Please Note: In this rating we cover the services provided by www.fpmarkets.com, regulated by the Australian Securities and Investments Commission, using the Standard Account from the MetaTrader 5 desktop platform.
FP Markets is a good broker to consider. They offer more than 10,000 instruments across Stocks, Indices, Forex, Commodities and Cryptocurrencies with a simple to use mobile app and wide range of account types. While most entities are regulated by tier 1 regulators, one entity isn’t regulated at all.
We found a good range of account types for both beginner and advanced traders to trade on more than 10,000 instruments covering Forex, Stocks, Commodities, Indices and Cryptocurrencies.
The desktop and web platforms are mainly geared toward advanced traders but the mobile app was simple to use. Customer support was fast but the response from the agent could have been better.
- In this FP Markets review, we evaluated the broker according to 9 different categories. The broker scored the highest in Fees, Research, Education, Trading Platforms and Tradable Instruments.
- FP Markets offers the highest level of investor protection through the entities regulated by CySEC and ASIC.
- The international entity is unregulated and is merely a company formed offshore in St. Vincent and the Grenadines providing lower investor protections.
- Beginner traders will enjoy the commission-free, low spread trading accounts which provide access to more than 10,000 instruments from a very simple to use mobile trading app.
- Advanced traders will enjoy the commission-based ECN account providing access to raw spreads, as well as the Direct Market Access option for its share CFDs from professional platforms MetaTrader 5 and IRESS.
FP Markets offers a lot of features and services that are better than the industry average. For example, the range of asset classes available and the low fees offered place FP Markets at the higher end of brokers.
From our live testing and research, FP Markets offers a great range of features, services and products aimed at both beginner and advanced traders.
However, it’s worthwhile taking time to think about which FP Markets entity you want to trade with. There are entities offering a high level of investor protection due to being regulated by CySEC and ASIC. But there is also an international entity based in St. Vincent and the Grenadines that is not regulated, providing lower investor protections.
About the Author
How Do We Rate?
ASIC (Australia), CySEC (Cyprus)
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Indonesian, Italian, Greek, Vietnamese, Malaysian, Thai
Currencies, Commodities, Indices, ETFs, Stocks, Futures, Crypto
1:30 (ASIC), 1:30 (CySEC)
🖥Trading Desk Type
DMA, ECN, No dealing desk, STP
Your capital is at risk
FP Markets has entities regulated by CySEC and ASIC providing strong safety and security. However, one entity is based offshore in St. Vincent and the Grenadines which is unregulated and does not provide a negative balance protection policy, bringing the overall score lower for this category.
What is a broker entity? Due to changing regulations, many brokers have moved their operations from highly regulated jurisdictions to loosely regulated (or not all) jurisdictions. A broker entity simply refers to the subsidiary of the broker’s operation and where it is located.
For example, FP Markets has entities in different jurisdictions around the world. These include:
- First Prudential Markets Pty Ltd – authorised and regulated by tier 1 regulator, the Australian Securities and Investments Commission (ASIC).
- First Prudential Markets Ltd – authorised and regulated by tier 1 regulator, the Cyprus Securities and Exchange Commission (CySEC).
- FP Markets LLC – an entity based offshore in St.Vincent and the Grenadines which is not regulated.
* Regulations up to date as of 28 October 2021.
It is well worth double-checking which entity you are opening an account with. The CySEC and ASIC regulated entities offer the highest level of safety and security. It is a regulatory requirement for these entities to provide a negative balance protection policy and segregation of client funds.
A negative balance protection policy means that you cannot lose more than the balance on your account even if the market moves quickly or gaps against you. Segregation of client funds means the broker has to keep client funds separate from company funds – this stops brokers from using your money to run their business!
The FP Markets international entity is based offshore in St. Vincent and the Grenadines and is not regulated by a financial body. However, the broker’s Terms and Conditions for this entity do state that client funds are segregated from company funds but there are no references to providing a negative balance protection policy which is why the overall score for this section came in lower.
It’s important to note that if the broker only had the CySEC and ASIC entity they would score the highest in this category. However, most international clients outside of the EU may end up trading with the unregulated entity so it’s good to know the differences.
Why is It Important to Know Where Your Broker Subsidiary (Entity) is Regulated?
Quite simply, you have different protections available to you depending on which entity you open an account with. For example, opening an account with the CySEC regulated entity means you have protections such as access to the Investor Compensation Scheme which covers you up to a certain amount of money if the broker goes bust.
FP Markets does provide a disclaimer when you first visit their website highlighting some of the differences between their entities – at least accessing their website from the UK, as shown below.
The FP Markets entities authorised and regulated by CySEC and ASIC offer the highest protections. These are known as tier one regulators as they provide the strictest standards for broker’s to operate in. For example, for CySEC and ASIC regulated entities it is a regulatory requirement for brokers to segregate client funds from their own and to provide a negative balance protection policy.
First Prudential Markets Pty Ltd is authorised and regulated by the Australian Securities and Investments Commission (ASIC), as confirmed on the regulator’s register shown below:
First Prudential Markets Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), as confirmed on the regulator’s register shown below:
As FP Markets have been in business since 2005, we consider the broker to be stable as they have been in business for many years. While FP Markets is not a publicly listed company, the tier one regulation of some of their entities also helps to provide stability for the company.
We also researched the general transparency and fees transparency of the broker which both scored maximum points. There is a lot of information regarding the history of the broker, who works there and where they are based. The website also provides detailed explanations of its fees.
The score for the broker’s regulation transparency was average as we had to read the Terms and Conditions PDF document in detail to discover the St. Vincent and the Grenadines entity does not provide a negative balance protection policy. Also, many beginners may not know a company based here has no oversight from a financial regulator which we feel is very important to know.
FP Markets scored very well in its fees for Forex, Indices and Commodities. Share CFD spreads came in slightly higher than the industry average while overnight fees for Gold were much higher than the industry average.
There are a variety of different fees to look at when choosing a broker.
Trading fees are those associated with buying and selling a financial instrument. These include the cost to enter and exit a trade (known as the commission), the cost between the buy price and sell price (known as the spread) and the overnight fee (known as the swap fee), as well as any conversion fees.
Non-trading fees are charges that are not related to buying and selling a financial instrument. These include deposit and withdrawal fees (a detailed review of these can be found further down in this review), as well as any inactivity fees.
The fees to really keep an eye on are the spread and commission for buying and selling as these will impact your profits the most.
To test FP Markets trading fees we opened a live Standard Account and used the MetaTrader 5 desktop platform to view the live spreads.
This is important as a broker’s demo account – by default – may show the spreads of a different account with a much higher minimum deposit, thereby not giving you a true picture when you trade live with them.
The currency and metal pairs were tested on 21 September 2021 just after the London open (8 am UK time) which is regarded as the most liquid time for these markets. The stock market indices and individual stocks were tested just after the US session opened (2.30 pm UK time) where there is the biggest number of buyers and sellers in the market.
FP Markets also provide access to a Raw Account which offers spreads from 0 pips with low commissions of just $3 per lot (100,000 units of currency), per side on currency pairs. For this account, the round turn commission (to buy and sell) is $6 which is better than the industry average.
We tested the spread on the FP Markets Standard Account during the London open at 8am UK time and just after the US open at 2.45pm UK time. These are the most actively traded times.
|Instrument||Live spread AM||Live spread PM|
|EURUSD||1.15 pips||1.2 pips|
|GBPJPY||1.69 pips||2.0 pips|
|Gold (XAUUSD)||0.35 pips||0.32 pips|
|WTI Oil||0.03 points||0.03 points|
|DAX 30||1 point||0.8 points|
|Dow Jones 30||2.2 points||1.8 points|
The Forex pairs’ live spreads are very competitive for a commission-free standard account and better than the industry average.
Gold and WTI Oil actually came in much better than expected as did the Dow Jones 30 and the DAX 30.
In fact, we found the spreads for Forex, Indices and Commodities to be much better than the industry average for commission-free trading accounts which is partly why FP Markets scored highly in this category.
We also found the spreads for US stocks to be much better than the industry average. However, to trade US Share CFDs you have to pay 3 cents per share commission on top of the spread.
The commission to trade US Share CFDs is slightly higher than the industry average.
The swap fees or overnight rates were reasonable for Forex, Indices and Share CFDs but were very surprising when it came to Gold.
The advertised overnight swap fee for trading Gold long is -3.49 pips. However, checking the swap fee in the MetaTrader platform showed -29.24 (checked from a live account opened in the EU).
This is a huge difference and this fee is much higher than the industry average. This will impact traders who hold positions overnight so it’s worthwhile checking for yourself.
Some brokers impose an inactivity fee on clients if there is no trading activity on the account (trading, deposits, withdrawals, etc) for a certain period of time. Fortunately, with FP Markets there are zero inactivity fees!
Is this normal? Well, AvaTrade imposes a 50 USD monthly inactivity fee if there is no trading activity after three consecutive months, while IG only imposes an inactivity fee after 12 months of inactivity.
FP Markets offers a great range of trading platforms which include MetaTrader 4, MetaTrader 5, WebTrader, IRESS and a Mobile Trading App. Beginners will enjoy the simplicity of the mobile app even though it has limited functionality, while advanced traders will enjoy the professional MetaTrader platforms.
The easiest, fastest and simple way to trade was through the broker’s own mobile trading app. We found this easy to navigate and the fastest way to place a trade.
The MetaTrader platform was created by a company called MetaQuotes and is considered to be the most popular in the world for professional traders. With FP Markets you can access MetaTrader 4 and MetaTrader 5 for desktop, web and mobile.
These platforms are mainly for advanced and professional traders who want customised indicators and algorithmic trading capabilities. However, the MetaTrader web platform has limited features compared to the desktop version.
You can also trade from the IRESS trading platform to access Direct Market Access (DMA) Share CFDs.
Let’s have a look at the broker’s most popular platform which is MetaTrader 5.
The MetaTrader 5 trading platform is mainly geared towards advanced and professional traders as it has a high level of customisations and features. We found a large range of viewable timeframes and indicators, as well as the ability to run automated trading strategies and download customised indicators.
For our test, we downloaded the FP Markets MetaTrader 5 desktop platform for Windows. It’s a supercharged version of the MetaTrader 4 platform and comes with more features. The download process was very easy as FP Markets has links to all of its platforms on its website.
From the MetaTrader 5 desktop platform you can view multiple charts just from one screen which enables you to keep track of multiple instruments. .
The charts are customisable and you can build watchlists of your favourite markets and view information such as the last price and the spread.
You can also 21 different timeframes which is well above what most platforms offer. There are also 38 technical indicators built in and ready to use.
Below is a screenshot of the FP Marketsl MetaTrader 5 desktop platform for Windows:
You can access a variety of order types from the MetaTrader 5 platform. Market orders will open a trade at whatever the current market price is. Pending orders allow you to set an order at a specific price level. When the market price gets to your order level it will open your trade.
You can also set alerts in the desktop platform but not the web platform.
The MetaTrader 5 desktop is mainly geared towards advanced traders. You can access a wide range of instruments, charts, timeframes and technical analysis tools, as well as build your own customised layout.
However, there are plenty of support videos for beginners. While there is a learning curve, navigating the platform can be picked up easily as everything is structured well.
There are also other features you can access such as the MetaTrader Market place for automated trading strategies and customised indicators.
If you want a fast and simple way to place a trade then the FP Markets mobile app provides it. We found it simple to download, navigate and place a trade. This is great for beginners and those on the move.
The FP Markets Mobile App can be accessed via Android or iOS operating devices. The app was easy to download and simple to navigate, scoring highly in this section. While not as advanced as the desktop platform, for checking quotes, open positions and placing new trades while on the move it works well.
For this test, we downloaded the FP Markets Mobile App for the iPhone. Logging in was easy and we were up and running in under 15 seconds. The app can be accessed in more than 53 languages too.
You can download the FP Markets mobile app for both Android and iOS devices directly from the app store. To use the FP Markets Mobile App you do need to open a MetaTrader 4 account with the broker and use these as your login details.
The FP Markets mobile app offers the ability to view three different chart types – candles, bars and lines. The responsiveness of the charts is great and you can access 30 technical indicators and 24 drawing tools making chart analysis easy when on the move.
The mobile app allows you to place pending trades or enter live at the market. Unfortunately, you cannot add expiries or set alerts.
The FP Markets mobile has a clean design, is easy to access and simple to navigate. While it may not have a lot of advanced trading features it is a fast and simple way to trade across multiple markets.
The bottom tabs allow you to switch in between instruments, positions, charts and settings. The charts are very clean and you can access different chart types, indicators and drawing tools for live chart analysis.
You can even trade from the chart too, although you’ll be taken to a new screen with a trading ticket. The trading ticket itself is easy to use. You can trade live at the market price or set an order for a future price.
While you can’t set any alerts or expiries you can access different order types and attach stop loss and take profit levels easily which is essential for risk management.
FP Markets offers the ability to trade on more than 13,000 instruments covering CFDs on Forex, Stocks, Indices, Commodities and Cryptocurrencies but it does differ depending on the trading platform used.
FP Markets offers an impressive range of tradable instruments covering CFDs on Forex, Stocks, Indices, Commodities and Cryptocurrencies. The range of instruments will vary depending on your jurisdiction but are well above the industry average.
CFDs, or Contracts for Difference, is a derivative product that allows you to speculate on the price direction of a financial instrument. A CFD is a contract between a buyer (trader) and a seller (another trader or your broker), to exchange the difference between the opening and closing price of a certain financial instrument.
You can trade CFDs on a wide range of asset classes to potentially profit from rising and falling markets. This can be done by trading ‘long’ or ‘short.’ One major benefit of CFDs is the fact they are considered a margin-based product. This means you can control a large position size with a smaller deposit, amplifying both gains and losses.
With FP Markets you can trade on:
- 10,000 Direct Market Access (DMA) Share CFDs from the IRESS trading platform:
- Exchanges include ASX, AXW, NASDAQ, NYSE, ARC, LSE, HKE, SGS, IDK.
- 55 Share CFDs from the MetaTrader 5 platform:
- Countries include UK (9), EU (10), US (36), HK (26).
- 70 forex pairs
- Majors, minors and exotics
- 15 indices
- Cash indices
- 11 commodities
- Metals and energies
- 4 cryptocurrencies
Below is a list of just some of the available markets for trading:
|EURUSD | AUDCAD | CHFJPY | NZDUSD| USDZAR||Heineken | Adidas | Tesla | ChinaMobile | Apple|
|AUS200 | US30 | FRA40 | HK50 | CHINA50||BCHUSD | ETHUSD | LTCUSD | RPLUSD|
|XAUUSD | XAUAUD | XAGUSD | XBRUSD| XTIUSD|
*Details regarding the available assets are taken from the FP Markets trading platform and website and are correct at the time of this review.
FP Markets offers a really good range of tradable instruments and the number of instruments available is well above the industry average. However, the offering for forex pairs and commodities are in line with the industry average and had a medium score in our rating system.
FP Markets provides 24/7 customer support for all countries. Connecting to an agent was fast but the response was disappointing.
FP Markets provides 24/7 customer support for its International clients in English, Arabic, Indonesian, Italian, Spanish, French, Russian, Chinese, Japanese, German, Portuguese, Thai, French, Malay, Greek, Vietnamese, Romanian, Turkish, Slovenian, Dutch, Polish, Finnish, Norwegian, Swedish, Serbian, Lithuanian, Hungarian, Galician, Estonian, Danish, Czech, Croatian, Bulgarian, Basque. European clients under the CySEC entity are limited to Monday to Friday office hours 9am to 6pm GMT+2.
You can access customer support via live chat, phone and email making the broker very accessible. In our test we contacted the European customer support desk via live chat and telephone from the www.fpmarkets.eu website.
Telephone support was great and we were connected to an agent in around 20 seconds. The agent was knowledgeable and helpful when asking technical related questions.
When using the live chat feature we were also greeted by an agent very quickly in under 10 seconds.
However, when asking the question ‘do you know how to find the swap fees in your trading platform,’ the agent gave an underwhelming response saying that I need to visit the Australian website as I don’t have a European account (I actually did have a European account).
In any case, after repeating the question (which is not regulatory specific) the live agent simply reiterated that I do not have an account under a European entity. Overall, a disappointing live chat experience.
FP Markets offers a good range of fee free deposit and withdrawal methods such as credit/debit card, bank transfer and a range of e-wallets like Neteller and Skrill. It’s easy to deposit and withdraw funds with fast processing times which vary depending on the method.
We reviewed the deposit and withdrawal options for the FP Markets CySEC and ASIC regulated entities and found the offering to be better than the industry average. However, there are withdrawal fees for some methods to take into consideration.
In the table below we have highlighted a few of the deposit options available. As you can see, you can deposit a wide range of currencies with zero fees with almost instant funding on the Standard and Raw Accounts.
|Deposit Method||Fees||Processing Time|
|Bank Transfer||Zero (international fees covered up to 50 USD for deposits greater than 10,000 USD)||1 business day|
|Credit/Debit Card||Zero||Standard/Raw – Instant|
|PayPal||Zero||Standard/Raw – Instant|
|Neteller||Zero||Standard/Raw – Instant|
|Skrill||Zero||Standard/Raw – Instant|
For all available funding methods and fees refer to the broker’s funding page.
You can deposit in a variety of currencies including AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, JPY. However, deposits through Skrill can only be done in EUR, GBP, USD, AUD, CAD, INR, or BRL.
Withdrawal options and fees do vary depending on which broker entity you open an account with and the payment method.
For accounts opened under CySEC and ASIC regulated entities:
- Zero withdrawal fees to credit/debit card, bank wire transfer, PayPal, Sofort and GiroPay.
- Neteller has a 1% withdrawal fee (capped at 30 USD).
- Skrill has a 1% withdrawal fee (plus a country fee).
|Withdrawal Method||Fees||Processing Time|
|Bank Transfer (international wire)||Zero||1 business day|
|Bank Transfer (domestic wire AUD)||Zero||1 business day|
|Credit/Debit Card||Zero||1 business day|
|PayPal||Zero||1 business day|
|Neteller||2% up to 30 USD + country fee||1 business day|
|Skrill||1% + country fee||1 business day|
For all available funding methods and fees refer to the broker’s withdrawal page.
You can withdraw in a variety of currencies including AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, JPY. However, withdrawals through Skrill can only be done in EUR, GBP, USD, AUD, CAD, INR, BRL.
One important note here is that any profits up to 100 EUR/GBP/USD can be withdrawn to the same card used when depositing funds but any excess profits can only be withdrawn via bank transfer or e-wallet in the same name.
Both deposits and withdrawals are easy to do through the FP Markets client portal area.
Opening an account with FP Markets is fast and very simple. There are two main accounts available – the Standard Account which is commission-free and the Raw Account which is commission-based but with lower spreads. The IRESS Account is for professional stock traders who want to trade with Direct Market Access.
FP Markets does not accept U.S., Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
The account you opened will impact nearly every aspect of your trading. Different accounts will often have different fees and tradable instruments.
The account types can vary between jurisdictions as well. Therefore, understanding which account you are opening and with which entity is hugely important.
FP Markets offers two main account types called the Standard Account and Raw Account.
The Standard Account is great for beginner traders as it offers commission free trading. The Raw Account is great for more advanced traders as it is commission based but with lower spreads.
Below is a summary of the FP Markets offering from the ASIC and CySEC regulated entities.
|Zero||$3 (each way)|
|Spread||From 1 pip||From 0 pips|
|Minimum Deposit||100 AUD (or equivalent)||100 AUD (or equivalent)|
|Leverage||30:1 retail clients, 500:1 professional||30:1 retail clients, 500:1 professional|
Leverage in CFD trading allows you to open a large position with a smaller deposit. For example a 30:1 trading leverage means you can have $30,000 exposure with only a $1,000 investment. A 500:1 trading leverage means you can have a $500,000 exposure with only a $1,000 investment.
But leverage is a double-edged sword. It can amplify your winning and losing trades. This is one reason regulators such as CySEC, ASIC and the FCA cut the leverage brokers can offer retail traders – to make it safer for beginners.
The broker also offers access to an IRESS Account which allows you to trade more than 10,000+ Direct Market Access (DMA) Share CFDs on the IRESS trading platform.
Direct Market Access pricing allows you access to the exchanges order book to provide you with precise execution and transparency.
The IRESS Accounts have a much higher minimum deposit ranging from $1,000 AUD to $50,000 AUD.
|Commission||10 AUD min., then 0.1%||9 AUD min., then 0.09%||No min., then 0.08%|
|Minimum Deposit||1,000 AUD||25,000 AUD||50,000 AUD|
|CFD Margin Rates||From 3%||From 3%||From 3%|
|Financing||FP Markets Base Rate + 4.0%||FP Markets Base Rate + 3.5%||FP Markets Base Rate + 3.0%|
In our testing, we opened a Standard Account through the ASIC regulated entity. This process requires four steps which were completed in around 4 minutes. This included:
- Step 1: Provide personal details such as email, name, country, telephone number, etc.
- Step 2: Provide further information regarding nationality, tax status, employment details and financial information.
- Step 3: Choose your platform (MT4/MT5), account type (Standard/Raw), base currency (EUR, GBP, USD), funding method, trading account and portal password.
- Step 4: Answer eight questions for a suitability test which you need to pass to open an account. Once answered your account is open!
The account opening process was fast, simple and all digitally based. After these four steps are completed, you will receive access to the FP Markets Client Portal area where you can open and manage different trading accounts, access downloads, deposits, withdrawals and more.
Here you can also verify your ID which is standard for regulated brokers. This can be uploaded directly into the client portal area, or you can email your documents. Required ID documents include proof of ID (passport, driver’s licence, etc) and proof of address (utility bill, bank statement, etc).
FP Markets offers impressive and regularly updated research materials on its ASIC regulated entity website, while the CySEC regulated entity’s website hasn’t been updated for two years. The broker offers access to AutoChartist, scoring highly in this category.
Through the broker’s Resources section on its website you can access the Traders Hub which provides articles on Technical Analysis, Fundamental Analysis and Daily News. There are also live webinars that you can view but these are more educational in nature than research related.
The fundamental analysis and technical analysis offer some good quality information, although the technical analysis section is still quite text heavy. Only three major currency pairs are covered in the technical analysis articles.
The broker also offers access to AutoChartist which is an MT4/MT5 plugin providing you with daily market reports, technical analysis ideas using chart patterns and Fibonacci analysis. It’s a great tool to aid in trading decisions, providing you with actionable trading opportunities.
The combination of the broker’s own research and what AutoChartist provides makes it great for beginner and advanced traders.
FP Markets had a perfect score in this category as they provide an extensive range of educational materials which include articles, videos and live webinars suitable for beginner traders.
FP Markets has an extensive range of education materials that are great for beginner traders. There is some advanced content related to strategies but not as much or detailed as some other brokers we have reviewed.
There are more than 30 educational videos covering different trading topics and platform tutorials available to watch. All of these videos are high quality and easy to view.
The videos are also included in the beginner courses which cover the basics of trading, such as technical analysis and fundamental analysis as well as chart types and the terminology of the markets.
There are also regular webinars covering different trading topics, a podcast, an extensive glossary section and eBooks on Avoiding CFD Mistakes Guide, 3 Essential Strategies, Spot Opportunities in Volatile Markets and others.
The Bottom Line
FP Markets does provide an interesting offering that both beginner and advanced traders will find useful.
For example, beginner traders will enjoy the commission free trading accounts, top notch research and education and the ease of using the mobile trading app.
Advanced traders will enjoy access to raw spreads and low commissions, as well as the use of professional trading platforms like MetaTrader.
ASIC (Australia), CySEC (Cyprus)
Number Of Employees
Trading Desk Type
DMA, ECN, No dealing desk, STP
MT4, MT5, IRESS, WebTrader
United States, Japan, Canada, New Zealand
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Indonesian, Italian, Greek, Vietnamese, Malaysian, Thai
1:30 (ASIC), 1:30 (CySEC)
Wire Transfer, Credit Card, PayPal, Skrill, Neteller, QIWI, Webmoney, Paytrust88, Ngan Luong, FasaPay, Broker to Broker
Wire Transfer, Credit Card, PayPal, Skrill, Neteller, QIWI, Paytrust88, Ngan Luong, FasaPay, Broker to Broker
Bitcoin Cash, Bitcoin, Litecoin, Ripple, Ethereum
Currencies, Commodities, Indices, ETFs, Stocks, Futures, Crypto