I’m considering opening an account with FP Markets, but I’m getting mixed signals about regulation and costs. I see different entities depending on region, and I want to make sure I end up with the right one before I fund.
If you’ve used them, which entity did you register under and how did you verify it? Did you check the license number against the regulator site and read the client agreement? Anything catch you off guard?
On costs, what did you actually pay after commission, swaps, and any currency conversion? If you get rebates, how much did that change your true spread?
How stable have MT4 or MT5 been for you during busy sessions, and how fast were withdrawals by method?
If you switched away, why? If you stayed, why? What would you do differently if you were opening today?
ASIC entity felt safer but onboarding slower
Standard account spreads okay during London but widened fast
Start with the client agreement and the account confirmation email. It shows the legal entity and address. Match that name and license number on the ASIC or CySEC register. Save a PDF. Check what protections apply to that entity, like complaint handling and compensation. Read the sections on client money and margin closeout. Open small, then test. Log spreads from tick data for a week. Place a tiny trade during London open and a news event. Withdraw a small amount to see timing and fees.
To see real cost, track each fill with timestamp, spread, commission, and any swap. Add spread and commission, then subtract your rebate. That gives cost per lot. Do this per symbol and session. Compare your average to the broker spec. If your cost drifts higher during your trading window, adjust or move. Watch conversion fees too. A base currency mismatch can add a few dollars per lot.
CySEC entity for me.
EURUSD raw spread stayed around 0.2 most of the day, commission as listed. MT5 stable.
Skrill withdrawals took about one business day. Bank took two.
Rebates helped a bit but did not change decisions.
ASIC looked solid but I was routed to CySEC due to region. Verified the company name on the register. Bank transfer landed in two days, no surprises.
Used FP Markets Raw for six months under CySEC.
Average on EURUSD was 0.2 to 0.4 plus commission. After rebates my effective spread plus commission was about 0.6 on London hours. News spikes were worse, so I avoided the first minute.
Two withdrawals by bank took 24 to 48 hours from approval. One request needed extra address proof and added a day.
If I opened again I would pick the same entity and keep base currency aligned to avoid conversion fees.