FP Markets Review: An In‑depth Look at This Forex And Cfd Broker

This review of FP Markets summarizes our hands‑on findings about the Australian‑regulated forex and CFD broker, including fees, platforms, deposits and withdrawals, safety, and account setup.

Supervised by the Australian Securities and Investments Commission, this broker has been evaluated using a real, funded account.

More than 10,000 clients have already chosen this provider, signaling strong market interest.

Service is not available to residents of the Netherlands; local traders should consider other options.

FP Markets is an Australia‑based forex and CFD provider overseen by ASIC. It caters to traders who want competitive pricing, straightforward funding, and practical learning aids such as a demo account and downloadable materials.

Standout points include low forex pricing and a quick, fully digital onboarding process with speedy deposits. The broker also offers helpful educational resources for new and experienced traders.

Limitations exist: the instrument range focuses on forex and CFDs, MetaTrader 4’s web and desktop interfaces feel dated, and international bank withdrawals can be pricey.

Our independent scoring resulted in 4.2/5 after assessing hundreds of criteria and running live trades.

• Pros: Low forex costs. Fast, simple account setup and funding. Strong learning materials.
• Cons: Narrow product scope. Aging MT4 web/desktop design. Some withdrawal methods carry fees.

Score: 4.5/5. Trading and non‑trading costs are competitive and there is no inactivity fee. International bank withdrawals can be expensive.

• Pros: Low overall trading costs. Low non‑trading costs. Strong forex pricing.
• Con: High charges for cross‑border bank withdrawals.

Low Forex CFD Fees

Low Index CFD Fees

Low Stock CFD Fees

No Inactivity Fee, No Withdrawal Fee

There is no inactivity or standard account fee. An exception applies on IRESS Trader: AUD 55 monthly unless you generate at least AUD 200 in monthly commissions or maintain AUD 50,000. Domestic bank transfers and card withdrawals are typically free; other methods can incur costs. Conversion markup is about 0.01% on top of provider rates, and most deposits are free, with platform‑specific exceptions.

FP Markets is a legitimate provider, supervised by ASIC in Australia and CySEC in Cyprus, among other authorities.

For broker safety, verify which legal entity holds your account, what client‑complaint route applies in your jurisdiction, and whether those details are clearly disclosed before you fund.

• Pros: Negative balance protection. Investor protection up to €20,000 under CySEC.
• Cons: Not a bank. No statutory investor protection under ASIC.

Is FP Markets Regulated?

Yes. Oversight includes ASIC in Australia and CySEC in Cyprus, alongside other regional regulators.

Is FP Markets Safe?

Two angles matter most: the protections you receive and the firm’s background.

How You Are Protected

Coverage depends on which entity you onboard with, as limits differ by jurisdiction. All entities offer negative balance protection. Client funds are held in segregated accounts, keeping them separate from company money.

Background

Founded in 2005, the company has navigated multiple market cycles. It is not a bank and is not publicly listed, which would otherwise add extra transparency layers.

Score: 4.9/5. Funding and payout choices are broad. Some withdrawal methods attract fees, while cards and domestic bank transfers are typically free.

• Pros: Card funding supported. No deposit fee in most cases. Multiple base currency options.
• Con: Certain withdrawal routes are not free.

Account Base Currencies

You can choose from 12 base currencies, which helps reduce conversion costs when your account, bank, and traded instruments share the same currency. Multi‑currency digital banking can further trim exchange fees and speed up transfers.

Deposit Fees and Options

Most deposits are free, though platform and method can affect pricing and availability. During testing, the client portal occasionally timed out while depositing.

• Bank transfer. Bank wires may take a few business days. Funding must originate from an account in your own name.
• Credit/debit card. Cards are typically instant.
• Digital wallets. Availability and processing can vary by wallet and region.
• Broker-to-broker transfer. Transfers from another broker are supported.

FP Markets Withdrawal Fees and Options

Withdrawals via domestic bank transfer and cards are typically free; other channels, including international wires and some e‑wallets, can incur charges. Supported payout methods mirror deposit choices, with a few wallet exceptions. You can withdraw to another broker, provided the account is in your name.

Timing varies by method. Cards are often completed in about 1 day after approval, while domestic bank transfers typically take 1–2 business days. E‑wallet withdrawals are often processed within 1 business day, and international wires commonly take 2–5 business days. Our card withdrawal test completed in about 1 day. You can only withdraw to accounts held in your own name.

How to withdraw:

• Sign in to the Client Area.
• Open Funding, then Withdrawal.
• Choose a method and enter the amount.
• Submit the request to process the transfer.

Score: 5/5. The process is swift and fully online. The minimum for forex is modest, though some account types require at least AUD 1,000.

• Pros: Fast. Fully digital. Low minimum for forex accounts.
• Con: Higher minimums for certain CFD/stock accounts.

Can You Open an Account at FP Markets?

Residents of the Netherlands cannot currently open an account. The broker also does not onboard clients from the US, Japan, New Zealand, Belgium, and a few other locations.

What Is the Minimum Deposit at FP Markets?

The entry requirement starts at $50. On MetaTrader, the Standard account typically needs AUD 100. The IRESS Standard account generally requires at least AUD 1,000.

Account Types

Two platforms define the lineup. For forex, MetaTrader is the straightforward choice; for stocks and CFDs, IRESS offers advanced tooling.

Forex accounts can be set to Islamic (swap‑free) with an administration fee. You can also open sub‑accounts in different base currencies (e.g., USD, EUR, GBP).

How to Open Your Account

The flow is fully digital and took about 10–15 minutes in our test, with same‑day approval.

• Enter your name, email, and country of residence.
• Provide personal details such as birth date, address, and occupation.
• Select platform, account type, and base currency.
• Complete a short suitability questionnaire.

Score: 3.8/5. The mobile experience, powered by MetaTrader and the broker’s own app, is intuitive and attractive. However, native price alerts inside the app are limited and two‑step login is not available.

• Pros: Easy to use. Effective search. Price alerts supported via desktop‑pushed notifications.
• Con: No two‑step authentication on mobile.

In 2021, the broker released a proprietary mobile app for iOS and Android. It complements MetaTrader credentials and delivers a clean, modern UI. Our hands‑on review focuses on MetaTrader 4 for Android due to its popularity among users.

Mobile platforms include MetaTrader 4, MetaTrader 5, cTrader, TradingView, and IRESS Mobile. To connect after installation, select the live FP Markets server. The app supports multiple languages; on Android, changing language may require adjusting the device’s system language.

Look and Feel

The interface is polished and straightforward, with essential trading tools and charting features logically organized.

Login and Security

Mobile login is single‑step. Biometric access and a static PIN improve convenience, but adding true two‑factor authentication would further enhance security.

Search Functions

Discovery works well: search directly by instrument name or browse by categories to locate trading instruments quickly.

Placing Orders

On mobile, you can place trades using common order and duration settings.

• Market order.
• Limit order.
• Stop order.
• Good 'Til Canceled (GTC).
• Good 'Til Time (GTT).

Alerts and Notifications

Native alert configuration is limited inside mobile. You can set push notifications from the desktop platform to your phone for timely updates.

Score: 3.4/5. The MetaTrader 4 desktop app mirrors the web layout and features, with the added benefit of price alerts and richer notification settings.

• Pros: Clear cost reporting. Flexible chart/workspace customization. Price alerts.
• Cons: No two‑step login. Outdated design language. Search could be sharper.

Desktop supports MetaTrader 4/5, TradingView, cTrader, and IRESS. Compared with the web version, MT4 desktop adds Trailing Stop and enables email and push alerts once you configure your address and MetaQuotes ID.

Score: 1.9/5. The offering is centered on leveraged products such as CFDs. You won’t find real stocks, ETFs, mutual funds, bonds, options, or exchange‑traded futures here.

Execution models vary by instrument: some markets use ECN‑style routing, while others may use DMA for lower spreads and faster fills by sending orders directly to the underlying market.

Available tradable asset classes include:

CFDs are complex instruments and involve leverage risk; 72.5% of retail accounts lose money trading CFDs with this provider. Consider whether you can afford the high risk of loss. In the UK, retail crypto‑derivative sales have been banned by the FCA since 2021.

Default leverage can be adjusted on MetaTrader to help manage risk. IRESS leverage is fixed. Always size trades prudently.

Social Trading

A copy‑trading service launched in 2021 lets you follow rated Providers as a Copier, or become a Provider and allow others to mirror your trades.

Is FP Markets Good for Beginners?

Yes. A demo account, clear pricing, and structured learning materials make it approachable for new traders.

Are the Fees Competitive?

Forex pricing is strong, with low spreads and a transparent commission on Raw accounts. Non‑trading fees are minimal.

What Is the Minimum Deposit?

It starts at $50. MetaTrader Standard often needs AUD 100; IRESS Standard typically requires AUD 1,000.

How Is Customer Support?

Response times were solid in testing, with helpful guidance across common account and platform questions.

Is FP Markets Legit or a Scam?

It is a regulated broker with segregated client funds and negative balance protection across entities.

Is FP Markets Free to Use?

Trading involves spreads and, on certain accounts, commissions. Most account and deposit fees are waived, with exceptions by method or platform.

How Do I Start an Account?

Complete a short online form, verify identity, choose your platform and base currency, then fund the account.

Is the Trading App Any Good?

The mobile experience is smooth and intuitive, though two‑factor login would improve security.

Can I Trade Options?

Listed options are not offered. The focus is on forex and CFDs.

What Balance Do I Need to Maintain?

No ongoing minimum is required for MetaTrader accounts beyond the initial funding; certain IRESS tiers set higher thresholds.

How Do I Withdraw Funds?

Submit a request from the client area, selecting your method and amount. Timing depends on the channel used.

Can I Trade Silver?

Yes, precious‑metal CFDs are available, allowing traders to speculate on silver prices without owning the asset directly.

Where Can I See All Fees?

Review trading and non‑trading costs inside the platform reports and your account statements; most charges are transparent at order entry and in the fee summary.