FP Markets Review

FP Markets (First Prudential Markets) is an Australian ECN broker founded in 2005 that combines raw-spread forex pricing with direct market access to over 10,000 global equities. Regulated by ASIC (AFS 286354), CySEC (371/18), and FSCA (FSP 50926), FP Markets serves traders across more than 80 countries from its Sydney headquarters. The broker holds a 4.8/5 Trustpilot rating from over 10,000 reviews and was named Global Broker of the Year at the 2025 Finance Magnates Awards.

Regulation and Safety

FP Markets operates under three tier-one regulators. The Australian entity, First Prudential Markets Pty Ltd, holds ASIC licence AFS 286354 with client funds segregated at National Australia Bank and Commonwealth Bank. The European entity is regulated by CySEC (371/18) with ICF protection up to EUR 20,000 and mandatory negative balance protection under MiFID II.

The South African entity operates under FSCA licence FSP 50926. Additional offshore entities in Seychelles, Mauritius, and St Vincent provide access to higher leverage for international clients. FP Markets also joined the Financial Commission in June 2025, adding an independent dispute resolution layer with up to EUR 20,000 compensation per claim.

Nearly two decades of operation without regulatory action is a strong track record. The dual ASIC + CySEC structure provides genuine protection for Australian and European clients, while the offshore entities serve those who need leverage above 1:30.

Account Types and Pricing

FP Markets offers two core CFD account types plus dedicated DMA equity accounts through the IRESS platform. Both CFD accounts require a $100 minimum deposit.

Raw ECN Account

The Raw ECN account delivers spreads from 0.0 pips with a commission of $3.00 per side per standard lot ($6.00 round turn). Liquidity is sourced from multiple tier-one banks and non-bank providers. FP Markets reports average EUR/USD spreads of 0.10 pips and GBP/USD of 0.29 pips on this account type.

Standard Account

Spreads start from 1.0 pips with no commission — all costs are built into the spread. Average EUR/USD sits around 1.2 pips. This suits traders who prefer simplified, all-inclusive pricing without per-trade fees.

IRESS DMA Accounts

The IRESS platform provides direct market access to 10,000+ equities on ASX, NYSE, NASDAQ, LSE, HKEX, and SGX. Three tiers are available: Standard (AUD 1,000 minimum), Platinum (AUD 25,000), and Premier (AUD 50,000), with commission rates decreasing at higher tiers. This is a separate account from the CFD offering and requires its own setup.

Islamic (swap-free) and Cent accounts are also available for traders who need them.

Trading Platforms

FP Markets offers four platforms — more than most competitors at this price point.

MetaTrader 4 and 5

Both MT4 and MT5 are available with full Expert Advisor support, custom indicators, and one-click trading. FP Markets includes the Traders Toolbox plugin with 12 advanced tools: alarm manager, correlation trader, sentiment indicators, session map, tick chart, and more. Free VPS hosting is available for traders meeting monthly volume thresholds.

cTrader

Level II pricing, advanced order types, cAlgo for automated strategy development, and cTrader Copy for social trading. The $3.00 per side commission applies on cTrader — matching the MT4/MT5 rate.

IRESS

Professional-grade DMA platform for equities. Real-time depth of market, advanced order routing, portfolio management, and access to shares on six major global exchanges. IRESS is a separate ecosystem from the CFD platforms and targets serious equity traders.

Mobile apps are available for all platforms on iOS and Android. FP Markets also integrates with Myfxbook AutoTrade for copy trading.

Instruments

FP Markets offers over 10,000 tradeable instruments across multiple asset classes:

The IRESS DMA platform accounts for the bulk of the instrument count. On the CFD side, the offering is solid but not exceptional — 70+ forex pairs and 814 stock CFDs are above average, though brokers like IG offer 17,000+ CFD markets.

Deposits and Withdrawals

Minimum deposit is $100 across all CFD accounts. FP Markets processes withdrawals during AEST business hours, with same-day processing for requests submitted before the daily cut-off. The e-wallet withdrawal fees (1-2%) are worth noting — card and crypto withdrawals are fee-free from the broker's side.

Execution Quality

FP Markets co-locates its execution infrastructure in Equinix NY4 and LD5 data centres, the same facilities used by major investment banks and high-frequency trading firms. Average fill speeds are reported below 40 milliseconds with no requotes on the Raw ECN account.

Liquidity is aggregated from multiple tier-one banks and non-bank providers. The no-dealing-desk execution model means FP Markets does not trade against its clients — orders are routed directly to the liquidity pool.

Education and Research

FP Markets provides video tutorials, trading guides, webinars, and an economic calendar. Research tools include Autochartist pattern recognition, Trading Central integration, and daily analyst commentary covering major markets.

The education hub covers forex basics through advanced strategy. It is adequate but not as deep as what larger brokers like IG or Pepperstone offer. Serious beginners may want to supplement with external resources.

Who Is FP Markets Best For?

FP Markets is best suited for traders who want institutional-grade ECN pricing alongside direct market access to global equities — all under tier-one regulation. The combination of raw spreads from 0.0 pips, IRESS DMA, and dual ASIC/CySEC oversight makes it particularly strong for:

• Scalpers and algo traders who need tight spreads and fast execution
• Equity traders who want DMA access to ASX, NYSE, NASDAQ, and LSE shares
• Multi-asset traders who trade forex alongside stocks from a single broker

The $100 minimum deposit keeps it accessible, though IRESS accounts require AUD 1,000+. Traders who only need forex CFDs without equity DMA may find similar pricing at Pepperstone or IC Markets without the added complexity.

Final Thoughts

FP Markets has built a strong position over nearly two decades by combining ECN forex pricing with genuine equity DMA — a combination few brokers offer at this price point. The 2025 Global Broker of the Year award, 4.8/5 Trustpilot rating, and Financial Commission membership reinforce its credibility. Raw ECN spreads averaging 0.10 pips on EUR/USD, co-located infrastructure at Equinix, and four platform choices make the trading conditions genuinely competitive. The main limitations are the e-wallet withdrawal fees and the complexity of managing separate CFD and IRESS accounts. For traders who value both forex and equity access under tier-one regulation, FP Markets remains one of the strongest options for 2026.

Frequently Asked Questions

Is FP Markets regulated?

Yes. FP Markets is regulated by ASIC (AFS 286354) in Australia and CySEC (371/18) in Europe, both tier-one regulators. Additional licences include FSCA in South Africa. The broker also joined the Financial Commission in June 2025.

What are FP Markets' spreads?

Raw ECN account spreads start from 0.0 pips with a $3.00 per side commission ($6.00 round turn). Average EUR/USD spread is 0.10 pips. Standard account spreads start from 1.0 pips with no commission.

What is the minimum deposit at FP Markets?

The minimum deposit for CFD accounts (Raw and Standard) is $100. IRESS DMA accounts require AUD 1,000 minimum for the Standard tier, rising to AUD 50,000 for Premier.

What platforms does FP Markets offer?

FP Markets offers MetaTrader 4, MetaTrader 5, cTrader, and IRESS (for DMA equities). Mobile apps are available for all platforms. The Traders Toolbox plugin adds 12 advanced tools to the MetaTrader platforms.

Does FP Markets allow EAs?

Yes. Expert Advisors are fully supported on MetaTrader 4, MetaTrader 5, and cTrader (via cAlgo). Free VPS hosting is available for traders meeting volume thresholds.

Which countries are restricted from FP Markets?

FP Markets restricts traders from the United States, Japan, New Zealand, Belgium, Iran, Iraq, North Korea, and Syria. Parts of Canada (Ontario, Quebec) are also restricted.