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FP Markets Review 2026: Honest Verdict from the KenMacro Desk

By Ken Chigbo, Founder, KenMacro. 18-plus years across London trading floors and institutional FX. Audit framework runs daily inside the MACRO MASTERY desk.

KenMacro is NOT affiliated with FP Markets. This is an honest editorial read. No affiliate link to FP Markets appears anywhere on this page. If you want a broker the desk vouches for, see Vantage Markets: FCA UK plus ASIC dual Tier-1 stack with Lloyd’s of London insurance on top, and the bundled MACRO MASTERY desk overlay through the KenMacro IB partnership.

The institutional audit framework

The desk audits every broker against the same five-criterion screen. Regulator depth, real round-turn cost, platform coverage, withdrawal track record, and trader-fit by archetype. The framework is designed to filter out the marketing copy and isolate the structural realities a working trader has to live with over a multi-year account lifetime. This review applies the same screen to FP Markets.

Regulation

First Prudential Markets Pty Ltd holds ASIC AFSL 286354. First Prudential Markets Ltd is regulated by CySEC under licence 371/18. FP Markets ZA is FSCA-regulated FSP 50926. The Saint Vincent entity operates under the SVG FSA offshore licence. Operating since 2005, one of the longer-running ECN-style retail brokers in the Australian regulatory perimeter.

• ASIC Australia, AFSL 286354
• CySEC Cyprus, licence 371/18
• FSCA South Africa, FSP 50926
• SVG FSA, offshore entity

Regulator depth is the cleanest filter when picking a broker. The deeper the audited stack, the better the recourse if anything goes wrong. FP Markets’s headline stack is ASIC, CySEC, FSCA, FSA Saint Vincent. The desk’s read on this: ECN execution under ASIC since 2005, IRESS share-CFD platform, $6 commission on Raw.

Spreads, commission, and the real all-in cost

Headline spreads are the marketing number. All-in cost per round-turn lot is the operationally relevant comparison. On FP Markets, EUR/USD posts at 0.0 pips raw (Raw account), 1.0 pip typical (Standard) with commission $6 round-turn (Raw), zero on Standard. For the high-frequency archetype placing 50-plus round-turns daily, the commission tier compounds materially across a year of trading.

Versus the partner stack: FP Markets sits outside the desk’s partner stack. For the ASIC raw-spread retail with shares CFD overlay archetype, Vantage Markets closes the gap: FCA UK plus ASIC dual Tier-1 stack with Lloyd’s of London insurance on top, and the bundled MACRO MASTERY desk overlay through the KenMacro IB partnership.

Platforms

FP Markets’s platform stack runs MetaTrader 4, MetaTrader 5, IRESS (shares CFD), TradingView, cTrader. Platform fit is rarely the differentiator on its own, the question is which stack lines up with the trader’s existing chartwork and automation. For traders running MetaTrader expert advisors or TradingView native chartwork, this set covers the standard requirements. Any proprietary platform extension on each broker side is documented in the broker’s own platform page.

Account types

Account tier accessibility is one of the underrated filters. The lower-floor tier opens the door for the absolute beginner, the higher-floor tier compresses commission for the active professional. Match the tier to your trading frequency rather than your account balance alone.

Withdrawal mechanics

FP Markets supports Bank wire, cards (refunds), PayPal, Skrill, Neteller, BPay, crypto. E-wallets and crypto same business day. Bank wire 1 to 3 business days. BPay (AU) typically intra-day. No broker-side fees on most methods. International bank wire may carry intermediary fees. Withdrawal infrastructure is a quiet but high-impact layer that only matters when the trader needs the cash off the platform.

Honest caveats

No FCA UK entity. UK retail clients route to CySEC or SVG. Trustpilot scores high but the desk has not run a live IB audit through the platform. The desk flags these because they matter to specific trader archetypes. They are not a blanket rejection of the broker, they are positioning trade-offs the trader should know before signing up.

Who FP Markets suits

FP Markets fits the ASIC raw-spread retail with shares CFD overlay archetype cleanest. Traders prioritising ecn execution under asic since 2005, iress share-cfd platform, $6 commission on raw get the strongest match. Traders prioritising the trade-offs the desk flagged above should consider the pivot route.

For traders who want the partner stack the desk runs every day, with the bundled MACRO MASTERY desk overlay through the KenMacro IB partnership, Vantage Markets is the desk’s recommended alternative. FCA UK plus ASIC dual Tier-1 stack with Lloyd’s of London insurance on top, and the bundled MACRO MASTERY desk overlay through the KenMacro IB partnership.

The verdict

FP Markets is a credible broker inside its archetype. The regulator stack is ASIC, CySEC, FSCA, FSA Saint Vincent, the all-in cost is 0.0 pips raw (Raw account), 1.0 pip typical (Standard), the platform set is MetaTrader 4, MetaTrader 5, IRESS (shares CFD), TradingView, cTrader. The desk’s institutional audit gives FP Markets a 4 out of 5, with the caveats documented above. For the ASIC raw-spread retail with shares CFD overlay archetype that wants the bundled desk overlay, the pivot route is Vantage Markets.

FAQ

Is FP Markets a good broker?

FP Markets runs ASIC, CySEC, FSCA, FSA Saint Vincent oversight, founded 2005, headquartered in Sydney, Australia. The desk’s read: ECN execution under ASIC since 2005, IRESS share-CFD platform, $6 commission on Raw. The honest caveat: No FCA UK entity. UK retail clients route to CySEC or SVG. Trustpilot scores high but the desk has not run a live IB audit through the platform. For the ASIC raw-spread retail with shares CFD overlay archetype, FP Markets is a credible option, with the trade-offs documented in this review.

Is FP Markets regulated?

Yes. First Prudential Markets Pty Ltd holds ASIC AFSL 286354. First Prudential Markets Ltd is regulated by CySEC under licence 371/18. FP Markets ZA is FSCA-regulated FSP 50926. The Saint Vincent entity operates under the SVG FSA offshore licence. Operating since 2005, one of the longer-running ECN-style retail brokers in the Australian regulatory perimeter.

What are FP Markets’s spreads on EUR/USD?

FP Markets posts 0.0 pips raw (Raw account), 1.0 pip typical (Standard). Commission is $6 round-turn (Raw), zero on Standard. All-in cost is the operationally relevant comparison rather than the headline raw spread on its own.

What is the minimum deposit at FP Markets?

$100 (Standard and Raw). Capital should match the trader’s risk-management plan rather than the broker’s floor.

Why does the desk pivot away from FP Markets?

The desk pivots to Vantage Markets because FCA UK plus ASIC dual Tier-1 stack with Lloyd’s of London insurance on top, and the bundled MACRO MASTERY desk overlay through the KenMacro IB partnership. FP Markets is a credible competitor, the pivot is about partner fit and the bundled desk overlay, not a regulatory red flag against FP Markets.