Our Review of FP Markets Broker 3.5/5

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FP Markets in Brief

Our opinion of FP Markets

We particularly liked FP Markets' wide range of tradable instruments, including over 60 forex pairs and 10,000 share CFDs, which offer ample opportunities for diversification. The availability of multiple trading platforms, such as MetaTrader 4, MetaTrader 5, and cTrader, along with their robust features, caters to technical traders and those looking for a professional trading environment.

Additionally, the broker’s competitive pricing for forex trading, especially in the Raw account with spreads starting at 0.0 pips, is a highlight for active traders seeking cost efficiency.

We would have liked to see FP Markets directly regulated by Canadian authorities such as the OSC, BCSC, or ASC, as this would provide an added layer of trust for Canadian clients. The high costs associated with the Iress platform and additional fees for advanced features make it less appealing for retail traders, particularly beginners or those with smaller budgets.

Furthermore, reports of withdrawal delays and inconsistent customer support raise concerns about reliability during critical moments.

Who is FP Markets designed for?

FP Markets is best suited to experienced traders who prioritize forex and CFD trading, use advanced platforms, and are comfortable navigating regulatory structures outside Canada. 

Before you zero in on FP Markets, explore other options in the market:

Let's find out more about our test results on FP Markets.

Security and reliability 3.5/5

FP Markets, established in 2005, is an Australian-based broker with nearly two decades of experience in the financial industry. Over the years, the broker has built a global presence, serving clients in multiple countries, including Canada. With a reputation for offering a broad range of forex and CFD products, FP Markets claims to deliver institutional-grade trading conditions. It reportedly has hundreds of thousands of active users worldwide, though specific user numbers are not disclosed on its official website.

The broker has won several awards, including recognition for its trading conditions and platforms. Some notable accolades include Best Forex Broker in 2022 (Global Forex Awards) and Best Trade Execution (Ultimate Fintech Awards 2021). These awards showcase FP Markets' efforts to remain competitive in the brokerage industry.

FP Markets is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). While these are reputable regulatory bodies, FP Markets is not directly regulated by Canadian authorities such as the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC). This absence of Canadian regulatory oversight may be a concern for traders who prioritize local protections and standards.

To manage risk, FP Markets offers several key features:

• Negative Balance Protection: Ensures traders cannot lose more than their account balance.
• Stop-Loss Orders: Allows traders to predefine exit points to limit potential losses.
• Leverage Controls: Canadian traders can use up to 1:500 leverage depending on their account type, but the broker provides tools to help manage this high-risk feature responsibly.

Market and asset diversity 3.5/5

FP Markets positions itself as a broker with extensive market and asset diversity, focusing on forex and CFDs. With access to over 60 forex pairs, commodities, indices, and more than 10,000 share CFDs, it caters to traders looking for variety in global markets.

However, its primary emphasis on CFD trading may not suit traders who prefer direct access to assets like stocks, mutual funds, or bonds. Compared to competitors, FP Markets delivers a strong range of tradable instruments but lacks broader diversification into non-CFD products.

Our opinion on offerings from FP Markets

FP Markets offers strong diversity in CFDs, especially in share CFDs and forex pairs, where it exceeds market averages. However, the absence of non-CFD assets like ETFs, mutual funds, and bonds limits its appeal for traders seeking broader asset allocation options. While suitable for active CFD traders, it may not fully meet the needs of long-term investors or those seeking direct ownership of assets.

Platforms and tools 4/5

FP Markets offers several robust trading platforms designed to cater to a wide range of traders, from beginners to professionals. These platforms provide a comprehensive trading experience, supported by advanced tools and features for market analysis and decision-making.

Available Platforms

• MetaTrader 4 (MT4): A popular choice among forex traders, MT4 offers advanced charting tools, automated trading with Expert Advisors (EAs), and a wide range of technical indicators.
• MetaTrader 5 (MT5): The updated version of MT4, MT5 includes additional timeframes, more technical indicators, and enhanced order types, making it ideal for more complex trading strategies.
• cTrader: Known for its user-friendly interface and superior charting capabilities, cTrader is a great choice for traders seeking a balance between simplicity and functionality.
• Iress: A premium platform designed specifically for share CFDs, Iress offers advanced market data, portfolio tracking, and in-depth analytics, catering to professional traders. However, it comes with additional fees, including subscription charges.

Analysis Tools and Decision Aids

• Technical Indicators: All platforms offer a wide range of indicators for technical analysis, including moving averages, Bollinger Bands, and MACD.
• Economic Calendar: Available through FP Markets' website, the calendar helps traders stay informed about market-moving events.
• Autochartist: Integrated with MT4 and MT5, this tool provides automated chart pattern recognition, aiding in identifying trading opportunities.
• Copy Trading: Via MetaTrader platforms, traders can replicate strategies of experienced professionals, though this feature lacks the robust performance metrics found in some specialized copy trading platforms.

Order Types

FP Markets supports a variety of order types, including:

• Market orders
• Limit orders
• Stop-loss orders
• Trailing stops
• Pending orders

Fees, spreads and commissions 3.5/5

FP Markets positions itself as a competitive broker in terms of fees and spreads, particularly for forex trading. The broker offers tight spreads, starting as low as 0.0 pips on its Raw account, which is designed for professional traders. However, commissions on forex trades and additional fees, such as platform charges for Iress and withdrawal fees, slightly diminish its cost-effectiveness compared to some competitors.

Fees and Spread Comparison

Other Fees

• Deposit/Withdrawal Fees: FP Markets charges no fees for most deposit methods, but withdrawal fees apply, particularly for international bank transfers (approximately $10-$20 AUD per transaction).
• Overnight Fees: Swap rates are charged for leveraged positions held overnight. These rates vary depending on the asset and leverage used.
• Inactivity Fees: FP Markets does not charge inactivity fees, which is a significant advantage compared to brokers that penalize dormant accounts.
• Platform Fees: The Iress platform comes with additional costs, including subscription and data fees, which can range from $55/month (AUD) and higher depending on the chosen package.

How is the price positioning of FP Markets?

FP Markets stands out with tight spreads for forex and competitive fees for share CFDs. However, the added commissions for Raw accounts and the platform costs for Iress reduce its appeal for retail traders. While the broker offers good value for high-volume traders, its pricing structure may not be as favourable for casual or small-scale traders compared to brokers offering commission-free trading or lower overall costs.

Customer reviews 4.8/5

FP Markets has a Trustpilot rating of 4.8 out of 5, based on 7,397 reviews. While the high score reflects overall customer satisfaction, it is important to consider individual user experiences, as they highlight specific strengths and weaknesses of the broker.

Here are some recent testimonials from Canadian users:

• Mark R (February 2, 2025): "I’ve been using FP Markets for forex trading over the past six months, and the Raw account’s tight spreads are excellent. However, I encountered delays when withdrawing funds through a bank transfer—it took over a week to receive my money. While the trading conditions are great, the withdrawal process needs improvement for Canadian users."
• Sarah J (December 15, 2024): "As a beginner trader, I found FP Markets’ MetaTrader platform a bit overwhelming at first. The tutorials provided were helpful, but I wish there was a simpler platform for newcomers. That said, I appreciate the demo account, which gave me enough time to practice before using real money."
• Alex T (January 10, 2025): "The variety of CFDs offered by FP Markets is impressive, and I particularly like the Iress platform for share trading. However, the additional platform fees are expensive, and I don’t think they’re worth it for retail traders like me. Customer support was helpful when I had a platform issue, but response times could be faster during busy periods."

How is FP Markets positioned in relation to its competitors?

Conclusion of our review on FP Markets

In our test, the broker proved to excel in providing advanced platforms like MetaTrader and cTrader, supported by competitive forex spreads and diverse CFD offerings. The demo account offers generous virtual funds and unlimited usage, making it a valuable tool for practicing strategies. Copy trading through MetaTrader integration is another strength for traders seeking to replicate professional strategies.

However, the broker falls short in some areas. The absence of Canadian regulatory oversight is a drawback for local traders prioritizing compliance with domestic standards. Platform fees for advanced features like Iress may deter cost-conscious users, and the focus on CFDs means fewer options for traders seeking long-term investment assets like mutual funds or tax-advantaged accounts.

This broker is well-suited for experienced traders focusing on forex and CFDs, but potential users should weigh the costs and features carefully.

Before opening an account with FP Markets, compare the best brokers in Canada.

What types of accounts are available with FP Markets in Canada?

FP Markets provides multiple account options tailored to meet the needs of various traders, from beginners to professionals. These include Standard and Raw accounts for MetaTrader platforms, as well as Professional accounts for the Iress platform. Below is a summary table comparing the key features of each account type:

Standard Account

The Standard Account is ideal for new traders or those seeking a straightforward, commission-free trading experience. It offers spreads starting from 1.0 pips, with no commissions on trades. This account type is supported on the MetaTrader 4 and MetaTrader 5 platforms and has a low minimum deposit of $100 AUD, making it accessible for beginners. Traders can access forex, indices, commodities, and share CFDs through this account.

Raw Account

The Raw Account is designed for experienced traders who prioritize tight spreads and don’t mind paying commissions. With spreads starting from 0.0 pips and a $3 per lot commission, this account is highly competitive for active forex traders. It is also supported on MetaTrader 4 and MetaTrader 5, offering the same market access as the Standard Account but with enhanced pricing.

Iress Account

The Iress Account is specifically built for professional share CFD traders. It requires a higher minimum deposit of $1,000 AUD and comes with additional platform fees and subscription charges. This account provides access to over 10,000 share CFDs with variable spreads and commissions. While powerful, the Iress Account is more suitable for advanced traders due to its cost structure and complexity.

Demo Account

FP Markets offers an unlimited demo account for traders to practice their strategies risk-free. The account includes $100,000 in virtual funds and access to all trading platforms, including MetaTrader 4, MetaTrader 5, and Iress. This account is a valuable tool for testing trading strategies in real-time market conditions without risking actual capital.

Islamic Account

For traders adhering to Sharia law, FP Markets provides an Islamic Account for both Standard and Raw account types. These accounts are swap-free, ensuring no interest is charged on overnight positions. While the spreads remain the same as their non-Islamic counterparts, there may be alternative administrative fees depending on the instrument traded. This option is available only upon request and approval.

Deposits and withdrawals at FP Markets: How does it work?

FP Markets offers a decent range of deposit and withdrawal methods, including credit/debit cards, bank transfers, e-wallets, and cryptocurrencies, which cater to a variety of trader preferences. The availability of popular e-wallets like PayPal and Skrill is a strong point, as many brokers do not support these methods.

However, FP Markets falls short in its withdrawal process, as fees can apply for international bank transfers and e-wallet withdrawals, making it less competitive compared to brokers offering completely free withdrawals. The processing time for withdrawals, which can take several days for bank transfers, is also slower than some competitors who offer same-day or faster withdrawal options.

While FP Markets covers the basics well, its fee structure for withdrawals and longer processing times may deter traders seeking cost-efficient and quick transactions. Traders with smaller balances may find these fees particularly frustrating when compared to brokers offering free and faster services.

Does FP Markets offer copy trading?

FP Markets offers copy trading through the MetaTrader 4 platform, enabling traders to replicate strategies from experienced professionals. This feature is accessible via the MetaTrader Signals Service, which is integrated into the platform. Traders can browse and select from a variety of signal providers based on their performance metrics, trading history, and strategies.

Software/Platforms Used

• MetaTrader 4 (MT4): Copy trading is managed directly within the platform through the MetaTrader Signals Service.
• MAM/PAMM Accounts: FP Markets also supports Multi-Account Manager (MAM) and Percentage Allocation Management Module (PAMM) accounts for professional money managers to handle multiple client accounts.

Features Offered

• Performance Metrics: Traders can view detailed performance statistics of signal providers, including profit, drawdown, and risk metrics, before subscribing.
• Automation: Once subscribed to a signal provider, trades are executed automatically on the user’s account.
• Customizable Risk Management: Users can adjust parameters such as trade size and stop-loss levels to align with their personal risk tolerance.
• Wide Variety of Signal Providers: The MetaTrader Signals Service offers access to hundreds of traders worldwide with varying strategies and risk profiles.

Additional Fees

• Subscription fees apply for many signal providers and vary depending on their reputation and performance.
• Fees are charged monthly and are typically displayed on the signal provider's profile.
• FP Markets does not impose additional platform fees for copy trading, but spreads and commissions on trades still apply.

Number of Traders to Copy

The MetaTrader Signals Service provides access to hundreds of signal providers globally. However, the availability and quality of signal providers vary, and traders should carefully review performance metrics before subscribing.

What is the tax treatment of income generated by FP Markets?

In Canada, income generated through trading with FP Markets is subject to taxation under the rules set by the Canada Revenue Agency (CRA). The applicable tax regime depends on the type of trading activity and how the CRA classifies your income. Trading income can be categorized as capital gains or business income, each with different tax implications:

Capital Gains

• If your trading activity is considered investment-focused (e.g., buying and holding assets for longer periods), your profits will generally be treated as capital gains.
• Only 50% of your capital gains are taxable at your marginal tax rate. For example, if you make $10,000 in capital gains, only $5,000 will be subject to tax.
• Losses incurred on capital assets can be used to offset capital gains, reducing the taxable amount.

Business Income

• If your trading is frequent and resembles a business (e.g., day trading or speculative trading with short holding periods), the CRA may classify your income as business income.
• In this case, 100% of your trading profits are taxable at your marginal tax rate.
• Expenses related to trading (e.g., platform fees, commissions, and withdrawal charges) can be deducted from your business income.

How to declare your trading income

Capital Gains Declaration:

• Report capital gains or losses on Schedule 3 – Capital Gains (or Losses) of your T1 General income tax return.
• Record the proceeds of disposition, the adjusted cost base (purchase price), and any expenses incurred during the transaction.

Business Income Declaration:

• Report business income on Form T2125 – Statement of Business or Professional Activities.
• Include all income generated from trading, and deduct eligible expenses such as platform fees, commissions, and interest paid on margin accounts.

Foreign Income Reporting:

• Since FP Markets operates in foreign jurisdictions and accounts are often denominated in non-CAD currencies (e.g., AUD or USD), Canadian traders must convert all income and expenses to Canadian dollars. Use the Bank of Canada exchange rate applicable at the time of each transaction.
• If you earn interest on trading balances or dividends from foreign investments, report this under Foreign Income on your tax return.

Tax Forms and Considerations

• If the total value of your foreign holdings exceeds $100,000 CAD at any point in the year, you must file Form T1135 to declare your foreign investments.
• FP Markets may not issue Canadian tax slips (like T5s or T5008). It is the trader's responsibility to maintain accurate records of all transactions, including dates, amounts, and exchange rates.
• Frequent traders should be prepared for scrutiny from the CRA. Keep detailed records of all trades, receipts, and expenses to justify how you classify your income.

Contact: How do I contact FP Markets customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.