Quick Verdict
FP Markets is one of Australia's most respected ECN brokers, offering ASIC-backed security with raw spreads that match the industry's best. The addition of the IRESS platform for share trading and an instrument library of 10,000+ assets makes it a premium choice for serious multi-asset traders.
Best for:
- Australian and international ECN traders
- Traders wanting ASIC + CySEC dual regulation
- Multi-asset traders (forex + shares + commodities)
- cTrader and MT4/MT5 users
Not ideal for:
- Beginners (IRESS platform can be complex)
- Traders wanting deposit bonuses
Overview
FP Markets (First Prudential Markets) has operated since 2005 out of Sydney, Australia, making it one of the most established ECN brokers in the Asia-Pacific region. With over 20 years of operation, ASIC regulation (AFSL 286354), CySEC regulation (371/18), and a growing global presence, FP Markets has earned a reputation as a reliable, professional broker for forex and CFD trading.
The broker's core value proposition is simple: institutional-grade ECN execution with tight raw spreads and a multi-platform offering that extends beyond the standard MT4/MT5 pairing. FP Markets is one of the few retail brokers to offer the IRESS platform, a professional-grade trading solution used by institutional traders and stockbrokers for direct market access to equities.
Over two decades, the broker has expanded its instrument library to over 10,000 tradable products, making it one of the most comprehensive offerings for traders who want a single broker to access forex, commodities, indices, and direct stock trading without sacrificing execution quality on any of them.
Key Statistics
| Minimum Deposit | $100 AUD |
| Maximum Leverage | 1:500 (offshore), 1:30 (EU/AU retail) |
| Account Types | Standard, Raw (ECN), IRESS |
| Spreads from | 0.0 pips (Raw account) |
| Commission (Raw) | $3 per side per standard lot |
| Platforms | MT4, MT5, cTrader, WebTrader, IRESS |
| Instruments | Forex, Metals, Indices, Energies, Stocks (10,000+) |
| Deposit Methods | Bank transfer, Credit/Debit card, POLi, Skrill, Neteller, PayPal, crypto |
Regulation & Safety
FP Markets is dual-regulated, which is a significant trust factor. The primary entity, First Prudential Markets Pty Ltd, holds an Australian Financial Services Licence (AFSL 286354) from ASIC — one of the most respected tier-1 regulators globally. ASIC requires strict capital adequacy (minimum $1 million net tangible assets), segregated client funds, regular financial reporting, and participation in the Australian Financial Complaints Authority (AFCA) dispute resolution scheme.
The European entity, FP Markets (CY) Ltd, is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license 371/18. CySEC oversight triggers compliance with the EU's MiFID II framework, providing European clients with investor compensation via the Investor Compensation Fund (ICF) — covering up to €20,000 per client if the broker defaults.
Client funds are held in segregated trust accounts at tier-1 Australian and European banks. Negative balance protection is applied to all retail accounts, meaning clients cannot lose more than their deposited balance. These protections collectively make FP Markets one of the most robustly regulated independent brokers in the retail space.
Trading Platforms
FP Markets offers five distinct trading environments. MetaTrader 4 and MetaTrader 5 provide the familiar interface trusted by millions of retail and professional traders, with full EA and algorithmic trading support. cTrader delivers a cleaner interface with Level II pricing and cAlgo for algorithm development. All three platforms are available on desktop, web browser, and mobile (iOS and Android).
The standout platform for advanced traders is IRESS, a professional trading platform originally designed for institutional stockbrokers. Available on FP Markets, IRESS gives retail traders access to direct market access (DMA) on Australian, UK, US, and Hong Kong stock exchanges. This is not CFD trading — it is actual share ownership with real exchange execution. For traders who want to combine forex ECN trading with genuine share investment under a single broker, FP Markets is one of the very few options globally.
Trading Conditions
Raw Account Spreads
FP Markets' Raw account delivers institutional-grade pricing with spreads from 0.0 pips on EUR/USD. The commission is $3 per side per standard lot (0.1 lot = $0.30), making the all-in cost approximately 0.6 pips equivalent — highly competitive with IC Markets and Pepperstone's ECN accounts. Average EUR/USD spread on the Raw account is typically 0.09–0.12 pips during peak liquidity hours.
The Standard account requires no commission but carries slightly wider spreads starting at approximately 1.0 pips on EUR/USD. This account is best suited for traders making fewer, larger trades where simplicity of cost calculation matters more than absolute tightness.
Execution Quality
FP Markets routes orders through a Straight-Through Processing (STP) / ECN hybrid model connecting to over 10 tier-1 liquidity providers including Barclays, Citi, Deutsche Bank, and Goldman Sachs. Average execution speed is under 40 milliseconds, and the broker claims a rejection rate below 0.1% under normal market conditions. Slippage data is published transparently, which is a mark of confidence rarely seen in retail brokers.
Deposits and Withdrawals
FP Markets' minimum deposit of $100 AUD is accessible without being trivially low. The broker accepts bank transfer (free, 1–3 business days), credit/debit cards (instant, no fee), PayPal, Skrill, Neteller, and POLi (instant for Australian bank accounts). Cryptocurrency deposits are accepted in Bitcoin and Tether.
Withdrawals are processed within 24 hours and carry no brokerage fee. The broker notes that card withdrawals are limited to the original deposit amount, with excess funds returned via bank transfer. Negative balance protection means withdrawal requests never result in a deficit balance.
Pros and Cons
Advantages
- ASIC + CySEC dual regulation: Among the strongest regulatory combinations in retail brokerage
- 20 years of operation: Established in 2005 — exceptional longevity for an independent broker
- IRESS platform: Direct market access to real share markets alongside ECN forex
- 10,000+ instruments: One of the broadest instrument libraries for a retail ECN broker
- Raw spreads from 0.0 pips: Institutional-quality pricing at retail account sizes
- Transparent execution data: Slippage statistics published publicly
Disadvantages
- IRESS adds complexity: The platform fee structure for IRESS access can be confusing for new traders
- $100 minimum deposit: Slightly higher than some competitors for the Raw account
- No welcome bonus: ASIC regulation prohibits deposit bonuses for Australian clients
Final Verdict
FP Markets is a genuinely excellent broker that earns its 4.7/5 rating. Twenty years of operation, dual ASIC/CySEC regulation, raw spreads from 0.0 pips, five trading platforms including the professional IRESS, and an instrument library of 10,000+ assets — this is a package that rivals far larger institutions. The only reason it doesn't score 5/5 is the slightly higher barrier to the tightest spreads and the complexity that comes with IRESS. For any serious forex or multi-asset CFD trader, FP Markets deserves serious consideration in 2026.