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FP Markets for stocks: IRESS direct market access

FP Markets is one of the very few forex brokers to offer genuine Direct Market Access (DMA) to equity markets via the IRESS platform. IRESS provides access to ASX shares, NYSE, LSE, and other global exchanges with live Level II market depth and direct routing, giving traders the same order infrastructure used by professional brokers, not a CFD wrapper. This is a meaningful structural difference from brokers that only offer share CFDs.

Two models: IRESS DMA and standard share CFDs

FP Markets offers two share trading routes. The IRESS DMA path delivers real access to the ASX and major global markets with live Level II data, direct routing, and transparent exchange pricing; a monthly fee of approximately AUD 55 applies for lower-volume traders. The standard share CFD route covers 10,000+ global shares across US, UK, European, and Asian markets on MT4, MT5, cTrader, and TradingView with no additional platform fee.

Costs

IRESS DMA costs are exchange commissions plus a small platform markup, generally competitive for Australian equity trading. Share CFD spreads on MT4/MT5 are variable and comparable to other ECN-adjacent brokers in the space.

Regulation

FP Markets is regulated by ASIC (286354) and CySEC (371/18). The ASIC licence is one of the most demanding Tier 1 retail financial market licences globally, providing strong client fund protection and formal complaints and dispute resolution mechanisms.

Limitations

The IRESS DMA monthly fee (AUD 55+) makes it economical only for traders who actively use the platform. The IRESS interface has a learning curve compared to MetaTrader. DMA equity access is strongest for ASX, access to US and European markets on IRESS is available but broader than what US-based DMA brokers offer.

Bottom line

FP Markets is the strongest choice for Australian traders who want genuine DMA equity access alongside ECN forex in one account. For traders who want simpler share CFD access without the IRESS fee, the MT4/MT5 share CFDs offer a wider selection with less complexity.