FP Markets Review Australia 2026

Verdict

FP Markets is the strongest all-rounder in our 30-broker AU shortlist, and it’s the only broker on that list that ships with a genuine direct market access route into ASX equities. Three reasons drive the ranking. First, the Raw account spreads sit alongside Pepperstone and IC Markets at the tightest end of the AU market, with EUR/USD typically pricing 0.10 to 0.15 pips plus an AUD 6 round-turn commission per standard lot. Second, the platform stack covers everything an Australian trader is likely to want, including MT4, MT5, cTrader, TradingView and the IRESS Trader for share trading. Third, FP Markets has been operating from Sydney under ASIC since 2005, which makes it one of the longer-tenured Australian-founded brokers we cover.

The IRESS account is the differentiator. If you want to run forex CFDs on the Raw account and hold real ASX shares (not CFDs) inside the same broker relationship, FP Markets is the obvious pick. Pepperstone and IC Markets don’t offer DMA share access at all. The trade-offs are familiar for a multi-platform broker: the proprietary research stack is lighter than CMC or IG, and the Standard account is competitive but not category-leading. Neither dent the core argument.

Quick facts

Trading costs and fees

Raw account for active traders

The Raw account is where FP Markets lines up against the lowest-cost ASIC brokers. EUR/USD typical spreads sit between 0.10 and 0.15 pips, with AUD 6 round-turn commission per standard lot when your account is denominated in AUD (AUD 3 per side). Calculated as a total cost equivalent in pips at AUD/USD 0.65, you’re paying roughly 0.10 plus 0.45 equals 0.55 pips on EUR/USD. That’s competitive with Pepperstone’s Razor (0.51 pips equivalent) and IC Markets Raw (0.6 pips equivalent), and meaningfully cheaper than CMC’s FX Active (1.0 pip equivalent).

Standard account for casual traders

The Standard account uses spread-only pricing with no commission. EUR/USD typically prices around 1.0 to 1.2 pips. This is the right account if you trade infrequently and don’t want a commission line on your statement. Anyone trading more than a handful of times per week will save money on the Raw.

IRESS account for share trading

The IRESS account is priced separately and isn’t directly comparable to the forex accounts. ASX share brokerage starts at AUD 10 per trade or 0.10% of trade value (whichever is greater) for retail clients on the standard tier. International share commissions vary by exchange. The IRESS Platform Fee is waived if you trade above a monthly minimum activity threshold, otherwise a small monthly fee applies. Worth checking the current PDS before opening this account.

Other fees AU traders should know about

• Overnight swap rates are applied on positions held past 5 PM New York. Direction-dependent and can be a credit on certain pairs.
• Currency conversion: 0.50% on positions or share trades denominated in a non-AUD currency. Hold an AUD account if your activity is mostly AUD-based.
• Withdrawal fees are $0 on most methods. International bank transfers may attract a correspondent bank fee.
• Inactivity fee: none. FP Markets is one of the few major AU brokers that doesn’t charge dormancy.

Trading platforms

FP Markets is one of a very small group of AU brokers that ships MT4, MT5, cTrader, TradingView and IRESS on a single broker relationship.

MetaTrader 4

The classic forex platform with full EA support and a deep third-party indicator ecosystem. FP Markets’ MT4 build runs through the same Raw pricing engine as MT5 and cTrader, so spreads and commission match.

MetaTrader 5

The right pick for traders running newer EAs or trading multi-asset strategies. MT5 supports indices, equities, futures and a richer programming environment (MQL5) compared with MT4’s forex/CFD focus.

cTrader

Our pick for active forex traders inside the FP Markets stack. cTrader gives you level 2 depth-of-book, advanced order types and a much cleaner execution model than MT4. cTrader Copy is built in for traders who want to share or follow strategies, and cTrader Automate (formerly cAlgo) handles algorithmic strategies in C#.

TradingView

FP Markets supports TradingView trading, meaning you can connect a TradingView Pro/Premium account and execute through FP Markets directly inside the TradingView interface. Useful if your charting and idea generation already live on TradingView. Not all account types are eligible, so verify before you commit.

IRESS Trader (the AU differentiator)

IRESS Trader is the institutional-grade share trading platform used by most Australian stockbrokers. FP Markets offers it for direct market access into ASX-listed equities and a long list of international exchanges. This is real share trading, not share CFDs, and it sets FP Markets apart from Pepperstone, IC Markets, Fusion Markets and Eightcap, none of which offer DMA share access. If you want one broker for forex CFDs and ASX shares, FP Markets is the obvious choice.

The IRESS account requires a separate application under the same AFSL conditions and carries a higher minimum balance than the Raw or Standard accounts. Worth requesting a demo before you decide whether the IRESS interface suits you; it’s powerful but not the most beginner-friendly thing in our coverage.

Mobile apps

MT4, MT5, cTrader and IRESS all have mobile apps. cTrader and MT5 mobile are the strongest for active forex trading. IRESS mobile is functional but the desktop platform is where the real product lives.

Trust and safety

Trust score: 8.7/10.

Regulation

First Prudential Markets Pty Ltd holds AFSL 286354 with the Australian Securities and Investments Commission. The AFSL has been continuously held since the broker was founded in Sydney in 2005, making FP Markets one of the longer-tenured Australian-founded CFD brokers. There have been no material ASIC enforcement actions or licence conditions imposed in the last 36 months.

Globally, FP Markets is also regulated by:

• CySEC (Cyprus, EU), Tier 1
• FSCA (South Africa), Tier 3
• FSA (Saint Vincent and the Grenadines), offshore, used for wholesale clients only

The FSA Saint Vincent entity is relevant only if you qualify as a wholesale client and choose to onboard offshore for higher leverage. We don’t recommend that path for retail traders.

History and ownership

FP Markets was founded in Sydney in 2005 by Matthew Murphie. The broker has remained privately held and Australian-headquartered for two decades, which is unusual in an industry where most large brokers have been acquired or listed. FP Markets has won multiple Investment Trends awards over the past decade, including recognition for execution quality and overall client service in the Australian retail forex and CFD market.

Australian context that matters:

• Founded by an Australian, headquartered in Sydney, ASIC-regulated since launch
• Member of AFCA for retail dispute resolution
• Segregated client funds at an Approved Australian Bank
• One of the few RAW-style ASIC brokers offering DMA share access through IRESS

Public reviews

FP Markets carries a TrustPilot score of 4.6/5 from 8,000+ reviews globally, one of the higher scores in our coverage. AU-specific reviews skew slightly higher. Common positives: tight Raw spreads, IRESS share trading, helpful onboarding. Common negatives: occasional withdrawal verification delays (standard AML checks), some platform-choice confusion at signup.

Account types and minimum deposit

The wholesale account requires you to meet the Corporations Act wholesale client criteria. If you qualify (broadly: AUD 500k+ net financial assets, or AUD 250k+ income for two consecutive years, certified by an accountant), you can request higher leverage and tighter pricing. This is not a retail product.

Minimum deposit

FP Markets requires AUD 100 to open the Standard or Raw account. The IRESS account has a higher minimum (verify the current threshold in the PDS). Most active traders we surveyed start with AUD 500 to 2,000 to give themselves room for sensible position sizing on the Raw account.

Funding and withdrawals

Deposit methods (AU clients)

Withdrawals

$0 fee on most methods. Withdrawals must use the same source as deposits where possible (AML compliance). Card refunds typically 1 to 3 business days. Bank transfers 1 to 2 business days. PayPal usually same day.

Account opening

Fully online, AUSTRAC-compliant. One ID document (driver’s licence or passport) and one proof of address. Most AU applications are approved within 24 hours, often within an hour during business hours. Test onboarding score: 12/15. Not quite as quick as Pepperstone’s flow, but cleaner than the average broker in our 30-broker set.

Product range

FP Markets covers most of what an Australian trader is likely to want, and adds DMA shares through IRESS on top.

• Forex: 70+ pairs including the full set of AUD majors and minors (AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD, AUD/CHF, AUD/SGD)
• Indices: ASX 200, S&P/ASX SPI 200, S&P 500, NASDAQ, FTSE 100, DAX, Nikkei, Hang Seng and more
• Shares CFDs: 10,000+ across ASX, NYSE, NASDAQ, LSE and major EU exchanges
• DMA shares (IRESS): direct market access into ASX-listed equities plus international exchanges; this is the genuine differentiator
• Commodities: gold, silver, WTI and Brent crude, natural gas, agricultural softs
• Cryptocurrencies: crypto CFDs subject to ASIC’s 2:1 retail leverage cap
• ETFs: covered as CFDs and as direct holdings via IRESS
• Bonds: selected sovereign bond CFDs

The combination of 10,000+ share CFDs and DMA share access is the bit of the product range Australian traders won’t find at Pepperstone or IC Markets.

Customer service

Phone (24/5) and live chat (24/7), plus email. Average live chat response in our testing: under 90 seconds during AU business hours. Phone hours align with global trading sessions Monday through Friday Sydney time. Knowledge of platform features: strong, especially on cTrader and IRESS. Knowledge of tax treatment: agents correctly defer to “speak to your accountant” rather than guess.

Support languages: English, plus Mandarin, Spanish, Arabic, Vietnamese, Italian and a handful of others.

Research and education

FP Markets’ research and education stack covers the basics well, though it’s lighter than the proprietary stacks at CMC or IG.

• Daily and weekly market analysis from in-house analysts
• Trading Central research feed (free for active accounts)
• Autochartist pattern recognition (free to all clients)
• Webinar programme covering forex, CFDs and share trading
• Beginner course material on the website
• Economic calendar and earnings calendar built into the platforms

If education is your top priority, Plus500, eToro or CMC will give you a richer set of beginner content. If you’re past the beginner stage and want analyst commentary plus pattern-recognition tools, FP Markets covers the bases.

How FP Markets compares to alternatives

Bottom line

FP Markets is the most complete all-rounder on this site for Australian traders. The Sydney founding, ASIC supervision since 2005, the Raw account’s competitive pricing, the breadth of platforms and the IRESS DMA share account all point in the same direction. The IRESS option is the one that matters most for product fit; it makes FP Markets the obvious pick for traders who want forex CFDs and real ASX share trading inside one broker relationship.

Where to start: open a demo on cTrader or MT5 and trade the Raw pricing for a couple of weeks. If you want share trading too, request the IRESS demo separately and decide whether the institutional interface suits you. Run a side-by-side test against Pepperstone or IC Markets if forex is your only focus, and the platform breadth and IRESS option will tell you whether FP Markets is worth the move.

Open an FP Markets demo → (affiliate link, see our advertiser disclosure)