FP Markets Review (2026)
*Contracts for Difference (CFDs) and margin foreign exchange are complex leveraged instruments carrying a high risk of rapid capital loss. Over 70% of retail investor accounts lose money when trading CFDs with this provider. Ensure you fully understand the mechanics of leverage and market risk before committing capital.
The Vibe Check
"FP Markets is one of Australia's premier trading desks, operating continuously out of Sydney since 2005 under strict **ASIC and CySEC oversight**. While retail marketing often fixates on IC Markets or Pepperstone, FP Markets quietly delivers one of the leanest execution environments in global finance. Their **Raw Account** combines true 0.0-pip interbank spreads with a rock-bottom **$3.00 USD per side commission ($6.00 round turn)**, routed straight through fiber cross-connects in **Equinix NY4**. What truly elevates them above the standard retail pack is their **IRESS platform integration**: instead of forcing you into synthetic B-book equity buckets, IRESS provides genuine **Direct Market Access (DMA)**, placing your share CFD orders directly onto the public exchange order book (ASX, NYSE, LSE). Just be conscious of IRESS platform costs: unless you generate **$150/month in commissions**, the terminal carries an **$85 monthly software toll**, and live ASX market data requires an additional fee."
The Fine Print: Valerie's FP Markets Fee Audit
FP Markets separates its cost architecture into two distinct channels: ultra-low-cost Raw ECN accounts for currencies and commodities, and DMA commission tiers on IRESS for equities:
| Fee Type | FP Markets Pricing Schedule | Valerie's Audit Notes |
|---|---|---|
| Raw ECN FX Spreads | From 0.0 Pips + $3.00 / Lot | Raw interbank liquidity pricing. $3.00 USD per side ($6.00 round-turn per standard 100k lot). One of the lowest commission tolls in the retail industry. |
| Standard Account FX | From 1.0 Pip Floating | ⚠️ Spread markup model with $0 commission. Built-in spread is significantly wider than Raw; only recommended for zero-volume or micro accounts. |
| IRESS DMA Equities (ASX) | 0.06% (Min. $6.00 AUD) | True Direct Market Access. Retail accounts pay 0.06% per trade ($6 AUD minimum). Wholesale accounts negotiate down to 0.05% with zero minimum ticket. |
| IRESS Platform Software Fee | $85.00 AUD / Month (Waived) | ⚠️ Charged monthly for IRESS Trader / ViewPoint. Fee is waived completely if you generate $150 in monthly commissions or execute 15+ trades. |
| ASX Live Market Data | $25.00 AUD / Month (Rebated) | Pass-through exchange fee for live streaming Level 2 ASX data. Fee is refunded in full if you generate $50 in monthly CFD commissions. |
| cTrader & MT4/MT5 Software | $0.00 (100% Free) | Zero platform or data surcharges on desktop, web, or mobile MetaTrader 4/5 and cTrader setups. Complete access to automated trading bots. |
| Account Inactivity Fee | $0.00 (No Inactivity Fee) | FP Markets does not charge dormant account maintenance fees on MT4, MT5, or cTrader ledgers, avoiding the cash drains common at competitors. |
| Deposit & Withdrawal Charges | $0.00 (Zero Broker Fees) | Free deposits and withdrawals across major domestic bank transfers, credit/debit cards, and digital wallets. Standard bank wire intermediary fees may apply. |
*IRESS accounts require a minimum opening balance of $1,000 AUD, whereas standard MT4/MT5/cTrader accounts require only $100 AUD or equivalent.
The Core Edge: 0.0-Pip Raw Spreads, Equinix NY4 Co-Location & IRESS DMA Execution
In a crowded CFD brokerage market dominated by dealing-desk markups and virtual dealer plugins, FP Markets stands apart on technical execution rigor:
For currency and index scalpers, the **Raw Account on cTrader or MetaTrader 5** is an institutional-grade pipeline. By partnering with top-tier global banks and non-bank market makers, liquidity streams into custom aggregation engines co-located directly inside the **Equinix NY4 data center** in Secaucus, New Jersey. This provides sub-millisecond optical cross-connects, ensuring that fast-moving momentum orders and automated Expert Advisors (EAs) fill with minimal execution slippage.
For equity CFD traders, their integration with **IRESS ViewPoint** is a game-changer. Most retail brokers act as market makers on individual shares, quoting synthetic spreads and hedging inventory internally. Through IRESS DMA, your order is routed directly into the public exchange order book (such as the Australian Securities Exchange or London Stock Exchange). You participate in true pre-market and post-market auction crosses, view the full depth of market, and trade inside the lit spread.
Furthermore, FP Markets enforces a **transparent non-dealing desk (NDD) agency model** with zero requotes, positive slippage pass-through, and complete regulatory isolation of client funds in segregated Tier-1 Australian banks (such as National Australia Bank).
Pros and Cons Breakdown
What We Love
- Exceptional Raw ECN pricing: EUR/USD spreads at 0.0 pips with low $3.00/side commission
- True Direct Market Access (DMA) on equity share CFDs via the professional IRESS platform
- Fiber cross-connected servers in Equinix NY4 delivering sub-millisecond algorithmic execution
- Broad platform flexibility: choose between cTrader, MetaTrader 4, MetaTrader 5, and IRESS
- Regulated by Tier-1 authorities: Australian Securities and Investments Commission (ASIC) and CySEC
- Zero account inactivity fees and zero withdrawal fees on cards and domestic bank wires
- Full support for high-frequency trading, automated Expert Advisors (EAs), scalping, and hedging
Where It Falls Short
- IRESS platform carries an $85/month software fee unless you generate $150 in monthly commissions
- $1,000 minimum deposit threshold required to access the professional IRESS DMA equity account
- Standard Account floating spreads (from 1.0 pip) carry significant unnecessary spread drag
- No direct physical share ownership on MT4/MT5 (focused exclusively on leveraged derivatives)
- Strict ASIC and CySEC leverage caps (1:30 on major FX) apply to domestic regulated accounts
Valerie's Final Verdict
"FP Markets is a masterclass in clean, low-friction derivative execution. If you run automated trading models on cTrader or MetaTrader, their Raw ECN tier ($6.00/lot round turn and 0.0-pip base spreads) matches or beats anything offered by IC Markets or Pepperstone. If you trade Australian or international equities and demand real order-book transparency, their IRESS DMA platform provides an institutional bridge you won't find at standard neobrokers. Just make sure to pick the Raw Account over the Standard plan, and ensure your trading volume is high enough to offset the monthly IRESS software fee if you trade shares."
Open An Account If:
You run automated FX algos on MT5/cTrader, scalp raw 0.0-pip spreads, or demand true Direct Market Access (DMA) on Australian and global share CFDs.
Skip It If:
You are a passive index investor seeking commission-free physical ETF custody, or trade small equity share CFDs that cannot offset the monthly $85 IRESS fee.
First Prudential Markets Pty Ltd is regulated by ASIC (AFSL 286354) and CySEC (License 371/18). Trading derivatives carries significant capital risk.