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FP Markets Broker Review

FX Scouts By Chris Cammack Updated: October 9, 2019
Average Score
3 / 5
Min. Deposit USD 100
Max. Leverage 30:1
Min. Spread 0.1 pips
Regulators ASIC
Regulator Origin ASIC
Broker Type Pure ECN

Summary

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

Trader education and market analysis are slightly weaker than other brokers, but the material presented is well-structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Reviews

Trust Rating
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Bonuses $50 New Customer Welcome Bonus; up to 20%
Beginner Friendly Good
About our review process

Trading Conditions

Minimum Deposit USD 100
Base currencies USD,AUD,CAD,CHF,EUR,GBP,HKD,JPY,NZD,SGD
Number of FX Pairs 50+
Hedging Allowed
Scalping
Swap-Free Accounts

Average Spreads

EUR / USD 0.1
GBP / USD 0.2
USD / JPY 0.2

Company Details

Company name First Prudential Markets Pty Ltd
Founded 2005
Website Visit Website
Type Pure ECN
Regulators ASIC
Office locations Australia,China,Cyprus

Deposit & Withdrawal Methods

Supported Platforms for FP Markets

FP Markets Broker Detailed Review

Is FP Markets Safe?

FP Markets is owned and operated by First Prudential Markets Pty Ltd – a private limited company registered in Sydney, Australia – and has been regulated by ASIC since 2005 (AFSL Licence 286354).

A large, globally renowned broker, FP Markets is well-recognised by the Forex industry, winning 36 awards since 2005, including Highest Overall Client Satisfaction, Best Trade Execution and Best Customer Service. In recent years, Investment Trends have repeatedly singled out FP Markets for their client satisfaction and educational material.

Additionally, FP Markets have won numerous awards in 2019 for their customer service from the LiveHelpNow Challenge – an Australian institution dedicated to recognising companies with excellent customer support.

As an ASIC-regulated broker, FP Markets keeps all client funds segregated in a AAA bank, currently the Commonwealth Bank of Australia. FP Markets is also a member of the Australian Financial Complaints Authority (AFCA), an independent financial services complaint resolution institution.

While FP Market does not offer guaranteed negative balance protection, the company encourages clients to discuss the options available with their account manager.

FP Markets for Beginners

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

Education Material

FP Markets educational section is more suited for beginner traders, as is normal, and some of it is reserved for clients only.

Some of the educational material focuses on the wider CFD industry so includes tutorials on trading stocks, indices and commodities.

As a registered client, you will gain access to a collection of guides covering topics such as avoiding common trading mistakes, trading strategies and market analysis.

Also on offer are several eBooks, a short video tutorial section covering the basics of CFD trading and a comprehensive trading glossary – most of this material is available to the general public.

Analysis Material

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

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

Customer Support

Award-winning customer support is available 24/5 via live chat, email, and telephone – though telephone support requires calling an Australian number and you will be charged accordingly.

As FP Markets are based in Australia, customer service is open from 22:00 (GMT) Sunday until 22:00 (GMT) Friday.

Trading Conditions

Trading conditions at FP Markets are generally very good with tighter than average spreads, especially at times of high trade volume, and super-fast execution speeds over a dedicated fibre-optic line.

Account Types

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

Both accounts are available on either the MT4 or MT5 platform, and both are available as demo accounts. Both real accounts have a minimum trade size of 0.01 lots, maximum leverage of 500:1 and access to EAs and VPS.

Standard Account – The Standard Account is the best option if you are looking for commission free trading. Spreads are wider than the on the Raw Account, usually starting from 1.0 pip, though they can come down to 0 pips at times of high volume. The minimum deposit is 100 AUD (or equivalent), and 50+ Forex pairs are available to trade.

Raw Account – This account has tighter spreads, but a commission of 3.5 AUD (3 USD) per standard lot per side is charged. The minimum deposit is also set at 100 AUD (or equivalent), so the only real difference between this account and the Standard Account is whether the broker’s fee is charged on commission or in the spread.

Spreads and Commissions

Spreads at FP Markets are variable depending on volume and liquidity and can start as low as 0 pips on both the Standard and Raw Accounts. That said, you are more likely to find spreads of 1.0 pips and above on the Standard Account and 1.0 pips and under on the Raw Account.

Commission on the Raw Account is 3.5 AUD (3 USD) per standard lot per side (so 7 AUD total turn around charge), and leverage for both accounts is limited to 500:1, though this can be set lower depending on your preference.

Deposit and Withdrawal Fees

FP Markets accepts deposits and withdrawals through the client portal from many sources and in most currencies, though fees do apply in some cases:

  • Credit and Debit Card: Currencies accepted are AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD and USD. No deposit or withdrawal fees are charged, and deposits are instant, though withdrawals can take one business day.
  • Bank Transfer: Currencies accepted are AUD, USD, EUR, GPB and SGD. International bank fees will apply on deposits and withdrawals, and FP Markets will charge an extra 25 AUD for international withdrawals. Both deposits and withdrawals will take one day to occur.
  • Neteller: Currencies accepted are AUD, CAD, CHF, EUR, GBP, JPY, PLN, SGD and USD. Deposits are instant and free, but withdrawal can take up to one business day and will be charged at 2% up to a maximum of 30 USD.
  • Skrill: Only USD is accepted. Deposits are instant and free, but withdrawals can take up to one business day and are charged at 1% plus any country fees.

Deposits and withdrawals can also be made via BPay, Fasapay, Ngan Luong, Paytrust88 and Broker to Broker transfer.

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

Trading Platforms

For Forex trading, FP Markets offers both MT4 and MT5 and supports the browser-based version of both. For those interested in trading equity CFDs, FP Markets also offers the IRESS trading platform. IRESS accounts have much higher minimum deposits and additional fees are applicable.

MetaTrader 4 and MetaTrader 5

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

The primary difference between Mt4 and MT5 is that MT4 is a Forex-only platform, while MT5 is a multi-asset trading solution. With MT5, you can trade not only Forex but also stocks, stock indices and precious metals. MT5 also has a built-in newsfeed and economic calendar, and trades can be made on a chart.

IRESS Platform

IRESS Trader is an advanced institutional trading platform, and FP Markets charges a monthly fee for the platform, but if you are an active trader and generate a commission for the broker by using the platform, the license fee is waived.

In comparison to the MetaTrader platform, IRESS has a more intuitive user interface and more functionality.  Features include advanced order placement, setting alerts on news and price levels, customizable charts, advanced watchlist features and access to over 10,000 trading instruments.

Mobile Trading Apps

MetaTrader 4 and 5 both have mobile apps for Android and iOS devices with little loss in functionality compared to the desktop and browser versions.

IRESS mobile offers traders much of the same functionality as on the desktop version. This includes:

  • Live dynamic pricing
  • Access to real-time financial news
  • Track portfolio and holdings
  • Advanced order management
  • Enhanced charting

Trading Tools

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

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

Benefits of the free VPS include:

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

Evaluation Method

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

FP Markets Risk Statement

According to regulation, brokers are required to be transparent with Forex traders about their the complexity of financial products and also disclose the extent to which traders can lose their money.  FP Markets wants you to know: Contracts for Difference (CFDs) are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

Overview

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

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

Most retail CFD accounts lose money. Your capital is at risk.

Compare Brokers

Overall Rating 3/5 4/5 3/5
Minimum Deposit USD 100 USD 10 USD 5
Regulation
Broker Type Pure ECN ECN/STP ECN/STP
Read Full Review Read Full Review
Trading Conditions 4 / 5 5 / 5 4 / 5
Trading Platforms 4 / 5 5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
% Lose with this broker N/A 70% of retail investor accounts lose money when trading CFDs with this provider 72.83% of retail investor accounts lose money when trading CFDs with this provider
Leverage 30:1 Flexible 30:1
Spread 0.1 pips 0.1 pips 0.0 pips
Hedging
Scalping
Account Types
  • Standard
  • Mini,Professional,Standard,Vip
  • Standard,Mini
Trading Platforms MetaTrader4, MetaTrader5, WebTrader, IRESS MetaTrader4, MetaTrader5, WebTrader MetaTrader4, WebTrader
Funding Methods Bank Transfer, Visa, Mastercard, Skrill, Neteller, Fasapay, BPay, PaySec, POLi Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay
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FP Markets

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Overall Rating 3 / 5 5 / 5 4 / 5
Min. Deposit USD 100 USD 10 USD 5
Regulation
Broker Type Pure ECN ECN/STP ECN/STP
Read Full Review Read Full Review Read Full Review
Trading Conditions 4 / 5 5 / 5 4 / 5
Trading Platforms 4 / 5 5 / 5 3 / 5
Deposit & Withdrawal 4 / 5 4 / 5 4 / 5
Risk Disclaimer N/A 70% of retail investor accounts lose money when trading CFDs with this provider 72.83% of retail investor accounts lose money when trading CFDs with this provider
Leverage 30:1 Flexible 30:1
Spread 0.1 pips 0.1 pips 0.0 pips
Hedging Allowed Yes Yes Yes
Scalping Allowed Yes Yes Yes
Platforms MetaTrader4, MetaTrader5, WebTrader, IRESS MetaTrader4, MetaTrader5, WebTrader MetaTrader4, WebTrader
Funding Bank Transfer, Visa, Mastercard, Skrill, Neteller, Fasapay, BPay, PaySec, POLi Bank Transfer, Visa, Mastercard, Maestro, Skrill, Neteller, Bitcoin, Unionpay Bank Transfer, Visa, Mastercard, Skrill, Neteller, Bitcoin, Unionpay

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Most retail CFD accounts lose money. Your capital is at risk.