FP Markets Review 2023 - The Good and the Bad
By Stefano Treviso , Updated on: Apr 07 2023.
FP Markets in a Nutshell
74.34% of retail CFD accounts lose money.
|💡 Score||3.1 out of 5.|
|🏛 Regulators||ASIC, CySec, FSA.|
|💳 Minimum Deposit ($)||100|
|💰 Payment Methods||Credit Card, Debit Card, Bank Transfer, Neteller, PayPal, Skrill, FasaPay, PayTrust, China Union Pay, Bpay, B2B, Sticpay, Plusdebit, Rupee Payments, DragonPay, Perfect Money, Paylivre, Rapyd, Finrax, Fairpay.|
|💵 Base Currencies||10 - USD, GBP, EUR, AUD, CHF, JPY, HKD, CAD, SGD, NZD.|
|📚 Assets Offered||
🔹 Stock CFDs 🔹 Currency CFDs 🔹 Commodities CFDs 🔹 Indices CFDs 🔹 ETF CFDs 🔹 Crypto CFDs 🔹 Bond CFDs
|💪 Retail Leverage||1:30|
|💪 Pro Leverage||1:500|
|✍ Custom Leverage||Yes|
|🎲 Deleveraged Trading||Yes|
|🎓 Demo Account||Yes|
Compare FP Markets
FP Markets in 60 seconds
- ECN and DMA pricing and over 10,000+ instruments
- Standard account with no commissions and RAW account with $3 per lot side ($6 per lot round turn)
- MetaTrader 4, MetaTrader 5 and Iress platforms
FP Markets is a leading Australian broker with a 10,000+ asset offering accompanied by a great variety of tech options such as deploying your own VPS and accessing ENC / DMA pricing.
FP Markets Full Review
Here’s what we’ll talk about during our review:
- Is FP Markets Safe?
- FP Markets Minimum Deposit and Withdrawal
- FP Markets Account Types
- FP Markets Trading Fees
- FP Markets Available Assets
- FP Markets Copy Trading
- FP Markets Trading Platforms
- FP Markets Mobile Trading Platform
- FP Markets Research and Analysis Tools
- FP Markets Educational Tools
Is FP Markets Safe?
FP Markets is a reliable and safe broker that holds 3 different financial licences:
- ASIC (Australian Securities and Investments Commission)
- CySec (Cyprus Securities and Exchange Commission)
- FSAS (Financial Services Authority Seychelles)
From the above list we consider the most valuable licence to be the Australian one as it’s a high reputation financial regulator that enforces a great code of conduct amongst its registered firms.
FP Markets has been operating since the year 2005. During our in-depth analysis of all the public user opinions such as TrustPilot, ForexPeaceArmy and many others we were satisfied with the results as the overall opinion of users was very positive.
FP Markets Minimum Deposit and Withdrawal
FP Markets minimum deposit is $100. Here are their deposit and withdrawal methods:
- Bank Transfer
- China Union Pay
- Broker to broker
In most cases there are no deposit fees with the exception of:
- International Bank Transfers (AUD 12.5 or equivalent)
- Broker to broker transfers (AUD 25 - Only available for AU Residents)
When it comes to withdrawals some methods have no cost at all, but others can range from 10 AUD and increase based on the amount of your withdrawal, for example:
- Paypal (MT4 and MT5 withdrawals are fee but IRESS has a charge of 2%)
- International Bank Transfers have a charge of 10 AUD or equivalent
Since payment methods are constantly changing and fees can vary, it’s always a good idea to contact support and be sure of which are the fees you’ll pay for any particular method.
FP Markets allows its customers the following account base currencies:
- United States Dollar
- Great British Pound
- Australian Dollar
- Swiss Franc
- Japanese Yen
- Hong Kong Dollar
- Canadian Dollar
- Singapore Dollar
- New Zealand Dollar
FP Markets Account Types
Before we look at their account types, we need to understand their client area.
In the client area, customers will be able to manage their accounts, deposit or withdraw funds and download any of the necessary resources FP Markets provides.
The most important thing about this area is that here you can create various accounts with different settings. Here’s how the customisation option looks like:
We really believe that the account customization process it’s very good as it allows traders to quickly be aware of their leverage, base currency and most important aspects.
Moving on, FP Markets provides the following account types:
|Account||Standard (MT4 & MT5)||Raw (MT4 & MT5)||Iress (Only available in Australia)|
|Minimum Deposit||$100||$100||From $1,000 to $25,000|
|Spreads||Dynamic - From 1 Pip||Dynamic - From 0 Pips||Dynamic - Market Spreads|
|Assets||Currencies, Indices, Commodities and 1,000+ Shares.||Currencies, Indices, Commodities and 1,000+ Shares.||Currencies, Indices, Commodities and 10,000+ Shares.|
|Commissions||None||$3 per lot||Variable structure from 0.1% to 0.08% with a minimum threshold depending on account type.|
|Type||ECN, DMA||ECN, DMA||ECN, DMA|
FP Markets Trading Fees
FP Markets charges (depending on account type) commissions, spreads, overnight fees, data fees and platform fees.
FP Markets can be very competitive when it comes to spreads, here’s how they compare to other popular brokers:
|EUR/USD Spread||Dynamic - From 0 to 1.2 Pips||Dynamic - From 0 to 0.77 Pips||Dynamic - From 1 Pip|
|SP500 Spread||Dynamic - From 40 to 60 Pips||Dynamic - From 0.4 to 1.5 Pips||Dynamic - From 75 Pips|
|Gold Spread||Dynamic - From 0 to 31 Pips||Dynamic - Average 13.81 Pips||Dynamic - From 45 Pips|
|TSLA Spread||Dynamic - Market Spread||Dynamic - Market Spread||Dynamic - From 0.09%|
|XLK Spread||Unavailable||Dynamic - Market Spread||Dynamic - From 0.09%|
|BTC Spread||Dynamic - From $9 to $21||Dynamic - From $30||Fixed - 1%|
For high volume traders looking to exploit their RAW account, FP Markets can be a great choice. For new traders that are opening a standard account, not really as the average spread will be around 1.2 Pips.
Commissions & Fees
On FP Markets’ MT4 and MT5 Standard and Raw accounts, the commissions structure is very simple:
- Standard: no commissions
- Raw: $6 per lot round turn
On FP Markets Iress platform, things get a bit more tricky. Iress (only available in Australia) has 3 account types:
- Standard (0.1% commission with a minimum of $10). Additional fees of $55 a month for platform (fee waived if your commissions exceed $150 monthly) and also $22 for ASX data (fee waived if your commissions exceed $50 monthly)
- Platinum (0.09% commission with a minimum of $9). Additional fees of $55 a month for platform (fee waived if your commissions exceed $150 monthly) and also $22 for ASX data (fee waived if your commissions exceed $50 monthly)
- Premier (almost all fees are waived and commission is 0.08% per trade with no minimum)
No commissions on real stocks and ETFs
FP Markets Available Assets
FP Markets definitely has a complicated account structure, the information was hard to find on their website and it’s not clear on why there is so much separation between accounts. Clearly their offer is quite appealing for experienced traders looking to satisfy a particular need from their offering.
Here’s how FP Markets asset offering compares to other popular brokers:
|Currency Pair CFDs||63||60||47|
After reviewing their offering, we can clearly place them as an amazing choice for the following categories:
- Forex traders looking to use their RAW account with spreads from 0 pips
- Stock CFDs traders looking for great variety
- Australian traders looking for a competitive option to trade ASX shares
When it comes to Cryptocurrencies, Commodities, Indices and many other asset categories, they’re easily outnumbered by their competitors so remember, for Forex and Stocks, they can be a great choice.
FP Markets Copy Trading
FP Markets provides a standalone solution for copy-trading on MT4 & MT5 and an integration with MyFXBook Autotrade. Here’s how it looks:
Clicking on a user’s profile will open quite a few statistics about each trader yet, just like many other major copy trading platforms a lot of important information will remain hidden such as account balances, etc.
Sadly, we don’t consider it a high value selling point for FP Markets as the system is not smooth and easily operable for the average user from a single location.
While it’s definitely not FP Markets strongest area, it’s nice to know that the feature exists for those interested in it.
FP Markets Trading Platforms
FP Markets offers the following trading platforms:
- MetaTrader 4 (available on web, desktop and mobile devices)
- MetaTrader 5 (available on web, desktop and mobile devices)
- IRESS Platform (available on desktop and mobile devices)
- Their own proprietary mobile platform
Let’s take a quick look at the web version of MetaTrader:
Like the majority of MetaTrader brokers, it’s nothing more than the same platform with a banner from the broker on top.
We would definitely appreciate that FP Markets integrated their client area or made it easily accessible from within their MetaTrader platform to allow for customers to smoothly perform transactions without having to find things somewhere else.
FP Markets Mobile Trading Platform
Before we even discuss further details of the mobile platform, we would like to save you time and tell you straight away that it’s not worth using. Stick to MetaTrader 4, 5 or IRESS. The mobile web app is very primitive and has no real benefits.
Some important things to point out about the mobile platform are:
- There’s no notification centre
- No advanced or horizontal charting tools to add indicators, draw, etc
- There are just 3 options at the bottom to view assets, check positions and view order history. The fourth option to access the client area got stuck and never loaded for us after several attempts.
Clearly, FP Markets has its success via MT4, MT5 and Iress. It seems as if they thought of the idea of building a mobile platform and stopped half-way through.
This platform will serve you as some sort of mobile companion to monitor what happened in your MetaTrader accounts but bear in mind that we do not recommend it to trade.
FP Markets Research and Analysis Tools
FP Markets main research and analysis tools are a blog-styled Trader’s Hub and a few interesting tools for MetaTrader 4. Let’s take a look at the main features:
Here are the tools for MetaTrader 4:
- Trader ToolBox Connect
- Alarm Manager
- Correlation Trader
- Correlation Matrix
- Excel RTD
- Market Manager
- Sealth Orders
- Tick Chart
- Session Map
- Trade Terminal
- Mini Terminal
- Sentiment Trader
From the above list, our favourites are the Correlation Trader which allows you to compare correlated assets and trade price differences between them and the Stealth Orders which allow you to hide pending orders from market participants and execute them when your price is hit.
When it comes to the Trader’s Hub, you’ll be able to find daily articles for forex traders and other interesting fundamental insights.
FP Markets Educational Tools
FP Markets provides the following educational tools:
- Basic video courses
After analysing their offer we found that the content is well-crafted yet very basic.
VerdictFP Markets overall rating is 3.1 out of 5.
After our review, we consider FP Markets a great choice for intermediate and experienced traders looking to take advantage of their RAW account with spreads from 0 pips in currencies and their Iress share trading offer, especially for high volume traders.
FP Markets is definitely falling behind when it comes to tech when compared to other popular brokers. Their proprietary mobile app is barely usable and their client area logged us out several times when trying to perform basic operations.
Clearly, the reasons for someone to choose FP Markets are none other than: trust (as it’s a brand operating since 2005 with an ASIC licence) and pricing (because their commissions and spreads are really competitive).
In conclusion, if you are:
- An intermediate or experienced trader in currencies
- A share CFDs trader looking for a low-cost option
- A high net worth ASX shares trader
FP Markets can be an amazing choice for you with their RAW spreads account, their wide variety of share CFDs and their Iress accounts. On the other hand, for other asset classes such as cryptocurrencies or commodities, there are other brokerage providers with a better offer.