FP Markets Review 2024: Account Types, Trading Platform, Spreads, Leverage & More

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  • FP Markets Review 2024: Account Types, Trading Platform, Spreads, Leverage & More

Welcome to our FP Markets review, where we get into details that offer useful information for the prospecting trader. We will talk about the FP Markets minimum deposit, bonus, account types, spreads, leverage, and other helpful information. At the end of this article, you should be able to know whether or not FP Markets are for you.

FP Markets was established back in 2005 in Australia as a CFD and forex broker. It is regulated by the Australia Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

Welcome to this FP Markets review, where details are everything. We are going to go through what we think you need to know about this forex broker. Our research shows that the broker is safe and can be trusted.

With their long track record and the fact that ASIC regulates them, you will have nothing to fear when it comes to safety. FP Markets has a RAW account that requires only a minimum deposit of $100 and spreads that start from 0.0, a commission rate of $3.50 per lot, and leverage of up to 500:1.

Our FP Markets review will point you in the right direction, as will the other forex reviews we have provided.

FP Markets Review

FP Markets Open an account

FP Markets Pros & Cons

Let’s start with the pros:

  • Their fees are low
  • The opening of accounts is fast and easy
  • You can deposit and withdraw with ease

The cons are:

  • Their CFD stock fees are high
  • They have a limited variety of instruments
  • They could so with an update on their web and desktop platform

In addition to the easy opening of accounts and the fact that you can put money into and out of your account without issues, you will also be able to get an FP Markets to demo account and e-books to aid in your forex education process.

The CFD fees may be high, and the instruments limited but, what they do provide, they provide well. That is why they are among the top recommended forex brokers.

The Best FP Markets Features Summarized

FP Markets Review, FP Markets


FP Markets Fees Breakdown

As we have mentioned at the beginning of the FP Markets review, there is a discrepancy in the fees charged when you compare forex and CFD. In forex, the fees are very low, but in CFD, they are considerably higher.

Looking at this, we gather the following information:

  • Generally, they have low trading fees.
  • They also have low non-trading fees.
  • The forex fees are reasonable
  • CFDs cost more
  • If you make international withdrawals, you will have to pay a transfer fee

Before we get into this, we should tell you how we gauge the fees to determine whether they are low or high. The process is as follows:

  • We compare their fees to the others of our reviewed brokers.
  • We then put the most relevant fees charged by FP Markets, into asset classes.
  • We make a comparison with the other brokers of the same level by looking at the important factors like the instruments offered, the fees, the client profiles, and others.

To make this easier to understand, we should look at this summary of the fees, as shown in the table below.

FP Markets Review, FP Markets

FP Markets Trading Fees

As we have mentioned, their trading fees are low. Even though it is not easy to compare the CFD fees for the broker, we managed to come up with a system that would allow us to make the comparisons we needed to make.

For the FP Markets review, we chose popular instruments and then calculated all the fees of a typical trade for those selected instruments. Within each asset class, we have picked popular instruments that include:

  • Stock CFDs for Vodafone and Apple
  • Forex for major pairs like EUR/USD, GBP/USD, AUD/USD, EUR/CHF and EUR/GBP
  • Stock Index CFDs like SPX or EUSTX50

The typical trade implies the buying of a leveraged position, holding it for a week, and then selling. For volume, we went with a $2000 position for stock and stock CFDs. For the forex transactions, we chose a $20,000 position. For leverage, we used:

  • 20:1 for the stock index CFDs
  • 5:1 for the Stock CFDs
  • 30:1 for forex pairs

With these, we can get all the fees, including spreads, commissions, and financing costs. Let’s break down what we have for our FP Markets review.

FP Markets Open an account

The CFD Fees for FP Markets as Compared to XTB and XM

According to what you will see here, FP Markets seems to have average CFD trading fees and slightly higher CFD fees.

FP Markets Review, FP Markets

Trading in stock CFDs will mean that you pay a commission. For the FP Markets review, we gathered the amounts of commissions you will have to pay to trade the markets.

FP Markets Review, FP Markets

A price analysis shows that forex fees are quite low. They depend on the type of account one chooses; the amount of commissions usually varies. The cost of the FP Markets ECN RAW account includes a smaller spread cost and a per lot trade commission of $3.

If you pick the Standard Account, you will be charged a higher spread cost but not a commission.

We get the following conclusions in our benchmarking of fees, using a $20,000 position leveraged at 30:1 and holding for a week.

FP Markets Review, FP Markets

In our research for the FP Markets review, we found that as a trader, you can get access to the stocks on the Australian Securities Exchange. The fees for the two accounts are different. They are:

  • 11% commission and a minimum fee of $14.95 for the Standard account
  • 08% commission and no minimum fee for the non-leveraged CFD account

You get to pick the one that suits you.

The Non-Trading Fees for FP Markets

FP Markets have low non-trading fees. To break this down, let’s look at how they stack up against the competitors (XTB and XM)

  • There are no account fees for FP Markets or the competition
  • FP Markets charges no inactivity fees, whereas XM does, but XTB does not.
  • There are no deposit or withdrawal fees for FP Markets or the competition.

You will only get charged the inactivity fee when you are an FP Markets IRESS trader. When you are using IRESS, you will have to generate at least $150 per month in commissions or choose the Premier account type. Otherwise, you will get charged a $55 monthly commission for inactivity.

FP Markets does not charge any withdrawal fees when you use domestic bank transfers or credit cards. In other cases, the withdrawal fees are as follows:

  • Credit/debit card withdrawal from MT4/MT5 and IRESS are free. International bank transfers cost AUD 10
  • Domestic bank transfers are free.
  • Neteller charges 2% or a maximum of $30 per $45,000 transaction
  • Skrill charges 1% plus country fees where they apply.
  • Fasapy charges 0.50%
  • PayTrust88 charges 1.5%
  • Ngan Luong charges 1,000 VND plus 1%
  • For PayPal charges nothing for MT4 and MT5 users and 2% for IRESS users
  • The Bank of China charges $18
  • Transfers from broker to broker in domestic settings are free but internationally, cost AUD25.

Let’s get into FP Markets Account types to learn what kind of options you will have when you sign up with this broker.

FP Markets Account Types

FP Markets has two trading platforms, and each of them has separate account types. There is a distinct difference between the accounts, and it is based on ownership. We do not want to complicate things so, let us clear that up for you.

If you are on MetaTrader, you will have the option of picking between two accounts: Standard or RAW. On the IRESS platform, you will have three choices that include Standard, Platinum, or Premier. Based on ownership, FP Markets will give you even more options to choose from.FP Markets Review, FP Markets

These are:

  • Individual- One person owns the account
  • Joint- the account is owned by two or more people.
  • Corporate- the account belongs to an entity (with legal constraints)
  • Trust/SMF- The account belongs to a trustee

FP Markets Open an account

This table below will summarize the available account types and the fees that you can expect to incur when you are on them.

FP Markets Review, FP Markets

We may have mentioned this before, but we should probably repeat it just to make sure that it is all understood and clear:

  • The FP Markets IRESS trader fees apply only when you do not generate monthly commissions of at least $150 in commissions.
  • ASX Live data fees also apply when you do not generate at least $50 in commissions monthly.

How Do You Open Your Account on FP Markets?

To make the FP Markets review easier to understand, we are going to pick the RAW account type as the prime example of how you sign up.

Pro TipWith FP Market account types, you can request conversion to an Islamic account. They are called swap-free because instead of swaps, they charge an administration fee.

One other great feature that we found when doing this FP Markets review is that they have more sub-accounts available if you need them. You can have base currency, each with their account. For example, you can have a USD, EUR, or GBP subaccount.

Alright, let’s get into this.

The process of opening any of the FP Market Account types is easy and all online. It takes 10-15 minutes, and approval comes through, on the same day. The following steps will guide you through how you can open any of the FP Markets account types.

  • Add your names, email address and country you live in
  • Give other information about yourself including Date of birth, profession, and address
  • Choose one of the FP Markets account types that you want and the base currency you would like to use.
  • Fill out the questionnaire to provide proof that you understand the different products offered.

After this, you will be done with the process.

FP Markets Open an account

FP Markets Platforms

In this segment, we are going to dive deep into the different types of platforms you will find when you sign up with FP Markets. We will talk about the FP Markets IRESS platform, the Webtrader platform, and the FP MarketsMT4 download and how you can benefit from all these things.

We are going to start with the desktop trading platform, and they move on to the rest. Buckle up; this FP Markets review is going to take you through all you need to know.

FP Markets Platforms


  1. FP Markets Desktop Trading Platform

In terms of design and function, the desktop version of MT4 provided by FP Markets is the same as the web trading platform. The difference is that you can set price alerts on the desktop app, but not on the Webtrader.

With this, you get clear fee reports, price alerts, and good customization tools for your charts and strategies. If you would like to get an email and mobile notifications, you will have to add your email address and mobile MetaQuotes ID.

Just go to the ‘Tools’ and click on ‘Options.’ The rest of it is quite easy to fill out and set from that point on.

  1. Mobile Trading Platform

The FP Markets mobile trading app is well designed and easy to use. It has a two-step login to ensure that there is security. Similar to the web versions, the broker offers all the platforms on mobile, including FP Markets IRESS, MT4, and MT5.

They are all available on iOS and Android. After you access the app, you need to connect to the FP Markets’ live server. You can choose the language you prefer from the options provided.

The search function on the mobile app is amazing as well. There is nothing you will miss with the capabilities to place orders from the phone and alerts/notifications.

As far as apps go, FP Markets deliver what they promise.

  1. Web Trading Platform

The Webtrader platform you will get when using FP Markets is provided by MetaTrader. It is a highly customizable platform with many language options and a useful fee report, which offers clarity.It may not have the two-step login process that the app does or price alerts, but it works just fine. In researching this FP Markets review, we found that they do not have an in-house trading platform like some of their peers.

With the Webtrader, you will have great customization options. You can easily change the size and position of tabs. The platform does have an outdated feel to it, though.

The search functions are above average. You can access the assets in categories, even though our FP Markets review research did not find a search function that allows you to type in the asset name manually.

You can place basic orders like Market, Limit, and Stop. In addition to these, you can use order time limits that include; good ’til canceled – GTC and Good ’til time – GTT.

The great thing about MetaTrader is that they have it available in so many languages.

FP Markets web trading platform languages include:

FP Markets Review, FP Markets

FP Markets Open an account

It is a great platform if you are looking for a platform that caters to as many people as possible with great tools.

FP Markets Research

When using FP Markets, you will be glad to know that there is a lot of available information for your trading purposes. Most of the research tools you will get are available in many languages, including Arabic, Chinese, English, French, German, Indonesian, Spanish, Malaysian, and Vietnamese.

Here are some of the things you will find:

  1. Trading Ideas

The FP Markets broker has a Traders Hub, which is a blog; there, you will find trading ideas that are categorized into the technical and fundamental analysis. The ideas are of high quality, and the analyses are up-to-date.

They update almost daily when it comes to the analyses. In addition to the ideas, you will have access to Autochartist, which recognized patterns and gives ideas on the trading direction, based on what is happening in the market.

  1. Fundamental Data

In the Traders Toolbox (another great tool), you will have access to the historical data of the assets. This is, unfortunately, the only aid to fundamental analysis that we have found at FP Markets.

  1. Charting

The charting forex tools here are alright. They are not exactly the best, but they will get the job done. You will have access to 31 indicators and other editor tools like the trendlines and Fibonacci retracement.

The design is old and might be hard to use when it comes to some features.

  1. News Feed

When it comes to news, they could do with an improvement. The news is brief, usually written as a sentence, with no charts or other visual elements. In the economic calendar tab, you can use filters for countries and other elements too, which we think is a great thing.

You can stay updated on all the daily reports that FP Markets provides. The short reports with a table that shows basic information like the open/closing prices and price changes are also useful.

  1. Other Useful Tools

In addition to the above tools, you will also get access to analytical tools offered in a package that FP Markets named Trader Toolbox. In our FP Markets review research, we thought the toolbox is quite useful.

Some of the tools you will find in the toolbox are:

  • Correlation matrix that shows the correlation between any two assets or symbols that you choose. With it, you have access to real-time price activity, which will allow you to make informed decisions.
  • Alarm manager that will set up sophisticated alerts like news notifications and such. You will be able to set up automated actions like opening and closing positions. The alarms you set are the ones that trigger action.
  • Excel RTD is another tool that does monitoring, analysis, and reporting. It inserts real-time account, ticker, and price data into Excel, without any programming. You can interact with trading platforms and send out trading commands from VBA code.
  • The market manager is another tool that will allow you to view recent price activity, place market and pending orders, select the assets you want and make changes to the open positions. With it, you will have full visibility of your positions, and you can stay prepared for any moves in the market.
  • Sentiment trader that shows the distribution of buyers and sellers

There is a lot more to unpack in this toolbox, but we will not get into all that.

FP Markets No Deposit Bonus

According to regulatory restrictions, FP Markets does not offer any bonuses or promotions. So, if you find someone who is offering an FP Markets bonus, you need to be very cautious because you could most likely be dealing with a scam.

Stay safe; do not get blindsided.

FP Markets Leverage

The maximum leverage you will get when trading with FP Markets is 500:1. With the ability to trade more than 10,000 financial instruments in Equities, Indices, Metals, Commodities, and Cryptocurrency, you will have a lot to consider.

As we showed you in the section about accounts, you can get ECN pricing. Combine that with the leverage of 500:1, and you stand to make a lot of money if you feel like you are ready for the market.

FP Markets Leverage


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FP Markets Customer Service

There are many options you can use when you want to get in contact with FP Markets. The email and phone customer support channels are all open and working. Let’s get some detail on this. You can use:

  • Phone
  • Email
  • Live chat

These are the three best ways to communicate with customer support. Customer support is one of the strengths that FP Markets offers. You will be able to get several agents who can speak to you in the following languages:

FP Markets Review, FP Markets

With all these options, you will not have any trouble dealing with any problems you may have.

The phone support works well too. It takes about 30 seconds to get the answers you need on the phone. The agents are helpful and relevant in the way that they tend to your needs. The phone side of support is not the only one that works very well.

The email support is also quick and offers you relevant answers. Within a few hours of sending the email, you will get your answers sent back to you promptly. They seem to have set this support system to be very helpful.

The live chat side of things is where there seems to be a problem. Some sort of incompetent bot runs the live chat. If a person runs it, they do not seem to know a lot about the company that they work for.

Another thing you should know, they are not all available 24 hours a day, seven days a week.

FP Markets Education Provision

The education segment is a crucial part of any reputable broker. FP Markets does a great job in this regard. They have provided you with everything from eBooks to FP Markets demo accounts. The following are some of the ways that you can learn when you are on FP Markets:

  • Tutorial videos created by FP Markets
  • An FP Markets demo account to help you hone your skills and develop a strategy for trading
  • Very well-written e-books that cover everything you need to know before getting started
  • A trading glossary for reference
  • A complete trading course that will take you from basics to advanced lessons

All the educational tools are available to you when you click on the part that says ‘Client Resources’ and then go to ‘Education Tabs.’ The only thing that they do not seem to have is access to webinars.

FP Markets Review, FP Markets

FP Markets Review on Safety

This is a part that so many people care about, and we looked into it too. First and foremost, the broker is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

The fact that FP Markets is based in Australia may make some traders worry but, we checked on the protection part, and here is what we found.

The FP Markets Investor Protection we found, breaks down as follows:

  • If you are a client from Australia, there are no protection amounts offered by the firm regulated by the Australian Securities and Investments Commission (ASIC) under the legal entity named First Prudential Markets Pty Ltd.
  • If you are in the EU, there is a protection amount of €20,000, in addition to the regulation offered by the Cyprus Securities and Exchange Commission (CySEC).

FP Markets does not have negative balance protection for clients under ASIC regulation, but it does have that protection for clients under CySEC.

The background speaks for FP Markets, though. The longer a broker has been in existence, the more the belief and proof that they are legitimate. If they had not been legitimate, they would not still be here today.

They do not have any background in banking and are not listed in any exchange either, but they have been operating since 2005, and that is more than enough to let you know that they are here because they know what they are doing.

The Verdict on FP Markets

This has been quite a lengthy review of FP Markets. What we intend to do with this FP Markets review is to show you what you need to know about the broker so you can decide what you would like to do next.

We have covered the cost partly by talking about FP Markets minimum deposit, and FP Markets spreads.

Hopefully, now that we are done with the review, you have gained some insight into how this broker works and what they promise to offer. The negative side is that their CFDs fees are a bit high, and their portfolio a bit limited.

However, they are safe and regulated, which is a big plus in a world that is increasingly becoming all about scams. You will be safe with FP Markets. Feel free to try and open one of the FP Markets account types and see for yourself.

FP Markets Open an account

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