type
Trading InstrumentsCommodities, Cryptocurrencies, Forex, Indicies, Metals, EquitiesCommodities, Cryptocurrencies, Forex, Indicies, Equities, Bonds, FuturesCryptocurrencies, Forex, Indicies, Metals, Equities, Bonds, WTIs
Forex Pairs60+6040+
Crypto Pairs51032
Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
  • High minimum deposit
  • Limited market analysis
  • Expensive withdrawals
Read Full Review Read Full Review
Trust Rating 5 / 5 5 / 5 5 / 5
Trading Conditions 4.5 / 5 4.5 / 5 4 / 5
Trading Platforms 4.5 / 5 5 / 5 4.5 / 5
Deposit & Withdrawal 3 / 5 4 / 5 2.5 / 5
Education & Research 3.5 / 5 3 / 5 5 / 5
Assets Available 4 / 5 4.5 / 5 4.5 / 5
Customer Service 4.5 / 5 4.5 / 5 4 / 5
% Lose with this broker of retail investor accounts lose money when trading CFDs with this provider N/A 76% of retail investor accounts lose money when trading CFDs with this provider
Leverage500:1500:1500:1
Spread0.0 pips0.1 pips0.1 pips
Hedging Yes Yes Yes
Scalping Yes Yes Yes
Account Types
  • Standard IRESS (Professional)
  • Standard - MetaTrader (Standard)
  • Zero.MT5 (Standard)
Islamic Account Yes Yes Yes
Trading Platforms MT4, MT5, IRESS MT4, MT5, cTrader MT4, MT5, MT Supreme
Funding Methods Bank Transfer, Visa, Mastercard, Paypal, Skrill, Neteller, Fasapay, BPay, paytrust88, POLi Bank Transfer, Visa, Mastercard, Skrill, Neteller, Paypal, Unionpay Visa, Mastercard, Skrill, Neteller, POLi, Bitcoin, Bank Transfer
Trading Commission 6 USD / lot - RAW Accounts 7 USD / lot - True ECN account 6 USD / lot - Prime Account

Stay updated

This form has double opt in enabled. You will need to confirm your email address before being added to the list.

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Visit FP Markets

Most retail CFD accounts lose money. Your capital is at risk.

>