FPMarkets Review

While FPMarkets trails industry leaders in research and education, spreads on MetaTrader are highly competitive, helping FP Market’s shine as a low-cost broker for forex and CFDs trading.

Top Takeaways for 2021

  • Founded in 2005, FPMarkets is regulated in one tier-1 jurisdiction and one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading. 
  • Broker offers the MetaTrader suite with ultra-competitive spreads through its Raw ECN account. Thanks to low costs, FP Market’s finished Best in Class 2021 for both MetaTrader alongside Commissions and Fees.
  • MetaTrader aside, Broker offers its Iress platform suite with over 8,000 tradeable symbols. Focused more on shares trading than forex, Iress platform and data fees can add up quickly. As a result, it most suitable for high balance accounts and active traders. 

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Overall Summary

Rank: 14th

FeatureFP Markets
Overall4 Stars
Trust Score81
Offering of Investments4.5 Stars
Commissions & Fees5 Stars
Platforms & Tools4 Stars
Research3.5 Stars
Mobile Trading4 Stars
Education3 Stars

Is FP Market’s Safe?

81Trust Score

FP Markets is considered average-risk, with an overall Trust Score of 81 out of 99. Broker is not publicly traded and does not operate a bank. Broker authorised by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). FP Market’s is authorised by the following tier-1 regulator: Australian Securities & Exchange Commission (ASIC). Learn more about Trust Score. 

Regulations Comparison

FeatureFP Markets
Year Founded2005
Publicly Traded (Listed)No
BankNo
Tier-1 Licenses1
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score81

Offering of Investments

Rank: 9th

The FP ‘ MetaTrader offering is limited to just over 130 tradeable symbols. Meanwhile, with the Iress platform suite, FP Market’s offers an extensive range of CFDs to global clients, consisting of 8884 shares, 61 forex pairs, four metals, 12 indices, five cryptocurrencies, and three commodities.

Cryptocurrency: Cryptocurrency trading is available through CFDs, but not available through trading the underlying asset (e.g. buying bitcoin). Note: Crypto CFDs are not available from any broker’s UK entity, nor to UK residents.

FeatureFP Markets
Forex TradingYes
CFDs (Total) 8908
Forex Pairs (Total)61
Cryptocurrency (Physical)No
Cryptocurrency (CFD)Yes
Social Trading / Copy-TradingYes

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Commissions and Fees

Rank: 2nd

FP Market’s offers highly competitive pricing through its MetaTrader offering, making it one of the most cost competitive brokers available to traders globally. 

MetaTrader Standard versus Raw ECN account: FP Market’s Raw ECN account has competitive spreads averaging 0.64 pips in June 2020. Conversely, the Standard account is a less ideal option, as spreads are significantly higher (averaging 1.15 pips in June 2020 for the EUR/USD).

Iress ViewPoint Accounts (Australia): Iress ViewPoint accounts: The FP Market’s Iress platform suite offers three account options: Standard (AUD 1k minimum), Platinum (AUD 25k minimum), and Premier (AUD 50k minimum). To avoid platform and data fees, you must either qualify for Premier or spend at least $150 in commissions each month. For active trader and high balance accounts, Saxo Bank and CMC Markets offer a better deal.

Iress Investor Account (Australia): For traders seeking a bare-bones, low-cost experience, FP Markets also offers its Iress Investor trading platform. Monthly fees are waived; however, there is no streaming data by default (click to refresh quotes), and the charting package is severely limited compared to the Iress ViewPoint platform. Needless to say, if you can’t afford ViewPoint access, then pass on Iress Investor.

FP Markets spreads July 2020
FP Markets
FP markets rebates
FP Markets
FeatureFP Markets
Minimum Initial Deposit$100 AUD
Average Spread EUR/USD – Standard1.14 (June 2020)
All-in Cost EUR/USD – Active0.61 (August 2020)
Active Trader or VIP DiscountsYes

Platforms and Tools

Rank: 19th

Broker offers the entire MetaTrader suite alongside its Iress platform suite. For forex, MetaTrader is the better choice, while for shares trading, Iress ViewPoint is more ideal. 

MetaTrader: For traders seeking a MetaTrader broker, FP Market’s offers the entire platform suite, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5), along with the web-based versions of each. 

Although FP Market’s offers less tradeable symbols on its MetaTrader platform, the 12 add-ons under its Trader Toolbox offering, along with excellent pricing, helped it finished among the best MetaTrader brokers.

Iress suite: As part of the Iress offering at FP Market’s, there are three web-based platforms offered: Iress Trader, Iress Investor, and Iress ViewPoint, which is for active traders. 

My testing focused on the Iress ViewPoint platform, which features charting powered by TradingView (with 78 technical indicators) and a clean watch list tool. That said, I had a hard time pulling up forex quotes and did not find any forex news headlines. As a result, for forex trading, MetaTrader is the better choice.

FP
FP Markets
FeatureFP Markets
Virtual Trading (Demo)Yes
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
Social Trading / Copy-TradingYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
cTraderNo
DupliTradeNo
ZuluTradeNo
Charting – Indicators / Studies (Total)59
Charting – Drawing Tools (Total)Default (MT4/MT5)
Charting – Trade From ChartYes
Watchlists – Total FieldsDefault (MT4/MT5)
Order Type – Trailing StopNo

Research

FP
FP Markets

Rank: 19th

mostly found under the Traders Hub section on its website, separated into technical and fundamental analysis. Overall, when compared to the best brokers for research, including IG, TickMill, and IC Markets, FP Markets has room to enhance its research offering.

Content in the research section is partly educational, with over 50 articles under the Trading Knowledge section, and five ebooks, as well as a platform tutorial section. There are 12 MetaTrader add-ons from FX Blue (Trader Toolbox), pattern recognition indicators from AutoChartist, and access to MyFxbook. 

YouTube: It is worth noting that FP Market’s does provide daily updates from written articles and video content on its official YouTube channel. 

Forex news: Headlines stream within the FP Market’s MetaTrader platforms. Sources include Citibank, Rabobank, Commerzbank, Reuters, and other top-tier forex news providers.

FP Markets research
FP Markets
FeatureFP Markets
Daily Market CommentaryYes
Forex News (Top-Tier Sources)Yes
Weekly WebinarsNo
AutoChartistYes
Trading Central (Recognia)No
Delkos ResearchNo
Social Sentiment – Currency PairsYes
Economic CalendarYes
FP Markets

Education

Rank: 23rd

Beyond some platform tutorials, an investor glossary, and archived content on YouTube, there is little educational content available at FP Market’s. FP Market’s offers a handful of instructional videos on its YouTube channel, including nearly 60 archived webinars.

Offering education-related content by experience level, in addition to specific topics, or adding progress tracking, would be a boost and help FP Market’s compete with education leaders such as TickMill and IC Markets. Overall, the range of educational content is something FP Market’s can improve.

FeatureFP Markets
Has Education – ForexYes
Has Education – CFDs Yes
Client WebinarsNo
Client Webinars (Archived)Yes
Videos – Beginner Trading VideosYes
Videos – Advanced Trading VideosYes
Investor Dictionary (Glossary)Yes
Tutorials/Guide (PDF or Interactive)No

Mobile Trading

Rank: 19th

FP Market’s offers the standard MetaTrader mobile app alongside two Iress mobile apps. After testing, I found myself preferring MetaTrader.

Iress ViewPoint mobile app: I tested the ViewPoint version of the Iress mobile app as part of this review. On the plus side, the watchlist syncs with the web-version, a nice touch. On the cons side, charts were basic and lacked candlesticks. Also, the trade-ticket was not smooth for order entry like other apps I tested. Bottom line, I was left wanting more. 

FeatureFP Markets
Android AppYes
Apple iOS AppYes
Alerts – Basic FieldsYes
Watch ListYes
Watch List SyncingNo
Charting – Indicators / StudiesDefault (MT4/MT5)
Charting – Draw TrendlinesNo
Charting – Trendlines MoveableNo
Charting – Multiple Time FramesYes
Charting – Drawings AutosaveNo
Forex CalendarNo

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Final Thoughts

Overall, the FP Market’s offering is mixed. First, its Raw ECN accounts for MetaTrader platforms provide competitive pricing near industry leaders in the commissions and fees category. However, there are far fewer symbols available to trade on MetaTrader, with less than 150 instruments in total.

Meanwhile, its Iress platform suite offers a substantial range of markets but is optimized for share trading, not forex. Platform and data fees are also a hurdle unless you have a high balance account or are an active trader.

Overall, FP Market’s trails industry leaders in the research and education categories but stands out for its industry-leading pricing on MetaTrader.

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