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FP Markets Review 2024

By:
Dan Blystone
Updated: Mar 6, 2024
Overall Rating
4.6
  • Trust
    4.2
  • Fees
    4.9
  • Platforms and Tools
    4.4
  • Tradable Instruments
    4.5
  • Customer Support
    4.8
  • Research
    5
  • Deposit and Withdrawal
    5
  • Account Types and Terms
    4.5
  • Education
    4.4
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on FP Markets

    FP Markets is a global multi-regulated broker founded in 2005. It offers trading in CFDs on forex, shares, indices, commodities, and cryptocurrencies via MetaTrader4&5, cTrader, Iress, Mottai, and TradingView platforms.

    Rock-bottom fees, fast execution, and a diverse range of instruments allow FP Markets to meet the needs of experienced traders. These strengths are complemented by advanced features like automated trading and Direct Market Access along with award-winning research materials from Trading Central and Autochartist.

    If you are looking for a broker with advanced tools and competitive trading conditions, FP Markets could be a good fit.

    Recommended in 8 best broker guides: 
    Forex | CFD | Zero Spread | Regulated | MT4 | Social Trading | Scalping | Commodities

    FP Markets Pros and Cons

    Pros Cons
    • Competitive spreads
    • Excellent range of instruments
    • Personal Account Managers
    • 24/7 multi-lingual support
    • Copy trading
    • Autochartist, Trading Central
    • VPS Hosting
    • Partnership programs
    • Comprehensive educational section
    • Offshore entity is unregulated
    • Lacks a proprietary platform

    FP Markets Highlights of 2024

    • Multiple Regulations: FP Markets has six entities across the globe, with two licensed by top-tier regulators. The overall score was dragged lower because of two offshore entities, one of which is unregulated.
    • Competitive Spreads: My live tests showed that FP Markets provides some of the most competitive trading costs in the industry, with tight spreads in popular markets like the Dax and gold.
    • Advanced Platform Offering: Clients have access to MT4/MT5, Iress, cTrader, and TradingView platforms.
    • Third-Party Tools: FP Markets provides clients with first-class research from Trading Central and Autochartist.
    • Over 10,000 Financial Instruments: Clients have the opportunity to trade 1,000+ instruments through MetaTrader 5 and an extended range of 10,000 via the Iress platform.
    • Robust Educational Resources: The FP Markets Academy provides clients with a strong foundation of knowledge for launching into the challenging world of trading.

    Who is FP Markets for?

    My assessment showed that FP Markets is geared towards experienced traders.

    The MT4/MT5, cTrader, TradingView, Mottai, and Iress platforms cater to advanced traders using sophisticated order types and robust charting. Tools like VPS cater to traders using automated trading strategies and MAM/PAMM enables clients to act as money managers.

    FP Markets can accommodate scalpers and day traders thanks to tight spreads, low latency trade execution delivered from an Equinix NY4 facility server cluster, and 1-click trading. Experienced and high-volume traders can also benefit from the lowest costs via a Raw Spreads account type.

    What Sets FP Markets Apart?

    FP Markets is a well-rounded broker that has slashed costs to a minimum but has not cut corners in areas like customer service and research materials, where it also stands out as above average.

    I performed my tests with a Standard MT4 Account, using the desktop platform and mobile app. The account was opened with the Australian entity of FP Markets (First Prudential Markets PTY Ltd) for this review. Some features and services may vary depending on where you reside.

    FP Markets Main Features

    ☑️ RegulationsASIC (Australia), FSA (Seychelles), FSCM (Mauritius), FSCA (South Africa), CySEC (Cyprus)
    🗺 Supported Languages
    English, Russian, French, Indonesian, Dutch, Portuguese, Thai, Polish, Arabic, Hungarian, Bulgarian, Italian, Spanish, Chinese, Japanese, Greek, Vietnamese, German, Korean, Malaysian
    💰 ProductsCurrencies, ETFs, Crypto, Bonds, Indices, Commodities
    💵 Min Deposit$100
    💹 Max Leverage1:30 (ASIC), 1:500 (FSA), 1:3000 (FSCM), 1:500 (FSCA), 1:30 (CySEC )
    🖥 Trading Desk TypeNo dealing desk
    📊 Trading PlatformsMT5, cTrader, IRESS, MT4, Mottai
    💳 Deposit OptionsPayPal, Wire Transfer, Skrill, Neteller, Credit Card, Bpay, Broker to Broker, Debit Card, PayID
    💳 Withdrawal OptionsWire Transfer, Neteller, Skrill, PayPal, Paytrust, Online Pay, Debit Card
    🤴 Demo AccountYes
    🗓 Foundation Year2005
    🌎 Headquarters CountryAustralia
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    FP Markets Full Review

    Trust

    4.2
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    FP Markets operates across six entities, each subject to different degrees of regulatory oversight. The broker offers safeguards like negative balance protection, segregated funds, and compensation funds through its CySEC-regulated EU entity. However, its St. Vincent & the Grenadines entity provides limited safeguards which impacted the trust score. Despite this, FP Markets maintains transparency and boasts a nearly 20-year track record, marking it as an above-average performer in the industry.

    FP Markets Regulations

    Here are the regulatory details of the six entities of FP Markets:

    • 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.
    • First Prudential Markets Limited is licensed and regulated by the Financial Sector Conduct Authority (FSA) in Seychelles. The FSA ranks as a Tier-3 regulator on our system.
    • FP Markets Ltd is licensed and regulated by the Financial Services Commission (FSC) in Mauritius. We rank the FSC as a Tier-3 regulator.
    • FP Markets LLC is a registered company of St. Vincent & the Grenadines. FP Markets is not regulated.
    First Prudential Markets Pty Ltd on the ASIC register
    First Prudential Markets Pty Ltd on the ASIC register

    Why is it important to know where your broker subsidiary (entity) is regulated?

    To serve clients worldwide, brokers must have multiple regional entities. The level of client protection guaranteed by regional regulators varies widely. Here are some of the key features to check on at your broker`s regional entity:

    • Segregation of client funds. Segregating client funds from the operating capital of a broker prevents misuse, ensuring that traders’ funds can not be used for operational expenses or speculative investments. At FP Markets, all client funds are held in segregated accounts away from the company’s funds.
    • Negative balance protection. This guarantees that clients cannot lose more than their account balance, even if the market unexpectedly makes a massive move or gaps. All FP Markets entities provide negative balance protection.
    • Compensation scheme. A compensation scheme protects client funds in the unlikely event that the broker becomes insolvent. Clients of the CySEC-regulated entity, First Prudential Markets Ltd, are protected by up to EUR 20,000 under the Investor Compensation Fund (ICF). There is no compensation fund for Australian clients in the event of insolvency.
    • Maximum leverage. Limiting leverage controls the level of risk traders can take on. The higher the leverage, the higher the potential profits and losses. At the Australian entity of FP Markets, the maximum leverage for retail clients is 1:30.

    The table below covers the client protections at each entity:

    Entity Features First Prudential Markets PTY Ltd First Prudential Markets Ltd FP Markets (Pty) Ltd First Prudential Markets Limited FP Markets Ltd FP Markets LLC
    Country/Region Australia EU South Africa Seychelles/Global Mauritius/Global St. Vincent & the Grenadines
    Regulation ASIC CySEC FSCA FCA FSC Unregulated
    Tier 1 1 2 3 3 n/a
    Segregated Funds Yes Yes Yes Yes Yes Yes
    Negative Balance Protection Yes Yes Yes Yes Yes Yes
    Compensation Scheme No ICF Investor Compensation up to 20,000 EUR No No No No
    Maximum Leverage 1:30 1:30 1:400 1:500 1:500 1:500

    Regulatory requirements are subject to change. I gathered the data listed above in February 2024.

    Is FP Markets Safe to Trade With?

    FP Markets operates entities licensed by top-tier regulators that offer relatively high account security and others that are regulated offshore or unregulated. The range of protection varies by entity.

    For example, clients with the CySEC-regulated EU entity benefit from a high level of regulatory scrutiny and a compensation scheme in the event of broker insolvency. Meanwhile, offshore entities of FP Markets have a reduced level of account protection.

    The safety level varies depending on the entity with which you open an account. Engaging with an unregulated offshore entity involves risks, whereas holding an account with a CySEC or ASIC-regulated entity is considered relatively safe.

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and financial strength. Here, we evaluate the broker’s longevity in the industry, the company’s size, and its transparency.

    FP Markets traces its origins to 2005, marking it as an experienced forex broker with a solid operating history. According to the broker’s LinkedIn page, the company has 51-200 employees, reflecting a mid-size brokerage firm.

    In my research, FP Markets showed high transparency in its regulatory status, listing its regulators in the footer of the website page.

    The website breaks down spreads clearly on the Forex Spreads page. Traders can find the Terms and Conditions on the Legal Documents page.

    To summarize, my findings indicate that FP Markets can be regarded as having a solid level of trust and stability due to the following qualities:

    • Regulated by multiple top-tier regulators
    • Almost 20 years of operating history
    • All entities segregate funds
    • All entities offer negative balance protection
    • High level of transparency

    Fees

    4.9
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    FP Markets shines in the area of fees. Spreads are better than average for the industry in every asset class. From my research, the lowest trading costs can be accessed via the Raw Spreads account type. In addition, FP Markets does not charge deposits or withdrawals and does not have an inactivity fee.

    FP Markets Trading Fees

    FP Markets’ Spreads

    I tested the spreads at FP Markets across various markets using the MetaTrader Platform during the London open and after the open of the New York forex session. At these times, the market is typically highly liquid with the tightest spreads.

    Instrument Spread AM Spread PM Industry Average
    EUR/USD 1 Pip 1.1 Pips 1.08 Pips
    GBP/JPY 1.6 Pips 1.8 Pips 2.44 Pips
    Gold  25 Cents 22 Cents 42 Cents
    WTI Crude Oil  2 Cents 2 Cents 2 Cents
    Apple n/a 6 Cents 33 Cents
    Tesla n/a 7 Cents 50 Cents
    Dow 30 1.3 Pips 1.3 Pips 3.3 Pips
    Dax 40 0.8 Pips 0.8 Pips 2.4 Pips
    Bitcoin $7.93  $6.52  $35.50

    My tests showed that spreads are competitive across the board and especially tight in indices and commodities. I recorded the data on 5 February 2024.

    FP Markets Swap Fees

    In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract.

    A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). I recorded the data on 5 February 2024.

    Instrument Swap Long Swap Short
    EUR/USD Charge of $5.79 Credit of $2.59
    GBP/JPY Credit of $16.36 Charge of $30.74

    My live tests showed that swap fees at FP Markets are average for the industry.

    FP Markets Non-Trading Fees

    FP Markets does not charge any inactive or account maintenance fees. There are also no fees for deposits and withdrawals, including via bank wire.

    Are FP Markets Fees Competitive?

    I rate the fees at FP Markets as highly competitive for the following reasons:

    • Tight spreads
    • No inactivity fee
    • No deposit or withdrawal fees

    Platforms and Tools

    4.4
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    FP Markets has an advanced platform lineup, catering to experienced traders. Clients of the Australian entity can use the popular MetaTrader 4 and MetaTrader 5 with custom add-ons, along with the professional-grade Iress and Mottai platforms. Copy trading is available via the FP Markets client portal.

    Desktop/Web Platform

    MetaTrader 4 Desktop Platform
    MetaTrader 4 Desktop Platform

    General Ease of Use

    In my tests, I used the MetaTrader 4 platform. It has advanced functionality like automated trading but is a bit dated in its look and feel. In light of this, I feel the platform is better suited to experienced traders than beginners.

    MT4 can be accessed via desktop, web, and Android/iOS mobile devices. It can be used in 39 different languages, from Arabic to Vietnamese.

    MT4 Market Watch
    MT4 Market Watch

    Key Features

    The following are among the most important features the platform offers:

    • Alerts. This feature updates traders when an instrument reaches a specific price level.
    • Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
    • One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation enabling them to operate faster. This is especially useful for day traders.
    • Trading from the Chart. MT4 allows users the convenience of trading directly from the chart.

    MetaTrader is also popular due to its automated trading features. MT4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.

    Charts

    MetaTrader 4 Charts
    MetaTrader 4 Charts

    Charting features are robust. MetaTrader 4 offers:

    • 30 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
    • 23 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
    • 9 Time Frames. Traders can choose from nine time frames, from one minute to one month.
    • 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.

    Orders

    MetaTrader 4 Order Entry
    MetaTrader 4 Order Entry

    MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:

    • Market Order. Traders use market orders to buy or sell an instrument at the best current price.
    • Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
    • Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
    • Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.

    WebTrader

    FP Markets WebTrader Platform
    FP Markets WebTrader Platform

    The MetaTrader Web Platform (Web Trader) is a slightly stripped-down version of the desktop platform. It allows users to trade directly from any browser and operating system, without any additional software.

    Popular features include:

    • One-click trading.
    • Trading from the chart.
    • Watchlists with real-time quotes.
    • Trade history.
    • Advanced charting with 30 indicators for technical analysis.
    • Copy trading and automated trading.

    My Key Takeaways After Testing FP Markets on MetaTrader 4

    MetaTrader 4 is one of the most feature-rich and popular trading platforms. It does not have a sleek interface and requires some time and effort to learn, but that is typical of advanced platforms.

    MT4 Mobile App

    MetaTrader 4 Mobile App
    MetaTrader 4 Mobile App

    General Ease of Use

    FP Markets offers the MetaTrader 4 app for mobile trading, which is available for Android and iOS. Traders can place orders, view watchlists and charts, check on their history of trades, and stay on top of news headlines. The app is fairly simplistic and easy to navigate, although I think the look and feel have room for improvement.

    Charts

    Charting within the MT4 app is robust and includes:

    • 3 chart types (Bars, Japanese Candlesticks, and Broken Line)
    • 9 timeframes (from one minute to one month)
    • 50+ popular technical indicators and analytical objects

    Orders

    Traders have the flexibility of using all major order types via the MT4 app, including market orders, limit orders, and stop-loss orders. Open positions can be modified by changing stop loss and take profit order levels.

    My Key Takeaways After Testing FP Markets on the MetaTrader 4 App

    The MT4 mobile app allows traders to perform all basic functions on the go, but usability and design are not as smooth as competing apps from leading brokers.

    cTrader and TradingView

    The global and EU entities of FP Markets offer cTrader and TradingView along with MT4/MT5.

    TradingView is recognized for its industry-leading charts and social features, while cTrader is an advanced platform offering automated trading within a well-designed interface.

    Note: cTrader and TradingView are not available at the South African and Australian entities of FP Markets.

    Tradable Instruments

    4.5
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    FP Markets excels in the area of tradable instruments, with over 10,000 CFDs on forex, commodities, indices, shares, bonds, and cryptocurrencies. Also, traders have the flexibility to work with both futures and spot market CFDs.

    Instrument Number Type
    Currency Pairs 72 Major, Minor, Exotic
    Commodities 26 Metals, Energies, Softs
    Indices 19 Major Stock Indices, US Dollar Index, VIX
    Global Stocks 8,800+ London, Hong Kong, Paris, Frankfurt, Madrid, Amsterdam and New York (NYSE & Nasdaq) Exchanges
    Bonds 2 US Ten-Year Notes, UK Long Gilt 
    Cryptocurrencies 12 Major, Minor

    The majority of shares CFDs are available via Iress platform.

    What are CFDs?

    A Contract for Difference (CFD) is an agreement specifying that the buyer must pay the seller the difference between the current value of an asset and its value at the time the contract was initiated. Like futures and other derivative financial instruments, CFDs allow traders to speculate on price movements without owning the underlying asset.

    In the tables below, you can see a selection highlighting the variety of instruments available at FP Markets:

    Forex Major Forex Minor
    EUR/USD | GBP/USD | USD/CHF GBP/JPY | EUR/CAD | AUD/CHF
    Indices Metals
    Australia 200 | Euro 50 | US Tech 100 Gold | Silver | Platinum
    Energies Softs
    Natural Gas | WTI Crude Oil | Brent Crude Oil Cocoa | Coffee | Soybeans
    Shares ETFs
    Facebook | Shell | Vodafone iShares Mid-Cap |  Betashares Gold | SPDR 200 Financials
    Bonds Cryptocurrencies
    US Ten Year Notes | UK Long Gilt Dogecoin | Polkadot | Solana

    My Key Takeaways After Exploring FP Markets Tradable Instruments

    FP Markets offers an above-average range of tradable instruments. Keep in mind though that the bulk of the 10,000+ instruments are CFDs on shares.

    My tests showed that the range of instruments is particularly strong in indices, shares, and commodities, while forex and cryptocurrencies are closer to the industry average.

    Customer Support

    4.8
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    FP Markets provides 24/7 customer support via live chat, phone, and email. I made dozens of inquiries over two weeks and had a very positive experience overall. I assessed that the most reliable and practical medium for support was live chat.

    Chat 24/7
    Phone 24/7
    Email 24/7
    Languages  Chinese, Japanese, Korean, Spanish, Portuguese, Hungarian, Italian, Thai, Dutch, French, Vietnamese, Polish, Arabic, German, Greek, Russian, Indonesian, Malay

    Support is a key component of a broker’s offering – whether you are a new trader looking for guidance on how to use the platform or an experienced trader who needs help fast to exit their positions in the event of a technical glitch.

    FP Markets Live Chat Support
    FP Markets Live Chat Support

    FP Markets Customer Support Test

    In my tests live chat support usually responded within seconds, and emails were typically responded to the same day. Via phone, the level of support was less consistent and sometimes I had to wait for minutes before reaching an operator.

    My inquiries ranged from basic questions relating to account features to more complex themes like order execution. I noted that the support staff was usually well-informed and polite. Support is available in 18 languages.

    Deposits & Withdrawals

    5
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    Funds can be deposited and withdrawn using a wide range of methods including credit card, debit card, bank wire, digital wallet, and various online payment systems. Processing times are relatively fast for the industry. Deposits and withdrawals are both free of charge. FP Markets goes above and beyond in this category, even covering bank fees for international transfers in some instances.

    FP Markets Account Funding Methods

    Method Accepted Currencies Fees Processing Time
    Credit/Debit Card AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, JPY $0

    MT4/5: Instant 

    Iress: 1 business day

    Bank Transfer AUD, USD, EUR, GBP, SGD, CAD No deposit fees charged from FP Markets * 1 business day from when the funds are received
    BPAY AUD $0 1 business day
    PayID AUD $0 Up to 1 business day from when the funds are received.
    PayPal AUD, CAD, EUR, GBP, HKD, JPY, SGD, USD $0

    MT4/5: Instant 

    Iress: 1 business day

    Neteller AUD, CAD, CHF, EUR, GBP, JPY, PLN, SGD, USD $0

    MT4/5: Instant 

    Iress: 1 business day

    Skrill  USD, EUR, GBP $0

    MT4/5: Instant 

    Iress: 1 business day

    Broker to Broker AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD No deposit fees charged from FP Markets* 1 business day from when the funds are received

    *In the cases of bank transfer and broker-to-broker, FP Markets will cover your International fees of up to 50 USD for deposits greater than 10,000 USD.

    The range of deposit methods and speed of processing is better than average for the industry.

    FP Markets Withdrawal Methods

    Method Accepted Currencies Fees Processing Time
    Credit/Debit Card AUD, USD, GBP, EUR, CAD, CHF, HKD, SGD, NZD, JPY $0 2-10 business days, depending on your corresponding bank
    Domestic bank wire AUD $0 1 business day once all the correct documents are received
    International bank wire Other than AUD $0 1 business day once all the correct documents are received
    Neteller AUD, CAD, CHF, EUR, GBP, JPY, PLN, SGD, USD 1% up to 30 USD + country fees (if applicable) per 45,000 USD transaction 1 business day
    Skrill USD, GBP, EUR 1% + country fees (if applicable) 1 business day
    PayTrust MYR, IDR, THB, VND 1.5% 1 business day
    PayPal  AUD, CAD, EUR, GBP, HKD, JPY, SGD, USD $0 1 business day
    OnlinePay RMB 10 USD if withdrawal amount is less than 500 USD 3 USD if withdrawal amount is over 500 USD 1 business day

    Likewise, for withdrawals, the range of methods, speed of processing, and absence of fees are better than the industry average. FP Markets earned a perfect score in this category.

    Account Types and Terms

    4.5
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    FP Markets offers four account types. For MT4/MT5 users, there is a choice between the spread-based Standard account and the commission-based Raw account. For those utilizing Iress, Retail, and Professional account types are offered. The account opening process is fully digital and can be completed via the website in less than 10 minutes. Traders can access free demo accounts via the MT4/MT5 platforms.

    FP Markets Application
    FP Markets Application

    What Account Types Does FP Markets Offer?

    Forex Account Types

    Feature Standard MT4/MT5 Account Raw MT4/MT5 Account
    Spreads From 1.0 pips From 0.0 pips
    Commission Zero $3.0 (Per Side)
    Minimum Deposit $100 AUD or equivalent $100 AUD or equivalent
    Maximum Leverage 1:30 1:30

    Iress Account Types

    Feature Retail Account Wholesale/Professional Account
    Minimum Balance $1,000 $1,000
    Brokerage Rate (ASX) $6 min, then 0.06% 0.05%, no min
    Financing (ASX) FP Markets Base Rate +3.0% FP Markets Base Rate +2.0%
    Iress Trader $60 inc. GST fee is waived if you generate $150 in comm/month $60 inc. GST fee is waived if you generate $150 in comm/month
    ViewPoint Essential Free Free
    Telephone Trades No additional charge No additional charge
    Account Description Retail account provides access to competitive DMA commission and margin rates with Iress trading platform options Wholesale account provides access to competitive DMA commission and margin rates which is further negotiable with your account manager based on deposit and average monthly turnover

    FP Markets Account Opening Process

    To open a CFD account with the Australian entity of FP Markets, prospective clients must complete an application covering the following parts:

    • Contact and Personal Details: Name, email address, country of residence, date of birth, phone number, physical address, nationality, passport or driver’s license number.
    • Employment Details: Employment status and occupation.
    • Account Details: Trading platform, account type, and base currency.
    • Level of Trading Experience: Volume of trading of forex and other markets in the past 3 years.
    • Test of Market Knowledge: A series of questions relating to CFD trading.

    Professional Accounts

    Professional accounts at the Australian entity of FP Markets offer the following benefits:

    • Maximum leverage of 1:500
    • Personal account manager
    • VIP program including rebates

    To be eligible traders must meet one of the two criteria options for either wealth OR experience:

    Wealth Test

    Criteria 1 Criteria 2
    • You have net assets of at least AUD 2.5 million. 
    • Must be verified by a certificate from a qualified accountant issued in the last 2 years. 
    • You have had a gross income for the last two financial years of at least AUD 250,000 per annum. 
    • Must be verified by a certificate from a qualified accountant issued in the last 2 years.

    Experienced Trader Test

    Criteria 1 Criteria 2
    • Demonstrate your knowledge of leveraged trading by completing a short online test. 
    • Gross Income of AUD 100,000 or Net Assets of AUD 500,000 
    • At least 20 trades per quarter (for any 4 quarters in the last 5 years);
    • Minimum of $500,000 notional value in each of the 4 quarters of the last 5 years. This can be demonstrated from your FP Markets account, another provider, or a combination of both. 
    • You must currently work or have previous experience (minimum one year) in a professional role within the financial sector, where your duties involved or required an understanding of leveraged trading (FX or CFDs).

    As an FP Markets Pro Account holder you will waive certain protections. Among these, you will not be entitled to the protections afforded to retail clients under the Corporations Act 2001.

    What is leverage in CFD Trading?

    One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

    The ASIC maximum leverage for retail clients is 1:30. This means that with an account of $1,000, you can control up to $30,000 worth of positions in the market. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.

    Available leverage differs according to the asset class, with the most leverage available for CFDs on forex and the least for CFDs on crypto.

    Maximum Leverage by Asset Class

    Instrument Category Retail Account Professional Account
    Major Forex 1:30 1:500
    Minor Forex 1:20 1:500
    Major Indices (excl. DAX) 1:20 1:200
    Gold 1:20 1:500
    Commodities (excl. Gold) 1:10 1:100
    Minor Indices (excl. CHINA50) 1:10 1:200
    Shares 1:5 1:20
    Crypto 1:2 1:5

    Demo Account

    FP Markets offers demo accounts for MetaTrader 4 and MetaTrader 5. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money. The demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once users have gotten up to speed on a demo account, they can easily switch to a live version.

    Islamic Accounts

    The Australian entity of FP Markets does not currently offer a swap-free Islamic account.

    FP Markets Supported Countries

    FP Markets takes clients from most countries in the world, with the exceptions of Afghanistan, Cuba, Iraq, the Islamic Republic of Iran, Liberia, Libya, Myanmar, Palestine, the Russian Federation, Somalia, the Syrian Arab Republic, Sudan, Yemen, and the United States.

    Research

    5
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    FP Markets provides a good flow of market analysis via its Traders Hub section. Material is mostly text-based and covers both fundamental and technical themes. Third-party research providers Autochartist and Trading Central are available within the client portal. I rate the quality of research materials to be better than the industry average.

    FP Markets Research
    FP Markets Research

    FP Markets’ in-house analysts provide high-quality coverage of major market events like central bank meetings and major economic releases.

    I liked that the analysis covers a wide range of markets including cryptocurrencies. Traders Hub also features reports on technical themes, citing chart patterns and key support and resistance levels.

    FP Markets Research
    FP Markets Research

    FP Markets offers award-winning content from Trading Central, which combines automated investment analytics and analyst research. Key features of Trading Central include:

    • Analyst Views: This section covers trading ideas, technical updates, support/resistance levels, and ideas across forex, stocks, commodities, and indices.
    • Featured Ideas: This lists opportunities and provides direction for your trades.
    • Technical Insights: After choosing your preferred technical indicators, candle patterns, or oscillators, Trading Central scans the markets to find opportunities that match your criteria.

    FP Markets also provides free trading signals from third-party provider Autochartist. Autochartist automatically identifies chart patterns and key price levels, using this information to predict the most likely direction of the trend.

    My Takeaways from Exploring FP Markets Research Content

    FP Markets provides a good combination of insightful fundamental and technical coverage from in-house analysts along with practical trading ideas from third-party Autochartist and Trading Central.

    Education

    4.4
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    FP Markets has a well-rounded educational offering with courses in text and video format, live webinars, and e-books. The volume is substantial and covers beginner, intermediate, and advanced-level material. Traders can gain a solid foundation of knowledge, and I rate the content as better than average for the industry.

    FP Markets Academy
    FP Markets academy

    The courses within the FP Markets academy cover key concepts and terminology like margin, swaps, and spreads. Traders can learn about the various order types available. An introduction to charts and various technical indicators like MACD is also provided.

    FP Markets Course
    FP Markets Course

    I estimate the lessons as easy to digest and well-presented. Within the FP Markets Academy, the content is mostly catering to beginners.

    FP Markets Platform Tutorials
    FP Markets Platform Tutorials

    The MetaTrader platforms are not the most intuitive, so the MT4/MT5 tutorials are a great addition to the FP Markets education section. This video series covers everything from the basics like how to download the platform to more advanced topics like VPS Installation.

    The Bottom Line

    20-year CFD industry veteran FP Markets has carved out a niche for itself providing the resources and trading conditions demanded by experienced traders.

    The Aussie broker delivers low spreads, fast order execution, advanced platforms, and minimal fees – without skimping on customer support and research materials. I judged FP Markets as an above-average broker, providing a well-rounded service, as it excelled in almost every category of our review.

    FP Markets could improve by providing a user-friendly proprietary platform to cater to newbies and casual traders. Offering third-party account insurance for clients at offshore entities would also be a positive addition.

    FAQ

    FP Markets headquarters are at 10 Bridge Street, Level 5, Sydney, NSW, 2000, Australia
    FP Markets has a long operating history and is regulated by multiple Tier-1 authorities. I judge this well-established CFD broker to be relatively safe.
    FP Markets has solid educational materials and reliable customer support, making it suitable for beginners.
    FP Markets makes money from the bid/offer spread, commissions, and swap fees.
    The minimum deposit for both Standard and Raw accounts is AUD 100.
    Australian clients can deposit funds via credit/debit cards, bank wire, BPAY, PayID, PayPal, Neteller, Skrill, and Broker to Broker.
    Australian clients can withdraw funds via credit/debit cards, bank wire, Neteller, Skrill, PayTrust, PayPal, and OnlinePay.
    Withdrawals via domestic bank wire take 1 business day once all the correct documents are received.
    The maximum leverage for retail clients at the Australian entity is 1:30.
    Australian clients can access MetaTrader 4, MetaTrader 5, Iress, cTrader, and Mottai platforms.
    Yes, FP Markets offers demo accounts via MetaTrader 4 and MetaTrader 5.
    Yes, FP Markets offers 1-click trading, fast order execution, and competitive spreads which are essential for scalpers.
    Yes, FP Markets offers MetaTrader, which can facilitate automated trading.
    Yes, hedging is allowed at FP Markets.
    No, FP Markets does not offer spread betting.
    Yes, VPS hosting is available.
    No, FP Markets is a forex and CFD online provider.
    No, FP Markets is a broker only.

    See FP Markets Full Information

    Headquarters CountryAustralia
    Foundation Year2005
    RegulationsASIC (Australia), FSA (Seychelles), FSCM (Mauritius), FSCA (South Africa), CySEC (Cyprus)
    Publicly TradedNo
    Number Of Employees156
    Trading Desk TypeNo dealing desk
    Trading PlatformsMT5, cTrader, IRESS, MT4, Mottai
    Restricted Countries
    United States, Afghanistan, Cuba, Iraq, Iran, Liberia, Libya, Myanmar, Russian Federation, Somalia, Syria, Sudan, Yemen
    Supported Languages
    English, Russian, French, Indonesian, Dutch, Portuguese, Thai, Polish, Arabic, Hungarian, Bulgarian, Italian, Spanish, Chinese, Japanese, Greek, Vietnamese, German, Korean, Malaysian
    Min Deposit$100
    Max Leverage1:30 (ASIC), 1:500 (FSA), 1:3000 (FSCM), 1:500 (FSCA), 1:30 (CySEC )
    Deposit OptionsPayPal, Wire Transfer, Skrill, Neteller, Credit Card, Bpay, Broker to Broker, Debit Card, PayID
    Withdrawal OptionsWire Transfer, Neteller, Skrill, PayPal, Paytrust, Online Pay, Debit Card
    Time to Withdrawal1
    Time to Open an Account8
    Crypto
    Ethereum, Dogecoin, Bitcoin, Litecoin, Bitcoin Cash, Ripple, Cardano, Stellar, EOS, Polkadot, Chainlink, Solana
    Products
    Currencies, ETFs, Crypto, Bonds, Indices, Commodities
    Demo AccountYes
    OCO OrdersYes
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossYes
    Guaranteed Limit OrdersYes
    Guaranteed Fills / LiquidityYes
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistYes
    Trading SignalsYes
    Platform Languages
    Italian, Portuguese, Dutch, Chinese, Arabic, Thai, Korean, Vietnamese, Hungarian, English, French, Spanish, Russian, German, Malaysian, Japanese, Greek, Polish, Indonesian
    24 Hours SupportYes
    Support During WeekendsYes
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsYes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Dan BlystoneBroker Analyst

    Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

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    Why you can trust FX Empire

    FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.
    Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.