FP Markets Review (2026)

FP Markets — Two Decades of Australian ECN Trading

First Prudential Markets — FP Markets — was founded in Sydney in 2005. While it lacks the global marketing scale of XM or AvaTrade, it has built a strong reputation among experienced traders who prioritize pricing efficiency and execution quality over brand recognition.

The broker’s core strength is its Raw account. With 0.0 pip spreads and a $3 commission per side per standard lot (equivalent to roughly 0.6 pips total cost on EUR/USD), it competes directly with IC Markets and Pepperstone Razor for the most cost-efficient retail forex pricing available globally.

Account Structure

Standard Account: Minimum $50. Spreads from 1.0 pip on EUR/USD, no commission. Spread-only pricing for traders who prefer simplicity. Not competitive for active or high-frequency trading.

Raw Account: Minimum $50. Spreads from 0.0 pips on major pairs, $3 commission per side per standard lot. Round-turn cost typically totals 0.6-0.8 pips equivalent on EUR/USD — matching Pepperstone Razor for the most competitive retail ECN pricing in the market.

Both accounts run on MT4, MT5, and cTrader.

The Iress Platform

FP Markets offers the Iress platform for traders wanting access to shares, ETFs, and multi-asset portfolios alongside forex. Iress is a professional-grade terminal widely used by Australian financial advisors and fund managers. It has a steeper learning curve than MT4 but offers significantly greater depth for equity-focused traders.

Most forex traders on FP Markets use MT4, MT5, or cTrader and ignore Iress entirely. It’s an option that broadens the platform’s appeal for multi-asset strategies without cluttering the core forex experience.

Regulation and Fund Safety

Regulator	Entity	License
ASIC	First Prudential Markets Pty Ltd	286354
CySEC	FP Markets LLC	371/18

Client funds are held at National Australia Bank (NAB), one of Australia’s “Big Four” banks — a stronger custodian than the smaller tier-2 banks used by some offshore brokers.

Australian retail clients benefit from ASIC’s 2021 product intervention rules: leverage caps, mandatory margin close-out, and negative balance protection. CySEC entity clients have access to the ICF up to €20,000.

Execution Quality

FP Markets uses Equinix NY4 and LD4 co-location. Average execution speeds run in the 40-60ms range. Broker-published spread data shows average EUR/USD spreads of 0.09 pips on the Raw account — competitive with Pepperstone and IC Markets in independent third-party comparisons.

Who Should Choose FP Markets

FP Markets appeals primarily to traders who have moved past the beginner stage and want ECN-grade pricing without the Pepperstone or IC Markets brand premium. The $50 minimum keeps entry accessible. The Raw account pricing is among the best available to retail traders globally. The cTrader platform adds flexibility for traders who prefer its depth of market interface.

For traders in Nigeria or Pakistan who need local payment method support, Exness or HFM are more practical. For South African, Australian, and UK traders comfortable with international bank transfers or PayPal, FP Markets is one of the strongest value propositions in the market.