Quick Summary
| Headquarters | Sydney, Australia |
| Established | 2005 |
| Regulation | ASIC (Australia), CySEC (Cyprus), FSCA (South Africa) |
| Platforms | MetaTrader 4, MetaTrader 5, Iress, TradingView |
| Instruments | 10,000+ (Forex, Indices, Shares, Commodities, Crypto, Bonds) |
| Min Deposit | $100 |
| Deposit Methods | Visa, Mastercard, Skrill, Neteller, Bank Wire, POLi, BPAY, Crypto |
| Withdrawal Methods | Visa, Mastercard, Skrill, Neteller, Bank Wire |
| Min Trade Size | 0.01 lots |
| Max Leverage | 1:500 |
| ECN | Yes (Raw account) |
| EA / Robots | Yes |
| Scalping | Yes |
| Support | 24/5 live chat, email, phone |
Our Rating
Raw account delivers true ECN pricing with spreads from 0.0 pips and commission at $3/lot/side — cheaper than IC Markets or Pepperstone.
No requotes and no dealing desk — all orders route to liquidity providers.
MT4, MT5, Iress, and TradingView — the Iress platform gives access to 10,000+ share CFDs across global exchanges.
No cTrader support, which may deter traders who prefer cTrader's ECN interface and cAlgo.
10,000+ instruments — the largest range among brokers in our review, driven by the Iress share CFD offering.
Access to ASX, NYSE, NASDAQ, LSE, and other major exchanges for share trading.
Triple regulation: ASIC (Licence 406064), CySEC (Licence 371/18), and FSCA (Licence FSP 50256).
Client funds held in segregated accounts at AA-rated Australian banks (NAB and ANZ).
Raw account at $3/lot/side is cheaper than IC Markets ($3.50) and Pepperstone ($3.50). Standard account has no commission.
Iress platform has additional subscription fees, which adds to costs for share traders.
24/5 support via live chat, email, and phone in multiple languages. Generally responsive and knowledgeable.
No 24/7 support. Not available on weekends unlike IC Markets or Exness.
Regulation & Security
Regulatory Entities & License Numbers
| Entity / Regulator | Country | License Number | Status |
|---|---|---|---|
| ASIC | Australia | 406064 | Active |
| CySEC | Cyprus | 371/18 | Active |
| FSCA | South Africa | FSP 50256 | Active |
Client Fund Protection
Client funds are held in segregated accounts at AA-rated Australian banks (NAB — National Australia Bank, and ANZ), completely separate from FP Markets' operating capital. This is one of the strongest fund protection arrangements in the industry — NAB and ANZ are among Australia's largest and most secure banks. Negative balance protection is provided for all retail clients. The broker complies with ASIC, CySEC, and FSCA capital adequacy requirements and undergoes regular external audits.
Negative Balance Protection
Yes — FP Markets provides negative balance protection for all retail clients across all jurisdictions. You can never lose more than your total deposit, even during extreme market volatility.
Bonuses & Promotions
FP Markets does not offer welcome bonuses or deposit bonuses. The broker focuses on providing competitive ECN pricing, low commissions, and transparent trading conditions. Periodic promotions may include trading competitions and seasonal offers. The broker's philosophy is that lower trading costs provide more sustainable value than one-time bonus offers, particularly for high-volume traders who save significantly on the lower commission rate.
Account Types Comparison
| Account | Min Deposit | Spread | Commission | Leverage | Platform | Best For |
|---|---|---|---|---|---|---|
| Standard | $100 | From 1.0 pip | None | 1:500 | MT4, MT5 | Beginners and swing traders who prefer no commission |
| Raw | $100 | From 0.0 pips | $3/lot/side | 1:500 | MT4, MT5 | Scalpers and ECN traders who need the tightest spreads |
| Iress | $1,000 | From 0.1 pip | From $0.01/share | 1:20 | Iress | Share CFD traders who want access to 10,000+ global shares |
| Islamic (Swap-Free) | $100 | From 0.0 pips | $3/lot/side | 1:500 | MT4, MT5 | Traders requiring Sharia-compliant accounts |
| Demo | Free | Real-time | Simulated | Up to 1:500 | MT4, MT5, Iress | Practising strategies risk-free |
Trading Conditions
FP Markets offers two forex pricing models. The Standard account has no commission and spreads from 1.0 pip on EUR/USD. The Raw account charges $3 per lot per side — lower than IC Markets or Pepperstone — and delivers true ECN spreads from 0.0 pips. Total round-turn cost on EUR/USD averages $6-8 including commission, making it one of the cheapest ECN options available. Maximum leverage is 1:500 for retail clients. Scalping, hedging, and Expert Advisors are all fully supported. Execution is no-dealing-desk with no requotes. The Iress platform operates separately with different pricing (commission from $0.01 per share) and lower leverage (up to 1:20), designed specifically for share CFD trading.
Overnight Swap (Rollover) Fees
Overnight swap (rollover) fees apply on all forex accounts except Islamic (swap-free) accounts. Swap rates vary by instrument and are published daily. Triple swap is charged on Wednesdays for forex pairs. Islamic accounts are available on Standard and Raw accounts and charge no overnight swap, complying with Sharia finance principles.
Deposits & Withdrawals
FP Markets supports Visa, Mastercard, Skrill, Neteller, POLi, BPAY, bank wire, and cryptocurrency for deposits. Most deposit methods are instant with no deposit fees. The minimum deposit is $100 for forex accounts and $1,000 for Iress accounts.
Withdrawals are processed within 24 hours on business days. E-wallet withdrawals are typically processed within hours. Card withdrawals take 2-5 business days. Bank wires take 1-3 business days. All withdrawals must go to accounts in your name. FP Markets does not charge withdrawal fees.
Deposit Methods
Withdrawal Methods
KYC (Know Your Customer) Requirements
KYC verification is required before your first withdrawal. You must submit a government-issued photo ID and a proof of address dated within the last 6 months. Verification typically takes 1-2 business days.
Trading Platforms
MetaTrader 4 (MT4)
Features
Full EA support, custom indicators via MQL4, 30+ built-in indicators, 9 timeframes, strategy backtester. Available on Windows, Mac, Web, iOS, and Android.
Limitations
Forex-focused — no multi-asset support. Dated interface. MQL4 EAs not compatible with MT5.
MetaTrader 5 (MT5)
Features
Multi-asset trading, 21 timeframes, 80+ indicators, DOM, economic calendar, MQL5, advanced strategy tester. Available on Windows, Mac, Web, iOS, and Android.
Limitations
MQL5 EAs not backward-compatible with MT4. Iress shares are not accessible through MT5.
Iress
Features
Professional share trading platform with access to 10,000+ share CFDs across ASX, NYSE, NASDAQ, LSE, and other exchanges. Real-time market data, advanced charting, and DMA (Direct Market Access) capabilities. Available on desktop and web.
Limitations
Additional subscription fees apply. Not available on mobile (limited iOS/Android version). Leverage is limited to 1:20 for share CFDs. Not suitable for forex scalping.
TradingView
Features
Web-based charting, Pine Script custom indicators, social trading community, 100+ pre-built indicators, real-time alerts, direct trading from charts.
Limitations
No EA/algorithmic trading support. Limited to forex and CFD instruments — Iress shares not accessible.
Mobile App
Features
Full mobile trading on iOS and Android for MT4 and MT5. Real-time quotes, charting, order management, push notifications.
Limitations
Iress platform has limited mobile support. EA management not practical on mobile.
Instruments & Markets
| Asset Class | Count | Examples |
|---|---|---|
| Forex | 60+ pairs | EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CAD (majors); EUR/GBP, EUR/JPY, GBP/JPY (minors); USD/ZAR, USD/TRY (exotics) |
| Indices | 15+ indices | US30, NAS100, SPX500, GER40, UK100, AUS200, JPN225 |
| Shares | 10,000+ share CFDs | Apple, Microsoft, Tesla (US); BHP, CBA, CSL (ASX); HSBC, BP (LSE); SAP, BMW (XETRA) — via Iress platform |
| Commodities | 15+ instruments | Gold, Silver, WTI Oil, Brent Oil, Natural Gas, Copper |
| Crypto | 10+ cryptocurrencies | Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash |
| Bonds | 5+ bond instruments | US 10-Year Treasury, US 30-Year Bond, UK 10-Year Gilt, German 10-Year Bund |
Trading Tools
VPS Hosting
VPS hosting available for EA traders running automated strategies 24/5. Free VPS for qualifying accounts with sufficient balance and trading volume.
Expert Advisors (EAs)
Full EA support on MT4 and MT5. No restrictions on EA strategies, frequency, or complexity. EAs can run on VPS for 24/5 operation.
Iress DMA
Direct Market Access through the Iress platform for share CFD trading. Allows traders to see the full order book and place orders directly into the exchange order book.
Analysis Tools
TradingView integration with 100+ indicators. Iress includes professional-grade charting and market data tools. MT4/MT5 standard charting.
API Access
MT4/MT5 support API access via MQL. Iress provides API access for automated share trading strategies.
Education & Research
FP Markets provides a basic educational section with trading guides, video tutorials, and market analysis. The content covers platform tutorials, basic trading concepts, and market commentary. However, the educational offering is not as extensive as brokers like XM or AvaTrade. There are no structured trading courses or regular live webinars. The broker does offer a comprehensive demo account for practice. For experienced traders, the educational resources are supplementary.
Customer Support
FP Markets offers 24/5 customer support via live chat, email, and phone. Support is available in English and multiple other languages including Chinese. Live chat response times are typically under 5 minutes during business hours. Email responses are usually received within 4-8 hours. Phone support is available via Australian and international numbers. The support team is generally knowledgeable about both forex and Iress share trading queries.
Awards & Recognition
FP Markets has received several industry awards, particularly for its ECN pricing and share trading capabilities. The following are based on publicly available information.
Pros
- Lowest ECN commission at $3/lot/side — cheaper than IC Markets or Pepperstone
- Iress platform provides access to 10,000+ share CFDs across global exchanges
- Triple regulation: ASIC, CySEC, and FSCA
- Client funds held at AA-rated Australian banks (NAB and ANZ)
- $100 minimum deposit — lower than IC Markets or Pepperstone ($200)
- 10,000+ instruments — the largest range in our review
- All trading styles allowed: scalping, hedging, and EAs
- Islamic (swap-free) accounts available
- TradingView integration alongside MT4, MT5, and Iress
- Direct Market Access (DMA) for share trading via Iress
Cons
- No cTrader support — a gap for traders who prefer cTrader's ECN interface
- Iress platform has additional subscription fees
- Only 24/5 support — no weekend support
- Limited educational resources compared to XM or AvaTrade
- Inactivity fee after 12 months of no trading activity
- Iress minimum deposit of $1,000 is high for share trading beginners
FP Markets vs IC Markets & Pepperstone
| Feature | FP Markets | IC Markets | Pepperstone |
|---|---|---|---|
| Trust Score | 91 | 93 | 91 |
| Overall Rating | 4.3/5 | 4.0/5 | 4.3/5 |
| Min Deposit | $100 | $200 | $200 |
| Spread From | 0.0 pips | 0.0 pips | 0.0 pips |
| Commission | $3/lot/side | $3.50/lot/side | $3.50/lot/side |
| Max Leverage | 1:500 | 1:500 | 1:500 |
| Platforms | MT4, MT5, Iress, TradingView | MT4, MT5, cTrader, TradingView | MT4, MT5, cTrader, TradingView |
| Instruments | 10,000+ | 2,250+ | 1,200+ |
| Regulation | ASIC, CySEC, FSCA | ASIC, CySEC | ASIC, FCA, CySEC, DFSA |
| Support | 24/5 | 24/7 | 24/5 |
Frequently Asked Questions
Final Verdict
FP Markets is an excellent choice for traders who want both ECN forex trading and share CFD access in one account. The $3/lot/side commission is the lowest among the top ECN brokers, and the Iress platform with 10,000+ share CFDs is a unique differentiator. Triple regulation (ASIC, CySEC, FSCA) and segregated funds at NAB/ANZ provide strong client protection. The lack of cTrader and 24/7 support are the main drawbacks. For cost-conscious ECN traders and share traders, FP Markets is a top-tier choice. Our overall score of 90/100 reflects its strong value proposition.
Risk Warning: Trading forex and CFDs involves significant risk and may not be suitable for all investors. Leverage magnifies both gains and losses. Never trade with funds you cannot afford to lose. Past performance is not indicative of future results. The information on this page is for educational purposes only and does not constitute financial advice.
User Reviews & Ratings
Rating Summary
Based on 9 reviews
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Trader Reviews (9)
Great value for ECN trading
I switched to FP Markets 8 months ago for the low commission. $3/lot/side is cheaper than IC Markets and Pepperstone at $3.50. Spreads on EUR/USD are 0.0-0.2 pips during London hours. The $100 minimum deposit is lower than most ECN brokers. Support is 24/5 and responsive. Overall a great value choice for cost-conscious ECN traders.
Lowest ECN commission at $3/lot/side, $100 minimum deposit
Support is 24/5 not 24/7 like IC Markets
Best broker for share CFDs via Iress
FP Markets is the only broker I found that offers direct market access to 10,000+ shares via the Iress platform. If you trade share CFDs alongside forex, this is the broker. The Raw account has the lowest commission I have seen at $3/lot/side. MT4 and MT5 also available for forex. ASIC and CySEC dual regulation. Highly recommend for multi-asset traders.
Direct market access to 10,000+ shares via Iress, lowest $3/lot/side commission
Iress platform has a steep learning curve
Reliable execution but support is only 24/5
FP Markets has been my broker for about a year. Execution is reliable and spreads are competitive. I appreciate the triple regulation (ASIC, CySEC, FSCA) which gives me confidence. However, support is only available 24/5 which is a problem when I trade during the Asian session on weekends. The lack of cTrader is also a downside.
Iress fees are expensive for casual share trading
I mainly use FP Markets for the Iress platform to trade US and ASX shares. While the platform is powerful, the subscription fees are quite high for someone who only trades shares occasionally. The forex side is excellent — Raw account is top-notch. But if you are primarily a share trader, consider whether the Iress fees are worth it.
Low deposit and low commission — great value
I chose FP Markets because of the $100 minimum deposit and $3/lot/side commission. After 8 months of trading, I am very satisfied. Spreads on the Raw account are consistently 0.0-0.3 pips on EUR/USD. I use MT5 and it works flawlessly. The only thing I miss is cTrader — I used it at my previous broker and preferred its interface.
Best broker for Australian share CFDs
FP Markets is the only broker I found that offers both ECN forex trading and 10,000+ share CFDs through Iress. As an Australian trader, having ASX shares alongside forex in one account is incredibly convenient. The Raw account at $3/lot/side is cheaper than IC Markets. The Iress platform has a learning curve but the Direct Market Access is fantastic.
Great for shares, decent for forex
I primarily use FP Markets for share CFD trading through the Iress platform. The range of 10000+ shares across global exchanges is impressive. Forex execution on MT5 is good but spreads can widen during Asian session. The Iress platform has additional subscription fees which is a downside. Customer support is responsive and helpful. Overall a strong choice if you want both forex and share trading in one place.
Best ECN broker in Australia
FP Markets has been excellent for my forex and share trading. The Raw account gives me true ECN pricing with spreads from 0.0 pips and the commission is lower than most competitors at $3 per side. The Iress platform is fantastic for Australian share CFDs — I can trade ASX stocks with real-time data. ASIC regulation and segregated funds at NAB give me confidence. Withdrawals are always fast.
Best ECN broker for serious traders
FP Markets Raw account delivers true ECN pricing with spreads from 0.0 pips and commission of just $3 per side. The Iress platform is excellent for share CFDs. ASIC regulated with segregated funds. Withdrawals are fast and support is top notch.