Overview
FP Markets was founded in 2005 in Sydney and is one of Australia's most established CFD and forex brokers, regulated by ASIC and CySEC. With access to over 10,000 instruments (predominantly via the Iress platform), FP Markets offers one of the broadest product ranges available, combining ECN forex pricing on MT4/MT5/cTrader with full direct market access to Australian and international equities via Iress.
Pros
- Competitive ECN pricing: Raw ECN accounts offer EUR/USD from 0.0 pips with low $3.00/side commission on cTrader
- Massive instrument range: 10,000+ instruments including forex, stocks, indices, commodities, and crypto
- Multiple platforms: MT4, MT5, cTrader, TradingView, and Iress (DMA equities) all supported
- ASIC + CySEC regulated: Strong regulatory standing with tier-1 dual regulation
- Dedicated account managers: Available for active traders
Cons
- MT4/MT5 symbol limitations: Only 130–764 instruments on MT; full range requires Iress
- Iress is expensive: DMA equity trading via Iress has higher fees and a monthly platform charge
- Weaker mobile app: The main mobile trading app lacks the polish of competitors like IG or Pepperstone
- Limited education: Education section is smaller and less structured than XM or eToro
- Iress complexity: The Iress platform has a steep learning curve for retail traders
Spreads & Fees
| Account Type | EUR/USD Spread | Commission | All-In Cost |
|---|---|---|---|
| Standard | Avg 1.30 pips | None | ~1.30 pips |
| Raw ECN (MT) | Avg 0.30 pips | $3.50/side | ~0.93 pips |
| Raw ECN (cTrader) | Avg 0.30 pips | $3.00/side | ~0.87 pips |
| Iress Trader | DMA market spreads | $8–$10/trade | Varies |
Overnight (Swap) Fees: Standard market rates; Islamic accounts available on request. Withdrawal Fees: Free for most methods. Inactivity Fee: $10/month after 12 months with no activity.