FP Markets Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Our extensive testing and review of FP Markets reveal it as a top choice for forex and CFD traders seeking a robust trading environment with competitive fees. Our experience and the data show that FP Markets stands out in the industry, especially for those looking to trade a wide variety of instruments.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Broad Instrument Offering: FP Markets provides access to over 10,000 tradable symbols, significantly above the industry average, catering to traders looking for vast market access.
- Wide Range of Platforms: Traders have the flexibility to choose from popular platforms like MetaTrader 4 and MT5, cTrader, or FP Markets’ own proprietary platform.
- Competitive Spreads: Offers a low average spread of 0.8 (after including commission) on the EUR/USD for its commission-based account, which is better than the industry average, making it a very cost-effective option for forex trading.
Cons
- Average Mobile Apps: The mobile trading apps are rated as average, indicating room for improvement compared to leading competitors.
- No Active Trader Discounts for High Volume: Although it offers VIP discounts, high-volume traders might not find specific active trader discounts.
Ratings Summary
- Investment Types - 9.0/10
- Commissions & Fees - 9.5/10
- Trading platforms - 8.0/10
- Research - 7.5/10
- Mobile Apps - 8.0/10
- Education - 7.5/10
- Overall - 8.3/10
Can I trust FP Markets?
FP Markets is a reliable broker, regulated by both ASIC in Australia and MiFID in Europe. According to industry research from ForexBrokers.com, with a Trust Score of 87, FP Markets is considered "Trusted".
FP Markets is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Australian Securities & Investment Commission (ASIC) and regulated in the European Union via the MiFID passporting system
- Tier-2 Regulators - Financial Sector Conduct Authority (FSCA)
- Tier-3 Regulators - None
- Tier-4 Regulators - Financial Services Authority (FSA) and Mauritius' Financial Services Commission (FSC)
Is FP Markets good for beginners?
FP Markets has been building out its educational offering, now providing webinars, beginner and advanced videos, and podcasts, but there remains much room for improvement to compete with best-in-class brokers.
| Feature |
FP Markets
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | Yes |
FP Markets commissions and fees summary
In our analysis, FP Markets stands out as an extremely attractive choice for cost-conscious investors. It offers competitive spreads on its commission-based account, Raw ECN, averaging 0.1 pips for the EUR/USD, well below the industry average of 1.08. There is a flat rate fee of $6 per round-turn on a standard lot of forex with this option, however. The Standard account has a pricier average spread of 1.1 for the EUR/USD pair.
| Feature |
FP Markets
|
|---|---|
| Minimum Deposit | $100 AUD |
| Average Spread EUR/USD - Mini | 1.1 |
| Average Spread EUR/USD - Standard | 1.1 |
| All-in Cost EUR/USD - Active | 0.8 |
| Active Trader or VIP Discounts | Yes |
FP Markets trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
FP Markets provides a diverse range of trading platforms and tools, suitable for various trader preferences. While the overall platform and tools are rated as average, the choices available, including both MetaTrader options, cTrader, and a proprietary platform, align well with traders' needs.
Trading platforms offered: FP Markets offers MetaTrader 4, MetaTrader 5, cTrader, and its proprietary platform.
Trading tools: The broker provides comprehensive trading tools, enhancing trading efficiency and effectiveness.
Copy trading: Copy trading is supported, allowing traders to replicate the positions of experienced traders.
| Feature |
FP Markets
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| DupliTrade | No |
FP Markets trading platform screenshots
Mobile trading apps at FP Markets
While our evaluation points to an average performance of the FP Markets mobile trading apps, they still provide a solid, functional mobile trading experience that can meet most traders’ needs effectively.
| Feature |
FP Markets
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
FP Markets mobile app screenshots
How do I open an account with FP Markets?
- Visit the FP Markets website.
- Click on the 'Open an Account' button.
- Complete the registration form with your details.
- Submit the required documentation for identity and residence verification.
- Fund your account using one of the accepted funding methods.
- Start trading once your account is activated.
What can I trade at FP Markets?
At FP Markets, you can trade an impressive range of instruments. With 71 forex pairs and a total of 10,000 tradable symbols, far surpassing the industry average of 3,623, the broker offers extensive trading opportunities.
| Feature |
FP Markets
|
|---|---|
| Tradeable Symbols (Total) | 10000 |
| Forex Pairs (Total) | 71 |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | No |
FP Markets research screenshots
Account funding at FP Markets
FP Markets supports a variety of funding methods, including bank wires, Neteller, PayPal, credit cards, and Skrill, providing flexible options for account deposits and withdrawals.
| Feature |
FP Markets
|
|---|---|
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Neteller (Deposit/Withdraw) | Yes |
About FP Markets
FP Markets, founded in 2005, is a prominent forex and CFD broker known for its commitment to providing high-quality trading services. The broker has gained a trustworthy reputation through strong regulatory compliance and a focus on technological innovation, offering both popular and proprietary trading platforms to cater to a diverse client base. With a solid foundation in low-cost trading and continuous improvements in services and platforms, FP Markets continues to be a preferred choice for traders globally.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
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 about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.