FP Markets Review 2026: Account Types, Spreads & Verdict

FP Markets is a multi-regulated broker founded in 2005 that holds seven regulatory licenses, including ASIC and CySEC — and here is the headline most bonus sites will not print: FP Markets does not currently run a deposit bonus or a no-deposit bonus. Its only confirmed active promotion as of our June 2026 research is a Refer-a-Friend program. This independent FP Markets review covers the account types, regulation, platforms including cTrader, the promotions that actually exist, and honest alternatives if a bonus is what you came for. Verified June 2026.

Affiliate disclosure: forex-bonus.com may receive compensation if you open an account through links on this page. This does not influence our ratings or analysis. See our review methodology for how we evaluate brokers.

Risk warning: Forex and CFD trading carries significant risk. The majority of retail trader accounts lose money. You should not trade with money you cannot afford to lose.

Quick Verdict

Category	Detail
Rating	8.5 / 10
Regulation	ASIC (Australia), CySEC (Cyprus), FSCA (South Africa), FSA (Seychelles), CMA (Kenya), FSC (Mauritius), SCB (Bahamas)
Founded	2005
Min. Deposit	$100 AUD or equivalent (Standard and Raw accounts)
Platforms	MT4, MT5, cTrader
Bonus Programs	No deposit or no-deposit bonus. Refer-a-Friend (up to $200 per referral) is the only confirmed active promotion. VPS fee reimbursement available for qualifying volume
Best For	Traders who prioritize regulation and trading conditions over promotions
Bonus Availability	No traditional bonuses in any region — this is a broker policy shaped by its heavy regulation, not a geo-restriction

FP Markets scores 8.5/10 in our vetting framework — one of the highest scores in our database — but for reasons that have nothing to do with bonuses. The broker has operated since 2005, holds seven licenses spanning Australia, Europe, Africa, and offshore jurisdictions, and offers all three major retail platforms: MT4, MT5, and cTrader. That combination of a 20-year track record and top-tier regulation is rare.

The tradeoff is exactly what you would expect from that regulatory posture. ASIC and CySEC both ban retail trading incentives, and FP Markets has not built the kind of offshore-first bonus machine that brokers like XM or HFM run. If you want a deposit match or broker-funded starting credit, FP Markets is the wrong destination — we list verified alternatives below. If you want a heavily regulated broker with a serious platform lineup, keep reading.

Use our bonus finder to see which brokers do run active offers in your country.

Who FP Markets Is

FP Markets launched in 2005, making it one of the longest-operating brokers in our database — older than XM (2009), HFM (2010), and Tickmill (2014). Over two decades the broker has built a seven-licence structure spanning Australia, Europe, Africa, and several offshore jurisdictions.

The regulatory footprint, as recorded in our Broker & Bonus Matrix:

• ASIC (Australia) — AFS Licence No. 286354. One of the world’s strictest regulators. No bonuses permitted for retail clients.
• CySEC (Cyprus) — Licence No. 371/18. The EU entity. ESMA rules ban retail trading incentives under this licence.
• FSCA (South Africa) — Licence No. 50926. A locally regulated option for South African traders.
• FSA (Seychelles) — the offshore entity that typically serves clients in markets outside the EU, Australia, and South Africa.
• CMA (Kenya) — a rare licence that gives East African traders a regionally regulated option. Only a handful of brokers in our database hold it.
• FSC (Mauritius) — an additional offshore licence.
• SCB (Bahamas) — Securities Commission of The Bahamas registration.

Which entity you register under depends on your country of residence, and it determines your regulatory protections. Traders in Nigeria, India, Indonesia, Malaysia, and most other emerging markets typically fall under one of the offshore entities; South African traders get the FSCA entity and Kenyan traders the CMA entity.

One transparency note: fpmarkets.com blocked our automated research tools (HTTP 403 on all pages), so some operational details in this review come from the broker’s published materials found via search rather than direct page verification. Everything below is marked accordingly. For how we handle gaps like this, see our review methodology.

Regulation and Safety

Regulation is the single most important factor in evaluating any broker, and it is FP Markets’ strongest card. Seven licenses places FP Markets among the broadest regulatory footprints in our database, alongside HFM’s six licenses and Exness’s multi-entity structure.

ASIC — Australian Securities and Investments Commission

FP Markets holds AFS Licence No. 286354. ASIC-regulated brokers must meet substantial capital adequacy requirements, segregate client funds, and comply with Australian financial services law. ASIC also bans trading bonuses for retail clients entirely — which is a major reason FP Markets’ promotional lineup is so thin. A broker that has operated since 2005 has traded through multiple regulatory tightening cycles, including ASIC’s CFD product intervention rules.

CySEC — Cyprus Securities and Exchange Commission

Licence No. 371/18 covers the EU entity. CySEC enforces segregated client funds, Investor Compensation Fund participation, negative balance protection for retail clients, and the ESMA ban on retail trading incentives.

FSCA — South Africa

Licence No. 50926 gives South African traders a locally regulated entity with dispute resolution inside the South African legal framework. For traders in South Africa, this matters: you are not forced into a purely offshore structure the way you are with many bonus-first brokers.

CMA — Kenya

FP Markets holds a Capital Markets Authority licence in Kenya. Very few international brokers do — in our database only HFM, Exness, and Windsor Brokers also hold one. For traders in Kenya, a CMA licence means local regulatory oversight rather than relying entirely on a Seychelles or Mauritius entity.

FSA Seychelles, FSC Mauritius, SCB Bahamas

These offshore licenses serve clients in regions the regulated entities cannot. Offshore regulation provides basic registration and compliance oversight but weaker client protections — no compensation fund equivalents. This is the same structure used by every multi-entity broker; the difference is that FP Markets does not use its offshore entities to run aggressive bonus promotions the way most competitors do.

Our Regulatory Assessment

FP Markets’ structure earns near-top marks in our vetting framework. Two decades of operation, two first-tier licenses (ASIC, CySEC), two regional African licenses (FSCA, CMA), and no major sanctions on the public record. The practical caveat is the usual one: your protections depend on the entity you register under, and most emerging-market clients will be under an offshore entity. Confirm which entity covers your account during registration. See how we review brokers for our full assessment criteria.

Bonuses and Promotions

This section is short, and that is the honest story. Our June 2026 Matrix research confirmed the following about FP Markets’ promotional lineup:

No Deposit Bonus or Welcome Bonus — None Offered

FP Markets does not currently offer a deposit match, welcome bonus, or no-deposit bonus in any region. This is not a temporary pause we caught between campaigns; it is consistent with the broker’s regulatory positioning. ASIC and CySEC ban retail incentives outright, and FP Markets has not built a bonus program through its offshore entities either — our research found no publicly indexed bonus terms for the Seychelles, Mauritius, or Bahamas entities. Region-specific offers may exist privately, but nothing is published that we can verify, so we treat them as non-existent.

If a bonus is the deciding factor for you, these are the verified alternatives from our Matrix:

Broker	Verified Offer (June 2026)	Min. Deposit	Rating
XM	$30 no-deposit bonus + 50%+20% deposit bonus up to $5,000	$5	8.5/10
HFM	100% Supercharged Bonus up to $50,000 (min $250 deposit)	$5	8.5/10
FBS	100% first-deposit bonus; tiered 10%–60% on subsequent deposits	$5	7.5/10
InstaForex	30% welcome bonus on every deposit; 100% match up to $2,000	$1	6.5/10

Browse all verified offers by country in the bonus finder, or read the no deposit bonus guide and deposit bonus guide for how these offers actually work.

Refer-a-Friend — Up to $200 Per Referral

The one promotion our research confirmed as active in June 2026. You refer a friend; once they fund and trade, you receive a cash reward scaled to their activity:

Friend’s Deposit	Friend’s Volume Requirement	Your Reward
$500	2.5 lots (forex or metal CFDs)	$50
$1,000	5 lots	$100
$5,000	7.5 lots	$150
$10,000	10 lots	$200

Key terms from the published program page: the referred friend must deposit and trade within 30 days of registration, trades must be held for at least 5 minutes to count, the reward maximum is $200 per referral, and you can earn on a maximum of 3 referrals per calendar year. IBs and affiliates are not eligible without written consent, and FP Markets reserves the right to change or terminate the program at any time.

Is it worth it? As a bonus program, no — it pays you for recruiting, not for trading, and the 3-referral annual cap limits it to a maximum of $600 per year even if every friend deposits $10,000. As a side perk if you were going to recommend the broker anyway, it is fine. Note the status caveat: the program page returned a 403 to our research tools, so these figures come from the broker’s published materials via search snippets — confirm the live terms before counting on them. For how referral programs compare across brokers, see our refer-a-friend bonus guide.

VPS Fee Reimbursement

FP Markets offers a VPS subscription reimbursement for MT4/MT5 traders who meet a monthly volume requirement. Recorded terms: initial sponsorship requires a $1,000 minimum deposit, and the reimbursement is cancelled if the volume requirement is missed for 2 consecutive months. The exact lot thresholds are not verified — the program page was inaccessible to our tools. If you run EAs and need a VPS, confirm the current thresholds with FP Markets support before depositing. For context on how VPS perks work across brokers, see the free VPS bonus guide.

Cashback / Rebates — No Active Program

Our June 2026 research found no active public cashback or rebate program at FP Markets. The broker’s positioning is tight pricing upfront rather than rebates after the fact. If per-lot cashback is your model, see the forex cashback guide and our best cashback brokers comparison for brokers that do run one.

Why So Few Promotions?

It is worth understanding the structural reason, because it flips the usual warning. With bonus-heavy brokers, our standard caution is that promotions run through lightly regulated offshore entities. FP Markets is the inverse case: the regulation came first and the promotions never followed. Neither approach makes a broker good or bad on its own — but it means FP Markets competes on trading conditions, and you should judge it on those. Read why brokers offer bonuses for the economics behind both models, and track the live status of every FP Markets promotion on our FP Markets bonus page.

Trading Conditions

Spreads and Execution

[NEEDS-TEST-DATA] — Spread data requires live observation during active market hours, and fpmarkets.com blocked our research tools, so we do not publish spread figures for FP Markets yet. The broker’s market positioning is built around tight pricing on its Raw account tier, but we will not quote numbers we have not verified. Once live testing is complete, this section will be updated with timestamped spread observations during London and New York sessions.

For brokers whose spread positioning we have covered in more detail, see our best low-spread brokers guide or compare Tickmill and Exness.

Instruments

FP Markets offers forex and CFD trading. The full instrument count and asset-class breakdown are not recorded in our verified dataset — check the broker’s website for the current product range.

Leverage

Maximum leverage varies by entity: retail clients under ASIC and CySEC are capped at 1:30 by regulation, while offshore entities permit higher leverage. The exact maximum for the offshore entities is not recorded in our verified dataset — confirm the figure for your country during registration. Whatever the ceiling is, remember that high leverage cuts both ways: most professional traders use far less than brokers permit.

Account Types

This is the most-searched FP Markets topic, so let us be precise about what our verified data shows and what it does not.

FP Markets offers two core account types — Standard and Raw — both with a $100 AUD (or equivalent) minimum deposit, per our Matrix record.

Feature	Standard Account	Raw Account
Min. Deposit	$100 AUD or equivalent	$100 AUD or equivalent
Pricing Model	Costs built into the spread	Raw spreads plus a per-lot commission
Typical Spread	[NEEDS-TEST-DATA]	[NEEDS-TEST-DATA]
Commission	None (spread-only)	Not published in our verified dataset — check the broker site
Platforms	MT4, MT5, cTrader	MT4, MT5, cTrader
Bonus Eligible	No bonuses offered	No bonuses offered

How to choose between them:

• Standard Account — all-in pricing with no separate commission line. Simpler for beginners: your only trading cost per position is the spread. The tradeoff is that spread-only pricing is usually wider than raw pricing plus commission.
• Raw Account — raw interbank-style spreads with a commission charged per lot. For active traders and scalpers, raw-plus-commission accounts typically work out cheaper per trade in total. You need to track the commission as a separate cost when calculating breakeven.

The honest gap in this table: FP Markets’ exact commission rate and live spread figures are not in our verified dataset, because the broker’s site was inaccessible to our research tools and we do not copy unverified numbers from other review sites. The account structure itself ($100 minimum, Standard vs. Raw) is Matrix-verified. Before you fund an account, confirm the commission per lot on the broker’s own pricing page — it is the number that determines whether Raw beats Standard for your trading style.

For a deeper breakdown, see our dedicated FP Markets account types page and the FP Markets spreads page. To see how another broker structures the same decision, compare XM’s account types.

Platforms

FP Markets supports the full big-three retail platform lineup — MT4, MT5, and cTrader. That third option is genuinely uncommon: most brokers in our database are MetaTrader-only.

MetaTrader 4 (MT4)

The industry standard. Expert Advisors, custom indicators, one-click trading, and the largest community library of tools. If you run automated strategies built for MT4, FP Markets supports them.

MetaTrader 5 (MT5)

More timeframes (21 vs. 9), a built-in economic calendar, depth of market data, and better multi-asset support than MT4. The default choice if you are starting fresh in the MetaTrader ecosystem.

cTrader

The differentiator. cTrader offers Level II depth-of-market pricing, detachable charts, a cleaner modern interface, and cAlgo for C#-based automated strategies. Among the brokers in our database, only FP Markets and LiteFinance offer cTrader — Tickmill, XM, and Vantage do not. If cTrader is your platform, your broker shortlist is short, and FP Markets is on it.

All three platforms are available on desktop, web, and mobile — relevant for the mobile-first traders who make up most of our audience.

Deposit and Withdrawal

• Minimum deposit: $100 AUD or equivalent for Standard and Raw accounts. Higher than the $5 entry at XM or FBS, but in line with other conditions-first brokers like Tickmill ($100).
• Payment methods: FP Markets advertises standard methods (cards, bank transfer, e-wallets), but the full method list, fees, and processing times are not recorded in our verified dataset due to the site access block. Confirm the options for your country before opening an account.
• Local payment rails: Whether FP Markets supports localized options such as UPI (India), local bank transfer in NGN (Nigeria), or mobile money (Kenya, Ghana) is unconfirmed. If local rails matter to you, ask support directly — or compare brokers with confirmed local method support in our country guides.

See the dedicated FP Markets minimum deposit and FP Markets withdrawal pages for updates as we verify details.

Customer Support

[NEEDS-TEST-DATA] — We have not yet tested FP Markets’ support response times or quality, and the broker’s site was inaccessible to our research tools. Support channels, hours, and language coverage will be documented here once live testing is complete.

What We Tested

[NEEDS-TEST-DATA]

Transparency note: We have not yet completed live account testing for FP Markets. This review is built from our Broker & Bonus Matrix (researched June 2026) and the broker’s published materials. Items pending live verification:

• Account opening and KYC: Processing time and required documents for traders in Nigeria, South Africa, Kenya, and India.
• Actual spreads vs. positioning: Timestamped spread observation on EUR/USD, GBP/USD, and XAU/USD across Standard and Raw accounts during London and New York sessions.
• Raw account commission: Confirming the per-lot rate and calculating true round-turn costs against competitors.
• Withdrawal test: A full deposit-trade-withdraw cycle to measure processing times and check for fees.
• cTrader experience: Execution quality and feature completeness versus the MetaTrader platforms.
• Refer-a-Friend payout: Whether rewards credit as described in the published tiers.

Reviews marked as “tested” on forex-bonus.com include real account evidence. This one does not yet carry that label. See our review methodology for testing standards.

Pros and Cons

Pros

1. Seven regulatory licenses — ASIC, CySEC, FSCA, FSA Seychelles, CMA Kenya, FSC Mauritius, and SCB Bahamas. Among the broadest regulatory footprints in our database, anchored by two first-tier licenses.
2. 20+ year track record — Operating since 2005 with no major sanctions on the public record. Few brokers serving emerging markets can match that longevity.
3. cTrader alongside MT4 and MT5 — One of only two brokers in our database offering all three major platforms. A real differentiator for cTrader users.
4. Regional African licenses — FSCA (South Africa) and CMA (Kenya) give traders in those countries locally regulated entities instead of offshore-only registration.
5. No bonus strings — Because there are no bonuses, there are no volume-locked credits, proportional deductions on withdrawal, or expiry clocks on your margin. Your equity is simply your money.
6. Standard and Raw account choice at the same $100 minimum — You can pick spread-only simplicity or raw-plus-commission pricing without a higher entry barrier for the raw tier.

Cons

1. No deposit or no-deposit bonus — at all — If broker-funded credit is how you want to start, FP Markets simply does not offer it. XM and HFM do, with verified terms.
2. $100 minimum deposit — Twenty times the $5 entry at XM, FBS, or HFM. A real barrier for small-account traders in emerging markets.
3. Key figures unverified — Spreads, Raw account commission, withdrawal fees, and local payment support are not in our verified dataset because fpmarkets.com blocked automated research (HTTP 403). We publish gaps rather than guesses.
4. Thin promotional value — Refer-a-Friend caps at 3 referrals per year and the VPS reimbursement requires a $1,000 deposit plus unpublished volume thresholds. Neither adds meaningful trading value for most retail clients.
5. Most emerging-market clients still land offshore — Outside South Africa and Kenya, you will likely register under a Seychelles, Mauritius, or Bahamas entity with weaker protections than the ASIC/CySEC arms. Standard industry structure, but the flagship licenses will not be the ones covering you.

Who Should Use FP Markets

FP Markets is a strong fit if you:

• Prioritize regulation and longevity over promotions — seven licenses and a 2005 founding date are the profile of a broker built for the long haul
• Trade from South Africa or Kenya and want a locally licensed entity (FSCA / CMA) rather than offshore-only registration
• Want cTrader — the shortlist of quality brokers offering it is very short
• Are an active trader who will do the math on raw-plus-commission pricing rather than chasing deposit matches
• Have at least $100 to start and would rather own clean equity than bonus credit with unlock conditions
• Run EAs on a VPS and can meet the volume thresholds for the reimbursement program

Who Should NOT Use FP Markets

Look elsewhere if you:

• Want a no-deposit bonus to test a broker without depositing — FP Markets has none. XM’s $30 NDB is the verified alternative for most emerging markets, and the bonus finder lists the rest
• Want a deposit match to extend your margin — HFM (100% up to $50,000) and FBS (100% first deposit) run verified programs
• Are starting with less than $100 — XM, FBS, and HFM all open accounts from $5
• Need confirmed local payment rails (UPI, NGN bank transfer, mobile money) — unverified at FP Markets; confirm before committing
• Want cashback per lot — FP Markets has no active rebate program; see the cashback pillar for brokers that do

How FP Markets Compares

Feature	FP Markets	XM	Tickmill
Rating	8.5/10	8.5/10	8.0/10
Founded	2005	2009	2014
Regulation	ASIC, CySEC, FSCA, FSA, CMA, FSC, SCB	CySEC, ASIC, IFSC, DFSA, FSCA	FCA, CySEC, FSCA, FSA
Min. Deposit	$100	$5	$100
Platforms	MT4, MT5, cTrader	MT4, MT5, WebTrader	MT4, MT5, TradingView
No-Deposit Bonus	None	$30	$30 (excludes most emerging markets)
Deposit Bonus	None	50%+20% up to $5,000	Up to 20% (status uncertain)
Best For	Regulation + cTrader	Bonuses + low entry	ECN pricing + TradingView

The pattern is clear: FP Markets and Tickmill compete on conditions and regulation; XM competes on accessibility and promotions. FP Markets’ seven licenses and cTrader support edge out Tickmill’s profile, while XM remains the pick if bonuses drive your decision. For side-by-side detail, use our broker comparison tool.

FAQ

Is FP Markets a legitimate and safe broker?

Yes, by the strongest measures available in this industry. FP Markets has operated since 2005 and holds seven licenses: ASIC (AFS Licence 286354), CySEC (371/18), FSCA South Africa (50926), FSA Seychelles, CMA Kenya, FSC Mauritius, and SCB Bahamas. The ASIC and CySEC licenses impose client fund segregation, capital requirements, and regular audits. As always, your specific protections depend on which entity your account sits under — traders outside South Africa, Kenya, the EU, and Australia typically register with an offshore entity. See our review methodology for how we assess broker safety.

Does FP Markets offer a deposit bonus or no-deposit bonus?

No. As of our June 2026 verification, FP Markets does not run a deposit match, welcome bonus, or no-deposit bonus in any region. Its heavy regulation (ASIC and CySEC both ban retail incentives) shapes this policy, and the broker has not launched bonus programs through its offshore entities either. The only confirmed active promotion is Refer-a-Friend (up to $200 per referral, maximum 3 per year). If you specifically want a bonus, verified alternatives include XM ($30 no-deposit bonus plus a 50%+20% deposit bonus) and HFM (100% deposit bonus up to $50,000).

What account types does FP Markets offer?

FP Markets offers two core account types: Standard (all costs built into the spread, no separate commission) and Raw (raw spreads plus a per-lot commission). Both carry a $100 AUD (or equivalent) minimum deposit, and both are available on MT4, MT5, and cTrader. Standard suits beginners who want one simple cost per trade; Raw usually works out cheaper for active traders once the commission is netted against the tighter spread. FP Markets’ exact commission rate is not in our verified dataset — confirm it on the broker’s pricing page before choosing. Full breakdown on our FP Markets account types page.

What is the minimum deposit at FP Markets?

$100 AUD or equivalent for the Standard and Raw accounts. That is higher than bonus-focused competitors (XM, FBS, and HFM start at $5) and equal to Tickmill’s $100. If $100 is above your starting budget, a cent-account broker or a low-minimum broker is the more sensible route — see our guide to the best bonuses for small accounts.

Does FP Markets support cTrader?

Yes — FP Markets offers cTrader alongside MT4 and MT5, making it one of the very few brokers in our database with all three platforms. cTrader brings Level II depth of market, detachable charting, and C#-based cAlgo automation. If cTrader is a requirement, your realistic alternatives among our vetted brokers are limited to LiteFinance (ECN accounts only).

How does the FP Markets Refer-a-Friend program work?

You refer a friend who opens and funds an account. Rewards scale with their deposit and trading volume within 30 days of registration: $50 (for a $500 deposit + 2.5 lots), $100 ($1,000 + 5 lots), $150 ($5,000 + 7.5 lots), or $200 ($10,000 + 10 lots). Trades must be held at least 5 minutes to count, and you can earn on a maximum of 3 referrals per calendar year. The program page was inaccessible to our research tools, so treat these published figures as indicative and confirm the live terms with FP Markets. Compare programs in our referral bonus guide.

Can I use FP Markets from Nigeria, Kenya, or South Africa?

FP Markets serves traders across Africa, and its licensing is a genuine strength there: South Africans register under the FSCA-licensed entity and Kenyans under the CMA-licensed entity — local regulation most competitors cannot offer. Nigerian traders are typically served by an offshore entity. Just be clear about what you are getting: strong regulation and platform choice, but no bonuses in any of these countries. Local payment method support (NGN transfer, M-Pesa) is not verified in our dataset — confirm with support.

Does FP Markets offer swap-free Islamic accounts?

Swap-free availability is not recorded in our verified dataset — the broker’s site was inaccessible to our research tools during the June 2026 research cycle. Many multi-entity brokers offer Islamic account conversion on request, but we will not state it as fact for FP Markets without verification. Contact FP Markets support directly, and see our Islamic forex bonus guide for brokers with confirmed swap-free options.

Final Verdict

FP Markets earns an 8.5/10 in our vetting framework on the strength of its regulation and longevity: seven licenses including ASIC and CySEC, two decades of operation, regional African licensing that most competitors lack, and the rare full MT4/MT5/cTrader platform lineup.

But this site exists to tell you the truth about bonuses, so here it is one more time: FP Markets has no deposit bonus and no no-deposit bonus, anywhere. Its only confirmed promotion is a capped referral program, plus a VPS reimbursement with unpublished thresholds. If you came looking for broker-funded credit, the verified paths are XM for the $30 no-deposit bonus and low entry, HFM for the large deposit match, or the bonus finder filtered to your country.

Choose FP Markets for what it actually is: a conditions-first, heavily regulated broker for traders who have moved past bonus-chasing and want clean equity, platform choice, and a licence structure with real enforcement behind it. Confirm the unverified details flagged in this review — commission rates, payment methods, swap-free status — directly with the broker before funding.

No broker choice changes the fundamental reality: forex and CFD trading is high-risk, and the majority of retail accounts lose money. Start with a position size you can afford to lose.

Find offers available in your country | Compare FP Markets with other brokers | Read how we review brokers

Verified against the Broker & Bonus Matrix: June 2026. fpmarkets.com returned HTTP 403 to our research tools; figures above are limited to what our Matrix research could verify from published materials, and gaps are marked rather than guessed. This review will be updated once live account testing is complete.