FP Markets Forex Broker Review

ASIC-regulated with IC Markets-level pricing

FP Markets' Raw account delivers EUR/USD spreads averaging 0.0–0.1 pips with a USD 6 round-turn commission - essentially on par with IC Markets and below most other ECN options at the retail level. Both brokers are ASIC-licensed, Sydney-based, and targeting the same active-trader audience. FP Markets competes directly on cost with better cTrader support than some peers.

IRESS - the differentiator

Where FP Markets genuinely separates from IC Markets is the IRESS integration. IRESS gives traders direct market access (DMA) to ASX shares, plus access to equities on NYSE, LSE, and other global exchanges - live level II market depth, direct routing, no CFD wrapper. For Australian traders who want to manage an equity portfolio and a forex book from one account, IRESS is a meaningful capability that very few forex brokers offer. Note that IRESS carries a monthly fee (around AUD 55/month) for lower-volume traders, so it's worth calculating whether the feature justifies its cost.

Platform coverage

MT4, MT5, cTrader, TradingView, and IRESS from the same account. cTrader support is good - FP Markets' cTrader implementation supports the standard API access and Level II pricing that cTrader traders expect.

Regulation

ASIC (286354) and CySEC (371/18). The ASIC licence is the primary regulatory anchor for Australian clients; CySEC covers EU clients.

Where it falls short

The IRESS monthly fee is a pain point for lower-volume equity traders. Customer support is primarily oriented toward Australian business hours, which can mean longer response times for Asian and European clients. No US clients.

Bottom line

FP Markets is the right choice for Australian and Asia-Pacific traders who want ECN-quality FX pricing, a complete platform stack including cTrader, and the option of DMA equity access via IRESS - all under solid ASIC regulation.