FP Markets Review 2024

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Written By
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Written By
Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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Edited By
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Edited By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
Updated

4 / 5
FP Markets is #96 in our CFD broker rankings.
$40
Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral
CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto
ASIC, CySEC, FSA, CMA
USD, EUR, GBP, CAD, AUD, NZD, JPY, TRY, CHF, HKD, SGD
Neteller, Skrill, Visa, Wire Transfer, FasaPay, Credit Card, Dragonpay, Perfect Money, Mastercard, Debit Card, Sticpay, Bitcoin Payments, Rapid Transfer, Apple Pay, Google Wallet

Awards

  • Best Global Forex Value Broker 2023 - Global Forex Awards
  • Best Forex Partners Programme Asia 2023 - Global Forex Awards
  • Best Forex Broker Europe 2023 - Global Forex Awards
  • Best Global Forex Value Broker 2022 - Global Forex Awards
  • Best Global Forex Value Broker 2021 - Global Forex Awards

Pros

  • FP Markets delivers fast and dependable support, available 24/5 with average response times of less than 1 minute during testing.
  • FP Markets offers a superb selection of tradable assets, especially since expanding its suite of commodities and supporting over 10,000 stocks.
  • With MetaTrader, cTrader, Iress and more recently TradingView, FP Markets is one of the most accommodating brokers in terms of platform choice.

Cons

  • While pricing in the Raw account is excellent, spreads in the Standard account trail the cheapest brokers with a 1.1-pip average spread on the EUR/USD compared to the 0.8-pip average at IC Markets.
  • FP Markets’ Iress platform is only available to clients in Australia. It also primarily emphasizes stock trading over forex trading, and data fees can accumulate rapidly unless you're an active trader or maintain a high-balance account.
  • FP Markets trails the best MetaTrader brokers, despite offering a Trader's Toolbox on MT4, just 130 instruments are available, limiting opportunities for serious traders, especially compared to Pepperstone with its 1,300 assets.

FP Markets Review

This review of FP Markets evaluates the day trading experience, drawing from firsthand tests and comparisons with suitable alternatives from our extensive database of over 500 online brokers.

Regulation & Trust

3.8 / 5

FP Markets is trusted. It’s well-established and is authorized by two ‘green-tier’ regulators:

Additionally, segregated accounts are used to separate clients’ funds from the broker’s operational capital, ensuring that trader funds remain protected even in the event of the broker’s insolvency.

On the downside, FP Markets does not offer negative balance protection to clients under ASIC and the FSA in St Vincent and the Grenadines, whereas it does provide this feature under CySEC. This means you could lose more than your account balance if you day trade through these entities.

Comparison of similar brokers 2024
FP Markets IG Interactive Brokers
Regulation & Trust Rating
Regulators ASIC, CySEC, FSA, CMA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA
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Accounts & Banking

3.8 / 5

Live Accounts

FP Markets offers an excellent selection of live accounts, catering to traders at at levels. There is Standard and Raw, plus an Islamic swap-free solution, as well as PAMM/MAM trading accounts.

The Standard and Raw accounts feature a minimum trade size of 0.01 lots, rapid order execution, and the option for VPS (Virtual Private Server) access. They also offer a maximum leverage of 1:500, which can be altered manually all the way down to 1:1 from within your account page.

Additionally, they feature a modest minimum deposit requirement of $40, which is relatively low compared to brokers like IC Markets which require $200.

The primary distinction between the Standard and Raw accounts lies in their spreads and commission fees. The Standard account is commission-free but offers spreads from 1 pip, whereas the Raw account incurs a charge of $3 per lot per trade, but offers spreads from 0 pips. The Raw account is therefore best suited to active day traders and scalpers looking to make profits from small price movements.

FP Markets utilizes a combination of order-routing methods. Forex products are traded through ECN (Electronic Communication Network), while CFD products employ DMA (Direct Market Access) channels. DMA CFDs offer advantages like reduced spreads and swifter execution, as orders are transmitted directly to the underlying market without intermediaries such as dealers or market makers.

Setting up and funding a live trading account with FP Markets is not only straightforward but also incredibly swift.

FP Markets account settings

Demo Accounts

FP Markets offers a demo account seamlessly through the MT4 and MT5 platforms.

What’s great is that the demo account functions exactly like live accounts. I could place orders, explore various strategies, and test the waters without risking real money.

However, keep in mind that orders made in demo mode aren’t executed in the live market, potentially giving you quicker execution times for your trades.

One thing that’s particularly beneficial is the absence of time constraints on the demo account. This means you can take your time learning without feeling rushed.

However, it’s important to note that if your FP Markets demo account remains inactive for more than 30 days, it will expire.

Deposits & Withdrawals

From traditional bank transfers to credit and debit cards and a variety of e-wallet options, FP Markets ensures that funding your trading account is hassle-free.

While it’s disappointing that FP Markets doesn’t support PayPal, they make up for it by offering the option to fund your account with cryptocurrencies such as USDT, BTC, ETH, and LTC. This unique feature sets FP Markets apart from the majority of other brokers that don’t offer crypto funding.

What’s more, they offer accounts in 10 different currencies, including EUR, GBP, USD, AUD, CAD, SGD, HKD, JPY, NZD, and CHF, catering to a diverse global audience seeking alternatives to the standard USD or EUR-denominated accounts.

Making a deposit at FP Markets broker

FP Markets doesn’t impose deposit fees, but it’s worth noting that banking charges may apply. However, for deposits exceeding $10,000, FP Markets will reimburse any third-party bank charges.

When it comes to withdrawals, FP Markets provides a seamless experience. While options like Apple Pay and Google Pay aren’t available, withdrawals are typically processed using the same method as the initial deposit. Once the entire deposit amount has been withdrawn, alternative withdrawal methods can be utilized for any remaining funds.

It’s worth mentioning that while FP Markets itself doesn’t charge any withdrawal fees, there may be third-party charges involved. However, in my experience, withdrawals are processed swiftly, typically within 1-2 working days.

Comparison of similar brokers 2024
FP Markets IG Interactive Brokers
Accounts & Banking Rating
Payment Methods Apple Pay, Bitcoin Payments, Credit Card, Debit Card, Dragonpay, FasaPay, Google Wallet, Mastercard, Neteller, Perfect Money, Rapid Transfer, Skrill, Sticpay, Visa, Wire Transfer Credit Card, Debit Card, Mastercard, PayPal, Visa, Wire Transfer ACH Transfer, Automated Customer Account Transfer Service, Cheque, Debit Card, TransferWise, Wire Transfer
Minimum Deposit $40 $0 $0
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Assets & Markets

4 / 5

FP Markets offers a superb selection of assets for short-term trading, especially since expanding its suite of commodities, now offering over 70 ranging from precious metals like gold and silver to energy resources such as oil and natural gas.

In forex, FP Markets offers more than 70 currency pairs, including major, minor, and exotic options, far surpassing most alternatives.

For cryptocurrency enthusiasts like myself, FP Markets allows engagement with popular digital assets like Bitcoin, Ethereum, Ripple, and more. Additionally, you can trade a variety of stock CFDs, although options like mutual funds and futures are notably absent.

However, the availability of instruments varies depending on the platform used. For example, while the MetaTrader platform provides access to approximately 130 tradeable symbols, the Iress platform caters to global clients with over 10,000 shares, 70+ forex pairs, four metals, 12 indices, five cryptocurrencies, and three commodities.

It’s unfortunate that FP Markets doesn’t offer any passive income options, such as earning interest on unused account balances, unlike competitors like eToro and XTB, which offer up to 5.3% and 5.2% respectively on cash balances.

💡
FP Markets has introduced a detailed directory with a dedicated page for each of the stock CFDs offered. This contains useful information on the company profile, share price, relevant news and more, helping to inform trading decisions.
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FP Markets IG Interactive Brokers
Assets & Markets Rating
Trading Instruments CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Margin Trading Yes Yes Yes
Leverage 1:30 (UK), 1:500 (Global) 1:30 (Retail), 1:250 (Pro) 1:50
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Fees & Costs

3.8 / 5

FP Markets provides exceptionally competitive pricing, positioning it as one of the most cost-effective brokers worldwide, particularly for its commission-based ECN account option.

Trading fees differ depending on the type of account you opt for. The Raw account features direct market pricing, with spreads starting from 0 pips, accompanied by a $3 commission fee per side.

Conversely, the Standard account operates on a commission-free model, offering floating spreads starting from 1 pip.

In practical terms, I encountered GBP/USD spreads at 1.9 pips on the Standard account compared to 0.8 pips on the Raw account.

Similarly, Gold spreads were observed at 0.18 pips on the Standard account versus 0.08 pips on the Raw account.

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Christian Harris
Author

FP Markets deactivates inactive accounts after three months. However, unlike other brokers including IG – who impose an inactivity fee ($15 per month) – FP Markets does not levy any such fee, and dormant profiles can be reactivated at any time.

Comparison of similar brokers 2024
FP Markets IG Interactive Brokers
Fees & Costs Rating
EUR/USD Spread 0.1 0.8 0.08-0.20 bps x trade value
FTSE Spread 1.64 1.0 0.005% (£1 Min)
Oil Spread 0.04 2.8 0.25-0.85
Stock Spread Variable 0.02 0.003
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Platforms & Tools

4 / 5

With five trading platforms to choose from – MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, TradingView, and Iress (exclusive to Australian clients) – each platform offers a unique set of features and customization capabilities tailored to traders’ needs.

What I appreciate about FP Markets is that each platform is easily accessible, whether on desktop or mobile devices or through a web browser.

cTrader charting platform at FP Markets
cTrader

MT4 is a popular choice thanks to its comprehensive features. From custom alerts to one-click trading and a plethora of analytical tools, MT4 offers a robust trading experience.

💡
FP Markets enhances this experience with its MT4 Traders Toolbox, providing additional tools like market sentiment analysis and tick charts, seamlessly integrated into the platform.

MT5, on the other hand, offers more advanced features such as additional timeframes and support for trading in stocks and futures markets. Its improved strategy tester and the ability to hedge and net positions within the same account make it suitable for a broader range of financial instruments.

While FP Markets doesn’t support cTrader’s excellent copy social trading platform – which I find disappointing – it compensates with its own Copy Trading tool available on MT4 and MT5 terminals. This tool simplifies the process of identifying profitable opportunities and exploring new instruments.

One feature I particularly appreciate across all platforms is the ability to maintain control with a simple click. Whether halting trading at any time or utilizing risk management parameters like take profits and stop losses, FP Markets ensures day traders have the tools they need to manage their trades effectively.

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Christian Harris
Author

I’m also excited to see FP Markets has expanded its platform selection by incorporating trading directly from within TradingView, a fantastic charting solution and social trading network.

Its effortless design and extensive array of indicators make it an outstanding choice for traders seeking a contemporary alternative to traditional platforms.

TradingView charting platform at FP Markets
TradingView

Lastly, for Australian clients, the Iress trading suite offers a comprehensive platform with Direct Market Access (DMA) functionality, providing lower spreads and faster execution by transmitting orders directly to the underlying market.

It’s a testament to FP Markets’ commitment to offering diverse and advanced trading solutions to its clients.

Comparison of similar brokers 2024
FP Markets IG Interactive Brokers
Platforms & Tools Rating
Platforms Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Mobile App iOS & Android iOS & Android iOS & Android
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Research

3.5 / 5

FP Markets houses most of their own research materials in the Traders Hub section of their website, categorized into technical and fundamental analysis.

However, in comparison to leading brokers like IG and Saxo, FP Markets has room for improvement in its research offerings and could benefit from expanding its daily content variety.

Currently, FP Markets provides daily written articles and video content on its official YouTube channel, with market headlines sourced from reputable institutions such as Citibank, Rabobank, and Reuters streaming within the MetaTrader platforms.

Research videos on FP Markets YouTube channel

The research section includes a Daily Report, Technical Report, weekly Market Insights outlook, and a Fundamental Analysis section featuring daily articles on global markets. I was disappointed to see a lack of updated content within the Forex News section.

Third-party research is provided by Trading Central and Autochartist charting services which aim to pinpoint trading opportunities by continuously monitoring financial markets around the clock, delivering real-time alerts for both opportunities and risks. Both tools can be accessed directly via the client portal for ease of use, or via supported trading platforms such as MetaTrader and cTrader.

Trading Central, however, is a more comprehensive research platform that extends its range of analytical tools to include an Economic Calendar, Market Buzz, and Crowd Insight.

By sifting through numerous data sources, Trading Central lets you customize information according to your preferences and trading objectives. This data can aid in identifying optimal entry and exit points, devising trade scenarios, and validating short-term strategies using indicators.

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FP Markets IG Interactive Brokers
Research Rating
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Education

3.5 / 5

FP Markets is clearly commited to supporting beginner traders. From video tutorials and webinars to articles, podcasts, and trading guides, the broker offers a comprehensive range of learning materials.

I’ve personally found their active YouTube channel to be particularly valuable in supplementing my understanding of trading concepts.

These resources cover a wide array of topics, including trading strategies, technical analysis, risk management, and market analysis, catering to newcomers and helping them grasp the essentials of trading while refining their skills.

Webinar sign up at FP Markets

Yet while the trading courses are categorized by experience level, I’ve noticed that the advanced section is somewhat lacking, comprising only three video courses. However, other sections of the site offer progress-tracking and quizzes, enhancing the learning experience.

Expanding the range and depth of educational materials, along with improving these aspects, would position FP Markets more competitively against industry leaders like Admiral Markets and IG.

Comparison of similar brokers 2024
FP Markets IG Interactive Brokers
Education Rating
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Customer Support

4 / 5

FP Markets offers 24/5 customer support, available through various communication channels including phone, email, live chat, and social media.

I’ve had the opportunity to engage with FP Markets’ live chat support, and I must say I’ve been impressed by their swift response time, averaging under one minute.

Despite occasional language barriers resulting in broken English responses, all my inquiries have been promptly addressed.

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Christian Harris
Author

For general questions and concerns, the FAQ section also proves to be a valuable resource, providing comprehensive information on various topics such as account closure procedures, margin requirements (including stop-out levels and margin calls), withdrawal policies, and tutorials on creating a demo login.

Comparison of similar brokers 2024
FP Markets IG Interactive Brokers
Customer Support Rating
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Should You Trade With FP Markets?

FP Markets emerges as a top choice for traders of any expertise level. Their impressive array of trading platforms, coupled with a wide range of tradable assets and competitive fee structure, sets the broker apart in the market.

What really impresses me is the broker’s commitment to trader education. They offer innovative tools like comparative analysis and trend exploration, which greatly enhance the trading experience.

Additionally, their responsive customer support and flexible, secure deposit and withdrawal options add to the overall appeal of FP Markets.

FAQ

Is FP Markets Legit Or A Scam?

FP Markets was founded in 2005 and pioneered the Direct Market Access (DMA) Contracts for Difference (CFD) model in Australia. It’s a legitimate online trading broker that is regulated by reputable financial authorities such as the ASIC and the CySEC.

Is FP Markets A Regulated Broker?

FP Markets is a regulated broker. They are authorized and regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Authority (FSA) of St. Vincent and the Grenadines.

These regulatory authorities oversee the operations of FP Markets to ensure compliance with financial regulations and the protection of investors’ interests.

Is FP Markets Suitable For Beginners?

FP Markets is suitable for beginners due to its excellent educational resources, demo accounts for practice, responsive and helpful live chat staff, and support for a variety of trading platforms including the most user-friendly option based during testing – TradingView.

On the downside, there is no proprietary application that can further help to simplify trading.

Does FP Markets Offer Low Fees?

FP Markets offers competitive fees compared to many other brokerage firms, with relatively low spreads and commissions, especially for certain asset classes like forex.

However, the specific fees can vary depending on the trading account type and the financial instruments being traded, so review the fee structure carefully before engaging in trading.

Is FP Markets A Good Broker For Day Trading?

FP Markets is an excellent broker for day trading due to its fast execution speeds, access to a wide range of markets, and choice of advanced charting platforms including MetaTrader, cTrader and TradingView.

The broker’s competitive pricing and algo trading support through Expert Advisors and VPS hosting will also benefit day traders.

Top 3 Alternatives to FP Markets

Compare FP Markets with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

  3. FOREX.com – Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

FP Markets Comparison Table

Compare FP Markets With Similar Brokers
FP Markets IG Interactive Brokers FOREX.com
Rating 4 4.4 4.3 4.5
Markets CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, Stocks, Futures, Futures Options
Demo Account Yes Yes Yes Yes
Minimum Deposit $40 $0 $0 $100
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators ASIC, CySEC, FSA, CMA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA NFA, CFTC
Bonus Active Trader Program With A 15% Reduction In Costs
Education Yes Yes Yes Yes
Platforms Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Leverage 1:30 (UK), 1:500 (Global) 1:30 (Retail), 1:250 (Pro) 1:50 1:50
Payment Methods 15 6 6 8
Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
FOREX.com
Review

Compare Trading Instruments

Compare the markets and instruments offered by FP Markets and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare FP Markets Trading Instruments
FP Markets IG Interactive Brokers FOREX.com
CFD Yes Yes Yes No
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes No Yes
Gold Yes Yes Yes Yes
Copper Yes Yes No No
Silver Yes Yes No Yes
Corn Yes No No No
Crypto Yes Yes Yes No
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs Yes Yes Yes No
Bonds Yes Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index Yes Yes No No

FP Markets vs Other Brokers

Compare FP Markets with any other broker by selecting the other broker below.

 

The most popular FP Markets comparisons:

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Article Sources

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