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FP Markets Review 2019

4.2 4 stars · Jul 2019
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74-89% of retail CFD accounts lose money
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FP Markets logo

FP Markets was founded in 2005 and it is an Australian CFD and forex broker. It is regulated by the Australian Securities and Investments Commission (ASIC).

FP Markets is considered safe because it has a long track record and is regulated by a top-tier regulator.

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. 

Recommended for forex and CFD traders familiar with MetaTrader and IRESS trading platforms.

Pros
  • Low forex fees
  • Easy and fast account opening
  • Great educational tools
Cons
  • High stock CFD fees
  • Limited product portfolio
  • No investor and negative balance protection

FP Markets pros and cons

FP Markets offers very low forex fees. The account opening is exceptionally easy and fast. From demo account to Ebooks you will find many high-quality educational tools.

The stock CFD fees are quite high. The product portfolio is limited, only CFD, forex, crypto, and stocks on the ASX are offered. With FP Markets you will not have any investor and negative balance protection.

Compare to other brokers

FP Markets review
Fees 3 stars

FP Markets has low forex fees, doesn't charge an inactivity fee, and offers low financing rates. On the negative side, the fees for stock CFDs are high, it charges a high fee for bank withdrawal, and the financing rate calculation is non-transparent.
Pros
  • No inactivity fee
  • Low financing rate
  • Low forex fees
Cons
  • High stock CFD fees
  • High fee for international bank withdrawal
  • Financing rate calculation is non-transparent
FP Markets Fees snapshot
Assets Fee level Fee terms
US stock fee High 0.02 per share, min $15
EURUSD fee Low ECN account pricing: $3 per lot per trade commission and there is also 0.45 pips spread cost
US tech fund fee - Not available
Inactivity fee Low No inactivity fee

We ranked FP Markets's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo relating to broker fees. What you need to keep an eye on are trading fees, financing rates, and non-trading fees.

We also compared FP Markets's fees with those of two similar brokers we selected, XM and XTB. This selection is based on factors like products offered, client profile, fee structure, etc.

Let's start with the trading fees.

Trading fees

FP Markets has average trading fees.

FP Markets has different account types both for forex and CFD products and they differ in the pricing. We chose the ECN Raw account for forex assets and the Professional account type for CFDs. 

It is super hard to compare trading fees for CFD brokers. What did we do at Brokerchooser? Instead of quoting long fee tables, we compare brokers by calculating all fees of a typical trade for three assets.

These are the assets we chose:

  • Apple, a large US stock
  • Vodafone, a large European stock
  • EURUSD, a popular currency pair

A typical trade means buying a position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stocks and $20,000 for the EURUSD transaction.

This super catch-all benchmark includes spreads, commissions and financing costs for all brokers.

Here is the verdict. FP Markets has low forex fees, but high stock CFD fees.

FP Markets fees benchmarked
  FP Markets XM XTB
Apple benchmark fee $31.9 $3.9 $18.1
Vodafone benchmark fee $30.3 $5.2 $24.4
EURUSD benchmark fee $17.7 $20.0 $17.1

You might want to dig deeper and check FP Markets trading fee calculations in detail. Let's do so.

Forex fees

The costs for ECN Raw account comprise a smaller spread cost and a $3 per lot per trade commission. If you choose the Standard account, you'll be charged a higher spread cost, but no commission is charged.

Stock CFD fees

When you trade with stock CFDs, FP Markets will charge a commission.

FP Markets Stock CFD fees
Market Commission per trade Minimum fee
NYSE, NASDAQ $0.02 per stock $15
London 0.10% of the trade value £10
Frankfurt 0.10% of the trade value €10
Australia 0.08% of the trade value AUD 0
Singapore 0.15% of the trade value SGD 25
Hong Kong 0.30% of the trade value HKD 100

Real stock fees

FP Markets gives access to real stocks, but only the stocks on the Australian Securities Exchange. The fees are different for the two account types:

FP Markets Stock fees
  Commission Minimum fee
Standard 0.11% $14.95
Non-Leverage CFD 0.08% No minimum

Financing rates

FP Markets financing rates are generally low.

Financing rates are charged when you hold your leveraged positions for more than a day. It can be a significant proportion of your trading costs.

The financing cost calculation for stock CFDs is not transparent. The financing rate is calculated as FP Markets base currency rate + a mark-up ranging between 2% and 4.5%. However, it's not clear what is the relevant base currency rate and what determines your mark-up.

FP Markets annual financing rates
  FP Markets XM XTB
Apple financing rate 5.2% 6.7% 6.0%
Vodafone financing rate 3.4% 4.4% 3.1%
EURUSD financing rate 4.2% 4.6% 4.1%
EURGBP financing rate 2.0% 1.9% 1.7%

Non-trading fees

FP Markets has low non-trading fees. 

FP Markets non-trading fees
  FP Markets XM XTB
Account fee No No No
Inactivity fee No Yes No
Withdrawal fee $0 $0 $0

FP Markets doesn't charge an inactivity fee and there are no account fees, except for IRESS Trader. If you use IRESS Trader, a $55 monthly commission is charged unless you generate at least $150 monthly commission or choose the Premier account type.

FP Markets charges no withdrawal fees if you use domestic bank transfer or credit cards. In other cases, the withdrawal fee is charged as per this table:

FP Markets withdrawal fees
Withdrawal method Withdrawal fee
International bank transfer AUD 25
Neteller 2%, maximum $30
Skrill 1% + country fees (if applicable)
Fasapay 0.50%
Ngan Luong VND 10 +1%
Online Pay $18

FP Markets review
Account opening 5 stars

The account opening at FP Markets is user-friendly and fully digital. It is also very fast, it took only 1 day until our account was approved. However, you need to have at least $1,000 account balance for CFD and stock account types.
Pros
  • Fast account opening
  • Fully digital account opening
  • User-friendly
Cons
  • High minimum account balance for CFD and stock account types

Can you open an account?

FP Markets accepts customers from all around the world. There are some exceptions, for example, you can't open an account if you are from the US, Japan, India, New Zealand, Belgium, South Africa, etc.

What is the minimum deposit at FP Markets?

The required FP Markets minimum deposit is $100 for forex account types. If you open a CFD account, you need to have at least $1,000 account balance.

Account types

There are different account types based on ownership:

  • Individual - the account is owned by a single individual
  • Joint - the account is owned by two or more individuals
  • Corporate - the account is owned by a legal entity
  • Trust/SMF - the account is owned by a trustee

There are also different account types based on the asset you wish to trade: 

FP Markets account types
  Minimum deposit Pricing and fees Available trading platform
Forex
Raw  $100 Lower spreads and the commission is $3 per lot per trade MT4 and MT5
Standard $100 Higher spreads, but no commission MT4 and MT5
CFD
Professional $1,000

Financing rate: Base rate + 4.0% 

Fee for IRESS Trader: $55 per month*

ASX live data: $22 per month**

IRESS Trader and IRESS Investor
Premium $25,000

Financing rate: Base rate + 3.5% 

Fee for IRESS Trader: $55 per month*

ASX live data: $22 per month**

IRESS Trader and IRESS Investor
Platinum $50,000

Financing rate: Base rate + 3.0% 

Fee for IRESS Trader: $0

ASX live data: $0

IRESS Trader and IRESS Investor
Real stock
Standard $1,000 0.11% commission of the trade value and $14.95 minimum fee IRESS Trader and IRESS Investor
Non-leveraged $1,000 0.08% commission of the trade value and no minimum fee IRESS Trader and IRESS Investor

*Unless you generate at least $150 commission per month

**Unless you generate at least $50 commission per month

If you open a forex account, you can request for converting that to an Islamic Account. This is also called as a swap-free account because instead of swaps a so-called administration fee is charged.

You can open more sub-accounts. The sub-account is great to have different base currencies at one account. E.g. you have a USD account and have EUR and GBP subaccounts.

How to open your account

The FP Markets account opening is easy and fully digital.  The online application takes roughly 10-15 minutes and our account was approved on the same day.

The 4 steps of FP Markets account opening:

  1. Add your name, email address, and country where do you live
  2. Provide further information about yourself as the date of birth, address, and profession
  3. Select the account type, the trading platform, and the base currency
  4. Fill out the brief questionnaire and prove your understanding of the different financial products

FP Markets review - Account opening

FP Markets review
Deposit and withdrawal 5 stars

FP Markets offers a great variety of deposit and withdrawal options. From credit card through bank transfer, till electronic wallets almost everything as available. The main disadvantage is that FP Markets charges the withdrawals, except credit card and domestic bank transfers.
Pros
  • No deposit fee
  • Several account base currencies
  • Credit card deposit and withdrawal
Cons
  • Most withdrawal options are not free of charge

Account base currencies

At FP Markets, you can choose from 10 base currencies. EUR, GBP, USD, AUD, CAD, SGD, CHF, HKD, JPY, NZD. In comparison with the competitors, FP Markets offers the most choices for their clients.

Base currencies at FP markets vs similar brokers
  FP Markets XM XTB
Number of base currencies 10 7 4

Why does this matter? Two things. First, if you fund your account in the same currency as your bank account, you won't be charged a currency conversion fee. Second, if you trade assets in the same currency as your account base currency, you will not have to pay a conversion fee.

A convenient way to save on the currency conversion fees can be to open a multi-currency bank account. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. The account opening only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

FP Markets charges no deposit fee in most cases. Besides bank transfer, you can use a credit card and electronic wallets. It's the same at the competitors.

FP Markets deposit options
  FP Markets XM XTB
Bank transfer Yes Yes Yes
Credit card Yes Yes Yes
Electronic wallets Yes Yes Yes

FP Markets' deposit fees vary based on the trading platform and the base currency in which you wish to deposit.

FP Markets deposit fees
Deposit Method MetaTrader platforms IRESS platforms

Domestic bank transfer

China Union Pay

BPay

PoliPay

Fasapay

Ngang Luong

Free Free
International bank transfer AUD 12.5 AUD 12.5
Credit Card Free

1.6% for deposits in AUD

3.18% for any other currency

Neteller Free 4.0%
Skrill Free 4.0%
PaySec Free 3.25% for deposits in IDR/MYR/THB

A bank transfer can take several business days, while payment with a credit card is instant.

You can only deposit money from accounts which are in your name.

FP Markets review - Deposit and withdrawal - Deposit

Withdrawal fees and options

FP Markets charges a withdrawal fee, except for domestic bank transfers and credit cards. 

You can use bank transfer, credit card, and electronic wallets for withdrawal. You can use the same electronic wallets as for the deposit, except PoliPay, PaySec, and BPay.

FP Markets withdrawal options
  FP Markets XM XTB
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes No
Electronic wallets Yes Yes No

FP Markets' withdrawal fee vary based on the method you wish to use:

FP Markets withdrawal fees
Withdrawal method Withdrawal fee
International bank transfer AUD 25
Neteller 2%, maximum $30
Skrill 1% + country fees (if applicable)
Fasapay 0.50%
Ngan Luong VND 10 +1%
China Union Pay $18

How long does it take to withdraw money from FP Markets? We tested the credit card withdrawal and it took 1 day business days.

You can only withdraw money to accounts in your name.

How do you withdraw money from FP Markets? You can withdraw money from FP Markets by following these steps:

  • Log into the "Client Area"
  • Go to the "Funding" and the "Withdraw"
  • Select the withdrawal method and the withdrawal amount
  • Initiate the withdrawal

Compare to other brokers

FP Markets review
Web trading platform 3 stars

FP Markets web trading platform is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safe) login
  • No price alerts
  • Does not look nice
FP Markets Platforms to Choose From
Trading platform Score Available
Web 3 / 5 stars Yes
Mobile 4 / 5 stars Yes
Desktop 3 / 5 stars Yes

FP Markets doesn't have an in-house developed trading platform. It uses third-party trading platforms which differ in the tradable products, the platform fees, and the minimum deposit.

FP Markets trading platforms
  MT4 / MT5 IRESS Viewpoint / Trader / Investor
Recommended for Forex traders looking for more sophisticated research tools Stock traders preferring more sophisticated research tools
Tradable products Forex, commodity CFD, stock index CFD Stock CFD, real stock, forex, commodity CFD, stock index CFD
Monthly platform fee Free

IRESS Investor is free

$55 for IRESS Viewpoint and Trader*

Minimum deposit $100 $1,000
Web trading platform offered Yes Yes
Mobile trading platform offered Yes Yes (IRESS Mobile)
Desktop trading platform offered Yes No

*Unless you generate $150 commission per month or open a Platinum account

In this review, we tested the MetaTrader 4 trading platform because most clients would go with this and no platform is charged for using it.

MetaTrader 4 is available in exceptionally lot languages.

The web trading platform is available
Arabic Bulgarian Chinese Croatian Czech Danish
Dutch English Estonian Farsi French German
Greek Hebrew Hungarian Indonesian Italian Japanese
Korean Latvian Lithuanian Malay Mongolian Polish
Portuguese Romanian Russian Serbian Slovak Slovenian
Spanish Swedish Tajik Thai Turkish Uzbek
Vietnamese          

Look and feel

The FP Markets web trading platform has great customizability. You can easily change the size and the position of the tabs.

However, the platform feels outdated and some features are hard to find. For example, it took time until we found how we can add an asset to the watchlist.

FP Markets review - Web trading platform

Login and security

FP Markets provides a one-step login. A two-step authentication would be more secure.

Search functions

The search functions are OK. You can find the assets in the Symbols section.

We missed the classical magnifying search function when you can type the assets' name manually.

FP Markets review - Web trading platform - Search

Placing orders

You can use the basic order types. You will not find very sophisticated orders like the "one cancels the other" order.

  • Market
  • Limit
  • Stop-loss

If you are not familiar with the basic order types, read this overview.

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)

FP Markets review - Web trading platform - Order panel

Alerts and notifications

You can't set alerts and notifications. This feature is available only on the desktop trading platform.

Portfolio and fee reports

FP Markets has clear portfolio and fee reports. You can easily see your profit-loss balance and the commissions you paid. These reports can be found at the History tab. We didn't find a way to download them. 

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74-89% of retail CFD accounts lose money

FP Markets review
Mobile trading platform 4 stars

FP Markets has a great mobile trading platform, offered by MetaTrader. It is well designed and user-friendly. On the flip side, it lacks the two-step login.
Pros
  • User-friendly
  • Good search function
  • Price alerts
Cons
  • No two-step (safe) login
  • No order confirmation

Similarly to the web trading platform, FP Markets offers MetaTrader 4, MetaTrader 5, and IRESS Moibel as mobile trading platforms. In this review, we tested the MetaTrader 4 mobile trading platform.

MetaTrader 4 is available for both iOS and Android. We tested it on Android. After you downloaded the MT4 mobile trading platform, you have to access the FP Markets-Live server. 

The mobile trading platform supports 21 languages. You can't set the language in the application, but if you change your mobile language to one of the supported languages, the app will automatically use that.

FP Markets mobile trading platform languages
Arabic Chinese Czech English French
German Greek Hindi Indonesian Italian
Japanese Korean Malay Polish Portuguese
Russian Spanish Thai Turkish Ukranian
Vietnamese        

Look and feel

FP Markets has a great mobile trading platform, we really liked its design and user-friendliness. You will easily find all the features.

FP Markets review - Mobile trading platform

Login and security

Similarly to the web trading platform, FP Markets provides only a one-step login on the mobile trading platform.

Search functions

The search functions are good. You can search by typing the name of the product or by navigating in the categorized folders.

FP Markets review - Mobile trading platform - Search

Placing orders

You can use the same order types and order time limits than on the web trading platform.

FP Markets review - Mobile trading platform - Order panel

Alerts and notifications

 You can't set alerts and notifications on the FP Markets mobile platform. However, you can set mobile push notifications on the desktop trading platform. It would be much easier if you could set these notifications on the mobile trading platform.

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74-89% of retail CFD accounts lose money

FP Markets review
Desktop trading platform 3 stars

In design and functionalities, FP Markets' MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Cons
  • No two-step (safe) login
  • Does not look nice

As you can see in this table, FP Markets offers only MetaTrader platforms for desktop. Similarly to the web and the mobile trading platforms, we tested MetaTrader 4 as a desktop trading platform.

It has the same design, offers the same order types, has the same search functions, and offers the same portfolio and fee reports

The major difference is that you can set alerts and notifications in the form of e-mail / push notification on mobile / notification on the desktop trading platform. To set email or mobile notifications, you have to add your email address and your mobile MetaQuotes ID (it can be found in MT4 app's settings). You can add them if you go to the Tools and then the Options.FP Markets review - Desktop trading platform

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74-89% of retail CFD accounts lose money

FP Markets review
Markets and products 2 stars

FP Markets offers only CFDs, forex, cryptos, and stocks on the Australian Securities Exchange. It lacks real stocks from international stock exchanges, ETFs, mutual funds, bonds, options, and futures.

FP Markets beat the competitors in stock CFD offering. It is also great that stock CFDs are Direct Market Access CFDs. The advantage of DMA CFDs is the lower spreads and the faster execution because the orders are passed directly to the underlying market without any intermediate participant (dealer, market maker).

FP Markets has also a great forex offer. On the negative side, the stock index CFD, commodity CFD, and crypto offers are much fewer than at the competitors. We missed the ETF CFDs and bond CFDs as well.

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. 

  FP Markets XM XTB
Currency pairs (#) 50 57 48
Stock index CFDs (#) 12 18 34
Stock CFDs (#) 8,140 1,200 1,600
Commodity CFDs (#) 4 15 21
Cryptos (#) 1 5 16

You can also trade with futures CFDs for global stock indices.

You can change the default leverage level of the products on MetaTrader platforms, which is great. Unfortunately, in the case of IRESS platforms, you can't change the default leverage.

Real stocks

FP Markets offers real stocks, but only the stocks on the Australian Securities Exchange. This offer lags behind XTB's real stock offer. XM doesn't offer real stocks.

  FP Markets XM XTB
Stock markets (#) 1 - 17


 

FP Markets review
Research 3 stars

FP Markets' research is OK. Many technical tools are offered, the available research tools are easy to use, and you can read daily reports. On the negative side, analyst recommendations, fundamental data are not provided and the quality of news flow is poor.
Pros
  • User-friendly
  • Good set of analytical tools
  • Daily reports
Cons
  • No analyst recommendations for stocks, bonds, etc.
  • No fundamental data available
  • Poor quality news

FP Markets research tools can be found on the trading platforms and on the website, below "Client Resources" and "Research. Similarly to the trading platforms, we tested the research tools on the MetaTrader 4 trading platform.

The research tools on the website are available in multiple languages: Arabic, Chinese, English, French, German, Indonesian, Italian, Malaysian, Portuguese, Russian, Spanish, and Vietnamese. The research on the MT4 platform is available in the same languages as the trading platform.

Trading ideas

FP Markets does not provide trading ideas.

Fundamental data

FP Markets does not offer fundamental data.

Charting

FP Markets has OK charting tools. You can use 31 technical indicators. and other editor tools, like trendlines or Fibonacci retracement.

On the negative side, the design is outdated and some features are hard to use. For example, we hardly found how we could remove an indicator from the chart.

FP Markets review - Research - Charting

News feed

The news feeds can be improved. You can read only one-sentence news without any charts and other visual elements.

There is an economic calendar on the website, below "Economic Calendar". It's great that you can use some filters, like a country filter. However, its design feels outdated.

As a third news source, FP Markets offers daily reports on its website. These are very short reports with a table showing some basic information, like the open/closing price, price change, etc.

FP Markets review - Research - Daily Market Report

Other research tools you will enjoy

There is a bunch of analytical tools offered in a package, called Trader Toolbox. For accessing the Trader Toolbox, you need to deposit at least AUD 1,000 or equivalent in other currency. After you are qualified for the tools, you receive an email with a link, where you can download and run the Toolbox.

Just to mention a few tools in the Trader Toolbox:

  • Alarm Manager - it makes you available to set up more sophisticated alarms, like a news alert.
  • Correlation Matrix - it shows the correlation between the assets.
  • Sentiment Trader - it shows the distribution of the buyers and sellers.
  • and so on

FP Markets review - Research - Trader Toolbox

Compare research pros and cons

FP Markets review
Customer service 3 stars

You can contact FP markets in many ways, including telephone, live chat, and e-mail. It's also a great customer supports more local languages. However, both telephone support and live chat can be improved, and there is no 24/7 availability.
Pros
  • Live chat
  • Available in local languages
  • Great email support
Cons
  • Bad telephone support
  • Irrelevant answers on live chat
  • No 24/7 availability

You can contact FP Markets via:

  • email
  • live chat
  • telephone

It's great that FP Markets supports multiple languages: Arabic, Chinese, English, French, German, Indonesian, Italian, Malaysian, Portuguese, Russian, Spanish, and Vietnamese.

FP Markets offers great email support. We emailed FP Markets four times and got answers to all our emails within a few hours. The relevancy of the answers was great as well.

The live chat is OK. We got fast answers, however, the answers were mostly irrelevant or worse, incorrect. For example, when we asked them about real stocks, they said that only stock CFDs are provided, while it's not true. We also asked about the CFD trading platforms, but we got only a link which directed to the forex platforms.

FP Markets phone support can be improved. The customer support agent picked up the phone after a minute and they couldn't answer our questions. For example, when we asked about the product offer, they directed us to the Trading Desk, but nobody was connected.

We also missed the 24/7 availability.

FP Markets review - Customer Service

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74-89% of retail CFD accounts lose money

FP Markets review
Education 5 stars

FP Markets does a great job in education. From the demo account to Ebooks, you will find a lot of ways to educate yourself.
Pros
  • Demo account
  • Trading platform tutorial videos
  • Educational videos
Cons
  • Webinars not scheduled

At FP Markets you can learn in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • E-books
  • Glossary

The educational tools can be found on the website, below "Client Resources" and "Education".

Within the video library, you will find a lot of videos, however, they are not the most up-to-date as some videos were published in 2017. We also found recorded webinars in the same library, but we didn't find any webinar scheduled.

FP Markets review - Education

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74-89% of retail CFD accounts lose money

FP Markets review
Safety

FP Markets is regulated by the Australian Securities and Investments Commission (ASIC). It is a well-established brand but it is not listed on any exchange, does not disclose financial information and does not have a bank parent.
Pros
  • Regulated by top tier financial authority
Cons
  • No investor protection
  • No negative balance protection
  • Does not hold a banking license

Is FP Markets regulated? Yes, it is regulated by the Australian Securities and Investments Commission (ASIC).

FP Markets is based in Australia. Is FP Markets safe? To be certain, it is best to check two things: how you are protected if something goes wrong and what the background of the broker is.

How you are protected

FP Markets provides its services through its Australian legal entity. This is regulated by the Australian Securities and Investments Commission (ASIC). This matters since no investor protection is provided.

FP Markets doesn't provide negative balance protection either.

Background

FP Markets was established in 2005. The longer the track record of a broker, the more proof we have that it has successfully survived previous financial crises.

Being in operation for a long time and regulated by a top-tier regulator are all great signs for FP Markets' safety.

Filter the brokers by investor protection

FP Markets review
Bottom line

FP Markets is a great CFD and forex broker regulated by the top-tier Australian Securities and Investments Commission (ASIC).

It offers low forex fees and doesn't charge an inactivity fee. The account opening is fast and easy. Many educational tools offered and they have high-quality as well.

On the negative side, the stock CFD fees are high, the product portfolio covers only CFD, forex, crypto, and stocks from ASX.  It does not provide any investor and negative balance protection.

As you will have an account within a day and there is no inactivity fee, feel free to try FP Markets.

FP Markets main features and highlights

🗺️ Country of regulation Australia
💰 Trading fees class Average
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $100
🕖 Time to open an account 1 day
💳 Deposit with credit card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 10
🎮 Demo account provided Yes
🛍️ Products offered Stock, Forex, CFD, Crypto

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74-89% of retail CFD accounts lose money

FP Markets logo

FP Markets was founded in 2005 and it is an Australian CFD and forex broker. It is regulated by the Australian Securities and Investments Commission (ASIC).

FP Markets is considered safe because it has a long track record and is regulated by a top-tier regulator.

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. 

Recommended for forex and CFD traders familiar with MetaTrader and IRESS trading platforms.

Compare to other brokers

Overall 4 stars

Pros
  • Low forex fees
  • Easy and fast account opening
  • Great educational tools
Cons
  • High stock CFD fees
  • Limited product portfolio
  • No investor and negative balance protection

Fees 3 stars

Pros
  • No inactivity fee
  • Low financing rate
  • Low forex fees
Cons
  • High stock CFD fees
  • High fee for international bank withdrawal
  • Financing rate calculation is non-transparent

Account opening 5 stars

Pros
  • Fast account opening
  • Fully digital account opening
  • User-friendly
Cons
  • High minimum account balance for CFD and stock account types

Deposit and withdrawal 5 stars

Pros
  • No deposit fee
  • Several account base currencies
  • Credit card deposit and withdrawal
Cons
  • Most withdrawal options are not free of charge

Web trading platform 3 stars

Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Available in several languages
Cons
  • No two-step (safe) login
  • No price alerts
  • Does not look nice

Mobile trading platform 4 stars

Pros
  • User-friendly
  • Good search function
  • Price alerts
Cons
  • No two-step (safe) login
  • No order confirmation

Desktop trading platform 3 stars

Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Cons
  • No two-step (safe) login
  • Does not look nice

Markets and products 2 stars

The available asset classes to trade:

  • Stock
  • Forex
  • CFD
  • Crypto

Research 3 stars

Pros
  • User-friendly
  • Good set of analytical tools
  • Daily reports
Cons
  • No analyst recommendations for stocks, bonds, etc.
  • No fundamental data available
  • Poor quality news

Customer service 3 stars

Pros
  • Live chat
  • Available in local languages
  • Great email support
Cons
  • Bad telephone support
  • Irrelevant answers on live chat
  • No 24/7 availability

Education 5 stars

Pros
  • Demo account
  • Trading platform tutorial videos
  • Educational videos
Cons
  • Webinars not scheduled

Safety

Pros
  • Regulated by top tier financial authority
Cons
  • No investor protection
  • No negative balance protection
  • Does not hold a banking license

AUTHOR OF THIS REVIEW

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager

METHODOLOGY

Everything you find on Brokerchooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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