FP Markets Review 2026: The Desk’s Deep Audit
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By Ken Chigbo, Founder, KenMacro. 18 plus years on London trading floors and institutional FX. Published 2026-05-13.
Quick answer
KenMacro is NOT affiliated with FP Markets. This is an honest editorial review. No affiliate link to FP Markets appears anywhere on this page.
KenMacro is NOT affiliated with FP Markets. This is an honest editorial review. No affiliate link to FP Markets appears anywhere on this page.
Direct answer
FP Markets is a Sydney-headquartered CFD broker founded in 2005 and regulated under ASIC Australia (AFSL 286354), CySEC Cyprus (371 of 18), FSCA South Africa (50926), and FSC Saint Vincent and the Grenadines. FP Markets does not accept US clients. The desk's overall KenMacro score is 85 out of 100. Raw account averages 0.0 to 0.1 pips on EUR/USD plus 6 dollars round-turn commission, structurally cheaper than the 7 dollar standard at Pepperstone and IC Markets.
FP Markets (the trading name of First Prudential Markets) is a Sydney-headquartered CFD broker founded in 2005, making it one of the longer-operating ASIC-regulated retail brokers in the global FX market. The broker operates through ASIC Australia, CySEC Cyprus, FSCA South Africa, and an offshore FSA entity in Saint Vincent and the Grenadines. The desk has audited FP Markets against the same institutional checklist used for every broker review on this site.
The honest summary upfront. FP Markets earns its position through a structurally cheaper Raw-account commission of 6 dollars round-turn (versus the 7 dollar standard at Pepperstone Razor and IC Markets Raw Spread), the Iress platform addition for share CFDs, and a four-platform stack that includes TradingView native execution. The structural caveats are familiar: no FCA UK entity, no supplementary client-fund insurance, no cent account for absolute beginners. Where those gaps matter to your trader profile, this review points you to the alternative.
Who FP Markets is for, by trader archetype
The desk segments every broker review by trader archetype, because "is FP Markets a good broker" is the wrong question. The right question is "is FP Markets a good broker for the kind of trading you actually do". Six archetypes follow, with the desk's fit verdict on each.
Decent fit
The macro trader
FP Markets delivers a solid institutional baseline: ASIC Tier-1 regulation, CySEC EU coverage, and a Raw account at 0.0 to 0.1 pips plus 6 dollars round-turn that is structurally a touch cheaper than Pepperstone or IC Markets. The Iress platform addition is meaningful for the macro trader who runs share CFDs alongside FX. The caveats are familiar: no FCA UK entity, no supplementary client-fund insurance, no bundled macro research overlay.
Strong fit
The scalper
Raw account commission at 6 dollars round-turn is one of the lowest in the documented retail tier. Combined with the 0.0 to 0.1 pip raw spread on EUR/USD, the all-in cost works out to approximately 0.7 pip equivalent on a one-lot trade, marginally cheaper than Pepperstone Razor or IC Markets Raw Spread. Execution speed under load is well-documented in third-party reviews.
Strong fit
The swing trader
Standard account is commission-free at around 1.0 to 1.2 pips on EUR/USD, appropriate for the swing trader running fewer trades per week. Iress is the differentiator for the swing trader who runs share CFDs across ASX or NYSE listings alongside FX. FP Markets is one of the few major retail brokers offering Iress access, which exposes Level II share CFD depth in a way MT4 or MT5 cannot.
Weak fit
The beginner
No cent-denominated account on the FP Markets stack. Minimum deposit of 100 dollars and position sizing in standard or micro lots from the first trade. The 100 dollar minimum is friendlier than Pepperstone or IC Markets at 200 dollars but the absence of a cent account makes FP Markets less appropriate than a cent-account venue for the absolute beginner archetype.
Weak fit
The UK FCA retail trader
FP Markets has no FCA UK entity. The closest available regulator for the UK trader is the CySEC Cyprus entity (371 of 18). CySEC is a Tier-2 regulator with broad market acceptance but FSCS compensation does not apply. For the UK retail trader specifically, Pepperstone or Vantage (both FCA-authorised) are structurally better picks.
Strong fit
The ASIC retail trader
First Prudential Markets Pty Ltd (AFSL 286354) is one of the longer-established ASIC-regulated CFD brokers, in operation since 2005. ASIC product intervention caps retail leverage at 1:30 on majors. The Australian retail trader gets Tier-1 regulation, segregated client funds at Australian banks, and AFCA dispute resolution. The Iress addition is particularly relevant for the Australian retail trader who also runs ASX share CFDs.
Pros and cons
Pros
- ASIC Tier-1 regulation since 2005, one of the longer operating histories in the retail tier
- Raw account commission at 6 dollars round-turn, structurally cheaper than the 7 dollar standard at Pepperstone or IC Markets
- Iress platform access for share CFDs, a differentiator versus MT4 or MT5-only brokers
- Four-platform stack: MT4, MT5, Iress, TradingView
- Trustpilot rating consistently positive on response times and execution quality
Cons
- No FCA UK entity, the closest regulator for non-Australian EU clients is CySEC (Tier-2)
- No supplementary client-fund insurance above ASIC or CySEC standard floors
- No cent account, less appropriate for absolute beginners
- Does not accept US clients
- No bundled macro research or institutional desk overlay
Get the framework the desk runs every morning. Free. No card. The same institutional structure the MACRO MASTERY desk uses on every read.
KenMacro Trust Score: FP Markets
The desk's Trust Score is a composite across eight institutional criteria. Each sub-rating is out of 5. The composite is weighted into the headline KenMacro overall score out of 100 shown in the at-a-glance table above.
True cost of trading
FP Markets uses the same three-component cost structure as every CFD broker: spread, commission, and overnight swap. The Standard account is commission-free with a wider mark-up spread; the Raw account carries raw spreads plus a 6 dollar round-turn commission per standard lot. The 6 dollar commission is meaningfully below the 7 dollar standard at Pepperstone Razor and IC Markets Raw Spread MT, which on high-volume accounts compounds into a documented cost differential over a month of trading.
Worked example on EUR/USD, Raw account, one standard lot, held intra-day so no swap applies. Spread at 0.1 pips equates to a 1 dollar implicit cost. Commission at 6 dollars round-turn brings the total trade cost to 7 dollars all-in, which equals 0.7 pip equivalent on EUR/USD. On the Standard account at a 1.0 to 1.2 pip spread no commission, the same one-lot trade costs 10 to 12 dollars, which equals 1.0 to 1.2 pips. The Raw account is structurally cheaper for any trader running more than a handful of trades per week, and the FP Markets Raw at 6 dollars round-turn is one of the cheapest documented all-in costs in the regulated retail tier.
Overnight swap and the hidden third leg
Overnight swap on FP Markets is calculated daily from the interbank-rate differential between the two currencies in the pair, adjusted for the broker's mark-up and the position's direction. FP Markets publishes the swap schedule per symbol on its website and inside the MT4 and MT5 client area. The swap mechanic is identical on the Standard and Raw accounts. Swap-free Islamic accounts are available on request for traders of Islamic faith. For multi-day positions the cumulative swap can exceed the round-turn entry cost; the desk's standard procedure on multi-day holds is to project the cumulative swap to the planned exit horizon before sizing. The Iress account uses a per-share commission rather than a swap on share CFDs.
Trading platforms
FP Markets supports MetaTrader 4, MetaTrader 5, Iress, and TradingView. Iress is the differentiator: a professional-grade Australian share CFD platform with Level II depth-of-market on ASX listings, real-time exchange data, and a UI designed for the share trader rather than the FX trader. Few major retail brokers offer Iress access (FP Markets and a small handful of Australian-headquartered brokers). For the trader who runs share CFDs across ASX or NYSE listings alongside FX, Iress is materially more useful than MT4 or MT5 for that workflow. TradingView native execution covers the macro and FX trader who wants chart-to-execute on TradingView directly.
Platform deep-dive: what each adds for the macro trader
For the macro trader the TradingView native execution is the highest-utility platform in the FP Markets stack. TradingView's macro-data overlay tools (FRED economic-data integration, the global indices view, the public-indicator library) let the macro trader read US 10-year yield versus DXY versus gold on a single layout, then place trades on the same chart. Iress is more relevant to the share-CFD trader: ASX Level II depth, real-time ASX exchange data, and a UI designed for the equity trader's workflow. MT5 adds native economic-calendar integration and depth-of-market on supported FX instruments. MT4 remains because of the expert-advisor ecosystem. For the new account the desk recommends TradingView for the macro and FX trader, Iress for the share-CFD trader, MT5 if expert-advisor compatibility matters, and skipping MT4 unless a specific expert-advisor requires it.
ASIC and FSCA regulation. Cent-account option for small balances. Leverage up to 1:1000 on the offshore entity for the high-leverage archetype.
Account types
FP Markets segments its account stack by minimum deposit tier. The desk's view on which tier fits which trader follows below.
Standard account
Minimum deposit: 100 dollars
Commission-free, 1.0 to 1.2 pips on EUR/USD typical. Appropriate for the swing trader running fewer trades per week and prioritising simplicity.
Raw account
Minimum deposit: 100 dollars
Raw spread plus 6 dollars round-turn commission. Lowest all-in cost on the FP Markets stack and one of the lowest in the regulated retail tier. Appropriate for any active trader.
Iress account
Minimum deposit: 1,000 Australian dollars typical
Iress platform access for share CFDs across ASX, NYSE, and other supported exchanges. Per-share commission. Appropriate for the share-CFD trader running ASX or US listings.
Regulation and safety, entity by jurisdiction
Regulator stack is the floor on which everything else rests. Every FP Markets entity is listed below with the licence number on the public regulator register, the retail leverage cap that applies to that entity, and the compensation scheme covering client funds in the event of broker insolvency.
| Jurisdiction | Entity | Licence | Retail leverage | Compensation scheme |
|---|---|---|---|---|
| Australia | First Prudential Markets Pty Ltd | ASIC AFSL 286354 | 1:30 majors (ASIC product intervention) | AFCA dispute resolution, segregated funds at Tier-1 Australian banks |
| Cyprus / EU | FP Markets EU Ltd | CySEC 371 of 18 | 1:30 majors (ESMA) | ICF up to 20,000 euros per client |
| South Africa | FP Markets SA | FSCA 50926 | FSCA-supervised, region-specific caps | FSCA-supervised, segregated funds |
| Saint Vincent and the Grenadines (offshore) | First Prudential Markets Ltd | FSA SVG | Up to 1:500 | FSA SVG-supervised, no Tier-1 compensation scheme |
How to read the regulator stack
The FP Markets regulator stack has the ASIC Tier-1 entity at the top (one of the longer-operating ASIC-regulated retail CFD entities at any broker, AFSL 286354 since 2005), CySEC Cyprus at Tier-2 for EU coverage, and FSCA South Africa for African coverage. The offshore FSA Saint Vincent entity carries materially lighter oversight with no Tier-1 compensation scheme. The notable absence is the FCA UK entity, which makes FP Markets structurally weaker than Pepperstone, Vantage, or OANDA for the UK retail trader specifically. Standard recommendation: open the highest-tier entity available in your jurisdiction (ASIC for Australian residents, CySEC for EU residents). Avoid the offshore FSA SVG entity unless the leverage cap is the determining factor and you accept the trade-off in fund protection.
Deposit and withdrawal
FP Markets supports bank wire, debit and credit cards, PayPal, Skrill, Neteller, Fasapay, and several regional methods. There are no broker-side deposit fees on the standard methods. Withdrawals process same-day on e-wallets when submitted before the cut-off, one business day on card withdrawals, and two to five business days on bank wire depending on the recipient bank. The third-party aggregator complaints database shows no systemic withdrawal-friction pattern, which is the floor expected from an ASIC-regulated retail broker. Account base currencies include AUD, USD, EUR, GBP, NZD, JPY, CHF, and CAD.
Methods, fees, and processing times
Method by method: bank-wire deposit one to three business days no broker-side fee, the trader's own bank may charge a sending fee. Bank-wire withdrawal one to three business days no broker-side fee. Debit and credit card deposit near-instant no fee, card withdrawal up to one business day no broker-side fee. PayPal deposit and withdrawal same-day no broker-side fee. Skrill, Neteller, and FasaPay same-day on both sides no broker-side fee. Bpay is available on the Australian entity for regional funding (one to two business days no fee). Crypto deposit (Bitcoin, USDT) is supported on selected entities with same-day processing. The funding-currency conversion is the only meaningful hidden cost: depositing in a non-base currency triggers a small mark-up over the interbank rate.
ASIC regulated. Strong mid-tier broker with competitive raw-spread accounts and full MT4 and MT5 support.
Education and research
FP Markets publishes a beginner-to-intermediate education library covering FX basics, technical-analysis primers, share-CFD specifics, and a weekly market-outlook video series. The share-CFD content is materially stronger than the FX-only competitors because the broker's Iress offering attracts a share-trader audience. There is no institutional macro research overlay on the account. The broker is appropriately scoped as an execution venue rather than a research house. FP Markets hosts periodic webinars with third-party analysts and provides access to an internal trader-development library that is materially deeper than IC Markets's equivalent but still well below institutional research depth.
Customer service and mobile
FP Markets runs 24/5 multilingual support across live chat, email, and phone. Third-party aggregator reviews report consistently positive response times and resolution quality. The mobile experience runs through the standard MT4, MT5, and Iress mobile apps with full execution and account-management functionality. No proprietary mobile innovation. The Iress mobile is materially better for the share-CFD trader than the MT mobile equivalent.
ASIC, CySEC, and FSA Seychelles regulation. Raw-spread cTrader and MT4 / MT5 execution with some of the tightest EUR/USD all-in costs in the institutional retail tier.
The desk's final verdict on FP Markets
Final verdict
FP Markets is one of the longer-operating ASIC-regulated CFD brokers and carries a structurally cheaper Raw-account commission than Pepperstone or IC Markets. The Iress platform addition is the meaningful differentiator versus MT-only competitors and is particularly useful for the trader who runs share CFDs alongside FX. The desk's verdict by archetype: scalpers, swing traders, ASIC retail traders, and share-CFD traders can take FP Markets seriously as a primary venue. UK FCA retail readers, beginners requiring cent accounts, and the trader wanting bundled macro research should look elsewhere. If you are a macro or raw-spread trader looking at FP Markets for the tight cost stack and Iress, the desk uses Vantage Markets instead because Vantage carries FCA UK regulation that FP Markets lacks, Lloyd's of London supplementary client-fund insurance up to 1 million dollars per client, native TradingView execution, and through the KenMacro IB partnership a bundled macro-desk research overlay.
Related from the desk
Frequently asked
Is FP Markets safe?
Yes, FP Markets is regulated under ASIC Australia (AFSL 286354), CySEC Cyprus (371 of 18), FSCA South Africa (50926), and FSA Saint Vincent and the Grenadines. The ASIC entity is Tier-1. Client funds are held in segregated accounts at Tier-1 Australian banks. FP Markets has been operating since 2005, one of the longer track records in the retail tier, with no documented systemic withdrawal or insolvency issues.
Does FP Markets accept US clients?
No. FP Markets does not accept US-resident clients. The broker has no CFTC or NFA registration in the United States. US-based traders need to use OANDA or a similarly US-registered venue.
What is the minimum deposit at FP Markets?
100 dollars on the Standard and Raw accounts. The Iress account has a higher minimum, typically 1,000 Australian dollars. The 100 dollar starting balance is friendlier than Pepperstone or IC Markets at 200 dollars but there is no cent account, so position sizing is in standard or micro lots from the first trade.
What are FP Markets's spreads?
Raw account averages 0.0 to 0.1 pips on EUR/USD plus 6 dollars round-turn commission, equating to approximately 0.7 pips all-in. Standard account averages 1.0 to 1.2 pips with no commission. The 6 dollar commission is structurally cheaper than the 7 dollar standard at Pepperstone Razor and IC Markets Raw Spread.
What is the maximum leverage at FP Markets?
Retail leverage is capped at 1:30 on majors at the ASIC and CySEC entities per product intervention rules. The FSA Saint Vincent offshore entity offers up to 1:500. Professional clients on ASIC and CySEC entities can access higher leverage tiers subject to qualification.
What platforms does FP Markets offer?
MetaTrader 4, MetaTrader 5, Iress, and TradingView. Iress is the unique differentiator for share CFDs with Level II depth-of-market on ASX listings. TradingView native execution covers chart-to-execute workflow. Four-platform stack matches Pepperstone.
What is Iress and who is it for?
Iress is a professional-grade Australian share-CFD trading platform with Level II depth-of-market on ASX listings, real-time exchange data, and a UI designed for the share trader. Few major retail brokers offer Iress access. It is most useful for the trader running share CFDs across ASX, NYSE, or other supported exchanges alongside FX. For the FX-only or macro-only trader, MT5 or TradingView is the more relevant platform.
Does FP Markets offer copy trading?
Yes. FP Markets offers proprietary copy trading via FP Markets Copy plus integration with Myfxbook AutoTrade. The desk's honest framing on copy trading is that it is a learning tool, not a strategy: retail copy-trader returns net of slippage and selection bias typically underperform over multi-year periods.
How long do FP Markets withdrawals take?
Same-day on e-wallets when submitted before the cut-off, one business day on cards, and two to five business days on bank wire depending on the recipient bank. No broker-side withdrawal fees on the standard methods. Third-party aggregator reviews show no systemic withdrawal friction in 2026.
Is FP Markets better than IC Markets?
FP Markets posts a marginally cheaper Raw account at 6 dollars round-turn commission versus IC Markets at 7 dollars on the standard Raw Spread MT account. FP Markets adds Iress for share CFDs and TradingView native execution. IC Markets has slightly higher trading volume by reported figures and a stronger Trustpilot rating (4.8 versus FP Markets's lower aggregate). The decision typically comes down to whether the trader values Iress and TradingView (FP Markets) versus cTrader native (IC Markets). For the share-CFD trader, FP Markets is the cleaner pick.
FP Markets or Vantage Markets, which is better for the macro trader?
Vantage Markets carries the FCA UK entity that FP Markets lacks, plus Lloyd's of London supplementary client-fund insurance up to 1 million dollars per client, and through the KenMacro IB partnership a bundled macro-desk research overlay. FP Markets carries the Iress platform addition for share CFDs and the marginally cheaper Raw commission. For the macro-trader archetype the desk weights FCA regulation and client-fund insurance higher than the marginal cost differential, which routes the recommendation to Vantage.
What is the KenMacro overall score for FP Markets?
The desk's overall KenMacro score for FP Markets is 85 out of 100. This reflects the long ASIC-regulated operating history since 2005, the structurally cheaper Raw account commission, and the Iress platform differentiator. The deduction reflects the absence of FCA UK, no supplementary client-fund insurance, no cent account, and no bundled macro research overlay.
Educational analysis only. Past performance does not guarantee future results. Manage risk against your own portfolio. KenMacro is not your financial adviser.
Related reading on the desk
The desk's earlier shorter audit of FP Markets: FP Markets Review 2026: The Macro Trader's Honest Take.
- Vantage Markets review 2026
- PU Prime vs IC Markets comparison
- How to choose a forex broker
- Best forex broker for scalping 2026
- Best forex broker for macro trading 2026
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