FP Markets UK Review: The Best CFD & Forex Broker in 2024?

To ensure a smooth and successful trading experience, it is important to choose your broker wisely. FP Markets supports 10k CFD products from forex and shares, to indices and commodities, as well as low commissions and tight spreads. 

But is FP Markets the right choice for you? In this FP Markets review, we’ll take a deeper look into this CFD and forex broker and identify its strengths, weaknesses, market offerings, fees, user-friendliness, and more to help you make an informed decision. So, let’s get started!

Our FP Markets Review Summarised

Established in 2005, FP Markets is a CFD and forex broker that serves as a one-stop shop for trading CFDs across various markets. The platform has earned several awards over the years for its trade execution, educational resources, and customer service. In addition to these accolades, the FP Markets provides secure and competitive trading conditions, offering low commissions, tight spreads starting from 0.1 pips, and flexible leverage up to 500:1.

The broker stands out for its following key features:

• Regulated by the ASIC, the CySEC, and the FSCA
• CFDs across shares, forex, commodities, bonds, indices, ETFs, and more 
• Offers 10,000+ CFD products across some of the largest global exchanges
• Variety of trading platform options; MT4, MT5, Iress, cTrader, and TradingView
• Tighter spreads, starting from as low as 0.0/0.1 pips
• Trading is supported via both web and mobile applications 
• Low starting balance requirements and low commissions
• Flexible leverage up to 500:1
• Fast execution speed from Equinix servers
• Partnership with leading financial institutions to offer deep liquidity 
• Ability to trade in any direction (go long or short) to maximize opportunities and minimize risks
• Cutting-edge tools and extensive educational resources 
• Segregation of funds to ensure client funds’ safety

FP Markets Exchange at a Glance

What Account Types Does FP Markets Offer?

FP Markets offers two types of accounts: Standard and Raw. To start with either account, an FP Markets minimum deposit of £100 is required, allowing trading in forex pairs, metals, indices, and commodities.

Both accounts benefit from the mobile app, VPS hosting, and ECN pricing, with leverage up to 500:1 and a minimum trade size of 0.01 lot.

The key difference lies in the costs: the standard account has no commission, but the spread starts at 1.0 pips, while the Raw account has a $3 per lot per side commission, but offers a tighter spread starting at 0.0 pips. 

In addition to the Standard and Raw accounts, FP Markets offers an Islamic trading account, also known as a swap-free account. This account type adheres to Islamic law by not crediting or debiting swap fees. In such accounts, a management fee is deducted from the account balance instead of charging swaps or interest for overnight positions. Both Raw and Standard account types on the MT4 and MT5 platforms offer this swap-free option. However, it is not supported on FP Markets’ IRESS platform.

To help users familiarize themselves with the platform and the markets, FP Markets offers demo accounts with a 90-day inactivity limit. If the FP Markets demo account is not used within this period, the broker will deactivate it.

Now, here’s the step-by-step process to open an account on FP Markets:

• Step 1: First, visit the official FP Markets website.

• Step 2: Once there, you can either click on the ‘Open Live’ option or scroll to the bottom and select ‘Open an Account.’
• Step 3: This will direct you to the account application page, where you need to fill in your details.

• Step 4: Start by entering your email or sign up using Google or Facebook.
• Step 5: Then, provide your first and last name as they appear on your government ID and choose the account type (Individual, Joint, or Corporate). Next, select your country and preferred language, and then enter your phone number.

• Step 6: You must also provide additional personal details, including your full address and financial information, which are not required when opening a demo account.
• Step 7: In the account configuration stage, select your platform (MT4, MT5, cTrader, or TradingView), choose between Raw and Standard accounts, and select your currency (AUD, USD, EUR, GBP, SGD, CHF, CAD, NZD, JPY, HKD, PLN, ZAR, MXN, & BRL).

• Step 8: In the next stage, provide your annual income, declare the source of funds for trading, and specify the number of years you have traded. Then, read and accept the terms and conditions.
• Step 9: The final segment is account verification, which requires identity verification using a valid photo ID such as a passport, government-issued ID card, or driver’s license. If the ID does not show a residential address, you must also provide a separate proof of address, such as a bank statement, utility, landline, or internet bill less than six months old.
• Step 10: Now, FP Markets will review your application.

Once confirmed, you can begin trading on FP Markets. You will most likely receive a confirmation within the next 24 hours.

FP Markets Fees and Costs Explained

FP Markets offers ECN Pricing, which means it sources the best price quotes from liquidity providers instead of making its own. The Electronic Communication Network (ECN) allows the platform to offer deep liquidity, tight spreads, and rapid execution, minimizing slippage.

Standard account holders incur no commission fee, and their spreads start at 1.0 pips and vary by instrument. Raw account holders enjoy even lower spreads, starting from 0.0 pips, but they must pay commissions of 2.25 GBP on forex and metal instruments across MT4 and 5 platforms. 

Generally, FP Markets charges low CFD and forex fees compared to other platforms, and it offers industry-standard swap rates.

When it comes to non-trading fees, FP Markets does not impose an inactivity fee, and there are no charges for deposits and withdrawals. However, international bank transfers can be expensive. Additionally, fees may vary depending on the chosen trading platform and the payment method used for funding or cashing out from your account. 

What trading instruments do FP Markets offer?

Now, let’s look at the wide range of trading instruments available at FP Markets, a key focus in our FP Markets broker review.

In the forex market, the broker offers 70 currency pairs involving all major currencies, available 24 hours a day, five days a week. This includes pairs like GBP/USD, EUR/USD, and USD/JPY.

FP Markets also provides access to thousands of stocks across various industries on global exchanges and supports 19 major global indices through index Contracts for Difference (CFDs). In commodities, traders can engage with a diverse selection, including coffee, natural gas, corn, gold, silver, oil, soya beans, wheat, and other metals.

In addition to bonds, FP Markets offers the opportunity to trade several exchange-traded fund (ETF) products. Access to such an extensive portfolio of financial products allows traders to diversify their portfolios and hedge risks, benefiting from FP Markets’ high leverage, rapid execution speeds, low slippage, deep liquidity, and tight spreads.

To provide deep liquidity, the broker has established partnerships with top-tier banking and non-banking financial institutions, securing multi-asset liquidity and the best market prices. Additionally, FP Markets trading tools enhance the trading experience by offering advanced charting, technical analysis, and risk management features, ensuring traders have everything they need to succeed.

FP Markets: Supported Trading Platforms

Now, we’ll take a look at the wide availability of trading platforms:

MetaTrader 4 (MT4): FP Markets provides MetaTrader 4 for iOS, Android, Windows, and Mac devices, enabling traders to trade from virtually anywhere. Its pretty simple but intuitive design makes it accessible for both beginners and professionals to navigate the financial markets efficiently.

MT4 features a customizable interface, one-click trading, numerous technical indicators, advanced charting tools, market insights, real-time price charts, customizable alerts, automated trading, Expert Advisors (EAs), and access to the MetaTrader market and MQL4 community. Additionally, FP Markets’ clients can utilize a copy trading system called AutoTrade.

MetaTrader 5 (MT5): Specifically designed for trading Forex and CFDs, FP Markets supports the versatile and multi-asset platform MT5, developed by MetaQuotes. This platform provides a more advanced trading experience, with a wider range of market analysis tools and access to additional exchange markets. It allows for the development of custom indicators and supports algorithmic trading and copy trading.

MT5 features a user interface similar to that of MT4, enabling a seamless transition for users. However, being the latest version, it’s faster and more efficient, making it suitable for traders of all skill levels, just like its predecessor.

IRESS platform: FP Markets offers the Iress Suite, featuring seamless data synchronization between Iress Trader and Iress ViewPoint, module linking, enhanced browser alerts, management of multiple portfolios, real-time price streaming, and DMA. Iress ViewPoint is a web-based platform offering comprehensive data visibility, superior charting, and analytical tools. 

Iress Mobile, on the other hand, is a trading app with live dynamic pricing and market data, access to real-time financial news, watchlists, and advanced order management.

Beyond these trading platforms, FP Markets also supports its clients through cTrader and TradingView to help them improve their trading and investing capabilities. 

Spotware-powered cTrader offers a professional-grade charting solution with customizable features and advanced charting applications tailored to various trading styles. Key features include split screens for multi-chart viewing on a single screen, Level 2 Pricing, Smart Stop-Out, diverse Order Types, an economic calendar, a News function, and ChartShots for sharing work on social media.

TradingView, another popular charting platform, has established a global community of millions of traders and investors. By providing support for TradingView, FP Markets enables its clients to get seamless access to international markets and a vibrant social trading community.

How Safe is the FP Markets app?

Nowadays, almost every broker offers their mobile apps, and FP Markets is no exception. Its app is available for both Android and Apple users, allowing you to trade forex and CFDs across all the supported markets from the palm of your hand. Thus, you can trade anytime, anywhere—after all, markets wait for no one.

The FP Markets app enables you to toggle between instruments and create your own favorites menu, putting you in control of your trading experience. Besides making, monitoring, and reviewing trades within seconds, traders can also conduct research and technical analysis using a wide range of tools. Through the app, you can deposit funds, adjust FP Markets leverage levels, access the browser, and enjoy 24/7 multilingual FP Markets customer support.

For an efficient and seamless user experience, the app allows users to access their account, modify settings via the Client Portal, and log in to their MT4 account using the same credentials.

Meanwhile, using the Copy Trading feature, a trader can find, follow, and copy successful traders automatically. This is particularly beneficial for beginners who want to learn from experienced traders.

Instead of developing your trading strategy or conducting extensive research, copy trading allows you to emulate those with proven success. FP Markets facilitates this with a detailed Ratings Page. Also, copy trading is available through MT4 and MT5, so you do not have to keep your device on, thanks to dedicated servers.

For iOS device users, the FP Markets Trading App is compatible with iPhone, iPad, and iPod Touch. Android device users can also utilize the app on their Android smartphones and tablets.

FP Markets Customer Support

While enjoying all these functionalities, what if you run into issues? You can resolve them by emailing FP Markets, and if you need human assistance, you can fill out the Callback Request Form. For a quick response, stick to office hours, which are 07:00 – 07:00 from Monday to Saturday (AEDT) and 22:00 – 22:00 through Sunday to Friday (GMT).

If you prefer not to interact directly with support staff, you can consult the FAQs page for general inquiries. The platform’s extensive help center is equipped to resolve the most common issues, demonstrating the broker’s dedication to serving its clients.

Another way FP Markets offers customer service is through live chat. So, the broker has pretty much covered all the bases. Importantly, the support team is multilingual, accommodating over 12 languages, and available 24/7. All this information is easily accessible on the broker’s website.

Our Review Methodology?

For this FP Markets UK review, our team of independent researchers performed an in-depth analysis to assist you in making an informed decision.

Our evaluation was based on several critical factors relevant to a CFD and forex broker, including trading technology, FP Markets features, usability, costs, account benefits, educational material, customer service, and security. Leveraging extensive market knowledge and robust data, we provide up-to-date and relevant information to ensure a seamless experience for our UK traders and investors.

The Bottom Line on FP Markets 

Choosing a good broker is crucial to your trading success, as it impacts your market access, trading execution, and security. FP Markets stands out as a top choice for CFD and forex trading by offering wide access to CFDs across forex, shares, indices, commodities, bonds, and ETFs. With over 10,000 CFD products and the option to trade on platforms like MT4, MT5, and Iress, FP Markets caters to all your trading needs.

FP Markets offers two account types (Standard and Raw) allowing traders to choose between low commissions or low spreads based on their specific needs. With features like leverage up to 500:1, copy trading features, and cutting-edge trading tools, FP Markets is a reputable and popular option in 2024.

Those looking to dabble in CFD and forex trading, FP Markets is worth considering. Simply tap the link below and open an FP Markets trading account today!

FAQs