FP Markets Review 2026

FP Markets is an Australian forex and CFD broker that has been operating since 2005, offering traders access to over 10,000 financial instruments across forex, shares, indices, commodities, and cryptocurrencies. With multiple Tier-1 regulatory licenses and award-winning ECN trading conditions, FP Markets has built a reputation for ultra-low spreads starting from 0.0 pips and institutional-grade execution.

Who It’s Best For: FP Markets is ideally suited for intermediate to advanced traders who prioritize tight spreads, fast execution, and ECN pricing. It’s also excellent for scalpers, algorithmic traders, and those who need access to extensive global markets through platforms like MT4, MT5, and cTrader.

Quick Verdict: FP Markets is a legitimate, well-regulated broker with excellent trading conditions including raw spreads from 0.0 pips and competitive $3 per side commissions. However, traders should be aware of occasional complaints about account terminations for “abusive trading” and some withdrawal processing delays, particularly for highly profitable accounts.

---

What Is FP Markets?

Company Background

FP Markets, officially known as First Prudential Markets, was established in 2005 in Sydney, Australia. The company pioneered the Direct Market Access (DMA) Contracts for Difference (CFD) model in Australia, focusing on transparent pricing and optimal order execution. Over nearly 20 years, FP Markets has expanded its global reach while maintaining a commitment to institutional-grade trading conditions for retail traders.

Year Founded: 2005 (20 years of operation)

Countries Served: Over 190 countries worldwide, including Kenya, though services are restricted in the United States, Japan, New Zealand, Belgium, and several other jurisdictions

Reputation Overview

FP Markets has earned over 40 industry awards, including “Best Value Broker – Global” for six consecutive years (2019-2024), “Best Trading Experience – Africa” in 2024, and “Best Trade Execution” in 2022 and 2023. The broker serves a global clientele and maintains a Trust Score of 89 out of 99 according to ForexBrokers.com. User reviews are generally positive, with Trustpilot showing 4.8/5 stars from thousands of reviews, though some serious complaints exist regarding account terminations and withdrawal issues for profitable traders.

---

Regulation & Safety

Licenses and Regulatory Status

FP Markets operates through multiple entities across different jurisdictions, offering varying levels of regulatory protection:

Tier-1 Regulation (Highest Protection):

• Australian Securities and Investments Commission (ASIC) – License AFSL 286354 (First Prudential Markets Pty Ltd)
• Cyprus Securities and Exchange Commission (CySEC) – License 371/18 (First Prudential Markets Ltd) – Covers European Union via MiFID passporting

Tier-2 Regulation (Strong Protection):

• Financial Sector Conduct Authority (FSCA), South Africa – License 50926
• Capital Markets Authority (CMA), Kenya – License 103 (FP Markets Limited)

Tier-3/Offshore Regulation:

• Financial Services Authority (FSA), Seychelles – License SD130
• Financial Services Commission (FSC), Mauritius
• Financial Services Authority (FSA), St. Vincent and the Grenadines – License SIBA/L/13/1114 (FP Markets LLC)
• Securities Commission of the Bahamas (SCB)

Is FP Markets Legal in Kenya?

Yes, FP Markets is regulated in Kenya by the Capital Markets Authority (CMA) under license number 103. This makes FP Markets one of the few international brokers with direct Kenyan regulation, providing local traders with regulatory oversight and potential recourse through the CMA if disputes arise. However, which entity you’re registered under depends on account opening procedures, so Kenyan traders should verify they’re under the CMA-regulated entity.

Fund Safety & Segregation

FP Markets maintains client funds in segregated accounts with AA-rated Australian banks, completely separate from company operational funds. Key safety features include:

• Segregated accounts: Client funds cannot be used for company expenses
• Negative Balance Protection: Available across all global entities (you cannot lose more than your account balance)
• Investor Compensation: CySEC-regulated entity provides up to €20,000 coverage through the Investor Compensation Fund (ICF)
• Financial Commission membership: The SVG entity is a member of The Financial Commission, offering up to €20,000 in dispute compensation

Risk Disclaimer

Trading forex and CFDs involves substantial risk of capital loss. Industry data shows that between 70-89% of retail traders lose money when trading leveraged products. The high leverage offered by FP Markets (up to 1:500 on certain accounts) can amplify both profits and losses dramatically. Traders should only invest capital they can afford to lose entirely.

---

Account Types

FP Markets offers several account types primarily through MetaTrader and cTrader platforms:

1. Standard Account

Best For: Beginner to intermediate traders wanting simple pricing without commissions

Key Features:

• Commission-free trading (costs built into spread)
• Spreads starting from 1.0 pips on major forex pairs
• Access to 60+ instruments including forex, metals, indices, commodities
• Available on MT4, MT5, and cTrader
• Minimum deposit: $50 (some sources indicate $100)
• Maximum leverage: Up to 1:500 (depending on jurisdiction and instrument)

2. Raw (ECN) Account

Best For: Active traders, scalpers, high-frequency traders, and EA (Expert Advisor) users

Key Features:

• Raw spreads from 0.0 pips on major currency pairs
• Fixed commission: $3 per side per standard lot ($6 round turn)
• True ECN pricing with direct market access (DMA)
• No dealing desk intervention
• Access to 70+ instruments
• Execution speed averaging 29-40 milliseconds
• Available on MT4, MT5, cTrader, and TradingView
• Minimum deposit: $50-$100
• Maximum leverage: Up to 1:500

This is FP Markets’ flagship offering for serious traders.

3. IRESS Account (Standard, Platinum, Premier)

Best For: Active stock and share CFD traders seeking Direct Market Access

Key Features:

• Access to 10,000+ global shares including Australian, US (NYSE/NASDAQ), UK, Hong Kong, European exchanges
• Direct Market Access (DMA) to equity markets
• Real-time Level 2 pricing
• Advanced charting by TradingView
• Multiple account tiers with varying commission structures
• Minimum deposit: AUD 1,000 (approximately $650-700 USD)
• Best suited for stock-focused traders with higher capital

4. Swap-Free (Islamic) Account

Best For: Muslim traders or those wishing to avoid overnight interest charges

Key Features:

• No swap fees on overnight positions (Shariah-compliant)
• Available on Standard and Raw accounts (MT4/MT5)
• Access to forex, metals, commodities, synthetic indices
• Small administrative fee charged instead of swap on first rollover
• 5-day grace period on major currency pairs before admin fees apply
• Admin fees range from $1-$10 for most products (some exotic pairs higher)
• Leverage: Up to 1:500

Note: Administrative fees can accumulate on long-term positions, so this isn’t entirely “free” – it’s a swap alternative.

---

Trading Platforms

MetaTrader 4 (MT4)

Availability: Desktop (Windows/Mac), WebTrader, Mobile (iOS/Android)

FP Markets’ MT4 is the workhorse platform, particularly popular with forex-focused traders:

Features:

• 9 timeframes for chart analysis
• 30 built-in technical indicators
• 23 graphical objects (drawing tools)
• Expert Advisor (EA) support for algorithmic trading
• One-click trading from charts
• 4 pending order types (buy/sell stop, buy/sell limit)
• 128-bit SSL encryption for security
• Real-time price streaming
• Hedging allowed on Standard accounts

Platform Reliability: Generally stable with fast execution. MT4 has been the industry standard since 2005 and handles high-volume trading well. Some users report occasional disconnections during extreme volatility or server maintenance, but this is common across brokers.

MetaTrader 5 (MT5)

Availability: Desktop, WebTrader, Mobile

MT5 offers enhanced features over MT4, making it ideal for multi-asset traders:

Features:

• 21 timeframes (vs. 9 on MT4) for more detailed analysis
• 38 built-in technical indicators
• 44 graphical objects
• 6 pending order types including buy/sell stop limit orders
• Advanced Depth of Market (DOM) view
• Multi-asset trading (forex, stocks, commodities, crypto)
• Economic calendar integrated
• More powerful backtesting and optimization
• MQL5 programming language (more efficient than MQL4)
• Copy trading through MQL5 signals

Better for: Traders needing advanced order types, multiple timeframes, or access to stock CFDs

cTrader

Availability: Desktop, WebTrader, Mobile

A modern alternative to MetaTrader with a cleaner interface:

Features:

• Level II pricing (market depth visualization)
• Advanced order types
• cBot support for algorithmic trading
• Built-in copy trading functionality
• Detachable charts
• Multiple chart layouts
• Clean, intuitive interface
• Fast execution speeds
• Available on Raw accounts

Ideal for: Traders who want a more modern interface and advanced copy trading features

TradingView

Availability: Web-based, available on Raw accounts

Integration with TradingView’s powerful charting:

Features:

• Industry-leading charting tools
• Extensive library of technical indicators
• Social trading community
• Pine Script for custom indicators
• Multiple chart layouts
• Direct execution from TradingView charts

Available only on Raw accounts

IRESS Platform

Availability: Desktop (ViewPoint), Web (IRESS Trader), Mobile

Professional-grade platform for stock and DMA trading:

Features:

• Access to 10,000+ global shares
• Direct Market Access to exchanges
• Real-time Level 2 data
• Advanced order types
• Integrated TradingView charting
• Market depth and order book visibility
• Professional-grade tools for active stock traders

Higher barrier to entry: AUD 1,000 minimum deposit, best for experienced stock traders

FP Markets Mobile Trading App

Availability: iOS and Android

Proprietary simplified mobile app:

Features:

• Connects to MT4/MT5 accounts
• Simplified interface for mobile trading
• Real-time price monitoring
• Quick trade execution
• Deposit and withdrawal functions
• Account management
• Favorites menu for streamlined trading

Good for: Traders wanting simpler mobile experience than full MT4/MT5 apps

---

Spreads, Fees & Commissions

FP Markets ECN Spreads (Raw Account)

FP Markets is renowned for some of the industry’s tightest spreads through its true ECN model:

Major Forex Pairs (Raw Account):

• EUR/USD: From 0.0 pips (average 0.1 pips)
• GBP/USD: From 0.0 pips (average 0.2-0.4 pips)
• USD/JPY: From 0.0 pips (average 0.1-0.2 pips)
• AUD/USD: From 0.0 pips (average 0.1-0.3 pips)
• EUR/GBP: From 0.0 pips (average 0.4-0.6 pips)

Minor and Exotic Pairs:

• EUR/AUD: From 0.2 pips
• GBP/JPY: From 0.3 pips
• USD/ZAR: Wider spreads (typical for exotics)

Commodities:

• Gold (XAU/USD): Average 0.8 pips on Raw account
• Silver (XAG/USD): Competitive pricing
• Oil (WTI): Typically 3-5 pips

Indices:

• DAX 40: Average 0.8 pips
• US 30 (Dow Jones): Competitive
• S&P 500: Low spreads

Cryptocurrencies:

• BTC/USD: Variable, typically 20-50 pips
• ETH/USD: Variable spreads

Standard Account Spreads

Major Pairs:

• EUR/USD: From 1.0 pip (average 1.1-1.2 pips)
• GBP/USD: From 1.0 pip (average 1.3-1.5 pips)
• USD/JPY: From 1.0 pip

These are commission-free, with costs included in the spread.

Commission Structure

• Standard Account: No commission (spread-only pricing)
• Raw Account: $3 per side per standard lot (100,000 units) = $6 round turn
• IRESS Account: Variable commissions based on account tier and exchange

Commission Comparison: FP Markets’ $6 round turn is competitive. Many ECN brokers charge $3.50-$7 per side, making FP Markets better than average.

Swap/Overnight Fees

Standard and Raw Accounts:

• Swap fees apply when holding positions overnight
• Rates vary by instrument and market conditions
• Visible in MT4/MT5 contract specifications
• Both positive and negative swaps possible depending on interest rate differentials

Islamic/Swap-Free Accounts:

• No swap charges
• Administrative fees apply after grace periods (5 days on major pairs, immediate on most other instruments)
• Fees range from $1-$10 for standard products
• Some exotic pairs charge significantly higher admin fees (e.g., GBP/TRY: $155)

Additional Costs

No fees charged by FP Markets for:

• Deposit processing
• Withdrawal processing (basic withdrawals)
• Account maintenance
• Platform usage
• VPS hosting (for accounts with $1,000+ deposit or 10+ lots/month on Standard, 20+ on Raw)

Potential third-party fees:

• Bank wire transfer fees (international intermediary banks)
• Currency conversion fees
• E-wallet provider fees (Skrill: 1% + country fees; Paysafe: 1% capped at $30)
• Credit card processing fees (typically 1.8-3.18%)

Inactivity Fee:

• After 12 months of no trading activity, dormant accounts may be subject to administrative fees (amount not clearly specified in available documentation)

Hidden Costs?

FP Markets is generally transparent about costs. The main “hidden” cost to watch:

• International bank wire fees: FP Markets covers internal fees and up to $50 in client bank fees for deposits over $10,000, but smaller deposits may incur bank charges
• Administrative fees on Islamic accounts: Not always prominently displayed

---

Deposits & Withdrawals

Available Methods for Kenyan Traders

Credit/Debit Cards:

• Visa, Mastercard accepted
• Processing time: Instant to 1 business day
• Minimum deposit: $10 USD
• No fees from FP Markets (card issuer may charge)

E-Wallets:

• Neteller, Skrill, Perfect Money, PayPal (in select regions)
• FasaPay, SticPay (Asian markets)
• Processing time: Instant to 30 minutes
• Minimum deposit: $5 USD for e-wallets
• Fees: Neteller/Skrill typically free for deposits, but may charge withdrawal fees (1%)

Bank Transfer:

• Local and international wire transfers
• Direct bank transfers through trusted Kenyan banks (for CMA-regulated entity)
• Processing time: 1-5 business days for deposits
• Minimum deposit: $100 for international wires
• FP Markets covers internal bank fees and up to $50 client bank fees for deposits over $10,000

Mobile Money:

• Specific arrangements available for Kenyan traders through local banking partners
• Processing depends on local bank integration
• Potentially available through e-wallet intermediaries

Cryptocurrencies:

• Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT – ERC20, TRC20, BEP20), USDC
• Bitcoin Cash (BCH), Ripple (XRP), Binance Pay, and others
• Processing time: Up to 1 hour
• No minimum deposit for crypto
• Network fees apply (paid by trader)

Apple Pay & Google Pay:

• Available in supported currencies
• Processing time: Instant to 30 minutes
• Convenient for mobile deposits

Broker-to-Broker Transfers:

• Transfer funds from another broker
• Available for larger deposits
• FP Markets may cover transfer fees over $10,000

Accepted Deposit Currencies

Available currencies: AUD, USD, EUR, GBP, SGD, CAD, CHF, JPY, HKD, PLN, MXN, BRL, ZAR (and others)

Important for Kenyan traders: KES (Kenyan Shilling) is NOT available as a base currency. Kenyan traders must deposit in USD, EUR, or other supported currencies, which will incur currency conversion fees from their banks. This can affect profitability, especially for frequent deposits/withdrawals.

Minimum Deposit

• MT4/MT5 Standard & Raw Accounts: $50-$100 (varies by region and funding method)
• cTrader Accounts: $50-$100
• IRESS Accounts: AUD 1,000 (approximately $650-700 USD)

This is competitive for the industry, especially given FP Markets’ institutional-grade trading conditions.

Withdrawal Speed and Process

Official Processing Time: Within 24 hours (business days) for most methods

Reality Check – User Experiences:

Positive experiences (majority):

• Many traders report withdrawals processed within 1-3 business days
• E-wallets typically fastest (same day to 24 hours)
• Cryptocurrency withdrawals usually within hours
• Card withdrawals 1-3 business days
• Bank wires 2-5 business days

Negative experiences (significant minority):

• Some highly profitable traders report account freezes and withdrawal delays
• Requests for excessive documentation during withdrawal processing
• “Risk team” investigations for “abusive trading” accusations
• Accounts terminated with profits confiscated (see Common Complaints section)
• Delays extending to weeks or months in disputed cases

Withdrawal Requirements:

• First withdrawal requires downloadable form with photographic ID
• Must withdraw original deposit amount via same method deposited
• Profits can be withdrawn via alternative methods after initial deposit refunded
• Multiple deposit methods require withdrawing proportionally to each

Withdrawal Fees

FP Markets does not charge withdrawal fees for most methods.

Potential third-party fees:

• International bank wire transfers: Intermediary banks may charge fees
• E-wallets: Skrill charges 1% + country-specific fees; Paysafe charges 1% (capped at $30)
• Cryptocurrency network fees: Paid by trader
• Local bank receiving fees: Varies by bank

Minimum withdrawal amounts: $5 for most methods, $100 for bank wires

Important Notes for Kenyan Traders

• Verify you’re under CMA-regulated entity for better local recourse
• Complete full account verification immediately to avoid withdrawal delays
• Test with small withdrawal before depositing large amounts
• Avoid currency conversion fees by trading in same currency as deposits (USD recommended)
• Keep detailed trading records in case of disputes
• Be aware of AML requirements: Third-party payments not accepted

---

Leverage

Maximum Leverage Available

Forex:

• Up to 1:500 for international clients (ASIC, SVG, offshore entities)
• Up to 1:30 for EU clients (CySEC entity) – regulatory restriction

Indices:

• Up to 1:200

Commodities:

• Gold/Silver: Up to 1:500
• Other commodities: Up to 1:100

Cryptocurrencies:

• Up to 1:10

Stock CFDs:

• Up to 1:20

Note: Leverage varies based on:

• Which regulatory entity holds your account
• Your client classification (retail vs. professional)
• The specific instrument being traded
• Account equity levels (some brokers reduce leverage as account size increases)

Leverage by Jurisdiction

• Kenya (CMA regulated): Up to 1:500 (confirm with broker as regulations may change)
• Australia (ASIC): Up to 1:30 for retail, higher for professionals
• Cyprus/EU (CySEC): Up to 1:30 for retail (ESMA regulations)
• SVG (offshore): Up to 1:500
• South Africa (FSCA): Varies by instrument

Risk Explanation for Beginners

Leverage is a double-edged sword that amplifies both gains and losses.

Example 1 – The Power of Leverage:

• Account balance: $1,000
• Leverage used: 1:100
• Position size: $100,000 (1 standard lot EUR/USD)
• Market moves 1% in your favor: Profit = $1,000 (100% return on capital)
• Market moves 1% against you: Loss = $1,000 (100% loss, account wiped out)

Example 2 – Lower Leverage:

• Account balance: $1,000
• Leverage used: 1:10
• Position size: $10,000 (0.1 standard lot)
• Market moves 1% in your favor: Profit = $100 (10% return)
• Market moves 1% against you: Loss = $100 (10% loss, 90% of capital remains)

Critical Points:

• Most Tier-1 regulators limit retail leverage to 1:30 because higher leverage leads to faster account blowouts
• FP Markets’ offshore entities offering 1:500 provide less regulatory protection
• Average forex daily volatility is 0.5-1%, but can spike to 2-3% during news events
• 70-89% of retail traders lose money – high leverage is a major contributing factor

Beginner Recommendations:

• Start with 1:10 or 1:20 maximum leverage regardless of what’s available
• Use proper position sizing: Risk only 1-2% of account per trade
• Always use stop-loss orders
• Understand that “more leverage = faster losses” for undisciplined traders
• Consider lower leverage a safety feature, not a limitation

Professional Trader Perspective:

• Experienced traders may use high leverage with strict risk management
• Position size matters more than leverage ratio
• High leverage useful for scalping with tight stops
• Never use full account leverage potential

---

Customer Support

Availability

24/7 multilingual support via:

• Live chat (embedded on website, most popular)
• Email: support@fpmarkets.com
• Phone: Multiple international numbers
• Callback request function
• Social media channels (response times vary)

Languages supported: 18+ including English, Arabic, Chinese, Spanish, Portuguese, Thai, Malay, Vietnamese, Italian, Russian, French, Greek, and others

Local Support for Kenya

• CMA-regulated entity: Kenyan traders under FP Markets Limited (CMA license 103) have access to standard international support
• No dedicated Kenya office: No local phone numbers or physical branch
• English language support: Fully available 24/7
• Local payment integration: Direct bank transfers through trusted Kenyan banks for faster, cost-effective deposits/withdrawals
• Time zone: Support available across all time zones including Kenyan business hours

Response Quality

Positive feedback (majority):

• Live chat typically responds within 1-2 minutes
• Agents generally well-informed and polite
• Good for basic account, deposit, and platform questions
• Many reviewers specifically mention helpful support agents by name
• Email responses usually within 1 business day
• Technical issues often resolved quickly

Negative feedback (significant issues):

• Phone support: Long wait times reported
• Complex issues: Verification and withdrawal disputes can take weeks to resolve
• “Risk team” communication: Poor to non-existent for account freezes and terminations
• Generic responses: Some complaints of copy-paste replies that don’t address specific concerns
• Escalation difficulties: Hard to reach senior staff for serious disputes
• Documentation requests: Repetitive and sometimes excessive KYC documentation demands
• Language barriers: Some reports of support agents with limited English proficiency

Common Support Issues

Handled well:

• Platform navigation questions
• Deposit instructions
• General trading questions
• Technical platform issues
• Account opening guidance

Handled poorly:

• Withdrawal delays for profitable accounts
• Account termination explanations
• “Abusive trading” accusations with vague details
• Complex regulatory questions
• Dispute resolution requiring senior management

Critical Point: Support quality seems excellent for routine matters but dramatically declines when dealing with account freezes, profit confiscation, or terminations. The “Risk Team” that handles these cases is notoriously unresponsive according to multiple complaints.

---

Pros & Cons

✅ Pros

Exceptional Trading Conditions

• Raw ECN spreads from 0.0 pips – among the lowest in the industry
• Commission-only $3 per side ($6 round turn) – highly competitive
• True ECN/DMA model with no dealing desk intervention
• Institutional-grade liquidity from multiple top-tier providers
• Ultra-fast execution speeds (29-40 milliseconds average)
• Equinix data center hosting (NY4, LD4) – same infrastructure as major banks

Strong Regulation

• Multiple Tier-1 licenses: ASIC (Australia) and CySEC (EU)
• CMA regulation in Kenya (License 103) – rare for international brokers
• Segregated client funds with AA-rated Australian banks
• Negative balance protection across all entities
• Investor compensation up to €20,000 (CySEC entity)

Excellent Platform Selection

• MT4, MT5, cTrader, TradingView, IRESS – one of the widest ranges
• Mobile apps for all platforms
• WebTrader options
• Advanced charting and analysis tools
• Copy trading and social trading features
• EA and algorithmic trading fully supported

Extensive Market Access

• 10,000+ tradable instruments
• 70+ forex pairs (majors, minors, exotics)
• 10,000+ global stock CFDs
• Commodities, indices, cryptocurrencies, bonds, ETFs
• One of the largest instrument selections in retail forex

Competitive Fees

• No deposit fees (FP Markets covers internal bank fees)
• No withdrawal fees for most methods
• FP Markets covers bank fees up to $50 for deposits over $10,000
• No platform fees
• No inactivity fees (or minimal)
• Free VPS for qualified traders

Accessible Entry

• Low minimum deposit: $50-$100
• Micro-lot trading available (0.01 lots)
• Demo accounts available
• Educational resources including webinars, videos, guides

Additional Features

• Islamic/swap-free accounts available
• Negative balance protection
• Hedging allowed
• Scalping permitted
• Copy trading through multiple platforms
• Free Autochartist and Trading Central tools
• MAM/PAMM accounts for money managers

Award-Winning Reputation

• 40+ industry awards over multiple years
• “Best Value Broker – Global” for 6 consecutive years (2019-2024)
• “Best Trade Execution” recognition
• 20 years in operation (since 2005)

❌ Cons

Serious Account Termination Issues

• Multiple complaints of account freezes for highly profitable traders
• Vague accusations of “abusive trading” without specific evidence
• Profits confiscated with only deposits returned in some cases
• “Risk team” often unresponsive or provides generic explanations
• Appears to target scalpers and algorithmic traders with consistent profits

Withdrawal Problems for Some Users

• Delays in withdrawal processing for profitable accounts
• Excessive documentation requests during withdrawal attempts
• Some withdrawals held for “investigation” for weeks or months
• Mixed experiences – many smooth withdrawals, but problem cases severe

Customer Support Issues

• Excellent for routine questions, poor for disputes
• Risk team communication nearly non-existent
• Long phone wait times
• Difficulty escalating serious issues
• Generic responses that don’t address specific concerns

Limited Educational Resources

• Basic educational content compared to brokers like IG or FOREX.com
• No comprehensive trading academy
• Limited live webinars
• Minimal market analysis and trading signals
• Not ideal for complete beginners needing hand-holding

High Leverage Risks

• 1:500 leverage available (offshore entities) – dangerous for inexperienced traders
• Less regulatory protection with high-leverage offshore entities
• Easy to over-leverage and blow accounts quickly

Currency and Fee Considerations

• No KES (Kenyan Shilling) base currency – conversion fees for Kenyan traders
• Islamic account administrative fees can accumulate
• Third-party payment provider fees not controlled by FP Markets
• IRESS platform data fees and higher minimums

Geographic Restrictions

• Not available in USA, Japan, New Zealand, Belgium, and other countries
• Different entities offer different protections and conditions
• Can be confusing which regulatory entity covers your account

Platform Limitations

• MT4/MT5 offer only 130 symbols (full range available on IRESS but requires higher deposit)
• IRESS minimum deposit much higher (AUD 1,000)
• TradingView only available on Raw account

Islamic Account Limitations

• Administrative fees charged instead of swap
• Not truly “free” of costs
• Fees accumulate on long-term positions
• Grace periods limited to major pairs

Concerns Around “Abusive Trading” Policy

• Unclear definition of what constitutes “abusive trading”
• Scalping and EAs supposedly allowed, but accounts still terminated
• Creates uncertainty for algorithmic and high-frequency traders
• Risk of trading successfully only to have profits taken

---

Is FP Markets Good for Beginners?

Simple Verdict: Moderately Suitable

Beginner Suitability Score: 6.5/10

Why It Works for Beginners:

1. Low minimum deposit ($50-$100) – Accessible entry point
2. Free demo accounts – Practice with real market conditions
3. MT4/MT5 platforms – Industry standard, plenty of online tutorials available
4. Standard account option – Simple commission-free pricing
5. Educational resources – Basic webinars, videos, and guides available
6. 24/7 customer support – Help available when learning
7. Regulated broker – Multiple Tier-1 licenses provide safety
8. Micro-lot trading – Can trade positions as small as 0.01 lots ($1,000 position at 1:100 leverage)

Why Beginners Should Be Cautious:

1. Dangerously high leverage available (1:500) – Very tempting for beginners to over-leverage
2. Limited educational support – Not as comprehensive as beginner-focused brokers
3. Platform complexity – MT4/MT5 have steep learning curve despite being standard
4. Account termination concerns – Risk of having profitable accounts frozen
5. Multiple platform choices – Can be overwhelming to decide between MT4, MT5, cTrader, IRESS
6. Advanced account types – ECN/Raw accounts require understanding of commissions vs. spreads
7. No hand-holding – Assumes some baseline trading knowledge
8. 10,000+ instruments – Overwhelming choice, risk of trading unfamiliar markets

Recommendations for Beginners Using FP Markets:

If You Choose FP Markets:

• Start with Standard Account – Simpler commission-free pricing while learning
• Use only MT4 or MT5 initially – Stick to one platform, ignore cTrader/IRESS until experienced
• Strict leverage limit: 1:10 or 1:20 maximum – Ignore the 1:500 availability
• Begin with demo account – Practice for 2-3 months before risking real money
• Focus on 2-3 currency pairs – EUR/USD, GBP/USD, AUD/USD – ignore the 10,000+ other instruments
• Complete full verification immediately – Avoid withdrawal issues later
• Deposit only $100-200 initially – Test withdrawals before committing large capital
• Learn proper risk management – Never risk more than 1-2% per trade
• Supplement with external education – Use Babypips.com, Investopedia, trading courses

Switch to Raw Account when:

• You’re consistently profitable
• You understand spread vs. commission pricing
• You’re trading higher volumes (10+ lots per month)
• You’ve mastered scalping or have a working EA

Better Alternatives for Complete Beginners:

If you’re a complete beginner with zero trading experience, consider:

• IG Markets – More educational resources, lower leverage caps
• OANDA – Beginner-friendly interface, excellent education
• eToro – Social trading, copy successful traders
• Local CMA-regulated brokers – Better for Kenyan support and familiarity

Then transition to FP Markets once you have 6-12 months experience and want better trading conditions.

FP Markets Is Better for:

• Intermediate traders who understand leverage and risk management
• Advanced traders seeking ECN/DMA conditions
• Scalpers and algorithmic traders (though account termination risk exists)
• Traders who’ve outgrown beginner brokers and need tighter spreads

---

Common Complaints & Issues

Account Terminations for “Abusive Trading”

This is the most serious and frequently reported issue with FP Markets.

Pattern of complaints:

• Traders develop profitable strategies (often scalping, EA-based, or high-frequency)
• Account performs well for weeks or months
• Sudden account freeze with funds inaccessible
• Email from “Risk Team” citing “abusive trading” violations
• Vague explanations without specific rule violations detailed
• Requests for evidence or clarification go unanswered
• Account eventually terminated with only original deposits returned
• All profits confiscated

Specific examples from complaint databases:

• WikiFX reports 67 complaints against FP Markets, many involving profitable account terminations
• Trader made $50,000 profit over 3 months, account frozen, only $10,000 deposit returned
• EA trader with consistent 5-10% monthly returns terminated after 6 months
• Scalper with 80+ trades per day labeled “abusive” despite broker claiming scalping is allowed
• Multiple complaints reference “Terms & Conditions clauses 5.7 and 8.2” without clear explanation of violations

What FP Markets claims is “abusive trading”:

• Latency arbitrage (exploiting price feed delays)
• Price manipulation
• Using external/pirated news feeds for advance information
• Coordinated trading to manipulate markets
• Exploiting platform errors

The problem: Many terminated traders claim they did none of these, just used standard EAs or scalping strategies. The lack of transparency and vague accusations create distrust.

Risk factors that seem to trigger investigation:

• Very high win rates (>75%)
• Scalping with high frequency (50+ trades per day)
• Consistent profitability month over month
• Large profits relative to deposit (5x+ gains)
• Using automated trading systems (EAs)
• Trading during specific hours (possible latency arbitrage suspicion)

Important note: The majority of FP Markets traders don’t experience this issue, and many profitable traders maintain accounts long-term. However, the frequency and severity of these complaints is concerning.

Withdrawal Delays and Verification Issues

Common complaints:

• Withdrawals that should take 24 hours stretching to weeks
• Repeated requests for the same verification documents
• New documentation demands during withdrawal processing
• “Under investigation” status with no timeline or updates
• Some traders report receiving profits eventually, others never

Factors that seem to increase withdrawal delays:

• First-time withdrawal from profitable account
• Withdrawal amount significantly larger than deposits
• Recent large profits
• Trading patterns flagged by risk algorithms
• Incomplete account verification

Positive experiences: Many traders report smooth, fast withdrawals. E-wallets and crypto typically fastest. Problems seem concentrated among highly profitable accounts.

Slippage and Execution Quality

Mixed reports:

Positive (majority):

• Execution speeds consistently 29-40ms as advertised
• Minimal slippage during normal market conditions
• Proper ECN/DMA pricing with visible market depth
• Order fills at requested prices most of the time

Negative:

• Slippage during high-impact news events (normal for all brokers)
• Occasional requotes on fast-moving markets
• Some complaints of stop-loss hunting (prices briefly spike to hit stops then reverse)
• Rare reports of platform freezes during volatile periods

Reality check: FP Markets generally has excellent execution quality. Some slippage is unavoidable in forex, especially during news. Serious issues seem rare.

Customer Support – Two-Tier System

Pattern emerges from reviews:

• Tier 1 support (routine issues): Excellent, responsive, helpful
• Tier 2 support (“Risk Team” for terminations/disputes): Poor to non-existent

Traders report being unable to reach anyone who can make decisions about frozen accounts. Risk team emails provide generic responses, and escalation attempts go nowhere.

Platform and Technical Issues

Generally minimal complaints:

• MT4/MT5 platforms stable
• Rare server disconnections (mostly during scheduled maintenance)
• Mobile apps function well
• VPS offering reduces connection issues for serious traders

Occasional issues:

• Platform updates causing temporary instability
• Rare data feed delays
• Some users report charting bugs on mobile

Overall: Technical execution and platform performance are strengths, not weaknesses, for FP Markets.

Islamic Account Administrative Fees

Some Muslim traders feel misled:

• Advertised as “swap-free” creates impression of no costs
• Administrative fees accumulate on long-term positions
• Fees can be substantial on exotic pairs (e.g., GBP/TRY: $155 admin fee)
• Grace periods limited (5 days major pairs, immediate on others)

Fairness assessment: All brokers must charge something to avoid arbitrage. FP Markets is transparent about fees in documentation, though it could be more prominent in marketing.

Geographic and Entity Confusion

Confusing regulatory structure:

• Multiple entities (ASIC, CySEC, CMA, FSCA, SVG, etc.)
• Unclear which entity covers which client
• Different protections and conditions per entity
• Can affect dispute resolution

Recommendation: Clarify which regulatory entity holds your account during sign-up. Kenyan traders should specifically request CMA-regulated entity for local oversight.

Positive Experiences (For Balance)

Many traders report:

• Smooth account opening and funding
• Fast, hassle-free withdrawals
• Excellent trading conditions (spreads, execution)
• Helpful customer support for general questions
• No issues with profitable trading (within normal ranges)
• Good platform stability
• Competitive pricing

Trustpilot: 4.8/5 stars from thousands of reviews (though reviews are polarized – mostly 5 stars or 1 star)

Critical analysis: FP Markets is a legitimate broker with genuinely excellent trading conditions. However, the account termination complaints are frequent and serious enough to warrant caution. The broker seems to have a risk management approach that targets certain profitable trading patterns, which can feel arbitrary and unfair to affected traders.

---

FAQs (Critical for AI Overview)

Is FP Markets legit?

Yes, FP Markets is a legitimate forex and CFD broker that has been operating since 2005. The company holds multiple Tier-1 regulatory licenses including ASIC (Australia), CySEC (Cyprus), and CMA (Kenya), among others. Client funds are held in segregated accounts with AA-rated banks, and the broker offers negative balance protection across all entities. However, traders should be aware of complaints regarding profitable account terminations.

Is FP Markets regulated in Kenya?

Yes, FP Markets is regulated by Kenya’s Capital Markets Authority (CMA) under license number 103. This makes FP Markets one of the few international brokers with direct Kenyan regulatory oversight, providing local traders with potential recourse through the CMA if disputes arise. However, traders should verify during account opening that they are registered under the CMA-regulated entity (FP Markets Limited) rather than offshore entities.

What are FP Markets ECN spreads?

FP Markets offers raw ECN spreads starting from 0.0 pips on major forex pairs through its Raw Account. Average spreads are approximately 0.1 pips on EUR/USD, 0.2-0.4 pips on GBP/USD, and 0.1-0.2 pips on USD/JPY. These ultra-tight spreads come with a fixed commission of $3 per side per standard lot ($6 round turn), which is highly competitive in the industry. The Raw Account provides true ECN pricing with Direct Market Access (DMA).

Does FP Markets support MT4?

Yes, FP Markets fully supports MetaTrader 4 (MT4) across desktop (Windows/Mac), WebTrader, and mobile (iOS/Android) platforms. MT4 is available for both Standard and Raw (ECN) accounts, supports Expert Advisors (EAs) for automated trading, offers 30 built-in indicators, hedging capabilities, and one-click trading. FP Markets also offers MT5, cTrader, TradingView, and IRESS platforms for different trading needs.

What is the minimum deposit for FP Markets?

The minimum deposit for FP Markets is $50-$100 for MT4, MT5, and cTrader accounts (Standard and Raw), depending on your region and funding method. Some e-wallets allow deposits as low as $5 USD. The IRESS platform for stock CFD trading requires a higher minimum of AUD 1,000 (approximately $650-700 USD). This makes FP Markets accessible for beginner to intermediate traders.

How fast are FP Markets withdrawals?

FP Markets states that withdrawals are processed within 24 hours (business days). In practice, many traders report receiving funds within 1-3 business days, with e-wallets and cryptocurrency being fastest (same day to 24 hours). However, some users experience significant delays, particularly on highly profitable accounts, with withdrawals held for “investigation” or additional verification requests. First-time withdrawals may take longer due to verification requirements.

What is FP Markets commission on Raw Account?

FP Markets charges a fixed commission of $3 per side per standard lot (100,000 units) on its Raw Account, which equals $6 per round turn (opening and closing a position). This commission applies to trades executed on raw ECN spreads starting from 0.0 pips. For example, trading 1 standard lot of EUR/USD would cost $6 total in commission plus the actual spread (often 0.0-0.2 pips). This is competitive compared to other ECN brokers.

Can Kenyan traders use M-Pesa with FP Markets?

FP Markets does not directly integrate M-Pesa. However, Kenyan traders can deposit and withdraw funds through local bank transfers via trusted Kenyan banking partners (as FP Markets is CMA-regulated). Alternatively, traders can use e-wallet intermediaries like Skrill or Neteller that accept M-Pesa, though this adds extra fees. The CMA-regulated entity may offer better local payment integration than offshore alternatives, so Kenyan traders should verify payment options during account opening.

---

Final Verdict

Who Should Use FP Markets?

Ideal For:

• Scalpers and day traders seeking ultra-low spreads (but beware termination risk)
• Algorithmic traders needing ECN/DMA execution (again, with caution)
• Experienced forex traders who’ve outgrown market maker brokers
• Cost-conscious traders wanting $6 round turn commissions on raw spreads
• Multi-asset traders needing access to 10,000+ instruments
• Professional traders seeking institutional-grade liquidity and execution
• Kenyan traders wanting CMA-regulated international broker access
• Copy traders using cTrader or MT5 signal services
• Stock CFD traders with sufficient capital for IRESS platform (AUD 1,000+)

Who Should Avoid FP Markets?

Not Recommended For:

• Complete beginners needing extensive education and hand-holding
• Highly profitable traders with consistent, high-frequency strategies (account termination risk)
• Traders prioritizing dispute resolution over trading conditions
• Risk-averse traders uncomfortable with account freeze possibility
• Those wanting local language support (only English and limited others)
• Traders needing comprehensive market analysis and research
• Anyone requiring strong risk team communication for complex issues
• Traders unable to tolerate any account termination risk regardless of probability

The FP Markets Dilemma

FP Markets presents a paradox:

On one hand: Genuinely excellent trading conditions including some of the industry’s lowest spreads, fast execution, strong regulation, and institutional-grade infrastructure. For the vast majority of traders, FP Markets offers exceptional value.

On the other hand: A significant pattern of complaints about profitable account terminations with vague “abusive trading” accusations and poor risk team communication. While this affects a minority of traders, the consequences are severe (profit confiscation).

The key question: Are you willing to accept a small risk of account termination in exchange for superior trading conditions?

Recommendations by Trader Type

Beginner Traders (0-6 months experience):

• Consider starting elsewhere (IG, OANDA, eToro) for better education
• If choosing FP Markets, use Standard account with 1:20 leverage maximum
• Deposit only $100-200 initially to test
• Complete full verification immediately

Intermediate Traders (6-24 months experience):

• FP Markets is an excellent choice
• Transition to Raw account once trading 10+ lots/month
• Use proper risk management
• Keep profits moderate initially (don’t 10x your account in a month)

Advanced Traders (2+ years, consistently profitable):

• FP Markets offers some of the best conditions available
• However, be aware of account termination risk
• Consider using FP Markets as secondary broker, not sole broker
• Diversify across multiple brokers to mitigate termination risk
• Document all trades meticulously in case of disputes
• Avoid extreme profitability patterns (>75% win rate, >500% gains in short time)

Algorithmic Traders:

• Excellent ECN conditions for EAs
• Significant termination risk exists despite EAs being officially allowed
• Test with small account first
• Consider running same EA across multiple brokers
• Maintain detailed logs of EA strategy to prove non-abusive methods if investigated

Kenyan Traders Specifically:

• CMA regulation is a major advantage over most international brokers
• Verify you’re under FP Markets Limited (CMA entity) during account opening
• Use USD account base to avoid KES conversion fees
• Explore local bank transfer options through CMA entity
• Understand that dispute resolution through CMA may be lengthy

Safety Reminder

This is NOT financial advice. Trading forex and CFDs carries substantial risk. Industry statistics show 70-89% of retail traders lose money. The leverage offered by FP Markets (up to 1:500) can magnify losses dramatically. Never trade with money you cannot afford to lose entirely.

Before trading with FP Markets:

• Thoroughly understand forex trading fundamentals
• Master risk management (stop-losses, position sizing, 1-2% risk per trade)
• Start with a demo account for 2-3 months minimum
• Limit leverage to 1:10 or 1:20 as a beginner, regardless of availability
• Complete full account verification immediately to avoid withdrawal delays
• Test withdrawals with small amounts before depositing large capital
• Keep detailed records of all trades and communications
• Understand your specific regulatory entity and protections
• Have realistic profit expectations (5-10% monthly is excellent; 500% is suspicious)
• Diversify across multiple brokers if you’re a profitable trader
• Consult Kenyan tax requirements for forex trading income

Bottom Line

FP Markets is a legitimate, well-regulated broker offering some of the best trading conditions in the retail forex industry. The raw ECN spreads from 0.0 pips, $6 round turn commissions, fast execution, and extensive market access make it highly competitive.

However, the pattern of profitable account terminations is concerning. While this affects a minority of traders, the lack of transparency around “abusive trading” definitions and poor risk team communication create uncertainty. The fact that FP Markets has won “Best Value Broker” for six consecutive years while simultaneously having serious termination complaints suggests a broker that excels at trading conditions but struggles with risk management policies.

For most traders (80-90%), FP Markets will provide an excellent experience with no issues. For a minority of highly profitable traders, particularly those using high-frequency strategies or EAs, there is material risk of account termination.

Recommendation: FP Markets is best used by intermediate to advanced traders who understand the risks, have realistic profit expectations, and potentially diversify across multiple brokers. Complete beginners may find better educational support elsewhere, then transition to FP Markets once experienced.

If you choose FP Markets:

• Complete full verification immediately
• Start with small deposits and test withdrawals
• Use conservative leverage (1:10 to 1:30)
• Maintain detailed trading records
• Don’t generate suspiciously high profits too quickly
• Diversify across multiple brokers if you’re consistently profitable
• Understand which regulatory entity covers your account (prefer CMA for Kenyans)

Final assessment: FP Markets earns a 7.5/10 – excellent trading conditions offset by account termination concerns and customer support weaknesses in dispute resolution.