FP Markets Review
FP Markets is an Australian-based broker that has been in operation since 2005; it offers CFD trading to international clients via the MT4/MT5 trading platforms. Australian clients and clients from select geographical locations will have access to direct marketing share trading, via the broker's proprietary Iress trading platform, where over 13,000 assets are available. It should be mentioned that the selection for international clients is significantly less, a fact that FP Markets fails to disclose. Overall, however, this broker is well-regulated and compliant in three jurisdictions; it offers tight spreads, and competitive leverage, making it a genuine choice for many traders. Execution speed of fewer than 40 milliseconds, VPS hosting, and a no dealing desk (NDD) execution model create ideal trading conditions for automated trading solutions. With a minimum deposit of just $100, it is accessible to a broad target market. Over the years, FP Markets has received 36 industry awards.
|⚖️ Regulations||CySEC, ASIC|
|💰 Type of broker||No Dealing Desk|
|💰 Minimum Deposit||$100|
|💰 Maximum Leverage||1:500|
|📊 Type of platform||MetaTrader 4, MetaTrader 5, IRESS|
|💳 Deposit with credit card||Yes|
|👛 Depositing with wire transfer||Yes|
|🎮 Demo account provided||Yes|
|🛍️ Instruments traded||CFDs, Commodities, Metals, Stocks, Oil, Gold, Indices, Cryptocurrencies|
Regulation and Security
First Prudential Markets PTY LTD, the owner of FP Markets, operates under the regulatory oversight of the Australian Securities and Investments Commission (ASIC). Additional protection exists via the Act of Grace mechanism under section 65 of the Public Governance Performance and Accountability Act 2013. The Scheme for Compensation for Detriment caused by Defective Administration (CDDA Scheme) shields clients from potential damages, which are unlikely to materialize, given this broker's history.
The Cyprus Securities and Exchange Commission (CySEC) offers additional regulation for First Prudential Markets LTD but in a less favorable trading environment. Most international traders will manage their portfolios from the St. Vincent and the Grenadines entity, First Prudential Markets LLC. The financial regulator, the Financial Services Authority (FSA), is responsible for the registration of international business companies (IBCs); registry allows companies to operate as a broker, but does not regulate them.
Client deposits remain fully segregated across all three divisions, but only the CYSEC brokerage offers guaranteed negative balance protection. External financial account audits exist, but the name of the auditors is not listed. FP Markets, overall, appears transparent and maintains a trustworthy trading environment. It does feature a dedicated resolution dispute category, unlikely to be used by many traders, due to its record as a reliable broker.
Two regulators grant the regulatory framework, three authorize brokerage services performed by FP Markets.
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FP Markets derives its revenues from a combination of spreads and commissions. The Standard account represents a commission-free option, where the EUR/USD carries a minimum cost of 1.15 pips, a comparatively elevated offer. The commission-based Raw alternative account lists the same currency pair with an average spread of 0.05 pips for a commission of $6, in line with competitors. Commodities, indices, and cryptocurrencies, remain free of additional costs, which the spread includes.
Swap rates on leveraged overnight positions apply, and FP Markets is fully transparent about them. Corporate actions such as dividends, mergers, and splits, impact equity and index CFDs, and are passed onto affected portfolios. An inactivity fee takes effect after two months and increases the longer the account remains inactive. Third-party deposit/withdrawal fees exist. In general, the complete cost-structure is acceptable.
A combination of spreads and commissions accounts for the bulk of trading costs.
FP Markets is transparent about swap rates and explains to traders how to obtain them, which many competitors fail to outline.
A progressive inactivity fee structure applies.
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What Can I Trade
Most international traders have access to 61 currency pairs, 63 equity CFDs, seven commodities, 14 index CFDs, and five cryptocurrencies on the MT4 trading platform. Oddly, FP Markets touts MT5 as the number one multi-asset trading platform but features fewer assets in the introduction with equity CFDs missing. It may simply be an error from FP Markets, as the usual approach is the opposite, where MT4 lacks equity CFDs.
Traders from select geographical locations will be able to use the Iress trading platform, where over 10,000 assets are available, most notably the full range of equities for direct market access (DMA) trading. The Iress platform offers a competitive selection for those who can obtain it, while the overall choice in MT4/MT5 remains sub-standard. New traders should contact customer support to ensure the availability of the Iress platform to them, and avoid confusion and disappointment during the registration process.
FP Markets grants a limited choice of assets on MT4.
MT5 comes advertised with even fewer options, in what appears to be an erroneous mix-up between the MT4 and MT5 introductions.
Select traders will have access to the complete asset list on the Iress trading platform.
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A commission-free Standard account and a commission-based Raw account are available for the MT4/MT5 trading platforms. The former lists a minimum spread of 1.0 pips; that spread reduces to 0.0 pips in the latter account type for a fee of $3 per side, or $6 per round lot. Both account types require a deposit of $100 or a currency equivalent and offer a maximum leverage of 1:500. The only drawback remains the limited asset selection. Three account types, Standard, Platinum, and Premier exist on the Iress trading platform, where over 10,000 assets await traders. The minimum deposit increases to $1,000, $25,000, and $50,000, respectively. Iress caters to direct market access (DMA) trading, which bears a fee structure that increases to a minimum of A$10 for the Standard version, with significantly less leverage.
FP Markets maintains two account types for the MT4/MT5 platforms.
Three account types exist on the Iress trading platform.
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The familiarity, reliability, and versatility of the MT4 trading platform will appeal to most traders. It is enhanced by the FP Markets Trader Toolbox, which consists of twelve add-ons; unfortunately, a minimum deposit of $1,000 will apply in order to access the Toolbox. Autochartist is equally supplied for both the MT4 and MT5 trading platforms, which supports manual traders. The failed successor platform MT5 introduction features fewer assets than MT4, which could be an error on the part of FP Markets. Traders without the need for the MT4 infrastructure may prefer the marginally improved user-interface of the MT5.
FP Markets grants the most superior trading experience with its proprietary Iress trading platform, an innovative multi-asset trading platform which features 59 technical indicators, over 50 drawing tools, and real-time quotes for more than 10,000 assets. It does not support automated trading solutions, however; the MT4 platform maintains a clear leadership position in that regard. Regrettably, and based on the client's geographical location, FP Markets restricts usage of the Iress platform.
MT4 is where most international traders will manage their respective portfolios.
For an elevated minimum deposit, the Trader Toolbox enhances MT4.
MT5 is equally available but without the Trader Toolbox suite.
Iress offers the best solution for manual traders but is restricted, based on trader location.
In January 2021, FP Markets introduced its mobile trading platform on both Android and iOS platforms. The app allows traders to deposit and withdraw directly from their mobile phones and to access top-tier liquidity and real-time pricing. There is also a full suite of research tools available in the mobile app so that traders can make informed decisions for over 60 currency pairs and more than 50 stocks, as well as commodities and cryptocurrencies.Back to Top
FP Markets expands its core trading services via Autochartist, which supports manual traders in their daily trading operations. Autochartist delivers over 1,000 trading ideas each month, and is available for the MT4/MT5 trading platforms. Traders with a preference for automated trading solutions have access to free VPS hosting, provided certain requirements are fulfilled. Social traders have access to the MT4 Myfxbook Autotrade service; the service only features live accounts, and signal provider compensation is awarded for profitable strategies only, and not volume. Retail account management support exists via MAM/PAMM accounts in MT4. FP Markets offers a solution for all four sectors, enhancing its market reach across the spectrum of potential clients.
FP Markets offers MT4/MT5 traders the popular Autochartist plugin.
Free VPS service for automated trading solutions exists.
Social traders have access to the MT4 Myfxbook Autotrade service.
MAM/PAMM accounts enable retail account management, but are restricted to MT4 accounts.
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Research and Education
FP Markets generates in-house research every trading day, while two weekly technical reports are equally published. They cover multiple assets and consists of written content and charts, presenting various trading ideas to clients. Videos and written analytics populate fundamental research notes. The overall presentation and market coverage of relevant events by FP Markets is of high quality.
Traders have access to in-house research published daily on the FP Markets blog.
New traders will find educational articles published under the Trading Knowledge sub-section of the blog. While numerous content exists, a dedicated beginner section or step-by-step course is missing. The content mirrors the quality of the research, but traders will have to sort through unorganized archives which are displayed only by date. Increasing the educational value are five eBooks, available for download after submitting a valid e-mail address, and twelve video tutorials which focus on MT4.
FP Markets published numerous educational articles.
Five eBooks enhance educational value.
Twelve videos complete the section.
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Clients can reach customer support 24/5, via e-mail, phone, or live chat. A call back function is also available, while an FAQ section caters to the most basic questions. Given the well-managed business operations at FP Markets, most traders are unlikely to require any assistance, but it remains easily accessible if needed.
Customer Support is available 24/5 via several channels.
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Bonuses and Promotions
At the time of this review, FP Markets neither provides bonuses nor grants special promotions.Back to Top
Opening an Account
An online application form processes new account applications. The four-step process collects required personal data per regulatory stipulations and takes an estimated three minutes to complete. A Google or Facebook account can complete this step. Account verification to satisfy AML/KYC guidelines is mandatory; traders usually meet that requirement by submitting a copy of their ID and one proof of residency document.
The Account Opening procedure is standard for the industry.
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Deposits and Withdrawals
FP Markets supports bank wires, credit/debit cards, Neteller, Skrill, Fasapay, Paytrust88, Ngan Luong, and broker-to-broker transfers. This broker generally waives deposit fees, and processing times are instant except for bank wires. Charges on withdrawals exist, except for credit/debit cards, but the withdrawal time of one business day is acceptable. The name on the trading account and payment processor must be identical, per AML guidelines.
The range of deposit and withdrawal options are acceptable.
FP Markets notes withdrawal times of one business day.
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- Broker's Name : FP Markets
- Headquarters : Australia
- Regulation : CySEC, ASIC
- Type of Broker : No Dealing Desk
- U.S. Clients Allowed :
- Minimum Deposit : $100
- Maximum Leverage : 1:500
- Commissions / Spreads : Both
- Account 1 : Standard
- Account 2 : Raw
- Account 3 : Iress
- Demo Account :
- Islamic Account :
- Segregated Account :
- Managed Accounts :
- Deposit Options :
- Withdrawal Options :
- ETFs :
- CFDs :
- Commodities :
- Metals :
- Stocks :
- Oil :
- Gold :
- Binary Options :
- Indices :
- Type of Platform : MetaTrader 4, MetaTrader 5, IRESS
- Platform Languages :
- OS Compatibility :
- Trading Signals :
- Charting Package :
- Market Analysis :
- Chart Trading :
- Automated Trading :
- Scalping :
- Hedging :
- Mobile Alerts :
- E-mail Alerts :
- Trailing Stops :
- Guaranteed Stop Loss :
- Guaranteed Limit Orders :
- Guaranteed Execution :
- One-click Execution :
- OCO Orders :
- Interest on Margin :
- Web-based Trading :
- Mobile Trading :
- Website Languages :
- Support Hours : 24/5
- E-mail Support :
- SMS Support :
- Chat :
Pros and Cons
- Extremely Wide Range of Tradable Instruments
- Choice of Platforms
- Excellent list of cryptos available
- Spreads a Little High (for lower deposit accounts)
Is FP Markets a market maker?
By default, all ASIC regulated brokers are market makers, but FP Markets deploys a no dealing desk (NDD) execution model. It may act as a market maker if and when it chooses or needs to do so.
Is FP Markets an ECN broker?
Yes, it offers an ECN account with its Raw Spread version.
Is FP Markets a legitimate Forex broker?
Yes, it is compliant with two regulators and operates as an authorized entity out of three jurisdictions. Therefore, FP Markets is legitimate.
Is FP Markets a reliable Forex broker?
In operation since 2005, with an elevated level of transparency, FP Markets has earned the trust of clients for over fifteen years and has established itself as a reliable broker.
What are the FP Markets' withdrawal options?
FP Markets supports bank wires, credit/debit cards, Neteller, Skrill, Fasapay, Paytrust88, Ngan Luong, and broker-to-broker transfers.Back to Top
FP Markets has catered to traders since 2005 and offers a secure and transparent trading environment. While this broker advertises more than 13,000 assets, they are not available to all traders. Only traders from select geographical locations will have access to the Iress trading platform. Most international clients will manage their portfolios from the MT4/MT5 trading platforms which have substantially fewer assets to trade. The Trader Toolbox enhances the MT4 platform while the Autochartist plugin enhances both the MT4 and MT5 platforms.
Social traders can use the MT4 Myfxbook service, retail asset management support exists via the MAM/PAMM module, and a VPS service assists automated traders. FP Markets publishes quality in-house generated research articles for traders seeking new ideas. Educational content is available, but a dedicated beginner's course or organized learning center is missing. Overall, FP Markets is a trustworthy broker; it maintains a competitive cost structure, and offers tailored solutions for all traders. Those with access to Iress will find that the proprietary platform provides an excellent asset choice. Traders on the MT4/MT5 platforms will continue to enjoy similar trading conditions albeit with roughly 98% fewer assets to trade.Back to Top
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