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FP Markets Review

Steven Hatzakis

Steven Hatzakis | September 18th, 2020

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

Beyond competitive spreads on its MetaTrader Raw ECN account, the FP Markets offering is mixed. The Iress platform is expensive for low-volume traders and is only available in Australia. Additionally, FP Markets trails industry leaders in categories such as research and education.

Top Takeaways for 2020

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.
  • The FP Markets Iress platform offering provides Australia-based traders a substantial range of markets. Yet, its platform and data fees can be a limiting factor. Outside of Australia, FP Markets only offers the MetaTrader suite with a narrower range of markets. FP Markets offers competitive spreads on its Raw ECN account. In contrast, its Standard account costs do not impress.
  • Beyond some basic platform tutorials and an investor glossary, FP Markets does not provide a rich array of educational content, especially when compared to the best forex brokers for beginners.

Special Offer:

Overall Summary

FeatureFP Markets
Overall 4 Stars
Trust Score81
Offering of Investments 4 Stars
Commissions & Fees 4 Stars
Platform & Tools 3.5 Stars
Research 3.5 Stars
Mobile Trading 3.5 Stars
Customer Service .1 Stars
Education 3 Stars

Is FP Markets Safe?

help 81
Trust Score

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.

Regulations Comparison

FeatureFP Markets
Year Founded2005
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses1
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score81

Offering of Investments

Australia: FP Markets offers an extensive range of CFDs to its Australian clients, consisting of 8884 shares, 61 forex pairs, four metals, 12 indices, five cryptocurrencies, and three commodities.

Global: EU-based clients and the rest of the world only get access to just over 130 tradeable symbols due to the absence of the Iress platform.

FeatureFP Markets
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)61
CFDs - Total Offered8908
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & Fees

The commissions & fees you pay at FP Markets will depend on which FP Markets entity houses your account and the account type you choose.

MetaTrader Standard versus Raw ECN account: FP Markets Raw ECN account has competitive spreads averaging 0.64 pips in June 2020. After factoring in the commission per trade, FP Markets is comparable to Pepperstone, a best in class MetaTrader broker. It is the clear choice from among the broker’s account options for forex trading. Conversely, the Standard account is a less ideal option than the Raw ECN account, as spreads are significantly higher (averaging 1.15 pips in June 2020 for the EUR/USD).

Iress Accounts (Australia): The FP Markets Iress platform, only available to Australia-based clients, offers three account options: Standard (AUD 1k minimum), Platinum (AUD 25k minimum), and Premier (AUD 50k minimum). Compared to the other two account types, the Premier account waives platform and data fees. It also provides lower financing rates for holding overnight positions and a lower commission rate (0.08%) with no minimum commission charges.

Iress platform and data fees: The Platform Fee, including the live ASX data fee, is waived in the Premier account. The other two account types require a turnover of at least $150 in commission-spend to avoid the $55 monthly platform fee, and $50 in commission-spend to avoid the $22 ASX royalty fee for live data.

With a minimum charge of $15 per trade that applies for trading US share CFDs, FP Markets is not a low-cost broker for equity trading. Lastly, I do not suggest the Iress platform for forex trading, as the broker’s MetaTrader offering fares better. Overall, these fees create a hurdle for less active traders at FP Markets when it comes to platform and data costs unless you deposit $25k for Premier account status.

Bottom line: FP Markets Commission-based Raw ECN account shines the most for its forex offering on MetaTrader. It is above-average in terms of industry rankings. Conversely, the Iress platform requires a monthly minimum commission-spend to avoid steep platform and data subscription fees, unless you deposit $25k for the Premier account. Also, spreads on Iress are wider for forex trading.

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FeatureFP Markets
Minimum Initial Deposit$100 AUD
Average Spread EUR/USD - Standard1.14 (June 2020)
All-in Cost EUR/USD - Active0.64 (June 2020)
Active Trader or VIP Discounts Yes

Platforms & Tools

FP Markets offers the entire MetaTrader suite globally. For Australian clients, FP Markets also provides the Iress platform. Overall, the offering is unbalanced as the range of markets on MetaTrader is significantly lower. Meanwhile, the effective spread for forex trading is cheaper on MetaTrader, compared to the Iress platform and related account offering.

Iress suite (Australian account): 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. Overall, Iress seems promising yet still needs improvements to optimize its user interface (UI) and the user experience (UX).

Iress ViewPoint (Australian account): Our testing focused on the Iress ViewPoint platform, which features charting powered by TradingView and includes 78 indicators. The platform has some rich features, such as its watchlist. Yet, it became clear to me during testing that Iress focuses on share dealing (CFDs), not forex trading.

Some instruments, including currency pairs that I searched for, appeared as unavailable to trade. And for forex specifically, there were no news headlines to be found anywhere for related currency pairs unless you typed the word “forex” into the search bar.

MetaTrader (Global accounts): 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.

Compared to the extensive range of markets available on Iress, there are far less available on the broker’s MetaTrader offering. Beyond the standard out-of-the-box features offered on the MetaTrader platform, and the 12 add-ons under its Trader Toolbox offering, FP Markets offers far less tradeable symbols than the best MetaTrader brokers.

Gallery

FeatureFP Markets
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
Charting - Indicators / Studies (Total)59
Charting - Drawing Tools (Total)Default (MT4/MT5)
Charting - Trade From Chart Yes
Watchlists - Total FieldsDefault (MT4/MT5)
Order Type - Trailing Stop No

Research

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.

Gallery

FeatureFP Markets
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist Yes
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

Education

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.

Gallery

Mobile Trading

FP Markets is primarily a vanilla MetaTrader broker when it comes to its mobile offering outside of Australia. Otherwise, within Australia, clients can access the FP Markets Iress mobile app, which focuses on share-dealing and less so on forex.

Iress ViewPoint mobile app: I tested the ViewPoint version of the Iress mobile app as part of this review. The first thing I noticed was a syncing watchlist with the web-version, a nice touch. Charts were fundamental with just a mountain-view mode, six time-frames. Although there are eleven indicators available, you can only use one at a time. Adding candlestick charts is essential to bring the charting to an industry minimum.

Beyond the forex news headlines, and the ability to screen active shares under the market activity tab, I was left wanting more from the Iress ViewPoint mobile experience. Also, the trade-ticket entry fields were not as smooth as I would expect from a mobile app, such as when creating contingent orders.

Gallery

FeatureFP Markets
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / StudiesDefault (MT4/MT5)
Charting - Draw Trend Lines No
Charting - Trend Lines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

Final Thoughts

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.

Second, its Premier account for share dealing on the Iress platform is available only to Australian investors. It can be attractive for active traders, due to its range of markets and pricing perks. Despite the benefits of the Premier account on Iress, FP Markets still trails industry leaders such as CMC Markets and IG. Likewise, the monthly platform and market data subscription fees on Iress can be a hurdle for low-volume traders, despite competitive pricing.

Third, FP Markets trails industry leaders in the research and education categories. That said, the broker is a rising candidate with the potential to build upon its existing foundation, which is a touch above the industry bare-minimum. Also, the acquisition of additional regulatory licenses in Tier-1 jurisdictions would help FP Markets elevate its Trust Score closer to industry leaders.

About FP Markets

Headquartered in Sydney, Australia, FP Markets (First Prudential Markets) was founded in 2005 as an online retail forex and CFD broker. The brand’s entities are regulated in Australia and Europe, with a total of 95 employees as of 2019. Read more on Wikipedia about FP Markets.

FP Markets Trading Features

FeatureFP Markets
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
Charting - Indicators / Studies (Total)59
Charting - Drawing Tools (Total)Default (MT4/MT5)
Charting - Trade From Chart Yes
Watchlists - Total FieldsDefault (MT4/MT5)
Order Type - Trailing Stop No

FP Markets Research Features

FeatureFP Markets
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist Yes
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

FP Markets Mobile App Features

FeatureFP Markets
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / StudiesDefault (MT4/MT5)
Charting - Draw Trend Lines No
Charting - Trend Lines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.


Steven Hatzakis

About the author: 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.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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