Wikilix
Contract reading

What FP Markets legally published, but does not want you to read

Every clause below is published by FP Markets itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: First Prudential Markets Ltd

sole discretionprofit voidingdeemed acceptancewithdrawalsaccount closurehidden feelanguage arbitrageaccount credentialsappropriateness testautomated trading

FP Markets sells automated trading on MetaTrader 4 and bans it in paragraph 15.14 of its contract. It can cancel profits you have already made on an indication alone, decided by FP Markets and nobody else. Its German, Italian and Portuguese documents have no legal effect at all. The costs policy names five kinds of fee and prices none of them.

Back to FP Markets

Contract risk

Money at risk
6.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
5
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
23
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
50
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
9

How the 23 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical5
Warning15
Notice3

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

5 working daysWithdrawal limit. Jump to the clause this comes from.Five business days to pay out, with no outer limit10 working daysTime to complain. Jump to the clause this comes from.Ten business days to object, two months for an answer90 daysFee on an unused account. Jump to the clause this comes from.Dormancy fee kept at zero until further notice21 daysAccount limit. Jump to the clause this comes from.Failing a knowledge check puts your account in close only

What the documents say

23 clauses worth knowing about, worst first, each quoted from FP Markets's own files

01

FP Markets advertises Expert Advisors and calls automated trading a major feature of its MT4 platform. Its client agreement bans robots and automated systems unless FP Markets gives you written consent first. It also says you must place every trade manually.

Why this matters

Running an Expert Advisor without that written consent is listed as abusive trading. FP Markets can then cancel the profits you made with it and bar every account connected to you.

Exhibit 1CriticalRarely seen

Use of any robots, spiders or other automated data entry system with the Trading Platform is expressly prohibited, unless you receive express written consent by the Company prior to activating the robot. All Transactions must be completed manually by you.
Clause 15.14 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference
  • Worse together with Exhibit 2The ban is enforced through the clause that cancels profits, so an Expert Advisor can cost you the gains it made.
02

FP Markets can cancel profits you have already made. It needs only an indication that your trading aims at risk free gain, and it judges that alone. The same clause bars every account connected to you in any way.

Why this matters

Profit already sitting in your account can be removed, because the wording reaches past profits as well. You get no defined test to meet, and the contract gives you no appeal.

Exhibit 2CriticalHarder than usual

FP Markets may in its sole discretion decide to restrict access to the trading platform and nullify any future or past profits, if there has been any indication that the client's trading strategy seeks or partly aims to benefit financially in a risk-free manner.
Clause 1.1, definition of Abusive Trading in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference
03

FP Markets publishes its policies and key information documents in German, Italian and Portuguese. The client agreement says a version that is not in English has no legal effect at all. FP Markets also takes no responsibility for whether it is correct.

Why this matters

If you read only the Italian or German version, you have read nothing FP Markets is bound by. Any mistake in it is yours to carry, and the English text is what a dispute turns on.

Exhibit 3CriticalHarder than usual

Translation or information provided in languages other than English is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein and the Client should also refer to the English version and the Website for information on the Company and its policies.
Clause Introductory terms in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference
Set against a regulated standard: CySEC (Cyprus), ESMA (EU)

Firms selling CFDs to retail clients in the EU must give a key information document before you trade, and what it says has to be accurate, fair, clear and not misleading. FP Markets gives you that document in your own language and then says only the English version has legal force.

FP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

04

FP Markets passes your order to a liquidity provider instead of taking the other side itself. Its risk notice says that if the provider then runs short of liquidity, FP Markets cannot settle the trade or pay your profit.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

You can close a winning position and still not be paid, through no fault of your own. The notice puts that risk on you and names no backstop.

Exhibit 4CriticalRarely seen

In the event of lack of liquidity of the Liquidity Provider after a successful Order for the Client, the Company will not be in a position to settle the transaction for the Client (i.e. pay the Client the Difference of his successful trade).
Clause 3.6 in Risk Disclosure and Warnings Notice
Read from the broker's site on Open the reference
  • Worse together with Exhibit 12The provider whose shortfall could leave you unpaid is FP Markets' own Australian company, which also pays it for the order flow.
05

When the agreement ends, FP Markets pays out your balance after withholding whatever amount its own absolute discretion considers appropriate for future liabilities. The contract sets no cap on that amount and no date for releasing it.

Why this matters

Your balance can be held back in part or in full after your account closes, for liabilities that have not happened. You also cannot withdraw at all once a termination notice is running.

Exhibit 5CriticalHarder than usual

In absence of illegal activity or suspected illegal activity or fraud of the Client or instructions from the relevant authorities, if there is Balance in the Client's favour, the Company will (after withholding such amounts that in the Company's absolute discretion considers appropriate in respect of future liabilities) pay such Balance to the Client as soon as reasonably practicable
Clause 26.6(e) in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

FP Markets sells automated trading that its contract forbids

Three claims on FP Markets' own pages do not survive its client agreement. The MT4 page promises zero trade restrictions for automated trading. Paragraph 15.14 bans robots unless FP Markets consents in writing, and requires you to trade manually. The German, Italian and Portuguese policies carry no legal effect at all.

Language and claims1 clause flagged

The German and Italian key information documents say a gold CFD needs a 20% margin. The same sentence caps gold leverage at 1 to 20, which is a 5% margin. The costs policy uses 5% in its own gold example.

Why this matters

Reading either document, you would set aside four times the margin FP Markets actually asks for on gold. The two figures cannot both be right, and only the English version binds FP Markets.

Exhibit 19Warning20%

Das bedeutet, dass der Anleger eine Mindest-Margin von 1.000€ auf seinem Konto haben muss, um eine Transaktion von 10.000€ (Handelsvolumen) zu eröffnen (mit Ausnahme von CFDs auf Gold, bei denen das Minimum 2.000€ beträgt).
Clause Was ist dieses Produkt? in Basisinformationsblatt CFDs auf Rohstoffe
Read from the broker's site on Open the reference
  • Worse together with Exhibit 3A wrong figure sits in a document FP Markets says has no legal effect and whose accuracy it does not answer for.

FP Markets never says what a withdrawal costs

Five kinds of fee are named in FP Markets' costs policy and priced nowhere: deposit, withdrawal, transfer, inactivity and conversion. The policy points at its website for the amounts, and the fees page gives trading commission only. The payments page says only that there might be charges for certain transactions.

Cost disclosure1 clause flagged

The costs policy lists deposit, withdrawal, transfer, inactivity and conversion fees as incidental costs, then says the amounts are on the website. The fees page gives trading commission only. The payments page says there might be charges for certain transactions.

Why this matters

You cannot work out before depositing what it costs to get your money back. The contract also makes you pay every third party charge and takes it straight from your account.

Exhibit 9WarningHarder than usual

The charges specified (incidental costs) are accessible on Companyʼs website.
Clause 3.1, Incidental Costs in Costs and Associated Charges Policy
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must show a retail client all costs and charges before trading, including one off and incidental charges, in cash terms. FP Markets' costs policy points at its website for these fees, and the website gives a figure for trading commission only.

FP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Five business days to pay you, unless FP Markets decides otherwise

Five business days is the stated withdrawal time at FP Markets. The same paragraph lets it exceed that if any of six listed conditions is unmet. FP Markets picks the payment method at its absolute discretion and can refuse the one you asked for. When the account closes, it withholds whatever it judges appropriate for future liabilities.

Getting your money out1 clause flagged

FP Markets pays a withdrawal within five business days when six listed conditions are met. If any one is not met, the clause lets FP Markets take a reasonable time that may exceed those five days.

Why this matters

The clause that sets the deadline also removes it, and FP Markets decides which case you are in. It picks the payment method too, and can refuse the one you asked for.

Exhibit 6WarningHarder than usual5 working days

the Company shall pay the said amount within five (5) Business Days (additional time may be required by the corresponding banks to credit the withdrawal into the account /card of the Client, the Company is not liable for such period) , if the following requirements are met:
Clause 20.6 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

Profits already earned can be cancelled at FP Markets' discretion

Three clauses let FP Markets keep profit you have earned. Paragraph 1.1 nullifies past and future profits on any indication of risk free trading, judged by FP Markets alone. Closing a position in under five minutes is defined as scalping and listed as abusive. The risk notice adds that a winning trade may go unsettled if the liquidity provider runs short.

Profit at risk1 clause flagged

The contract defines scalping as opening too many positions and closing them in under five minutes. It lists scalping as abusive trading. Every time you open or close a trade, you repeat a promise that you are not scalping.

In plain words

Negative balance protection is a limit that stops you owing more than you put in. Without it, one fast market move can leave you owing the broker money on top of your deposit.

Why this matters

Ordinary short term trading can be treated as a breach, and the profits from it can be cancelled. The phrase too many positions is not defined anywhere in the contract.

Exhibit 18WarningHarder than usual

“Scalping” shall mean the situation where the Client opens too many positions in CFDs at the same time and closes them for less than five (5) minutes or buying at Bid price and selling at Ask price, so as to gain the Bid/Ask difference.
Clause 1.1, definition of Scalping in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference
  • Only applies after Exhibit 2The five minute definition only costs you money once FP Markets uses its power to cancel profits.

FP Markets can change the terms, the margin and your positions

Five business days of notice, posted on its own website, is all FP Markets needs to change any term. Silence counts as your acceptance. It can also declare a force majeure event on its own expectation of a market move. Once you hold 500 open positions it can merge them, and failing a knowledge check puts your account in close only.

What FP Markets can change5 clauses flagged

A force majeure event includes FP Markets anticipating an excessive market move, not only one that happens. It can then widen spreads, raise margin, cut your leverage and close any or all of your positions at prices it considers appropriate.

Why this matters

Positions you are holding can be closed at FP Markets' own prices during a period it alone declared. The contract then says it is not liable to you in any way for doing it.

Exhibit 8WarningHarder than usual

the occurrence of an excessive movement in the level of any Transaction and/or Underlying Market or our anticipation (acting reasonably) of the occurrence of such a movement;
Clause 17.1(g) in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

If you fail a routine or ad hoc appropriateness reassessment, FP Markets limits your account to close only straight away. You then get 21 calendar days to close positions and withdraw with no administrative or closure fee. After that it can close your positions and end the agreement.

Why this matters

A questionnaire result can stop you opening any new position the same day. FP Markets must give you five business days of notice before it closes the positions you still hold.

Exhibit 11WarningRarely seen21 days

Where the Client fails a regular or ad-hoc appropriateness reassessment conducted by the Company in accordance with Applicable Regulations, the Company shall immediately limit the Trading Account to “close-only” status, restricting the Client from opening any new Transactions.
Clause 6.2 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Failed reassessmentFP Markets limits the account to close only, so you can shut positions but open none.6.2
Day 21The cooling off period ends, and you can no longer rely on the fee free exit.6.3
Five business days' noticeFP Markets gives written notice before force closing what is left.16.4

Holding 500 or more open positions at any moment lets FP Markets merge them, in what the contract calls portfolio compression. The clause sets no notice period, no method and no right for you to object.

Why this matters

Merged positions are no longer the individual trades you opened, so closing them one by one may not be possible. The clause does not say what happens to the orders attached to them.

Exhibit 15WarningRarely seen500

The Company reserves the right in case you maintain five hundred (500) or more Open Positions at any point in time, merge any Open Positions as and where applicable (the so called “Portfolio Compression”).
Clause 16.3 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

FP Markets can change any term on five business days of notice, or three days if you are a company. The notice can be a post on its own website, and silence counts as your acceptance.

Why this matters

Costs, spreads, swaps and trading hours can all move while you hold positions. The contract makes checking for updates your job. A change made for regulatory reasons can take effect immediately.

Exhibit 17WarningHarder than usual5 working days

the Company shall provide the Client with advance notice of at least five (5) Business Days where the Client is natural person and three (3) Business Days where the Client is a legal person. However, the Client acknowledges that a change which is made to reflect a change of Applicable Regulations may, if necessary, take effect immediately.
Clause 25.4 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

The platform is closed to residents of the United States, Israel, Japan, North Korea and Belgium. The wording adds including but not limited to, so the list is not the whole list. FP Markets can also close any account at its sole and absolute discretion.

Why this matters

You cannot tell from the contract whether your own country is accepted. The same clause makes working that out your job. An account opened today can be closed on that basis later.

Exhibit 21NoticeStandard wording

who is a citizen or resident of certain jurisdictions including but not limited to the United States of America, Israel, Japan, North Korea (DPRK) or Belgium or any other jurisdiction in which the Company does not provide its services; or
Clause 2.1 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

Ten business days to object, then the trade is final

Ten business days is all you get to challenge a trade confirmation from FP Markets. After that the contract treats the content as approved and conclusive. FP Markets gives itself two months to answer a complaint, keeps its call recordings as conclusive evidence, and releases them only at its own discretion.

Challenging a trade2 clauses flagged

You have ten business days to challenge a trade confirmation, counted from when FP Markets sent it or ought to have sent it. After that the contract treats it as approved by you and conclusive. The call recordings that would settle the argument are released only if FP Markets chooses.

Why this matters

Miss those ten days and the trade stands, whatever went wrong. FP Markets then gives itself two months to answer a complaint. Its own procedure sends you to your account manager first.

Exhibit 7WarningStandard wording10 working days

the Client shall contact the Company within ten (10) Business Days from the date report / trade confirmation of the Order was sent or ought to have been sent. If the Client expresses no objections during this period, the content is considered as approved by him and shall be deemed conclusive.
Clause 14.5 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

You are solely responsible for everything done on the platform with your credentials, including an unauthorised disclosure of them. You also promise to cover FP Markets against any claim arising from misuse of your account.

Why this matters

If someone else trades your account, the losses are yours under this wording. You can also be asked to pay FP Markets' costs from the same incident.

Exhibit 20WarningHarder than usual

You acknowledge that you are ultimately and solely responsible for all actions on the Trading Platform through your Registration Data including any unauthorized disclosure of your Account Credentials.
Clause 3.5 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

Verification runs on FP Markets' clock, not yours

15 days is the window if FP Markets lets you trade before verification is complete, with deposits capped at EUR 2,000. Miss it and the relationship ends on the 15th day, with open trades closed. FP Markets can also freeze the account if any due diligence requirement fails.

Documents and data2 clauses flagged

FP Markets may let you deposit and trade before verification is finished, capped at EUR 2,000 over 15 days. If verification is still incomplete, it ends the relationship on the 15th day and closes the account and any open trades.

Why this matters

Your positions are closed on a fixed date for a paperwork reason, whatever the market is doing. FP Markets returns the balance including profits to the place the money came from.

Exhibit 14WarningHarder than usual15 days

The cumulative amount of deposits during the 15 days' period, shall not exceed the EUR 2.000 and deposits can only be made from a bank account (or through other means that are linked to a bank account e.g., credit card), in the name of the client.
Clause 26.1 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

The clause that lets FP Markets pass your personal information to third parties still carries a reviewer's note inside it. The note says consent is not generally acceptable as a basis, and the sentence around it does not resolve. The number 2.16 is used twice, for two different clauses.

Why this matters

You cannot tell from that clause what FP Markets relies on to share your data. The enforcement clauses point at paragraph numbers, and one of those numbers appears twice.

Exhibit 22NoticeRarely seen

The Company processes personal data in accordance with applicable data protection legislation and its Privacy Policy.” as “you consent” is not generally acceptable as a GDPR consent method; consent must be given freely.
Clause 10.4 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

FP Markets is paid by the venue it sends your orders to

Two execution venues are named, and one is FP Markets' own Australian company. Its conflicts summary says the liquidity provider pays it a rebate commission for order flow. The same documents confirm your order triggers on FP Markets' own quoted price, which it may disregard. A trade can trigger at a level the real market never reached.

Who gains2 clauses flagged

FP Markets names two execution venues, and one is First Prudential Markets Pty Ltd, its own Australian company. Its conflicts summary says the liquidity provider pays FP Markets a rebate commission for the order flow it sends.

Why this matters

The firm choosing where your order goes is paid by the place it goes to. FP Markets also admits it gains from higher trading volume while you gain from lower costs.

Exhibit 12WarningHarder than usual

Financial Institutions acting as Execution Venues are: FIRST PRUDENTIAL MARKETS PTY LTD
Clause 7.1 in Summary of Best Interests and Order Execution Policy
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK)

Firms licensed by the FCA may not take a payment from another firm for sending client orders to it, because the regulator treats that as an inducement that cuts against best execution. FP Markets states that it receives a rebate commission from its liquidity provider for order flow.

FP Markets is not licensed by this regulator, so this is a comparison of practice, not a finding of any breach.

Your order triggers on FP Markets' own quoted price, not the price in the underlying market. The contract lets it disregard prices quoted on its platform in defined periods, and void any trade it believes contains a manifest error.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

A trade can be triggered at a level the real market never reached, and the contract says so. A trade that went your way can also be voided from the outset as an error.

Exhibit 13WarningStandard wording

You further acknowledge that the triggering of your Order is linked to the prices quoted on the Trading Platform, not the prices quoted elsewhere on the relevant Underlying Markets and the Company does not guarantee that when executing an Order its price will be more favourable than one which might be available elsewhere.
Clause 15.6 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

No dormancy fee today, with the mechanism left in place

90 days without activity suspends your FP Markets account, and it closes within 90 days more. No dormancy fee is charged, and the client agreement says so. The costs policy still defines a monthly dormancy fee and holds it at zero euros until further notice.

In plain words

Dormancy means an account left unused.

Dormant accounts1 clause flagged

The client agreement says no dormancy or inactivity fee will be charged. The costs policy still defines a monthly dormancy fee and sets it at zero euros until further notice. FP Markets can change a fee on five business days of notice posted on its website.

Why this matters

The fee that does not exist has a definition, a trigger and a mechanism already written down. Your account is also suspended after 90 days without activity, and closed within 90 days more.

Exhibit 10WarningStandard wording90 days

An account shall be considered as Dormant in the absence of any activity for a period of ninety (90) consecutive days.
Clause 24.1 in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90FP Markets suspends the account and contacts you to say it will close.24
Within 90 days moreFP Markets closes the account if you have taken no action.24
  • Worse together with Exhibit 5An account closed for dormancy is a terminated account, and on termination FP Markets withholds whatever it judges appropriate.

A Cyprus company, with your money possibly held outside the EEA

EUR 20,000 is the most the Cyprus compensation fund pays one client of First Prudential Markets Ltd. FP Markets may hold client money with institutions outside Cyprus and the EEA, pooled with other clients. Its own risk notice says those funds could be bailed in, and that it accepts no liability for the loss.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty and cover2 clauses flagged

FP Markets segregates client money but may place it with institutions outside Cyprus and the EEA, pooled with other clients. Its risk notice says a deposit guarantee may ignore you as the real owner, and that client funds can be bailed in.

Why this matters

If the bank holding the pooled account fails, your claim can be treated as part of one account. FP Markets accepts no liability for that loss, and the compensation fund pays at most EUR 20,000.

Exhibit 16WarningStandard wording$20000

Under such circumstances, any applicable deposit guarantee scheme may be applied without consideration of the Client as the ultimate beneficial owners of the omnibus Account. In addition, resolution measures may be taken in such a case, including the bail-in of Client funds.
Clause 3.3 in Risk Disclosure and Warnings Notice
Read from the broker's site on Open the reference
Our own capture of fpmarkets.eu, taken on Oct 7, 2026The claim, on Italian homepage, Why FP Markets listVisit this page on the broker's siteDownload the full size image file
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA or CySEC must keep retail client money apart from their own and tell clients which compensation scheme covers them. FP Markets names the Cyprus Investor Compensation Fund and caps a claim at EUR 20,000, and its own notice says that money may sit in a pooled account outside the EEA.

FP Markets is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The agreement is between you and First Prudential Markets Ltd, a Cyprus company licensed by CySEC under number 371/18. It defines the website as fpmarkets.eu. The group's Australian company is named as one of the two venues where your orders are executed.

Why this matters

The company you can take to CySEC is the Cyprus one, and only for an account opened on fpmarkets.eu. Accounts opened on the brand's other sites run on documents that are not in this set.

Exhibit 23NoticeStandard wording

The Company is registered in Cyprus under the Companies Law, with registration number HE 372179.
Clause Introductory terms in Contracts for Difference Terms & Conditions (Client Agreement)
Downloaded from the broker's site on Open the reference

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The platform page promises zero trade restrictions for automated trading, and the contract bans automated systems without prior written consent.

Said in public, in English

FP Markets tight raw spreads and zero trade restrictions help provide the ideal environment for automated trading.

MetaTrader 4 platform page, Automated trading section

In the contract · clause 15.14

Use of any robots, spiders or other automated data entry system with the Trading Platform is expressly prohibited, unless you receive express written consent by the Company prior to activating the robot. All Transactions must be completed manually by you.

02

The Italian homepage lists automated trading as a feature, while the English contract requires every trade to be placed by hand.

Said in public, in Italian

EA e auto-trading

Word for word in English: EAs and auto-trading

Italian homepage, platform features list

In the contract · clause 15.14

All Transactions must be completed manually by you.

03

The Italian document presents itself as the disclosure the law requires, while the agreement says a version that is not English has no legal effect.

Said in public, in Italian

Le informazioni sono richieste dalla legge per aiutarti a comprendere la natura, i rischi, i costi, i guadagni e le perdite potenziali dell'investimento in questo prodotto

Word for word in English: The information is required by law to help you understand the nature, the risks, the costs, the potential gains and losses of investing in this product

Italian key information document for commodity CFDs, purpose statement

In the contract · clause Introductory terms

Translation or information provided in languages other than English is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein and the Client should also refer to the English version and the Website for information on the Company and its policies.

04

The fees page promises costs upfront and prices trading commission only, while the costs policy sends deposit, withdrawal, transfer, inactivity and conversion fees to the website.

Said in public, in English

We offer some of the tightest spreads and lowest commission fees in the market, giving you the clarity to know your costs upfront.

MT4 and MT5 Fees & Charges page, opening line

In the contract · clause 3.1, Incidental Costs

The charges specified (incidental costs) are accessible on Companyʼs website.

05

The Italian homepage advertises commission free deposits, and the contract lets FP Markets reverse that fee coverage when you ask to withdraw.

Said in public, in Italian

€0 OPZIONI DI DEPOSITO SENZA COMMISSIONI

Word for word in English: 0 euro commission free deposit options

Italian homepage headline figure, with its qualifying footnote in English

In the contract · clause 20.13

If there is sufficient evidence that deposits made are not for trading purposes, the Company reserves the right to reverse its fee coverage when a withdrawal or transfer request is made.

06

The agreement says no dormancy fee will be charged, while the costs policy keeps the fee defined and sets it at zero only until further notice.

Said in public, in English

No dormant Trading Account (Dormancy / Inactivity) fees will be charged.

Client agreement paragraph 24, issued 10 July 2026

In the contract · clause 2, definition of Dormant fee

is a monthly fee imposed on trading accounts which have become archived due to inactivity (trading/withdrawals/deposits) for a period of ninety 90 calendar days, and which have available balance in the account. Until further notice, this fee is currently € zero 0.

07

The fees page promises no price manipulation, while the contract lets FP Markets disregard its own quoted prices and confirms a trade can trigger at a level the market never reached.

Said in public, in English

Enjoy institutional-grade liquidity, with no price manipulation and commission as low as US$3 each way.

MT4 and MT5 Fees & Charges page, Raw account description

In the contract · clause 15.6

we will be entitled (but not obliged), in our absolute discretion, to disregard any prices quoted on our Platform during any pre-market, post-market or intra-day auction periods in the relevant Underlying Markets

08

The Italian homepage promises segregated client funds, while the risk notice says the money may be pooled, held outside the EEA and bailed in.

Said in public, in Italian

Fondi dei clienti segregati

Word for word in English: Segregated client funds

Italian homepage, Why FP Markets list

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of fpmarkets.eu

In the contract · clause 3.3

In addition, resolution measures may be taken in such a case, including the bail-in of Client funds.

09

The German document pairs a 20% gold margin with leverage of 1 to 20, while the costs policy uses a 5% margin for the same product.

Said in public, in German

Dies entspricht einer maximalen Hebelwirkung von 1:10 für CFDs auf Rohstoffe (oder 1:20 für CFDs auf Gold).

Word for word in English: This corresponds to a maximum leverage of 1:10 for CFDs on commodities (or 1:20 for CFDs on gold).

German key information document for commodity CFDs, which states a 20% gold margin in the same paragraph

In the contract · clause 4.6.1, CFD on Metals: Gold vs USD

Margin Percentage % M 5% Leverage 120

The documents this reading is based on

50 files, all published by FP Markets. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording FP Markets publishes.

How this reading was done

Every clause above was read out of a document FP Markets publishes itself

This reading was published on .

Documents
15 of 50downloaded from the broker's site, and 15 read in full
Pages opened
16pages walked to find those documents, footer links included
Marketing pages
11public pages set against what the contract says
Languages
DE vs EN vs ITthe language it advertises in, against the language it contracts in

Who the contract is with

First Prudential Markets Ltd

A client of fpmarkets.eu contracts with First Prudential Markets Ltd, a Cyprus company registered as HE 372179 in Limassol and licensed by CySEC under number 371/18. The agreement defines the website as fpmarkets.eu, so it covers that site only. The order execution policy names First Prudential Markets Pty Ltd, the group's Australian company, as one of two venues where your orders are executed. The Cyprus company is not that Australian company, and the brand's other sites are governed by documents that are not in this set.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

FP Markets charges no dormancy or inactivity fee, and says so in the agreement. Retail clients get negative balance protection, so you cannot lose more than your account holds. The costs policy runs 45 pages and shows worked arithmetic for every asset class. Fail an appropriateness check and you get 21 days to close out with no fee. It names its payment providers and their regulators, gives the Financial Ombudsman's full contact details, and states that pooled client funds could be bailed in.

This review covers the client agreement from the start to paragraph 28, not to its end. The governing law, liability and appendix clauses are not covered here, and we do not report how deep in that document each clause sits. The two quotations from FP Markets' complaints procedure come from its own web page. The review does not cover the complaints procedure PDF, the privacy policy, the investor compensation fund notice, the company information document, the English and Portuguese key information documents, the Italian documents for shares and crypto, or the yearly execution and capital reports. Five older yearly reports carry no readable text. Three links on FP Markets' legal documents page point at Pillar III reports that are not at the addresses given. No earlier version of any document is available for comparison.

How to check any of this yourself

Every quote above links to the FP Markets file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document FP Markets publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge FP Markets on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 7, 2026.

If you represent FP Markets and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on FP Markets. Whether its licence is real and current is a separate check on the broker profile.

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