Australian-headquartered ECN broker. 0.0-pip raw spreads, Iress + cTrader + MetaTrader trifecta, strong on DMA equities for Australian clients.
FP Markets has been operating since 2005 from Sydney, making it one of the longest-established ECN brokers in the Australian-regulated space. The broker holds licences with ASIC (Australia) and CySEC (Cyprus) plus offshore SVGFSA, FSCA (South Africa), and CMA (Kenya) entities — solid Tier-1 + Tier-2 coverage though without FCA regulation. The Raw Spread account delivers spreads from 0.0 pips on EUR/USD with $3 per-side commission, marginally cheaper than IC Markets and Pepperstone on the commission side.
Where FP Markets stands apart is platform breadth. Beyond MT4, MT5, and cTrader, the broker offers Iress — the institutional-grade platform Australian DMA equity traders typically prefer. That makes it one of very few options for traders wanting both forex and direct-market-access shares trading from a single account. The $100 minimum deposit also undercuts most premium ECN competitors.
The trade-off: no FCA regulation, no proprietary social-trading platform, and a slightly more austere user experience than the flashier marketing-led competitors. For self-directed traders who value execution and breadth over hand-holding, FP Markets is a serious option — and the lower entry barrier makes it more accessible to traders starting smaller.
The numbers that matter most when picking FP Markets.
Where FP Markets is strong, and where it is not.
In-depth analysis across regulation, costs, platforms, accounts, funding, and support.
FP Markets holds ASIC (Australia) and CySEC (Cyprus) licences. Both provide segregated client funds and negative balance protection for retail clients. The broker has operated since 2005, providing nearly two decades of operational history.
One limitation: FP Markets does not hold an FCA licence, which means no FSCS coverage for UK-based traders. For clients in Australia and Europe, the ASIC and CySEC protections are comprehensive. UK traders prioritising FSCS access should consider FCA-regulated alternatives.
FP Markets operates under 5 regulatory licences:
FP Markets does not hold an FCA (UK) licence. UK traders therefore have no FSCS protection — which would cover up to £85,000 per client at FCA-regulated firms. For UK-based traders with substantial accounts, this is a meaningful consideration.
FP Markets has operated since 2005 (21+ years). Editorial assessment: high-confidence on regulatory standing.
FP Markets offers two account types: the Raw account with spreads from 0.0 pips plus commission ($3.00 per side per lot), and the Standard account with spreads from approximately 1.0 pips and no commission. The Raw account commission is slightly lower than many competitors ($3.00 vs the more common $3.50), which adds up for high-volume traders.
Average EUR/USD spreads on the Raw account during peak hours typically sit between 0.1 and 0.3 pips — competitive with IC Markets and Pepperstone. For traders focused purely on cost efficiency, FP Markets' slightly lower commission provides a small but consistent advantage across thousands of trades.
FP Markets cost structure depends on which account type you choose. The trade-off is generally between spread-only pricing (simpler, slightly higher implicit cost) and raw-spread plus commission (cheaper at higher volumes, requires per-trade math).
Raw spreads from market liquidity providers (typically 0.0-0.3 pips on EUR/USD) plus a per-side commission. Becomes more cost-effective above moderate monthly volume. Specific commission rates published on the broker site.
Spread-only pricing with no commission. EUR/USD spreads typically average 0.8-1.5 pips during liquid sessions. Simpler for casual or lower-volume traders.
Overnight swap rates apply to positions held past daily rollover, based on currency-pair interest rate differentials.
Most reputable brokers don't charge deposit fees, withdrawal fees, or inactivity fees on active accounts. Check the funding terms for your specific entity at FP Markets.
FP Markets supports MetaTrader 4, MetaTrader 5, cTrader, and IRESS. The first three cover standard retail forex and CFD trading. IRESS is the differentiator — it is a professional-grade platform designed for direct market access (DMA) to real shares on the Australian Stock Exchange and other equity markets.
For traders who want both forex CFDs and real share market access from a single broker, the IRESS integration is unique at this price point. Most brokers offering real share DMA charge significantly more or require higher minimums. FP Markets makes this accessible alongside competitive forex pricing.
FP Markets supports 6 platforms — choice affects available order types and execution model.
The industry standard for forex retail. Full EA support, custom indicators, automated trading. Mature ecosystem of community-built tools.
Newer MetaQuotes platform with additional asset classes, more timeframes, and improved backtesting. Recommended for newer accounts unless you have legacy MT4 EAs.
Spotware's platform — preferred by traders who want native depth-of-market, level II pricing, and advanced order types. Modern interface, faster than MT4.
Web-based charting now integrated for live trading. Particularly popular for traders who already use TradingView for analysis.
FP Markets offers 4 live account types, all with a $100 minimum where applicable:
Demo accounts are available free of charge, typically with virtual balance and the option to reset on request. Useful for testing strategies before committing capital.
E-wallet deposits are typically instant; card payments take 1-2 hours; bank wires 1-3 business days.
Withdrawals are typically processed within 1 business day. Arrival times depend on method: e-wallets same day, cards 3-5 days, wire 1-3 days.
The same-method rule typically applies — withdrawals must go to the same source as deposits where possible. This is standard AML compliance, not broker-specific.
FP Markets operates support across live chat, phone, and email channels. Response times are generally fast — live chat under a minute, email within 4-8 hours.
Multilingual support typically available across English plus 5+ additional languages depending on the entity. Phone support follows regional business hours.
FP Markets carries a strong reputation among active traders for support consistency. Industry-tracked metrics typically place it in the top tier of retail brokers for customer experience.
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