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Comprehensive Review dedicated to traders from Nigeria

FP Markets Review Nigeria

Accepts Nigerian Clients

Who is FP Markets?

FP Markets was established in 2005, with the experience the company has accumulated over the years has made it one of the top brokers for forex and CFD trading. With over 40+ awards to its name, it’s no surprise why the company is highly rated among traders. The company is regulated by some of the best regulators in the market including the ASIC in Australia, the CySEC in Cyprus, and in South Africa, the company has a license from FSCA.

FP Markets Nigerian traders get access to over 10,000 global market instruments that include forex, crypto, and over 70+ forex pairs. What’s more, FP Markets offers Nigerians fairly high leverage of up to 1:500.

The FP Markets minimum deposit is $100 AUD or equivalent, this equals roughly to 50,000 NGN (Nigerian Naira).

Regulated by:


Financial Sector Conduct Authority, based in South Africa, license no 50926.


Cyprus Securities and Exchange Commission, based in Cyprus, license no 371/18.


Australian Securities and Investments Commission, based in Australia, license no 286354.


Financial Services Authority, based in St. Vincent and the Grenadines, registration no 126 LLC 2019.

Risk warning: Remember that forex and CFDs available at FP Markets are leveraged products and can result in the loss of your entire capital.

Please ensure you fully understand the risks involved.


Low spreads that start from 0.0 pips on the raw account.
Regulations from reputable organizations that include FSCA, CySEC and ASIC.
Islamic account is offered for Muslim traders.
ECN pricing and execution.


Min. deposit might be too high for some traders – 100 AUD.
The Naira is not accepted as an account base currency.


So what assets can I trade here?

Trading assets on FP Markets

FP Markets offers various global markets for traders to invest in. With the variety, Nigerian traders can spread their investments across the markets to better manage their risk. There are over 10,000 CFDs offered by FP Markets which include:

  • Forex – FP Markets offers over 70 different forex pairs in various currencies. These include majors like EURUSD, GBPUSD, and USDCAD, minors like CADJPY and GBPJPY and even exotics like ZARJPY and USDZAR.
  • Stocks There are various stocks available for traders on FP Markets. These include stocks from the US, the UK, Germany, and many more. In total, there are more than 10,000 international shares alongside stock CFDs across 4 different continents.
  • Commodities Traders on FP Markets can trade on a wide range of commodities such as metals, oil, gas, and agriculture products.
  • Indices – FP Markets provides exposure to many major global stock indices. With FP Markets, traders can invest in indices like AUS200, NASDAQ100, S&P500, EUREX, and many more.
  • Bonds – Traders on FP Markets can trade different types of bonds that include government bonds, Emerging market bonds, Municipal Bonds, corporate bonds, and mortgage-backed bonds.
  • ETFs – Under this asset class, traders can diversify their investments with over 290 ETFs.
Available Deposit & Withdrawal Methods

FP Markets supports the following deposits and withdrawal methods

Supported Platforms by FP Markets

FP Markets supports the following trading platforms


Where do I do my magic?

Trading platforms of the broker

FP Markets offers some of the best trading platforms in the market. Nigerians can choose between four main platforms and see which best suits their needs. These include MT4, MT5, Iress, cTrader, and mobile apps. There are not many new things we can say about the MetaTrader platforms.

They are world-renowned for their efficiency, accuracy, and simplicity. As a matter of fact, MetaTrader 4 is probably the most popular platform in the world for trading. There are various features on the platform that include 30 technical indicators, 4 order types, and many more. Needless to say, MetaTrader 5 is the newer version which has quickly seen massive adoption among traders.

On the other hand, Iress is an advanced trading toolbox and an executive trading risk manager. It has quite a user base with over 12,000 traders using it worldwide.

Finally, FP Markets offers cTrader which is a fast and efficient trading platform for advanced traders. cTrader is easy to use, has custom capabilities, and has rich charting tools for traders.

Screenshot taken from the official website of FP Markets, homepage

Did you know?

FP Markets is one of the highest rated Broker on TrustPilot?

They have over 5 1133 verified customer reviews with a 4.8 average rating (out of 5 maximum).


How much is it going to cost me?

Review of FP Markets Trading fees and execution models

FP Markets offers two main account types for clients with each having different spread and commission setups. The accounts include the standard account and the raw account. The standard account features spread as low as 1.0 pips for major currency pairs with zero commission. On the other hand, the raw account has spreads starting from as low as 0.0 pips for major currency pairs plus a commission paid. The account has a commission of $3 per side per lot.

The other fee charged on FP Markets includes the swap rates. The broker understands that competitive swap rates are important to any trader as they help them save a few bucks they can use in trading. Swap fees are charged when you keep your position overnight.

To find out the rollover fee to pay you can use the handy Forex rate calculator on the MT4 or the MT5. However, there is also an Islamic account suited for Muslim traders that follow Islamic law. These accounts allow them to trade without paying for overnight charges.

FP Markets is one of the brokers that offer both ECN and DMA execution to Nigerian traders. The broker streams price feeds directly from their liquidity providers. FP Markets understands that today’s traders value deep liquidity and by connecting them to several liquidity providers, FP Markets can offer low spreads, minimum slippage, and ultra-fast execution. This works extremely well for traders using trading strategies like scalping via Expert Advisors(EAs) as this further accelerates the speed of execution.

When it comes to DMA pricing FP Markets clients can receive live market prices, full market depth, and direct access to the exchange order book. DMA module results in an order flowing onto an underlying market, competitive commission, access to leverage, and short selling. The DMA execution is available to traders through the IRESS trading platform.


Is there a time and place for me to learn new thing?

FP Markets’ Educational Section and Demo Account

FP Markets has research and educational material for both beginner and advanced traders to help them on their trading journey. The education material is especially crucial for beginner traders and it helps them get familiar with the market and trading platforms.

Additionally, it is important to advanced traders who want to sharpen their skills. The various educational material offered by FP Markets includes trading course videos, podcasts, platform video tutorials, and webinars.

Further, traders on FP Markets can stay up to date on global news, and market data that are delivered by an expert team of analysts every day through daily market reports. This research helps traders to make sound decisions when trading and on time. 

For traders who want to test out their trading strategies before deploying them in the real market can do so on a demo account. The account is available to all traders on both the MT4 and MT5 platforms.

Investors can deploy their strategies on the virtual market to see how they perform before using them in the market.

Moreover, the demo account is important as it allows traders to check out the services offered by the company before committing to investing.

Did you know?

FP Markets supports more than 25 different account funding methods and offers new clients a 20% deposit bonus.


How much can I leverage my capital?

FP Markets Leverage

Traders from Nigeria can use at FP Markets a fairly high maximum leverage. The maximum leverage goes up to 1:500 which applies when trading forex. For other asset categories, the maximum leverage differs. Here is the breakdown of each asset category and the maximum leverage FP Markets will provide you with.

Forex 1:500

Stocks 1:20

Commodities 1:100

Gold 1:500

Indices 1:200


Can I get some help here?

MAM/PAMM Accounts & Customer Support

MAM stands for multi-account manager. This is a type of account that is designed for the money manager to trade on behalf of several clients for a small percentage. FP Markets provides the technology to connect account managers to traders.

On the other hand, PAMM stands for Percentage Allocation Management Module Manager which is a form of pooled money forex trading. This software means that an investor can be part of sub-account which are traded together by a money manager or a trader who has permission from their clients to trade. FP Markets also provides the technology to help traders access such services.

Most brokers understand that customer support is a crucial part of the business. They ensure to give their clients multiple channels which they can use to reach the support team. FP Markets understands this and provides top-notch customer support to clients via multiple channels.

Customers who need assistance or have a question can contact the FP Markets support team via various methods. The support team is available 24/7 and can be contacted by phone, email, and live chart.

The phone number and the email for customer support include and +44 28 2544 7780 respectively. What’s more, there is a service tool FAQs page available for clients who have inquiries.


Is there something else?

FP Markets Unique Features


Autochartist uses several technical indicators such as Fibonacci retracements to identify chart patterns and point out trading opportunities. This tool keeps track of the markets 24 hours and alerts traders on trading opportunities in real-time. This tool is used on both the MT4 and MT5 alongside a plethora of other tools that come with the MetaTrader platforms.

Trader’s toolbox

The Traders Toolbox is a suite of 12 different tools to help traders take their trading experience to the next level. Some of the tools that clients have access to include Alarm Manager, Correlation Matrix, Trader Toolbox Connect, Correlation Trader, and Excel RTD, among others.


FP Markets offers clients a Virtual Private Server that allows traders to stay active with no interruptions. The VPS comes with a lot of other benefits including fast order execution. If you’re a new customer, FP Markets will pay for your VPS plan if you make a minimum deposit of $1,000. The company will continue covering your VPS charges if you trade a minimum of 10 lots on the Standard account or 20 lots on the Raw account per month.

FP Markets in head-to-head with leading competitors

Features Pepperstone Exness
📊 Forex pairs 70+ 100+ 50+
🔎 Number of all assets 10,000+ 200+ 1,000+
💰 Spreads (from) 1 pip 0.3 pips 1.0 pip
⚖️ Max. leverage: 1:500 1:Unlimited 1:1000
🔥 Special features: Raw Account with zero spreads
Islamic account
Unlimited leverage No- Deposit bonus
(T&C Apply)

Expert’s critical opinion

from the author of this FP Markets Review

FP Markets is one of the most popular brokers in the market today. Its longevity in the market and gradual growth in customer base is evidence suggesting that the broker is well respected in the market. This can also be seen with regulations the broker has from reputable organizations such as the FCA, the CySEC, and the ASIC. Brokers that have top-tier regulations always stand out. Regulations help to keep the broker in check and traders can expect fair trading conditions.

To get the full picture of how well FP Markets serves its clients, we must compare it to some other top-Nigerian brokers. In this case, we will see how it fares against XM and Exness. First up, FP Markets has a wide collection of trading instruments that total over 10,000 different assets. In comparison, XM only has slightly over 1,000 instruments and Exness has just over 200.

When it comes to spreads, FP Markets is within market standards. However, the broker loses out in this category to both of its competitors in this case. On XM, the spreads are as low as 0.6 pips on its XM Ultra Low account. Exness offers even lower spreads starting from 0.3 pips on major currency pairs. However, FP Markets and Exness both also offer accounts with spreads from 0.0 pips plus small commissions paid.

Regarding the minimum deposit supported by the brokers, FP Markets does not fare well against both XM and Exness. Both of these brokers have a lower entry point with XM accepting a minimum deposit of $5 and Exness accepting $10. FP Markets accepts a minimum deposit of 100 AUD.

Peter Cook Ndungo

Editor, Senior Broker Analyst