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FP Markets Review 2023

Updated:
4.5
Trust
4.1
Fees
4.3
Platforms and Tools
4.5
Customer Support
5.0
Tradable Instruments
4.8
Account Types and Terms
4.5
Deposit and Withdrawal
5.0
Research
4.1
Education
5.0
While we adhere to strict editorial integrity, this page may refer to our partners' products. Here's how we make money.Learn how we make money and our review methodology.

Please note: This is a review of a Standard FP Markets account opened with First Prudential Markets Ltd., one of the three (currently active) entities operated by the broker. We tested its trading conditions, supporting materials, and tools. We also evaluated the usability of the MetaTrader 5 (MT5) platform – its desktop and mobile app versions.

Data was collected on 10 February 2023.

The Big Picture

FP Markets has become a well-established brand in the online trading industry for good reasons. The broker, founded in 2005, is headquartered in Australia and has other offices worldwide. It offers its clients an impressive array of over 800 instruments from various markets, excellent order execution conditions, generally low fees, and many other perks.

The broker’s subsidiary entities are licensed by some of the most stringent regulators in the industry, ensuring a very high degree of protection. FP Markets also operates on a No-Dealing-Desk (NDD) basis and has a ‘best execution policy,’ ensuring optimal order execution at the most favorable quotes. The broker is also very transparent, with competitive fees suitable for the execution of both high-volume and high-frequency trading strategies.

FP Markets lacks a proprietary platform but supports the widely popular MetaTrader 4&5 and cTrader. Another advantage is the offering of Virtual Private Server (VPS) hosting, which enhances the platform’s overall performance. However, the one drawback of FP Markets’ service is the lack of good research content in terms of quantity and quality.

Overall, FP Markets offers a well-balanced assortment of services catering to the needs of both beginners and advanced traders. It is a broker that can be trusted to deliver to its clients all the tools necessary to succeed in the market.

FP Markets Key Takeaways for 2023

  • We evaluated FP Markets across 9 categories (Trust and Stability, Fees, Tradable Instruments, Account Types, Deposit and Withdrawal, Research, Customer Support, Education, and Platform and Tools).
  • FP Markets earned outstanding marks in the Tradable Instruments, Deposits and Withdrawals, and Customer Support categories. Its broad range of major, minor, and exotic instruments from various asset classes is complemented by a vast and diverse set of customer support channels.
  • The broker also scored highly in the Account Types and Education categories. The two main retail accounts have inherently different pricing mechanisms, thus catering to the needs of all kinds of traders.
  • FP Markets earned above-average marks in the Fees and Platforms and Tools categories. The broker offers commission-free trading, as well as raw spreads starting from 0.0 pips. And its clients can take advantage of those on some of the most popular platforms in the industry.
  • We awarded FP Markets below-average marks in the Trust and Research categories. Despite having top-tier licensing, one of the company’s entities is unregulated. We also found its Research content lacking in depth and versatility.

What Sets FP Markets Apart From Other Brokers?

In addition to its vast array of ETFs, indices, CFD stocks, and commodities, FP Markets also offers an impressive amount of currency pairs – majors, minors, and exotic. The 70+ pairs offer access not only to some of the most traded markets in the world but also to some of the most exotic ones.

FP Markets thus provides its clients access to many developing economies and many exciting trading opportunities on assets that are quite rare.

Who is FP Markets For?

FP Markets can support multiple trading strategies with its access to deep liquidity, VPS hosting, raw spreads starting from 0.0 pips, and a broad range of different instruments. High-frequency traders can benefit from the commission-free trading available on a Standard account, whereas high-volume traders can take advantage of the much tighter spreads on a Raw account. Meanwhile, algorithmic traders can utilize FP Markets’ VPS hosting and run their systems smoothly and non-stop.

FP Markets Pros and Cons

Pros Cons
  • Extremely low spreads on CFD shares
  • Has a ‘best execution policy’
  • No inactivity fee
  • No handling fees for deposits and withdrawals
  • FP Markets’ offshore entity is unregulated
  • No proprietary platform

 

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About the Author

Plamen Stoyanov
Finance writer, analyst, and author of a book for beginner traders "Bulls, Bears and Sharks" with an experience of over 8 years in retail trading and more than 3 years in the finance area.
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How Do We Rate?

When trading forex and CFDs, it is crucial to know a broker's strengths and weaknesses. That is why FX Empire developed its proprietary rating system. We put the knowledge and expertise of our reviewers to work to bring you the most suitable brokers. A total of 200 variables have been analyzed to help you choose your broker wisely. This chart describes all the categories we evaluated and rated.
How Do We Rate Chart
Visit our methodology page to learn more about our review and rating process.
FP Markets Main Features
☑️
Regulations
ASIC (Australia), CySEC (Cyprus), FSCA South Africa (South Africa)
🗺
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Bulgarian, Italian, Slovenian, Croatian, Finnish, Lithuanian, Swedish, Greek, Serbian, Vietnamese, Malaysian, Turkish, Norwegian, Danish, Indonesian, Dutch, Thai, Polish, Czech, Estonian, Hungarian
💰
Products (CFD)
Currencies, Commodities, Indices, ETFs, Crypto
💵
Min Deposit
$100
💹
Max Leverage
1:30 (ASIC), 1:30 (CySEC ), 1:500 (FSCA South Africa)
🖥
Trading Desk Type
DMA, ECN, No dealing desk, STP
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FP Markets Full Review

Trust

4.1
How Do We Test A Broker's Trust?
When choosing a broker, trustworthiness is one of the most important things to keep in mind. Always check the broker's regulations, know how financially secure the firm is, and find out whether the broker is transparent and reliable. These factors, calculated into our score, will help you understand if your money is safe.

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FP Markets scored below average in the Trust category. Two of its subsidiaries are authorized by top-tier regulatory bodies, but its offshore entity is unregulated, which affected FP Markets’ final score in this category. The broker is, nevertheless, quite stable and trustworthy.

FP Markets Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

Here is what we found concerning FP Markets’ four subsidiaries:

  • First Prudential Markets Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC ranks as a Tier-1 regulator on our system.
  • First Prudential Markets PTY Ltd is licensed and regulated by the Australian Securities and Investments Commission (ASIC). ASIC ranks as a Tier-1 regulator on our system.
  • FP Markets (Pty) Ltd is authorized and regulated by the Financial Sector Conduct Authority in South Africa (FSCA). The FSCA ranks as a Tier-2 regulator on our system. Please keep in mind that at the time of our review, this entity was not accepting any new clients, so we could not review its features.  
  • FP Markets LLC is a registered company of St. Vincent & the Grenadines. FP Markets is not regulated.
First Prudential Markets Ltd.’s licensing info on cysec.gov.cy
First Prudential Markets Ltd.’s licensing info on cysec.gov.cy

We have summarized the most essential aspects of FP Markets in terms of regulation and safety in the table below:

Entity Features First Prudential Markets PTY Ltd First Prudential Markets Ltd FP Markets LLC
Country/Region Australia/Sydney Cyprus/Limassol St. Vincent & the Grenadines, Kingstown
Regulation ASIC CySEC Unregulated
Tier 1 1 Unregulated
Segregated Funds Yes Yes Yes
Negative Balance Protection Yes Yes Yes
Compensation Scheme No ICF Investor Compensation up to 20,000 EUR No
Maximum Leverage 1:30 1:30 1:500

Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

Brokers operate multiple entities in order to serve clients globally. These entities are registered in various jurisdictions, each of which may have different requirements regarding operations with securities and derivatives. In other words, the protections you might be entitled to in, for example, Europe under MiFID II may not be granted to you if you choose to open an account with a different entity regulated overseas.

In short, it is important to know where your broker’s entity is regulated in order to know what your rights as a trader are, which institution enforces them, and how.

Here is a rundown of the most important protections to look for in a broker:

  • Segregation of client funds. Keeping client funds in separate bank accounts from the ones used for the broker’s own capital is crucial for minimizing the risk of accounting errors. All of FP Markets’ subsidiaries ensure segregated client funds.
  • Negative balance protection. Essentially, this safety mechanism ensures that your trading losses cannot exceed the balance in your account. All entities operating under the FP Markets trade name have negative balance protection.
  • Compensation scheme. A compensation scheme protects the trader against the company’s credit risks and liabilities. In the unlikely event that an entity with such a scheme should become insolvent, its clients can be compensated up to a given amount. For instance, clients of First Prudential Markets Ltd can be compensated by up to 20,000 EUR under the Investors Compensation Fund (ICF).
  • Maximum leverage. Capping the maximum leverage allowed effectively limits retail traders’ market exposure. FP Markets’ Australian and Cyprus-based subsidiaries afford a maximum leverage of 1:30 for retail traders, whereas the offshore entity has a maximum leverage of 1:500.

 

The FP Markets Group
The FP Markets Group

Is FP Markets Safe to Trade With?

After testing its safety mechanisms thoroughly, we found First Prudential Markets Ltd very safe. It is authorized by a top-tier regulator (CySEC), which is operating under one of the most rigid financial frameworks globally – Markets in Financial Instruments Directive II (MiFID II). Thereby, the broker is mandated to comply with some of the strictest safety requirements in the industry.

In addition to the above-mentioned factors, we also found that the entity has a ‘best execution policy.’ This means that it fills orders only at the best possible quotes available when they are placed.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

The company was founded nearly two decades ago and has since established itself as a reliable partner. It is also quite transparent, demonstrated by its extensive and highly informative Legal Docs section.

All relevant information on the website is neatly presented and easily accessible without being unnecessarily obscured by difficult financial jargon. Traders can read about the different conditions offered by the company’s several entities quickly and easily. Information pertaining to FP Marekets’ trading and non-trading fees is also easily accessible.

In summary, our findings indicate that FP Markets can be regarded as having a good level of trust and stability due to the following factors:

  • It has negative balance protection and segregated funds.
  • It has a best execution policy.
  • Vital information on the website is extensive and easily accessible.

Fees

4.3
How Do We Test A Broker's Fees?
Broker fees can be difficult to understand. We test the broker's platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money.

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We awarded FP Markets an above-average mark in the Fees category. The broker offers mid-to-low spreads compared to the broader industry and commissions that are also quite competitive. FP Markets does not charge deposits or withdrawals and does not have an inactivity fee. However, its swap costs were elevated at the time of our review.

FP Markets Trading Fees

FP Markets’ Spreads

We tested FP Markets’ spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on 10 February 2023.

Instrument Live Spread AM Live Spread PM
EURUSD 1.0 pips 1.2 pips
GBPJPY 1.9 pips 1.5 pips
Gold (XAUUSD) 26 pips 14 pips
Crude Oil 0.04 pips 0.04 pips
Apple NA 0.06 points
Tesla NA 0.13 points
Dow Jones 30 2.1 basis points 1.8 basis points
Germany 40 0.8 basis points 0.8 basis points

Broken down by asset class, we assessed FP Markets’ spreads to be low-to-medium on FX pairs and commodities and generally low on CFD shares and indices compared to the broader industry. The recorded spreads on CFD shares were especially low.

FP Markets’ Swap Rates

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full contract (100,000 units) of the base currency.

Instrument Swap Long Swap Short
EURUSD Charge of $10.38 Credit of $4.50
GBPJPY Credit of $12.23 Charge of $21.35

The swap rates that we recorded are really elevated. This, however, is not entirely FP Markets’ fault. Rollover charges rise and fall according to the underlying volatility in the market, which lies outside the control of individual brokers. That is why checking these charges before placing any trades is important.

On MetaTrader 4&5, you can check the swap charges on a specific instrument by right-clicking on it and then clicking ‘Specifications’.

FP Markets’ Commissions

FP Markets’ Standard account affords commission-free trading, except for equities traded on MT5. You can read more about it here. In contrast, the Raw account, which has spreads starting from 0.0 pips, charges a $6 round turn commission per 1 traded lot. This commission rate meets the industry average.

FP Markets’ Non-Trading Fees

The broker does not charge a handling fee for deposits or withdrawals. There is also no inactivity fee, however, dormant accounts on which no activity has been registered for a period longer than 90 days will be suspended.

Are FP Markets’ Fees Competitive?

We tested all of FP Markets’ fees and found them very competitive. They are suitable for the implementation of various types of trading strategies – from short-term ones like scalping and intraday trading to longer-term strategies like day trading and position trading.

Platforms and Tools

4.5
How Do We Test A Broker's Platforms and Tools?
Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed. Each broker's desktop, web, and mobile platforms are evaluated according to the order types, speed of execution, ease of use, and other 'need to know' features.

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FP Markets scored above average in the Platforms category. The broker incorporates the renowned MetaTrader 4&5 platforms, which are suitable for beginners, as well as cTrader. FP Markets also provides VPS hosting. The ASIC entity of the company also supports the seamless iRESS platform, which is ideal for experienced stock traders.

MetaTrader 5 (MT5) has a more intuitive design compared to its predecessor, though clients of FP Markets’ CySEC entity using MT4 can take advantage of the Traders Toolbox suite. It consists of even more trading indicators and drawing tools.

In terms of practicality, MT5 is the better choice. Its baseline assortment of trading indicators, drawing tools, timeframes, and other supporting features is greater. Its versatile design allows for easier analysis of price action behavior, which is crucial for determining viable entry and exit levels for trades.

The mobile app version of MT5 affords quick and easy access to the trading account, which is vitally important while on the go. Traders can use the app to manage their running positions in order to cap any losses or increase their profits. The app’s only drawback is that it has to be run on low-resolution devices, making the examination of price action behavior a more cumbersome task.

Social trading is available through FP Markets’ ASIC entity. Automated trading is available to clients of the CySEC entity via MT5’s Expert Advisors (EAs) feature. FP Markets’ VPS supports algorithmic trading by providing better execution conditions, thereby enhancing the performance of automated strategies.

FP Markets’ Desktop MT5 Platform

The desktop version of FP Markets’ MT5 platform
The desktop version of FP Markets’ MT5 platform

General Ease of Use

MT5 has a simplistic and, therefore, highly intuitive layout. There is a watch list of selected instruments on the left side of the screen, an options menu at the top of the screen, and a charts window in the middle. Traders can promptly find their way around the platform, and the inclusion of features such as one-click trading makes the execution of trades even easier.

Charts

The charts screen is probably the most important component of any platform. It represents price action behavior, which is fundamental for making informed trading decisions. Essentially, the chart allows traders to gauge the underlying market sentiment, which is why its versatility and assortment of supporting tools are so important.

Listed below are the most important components of a chart:

  • 38 technical indicators. These trend-based, volume-based indicators and oscillators are used to gauge market sentiment and determine key support and resistance levels.
  • 24 drawing tools. The platform incorporates trend lines, channels, Fibonacci retracement levels, and others. These are used to determine the general market direction and forecast potential breakouts or breakdowns from an established trend.
  • 21 timeframes. Unlike MT4, which has only 9 timeframes, MT4 consists of an impressive 21 different timeframes, which is arguably its standout feature. This variety affords traders a multifaceted outlook on price action behavior. It is quite important for the implementation of multi-timeframe strategies – from scalping to position trading.
  • 3 chart types. Price action can be represented as a line, bars, or candlesticks.

Orders

The three major order types available on MT5 include:

  • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order actually gets filled.
  • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
  • Stop loss orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

FP Markets’ Mobile MT5 App

The role of the mobile app is to afford traders quick access to the market and their accounts even on the go. Traders use them to monitor the performance of their running positions and, if necessary, to adjust them according to the changing market sentiment.

Watchlist of selected instruments (on the left), chart screen (in the middle), and orders window (on the right)
Watchlist of selected instruments (on the left), chart screen (in the middle), and orders window (on the right)

General Ease of Use

Because it has to be run on smartphones with lower resolution, the app is less suitable for conducting deep technical analyses than the desktop version of the platform. It has fewer features and panels, making it easier to navigate.

Charts

Here is a rundown of the chart features available on the app:

  • 30 trading indicators. The app incorporates trend-based, range-based, volume-based, and other types of indicators.
  • 21 drawing tools. These include trend lines and channels.
  • 9 timeframes. There are different timeframes, ranging from 1 minute to 1 month.
  • 3 chart types. Price action can be represented as a line, bars, and candlesticks.

Orders

We have listed below the different order types that can be executed through the app:

  • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order gets actually filled.
  • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
  • Stop loss orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price.

Tradable Instruments

4.8
How Do We Test A Broker's Tradable Instruments?
In this section, we check the broker’s market offering and how varied the instruments and asset classes are. It will allow you to check if they offer what you're looking for and what you can trade.

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FP Markets earned an outstanding mark in the Tradable Instruments category. The broker offers over 800 instruments from different asset classes, such as FX pairs, commodities, CFD shares, cryptocurrencies, and indices. FP markets also provides access to more complex markets, like ETFs.

FP Markets stands out against the rest in terms of the net amount of instruments it offers and the diversity it affords per asset class. There is an abundance of lower-risk securities, as well as higher-risk assets. This allows for the implementation of different kinds of strategies, granting traders the freedom and flexibility to diversify their positions.

What are CFDs?

Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying without physical delivery. For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

What Can You Trade With FP Markets?

We have broken down the available instruments per asset class below:

  • 72 Currency Pairs
    • Majors, Minors, Exotic
  • 17 Commodities
    • Energy, Metals, Agriculture
  • 680+ CFD Shares
    • Europe (123), UK (18), US (443), Asia (105)
  • 18 Indices
    • US, Europe, Asia, Pacific
  • 12 Crypto CFDs
    • Majors and Minors
  • 46 ETFs
    • Financial Sector

FP Markets offers an impressive amount of FX pairs – from the most popular ones to quite exotic pairs – exceeding the industry average. The broker also provides plenty of EU, American, and Asian stocks that can be traded solely on the MT5 platform. What is also worth pointing out is the abundance of ETFs – all from the financial sector – serving the needs of professional traders looking to trade on highly volatile assets.

Additionally, FP Markets offers several commodities – metals and energy – like silver and crude oil that are denominated in different currencies (USD, EUR, AUD). This gives traders extra flexibility because accounts with base currencies other than USD can avoid paying unfavorable conversion fees when trading with such instruments.

Forex Commodities
EUR/USD | GBP/JPY | USD/CAD | EUR/JPY | AUD/GBP | EUR/CZK | USD/HUF | USD/ZAR  Gold | Silver | Palladium | Crude Oil | Natural Gas | Cocoa | Coffee | Wheat
CFD Shares Indices
Apple | Tesla | UBER | Twitter | Adidas | Alianz | BP | Lloyds | HSBC AUS200 | GER40 | FRA40 | UK100 | US30 | US100 | VIX
Cryptocurrencies ETFs
Bitcoin | Bitcoin Cash | Cardano | Ripple, Ethereum | Solana | Polkadot AGG | BIL | IVV | IVW | VCIT | VEA | XLF

Customer Support

5.0
How Do We Test A Broker's Customer Support?
Traders tend to underestimate customer support, but it might be a crucial feature in moments of crisis. In our rating, we check the contact methods available, how accessible a live agent is and how helpful the responses are. This information will allow you to know if a broker can provide full support when you need it.

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We awarded FP Markets the highest possible mark in the Customer Support category. The support team can be contacted 24/7 via email, phone, or live chat. They respond very quickly, and their answers are generally well-informed and helpful. Multilingual support is available in 12 different languages.

For more general queries, you can turn to the very practical FAQ section of FP Markets’ website. Alternatively, you can send an email, request a callback, on contact FP Markets via the live chat.

FP Markets’ Customer Support Test

When we test a broker’s customer support team, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

We conducted our test on 9 February at 1:00 p.m. GMT via live chat. Among other things, we requested additional information about FP Markets’ VPS hosting policy. An agent connected almost instantaneously to the chat; her answers were detailed, very helpful, and easy to comprehend.

Our conversation with FP Markets’ support team
Our conversation with FP Markets’ support team

Deposit and Withdrawal

5.0
How Do We Test A Broker's Deposit and Withdrawal?
The deposit or withdrawal process can be a tricky one. You may discover that there are hidden fees, or that withdrawal times are longer than you anticipated. We check these factors and others so you know what to expect when trading with this broker.

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FP Markets earned another perfect mark in the Deposit and Withdrawal category. The broker does not charge deposits or withdrawals, though third-party fees may apply. It accepts various payment methods, including debit/credit cards, wire transfers, and e-wallets. Transactions are processed fairly quickly.

FP Markets Deposit Methods

Method Currency Deposit Time Fee Regulator
Visa/Mastercard EUR, USD, GBP Instant  0 Central Bank of Cyprus
Wire Transfer EUR, USD, GBP Instant 0 Central Bank of Cyprus
PayPal EUR, USD, GBP 1 Business Day 0 FCA in the UK
Neteller EUR, USD, GBP Instant  0 FCA in the UK
Skrill EUR, USD, GBP Instant 0 FCA in the UK
Sofort EUR, GBP Instant 0 Central Bank of Cyprus
Giropay EUR Instant 0 Central Bank of Cyprus

FP Markets Withdrawal Methods

Method Currency Minimum Withdrawal Time Fee Regulator
Visa/Mastercard EUR, USD, GBP 5 1 Business Day 0 Central Bank of Cyprus
Wire Transfer EUR, USD, GBP 100 1-3 Business Days 0 Central Bank of Cyprus
PayPal EUR, USD, GBP 5 1 Business Day 0 FCA in the UK
Neteller EUR, USD, GBP 5 1 Business Day 1% (capped at 30 USD) FCA in the UK
Skrill EUR, USD, GBP NA 1 Business Day 1% + country fees (if applicable) FCA in the UK
Sofort EUR, GBP 5 1 Business Day 0 Central Bank of Cyprus
Giropay EUR 5 1 Business Day 0 Central Bank of Cyprus

As stated above, FP Markets does not charge any handling fees on withdrawals or deposits. However, various banking fees may apply. For instance, Skrill and Neteller have their own internal fees, which should be considered when choosing those specific payment methods. FP Markets should also be commended for providing additional information pertaining to which regulatory bodies oversee transactions for each payment provider.

Account Types and Terms

4.5
How Do We Test A Broker's Account Types and Terms?
In order to achieve your trading goals, you need to choose the right account. We evaluate each broker's account types, how easy it is to open an account with them, and the steps involved, so you can decide if it is worth your time to open an account.

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FP Markets scored highly in the Account Types category. It offers two retail accounts, Standard and Raw, with different pricing models. Seasoned traders can take advantage of the negotiable terms of the FP Markets Pro account. It, however, lacks some of the protections associated with the other two retail accounts, such as negative balance protection.

The Standard and Raw accounts have low minimum deposit requirements ($50). They can be opened with one of three possible base currencies – EUR, USD, or GBP. As stated above, traders can choose between MT4 and MT5. Professional traders can also opt for the iRESS platform, which is only available with FP Markets’ overseas entities. The CySEC entity also does not afford swap-free trading (Islamic Accounts).

FP Markets’ account application form
FP Markets’ account application form

Why is Choosing the Right Account Type Important?

Your account should reflect your goals, needs, and ambitions on the market. If you have modest means and plan to be opening smaller-sized positions more frequently, then you should better choose an account that does not have any fixed commissions per traded volume. In contrast, if you expect to be placing much larger orders less frequently, then you should be more preoccupied with finding an account with tighter spreads and be less concerned with fixed commissions.

What Account Types Do FP Markets Offer?

Account Type Standard Raw
Spread From 1.0 pips 0.0 pips
Commission 0* $6 round turn
Min. Deposit 50 EUR, USD, GBP 50 EUR, USD, GBP
Max. Leverage 1:30 1:30
Min. Trade Size  0.01 Lot 0.01 Lot
Islamic Account  No No
EAs Available Yes Yes
VPS Available Yes Yes

* Excluding MT5 equities

FP Markets’ Standard account is more suitable for the first type of traders mentioned above – those seeking to implement high-frequency trading strategies, such as scalping and intraday trading. Its higher floating spreads are not as detrimental when opening smaller-sized positions. Also, the lack of commissions (excluding equities on MT5) is an essential precondition when planning to be getting in and out of trades frequently.

The Raw account, in contrast, is a better fit for high-volume trading because of its spreads starting from 0.0 pips. It is designed for traders who plan to be less active and instead execute bigger-sized positions lasting longer – like day traders and position traders.

What is CFD Leverage?

The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

FP Markets Account Opening Process

We have summed up the steps necessary to open an account with FP Markets below:

  • Step 1. Click the ‘Open Live’ button at the top-right corner.
  • Step 2. Fill in your personal information.
  • Step 3. Register using your email address or a social account.
  • Step 4. Provide information regarding your employment and financial status.
  • Step 5. Choose a platform (MetaTrader 4&5), account type (Standard or Raw), base currency (EUR, GBP, or USD), funding method, and password.
  • Step 6. Fill in a questionnaire to assess your trading knowledge.
  • Step 7. Verify your account by uploading proof of address and ID.
  • Step 8. Confirm your registration by clicking the link sent to your email.
Part of FP Markets’ questionnaire during account registration
Part of FP Markets’ questionnaire during account registration

Why is a Demo Account Important?

Demo accounts serve a twofold purpose. They introduce traders to a broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment afforded by your demo account. You can register your demo account with FP Markets here.

FP Markets Supported Countries

First Prudential Markets Ltd accepts clients from European Economic Area member countries (EEA). The list of restricted countries includes Belgium, the United States, and New Zealand.

Your capital is at risk

Research

4.1
How Do We Test A Broker's Research?
Research options provided by brokers may not be seen as the most important feature for some traders, but they can give you an edge over the competition. Staying on top of important market news announcements and being aware of big themes can be very helpful. The rating system provides a clear picture of how well your broker fulfills this service.

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FP Markets was awarded a below-average mark in the Research category. The available research content on the website has a limited scope and is not regularly updated. All of this makes it more or less impractical.

We found that FP Markets’ international entities have a much broader collection of research materials compared to the CySEC entity. Except for an economic calendar and a few forex calculators, the latter does not support any other type of content nor incorporate any third-party materials. The market breakdowns section of the website was last updated in late October 2019.

The bulk of FP Markets’ research materials can be accessed on its YouTube channel. It contains useful tips and practical trading ideas.

FP Markets’ daily market breakdowns
FP Markets’ daily market breakdowns

Research Tools

Here is a rundown of FP Markets’ different types of research content:

  • Economic calendar. The economic calendar is a broker’s bread and butter when it comes to research materials. It outlines the most important upcoming trading events and underscores the likely market reaction. Traders use the calendar to plan their trades ahead. FP Markets’ economic calendar can be accessed via the ‘Traders Hub’ section of the website.
  • Forex calculators. The trading calculators are useful tools that allow traders to plan their positions’ size, expected profit/loss potentials, impact on margin, and so on. FP Markets’ forex calculators are also available from the ‘Traders Hub’ section of the website.
  • Daily market report. As stated above, the daily market reports section of the website hasn’t been updated for several years. Nevertheless, a similar type of content is currently available on the broker’s YouTube channel.
  • YouTube videos. By far the most varied type of content afforded by FP Markets, its YouTube videos differ both in structure and orientation. They inform traders about the current state of markets, potential trading opportunities, and other important market developments.
A screenshot of an FP Markets trading idea from its YouTube channel
A screenshot of an FP Markets trading idea from its YouTube channel

Education

5.0
How Do We Test A Broker's Education?
Educating yourself on how to trade the financial markets can make the difference between success and failure. We check the educational content provided by the broker, its quality and suitability for beginners and advanced traders.

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FP Markets scored very highly in the Education category. Its content is varied and highly informative. It can be very useful to beginners and more experienced traders as well. Most of its educational materials are once again published on FP Markets’ YouTube channel.

On FP Markets’ website, you can access the broker’s very detailed glossary and several videos showing how to use the MetaTrader platform. Other types of content, such as ebooks and written articles, are only available on the websites of the broker’s overseas entities.

FP Markets should be praised for its rich collection of highly informative webinars and podcasts on its YouTube channel. These are very useful as they examine the ABCs of trading, such as how to use technical analysis, but also delve deeper into more complex topics, such as the psychology of trading.

Some of FP Markets’ educational videos on the website
Some of FP Markets’ educational videos on the website

The Bottom Line

FP Markets is overall an excellent CFD broker with very few flaws. Since its foundation in 2005, it has garnered a reputation as a trustworthy and highly transparent broker. And its licenses by CySEC and ASIC attest to the company’s reliability.

The broker offers diverse account types with two different pricing models that cater to the needs of various types of traders – from those with an affinity for high-frequency trading to more conservative traders who prefer to execute bigger-sized orders less frequently. FP Markets offers over 800 instruments that can be traded on the renowned MetaTrader 4&5 platforms as well as as on cTrader. Additionally, the broker has access to deep liquidity, allowing for fast and precise order execution.

There is still room for improvement in regard to FP Markets’ research and educational materials – at least in relation to the broker’s European entity. Its clients would benefit from richer and more diverse types of content, including written articles, ebooks, daily market breakdowns, and others.

Overall, we found FP Markets’ service to be very professional and high quality. It can be equally useful to novice traders taking their first steps on the market, as well as experienced professionals looking for an edge on the market.

FAQ

Where is FP Markets based?
First Prudential Markets Ltd. is based in Limassol, Cyprus. First Prudential Markets PTY Ltd. is headquartered in Sydney, Australia. FP Marekts LLC is registered in Kingstown, St. Vincent &

Is FP Markets safe?
The company is fairly safe and transparent. It has top-tier regulations, adheres to the most stringent safety procedures, and has a well-established brand name.

Is FP Markets good for beginners?
Yes, beginners can take advantage of the diverse account types and competitive fees. However, the scope of the research materials is rather limited.

What is the minimum deposit for FP Markets?
The minimum deposit for the broker’s two account types is 50 EUR/USD/GBP.

How do I withdraw money from FP Markets?
Clients of FP Markets can withdraw funds from their trading accounts using a bank card, wire transfer, or e-wallet.

How long does it take to withdraw money from an FP Markets account?
FP Markets processes all withdrawal requests within three business days.

What is FP Markets’ maximum leverage?
The maximum leverage for retail traders is 1:30.

How do I open an account with FP Markets?
Accounts can be opened from the main page of the website.

Which platforms does FP Markets offer?
Retail traders can choose between MetaTrader 4 (MT4), 

Does FP Markets offer a demo account?
Yes.

Is FP Markets suitable for scalping?
With its commission-free trading, low floating spreads, and fast order execution, FP Markets is suitable for scalping.

Is FP Markets suitable for auto-trading?
Yes, traders can use MetaTrader’s Expert Advisors (EAs) feature to automate their trading.

Is FP Markets suitable for hedging?
Yes, traders can hedge with FP Markets.

Is FP Markets suitable for spread betting?
No, spread betting is not available.

Does FP Markets provide VPS?
Yes, it does.

What are FP Markets’ trading hours?
Depends on the particular asset class. For instance, the Forex market is open 24/5, whereas shares of U.S. companies can be traded during the New York Stock Exchange (NYSE) open – Monday to Friday from 09.30 a.m. to 4 p.m. EST.

Is FP Markets a market maker?
No, FP Markets operates on a No-Dealing-Desk (NDD) basis. It obtains its liquidity from other financial institutions.

Does FP Markets operate a bank?
No, it does not.

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See FP Markets Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
Australia
Foundation Year
2005
Regulations
ASIC (Australia), CySEC (Cyprus), FSCA South Africa (South Africa)
Publicly Traded
No
Number Of Employees
156
Trading Desk Type
DMA, ECN, No dealing desk, STP
Trading platforms
MT4, MT5, cTrader, IRESS
Restricted Countries
United States, Belgium, New Zealand
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Japanese, Chinese, Bulgarian, Italian, Slovenian, Croatian, Finnish, Lithuanian, Swedish, Greek, Serbian, Vietnamese, Malaysian, Turkish, Norwegian, Danish, Indonesian, Dutch, Thai, Polish, Czech, Estonian, Hungarian
Min Deposit
$100
Max Leverage
1:30 (ASIC), 1:30 (CySEC ), 1:500 (FSCA South Africa)
Deposit Options
Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Mastercard, Giropay, Visa, Sofort
Withdrawal Options
Wire Transfer, PayPal, Skrill, Neteller, Sofort, Mastercard, QIWI, Giropay, Visa
Time to Withdrawal
1
Time to Open an Account
9
Cryptocurrencies
Bitcoin Cash, Bitcoin, Litecoin, Ripple, Ethereum
Products (CFD)
Currencies, Commodities, Indices, ETFs, Crypto
Demo Account
Yes
Islamic Account
Yes
Segregated Account
Yes
Managed Account
Yes

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