FP Markets Review

Author By Jeffrey Cammack
Updated: May 22, 2021
Overall Rating
4.23 4.23 / 5
Rated #23 of 57 Recommended Brokers
Min. Deposit
AUD 100
Regulators
Trading Desk
Trading Cost
USD 7
Website Language
English, Arabic, Indonesian, Vietnamese, Portuguese, Thai, Malay
Support Language
English, Arabic, Indonesian, Vietnamese, Portuguese, Thai, Malay, Japanese
AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

Forex Australia follows a strict editorial standard in our review process. We may receive compensation when you click on links to products we review. Please read our advertising disclosure.

Summary

A well-regulated ECN/DMA broker, FP Markets offers trading on multiple instruments, including Forex, shares, metals, commodities, and indices.  FP Markets offers competitive trading conditions on two live accounts, with spreads averaging at 1.2 pips (EUR/USD) on its commission-free Standard Account, and 0.10 pips (EUR/USD) on its Raw Account in exchange for a reasonable commission of 7 AUD (round turn) per lot traded.  The lack of dealing desk intervention for all accounts removes any concern over conflict of interest, and FP Markets allows all trading strategies, including hedging, scalping, and copy trading. 

Both the MT4 and MT5 platforms are supported in addition to the IRESS Trader, and trader education and market analysis are well-presented, structured, and useful. One drawback for traders considering FP Markets is its high withdrawal fees. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Reviews

Regulation
111104/ 5
Trading Conditions
111115/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
1110.503.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Excellent
Bonuses
None

Account Information

Base Currencies
USD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD
Number of FX Pairs
60+
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
6 USD / lot - RAW Accounts
EUR/USD
0.1 pips
GBP/USD
0.2 pips
USD/JPY
0.1 pips
Max. Leverage
30:1

Company Details

Company Name
First Prudential Markets Pty Ltd
Founded
2005
Office Locations
Australia

Pros

  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support

Cons

  • Expensive withdrawals

FP Markets Home

Is FP Markets Safe?

Founded in 2005 and headquartered in Australia, FP Markets is owned and operated by First Prudential Markets Pty Ltd.  It is authorised and regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, and is registered in St Vincent and the Grenadines.  See below for details of registered companies:

  • First Prudential Markets Pty Ltd is authorised and regulated by ASIC, AFSL Licence 286354.
  • First Prudential Markets Pty Ltd is authorised and regulated by CySEC, license 371/18.
  • FP Markets LLC. is a registered company of St. Vincent and the Grenadines, Limited Liability Number 126 LLC 2019.

Why FP Markets is Safe

A large, globally renowned broker, FP Markets is well-recognised by the Forex industry, having won 36 awards since 2005, including Highest Overall Client Satisfaction, Best Trade Execution, Best Customer Service, and Best Educational Material (all from Investment Trends).  Additionally, FP Markets won numerous awards in 2019 for its customer service from the LiveHelpNow Challenge – an Australian Institution dedicated to recognising companies with excellent customer support.

FP Markets clients in Australia will be trading with First Prudential Markets Pty Ltd, regulated by ASIC.   As such, all client funds are segregated from the company’s operating capital, and FP Markets offers guaranteed negative balance protection under the new ASIC rules.

Overall, we deem FP Markets a trustworthy and safe broker. 

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Inactivity Fee
ASIC
CySEC
ECN/DMA
2005
Australia

Investment Offering

FP Markets offers a variety of different CFDs to trade including Forex. 

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Fx Pairs
CFD Investments
60+
Commodities
Cryptocurrencies
Forex
Indicies
Metals
Equities

Trading Conditions

An ECN/DMA broker, FP Markets offers trading on multiple assets, including Forex, shares, metals, commodities, and indices.  Trading conditions at FP Markets are generally excellent, with tighter than average spreads on two live accounts.  Minimum deposits start at 100 AUD (or currency equivalent), minimum trade sizes are 0.01 lots, leverage is up to 30:1, and both accounts have access to EAs and VPS.  Furthermore, FP Markets allows all trading strategies, including hedging, scalping, and copy trading. Lastly, accounts are denominated in AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD.

Account Types

FP Markets offers two accounts, the Standard Account, which carries no commission, and the Raw Account, which has tighter spreads but carries a commission charge. While FP Markets has a trading desk to manage risk exposure, there is no dealing desk intervention or requotes with trades on either account.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Platinum IRESS
USD 0
500:1
0
$9 AUD min, then 0.09%
Account Details
Premier IRESS
USD 0
500:1
0
No min, then 0.08%
Account Details
RAW
USD 100
500:1
0.0
$3.50
Account Details
Standard
USD 100
500:1
1
None
Account Details
Standard IRESS
USD 0
500:1
0
$10 AUD min, then 0.1%
Account Details

Standard Account

The Standard Account is the best option if you are looking for commission-free trading. Spreads are wider than the on the Raw Account, averaging at 1.2 pips (EUR/USD), although they can come down to 0 pips with high trade volumes. The minimum deposit is 100 AUD (or equivalent), and 60+ Forex pairs are available to trade.

Raw Account

This account has tighter spreads, averaging at 0.10 pips on the EUR/USD, but a commission of 7 AUD round turn per standard lot is charged. The minimum deposit is also set at 100 AUD (or equivalent), so the only real difference between this account and the Standard Account is whether the broker’s fee is charged on commission or in the spread.

FP Markets Account Types

IRESS Account Types

IRESS is an active trader platform with advanced functionality.  It allows for CFD trading in shares and futures along with other non-DMA financial instruments such as Forex, indices, and commodities.  The IRESS suite is a top-rated DMA (Direct Market Access) execution system. Though the platforms are similar, IRESS Viewpoint is the updated version of IRESS Trader while IRESS Investor is designed for investors who wish to use hedging strategies. The IRESS trading platform is also packed with technical tools, including charting tools, drawing tools, and in-depth market data across various time intervals. 

Traders can choose between three IRESS accounts: The Standard, Platinum, and Premier Accounts.

Standard Account

In order to open this account, a minimum balance of 1,000 USD is required. The broker fee on this account is 10 USD minimum, and then 0.1% thereafter. The IRESS Trader fee of 55 USD is waived if you generate 150 USD in commission/month.  It also provides access to competitive DMA commission and margin rates.

Platinum Account

In order to open a Platinum Account, a minimum balance of 25,000 USD is required. The broker fee is 9 USD, then 0.09% thereafter.  Like the Standard Account, the IRESS Trader fee of 55 USD is waived if you generate 150 USD in commission/month.  It provides access to even lower commissions and financing rates.

Premier Account

A minimum balance of 50,000 USD is required to open an account.  There is no minimum broker fee, and 0.08% is charged on this account.  The IRESS Trader fee is waived, and there are no platform fees and no brokerage charges.

See below for details:

fpmarkets.iress-accounts-202010

Islamic swap-free Accounts

Also known as swap-free accounts, Islamic accounts are ideally suited to Muslim clients, and in line with Islamic law, they incur no swaps or interest charges on overnight positions. Instead, the account holder is charged an administration fee that is deducted from the account’s balance.

How to open an Islamic swap-free account at FP Markets:

  1. Open a MetaTrader 4 or MetaTrader 5 account.
  2. Send a request to customer service to convert your account to an Islamic swap-free option.
  3. Include an official document showing confirmation of your faith (e.g., a Proof of Faith document from your local mosque) if the evidence is not already included in your ID document.

An admin fee of 5 USD per lot on major currency pairs is charged per night.  However, fees are not charged for the first ten nights of trading, and will only be applicable from the eleventh night.

FP Markets Islamic accounts

Spreads and Commissions

Spreads at FP Markets vary depending on volume and liquidity and can start as low as 0 pips on the EUR/USD on both the Standard and Raw Accounts. That said, you are more likely to find spreads of 1.2 pips (EUR/USD) on the Standard Account and spreads close to 0.10 pips on the Raw Account.

Commission on the Raw Account is 7 AUD round turn per lot, and leverage for both accounts is limited to 30:1.

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
111115/ 5
USD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD
0.10 pips
USD 7
0.1 pips
0.2 pips
0.1 pips
6
11110.54.5/ 5
AED, CAD, EUR, GBP, JPY, NZD, PLN, SGD, USD
1.20 pips
USD 12
0.0 pips
0.1 pips
0.1 pips
0.0
111104/ 5
AUD, USD, GBP, EUR, NZD, SGD, CHF, CAD, HKD
1 pips
USD 10
0.2 pips
0.5 pips
0.2 pips
0.0

Deposit and Withdrawal Fees

In line with Anti-Money Laundering policies, FP Markets does not accept payments from third parties and only accepts funds received directly from the named trading account holder. All funds deposited into your trading account must be under the same name as your FP Markets trading account. FP Markets does not accept deposits from joint bank accounts or cards; however, clients can deposit from individual bank accounts to a joint trading account.

The FP Markets client portal allows traders to deposit funds in 10 currencies, including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. There are no admin fees charged for Australian withdrawals, but 10 USD will be charged for all international bank transfers. Funds can be deposited using a wide range of payment methods, including credit card, debit card, payment wallets including Neteller and Skrill, online banking, and bank wire transfer:

  • Visa/Mastercard: The following currencies are accepted: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. No deposit or withdrawal fees are charged. Deposits are instant, and withdrawals take up to one business day to be processed.
  • Bank Transfer: All currencies are accepted, including AUD.  No deposit fees are charged, and FP Markets will cover international fees up to 50 USD for deposits greater than 10,000 USD.  Deposit times are one business day.  A withdrawal fee of 10 AUD is charged, and withdrawals are processed within one business day.
  • BPay:  The only accepted currency on this payment method is AUD.  No deposit fees are charged, and deposit times are one day. 
  • Neteller: The following currencies are accepted: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. No fees are charged on deposits, and deposits are instant.  A withdrawal fee of 2%, up to 30 USD, and country fees (if applicable) is charged, and withdrawals are processed within one business day.
  • Skrill: The following currencies are accepted: AUD, CAD, EUR, GBP, INR, and USD. No deposit fees are charged, and deposits are instant.  A withdrawal fee of 1% and country fees (if applicable) are charged.  Withdrawals are processed within one business day.
  • PayTrust (Local Bank Transfer): The following currencies are accepted: MYR, IDR, THB, and VND. No deposit fees are charged, and deposit times are one day.  A 1.5% fee is charged on withdrawals, and withdrawals are processed within one business day.
  • Broker-to-broker: The following currencies are accepted: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. No deposit fees are charged, and international fees up to 50 USD for deposits greater than 10,000 USD will be covered by FP Markets.

The first time you make a withdrawal, you must complete a downloadable form and return it with a photographic ID. 

Lastly, FP Markets does not charge any inactivity fees on dormant accounts. 

FP Markets for Beginners

FP Markets is a decent choice for beginners looking for a well-regulated STP broker. The education section is short but varied, and market analysis is available both in video (a weekly outlook) and article (both the daily and the weekly outlook) formats. Customer service is available on weekdays and is universally described as excellent by the wider industry and traders alike. 

Educational and Analytical Material

FP Markets educational section is more suited to beginner traders, as is normal, and some of it is reserved for clients only.  FP Markets recently launched the FP Markets Traders Hub which acts as a portal for all FP Markets educational content and market analysis.

The educational material focuses on the wider CFD industry, including tutorials on trading stocks, indices, and commodities.  As a registered client, you will gain access to a collection of guides covering topics such as avoiding common trading mistakes, trading strategies, and market analysis.  Also on offer are several eBooks, a short video tutorial section covering the basics of CFD trading, and a comprehensive trading glossary – most of this material is available to the general public. 

FP Markets also hosts frequent webinars where inexperienced traders can learn about forex basics and discover how to utilise the various trading platforms.  Experienced traders will benefit from learning about the trading strategies of other professional traders.  Past webinars are also stored in an archive and are available on demand. Webinars and the webinar archives are free but do require registration with your name and email address.

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

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
Medium
Medium
Medium

Analysis Material

FP publishes a daily market report covering all the financial markets and a weekly outlook (in video and text format). The daily market report is a brief look at the global markets, including commodities, indices, and Forex.

While you should remember that while none of this information is classified as trading advice, there are some suggestions for where to look for trading opportunities.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS

Customer Support

Award-winning service is available via chat, email, and telephone 24/7, and offices are available for walk-in appointments in Sydney. For the purposes of this review, we found customer support friendly, responsive, and knowledgeable

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

MetaTrader

MetaTrader 4 (MT4) is still the industry standard even though its successor, MetaTrader 5 (MT5), has been available for some time. The advantages of using MT4 are numerous, but most centre on the community support and the number of users that the tool boasts. 

The primary difference between MT4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. With MT5, you can trade not only Forex but also stocks, stock indices, and precious metals. MT5 also has a built-in news feed and an economic calendar, and trades can be made on a chart.

Metatrader 4

While not the most beginner-friendly software, MT4 has been the industry-standard platform for trading Forex and CFDs since 2005. Its intuitive interface and user-friendly environment provide essential tools and resources for successful online trading.  Features of the MT4 include a built-in library of more than 50 indicators and tools to streamline the analysis process and an impressive array of analytical tools, available in nine timeframes for each financial instrument.

Metatrader 5

Continuing its predecessor’s reputation, the MT5 platform provides traders with everything they need to trade the financial markets.  It incorporates all of the key features of MT4 and an optimised environment for EA trading. Features include 38+ preinstalled technical indicators, 44 analytical charting tools, 3 chart types, 21 timeframes, additional pending order types, detachable charts, trailing stop, Depth of Market, and an integrated Economic Calendar.

IRESS Trader

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
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Broker
Platform Choice
Copy Trading
Platforms
11110.54.5/ 5
IRESS
111104/ 5

Trading Tools

After opening an MT4 account with a minimum deposit of 1000 USD, you will get access to the FP Markets MT4 Trader Toolbox, a suite of 12 online trading tools. Applications include an economic calendar, tick charts, correlation matrix, sentiment trader, and more.

FP Markets also recently started offering a free VPS service on all accounts. This service is free, provided you trade a minimum of 10 lots on the Standard Account or 20 lots on the Raw Account per month.

Benefits of the free VPS include:

  • 24/6 VPS email support
  • 24/7 Redundant power to your VPS
  • 24/7 Redundant internet connectivity to your VPS
  • Low latency connectivity to FP Markets trading servers for precision trading
  • Uninterrupted EA trading
  • Access your free VPS from any device

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FP Markets offer. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

FP Markets Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about 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.

Overview

FP Markets is a great ECN/DMA broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Trader education and market analysis are bettered by competitors, but the material presented is well-structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

AlertAccepts Australian Clients. Average spread EUR/USD 0.10 pips with 6 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
  • Thomas says:

    I trade with FP Markets its an ASIC regulated broker with over 10 years of experience, The spreads are tighter and commission are lower when compared with other EURUSD broker, good to have such brokers around

  • Nikollete says:

    Good broker, FP Markets they have some of the lowest spreads starting from 0.0pips for a lot of major pairs. They are a ECN Broker regulated by ASIC and have been in business since 2005

  • Jase says:

    Spreads and commission are lower as mentioned, great customer support staff.

    Good broker even for a beginner.

  • Travis Scott says:

    Trading with FP Markets no issues with spread widening and commission cost is lower when I compared with other similar brokers.

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    Overall Rating
    Min. Deposit
    Regulation
    Trading Desk Type
    Trading Instruments
    Forex Pairs
    Crypto Pairs
    Pros
    Cons
    Regulation
    Trading Conditions
    Trading Platforms
    Deposit & Withdrawal
    Education & Research
    Assets Available
    Customer Service
    % Lose with this broker
    Leverage
    Spread
    Hedging
    Scalping
    Account Types
    Islamic Account
    Trading Platforms
    Funding Methods
    Trading Commission
    11110.54.23/ 5
    AUD 100
    ECN/DMA
    Commodities
    Cryptocurrencies
    Forex
    Indicies
    Metals
    Equities
    60+
    5
    • Well regulated
    • Tight spreads
    • Good range of accounts
    • Great customer support
    • Expensive withdrawals
    111104/ 5
    111115/ 5
    11110.54.5/ 5
    111003/ 5
    1110.503.5/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    0 of retail investor accounts lose money when trading CFDs with this provider
    30:1
    0 pips
    Platinum IRESS
    Premier IRESS
    RAW
    Standard
    Standard IRESS
    IRESS
    Bank Transfer
    Visa
    Mastercard
    Paypal
    Skrill
    Neteller
    Fasapay
    BPay
    paytrust88
    POLi
    Klarna
    6 USD / lot - RAW Accounts
    11110.54.34/ 5
    AUD 5
    ECN/DMA
    Commodities
    Cryptocurrencies
    Forex
    Indicies
    Metals
    WTIs
    80+
    6
    • Low minimum deposit
    • Wide range of assets
    • Well regulated
    • Tight spreads
    • Poor customer service
    • Limited demo account
    11110.54.5/ 5
    11110.54.5/ 5
    111104/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    111104/ 5
    75.6% of retail investor accounts lose money when trading CFDs with this provider
    30:1
    0 pips
    MT4 Pro Account
    MT4 Standard Account
    Visa
    Mastercard
    Maestro
    Skrill
    Neteller
    Bank Transfer
    7 USD / lot - PRO account
    11110.54.10/ 5
    AUD 200
    Market Maker NDD
    ECN/DMA
    Cryptocurrencies
    Forex
    Indicies
    Metals
    Equities
    WTIs
    50+
    5
    • Fast and free withdrawals
    • Wide range of assets
    • Excellent market analysis
    • Innovative trading tools
    • High minimum deposit
    • No swap-free account option
    111104/ 5
    111104/ 5
    11110.54.5/ 5
    111115/ 5
    11110.54.5/ 5
    1110.503.5/ 5
    1110.503.5/ 5
    44% of retail investor accounts lose money when trading CFDs with this provider
    500:1
    0.20 pips
    GoPlus+
    Standard
    Bank Transfer
    Visa
    Mastercard
    Skrill
    Neteller
    Fasapay
    BPay
    POLi
    6 USD / lot - GoPlus+
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