FP Markets MT5 Review (2026): Raw Spreads & 6 Regulators

FP Markets is not a single legal box — it is a group, and the regulator behind your account changes your leverage cap, compensation scheme, and negative-balance rules.

ASIC (Australia) — First Prudential Markets Pty Ltd holds AFSL 286354. Retail clients get segregated funds, standard Australian conduct rules, and 1:30 maximum leverage on major forex under local product intervention norms.

CySEC (EU) — First Prudential Markets Ltd is authorised under 371/18, with access to the Investor Compensation Fund (ICF) up to EUR 20,000 for eligible retail claims and MiFID-style protections including negative balance protection where applicable.

FSCA (South Africa) — FP Markets (Pty) Ltd is licensed as FSP 50926, giving a regulated onshore option for African clients with local oversight expectations.

FSA (Seychelles) — First Prudential Markets Limited holds a Securities Dealer licence (SD130). This is the classic higher-leverage, lighter-touch bucket: useful for global reach, but not equivalent to ASIC or CySEC safeguards.

CMA (Kenya) — FP MARKETS LIMITED holds CMA licence 103 (non-dealing foreign exchange broker), reflecting the group’s push into regulated African markets.

FSC (Mauritius) — FP Markets Ltd holds an FSC licence, adding another regulated offshore option alongside Seychelles.

St. Vincent — Disclosures still reference FP Markets LLC (e.g. company registration 126 LLC 2019). That is corporate presence, not a Tier-1 financial regulator — do not confuse registry with prudential supervision.

Compared with brokers that only brand an offshore badge, FP Markets’ two Tier-1 anchors (ASIC + CySEC) plus FSCA, CMA, and FSC are meaningful — provided you know which entity your contract is with before you deposit.

FP Markets splits forex/CFD pricing into Standard and Raw on MT4, MT5, and cTrader.

Standard is commission-free with marketing spreads from 1.0 pips on majors — in practice, think roughly 1.0–1.2 pips on EUR/USD as a working average when liquidity is normal.

Raw advertises from 0.0 pips on EUR/USD at the best times. The broker charges a per-lot-per-side commission in your account currency. For a USD account, official copy cites USD 3.00 each way on forex and metals — USD 6.00 round turn per standard lot. Other bases differ (for example EUR 2.75, GBP 2.25, AUD/CAD/SGD 3.50 per side — always confirm on FP Markets’ live MT4/5 and cTrader fee pages before sizing a strategy).

The breakeven logic: if your average all-in spread on Standard is around 1.0 pips, Raw plus $6 per lot needs an average raw spread near 0.4 pips or better on EUR/USD to win — something active sessions often deliver, while quiet Asian hours may not.

Indices, commodities, and crypto on Raw often carry zero commission with wider spreads — read the asset-class schedule, not the forex headline.

On the positive side: no inactivity fees and no deposit fees — a genuine advantage over brokers that charge $10–25/month for dormant accounts.

Spreads still widen around news and at night; 0.0 pips is a best-case print, not a floor. This is normal ECN-style behaviour, not a FP Markets–specific glitch.

FP Markets stacks MT4, MT5, cTrader, IRESS, and TradingView integration (launched in partnership — confirm current symbol coverage on your live login). The catalog spans 70+ forex pairs, 15+ indices, 29 commodities, 11+ crypto CFDs, 45 ETFs (via IRESS), and 10,000+ share CFDs across the full offering. FP Markets has repeatedly expanded MT5 share CFDs by hundreds of names per release cycle.

That scale has a UX cost: Market Watch can feel crowded versus a dedicated stock app. If you mostly trade equity CFDs, you will spend time curating symbols; if you mix forex, indices, and a stock basket, MT5’s one-terminal workflow can still win.

Leverage marketing on global pages shows up to 1:500, but ASIC and CySEC retail majors remain capped at 1:30. FSCA, Seychelles, and Kenya paths follow their own rulebooks — your onboarding PDF matters more than the homepage banner.

Minimum deposit for Standard and Raw on MT platforms is AUD 100 or equivalent — low enough to treat the broker as a serious trial venue. IRESS is a separate lane: AUD 1,000 minimum balance on the published retail grid, plus platform and exchange data fees that active traders can sometimes rebate through commission — see FP Markets’ IRESS fee schedule before signing up for DMA-style equities.

Scalping and EAs are part of the brand positioning; average sub-40 ms execution claims are widely advertised — treat them as indicative, not a guarantee on every route.

FP Markets is honest about what it is: a pricing-and-execution broker more than a university. You get articles, videos, and webinars, but nothing on the scale of IG, CMC, or FOREX.com structured academies. If you still need core curriculum, plan on external education while using FP for fills.

Support is 24/5, not 24/7. That matters if you run weekend crypto gaps or need chat help on Sunday — you may wait until the Sydney/London week restarts.

IRESS’s higher entry and recurring fees create a two-tier experience: AUD 100 unlocks MetaTrader and cTrader; true DMA equity workflows sit behind IRESS economics. That is transparent on the site, but easy to miss if you only read the hero banner.