Overview
First Prudential Markets, trading as FP Markets, has been operating since 2005 out of Sydney, Australia, a 20-year track record that puts it among the more established brokers we cover. Its core entities are regulated by ASIC (AFS licence 286354) and CySEC (with the Cyprus entity independently confirmed on CySEC’s own public register), alongside FSCA in South Africa and a Seychelles FSA entity.
Before signing up, read this part carefully: the compliance monitoring site Fintelegram placed FP Markets on its “Orange Compliance List,” alleging that EU clients were being systematically redirected to an unregulated offshore entity registered in St Vincent & the Grenadines (a jurisdiction that doesn’t license forex/CFD brokers at all), in a pattern that would circumvent ESMA’s leverage and protection rules. This doesn’t mean the regulated AU/EU entities aren’t legitimate, but it does mean you should confirm exactly which legal entity you’d be onboarded to before depositing.
Trading Costs
The Standard account carries a headline EUR/USD spread in the roughly 0.5-1.1 pip range depending on source, with no per-lot commission. The Raw account is considerably tighter: recent testing puts its EUR/USD average around 0.06 pips, plus a $3 per lot, per side commission, putting it among the most competitive raw-pricing options we cover.
FP Markets offers the broadest platform lineup on our list: MT4, MT5, cTrader, and Iress (for share trading), plus TradingView integration. This breadth pays off if you want to compare platforms rather than being locked into MetaTrader alone.
Our Verdict
FP Markets earns its ranking on genuine strengths (platform breadth, tight raw pricing, and a long track record), but the Fintelegram compliance flag is real and worth taking seriously. Before depositing, explicitly confirm you’re being onboarded to the ASIC or CySEC-regulated entity rather than the unregulated St Vincent one, and don’t assume the broader brand’s regulation automatically applies to your specific account.
Strengths
- 20-year operating history with ASIC and CySEC regulation (Cyprus entity register-confirmed)
- Very tight Raw account spreads
- Broadest platform choice we cover: MT4, MT5, cTrader, and Iress
- No inactivity fee, and a very large instrument catalogue (10,000+ CFDs cited)
Watch Out For
- Flagged by Fintelegram for alleged offshore client redirection circumventing ESMA rules, so confirm your onboarding entity directly
- Investor-protection terms vary significantly depending on which entity you're placed with
- Standard account spreads are wider than some competitors' raw-tier equivalents
Full specifications
Regulation and safety
| Regulated by | ASIC (AFSL 286354); CySEC (371/18); FSCA (FSP 50926); Seychelles FSA (SD130); Mauritius FSC (GB21026264); CMA Kenya |
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| Regulator tier | Tier 1 |
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| Register entry | ASIC Professional Registers, AFSL 286354 |
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| Client money segregated | Yes |
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| Held at | Major regulated banking institutions |
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| Negative balance protection | Yes, retail clients |
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| Compensation scheme | ICF up to €20,000 for eligible CySEC clients; no statutory investor compensation scheme under ASIC/Seychelles entities |
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| Audited by | Independent external auditors |
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| Not available to | Afghanistan, Cuba, Iraq, Iran, Liberia, Libya, Myanmar, Palestine, Russia, Somalia, Syria, Sudan, Yemen, United States, and FATF/EU/UN-sanctioned jurisdictions |
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What it costs to trade
| Spread from | 0.0 pips |
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| EUR/USD spread | Approx. 0.1 pips, Raw |
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| GBP/USD spread | Approx. 0.3 pips, Raw |
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| Commission | US$3 per side / US$6 round turn, Raw |
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| All-in cost, EUR/USD | Approx. 0.7 pips |
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| Spread type | Variable |
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| Overnight swap | Both: overnight swaps apply; Islamic accounts available |
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| Currency conversion | Conversion at FP Markets' prevailing exchange rate |
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Accounts
| Minimum deposit | $100 |
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| Account types | Standard, Raw, IRESS, Islamic, Professional/Wholesale, Demo |
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| Account currencies | AUD, USD, EUR, GBP, SGD, CAD, CHF, JPY, NZD, HKD |
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| Islamic account | Yes |
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| Demo account | Yes |
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| Professional account | Yes |
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| Minimum trade size | 0.01 lots |
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| Time to open | Typically a few minutes |
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Platforms and tools
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView, IRESS |
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| Own platform | No |
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| Mobile app | Third-party |
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| Browser trading | Yes |
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| Automated trading | Yes; EAs, automated trading and VPS supported |
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| Copy trading | Yes, FP Markets Copy Trading |
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| Indicators | 100+ via TradingView; 30+ MT4; 38+ MT5 |
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| Third-party tools | TradingView, Autochartist, Trading Central, VPS, IRESS |
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| API access | Yes, FIX API/institutional connectivity |
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Markets and execution
| Markets | Forex, Shares, Indices, Commodities, Metals, ETFs, Bonds, Cryptocurrencies |
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| Currency pairs | 70+ |
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| Total instruments | 10,000+ |
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| Crypto CFDs | Yes |
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| Maximum leverage | 1:30 |
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| Execution model | ECN pricing / no dealing desk |
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| Execution speed | Under 8ms |
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| Order types | Market, limit, stop, stop-limit, stop-loss, take-profit, trailing stop |
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| Servers | Equinix NY4, New York |
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Deposits and withdrawals
| Deposit methods | Visa, Mastercard, bank transfer, Skrill, Neteller, PayPal, cryptocurrency, broker-to-broker transfer and regional methods |
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| Withdrawal methods | Visa/Mastercard, bank transfer, Skrill, Neteller, PayPal, crypto and applicable original funding methods |
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| Deposit time | Instant for cards and most e-wallets; crypto up to 1 hour; bank transfers typically 1-3 business days |
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| Withdrawal time | Typically processed within 1 business day; bank transfers may require an additional 1-3 business days |
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| Minimum withdrawal | No general minimum |
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| Local payment methods | BPAY; PayID; POLi and various region-specific local banking/payment methods |
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Support and education
| Support hours | 24/7 |
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| Contact channels | Live chat, email, phone |
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| Languages | Multilingual |
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| Telephone | +61 2 8252 6800 |
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| Email | support@fpmarkets.com.au |
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| Live chat response | Average 21 seconds |
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| Education | Extensive: FP Markets Academy, courses, ebooks, webinars, videos, tutorials and trading guides |
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| Research | Extensive: market analysis, Trading Central, Autochartist, technical/fundamental analysis and trading tools |
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