FP Markets Review
While FP Markets trails industry leaders in research and education, spreads on MetaTrader are highly competitive, helping FP Markets shine as a low-cost broker for forex and CFDs trading.
Top Takeaways for 2021
Here are our top findings on FP Markets:
- Founded in 2005, FP Markets is regulated in one tier-1 jurisdiction and one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading.
- FP Markets offers the MetaTrader suite with ultra-competitive spreads through its Raw ECN account. Thanks to low costs, FP Markets finished Best in Class 2021 for both MetaTrader alongside Commissions and Fees.
- MetaTrader aside, FP Markets also offers its Iress platform suite with over 8,000 tradeable symbols. Focused more on shares trading than forex, Iress platform and data fees can add up quickly. As a result, it most suitable for high balance accounts and active traders.
|Offering of Investments|
|Commissions & Fees|
|Platforms & Tools|
Is FP Markets Safe?
FP Markets is considered average-risk, with an overall Trust Score of 81 out of 99. FP Markets is not publicly traded and does not operate a bank. FP Markets is authorised by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). FP Markets is authorised by the following tier-1 regulator: Australian Securities & Exchange Commission (ASIC). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
|ASIC Authorised (Australia)||Yes|
|IIROC Authorised (Canada)||No|
|SFC Authorised (Hong Kong)||No|
|FSA Authorised (Japan)||No|
|MAS Authorised (Singapore)||No|
|FINMA Authorised (Switzerland)||No|
|FCA Authorised (UK)||No|
|CFTC Registered (USA)||No|
Offering of Investments
The FP Markets MetaTrader offering is limited to just over 130 tradeable symbols. Meanwhile, with the Iress platform suite, FP Markets offers an extensive range of CFDs to global clients, consisting of 8884 shares, 61 forex pairs, four metals, 12 indices, five cryptocurrencies, and three commodities.
Cryptocurrency: Cryptocurrency trading is available through CFDs, but not available through trading the underlying asset (e.g. buying bitcoin). Note: Crypto CFDs are not available to retail traders from any broker's UK entity, nor to UK residents.
FP Markets offering of investments:
|Tradeable Symbols (Total)||8908|
|Forex Pairs (Total)||61|
|US Stock Trading (Non CFD)||No|
|Int'l Stock Trading (Non CFD)||No|
|Social Trading / Copy-Trading||Yes|
Commissions and Fees
FP Markets offers highly competitive pricing through its MetaTrader offering, making it one of the most cost competitive brokers available to traders globally.
MetaTrader Standard versus Raw ECN account: FP Markets Raw ECN account has competitive spreads averaging 0.64 pips in June 2020. Conversely, the Standard account is a less ideal option, as spreads are significantly higher (averaging 1.15 pips in June 2020 for the EUR/USD).
Iress ViewPoint Accounts (Australia): Iress ViewPoint accounts: The FP Markets Iress platform suite offers three account options: Standard (AUD 1k minimum), Platinum (AUD 25k minimum), and Premier (AUD 50k minimum). To avoid platform and data fees, you must either qualify for Premier or spend at least $150 in commissions each month. For active trader and high balance accounts, Saxo Bank and CMC Markets offer a better deal.
Iress Investor Account (Australia): For traders seeking a bare-bones, low-cost experience, FP Markets also offers its Iress Investor trading platform. Monthly fees are waived; however, there is no streaming data by default (click to refresh quotes), and the charting package is severely limited compared to the Iress ViewPoint platform. Needless to say, if you can’t afford ViewPoint access, then pass on Iress Investor.
FP Markets pricing summary:
|Minimum Deposit||$100 AUD|
|Average Spread EUR/USD - Standard||1.14 (June 2020)|
|All-in Cost EUR/USD - Active||0.61 (August 2020)|
|Active Trader or VIP Discounts||Yes|
|Execution: Agency Broker||No|
|Execution: Market Maker||No|
Platforms and Tools
FP Markets offers the entire MetaTrader suite alongside its Iress platform suite. For forex, MetaTrader is the better choice, while for shares trading, Iress ViewPoint is more ideal.
MetaTrader: For traders seeking a MetaTrader broker, FP Markets offers the entire platform suite, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), along with the web-based versions of each.
Although FP Markets offers less tradeable symbols on its MetaTrader platform, the 12 add-ons under its Trader Toolbox offering, along with excellent pricing, helped it finished among the best MetaTrader brokers.
Iress suite: As part of the Iress offering at FP Markets, there are three web-based platforms offered: Iress Trader, Iress Investor, and Iress ViewPoint, which is for active traders.
My testing focused on the Iress ViewPoint platform, which features charting powered by TradingView (with 78 technical indicators) and a clean watch list tool. That said, I had a hard time pulling up forex quotes and did not find any forex news headlines. As a result, for forex trading, MetaTrader is the better choice.
FP Markets trading platform:
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting - Indicators / Studies (Total)||59|
|Charting - Drawing Tools (Total)||Default (MT4/MT5)|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||Default (MT4/MT5)|
|Order Type - Trailing Stop||No|
Research at FP Markets is mostly found under the Traders Hub section on its website, separated into technical and fundamental analysis. Overall, when compared to the best brokers for research, including IG, Saxo Bank, and CMC Markets, FP Markets has room to enhance its research offering.
Content in the research section is partly educational, with over 50 articles under the Trading Knowledge section, and five ebooks, as well as a platform tutorial section. There are 12 MetaTrader add-ons from FX Blue (Trader Toolbox), pattern recognition indicators from AutoChartist, and access to MyFxbook.
YouTube: It is worth noting that FP Markets does provide daily updates from written articles and video content on its official YouTube channel.
Forex news: Headlines stream within the FP Markets MetaTrader platforms. Sources include Citibank, Rabobank, Commerzbank, Reuters, and other top-tier forex news providers.
FP Markets research:
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||Yes|
Beyond some platform tutorials, an investor glossary, and archived content on YouTube, there is little educational content available at FP Markets. FP Markets offers a handful of instructional videos on its YouTube channel, including nearly 60 archived webinars.
Offering education-related content by experience level, in addition to specific topics, or adding progress tracking, would be a boost and help FP Markets compete with education leaders such as Admiral Markets and IG. Overall, the range of educational content is something FP Markets can improve.
FP Markets education:
|Has Education - Forex or CFDs||Yes|
|Client Webinars (Archived)||Yes|
|Videos - Beginner Trading Videos||Yes|
|Videos - Advanced Trading Videos||Yes|
|Investor Dictionary (Glossary)||Yes|
|Tutorials/Guide (PDF or Interactive)||No|
FP Markets offers the standard MetaTrader mobile app alongside two Iress mobile apps. After testing, I found myself preferring MetaTrader.
Iress ViewPoint mobile app: I tested the ViewPoint version of the Iress mobile app as part of this review. On the plus side, the watchlist syncs with the web-version, a nice touch. On the cons side, charts were basic and lacked candlesticks. Also, the trade-ticket was not smooth for order entry like other apps I tested. Bottom line, I was left wanting more.
FP Markets mobile trading:
|Apple iOS App||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||No|
|Charting - Indicators / Studies||Default (MT4/MT5)|
|Charting - Draw Trendlines||No|
|Charting - Trendlines Moveable||No|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||No|
Overall, the FP Markets offering is mixed. First, its Raw ECN accounts for MetaTrader platforms provide competitive pricing near industry leaders in the commissions and fees category. However, there are far fewer symbols available to trade on MetaTrader, with less than 150 instruments in total.
Meanwhile, its Iress platform suite offers a substantial range of markets but is optimized for share trading, not forex. Platform and data fees are also a hurdle unless you have a high balance account or are an active trader.
Overall, FP Markets trails industry leaders in the research and education categories but stands out for its industry-leading pricing on MetaTrader.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.