FP Markets Review

FP Markets overview

FP Markets is the trading name of First Prudential Markets, a forex and CFD broker that started out in Sydney in 2005 and marked its 20th anniversary in 2025. The firm was founded by Matt Murphie and is now led by CEO Craig Allison. Over two decades it has grown from an Australian ECN-style FX provider into a multi-entity group that offers more than 10,000 instruments, although most of that headline number comes from direct shares available through the IRESS platform rather than from the MetaTrader product list.

The broker has built its reputation on low raw spreads, a broad choice of third-party platforms (MetaTrader 4, MetaTrader 5, cTrader and TradingView) and a long track record under Australian regulation. It is not a listed company and does not publish client numbers, but press material from 2025 mentions more than 300 staff and over 60 industry awards. You can find the official site at fpmarkets.com.

Regulation and safety

FP Markets operates through several companies, and the one you sign up with decides your leverage, investor protection and dispute route. Its main licences are:

• ASIC (Australia) – First Prudential Markets Pty Ltd, AFSL 286354.
• CySEC (Cyprus) – licence 371/18, serving EU/EEA clients under MiFID rules.
• FSCA (South Africa) – FP Markets (Pty) Ltd, FSP 50926.
• FSA (Seychelles) – First Prudential Markets Limited, securities dealer licence SD130, used for most international clients.
• FSC Mauritius and CMA Kenya (non-dealing forex broker licence), plus a UAE Capital Market Authority Category 5 licence announced in September 2026 that only covers marketing and client introduction in the Emirates.

The Australian and Cypriot entities apply local retail rules such as leverage caps and negative balance protection. Clients routed to the Seychelles entity get much higher leverage but weaker regulatory safeguards, so it is worth checking which company appears on your account documents. You can confirm the Australian licence on the ASIC website and the EU licence through CySEC.

On the negative side, in December 2014 ASIC accepted an enforceable undertaking from First Prudential Markets after raising concerns that, during 2013, its processes for spotting and handling potentially manipulative client trading may not have been adequate. The firm agreed to appoint an independent compliance expert and act on the recommendations. No similar action surfaced in the sources reviewed for later years. FP Markets does not accept clients from the United States or Canada.

Fees and trading costs

Pricing is split between two main MetaTrader/cTrader accounts. The Standard account bundles costs into the spread, with EUR/USD spreads advertised from 1.0 pip. Independent measurements put the typical Standard EUR/USD spread at roughly 1.2–1.3 pips, which is in line with the market rather than unusually cheap.

The Raw account is where FP Markets is more competitive. Spreads start from 0.0 pips, with FP Markets publishing a 0.1 pip EUR/USD figure in late 2026, and a commission of US$3 per lot per side (US$6 round turn) on forex and spot metals. Third-party tests have measured an all-in EUR/USD cost of roughly 0.8–0.9 pips on this account. Share CFD commissions vary by exchange; for example, US shares are charged per share with a minimum ticket fee.

Swap-free (Islamic) versions of the Standard and Raw accounts can be requested, but administration fees may apply to some instruments. Overnight financing applies to normal accounts, and IRESS share accounts carry their own platform and data charges that make them better suited to active or larger traders.

Account types and markets

Besides Standard and Raw, FP Markets offers IRESS accounts aimed mainly at Australian traders who want direct market access to shares, with a A$1,000 minimum and exchange-based commissions. The product list covers 70+ currency pairs, hundreds of share CFDs, more than 15 indices, commodities, ETF CFDs, bond CFDs and crypto CFDs (crypto availability depends on region).

Leverage depends heavily on the entity. Under ASIC and CySEC, retail clients get the regulator-mandated caps of 1:30 on major currency pairs and lower ratios for other assets, falling to 1:2 on crypto. Through the Seychelles, Mauritius and South African entities, forex leverage goes up to 1:500, with lower limits for indices, crypto and equities.

Platforms and tools

Platform choice is one of the broker's strongest points. Clients can trade on MetaTrader 4, MetaTrader 5 and cTrader, connect a Raw account to TradingView, or use the FP Markets mobile app and web trader. IRESS terminals are available for share traders in certain regions. FP Markets announced its TradingView integration in January 2024.

For copy trading, the broker supports its own social trading portal as well as MetaTrader Signals, Myfxbook AutoTrade and ZuluTrade. Demo accounts are available on MT4, MT5, cTrader and IRESS, although they expire after 30 days of inactivity. Reviewers tend to rate the research and education content as adequate rather than outstanding, and the proprietary mobile app is less feature-rich than the MetaTrader and cTrader apps.

Deposits and withdrawals

The minimum deposit for Standard and Raw accounts is US$100 or its equivalent. Funding options depend on your entity and country but include bank wire, Visa and Mastercard cards, e-wallets such as Skrill, Neteller and PayPal, regional processors like SticPay, FasaPay and Perfect Money, and cryptocurrency deposits in some jurisdictions. FP Markets says it does not charge deposit fees itself, although intermediary banks or payment providers may.

Account base currencies include AUD, USD, EUR, GBP, SGD, CAD, CHF, HKD, JPY, ZAR and MXN, with the exact list varying by entity. Holding an account in your local currency can help avoid conversion costs on deposits and withdrawals.

Who FP Markets suits

FP Markets is a sensible fit for cost-conscious forex traders who want raw pricing with a moderate commission, and for anyone who prefers to choose between MetaTrader, cTrader and TradingView rather than learn a proprietary platform. Copy traders and signal followers also have several options. Australian and EU traders benefit from strong local regulation.

It is a weaker match for beginners who want extensive structured education, or for traders who specifically want a tier-one UK licence, which the group does not hold. International clients should be aware that their account will usually sit with the Seychelles entity.

Verdict

After 20 years in the market, FP Markets offers a mature, low-cost trading environment with an unusually wide choice of platforms and a solid Australian and Cypriot regulatory base. Its Raw account pricing is competitive, and copy trading support is broad. The main caveats are that offshore clients receive lighter protection, the Standard account is only average on price, and research tools trail the leading brokers. Always confirm the entity, leverage and fees that apply to you before funding an account.