Is fpmarkets a Scam?

At FXCanary, our safety assessments are built on a rigorous, evidence-led framework that goes far beyond a broker’s marketing claims. We cross-check live regulatory registers, scrutinise the volume and nature of user complaints across multiple platforms, track the presence of clone or impersonation websites, and weigh the transparency of a broker’s operations and fees. Our Scam Risk Score distils these factors into a single number from 0 (lowest risk) to 100 (highest risk), helping retail traders make an informed choice without exaggeration or hype.

FP Markets receives a Scam Risk Score of 20/100, which places it firmly in the low-risk tier. This score reflects the broker’s long-standing regulation by two top-tier authorities—ASIC in Australia and CySEC in Cyprus—and a large number of positive reviews on platforms like Trustpilot. However, the score is not zero. Our analysis uncovered a worrying pattern: 91 withdrawal-related complaints, 6 clone sites, and a deep seam of negative reports around fund handling, execution, and trust. These cracks in the broker’s operational integrity prevent a clean bill of health.

FP Markets holds two high-grade licences that anchor its claim to legitimacy. The Australian Securities and Investments Commission (ASIC) licence number 286354 is a Market Making (MM) authorisation, which permits the broker to act as a principal to client trades. ASIC imposes strict client-money rules: all retail client funds must be segregated in trust accounts with top-tier Australian banks, and the broker must undergo regular external audits. However, ASIC does not operate a statutory investor compensation scheme, meaning that in the unlikely event of insolvency, traders have no automatic safety net beyond the segregated accounts.

In Cyprus, the Cyprus Securities and Exchange Commission (CySEC) licence number 371/18 is a Derivatives Trading Licence (STP), which means client orders are expected to be passed directly to liquidity providers without dealing-desk intervention. CySEC adds a critical layer of protection: all eligible clients are covered by the Investor Compensation Fund (ICF) up to €20,000 per person, providing a backstop if the firm fails. CySEC also enforces negative-balance protection, so traders cannot lose more than their deposit. Together, these two regulators create a robust oversight framework that puts FP Markets ahead of many unregulated or lightly regulated competitors.

Our research reveals that FP Markets’ full legal name is First Prudential Markets Limited, registered at F20, 1st Floor, Eden Plaza, Eden Island, Seychelles. Public records list zero employees at this address, which suggests it is a shell or holding company rather than an operational office. The Seychelles is a jurisdiction often associated with lighter regulatory touch, and crucially, this entity does not appear to hold any financial services licence.

Clients from outside Australia and the European Economic Area may be onboarded through this Seychellois company, which would place their funds outside the protection of ASIC or CySEC. While the broker’s marketing prominently highlights its ASIC and CySEC regulation, the fine print of which legal entity a trader contracts with can change the safety picture entirely. We urge every potential client to verify—before depositing—exactly which entity will hold their account and whether it is regulated.

No broker is immune to clone sites, and FP Markets is no exception. Our audit identified six active impersonator domains that mimic the broker’s branding to harvest login credentials and deposits from unsuspecting traders. These sites often appear as paid ads in search results or land in spam emails, and they can look indistinguishable from the real thing.

While the existence of clones is not the broker’s fault, it does add a layer of operational risk for clients. We recommend using only the official website (verified against the domains listed in the ASIC and CySEC registers) and never clicking on links in unsolicited emails or social media messages. A quick call to the broker’s published support line can confirm whether a site is legitimate.

Withdrawal experiences are the ultimate litmus test of a broker’s integrity, and here FP Markets falls short. Of the 92 withdrawal-related reviews we analysed, 73 were negative. Complainants describe delayed transfers, missing crypto payments, and a pattern of obstruction when trying to retrieve funds. One trader reported a missing $100 crypto withdrawal that remained unresolved despite repeated support tickets. Another cited an eight-day delay with no funds arriving, while a third alleged it took 106 days to receive money after persistent follow-up.

Deposit and funding complaints tell a similar story: 77 negative mentions against just 11 positive. Users recount funds being sent to the wrong account, refunds refused for small balances, and a general feeling that the broker makes it easy to deposit but hard to cash out. Such a high volume of funding friction is unusual for a broker of this regulatory standing and suggests systemic operational weaknesses rather than isolated errors.

Beyond funding issues, our review data uncovers serious red flags in trade execution and profit handling. In the ‘order execution’ topic, 18 out of 24 mentions are negative. One detailed account describes a copy-trading event on June 1 where follower accounts recorded $20,435.34 in losing buy trades within a single second of slippage, something the trader attributes to platform misconfiguration. Another warns of profit nullification after receiving written confirmation that a strategy was permitted—only to have $3,500 in legitimate gains reversed.

These execution grievances feed directly into the low trust scores: 54 negative ‘trust & reliability’ mentions and 47 negative ‘scam concerns’ mentions. Words like “scam,” “manipulation,” and “stole my money” appear repeatedly. While these are user sentiments and not legal findings, they form a pattern that cannot be dismissed. For a broker regulated by ASIC and CySEC, such a volume of trust-eroding reports is a significant warning flag.

Despite the red flags, FP Markets has genuine strengths. Its customer support receives 162 positive mentions, with many traders praising fast, efficient, and professional assistance. Often these positive interactions occur before a withdrawal problem arises, but they indicate the broker invests in front-line service. The platform’s spreads are competitive: the Raw account offers from 0.0 pips with a $3.5 per side commission, while the Standard account starts from 1.0 pips with no commission. These numbers align with industry-leading execution models.

The broker’s longevity—founded in 2005—and its 4.8/5 Trustpilot score over more than 10,000 reviews suggest that many clients have had satisfactory experiences. Forex Peace Army’s rating of 2.884/5 is more muted, likely reflecting the harsher withdrawal complaints that such trader forums surface. The dual ASIC/CySEC regulation remains the cornerstone of FP Markets’ safety case, offering clear legal recourse and oversight that fly-by-night operators cannot match.

If you choose to trade with FP Markets, a proactive approach is essential. First, confirm in writing which regulated entity will hold your account—the ASIC-licensed First Prudential Markets Pty Ltd or the CySEC-licensed First Prudential Markets Ltd—and avoid any Seychelles-based entity. Second, deposit a small test amount and attempt a withdrawal early in your relationship. This simple step can reveal hidden friction before you commit larger capital.

Keep meticulous records of all support chats, emails, and trade confirmations, especially around execution and withdrawal requests. If a withdrawal hits a snag, cite the relevant regulatory protections and escalate formally to compliance. We also advise against using bonuses or promotions (only one mention in our data, but it was negative) as they often come with restrictive trading conditions. Finally, stay vigilant for clone websites by bookmarking the official URL and never sharing your account credentials via phone or chat.

FXCanary’s assessment is that FP Markets is not a scam, but it is a broker with a significant trust deficit. The ASIC and CySEC licences provide a strong regulatory backbone, yet the high volume of withdrawal complaints, execution disputes, and the ambiguity of the Seychelles entity create genuine risk. Our Scam Risk Score of 20/100 reflects this balancing act: the broker is far safer than unregulated alternatives, but traders should not let the low score lull them into complacency.

We endorse FP Markets only for experienced traders who are adept at navigating broker disputes and who maintain strict risk-management habits. For the average retail investor, the friction around fund retrieval means there are more dependable choices on the market. Always remember: a regulatory licence is a promise, but your vigilance is the ultimate guarantee.