FP Markets Review Australia 2026

FP Markets quick facts

Trading costs and fees

Raw account for active traders

The Raw account is where FP Markets lines up against the lowest-cost ASIC brokers. EUR/USD is advertised from 0.0 pips and typically prints 0.10 to 0.15, while across the eight majors the Raw account averaged 0.46 pips in our May to June 2026 capture, with AUD 7 round-turn commission per standard lot on an AUD-denominated MT4 or MT5 account (AUD 3.50 per side). On cTrader the commission is charged at US$3 per side and converted to AUD. Convert the commission to pips at AUD/USD 0.65 and EUR/USD works out at roughly 0.55 pips all-in on the advertised floor (0.10 spread plus 0.45 commission), against 1.0 pip equivalent on CMC’s FX Active. Measured over the full eight-pair basket, FP Markets placed equal 12th of 16 raw accounts in our eight-pair spread test, and the same no-dealing-desk pricing earns it fourth spot in our ECN forex brokers rankings.

Standard account for casual traders

The Standard account uses spread-only pricing with no commission. EUR/USD typically prices around 1.0 to 1.2 pips. This is the right account if you trade infrequently and don’t want a commission line on your statement. Anyone trading more than a handful of times per week will save money on the Raw.

IRESS account for share trading

The IRESS account is priced separately and isn’t directly comparable to the forex accounts. ASX share brokerage starts at AUD 10 per trade or 0.10% of trade value (whichever is greater) for retail clients on the standard tier. International share commissions vary by exchange. The IRESS Platform Fee is waived if you trade above a monthly minimum activity threshold, otherwise a small monthly fee applies. Worth checking the current PDS before opening this account.

Other fees AU traders should check

• Overnight swap rates apply to positions held past 5 PM New York. They’re direction-dependent and can be a credit on certain pairs.
• Currency conversion costs 0.50% on positions or share trades denominated in a non-AUD currency. Hold an AUD account if most of your activity is in AUD.
• Withdrawal fees are $0 on most methods, though international bank transfers may attract a correspondent bank fee.
• No inactivity fee. FP Markets is one of the few major AU brokers that doesn’t charge dormancy.

Trading platforms

FP Markets is one of a very small group of AU brokers that ships MT4, MT5, cTrader, TradingView and IRESS on a single broker relationship.

MetaTrader 4

The classic forex platform with full EA support and a deep third-party indicator ecosystem. FP Markets’ MT4 build runs through the same Raw pricing engine as MT5 and cTrader, so spreads and commission match.

MetaTrader 5

The right pick for traders running newer EAs or trading multi-asset strategies. MT5 supports indices, equities, futures and a richer programming environment (MQL5) compared with MT4’s forex/CFD focus.

cTrader

Our pick for active forex traders inside the FP Markets stack. cTrader gives you level 2 depth-of-book, advanced order types and a much cleaner execution model than MT4. cTrader Automate (formerly cAlgo) handles algorithmic strategies in C#.

TradingView

FP Markets supports TradingView trading: connect a TradingView Pro/Premium account and execute through FP Markets without leaving the TradingView interface. TradingView execution requires a linked cTrader (cTID) account. Useful if your charting and idea generation already live on TradingView.

IRESS Trader (the AU differentiator)

IRESS Trader is the institutional share trading platform most Australian stockbrokers use. FP Markets offers it for direct market access into ASX-listed equities and a long list of international exchanges. This is real share trading, not share CFDs. Pepperstone, IC Markets, Fusion Markets and Eightcap have nothing comparable; none of them offer DMA share access. If you want one broker for forex CFDs and ASX shares, this is the account that settles it.

The IRESS account requires a separate application under the same AFSL conditions and carries a higher minimum balance than the Raw or Standard accounts. Worth requesting a demo before you decide whether the IRESS interface suits you; it’s powerful but not the most beginner-friendly thing in our coverage.

Copy and social trading

Copy trading at FP Markets runs through cTrader Copy, which is part of cTrader rather than a separate product: you pick a strategy provider, set your allocation, and your account mirrors their positions at the size you choose. The provider’s own fee comes off your return, so it stacks on top of Raw spreads and commission rather than sitting inside them. FP Markets has no proprietary social network of its own, so if copying other traders is your main reason for picking a broker, this is a thinner offer than eToro’s.

Mobile apps

MT4, MT5, cTrader and IRESS all have mobile apps, and the TradingView app (iOS and Android) covers you if you execute through TradingView. cTrader and MT5 mobile are the strongest for active forex trading. IRESS mobile is functional but the desktop platform is where the real product lives.

Trust and safety

Trust score: 6/10.

ASIC regulation and global licences

First Prudential Markets Pty Ltd (ABN 16 112 600 281) holds AFSL 286354 with the Australian Securities and Investments Commission. The AFSL has been held continuously since the broker was founded in Sydney in 2005. Few Australian-founded CFD brokers can match that run. There have been no material ASIC enforcement actions or licence conditions imposed in the last 36 months.

Globally, FP Markets is also regulated by:

• CySEC (Cyprus, EU), Tier 1
• FSCA (South Africa), Tier 3
• FSA (Seychelles, SD130) / St Lucia, offshore, used for wholesale clients only

The offshore Seychelles / St Lucia entity is relevant only if you qualify as a wholesale client and choose to onboard offshore for higher leverage. We don’t recommend that path for retail traders.

Client money and negative balance protection

FP Markets holds retail client money in segregated accounts at an Approved Australian Bank, separate from the company’s own funds. ASIC requires negative balance protection on retail CFD accounts, so a retail account cannot lose more than the money in it. If a dispute with the broker goes wrong, AFCA can hear claims up to $1,263,000 and award compensation up to $631,500. The Compensation Scheme of Last Resort sits behind that with a $150,000 cap, but it excludes CFD trading losses, so it protects you against unpaid awards for misconduct, not against losing trades.

One carve-out is worth knowing before you chase leverage. Everything above attaches to the ASIC-licensed Australian entity. The offshore Seychelles / St Lucia entity FP Markets runs for wholesale clients sits outside that AFSL, which is a large part of why we steer retail traders away from it. For how FP Markets sits against the field on protection, see our safest ASIC broker list and our explainer on the negative balance protection guarantee.

History and ownership

FP Markets was founded in Sydney in 2005 by Matthew Murphie. The broker has remained privately held and Australian-headquartered for two decades, which is unusual in an industry where most large brokers have been acquired or listed. FP Markets has won multiple Investment Trends awards over the past decade, including recognition for execution quality and overall client service in the Australian retail forex and CFD market.

Australian context that matters:

• Founded by an Australian, headquartered in Sydney, ASIC-regulated since launch
• Member of AFCA for retail dispute resolution
• Segregated client funds at an Approved Australian Bank
• One of the few RAW-style ASIC brokers offering DMA share access through IRESS

Public reviews

FP Markets carries a Trustpilot score of 4.6/5 from 8,000+ reviews globally, one of the higher scores in our coverage. AU-specific reviews skew slightly higher. Common positives: tight Raw spreads, IRESS share trading, helpful onboarding. Common negatives: occasional withdrawal verification delays (standard AML checks), some platform-choice confusion at signup.

What other review sites say

FP Markets' iOS app rates 2.60 out of 5 from 5 ratings on the Australian App Store (July 2026), listed as FP Markets Forex & CFD Trading.

TradingView users rate FP Markets 3.9 out of 5 from 2.4K reviews (July 2026).

App Store AU

2.60

5 ratingsJuly 2026

TradingView

3.9

2.4K reviews23.5K Traders via TradingViewJuly 2026View on TradingView

Account types and minimum deposit

Account options for AU clients

FP Markets runs Raw and Standard retail accounts from an AUD 100 minimum. The IRESS account is the exception: it needs a separate application, carries a higher minimum balance of AUD 1,000, and buys real ASX listed equities rather than CFDs.

FP Markets also offers an Islamic (swap-free) account for traders who cannot pay or receive swap. It covers forex, metals, indices and commodities only (no share or crypto CFDs). The Standard Islamic account stays commission-free, while the Raw Islamic account carries a small per-lot fee in place of swaps.

The wholesale account requires you to meet the Corporations Act wholesale client criteria. If you qualify (broadly: net assets over AUD 2.5M, or gross income over AUD 250k for two consecutive years, certified by a qualified accountant), you can request higher leverage, up to 500:1 on FX and metals, and tighter pricing. This is not a retail product.

Minimum deposit

FP Markets requires AUD 100 to open the Standard or Raw account. The IRESS account has a higher AUD 1,000 minimum. Most active traders we surveyed start with AUD 500 to 2,000 to give themselves room for sensible position sizing on the Raw account. A 30-day renewable demo across MT4, MT5, cTrader and TradingView features in our demo trading accounts in Australia comparison if you want to test the stack first.

Funding and withdrawals

Deposit methods (AU clients)

Withdrawals

$0 fee on most methods. Withdrawals must use the same source as deposits where possible (AML compliance). Card refunds typically 1 to 3 business days. Bank transfers 1 to 2 business days. PayPal usually same day.

Account opening

Fully online, AUSTRAC-compliant. One ID document (driver’s licence or passport) and one proof of address. Most AU applications are approved within 24 hours, often within an hour during business hours. Test onboarding score: 12/15. Not quite as quick as Pepperstone’s flow, but cleaner than the average broker in our 29-broker set.

Product range

FP Markets has two product identities under one broker relationship. The CFD side covers most of what an Australian trader is likely to want; the IRESS side sells real ASX equities outright. The table sets out the full CFD market range alongside the DMA row, which is ownership rather than a contract for difference.

Forex runs to 70 plus pairs and carries the full AUD major and minor set (AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD, AUD/CHF, AUD/SGD), which is what the Raw account is built around. Commodities cover gold and silver alongside WTI and Brent crude, natural gas and the agricultural softs. Crypto trades as CFDs only, at ASIC’s 2:1 retail cap; our guide to crypto CFD lineups sets out how the AU field compares, and we have not published a tested FP Markets crypto spread. ETFs are available both as CFDs and as direct holdings through IRESS, and the bond list covers selected sovereign issuers.

Share CFDs and IRESS share trading

FP Markets lists 10,000 plus share CFDs across ASX, NYSE, NASDAQ, LSE and the major EU exchanges, and then adds what the CFD specialists cannot: direct market access to real ASX equities through IRESS. That is ownership rather than a CFD, and it is the AU unique strength in this cohort. Pepperstone, IC Markets, Fusion Markets and Eightcap have nothing comparable. The IRESS account terms sit in the account section above. For how the class works across the AU field, see our guide to share CFD and stock trading options.

Indices

The index set spans the ASX 200 and S&P/ASX SPI 200 plus the global majors: S&P 500, NASDAQ, FTSE 100, DAX, Nikkei and Hang Seng. ASIC’s 20:1 retail cap applies to the majors. We have not measured FP Markets index spreads, so there is no tested figure to quote here; check the live pricing on the platform before you size a position. Our guide to index CFDs at a glance covers the wider field.

Leverage for AU traders

FP Markets applies the ASIC retail caps across every CFD account, Raw and Standard alike. The IRESS side sits outside that frame: shares bought through IRESS are real holdings rather than CFDs, so the caps below describe the CFD accounts and not that one.

ASIC caps retail CFD leverage at 30:1 on major forex pairs, 20:1 on minor pairs, gold and major indices, 10:1 on commodities other than gold, 5:1 on share CFDs and 2:1 on crypto assets. The caps come from a product intervention order that ASIC has extended to 23 May 2027, so they apply at every ASIC broker, not just FP Markets. FP Markets offers higher leverage to wholesale clients who pass the eligibility tests: up to 500:1 on FX and metals, for clients with net assets over AUD 2.5M or gross income over AUD 250k for two consecutive years, certified by a qualified accountant.

ASIC requires every CFD issuer to close out a retail client’s positions once account equity falls below 50 percent of the total initial margin on all open positions. The rule is set by the product intervention order and applies to FP Markets the same way it applies to every ASIC-licensed CFD issuer. Positions cannot be netted off against each other to reduce that figure, and a gapping market can close a position below the 50 percent level.

If you are weighing that trade-off, start with leverage basics for AU traders, then read our comparison of brokers with high leverage tiers.

Customer service

Phone (24/5) and live chat (24/7), plus email. Average live chat response in our testing: under 90 seconds during AU business hours. Phone hours align with global trading sessions Monday through Friday Sydney time. Knowledge of platform features: strong, especially on cTrader and IRESS. Knowledge of tax treatment: agents correctly defer to “speak to your accountant” rather than guess.

Support languages: English, plus Mandarin, Spanish, Arabic, Vietnamese, Italian and a handful of others.

Research and education

FP Markets’ research and education stack covers the basics well, though it’s lighter than the proprietary stacks at CMC or IG.

• Daily and weekly market analysis from in-house analysts
• Trading Central research feed (free for active accounts)
• Autochartist pattern recognition (free to all clients)
• Webinar programme covering forex, CFDs and share trading
• Beginner course material on the website
• Economic calendar and earnings calendar built into the platforms

If education is your top priority, Plus500, eToro or CMC will give you a richer set of beginner content. If you’re past the beginner stage and want analyst commentary plus pattern-recognition tools, FP Markets covers the bases.

How FP Markets compares to alternatives

Should you open an account with FP Markets?

Open an FP Markets account if you want raw forex pricing and real ASX share ownership under one roof; the IRESS route to DMA equities is the one thing no other raw cohort broker matches. Skip it if you never touch shares and just want the cheapest raw account, where Fusion Markets undercuts it, or the biggest research desk, where CMC and IG lead. The demo covers the MT and cTrader accounts; IRESS needs its own application.

For a forex-only setup, weigh FP Markets against the rest of our best forex brokers in Australia guide; on the measured eight-pair average it is line-ball with Pepperstone, while IC Markets prices tighter.

Open an FP Markets demo → (affiliate link, see our advertiser disclosure)