FP Markets Review (First Prudential Markets), Australia’s #1?

Advanced trading platforms & ECN technology

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All trading involves risk. Only risk capital you're prepared to lose.

Are you ready to elevate your trading with “tighter raw spreads”!? If yes, this FP Markets review might be just what you’re looking for. 

That quote is actually the opening statement on the www.fpmarkets.com website, so let’s unpack it and see what you’ll be getting.

FP Markets started out as a DMA broker in 2005, exclusively in Australia – providing access to gazillions of stocks, trading them on their IRESS platform. The founders wanted to provide a transparent, clean approach in an industry run by wolves and financial predators – the days before the regulators realised what was going on…

This honest approach has led FP Markets to be a true market leader and one of the best forex brokers in Australia. Yes, really.

That DMA heritage is like the broker’s DNA. When FP Markets started offering forex and CFDs on the MT4 and MT5 platforms, they maintained this model – basically the opposite of “churn and burn” which many others are guilty of – and positioned themselves as an ECN broker. In truth, and now with the likes of IC Markets having to tone-down their wording on “ECN”, FP Markets have followed suit and now explain they offer “ECN pricing” and “ECN technology”. As mentioned in other broker reviews, this is marketing fluff and should be read and noted with care.

This is not really a negative or slap on the wrist for FP Markets; but you should be aware that the broker is indeed a Market Maker. Strong/good traders or massive orders will go out to the market for execution (ECN / STP) whereas the smaller, novice traders will remain in house (MM / NDD). It’s a risk based approach for FP Markets, just as it is for the trader. If you’re not sure what this means, read our “Arrgh my broker profits from my losses” article.

So, talking of risk – why would you choose these guys? Well, aside from the 15 years’ history already mentioned, the record (regulatory fines etc) is exemplary. No funny business here. FP Markets can be trusted, and when combined with the history, you know they’re solid and not going to disappear overnight with your money. There’s also a ton of educational content clearly referenced from the website menu, videos and more.

FP Markets Regulation

As they’re Australian, FP Markets is regulated by ASIC. Solid and well thought-of. FP Markets can also be seen in the CySEC regulator’s list of brokers, however this does not appear to be focus at this time. For the time being, you can get the big leverage which the ESMA brokers cannot offer: 1:500. Please note that with great power, comes great responsibility. Use 500 to 1 with a risk strategy in place. Please.

FP Markets: Australian Financial Services License (AFSL) number 286354

Customer Support

A big reason to trade with FP Markets is the excellent customer service and support teams. With offices in Sydney and Cyprus (yes, Limassol again) there is round-the-clock coverage for all your needs. On the assumption TrustPilot ratings can be trusted, the feedback is actually ranking as “awesome” (5 stars) with some super reviews by apparently genuine clients.

FP Markets’ reviews on Trust Pilot

Products

Nothing very special to report here. It’s the usual selection of forex pairs, commodities, indices, some crypto CFDs. Everything you need basically. However, if its stocks you want, you can choose from approximately 10,000 bazillion. Good luck.

FP Markets Platforms.

Hinted at earlier, if you were paying attention? FP Markets platforms include the MetaTrader twins MT4 (forex) and MT5 (CFDs) plus IRESS for DMA stocks. Bog standard, reliable and trusted the world over. Nice.

FP Markets Accounts

Ok, so it gets a bit hazy here. They’ve done a great job so far in the FP Markets review, but with accounts a small slap is needed. There are five or six … although it’s not massively clear why. You’ve got a Standard account – pay a bit of spread, no commissions. An “ECN” account called Raw, which is spreads at close to nothing with commission paid instead and an Islamic account which is swap free. You’ll need to ask customer support for the Islamic account. These are for trading on MT4 and MT5, the CFDs basically. Then there are three different account types for the IRESS DMA stocks platform – tbh I got bored trying to figure out the differences. If you want IRESS, and have some cash to invest – get a sales guy/gal on the phone/live chat and negotiate what you want. That’s the best approach. Just do it.

Deposit Options

So, apart from a couple local bank options, FP Markets are not charging you to fund your account. Even better news, is that there are more funding options than some other brokers have clients. Lots of great options in there including wire transfers, credit cards, eWallets with Asian currencies like MYR, IDR, THB and VND, RMB.

You will most likely get a small charge for withdrawing your vast profits though.

All clearly explained here:
https://www.fpmarkets.com/funding/withdraw-funds.
Can’t have it all your own way now, can you?

No Minimum Deposit, however less than AUD $100 and you’re wasting your time really. 

FP Markets are well worth checking out. Let us know what you think too.