FP Markets review: The best entry point for new Australian traders
FP Markets is the best forex broker for beginners and traders who want ASX share access in 2026. Sydney-based, ASIC-regulated (AFSL 286354), with AUD 100 minimum deposit (the lowest of any premier ASIC broker). The Raw account offers 0.1 pip average EUR/USD spreads with AUD 3.00 per-side commission. Unique among retail forex brokers, FP Markets provides direct IRESS platform access for institutional-grade ASX trading. Rating: 4.6 out of 5.
Key facts at a glance
Open an FP Markets account
AUD 100 minimum deposit (lowest of premier ASIC brokers). ASIC-regulated. AFSL 286354.
Open Account at FP MarketsIs FP Markets safe for Australian traders?
FP Markets operates First Prudential Markets Pty Ltd under AFSL 286354. The company has been in continuous operation since 2005, making it among the longest-running retail forex brokers in Australia. No ASIC enforcement actions have been recorded against the Australian entity.
Standard ASIC protections apply: segregated client funds in Australian Tier-1 banks, negative balance protection for retail accounts, and AFCA dispute resolution access. The firm holds additional CySEC authorisation for European clients but Australian residents trade under ASIC jurisdiction by default.
Spreads and commission breakdown
I tested FP Markets Raw account for two months on a live trading account. Results show competitive pricing though marginally behind Pepperstone and IC Markets on Asian session tight pairs.
| Pair | London open | London/NY overlap | Asian session | Average |
|---|---|---|---|---|
| EUR/USD | 0.2 pip | 0.1 pip | 0.4 pip | 0.2 pip |
| GBP/USD | 0.4 pip | 0.3 pip | 0.8 pip | 0.4 pip |
| AUD/USD | 0.3 pip | 0.2 pip | 0.5 pip | 0.3 pip |
| USD/JPY | 0.3 pip | 0.2 pip | 0.6 pip | 0.3 pip |
| EUR/AUD | 0.6 pip | 0.4 pip | 0.8 pip | 0.6 pip |
Raw account on FP Markets. Live testing across February and March 2026.
Why is commission lower but total cost similar?
FP Markets charges AUD 3.00 per side commission versus Pepperstone and IC Markets' AUD 3.50. That is AUD 1 per standard lot round-turn in savings. However, FP Markets' slightly wider spreads on major pairs (0.2 pip average EUR/USD versus 0.1) offset most of that saving. Net cost per trade is approximately AUD 7-8 either way.
Where does FP Markets beat Pepperstone on price?
Exotic pairs. FP Markets' connectivity produces tighter spreads on minor and exotic crosses. EUR/AUD, AUD/CAD, and GBP/AUD show noticeably narrower spreads than Pepperstone during testing. If you trade exotic pairs regularly, FP Markets may be the cheaper choice despite the commission.
The IRESS advantage
This is FP Markets' distinguishing feature among ASIC forex brokers. No other major retail forex broker provides IRESS access.
What is IRESS?
IRESS is institutional-grade Australian financial market software. It is used by professional fund managers, institutional traders, and financial advisers across Australia. The platform provides direct ASX share trading, Level 2 depth of market data, institutional-grade market intelligence, and comprehensive trade reporting.
Retail access to IRESS has traditionally been restricted or expensive. FP Markets offers it to retail clients through an integrated account structure, which is genuinely rare.
Why does IRESS access matter?
For traders who want to diversify beyond forex into Australian equities without managing multiple broker relationships, IRESS access is transformative. You trade EUR/USD in the morning on MT5 and ASX 200 constituents in the afternoon on IRESS, from the same funded account.
The alternative is maintaining accounts at FP Markets (for forex) and CommSec or Stake (for ASX shares), with separate deposits, separate tax reporting, and separate withdrawal workflows. FP Markets consolidates this.
Platforms: MT4, MT5, cTrader, IRESS
Platform breadth matches Pepperstone: MT4, MT5, cTrader, and IRESS. This is the widest platform selection of any ASIC broker. Notably, all four platforms are accessible from a single client login, unlike IC Markets' separate-account structure for MetaTrader and cTrader.
Which platform should a beginner use?
Start with MT5 if you want to learn MetaTrader ecosystem. Start with cTrader if you want the cleanest modern trading interface. Use IRESS specifically for ASX share trading when you're ready to expand beyond forex. MT4 is still fine but increasingly legacy.
Education and beginner resources
FP Markets' education is the strongest of any ASIC broker I've reviewed. This is not marketing language. The content covers genuine basics competently.
What education does FP Markets provide?
Structured learning paths covering forex fundamentals (what spreads are, how margin works, why leverage is both useful and dangerous), technical analysis basics (price action, moving averages, trend identification), and risk management frameworks (position sizing, stop loss placement, risk-to-reward). Content is delivered through video lessons, written articles, and periodic webinars.
What separates it from competitors is that the content is designed to inform, not funnel. Most broker education exists to get you trading quickly so you start paying spreads. FP Markets' education is genuinely educational.
For serious depth, you'll still want external resources. But as a starting point, FP Markets gives you more than you'd expect from broker-provided content.
Deposits and withdrawals
Standard ASIC-regulated broker experience: PayID and Osko deposits processed in minutes during Australian banking hours. Bank transfers clear the same business day. Withdrawals submitted before midday process the same day, and submitted after process the next business day. I tested five withdrawals during my review period, all processed without issue within 24 hours.
FP Markets does not charge withdrawal fees for AUD transactions to Australian bank accounts. The AUD 100 minimum deposit is the lowest of any premier ASIC broker.
FP Markets ratings breakdown
Pros and cons
Pros
- Lowest minimum deposit of premier ASIC brokers (AUD 100)
- Unique IRESS platform access for ASX share trading
- Best education content of any ASIC forex broker
- All platforms (MT4, MT5, cTrader, IRESS) from single login
- Cheaper commission than Pepperstone or IC Markets (AUD 6 round-turn)
- Tighter spreads on exotic pairs (EUR/AUD, GBP/AUD)
Cons
- Execution quality during news events marginally behind Pepperstone
- Spreads on majors slightly wider than IC Markets/Pepperstone
- Mobile app less polished than desktop experience
- No TradingView integration
- Customer support quality variable outside Sydney business hours
Frequently asked questions
Yes. FP Markets is regulated by ASIC under AFSL 286354. Client funds are held in segregated trust accounts with Australian Tier-1 banks. Negative balance protection applies to retail accounts, and AFCA membership provides dispute resolution access. The company has operated since 2005 with no ASIC enforcement actions.
The minimum deposit at FP Markets is AUD 100, which is the lowest among premier ASIC-regulated forex brokers. This makes it the most accessible entry point for beginners with small initial capital.
IRESS is institutional-grade Australian equity trading software. FP Markets is the only retail forex broker offering direct IRESS access to retail clients, allowing ASX share trading, Level 2 depth of market data, and integrated market intelligence from the same account used for forex trading.
On the Raw account, EUR/USD averages 0.2 pips during active sessions, with commission of AUD 3.00 per side (AUD 6 round-turn per standard lot). This is actually cheaper commission than Pepperstone or IC Markets, though majors spreads are slightly wider.
Yes. FP Markets supports MT4, MT5, and cTrader, plus the IRESS platform. All major platforms are accessible from the same account login, which is a notable advantage over IC Markets' separate-account structure.
Yes. FP Markets has the strongest educational content library of the major ASIC brokers, with structured courses on forex fundamentals, technical analysis, and risk management. Combined with the AUD 100 minimum deposit, it is the most beginner-accessible option.
FP Markets is cheaper to start (AUD 100 vs AUD 200), offers IRESS for ASX shares, and has better education. Pepperstone offers superior execution during volatility events, TradingView integration, and marginally tighter spreads. For serious active traders, Pepperstone wins. For beginners or traders wanting share trading alongside forex, FP Markets is better.
Final verdict
FP Markets is the best first forex broker for Australians starting with under AUD 500. The AUD 100 minimum deposit reduces barrier to entry. The IRESS platform access is genuinely unique. The education content is materially better than competitors. The ASIC regulation is clean.
If you are already trading actively and prioritise absolute execution speed, move to Pepperstone. If you are starting out or want ASX share trading consolidated with your forex activity, FP Markets is the correct choice.
Open an FP Markets account
AUD 100 minimum deposit. ASIC-regulated. IRESS platform access. Strong education content.
Open Account at FP Markets