I signed up with FP about a month ago, and everything about them is exactly as advertised. The sign up process was straightforward and pretty standard. Their customer service is also good.
On their raw accounts, spreads are INSANELY low, with EURUSD gneuinely sitting at 0.0 - 0.1 pips throughout most of the day during the London and London/New York overlap. Spreads also do not widen nearly as much as they would with other brokers during the gap between the New York and Asian sessions, and even at closing time on Fridays you can expect EURUSD to only go as high as 5 pips. Additionally, a lot of brokers claim to offer leverage of up to 500:1, but this is usually reserved for professional traders only, not for retail clients. FP markets offers this leverage even for retail traders (but do note that leverage is limited based on account size - very large accounts can only get up to 100:1). They also offer a choice of 3 trading platforms - their own web platform, and MT4/MT5. They also offer a selection of large cap EU and US stocks and all of the major indices.
Now, onto the cons: If you are an algo trader, and want to do extensive backtesting on non-major currency pairs, you may run in to issues. This is because on their raw account symbols, the data sets only go back to 2018. For the majors (AU, EU, GU, UC, NU, UJ, UCHF) you can access data going all the way back, but for other crosses and exotics as well as commodities you will have limited back test data and get low modelling quality results in backtesting. I get around this issue by importing data from other sources.
So to summarize: I am very satisfied with FP markets so far. Trade execution quality is excellent and their conditions are as advertised. I have not yet tried to withdraw funds from them, but they are regulated in Australia so I do not anticipate any issues. If you are a experienced trader looking for lower fees and higher leverage, their raw accounts are an excellent option. If you are new to FX, this may not be the best option for you as there are other brokers that cater better to newer traders, and the high leverage they offer may cause you to blow your account a lot faster, so I do recommend scaling back to 50:1 or 25:1 leverage if you are inexperienced.
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