FP Markets Review Australia 2026

Is FP Markets safe? ASIC AFSL 286354

FP Markets holds ASIC AFSL 286354 through First Prudential Markets Pty Ltd, ABN 16 112 600 281, continuously since the broker was founded in 2005.

The quick-facts table lists CySEC and FSCA licences alongside it. That is the licence I would rely on for an Australian retail account.

ASIC regulation and global licences

That licence has run unbroken since 2005, which few Australian-founded CFD brokers match. The register at the Australian Securities and Investments Commission records the licence as current. No material ASIC enforcement action and no additional licence condition has been imposed in the last 36 months.

Beyond Australia, FP Markets also holds:

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

The offshore Seychelles and St Lucia entity applies only to clients who qualify as wholesale. For retail traders, I would stay away from that path on this site.

Before depositing, confirm FP Markets holds AFSL 286354 using the site's guide to checking a broker on ASIC's register.

FP Markets client money protection and AFCA membership

Money held in segregated accounts at an Approved Australian Bank is protected, with negative balance protection on retail accounts and AFCA membership for disputes.

Client money and negative balance protection

Segregated accounts hold retail client money apart from company funds. ASIC requires negative balance protection on retail CFD accounts, so the account you run cannot lose more than the money in it. AFCA hears claims up to A$1,263,000 and awards compensation up to A$631,500. Payments under the Compensation Scheme of Last Resort run up to A$150,000, but the scheme covers only personal advice, securities dealing and credit, and forex and derivatives trading, CFDs included, sit outside it.

Every protection above attaches to the ASIC-licensed Australian entity. The Seychelles and St Lucia entity FP Markets runs for wholesale clients sits outside that AFSL, so those accounts carry different safeguards for the money you deposit.

History and ownership

FP Markets was founded in Sydney in 2005 by Matthew Murphie and has remained privately held and Australian-headquartered for two decades, which I find unusual in this industry.

Public reviews

FP Markets holds a Trustpilot rating of 4.8 out of 5 from 10,288 reviews, which Trustpilot labels excellent, captured September 2026. The profile has been claimed by the broker since September 2017.

Public reviews show positive ones cluster on tight Raw spreads, IRESS share trading and onboarding, while the negative ones point to withdrawal verification delays under standard AML checks and platform-choice confusion at signup. If you need fast withdrawals, read those negative comments as the AML friction to expect.

How popular is FP Markets in Australia?

Of the 32 brokers we review, FP Markets holds 16th place for search interest in August 2026, on 1,350 branded searches from Australia. Search interest measures attention, not quality; the score above is the review verdict.

16of 32Search interest rank

1,350

Brand searches, August 2026

+0.7%

vs July 2026

150

Login searches

0.8%

Share of all broker searches

Source: Google search volume, Australia, August 2026. How this is measured

What other review sites say

FP Markets' iOS app rates 2.71 out of 5 from 7 ratings on the Australian App Store (September 2026), listed as FP Markets Forex & CFD Trading.

TradingView users rate FP Markets 3.8 out of 5 from 2,438 ratings (September 2026). 24.2K TradingView users have connected a FP Markets account.

App Store AU

2.71

7 ratingsSeptember 2026

TradingView

3.8

2,438 ratings24.2K Traders via TradingViewSeptember 2026View on TradingView

FP Markets at a glance: 17 key facts

The 17 key facts about FP Markets are laid out below, starting with ASIC AFSL 286354, five trading platforms, and an A$100 minimum deposit on the Standard and Raw accounts.

Those 17 rows set up the cost detail below, where the Raw spread and the round-turn commission carry most of the weight. That is where I find the real decision sits for the trading you do.

FP Markets spreads and commission, measured

FP Markets spreads on the Raw account averaged 0.63 pips across the eight-pair basket in the September 2026 capture, with commission at A$3.50 per side, A$7.00 round turn.

Noam Korbl captured the spreads from 22 to 24 September 2026 from a London VPS using our CFB-SpreadLogger, which reads each broker’s quote once per second. EUR/USD averaged 0.30 pips. The round-turn commission is the number I would put in front of you before the cost comparison.

Raw account for active traders

The Raw account prices EUR/USD from an advertised 0.0 pips, and our September 2026 capture measured 0.30 pips on the pair, on A$3.50 per side on an AUD-denominated MT4 or MT5 account. Keep an eye on commission scope: A$3.50 per side covers the AUD-base MetaTrader route only; cTrader Raw accounts and USD-denominated accounts bill US$3.00 per side instead. Across the full eight-pair basket, FP Markets placed widest of the 11 raw accounts we tested in that September 2026 capture. The same capture window ranks the lowest spread brokers across the Australian field.

Standard account for casual traders

EUR/USD spread recorded 1.24 pips on the Standard account’s no-commission pricing in our capture window, and the eight-pair basket came in at 1.56 pips. Spread-only pricing suits infrequent trading and keeps a commission line off the statement. Place more than a handful of orders a week and the Raw account will cost you less.

IRESS account pricing

Pricing on the IRESS account sits separately from the two forex accounts. For retail clients on the standard tier, IRESS share-CFD commission starts at A$10 per trade or 0.10% of trade value, whichever is greater; international commissions vary by exchange. The IRESS platform fee is waived above a monthly activity threshold, and otherwise a small monthly fee applies. Check that threshold against the volume you expect.

What it costs to trade with FP Markets

FP Markets prices one standard lot of EUR/USD at A$7.00 round turn on the Raw account, before spread. The cost to trade with FP Markets totals 0.60 pips once the advertised from-rate spread is added.

The A$7.00 converts at our September 2026 capture’s pip values, and that total ties with AUD/USD as the cheapest rows in the table below. I would weigh that total against how often you trade before choosing Raw.

We convert A$3.50 per side into pips at our September 2026 capture’s own pip values, A$14.04 on USD-quoted pairs, A$8.94 on yen pairs and A$18.78 on EUR/GBP, and that conversion sits behind every figure in the third column. The table totals rest on the advertised floor rather than on the measured average, so the 0.30 pips we measured on EUR/USD in September 2026 runs wider than the 0.10 pip row here. I would compare both before you commit to a cost expectation.

Other fees to check

• Overnight swap rates apply to positions held past 5 PM New York time and vary by direction.
• Currency conversion costs 0.50% on positions or share-CFD trades denominated outside Australian dollars.
• No withdrawal fee applies on most methods, though international bank transfers attract a correspondent bank fee.
• No inactivity fee applies, which separates FP Markets from most of the larger ASIC-regulated brokers.

FP Markets funding methods and withdrawal times

FP Markets lists eight funding methods, and none of them carries a deposit fee.

All of them sit in the table below. The portal lists card processing as “Up to 1 working day”, and Noam’s A$200 Mastercard deposit was approved in the same sitting.

Deposit methods (Australian clients)

On 2 September 2026, Noam Korbl funded the live MT5 Raw account with a A$200 card deposit, run through three portal steps, 01 Choose Account, 02 Choose Payment Method, 03 Select Deposit Amount, under an “Important Deposit Information” notice telling you to match the deposit currency to the account currency. The card tile itself is labelled “Processing Time: Up to 1 working day”, and my reading of the record is that a card deposit landing the same sitting sits inside that stated window: the Praxis payment page returned “Transaction Approved” for 200 AUD that afternoon. The dashboard, captured fourteen seconds later, still read “Account Balance: AUD 0.00” because the page had not refreshed, while the MT5 web terminal read “Balance: 200.00” at the 18 September capture, and Noam’s record is that the credit was on the spot. Google Pay and Apple Pay also sit on the menu, each labelled “Instant - Up to 30 mins” with a $10 floor. Before you deposit, I would check one thing: that your account currency matches your deposit currency, per the notice, or the funds wait for manual processing.

Withdrawals

Most methods carry no withdrawal fee. Under AML rules, withdrawals return to the source used for the deposit wherever possible.

Account opening

The FP Markets application runs five stages online, and the portal stays locked behind padlocks until you finish them. Noam Korbl completed it on 24 August 2026, choosing MT5, Raw and AUD in one step, answering a one-attempt questionnaire, then entering Sumsub identity verification. His record puts the whole run at around 22 minutes. The account sits with First Prudential Markets Pty Ltd, login mask ****8500, and I read the frames as a well-ordered flow.

Stages 1 and 2 collect who you are and how you are funded. You choose between Individual, Joint, Corporate, Trust/SMSF Individual and Trust/SMSF Corporate structures, state whether you are a United States citizen or tax resident, then give your date of birth and address. Stage 2 asks the primary source of your trading funds, hardship in the past three years, your employment status, approximate annual income and savings, then your occupation. For the document number the portal notes: “If you are unable to input your DL or Passport number at this time, please input 0. Do note this will delay the time to verify your account and we will require an identity document to verify your identity.” In my view these questions are fair for a leveraged product, and the note tells you plainly to have your passport or licence number ready.

Stage 3 puts platform, account type and currency on one screen: you choose Metatrader 4, Metatrader 5, cTrader, TradingView or the DMA CFD Account, then Standard or Raw, then AUD or USD, before setting the portal password. Noam picked Metatrader 5, Raw and AUD, and I agree with his reading that grouping the choices makes the step easy to follow. Stage 4 is the suitability questionnaire, which warns: “You will only have 1 attempt so please read all of the questions carefully and answer them to the best of your ability.” It asks about your trading history, leverage and exposure, and whether share CFDs carry voting rights. The declaration then names First Prudential Markets Pty Ltd, lists nine documents including the Financial Services Guide and the Product Disclosure Statement, and finishes with the “ACCEPT AND OPEN ACCOUNT” button.

Verification runs through Sumsub straight after the declaration, with the option to continue on your phone by scanning a QR code. The portal shows “Pending Activation” until it clears, and no frame in our capture shows the moment it did; the next captured day, 2 September, the dashboard reads “Active”. No proof-of-address request appears on any frame. Noam’s record puts the whole run, sign-up to cleared verification, at around 22 minutes, and his assessment is that this is one of the cleaner Australian onboarding flows he has tested. My advice is to have your passport or driving licence number ready and to read the questionnaire twice, since it allows one attempt. The A$200 card deposit is recorded in the funding section above.

FP Markets account types and minimum deposit

FP Markets offers four account types and minimum deposit amounts of A$100 on Standard and Raw, and A$1,000 on the IRESS account.

The IRESS account sits behind a separate application. The table below sets out all four and the minimum deposit you would start with on each.

Account options for Australian clients

The Islamic swap-free account covers forex, metals, indices and commodities, with no share or crypto CFDs. It is commission-free on Standard and carries a small per-lot fee on Raw.

A wholesale account requires meeting the Corporations Act wholesale client criteria: net assets above A$2.5 million, or gross income above A$250,000 for two consecutive years, certified by a qualified accountant.

Minimum deposit

The Standard or Raw account opens with A$100, and the IRESS account with A$1,000. A starting balance of A$500 to A$2,000 leaves room for sensible position sizing on the Raw account. The renewable 30-day demo account covers MT4, MT5, cTrader and TradingView.

FP Markets trading platforms

One broker relationship covers five platforms: MT4, MT5, cTrader, TradingView and IRESS Trader. That line-up gives you two MetaTrader builds, a native cTrader stack, TradingView execution and one institutional platform.

MetaTrader 4

MT4 remains the forex platform with the deepest third-party indicator ecosystem and full expert advisor support. The FP Markets build runs through the same Raw pricing engine as MT5 and cTrader, so the spread and commission you pay match.

MetaTrader 5

Newer expert advisors or multi-asset strategies fit better on MT5. It adds indices, equities and futures alongside the MQL5 programming environment.

cTrader

cTrader delivers level 2 depth of book, advanced order types and a cleaner execution model than MT4, with cTrader Automate handling algorithmic strategies in C#. The same account reaches cTrader without a separate login, so you are not carrying a second set of credentials, which places FP Markets among the cTrader brokers in Australia compared on this site.

TradingView

Executing from TradingView requires a linked cTrader ID and a TradingView Pro or Premium subscription. Charting stays inside the TradingView interface while the order you send routes to FP Markets. That integration puts FP Markets among the TradingView brokers covered here.

Copy and social trading

For copy trading, FP Markets uses cTrader Copy rather than a proprietary network. The provider fee comes off the return you get on top of Raw spreads and commission. FP Markets operates no social network of its own, a thinner offer than eToro for copy-first traders.

Mobile apps

Mobile apps cover MT4, MT5, cTrader and IRESS, plus the TradingView app covers iOS and Android. If you trade actively from a phone, the cTrader and MT5 mobile apps carry the most depth for active forex trading.

FP Markets IRESS Trader and DMA-priced share CFDs

FP Markets routes DMA-priced share CFDs through IRESS Trader on a separate account that requires an A$1,000 minimum deposit.

That deposit is ten times the Standard and Raw floor. To be clear: what you hold is a DMA-priced share CFD, not a real-share purchase or custody.

Most Australian stockbrokers use IRESS Trader as their institutional platform, and FP Markets offers it for direct-market-access pricing on ASX-listed and international share CFDs. Pepperstone, IC Markets, Fusion Markets and Eightcap carry no DMA share-CFD route at all. The account opens on a separate application under the same AFSL conditions, and I would request a demo of the interface first, because IRESS carries more depth than you are likely to need in a first year.

The list runs to more than 10,000 share CFDs, covering ASX, NYSE, NASDAQ, LSE and the major EU exchanges, and the IRESS route prices them at market rather than on a market-maker book. DMA pricing is one route into share CFD trading in Australia, and the limit holds throughout: an IRESS position you hold is a contract for difference priced off the underlying market, with no holding and no settlement of the share itself.

FP Markets markets and instrument counts

Eight asset classes and more than 10,000 share CFDs appear in the table below. CMC Markets and IG Markets match that breadth without the DMA-priced route.

Forex runs to more than 70 pairs and carries the full AUD major and minor set, which is what I would build a Raw account around. Cryptocurrencies trade as CFDs only, at the ASIC 2:1 retail cap, and you will not find tested crypto spreads here. ETFs run both as market-maker-priced CFDs and as DMA-priced CFDs through IRESS.

Indices

The indices range spans the ASX 200 and S&P/ASX SPI 200 alongside the global majors listed above, capped at 20:1 for retail clients under the ASIC rules. We haven’t published measured index spreads here, so check live platform pricing to size a position.

FP Markets leverage and margin under ASIC rules

FP Markets applies a maximum retail leverage of 30:1 to major forex pairs under ASIC rules, with tighter caps on minors, indices, commodities and cryptocurrency.

The leverage ladder follows the regulator rather than the broker, which is preferable because it is consistent across the market.

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. Those caps come from a product intervention order extended to 23 May 2027, so the cap you get applies at every ASIC broker rather than at FP Markets alone. The 30:1 leverage ceiling is set out in our guide to ASIC leverage caps.

IRESS positions are DMA-priced share CFDs rather than holdings, so the same CFD caps apply there, including the 5:1 retail cap on share CFDs.

Wholesale clients can reach up to 500:1 on forex and metals through the offshore Seychelles or St Lucia entity, on the tests set out in the account section above. The Australian licence carries no route to those tiers for retail clients, which is appropriate given the risk you would carry.

Margin close-out is a regulator rule rather than a broker rule: ASIC requires every CFD issuer to close a retail position once the equity in the account you run falls below 50 per cent of the total initial margin on all open positions. Netting positions against each other does not reduce that figure, and a gapping market can close a position below the 50 per cent level.

FP Markets customer support

Support is offered through three channels: 24/7 live chat, 24/5 phone cover and email. Our testing recorded live chat answers in under 90 seconds through Australian business hours, so you can expect a fast first reply inside that window.

Phone support runs Monday to Friday Sydney time, aligned to the global trading sessions. Agent knowledge of platform features is strong, particularly on cTrader and IRESS. Support agents defer tax questions you ask to a registered accountant rather than answering them, which is the correct handling on an Australian retail account.

FP Markets support languages cover English, Mandarin, Spanish, Arabic, Vietnamese and Italian, among others.

For support outside business hours, the 24/5 phone support window is the one real gap. A weekend margin or funding question reaches live chat only, and no telephone escalation runs from Friday evening to Monday morning Sydney time. Live chat support carries that window, and the sub-90-second response measured during business hours is why the gap costs you less here than at a broker without round-the-clock chat.

FP Markets research, tools and education

The research stack covers six components in the list below, including the Trading Central feed, free on active accounts, and Autochartist pattern recognition. It runs lighter than the in-house desks at CMC Markets and IG Markets.

• 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 inside the platforms

For traders past the beginner stage, the research stack suits, with analyst commentary and pattern recognition covering the ground. The education material sits closer to a reference set than to a curriculum, which leaves beginners wanting a structured course library better served elsewhere. The research feeds are third-party licences rather than proprietary work, and that is the substantive difference against the two larger desks. I would want a structured course library before choosing this for beginner education.

What traders say about FP Markets

Public ratings of FP Markets from the rating sites that list it, showing the number of reviews or ratings behind each score and the month it was captured.

Rating site	Rating	Based on	Who rated	Captured
Trustpilot	4.8 out of 5	10,288 reviews	Worldwide	September 2026
App Store	2.71 out of 5	7 ratings	Australia only	September 2026
TradingView	3.8 out of 5	2,438 ratings	Worldwide	September 2026

Each row above is a public rating of FP Markets taken from a rating site, dated to the month its figure was captured. An App Store rating counts ratings left on Apple's Australian App Store only, while a Trustpilot figure counts reviews and a TradingView figure counts ratings from anywhere in the world. A site with no row has no rating for FP Markets, withholds it, cannot be matched to FP Markets with confidence, or we have not captured it yet.

How FP Markets compares to Pepperstone and IC Markets

FP Markets averaged 0.63 pips across the eight-pair basket in the September 2026 capture, against 0.26 pips for IC Markets in the same window.

If the tightest spread is what you need, I would read that as the decisive gap. The IRESS route to DMA-priced share CFDs remains the difference.

Pepperstone averaged 0.46 pips across the eight-pair basket in our May to June 2026 capture, priced in full in our Pepperstone review. The tighter September 2026 figure belongs to IC Markets at 0.26 pips, set out in the IC Markets review. Neither rival carries a DMA share-CFD route, so the comparison you face splits cleanly: in our September 2026 capture FP Markets loses the spread contest to IC Markets, and it takes the asset-access contest outright. In my view, that asset-access win should decide it for you if share CFDs sit anywhere in your trading plan, because the spread gap is one you can price and plan around, while a missing DMA route is not.

Standard-account pricing runs the other way: our capture measured 1.24 pips on EUR/USD with no commission.

Should you open an FP Markets account?

An FP Markets account suits a trader pairing raw forex pricing with DMA-priced share CFDs under one login, from an A$100 minimum deposit. For native ASX share ownership, Interactive Brokers is the better fit, and I would not point you to FP Markets for that.

FP Markets resolves differently depending on what you need. An active forex trader who also wants ASX and global share CFDs on DMA pricing gets the strongest case on this site, because no other broker we cover carries both under one login. My honest read is that this is the only broker on the list where the asset access, not the spread, is the reason to sign up. A forex-only trader gets the weaker one, since the Raw account measured 0.63 pips across eight pairs in our September 2026 capture and IC Markets measured tighter in the same window. I would put a beginner in the Standard account between the two, at 1.24 pips on EUR/USD, with a renewable 30-day demo covering MT4, MT5, cTrader and TradingView.

Native ASX share ownership sits outside the CFD model; that is covered in the Interactive Brokers review. FP Markets ranks sixth of the brokers set out in full on our guide to the best forex brokers in Australia, so you have a clear starting point for the shortlist.

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