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FP Markets Review 2024

Written by
Adam N.
Fact checked by
Updated
2d ago
Trusted by BrokerChooser
  • Regulated by the top-tier ASIC in Australia
  • Founded in 2005
  • Investor protection is €20k to EU clients, $0 to others
  • Clean track record: no major regulatory incidents or fines
  • Be aware that there are scam providers illegitimately using the FP Markets brand
4,293 people picked this broker at BrokerChooser in the last 6 months

Our take on FP Markets

FP Markets is an Australian CFD and forex broker regulated by the top-tier Australian regulator ASIC.

FP Markets offers low forex fees. You can be up and running quickly as both account opening and deposits are super easy and fast. There are several excellent educational tools, such as demo accounts and e-books.

The product lineup at FP Markets is limited to forex, CFDs and cryptocurrencies. MetaTrader 4's web and desktop trading platforms have an outdated design. The quality of research tools is uneven, especially when it comes to fundamental data, news or charting.

BrokerChooser gave FP Markets a 4.3/5 rating based on analyzing 600+ criteria and testing via opening a live account.

BrokerChooser score
4.3 4.3 /5
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73.85% of retail CFD accounts lose money
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Pros
  • Low forex fees
  • Easy and fast account opening and funding
  • Great education tools
Cons
  • Limited product portfolio
  • Outdated web and desktop platform
  • Lower-quality research tools
“I would recommend FP Markets for CFD traders because this broker provides a great variety with over 10,000 CFD products. However, funds, bonds, options and futures are not available, so investors looking for a wide product portfolio might be disappointed. I liked that the opening and funding of my account was easy and fast. ”

FP Markets summary

Snapshot of key data
🗺 Country of regulationAustralia, Cyprus, St. Vincent and the Grenadines, South Africa, Seychelles, Mauritius
🛡️ Negative balance protectionYes
💰 Apple CFD fee$33.5
💰 S&P 500 CFD spread0.5
💰 Inactivity fee chargedNo
💰 Withdrawal fee$0
💰 Minimum deposit$50
💵 Available base currenciesEUR, GBP, USD, AUD, CAD, SGD, HKD, JPY, NZD, CHF
💵 Conversion fee of deposits in non-base currencyExchange rate received from liquidity providers plus a mark-up. We used the EURUSD trading fees for the calculation.
💳 Deposit with bank cardAvailable
👛 With electronic walletAvailable
🕖 Time to open an account1 day
🎮 Demo account providedYes
🛍️ Products offeredForex, CFD, Crypto, Stocks traded on the Australian Securities Exchange
Fees
Account opening
Deposit and withdrawal
Desktop platform

For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.

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Fees

Score: 4.1/5
FP Markets has low forex and non-trading fees and charges no inactivity fee. On the negative side, there is a high fee for international bank withdrawals.
Pros
  • Low trading fees
  • Low non-trading fees
  • Low forex fees
Cons
  • High fee for international bank withdrawals
Read more

Account opening

Score: 5/5
Opening an account at FP Markets is super quick and fully digital. The minimum deposit for forex trading is not excessive, but some account types require at least a AUD 1,000 balance.
Pros
  • Fast
  • Fully digital
  • Low minimum deposit for forex accounts
Cons
  • High minimum balance for CFD/stock accounts
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Deposit and withdrawal

Score: 4.9/5
FP Markets offers a wide range of deposit and withdrawal options, but some withdrawal methods come with a fee.
Pros
  • Credit/Debit card available
  • No deposit fee
  • Several account base currencies
Cons
  • Some withdrawal options are not free
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Web trading platform

Score: 2.8/5
FP Markets's web trading platform is provided by MetaTrader. It's multilingual and highly customizable, but it lacks a two-step login and price alerts, and the design is outdated.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Order confirmation
Cons
  • No two-step (safer) login
  • No price alerts
  • Outdated design
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Mobile trading platform

Score: 3.3/5
FP Markets has an okay mobile trading platform, offered by MetaTrader. It is well designed and user-friendly. On the flip side, it lacks a two-step login.
Pros
  • User-friendly
  • Good search function
  • Price alerts
Cons
  • No two-step (safer) login
  • No Touch/Face ID login
  • No order confirmation
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Desktop trading platform

Score: 3.4/5
In design and functions, FP Markets's MetaTrader 4 desktop trading platform is almost the same as the web platform. One big difference is that you can set price alerts here.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Cons
  • No two-step (safer) login
  • Poor design
  • Search function could be improved
Read more

Markets and products

Score: 2.7/5
FP Markets offers a great portfolio of CFDs, forex and cryptos. You can trade Australian real stocks, too. Other stocks, ETFs, mutual funds, bonds, options or futures are missing, though.
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Research

Score: 3.3/5
There are several research tools at FP Markets, most of which are great. Still, the design and usability of charts could be be better, and we also missed data and news on fundamentals.
Pros
  • Trading ideas
  • User-friendly
Cons
  • No fundamental data available
  • No/poor quality news flow
  • Mediocre charting tool
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Customer service

Score: 4.7/5
You can contact FP Markets via live chat, phone and email in several languages. Response times are fast, and we received helpful replies on all but a few occasions.
Pros
  • Live chat
  • Fast response time
  • Great email support
Cons
None
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Education

Score: 5/5
FP Markets does a great job in education. From demo accounts to podcasts and ebooks, you will find several ways to learn. Webinars are now also available.
Pros
  • Demo account
  • Trading platform tutorial
  • Educational videos
Cons
None
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Safety

FP Markets is regulated by the top-tier Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).
Pros
  • Negative balance protection under CySEC
  • €20,000 investor protection under CySEC
Cons
  • Does not hold a banking license
  • No negative balance protection under ASIC
  • No investor protection under ASIC
Read more

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 does not charge an inactivity fee. Both account opening and depositing are fast, and you'll find high-quality educational tools.

On the downside, the product portfolio is limited, as it covers only CFDs (equities, indices, metals) and forex instruments. The MT4 web and desktop trading platforms have outdated designs. Research tools at FP Markets, while impressive in some respects, could still use some additional features.

Feel free to try FP Markets as the account opening is easy and there are no inactivity fees.

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73.85% of retail CFD accounts lose money

FAQ

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Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

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.

Visit FP Markets 73.85% of retail CFD accounts lose money

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