FP Markets Review

Author By Jeffrey Cammack
Updated: October 15, 2021
Overall Rating
4.28 4.28 / 5
Rated #14 of 68 Recommended Brokers
Min. Deposit
USD 100
Regulators
Trading Desk
Trading Cost
USD 7
Website Language
English, Arabic, Indonesian, Vietnamese, Portuguese, Thai, Malay
Support Language
English, Arabic, Indonesian, Vietnamese, Portuguese, Thai, Malay, Japanese
AlertAccepts South African Clients. Average spread EUR/USD 0.1 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.

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Summary

A well-regulated STP/ECN broker, FP Markets offers trading on multiple instruments, including shares, metals, commodities, cryptocurrencies, indices, and over 60 Forex pairs, a wider range than is available at most other brokers. 

Trading conditions are around the industry average on FP Markets’ commission-free Standard account, with spreads starting at 1.0 pips on the EUR/USD, but are more competitive on its Raw Account, with spreads starting at 0.1 pips (EUR/USD) in exchange for a commission of 6 USD (round turn).  

FP Markets supports both the MT4 and MT5 platforms – but unlike most other brokers does not offer its own web-based platform – and has several excellent trading tools to further assist traders.  While traders can access Autochartist for free, tools such as VPS services and the Traders Toolbox require a minimum deposit of at least 1,000 USD.   

FP Markets allows all trading strategies, including hedging, scalping, and copy trading, and its education and market analysis sections are well-presented and in-depth, catering to both beginners and more experienced traders alike.

Reviews

Regulation
111104/ 5
Trading Conditions
111115/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111003/ 5
Education & Research
11110.54.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Excellent
Bonuses
None

Account Information

Base Currencies
USD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD
Number of FX Pairs
60
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Min. Spread
0 pips
Commission
6 USD / lot - RAW Accounts
EUR/USD
0.1 pips
GBP/USD
0.2 pips
USD/JPY
0.1 pips
Max. Leverage
500:1

Company Details

Company Name
First Prudential Markets Pty Ltd
Founded
2005
Office Locations
Australia

Pros

  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support

Cons

  • Expensive withdrawals

Is FP Markets Safe?

Yes, FP Markets is a safe broker to trade with

Founded in 2005 and headquartered in Australia, FP Markets is owned and operated by First Prudential Markets Pty Ltd.  It is authorised and regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, and is registered in St Vincent and the Grenadines.  See below for details of registered companies:

  • First Prudential Markets Pty Ltd is authorised and regulated by ASIC, AFSL Licence 286354.
  • First Prudential Markets Pty Ltd is authorised and regulated by CySEC, license 371/18.
  • FP Markets LLC. is a registered company of St. Vincent and the Grenadines, Limited Liability Number 126 LLC 2019.

FP Markets - Is it safe?

FP Markets clients in South Africa will be trading with FP Markets LLC, registered in St Vincent and the Grenadines (BVA FSC).  For all intents and purposes, the BVA FSC is not considered a forex broker regulator and applies no supervision of any CFD trading related activities.  Clients must rely solely on the reputation of FP Markets, as no additional measures exist to ensure client protection. However, in a show of good faith, FP Markets segregates all funds from the company’s operating capital at AA-rated Australian banks, and it offers negative balance protection to all its clients.  Additionally, as FP Markets is not regulated by the FSCA, South Africans are not protected under any local investor protection schemes. 

While South Africans may be apprehensive about trading under a subsidiary that is essentially unregulated, FP Markets subsidiaries in Australia and Europe are also regulated by ASIC and CySEC, which are both top-tier authorities.  Additionally, FP Markets offers its clients account statements that are regularly audited by external audit firms. 

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
ASIC
CySEC
ECN/DMA
2005
Australia

FP Markets has also received extensive industry recognition, having won over 40 awards since its inception.  Some of these awards include Highest Overall Client Satisfaction 2020, Best Trade Execution 2020, Best Customer Service 2020, and Best Educational Material (all from Investment Trends).  Additionally, FP Markets won numerous awards in 2019 for its customer service from the LiveHelpNow Challenge – an Australian Institution dedicated to recognising companies with excellent customer support.

Overall, because of its long history of responsible behaviour, ASIC and CySEC regulation, strict auditing processes, and wide industry acclaim, we consider FP Markets a trustworthy broker.

fpmarkets-homepage-202010

Trading Fees

FP Markets charges low trading fees compared to other Forex brokers.

Unlike other brokers that offer a range of account types with lower spreads linked to higher minimum deposits, FP Markets only offers two accounts. Both account types are available on both MT4 and MT5. For more on FP Markets’ trading platforms, click here.

The Standard Account has the trading costs included in the spread while the Raw Account offers tighter spreads and a small commission per trade. For more on FP Markets’ account types, click here.

FP Markets’ fee structure is transparent, and it publishes all the spread and commission costs associated with either account. 

FP Markets’ accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:

Spread x Trade Size + Commission = Total Trading Cost (USD):

FP Markets Accounts

As you can see from the table above, the trading costs on the Standard Account are built into the spread and are higher than the costs on the Raw Account, which has a round turn commission of 6 USD.

Swap Fees

In a welcome show of transparency, FP Markets publishes all swap fees for each instrument on its site.  Swap fees are derived from the current bank interest rates plus a small mark-up charged by FP Markets.  

By way of example: Let’s say that you are trading EUR/USD, and the interest rate of the European Central Bank (ECB) is 0.25% and that of the US Fed is 1.75%. Suppose you want to go long on the EUR/USD, which means that you will buy Euro and sell USD.

Swap Fee Calculation = (Contract x (Interest Rate Differential + Markup)/100 x Price/Days per year

  • Contract – 1 lot (100 000 EUR)
  • Price of EUR/USD – 1.1058 pips
  • Interest rate differential = (1.75%-0.25%) = 1.5%
  • Markup – 0.25% (Broker’s Commission)
  • Days per year = 365

Swap = 100,000 x (1.5 – 0.25)/100 x 1.1058/365 = 5.30 USD

Traders would therefore pay a swap fee of 5.30 USD per night.  

Overall, although FP Markets only offers two trading accounts, the trading costs on its Standard Account are around the industry average and are lower than average on its Raw Account.  In addition, FP Markets has a low minimum deposit requirement of 100 AUD or equivalent, making it a good choice for both beginner and experienced traders. 

Non-Trading Fees

FP Markets charges higher than average non-trading fees compared to other ECN/STP brokers.

Unlike most brokers, FP Markets does not charge any administration, inactivity fees, or deposit fees, but charges higher than average withdrawal fees on some funding methods. For more on FP Markets’ deposit and withdrawal methods, click here.   

Opening an Account at FP Markets

The account opening process at FP Markets is fully digital, fast, and hassle-free compared to other brokers. 

All South African traders are eligible to open an account at FPMarkets, as long as they meet the minimum deposit requirement of 100 AUD (or equivalent).  

Creating an account is straightforward, the process is fully digital, and accounts are usually ready within one day.  FP Markets offers joint and individual accounts, but we will focus on opening an individual account:

How to open an account at FP Markets:

  1. New traders will have to click on the “Start Trading.” button at the top of the page where they will be directed to register an account.    
  2. FP Markets’ intake form requires clients to fill in their personal details (including name, country of residence, email address, birth date, and level of education). 
  3. Prospective traders are then required to select the account type, trading platform, and chosen base currency (click here for more on FP Markets’ base currencies).
  4. Once this step is complete, traders are asked to complete a short form that will help FP Markets assess the state of their finances and trading knowledge. While most brokers don’t include this step in the account-opening process, it is a responsible move in an industry that is often accused of an irresponsible approach to consumer protection.
  5. FP Markets needs at least two documents to accept you as an individual client:
    1. Proof of Identification – current (not expired) coloured scanned copy (in PDF or JPG format) of your passport. If no valid passport is available, a similar identification document bearing your photo such as an ID card or driving licence will work.
    2. Proof of Address – a Bank Statement or Utility Bill. Please ensure, however, that the documents provided are not older than 6 months and that your name and physical address is clearly displayed.

We advise you to read FP Markets’ risk disclosure, customer agreement, and terms of business before you start trading. 

Once the application is approved, traders can login and fund their accounts.

Compared to other similar brokers, FP Markets’ account opening process is fast, generally hassle-free, and fully digital, and accounts are ready for trading in one day.  

FP Markets’ Account Types

FP Markets offers two account types, which is average when compared to other ECN/STP brokers, and both account types are suitable for beginners and more experienced traders.

An ECN/STP broker, FP Markets offers trading on multiple assets Forex, shares, metals, commodities, and indices (click here for more on FP Markets’ financial instruments) on two live accounts. Minimum deposits start at 100 AUD (or currency equivalent), leverage is up to 500:1, and both accounts have access to Expert Advisors (EAs) and VPS.  Additionally, FP Markets allows all trading strategies, including hedging, scalping, and copy trading. 

FP Markets offers market execution accounts, with pricing sourced from 12 leading financial institutions, including Goldman Sachs, HSBC, and JP Morgan, among others.  Its servers are located in the NY4 Equinix Data Centre in New York, providing clients with the fastest possible execution. Additionally, while FP Markets has a trading desk to manage risk exposure, there is no dealing desk intervention on either account. 

FP Markets offers two accounts, the Standard Account, which is commission-free, and the Raw Account, which has tighter spreads but carries a commission charge. Both accounts are suitable for beginners and more experienced traders.

We define beginner traders as inexperienced traders who have never traded before or have been trading for less than a year. Beginners often do not want to risk trading large sums of money, and will generally not be able to trade full-time during the workweek. FP Markets’ accounts have a reasonable minimum deposit requirement of 100 AUD, making them accessible to beginner traders.

In general, experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads. FP Markets’ Raw Account offers tight spreads ( 0.1 pips on the EUR/USD) in exchange for a reasonable commission per lot traded, which should satisfy most experienced traders.   

Standard Account

The Standard Account is the best option if you are looking for commission-free trading. Spreads are wider than on the Raw Account, usually starting at 1.0 pip, although they can come down to 0 pips with high trade volumes. The minimum deposit is 100 AUD (or equivalent), and 60+ Forex pairs, metals, commodities, and indices are available for trading. 

Raw Account

This account has tighter spreads (0.1 pips on the EUR/USD), but a commission of 6 USD round turn per standard lot 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 the commission or in the spread, although the costs on the Raw Account are substantially lower.  Raw accounts are generally more suited to scalpers and day traders.   

fpmarkets-standard-accounts-202010

Islamic swap-free Accounts

Also known as swap-free accounts, Islamic accounts are ideally suited to Muslim clients, and in line with Islamic law, they incur no swaps or interest charges on overnight positions. Instead, the account holder is charged an administration fee that is deducted from the account’s balance.

How to open an Islamic swap-free account at FP Markets:

  1. Open a MetaTrader 4 or MetaTrader 5 account.
  2. Send a request to customer service to convert your account to an Islamic swap-free option.
  3. Include an official document showing confirmation of your faith (e.g., a Proof of Faith document from your local mosque) if the evidence is not already included in your ID document.

An admin fee of 5 USD per lot on major currency pairs is charged per night.  However, fees are not charged for the first ten nights of trading, and will only be applicable from the eleventh night.

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Display Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
RAW
USD 100
500:1
0.0
$3.50
Account Details
Standard
USD 100
500:1
1
None
Account Details

Demo Account

FP Markets offers a demo account that comes loaded with 100,000 in virtual funds (of your chosen base currency).  Demo accounts simulate the conditions one would find on a live account, and traders can choose between both the Standard and the Raw Accounts on MT4 and MT5.  Demo accounts are a great way to practice trading before risking real money.  FP Markets’ demo accounts are unlimited and won’t expire unless they remain inactive for over 30 days.  

Overall, FP Markets offers a limited number of accounts compared to most other brokers, but its trading costs are reasonable and accounts are suited to both beginners and more experienced traders.

Deposits and Withdrawals

FP Markets charges low deposit fees, but withdrawal fees are higher than most other brokers.  

In line with Anti-Money Laundering policies, FP Markets does not accept payments from third parties and only accepts funds received directly from the named trading account holder. All funds deposited into your trading account must be under the same name as your FP Markets trading account. FP Markets does not accept deposits from joint bank accounts or cards; however, clients can deposit from individual bank accounts to a joint trading account.

While FP Markets does not charge fees for deposits, its withdrawal fees are high.  Funds can be deposited using a wide range of payment methods, including credit card, debit card, payment wallets including Neteller and Skrill, online banking, and bank wire transfer.  

  • Visa/Mastercard: The following currencies are accepted: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. No deposit or withdrawal fees are charged. Deposits are instant, and withdrawals take up to one business day to be processed.
  • Bank Transfer: The following currencies are accepted: AUD, USD, EUR, GBP, SGD, HKD.  No deposit fees are charged, and FP Markets will cover international fees up to 50 USD for deposits greater than 10,000 USD.  Deposit times are one business day.  A withdrawal fee of 10 AUD is charged, and withdrawals are processed within one business day.
  • Neteller: The following currencies are accepted: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. No fees are charged on deposits, and deposits are instant.  A withdrawal fee of 2%, up to 30 USD, and country fees (if applicable) are charged, and withdrawals are processed within one business day.
  • Skrill: The following currencies are accepted: AUD, CAD, EUR, GBP, INR, and USD. No deposit fees are charged, and deposits are instant.  A withdrawal fee of 1% and country fees (if applicable) are charged.  Withdrawals are processed within one business day.
  • PayTrust (Local Bank Transfer): The following currencies are accepted: MYR, IDR, THB, and VND. No deposit fees are charged, and deposit times are one day.  A 1.5% fee is charged on withdrawals, and withdrawals are processed within one business day.
  • Broker-to-broker: The following currencies are accepted: AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. No deposit fees are charged, and international fees up to 50 USD for deposits greater than 10,000 USD will be covered by FP Markets.

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

Overall, FP Markets offers a wide range of funding methods, and while it does not charge any fees for deposits, its withdrawal fees are high.  

Base Currencies 

FP Markets offers a wider range of base currencies than is available at other brokers, but it does not offer accounts denominated in ZAR.  

The FP Markets client portal allows traders to deposit funds in 10 currencies, including AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, and USD. South African traders will be disappointed that ZAR is not an option, as they will have bank accounts denominated in ZAR and will have to pay conversion fees, which may affect profitability.

High volume traders (who trade more than 10 lots a month) should consider opening an account denominated in USD, because a conversion fee will be charged for every trade made on a USD quoted currency pair.  This can be done by opening a multi-currency bank account at a digital bank.  

Overall, FP Markets offers a wider range of base currencies than other brokers, but does not offer accounts denominated in ZAR.

FP Markets’ Trading Platforms

FP Markets offers two trading platforms, which is average compared to other similar brokers.

FP Markets offers both MT4, the most popular trading platform in the world, and MT5,  the latest development by Metaquotes. As well as the desktop applications, FP Markets also offers MT4 and MT5 WebTrader, which are the browser-based version of the platforms, along with mobile and tablet versions of both iterations.

While MT4 and MT5 are both excellent trading platforms, many other CFD brokers also offer their own web-based platforms, which tend to be easier to use for beginner traders. On the other hand, the benefit of FP Markets offering third-party platforms such as MT4 and MT5 is that traders can take their own customised version of the platform with them should they choose to migrate to another broker.  Additionally, there are thousands of plugins and tools available for the MetaTrader platforms.   

MetaTrader 4

Developed in 2002 by MetaQuotes, MT4 is still the most widely used Forex trading platform and is widely recognised for its fast execution speeds, range of charting tools, algorithmic trading, and customisability. MT4 is also available in over 31 languages. Features of FP Markets’ MT4 platform include:

  • Customisation to the trader’s style.
  • One-click trading
  • Complete suite of trading tools and operations
  • MarketWatch
  • The creation, modification, and utilisation of automated trading strategies.
  • Superior charting tools in nine timeframes.
  • 24 graphical objects 
  • 30 built-in indicators.
  • Live price streaming on live accounts and demo accounts 128-bits encryption for secure trading
  • Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
  • Customisable alerts
  • Access to MetaTrader market and MQL4 community

While MT4 has great customizability, the platform feels outdated, and some of the features may be hard to find.  In addition, only the basic orders are available, including Market, Limit, Stop, and Trailing Stop.  Traders should be aware that alerts and notifications can only be set on the desktop version of the platform and not on the webtrader.  Lastly, MT4 is available on Windows 7 or higher. It is also supported on Mac OSX.

MetaTrader 5

Developed in 2010, MT5 is the newer version of its predecessor, MT4.  MT5 is more powerful and faster than MT4 when it comes to back-testing functionality for automated trading algorithms.  It also has a built-in news feed, market depth indicator, economic calendar, and trades can be made on the charts.  Additional features of MT5 include:

  • Depth of market display and technical indicators
  • 6 pending stop order types, including Buy Stop Limit and Sell Stop Limit
  • Improved strategy tester for algorithmic trading and expert advisors (EAs)
  • In-built market of trading systems & apps
  • Trading functions and alerts with e-mail and push notifications on mobile devices
  • Improve precision in forex and CFD trading through trading robots for scalpers
  • Exchange trading allowed
  • Forex Signals and Copy Trading
  • 21 time frames and 8 order types
  • Access to comprehensive analytical tools, with over 80 technical indicators and 44 analytical objects.

Overall, although FP Markets only offers the Metatrader suite of platforms, which are not as beginner-friendly as the proprietary platforms offered at other brokers, MT4 and MT5 are considered some of the best third-party platforms in the industry.  

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Broker
Platform Choice
Copy Trading
Platforms
11110.54.5/ 5
IRESS
111115/ 5
Zulu Trade

Mobile Trading

FP Markets mobile trading platforms are good when compared to other brokers. FP Markets offers mobile versions of MT4 and MT5 in addition to its proprietary mobile trading app.

FP Markets offers support for MT4 and MT5 mobile trading apps for Android and iOS. Traders should be aware that there is some loss in functionality when compared to the desktop trading platforms, including reduced time frames and fewer charting options, but traders can close and modify existing orders, calculate profit and loss, and trade on the charts.  

FP Markets Mobile App

FP Markets has also created an innovative mobile trading app, available on Android and iOS. The app is simple to use and has a clean interface, making it suitable for beginner traders. Key features of the app include traders being able to:

  • Deposit and withdraw funds.
  • Make, monitor and review trades.
  • Use the ‘Favourites’ menu to create a faster and seamless trading experience
  • Change settings via the Client Portal
  • Access real-time pricing
  • Conduct research and analysis using a range of trading tools
  • Log in to their MetaTrader 4 account using the same credentials

 Overall, FP Markets’ mobile trading experience exceeds that offered by other brokers.

FP Markets’ Trading Tools

FP Markets offers an excellent range of trading tools compared to other similar brokers.

FP Markets’ range of trading tools include Autochartist, a free VPS service, MAM/PAMM accounts, Myfxbook Autotrade, and a Traders Toolbox consisting of 12 online trading tools.  Most of the tools are free of charge, except for the VPS and Traders Toolbox, which require traders to deposit a minimum of 1,000 AUD (or currency equivalent).

Autochartist

Free for all FP Markets clients, Autochartist is an award-winning automated technical analysis tool that plugs into MT4 and MT5 and scans all available CFD markets for trading opportunities.

Autochartist’s advanced pattern recognition engine identifies the strongest potential trading opportunities and predicts future price movements. Some of Autochartist’s key features are:

  • Chart pattern recognition
  • Fibonacci pattern recognition
  • Key level analysis
  • Pattern quality indication

Autochartist is one of the best technical analysis tools on the markets, and FP Markets does well to offer this tool to its clients.  

VPS

Available on both Mt4 and MT5, FP Markets offers a free VPS service to traders who deposit a minimum of 1000 USD or currency equivalent.  The service is also subsidised for high volume traders who trade over 10 lots a month on the Standard Account, or 20 lots on the Raw Account.  VPS services ensure trades are never disrupted by technological or connectivity issues, such as load-shedding or internet service failure, which is a benefit to algorithmic traders who need to be connected to a server 24/7 to maximise uptime.  Other benefits of the VPS service 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

FP Markets’ VPS services are offered by third-party provider, Liquidity Connect, which is housed in the Equinix New York datacenter.  

Trader’s Toolbox

Only available on MT4, FP Markets offers a Trader’s Toolbox to clients who deposit more than 1,000 USD or equivalent.  The toolbox is a suite of 12 online trading tools, including market insights, an economic calendar with relevant breaking news that impact market prices, risk management tools, correlation matrices, tick charts, session maps, sentiment indicators, analysis tools, and more.  A few of the tools are highlighted below:

  • Miniterminal: Allows traders to adapt MT4’s deal ticket and charts to their preferences with a host of highly configurable new features.
  • Session Map: A map that tracks the global financial markets and an economic calendar that offers the latest key information.
  • Stealth orders: Allows traders to keep their trades anonymous.
  • Correlation matrix: Enables you to see how correlated your watched markets are, and limit your risk accordingly.
  • Sentiment trader: Allows traders to analyse market sentiment or view a historic price vs sentiment chart.

On the whole, the toolbox is sophisticated, yet simple to use, and allows traders to analyse the fast-moving global financial markets with accuracy.

MAM/PAMM Accounts

FP Markets offers an account management service to its clients which allows account managers to trade on their behalf.  In order to perform this service, bespoke technology or software is required, also known as MAM/PAMM. 

MAM stands for Multi-Account Manager which permits a range of customisable ways to sub-allocate trades.  PAMM stands for Percentage Allocation Module Manager which means investors can be part of a set of sub-accounts that are traded together by a money manager or trader who has permission from clients to trade on their accounts.  Account Managers take a portion of the profits generated by the trades.  

Managed accounts are great for beginner traders who have limited experience with trading.  

Copytrading

FP Markets offers an excellent copy trading service, through third-party provider, Myfxbook Autotrade available on MT4.  It allows traders to find, follow and copy successful traders automatically.  

In order to use the service, traders need to open a Standard Account and make a minimum deposit of 1,000 USD.  Traders are charged a service fee of an additional 0.5 pips on top of the standard spreads, which is relatively high compared to other brokers.

With Myfxbook Autotrade, traders do not need to build their own strategy or conduct research on the forex markets. This tool provides the opportunity to copy a wide selection of systems directly to FP Markets MT4 trading account.  One of the other benefits of FP Markets’ copy trading platform is its functionality.  It offers multiple copy trading modes and there is no limit on the number of Strategy Providers that can be followed.  

On the whole, copy trading is useful for traders who are interested in the financial markets but lack the experience and knowledge. 

FP Markets’ Financial Instruments

FP Markets offers a limited range of tradable assets compared to other large international brokers, but its Forex offering is decent.

FP Markets’ range of financial instruments for CFD trading (click here for more details on CFD trading), include Forex, share, commodities, cryptocurrencies, and indices.

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Financial Instrument
Number of Assets
Leverage
Commodities
6
500:1
Cryptocurrencies
4
5:1
Stock CFDs
10,000
20:1
Forex
60
500:1
Indices
14
200:1
Metals
5
30:1

 

  • Forex: FP Markets has over 60 currency pairs available for trading which is a broader range than is offered at other CFD providers, including majors (EUR/USD, GBP/USD, and USD/JPY) and minors (NZD/CAD, EUR/JPY, and USD/ZAR), and exotics. The leverage on Forex pairs is up to 500:1.
  • Share CFDs: FP Markets offers 10,000 share CFDs, which is a wider range than most other brokerages, but this is only on the IRESS platform, which is unavailable to South African traders. There are 54 share CFDs available on MT4/MT5.  The selection available includes some of the major US, UK, and European Exchanges. Leverage on share CFDs is up to 20:1.  
  • Indices: Limited compared to other brokerages, there are only 14 indices available for trading at FP Markets. The most popular indices are those that combine the shares of some of the largest and globally acknowledged companies.  Leverage is up to 1:200 on indices.  
  • Commodities: FP Markets offers trading on only 6 commodities, which is limited compared to other brokers.  Commodities include metals such as gold and silver, energies such as natural gas and oil, and softs such as cotton and wheat.  Leverage is up to 1:500 on commodities.
  • Cryptocurrencies: FP Markets offers only 4 cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin and Ripple, which is a limited range than is available at other brokers.  Leverage is up to 5:1.
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Fx Pairs
CFD Investments
60
Commodities
Cryptocurrencies
Forex
Indices
Metals
Stock CFDs

Overall, FP Markets offers a limited range of tradable instruments on MT4 and MT5, but it offers a wider range of Forex pairs than is usually available at other brokers.  

FP Markets for Beginners

FP Markets is a decent choice for beginners looking for a well-regulated STP 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) formats. Customer service is available on weekdays and is universally described as excellent by the wider industry and traders alike. 

Education Material

FP Markets is average compared to most other large international brokers, however, some of it is reserved for registered clients only.  The materials are suited to both beginner and more experienced traders.  

FP Markets provides a range of educational materials, including ebooks, tutorials, video tutorials, webinars, and a glossary.  The educational material focuses on the wider CFD industry, including tutorials on trading stocks, indices, and commodities:

  • eBooks: FP Markets offers a range of comprehensive ebooks that provide detailed information on the important aspects of forex, including money management, trading systems, and volatility.  Other topics include technical and fundamental analysis, along with tips on how to spot trading opportunities. 
  • Video Tutorials: FP Markets provides a number of videos to introduce forex traders to the MetaTrader platforms.  These videos serve as a step-by-step guide for those who want to learn to trade on MT4/MT5.
  • Glossary: The glossary provides comprehensive definitions and explanations of various financial terms.
  • Webinars: FP Markets hosts regular webinars that are held by its team of in-house professional traders.  The webinars cater for traders of all experience levels, and include topics such as Trading Psychology, Chart Psychology, Advanced Fibonacci Strategies, and How to Backtest a Trading Strategy.   
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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
Medium
Medium
High

Overall FP Markets provides a comprehensive, well-structured, and in-depth education section, and the materials are suited to beginners and more experienced traders.  

Analysis Material

FP Markets offers an average selection of market analysis materials compared to other large international brokers.  

FP Markets’ analysis section covers both technical and fundamental analysis:

  • Daily Report: 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.
  • Market Insights: FP Markets provides trading ideas for the most popular financial assets in various timeframes.
  • Technical Report: A technical report is published weekly, covering the various market movements and how these affect the related financial assets.  The report is in-depth and very detailed.
  • Forex News: In this section, articles are published less frequently, but cover all the major market events.
  • Daily Analysis: Articles are published on a daily basis covering various global events and how they influence the markets.
  • Currency Point: Articles are published on a weekly basis and cover the various currency movements.  

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

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS

Overall, FP Markets’ research section is detailed and provides a good overview of the various market movements.  

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.

Because FP Markets is based in Australia, customer service is open from 22:00 (GMT) Sunday until 22:00 (GMT) Friday. Support is available in Italian, English, Russian, French, Arabic, German, and Chinese.

We found the customer service responsive (our questions were answered immediately), polite and very knowledgeable.

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

A well-regulated STP/ECN broker, FP Markets offers two simple account options and an exciting set of tools for traders who deposit over 1,000 USD. Support is offered for MT4 and MT5, and trading costs are around the industry average on both its account options.  Additionally, FP Markets allows all trading strategies and provides good educational and market analysis materials that cater to traders of all experience levels.   

AlertAccepts South African Clients. Average spread EUR/USD 0.1 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & IRESS platforms supported. FP Markets is regulated by CySEC and ASIC.
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Overall Rating
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.28/ 5
USD 100
ECN/DMA
Commodities
Cryptocurrencies
Forex
Indices
Metals
Stock CFDs
60
5
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
  • Expensive withdrawals
111104/ 5
111115/ 5
11110.54.5/ 5
111003/ 5
11110.54.5/ 5
11110.54.5/ 5
111104/ 5
0 of retail investor accounts lose money when trading CFDs with this provider
500:1
0 pips
Platinum IRESS
Premier IRESS
RAW
Standard
Standard IRESS
IRESS
Bank Transfer
Visa
Mastercard
Paypal
Skrill
Neteller
Fasapay
BPay
paytrust88
POLi
Klarna
6 USD / lot - RAW Accounts
11110.54.61/ 5
USD 5
ECN/DMA
Commodities
Cryptocurrencies
Forex
Indices
Metals
60
5
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
    11110.54.5/ 5
    111115/ 5
    111115/ 5
    111104/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    79.3% of retail investor accounts lose money when trading CFDs with this provider
    30:1
    0 pips
    Razor
    Standard
    Swap-free
    Bank Transfer
    Visa
    Mastercard
    Skrill
    Paypal
    Unionpay
    POLi
    BPay
    From 7 USD / lot - Razor Account
    11110.54.46/ 5
    USD 200
    ECN/DMA
    Commodities
    Cryptocurrencies
    Forex
    Indices
    Stock CFDs
    Bonds
    Futures
    64
    10
    • Well regulated
    • Tight spreads
    • Wide range of assets
    • Great platform choice
    • High minimum deposit
    • Limited market analysis
    111104/ 5
    11110.54.5/ 5
    111115/ 5
    111104/ 5
    111115/ 5
    11110.54.5/ 5
    11110.54.5/ 5
    77% of retail investor accounts lose money when trading CFDs with this provider
    500:1
    0.10 pips
    RAW - cTrader
    RAW - MetaTrader
    Standard - MetaTrader
    Zulu Trade
    Bank Transfer
    Visa
    Mastercard
    Skrill
    Neteller
    Paypal
    Unionpay
    7 USD / lot - Raw Spread Account
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