FP Markets review
FP Markets (First Prudential Markets) is a multi-asset CFD and forex broker founded in Sydney in 2005 by Matthew Murphie, now led by CEO Craig Allison. Its core regulated business runs through ASIC in Australia (AFS licence 286354) and CySEC in Cyprus (371/18), with secondary licences in South Africa (FSCA), Seychelles and Kenya, plus a St Vincent and the Grenadines entity used for clients outside those jurisdictions. FP Markets positions itself on execution and pricing: a Raw ECN account with sub-1-pip spreads and per-lot commission alongside MetaTrader 4/5 and cTrader, plus an Iress-powered platform giving direct access to thousands of shares, mainly for Australian clients. It is a privately held company, not benchmarked against exchange-listed peers.
FP Markets key facts
- Website: www.fpmarkets.com
- Category: CFD & forex broker
- Founded: 2005
- Headquarters: Sydney, Australia
- CEO: Craig Allison
- Regulation: ASIC, CySEC, FSCA, plus Seychelles, Kenya and SVG entities
- Platforms: MetaTrader 4/5, cTrader, TradingView, Iress
- Account model: Standard, Raw ECN, Iress share tiers
- Ownership: Privately held
- CEO: Matthew Murphie
- FYI Score: 92.9/100 (ranked #14 of the 136 CFD brokers we track)
Regulation & licences
- Core regulation from ASIC in Australia (Australian Financial Services Licence 286354) and CySEC in Cyprus (licence 371/18), the two entities used to onboard Australian and EU/UK retail clients under standard leverage caps.
- Secondary licences in South Africa (FSCA, FSP 50926), Seychelles (FSA, SD130) and a non-dealing forex broker licence in Kenya (Capital Markets Authority).
- A St Vincent and the Grenadines entity is registered as an LLC rather than licensed by a financial regulator there; SVG has no dedicated forex regulatory regime, so this entity effectively operates offshore and is typically used for clients outside FP Markets' regulated markets.
- Leverage and protections vary materially by entity: ASIC/CySEC clients get standard retail caps (1:30-style limits), while clients onboarded offshore can access leverage as high as 500:1 with far fewer safeguards.
Spreads & fees
- Standard account: no commission, EUR/USD spreads averaging around 1.3 pips.
- Raw ECN account: EUR/USD spreads around 0.3 pips plus $6 round-turn commission per standard lot ($3 per side), for an all-in cost near 0.9 pips.
- $100 minimum deposit for the core Standard and Raw ECN accounts.
- Iress share trading carries its own fee schedule, with minimum deposits from AUD 1,000 (Standard) up to AUD 50,000 (Premier), and platform fees waived at higher tiers or trading volume.
Platforms & tools
- MetaTrader 4 and 5 for the core CFD/forex business, with roughly 130 tradable symbols.
- cTrader as an alternative ECN-style platform with algorithmic (cBot) support.
- TradingView charting integration across platforms.
- Iress ViewPoint/Investor/Trader suite for direct share-market access, aimed mainly at Australian clients wanting equities alongside CFDs.
Markets & instruments
- 70+ forex pairs, plus CFDs on indices (12), metals (4) and commodities (3) via MT4/MT5/cTrader.
- 10,000+ shares tradable through the Iress platform, far broader than the CFD-only instrument set.
- A comparatively narrow cryptocurrency CFD offering (5 coins) versus brokers built around crypto.
- Islamic (swap-free) accounts available across the CFD product range.
Account types
- Standard account: zero commission, wider spreads, $100 minimum deposit.
- Raw ECN account: tighter spreads plus commission, aimed at active and algorithmic traders.
- Iress tiers (Standard, Platinum, Premier): deposit-gated access to direct share trading, from AUD 1,000 to AUD 50,000, with fee breaks at higher tiers.
- Demo accounts available across all platforms.
Markets
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Platforms
MetaTrader 4, MetaTrader 5, cTrader, TradingView, Iress
Who FP Markets is for
Better suited to cost-sensitive or algorithmic traders who want raw ECN pricing on MT4/MT5/cTrader, or Australian investors who want share trading and CFDs under one broker, than to beginners wanting an all-in-one guided experience.
Pros
- Genuinely tight raw spreads (around 0.3 pips EUR/USD) on the Raw ECN account, competitive with ECN-focused brokers.
- Rare combination of CFD trading and direct Iress share access within one broker group.
- Platform choice across MT4, MT5, cTrader and TradingView covers most trader preferences.
- Dual credible regulation (ASIC + CySEC) covers two major client bases with standard retail leverage caps.
Cons
- Its offshore SVG entity is a company registration, not a financial regulator's licence — a material distinction for anyone assessing counterparty risk for clients onboarded there, with leverage up to 500:1.
- Iress platform fees and higher minimum deposits (up to AUD 50,000) create a real cost barrier for smaller share-trading accounts.
- Research and education are reported as thinner than category leaders.
- Mobile app charting and tools lag the desktop MetaTrader/cTrader experience, per third-party reviews.
FP Markets FAQ
Is FP Markets regulated?
Yes, but not uniformly. Its main licences are ASIC in Australia (AFSL 286354) and CySEC in Cyprus (371/18). It also holds secondary licences in South Africa and Seychelles and a non-dealing licence in Kenya. A separate St Vincent and the Grenadines entity is only company-registered, not held to a financial regulator's standards, and is generally used for clients outside FP Markets' licensed markets, with leverage up to 500:1.
What is FP Markets' cheapest account?
The Raw ECN account, with spreads around 0.3 pips on EUR/USD plus a $6 round-turn commission per standard lot, undercuts the commission-free Standard account (around 1.3 pips) for active traders once volume is factored in.
Can I trade real shares on FP Markets?
Yes, through its Iress-powered platform, which gives access to 10,000+ shares, separate from its CFD offering on MT4/MT5/cTrader. It requires a higher minimum deposit than the standard CFD account.
Who founded FP Markets?
Matthew Murphie founded the company, then First Prudential Markets, in Sydney in 2005. It's now led by CEO Craig Allison.
Compare FP Markets with other CFD brokers
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