FP Markets is an Australia-based CFD and forex broker that launched in 2005. It is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), the Capital Markets Authority of Kenya (CMA), and the Financial Sector Conduct Authority in South Africa (FSCA). In general, the broker is considered both safe and fair, given its comprehensive regulatory status, its long track record, and the general support from its clients.

FP Markets is celebrating its 15th anniversary as a broker this year after being founded in 2005. With regulation from ASIC in Australia, CySEC in Cyprus, the CMA in Kenya, and the FSCA in South Africa, the broker is considered safe and solid, offering client fund segregation and excellent liquidity. FP Markets is just one in a group of brands owned by First Prudential Markets Ltd. FP Markets is also a Financial and Service Provider (FSP) authorised and regulated by the Financial Sector Conduct Authority in South Africa by the name FP Markets (Pty) Ltd and FSP number 50926.

The broker is exceptional in its offering of over 13,000 assets, including forex, cryptocurrencies, indices, commodities, and individual shares. Clients have a choice of two account types strictly for forex that offer ECN pricing and 1:500 leverage. Clients can also choose IRESS accounts which are commission-based and good for trading all the assets on offer by FP Markets.

You know we are MetaTrader fans, and this broker offers both MetaTrader 4 and MetaTrader 5 for desktop, mobile, and web. Traders can even use the Autochartist and Trader Toolbox plugins for MetaTrader to enhance the already impressive feature set. The IRESS platform is also an excellent choice, available in desktop, mobile, and web-based versions.

Additionally, FP Markets now offers the cTrader and TradingView platforms, both leading multi-asset trading platforms renowned for their advanced charting tools, sophisticated order types, level II pricing, and powerful trading capabilities, ensuring superior execution.

P Markets also boasts one of the more robust education platforms we've seen, called The Traders Hub. It is regularly updated and delves into fundamental analysis, technical analysis, and general trading knowledge, making it suitable for traders of all experience levels. Of course, there is also customer support, which is quite commendable.

For forex traders, there are two account types, the Standard account, and the Raw account. Both have an AUD$100 minimum deposit, and both offer VPS and Islamic accounts with no swaps. The primary difference between the two accounts is that the Standard account has no commissions and spreads starting at 1.0 pips, while the Raw account has no spreads, but a commission of AUD$3.50 per lot per trade is charged.

CFD traders get to choose between three different account types. There is a Standard account with a minimum deposit of $1,000, a Platinum account with a minimum deposit of $25,000, and a Premium account with a minimum deposit of $50,000. All the accounts have a 0.01 lot minimum trade size and allow scalping, hedging, and automated trading. What else is different with these account types? It is primarily the broker fee and overnight financing interest rate.

On the Standard account, there is a minimum broker fee of $10 or 0.1% of trade size, whichever is greater. In addition, any overnight financing is at the rate of RBA + 4%.

For the Platinum account, the broker fee is $9 or 0.09% of trade value, whichever is greater. Overnight financing is at the rate of RBA + 3.5%.

And the Premier account has no minimum flat broker fee but charges 0.08% of trade size instead. Overnight financing is at RBA + 3%.

All three accounts pay a $22/mo. fee for ASX data, which is waived once monthly commissions reach $50. In addition to that, there is also a $55 GST fee which is waived completely for Premier accounts and is waived for other accounts once monthly commissions reach $150.

We should also mention that all these accounts are available as Islamic accounts. Plus, there is a demo account feature that lets users test out the platform before depositing.

Available Assets

One of the strengths of FP Markets is the number of assets available to trade. There are over 13,000, most of which are individual shares of major corporations.

Also available are over cryptocurrencies and 70 Forex pairs available through their platforms, as well as indices and commodities. We will say that with the commodities there are only gold, silver and crude oil available. That is perfectly fine for most traders, but for those looking for agricultural commodities or other metals, they may need to look elsewhere.

Trading Platforms

FP Markets has both MetaTrader 4 and MetaTrader 5 to choose from, which was very nice to see. While some traders prefer MetaTrader 4 for its familiarity, others have adopted the newer MetaTrader 5 for its enhanced capabilities. Both platforms are excellent for technical analysis of price movements and are at the forefront of the industry for creating automated trading strategies.

Additionally, FP Markets now also offers cTrader and TradingView, expanding its platform offerings to include advanced charting, level II pricing, and powerful trading tools for superior execution. This variety ensures that FP Markets provides the right platform for different types of trading activities.

In addition to that trading with the MetaTrader family of platforms is just more powerful. One-click trading and a host of order types make placing orders detailed and granular. You also get dozens of indicators for use in your analysis, and drawing tools to make your analysis a work of art. And FP Markets has gone the extra mile in adding the AutoChartist plugin for MetaTrader to their version. AutoChartist gives traders a visual indication of the market, making it a great tool for planning and risk management.

If you’re venturing away from the world of forex at FP Markets you’ll also venture away from MetaTrader and to another well-known trading platform called IRESS. The switch is simply because IRESS is superior for trading equities, indices, and futures CFDs. It is just as powerful as MetaTrader when it comes to indicators and analysis, order types and management.

It is good to see this broker offering the right platform for the right type of trading.

Banking

Banking is made easier at FP Markets through the wide variety of funding methods that are accepted. In addition to accepting bank transfers, credit and debit cards, and a number of e-wallets, the broker also makes its trading accounts available in 10 different currencies, appealing to a wider global audience who may not want an account denominated simply in USD or EUR.

One thing to note is the broker advertises zero deposit fees, but that isn’t technically true. They will reimburse international bank wire fees up to $50 (for deposits over $10,000), but there are also a number of deposit fees for those using the IRESS platform most of these are 2-4% charges when depositing via some e-Wallet, however, there is also a charge for using credit cards to fund the IRESS account. The charge is 1.8% in the case of an Australian card, and 3.18% for international cards.

There are also withdrawal fees, but in general, they are smaller than the deposit fees. And in the case of withdrawing to a credit card or Australian bank, there are zero fees. International bank transfers have an AUD$10 fee and most of the e-Wallets come with fees of 0.5% to 2%.

Customer Service

As you might expect from a broker with 15 years of experience and a global footprint, the customer service staff at FP Markets is multi-lingual and highly experienced in understanding the needs of traders. Kindly note that our customer support is available 24/7. Support is offered via telephone, online chat, and email. There is no web form available, but there are several specialized email accounts that can be used as follows:

• New enquiries: sales@fpmarkets.com
• Account opening: onboarding@fpmarkets.com
• Withdrawal related: cash@fpmarkets.com
• Funding related: accounts@fpmarkets.com
• Trade related: risk@fpmarkets.com
• Support: support@fpmarkets.com

FP Markets Broker Review Conclusion

FP Markets has survived for 15 years because it offers great service and fair pricing to its clients. Over that period they’ve also received numerous awards from various forex and CFD organizations, further highlighting the strength of the broker. Those looking to trade forex or CFDs on shares will be more than happy with the offerings and services at FP Markets. And with the dual ASIC/CySEC regulation there is little to worry about in terms of broker risks.

In short, we thoroughly enjoyed our experience with FP Markets, and think you will too.