FxPro Review |
|
| 📅 Year founded |
2006 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
London, United Kingdom |
| 🌍 Country of regulation |
United Kingdom / Cyprus / South Africa / Bahamas |
| ✅ Regulators |
FCA / CySec / FSCA / SCB |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$100 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 / FxPro Platform / cTrader |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Shares / Futures |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Partner Programme / Rebates |
| 💰 Account Currencies |
USD / EUR / GBP / AUD / CHF / JPY / PLN / ZAR |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
NDD / PAMM |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
2% if withdrawn without trading |
| 💰 Withdrawal fee |
None |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
1 000:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
Zero on Standard / From $3.50 USD per lot per side on Raw+ and Elite |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
70 + |
| 🔢 Number of clients |
7 800 000 + |
| 🥇 Instruments Offered |
2 100 + |
| 📙 Education |
Interactive Trading Course |
WHAT IS FXPRO?
FxPro is a prominent online forex broker that was established in 2006, specialising in providing retail and institutional clients with trading opportunities in a wide array of financial instruments.
FxPro has built a strong reputation for its commitment to providing a high-quality trading environment which emphasises transparency, advanced technology and client satisfaction.
The broker is known for its robust regulatory framework, being regulated by multiple reputable financial authorities globally. This includes the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Financial Sector Conduct Authority (FSCA) in South Africa and the Securities Commission of The Bahamas (SCB).
FxPro operates under a No Dealing Desk (NDD) intervention model, which is favoured by many traders for its delivery of transparent pricing and fast execution speeds. This model ensures that there is no conflict of interest between the broker and its clients, as the company does not take the opposite side of client trades.
Instead, FxPro aggregates prices from multiple liquidity providers, ensuring competitive spreads and liquidity, even during market volatility.
FxPro’s commitment to innovation and client service is reflected in its continuous efforts to enhance its technological infrastructure and customer support.
The broker provides access to top-tier platforms such as MetaTrader4, MetaTrader5, cTrader and its proprietary FxPro Platform, each offering unique tools and features to cater to the diverse needs of its global client base.
INTRODUCTION
FxPro is known for providing its global clientele with an array of trading opportunities across multiple asset classes including forex, indices, commodities, shares and futures. This wide range of offerings makes FxPro a preferred choice among traders who value diversity and flexibility in their investment strategies.
FxPro distinguishes itself in the competitive forex market with a robust suite of services designed to enhance the trading experience.
The broker’s commitment to transparency and reliability is underpinned by strict regulation from several respected bodies, mentioned above, to ensure that FxPro operates to the highest ethical standards and offers substantial protection for traders’ capital.
FxPro’s dedication to client satisfaction is evident through its provision of extensive educational resources and responsive customer service. These resources aim to empower traders with the knowledge and skills needed to navigate the complexities of the financial markets successfully.
PROS & CONS
PROS
- No dealing desk intervention, providing more transparent pricing.
- Diverse range of trading platforms including the MetaTrader platforms, cTrader and the broker’s own proprietary trading platform.
- Broad selection of trading instruments.
- High-quality educational and research tools.
- Regulated by several financial authorities.
CONS
- No cryptocurrency trading for certain regions such as South Africa.
TRADING INSTRUMENTS
FxPro offers an extensive range of trading instruments across various asset classes, catering to the diverse needs of its clients. This variety allows traders to engage in a multitude of markets and execute a broad range of trading strategies.
Forex
As a primary offering, FxPro provides access to over 70 currency pairs including all major pairs such as EUR / USD, USD / JPY and GBP / USD, as well as numerous minor and exotic pairs.
This wide selection allows forex traders of all experience levels to take advantage of market opportunities in both well-known and less commonly traded currencies.
Indices
Traders looking to diversify their portfolios can take advantage of trading on major global indices through CFDs. FxPro offers indices from the US, Europe, Asia and Australia, with over 18 indices available for trading.
Commodities
FxPro enables trading in a variety of commodities, providing opportunities in both hard and soft commodities. Traders can engage in trading precious metals like gold and silver, energy commodities such as oil and natural gas as well as a range of agricultural products like coffee and sugar.
Shares
For those interested in the equity markets, FxPro offers trading on shares through CFDs, covering major markets in the US, Europe and Asia. This includes shares of leading companies such as Apple, Amazon, BMW and many others.
Trading shares with FxPro allows clients to speculate on the price movements of individual companies without the need to own the underlying stocks. With nearly 2 000 listed shares available, FxPro ensures that their clients have access to a large range of companies.
Futures
FxPro also offers futures contracts, which are particularly useful for traders looking to speculate on or hedge against future price movements of various financial instruments. Futures available for trading include those on commodities, indices and other derivatives.
This diverse range of trading instruments makes FxPro a versatile broker suitable for traders who seek to capitalise on a wide range of financial markets.
Whether you are looking to trade forex, invest in the stock market or speculate on the price of commodities, FxPro offers the tools and resources to facilitate these activities efficiently and effectively.
TRADING PLATFORMS
FxPro provides its clients with a selection of advanced trading platforms, catering to various trading preferences and styles. This suite of platforms includes MetaTrader4 (MT4), MetaTrader5 (MT5), cTrader and FxPro’s own proprietary trading platform.
Each platform offers unique features and capabilities, allowing traders to select the one that best suits their trading needs.
MetaTrader4 (MT4)
MT4 remains one of the most popular trading platforms in the world due to its robust functionality, ease of use and customisation options. FxPro’s MT4 platform allows traders to utilise a wide range of technical indicators, graphical tools and automated trading systems known as Expert Advisors (EAs).
It’s particularly favoured by traders who rely on technical analysis and automated trading to implement their trading strategies. MT4’s user-friendly interface and comprehensive analytical tools make it an excellent choice for both novice and experienced traders.
MetaTrader5 (MT5)
As the successor to MT4, MT5 offers all the admired features of its predecessor but with added capabilities. These include more technical indicators, timeframes, graphical tools, advanced order types and improved charting tools.
MT5 also supports trading in stocks, futures and CFDs all from a single platform, making it a more versatile option for traders who manage diverse portfolios.
cTrader
FxPro’s offering of the cTrader platform appeals to traders looking for a more sophisticated and transparent trading experience. cTrader is known for its ultra-fast execution, direct market access and advanced charting tools.
It also features level II pricing, which displays the full range of executable prices directly from liquidity providers. Additionally, cTrader supports algorithmic trading through cAlgo, which uses C# language for developing custom trading robots and indicators.
FxPro Platform
FxPro’s proprietary platform is integrated with their mobile app, FxPro Direct, and is designed to enhance the trading experience with its intuitive design and user-friendly interface. It allows traders to manage their accounts, perform technical analysis and trade directly from their web browser or mobile device without the need to download additional software.
FxPro Direct also integrates seamlessly with all other FxPro platforms, providing a cohesive and flexible trading environment.
Together, these platforms ensure that FxPro can accommodate the needs of all types of traders, from those who prefer manual trading to those who are inclined towards automated and algorithmic strategies.
Each platform is equipped with robust security features, ensuring that traders’ data and transactions are protected at all times.
ACCOUNT TYPES
FxPro caters to a diverse range of traders by offering several different account types, each designed to meet various trading needs and preferences. The broker offers three main retail accounts, namely the Standard, Raw+ and Elite accounts.
Additionally, for those who qualify, there are Professional and VIP account options, providing more tailored services and benefits.
Standard Account
The Standard account is ideal for traders who prefer a simple and straightforward trading fee structure. This account type includes no commissions on trades, instead, traders pay through the spread, which is the difference between the bid and ask price of an instrument.
The Standard account only requires a minimum deposit of $100 USD and offers competitive spreads starting from 1.2 pips.
Raw+ Account
The Raw+ account is designed for traders looking for ultra-tight spreads and who are willing to pay a commission on trades. This account type offers some of the lowest spreads available, starting from 0.0 pips, with a competitive commission structure.
The Raw+ account required a minimum deposit of $500 USD and charges commission at $3.50 USD per lot per side. It’s particularly attractive to scalpers and high-volume traders who benefit from lower costs on frequent trades.
Elite Account
Tailored for individuals who trade large volumes, the Elite account provides the most exclusive services FxPro offers. This account offers similar spreads and commissions as the Raw+ account but has the added benefit of providing rebates to traders.
These rebates start from $1.50 USD per lot per side, depending on whether or not a trader qualifies for the rebate. To access this account type, traders will need to deposit a minimum of $30 000 USD over a period of 2 months.
Professional and VIP Accounts
For traders who meet specific criteria based on their trading volume and experience, FxPro offers Professional and VIP accounts. These accounts require much higher minimum deposits and experience levels while offering benefits such as discounted spreads and dedicated account managers.
Each of the Standard, Raw+ and Elite accounts are also available as a swap-free account, in line with the requirements of the Islamic faith.
Each of these accounts provides access to FxPro’s full range of trading instruments and platforms, ensuring that all traders, regardless of their account type, can benefit from FxPro’s robust trading environment and expert customer support.
Traders can select the account that best fits their trading style and needs, with the flexibility to switch as their trading strategies evolve.
HOW TO OPEN AN ACCOUNT
Opening an account with FxPro is straightforward. Prospective clients can start by registering online, providing personal information and then proceeding through KYC verification.
Documents required typically include a photo ID and a utility bill or bank statement for address verification. After approval, users can fund their account and start trading.
DEMO ACCOUNT
FxPro offers a demo account which simulates real trading conditions without the risk of losing real money. It’s particularly beneficial for beginners and those looking to test strategies.
The demo account is easy to set up and provides access to all the trading platforms and instruments offered by FxPro. Additionally, traders can also select which account type they wish to simulate, experiencing the benefits before committing to certain trading conditions.
SOCIAL TRADING AND COPY TRADING
FxPro introduces social and copy trading via its proprietary platform FxPro Direct. Traders can follow and copy the strategies of experienced traders, which is an excellent opportunity for learning and potentially earning based on the expertise of seasoned professionals.
Additionally, through the provision of the MetaTrader and cTrader platforms, FxPro’s clients are also able to access the variety of copy trading features on those platforms, through the use of EAs.
COMMISSIONS AND FEES
FxPro’s fee structure varies based on the account type. On the Standard account, the broker does not charge any commissions as these are built into the spreads.
On the Raw+ and Elite accounts, the broker charges a commission of $3.50 USD per lot per side, while the Elite account offers traders the opportunity to earn rebates on trades of up to $1.50 USD per lot per side.
The broker does not charge an inactivity fee, however, if an amount is withdrawn from an account which has not placed a trade, a fee of 2% applies to such transaction.
LEVERAGE
FxPro provides leverage up to a maximum of 1 000:1, depending on the instrument and amount traded. The broker provides a clear and concise table of the leverage available to certain instruments on their website.
For example, forex majors and spot gold enjoy leverage of up to 1 000:1, while instruments such as spot and futures indices enjoy leverage of up to 200:1.
WITHDRAWALS AND DEPOSITS
Deposit and withdrawal processes at FxPro are streamlined due to their use of the FxPro Wallet. This feature allows traders to easily move money around their accounts, within the FxPro ecosystem and accommodates a variety of payment methods.
Traders deposit their funds into the FxPro wallet, before depositing those funds into their trading accounts. The broker does not charge an withdrawal or deposit fees, while third-party fees may be applicable depending on the transaction method used.
CUSTOMER SERVICE
FxPro offers multilingual customer support 24/5, accessible via live chat, email and phone. The service is known for its responsiveness and helpfulness, assisting clients with technical issues, account queries and trading support.
SAFETY AND SECURITY
Safety and security are key concerns for any trader choosing a forex broker and FxPro caters to this by implementing stringent security measures and maintaining compliance with several leading regulatory authorities worldwide.
The regulatory framework that governs FxPro ensures that it adheres to the highest standards of financial practices and client protection, thereby enhancing the trust and confidence of its clients.
Financial Conduct Authority (FCA) – United Kingdom
The FCA is one of the most respected regulatory bodies in the financial world, known for its strict standards and rigorous oversight.
FxPro UK Limited is authorised and regulated by the FCA, which ensures that the broker complies with the rules and regulations meant to protect financial markets and consumers.
This includes ensuring client funds are kept in segregated accounts, apart from the company’s operating funds and adhering to fair practice codes.
Cyprus Securities and Exchange Commission (CySEC) – Cyprus
FxPro is also regulated by CySEC, which supervises the investment services market in Cyprus and the activities of the entities that operate in the country.
Being under CySEC regulation ensures that FxPro adheres to EU financial regulations including the Markets in Financial Instruments Directive (MiFID), which is designed to increase transparency across the EU’s financial markets and standardise the regulatory disclosures required for particular markets.
The broker is further regulated by the FSCA in South Africa and the SCB in the Bahamas, further adding to the high standards of the regulatory frameworks which the broker complies with.
FxPro also prioritises the financial security of its clients by maintaining segregation of client funds from its own operational funds, which is a standard requirement under many regulatory bodies. This means that client investments are kept in top-tier international banks, fully segregated from the company’s money, safeguarding clients’ funds in the event that the company faces financial difficulties.
Additionally, FxPro participates in compensation schemes such as the Financial Services Compensation Scheme (FSCS) in the UK and the Investor Compensation Fund (ICF) in Cyprus, which provide an additional layer of protection by compensating clients if the broker is unable to fulfil its financial obligations. The FSCS provides clients with protection of their funds up to the value of 85 000 GBP.
FxPro’s adherence to rigorous regulatory standards and its implementation of comprehensive security measures ensure that its clients can trade with confidence, knowing that their investments and personal information are well-protected.
PROMOTIONS
Besides the cash rebates on offer to traders utilising the Elite account, the broker does not offer any further bonuses or promotions to new clients, due to regulatory restrictions.
However, the broker does offer an extensive partnership programme, where partners can earn good commissions based on referrals to the broker.
RESEARCH
FxPro provides comprehensive research tools including economic calendars, market news updates and technical analysis by Trading Central. These resources are designed to help traders make informed decisions by staying updated on crucial market events and indicators.
Additionally, clients of FxPro are able to access the variety of research tools available on the trading platforms provided by the broker.
EDUCATION
FxPro offers an extensive range of educational resources including webinars, events and in-depth video tutorials.
These video tutorials offers by the broker are high quality and cover a range of topics including technical analysis, fundamental analysis and psychology.
The video tutorials offered by FxPro is one of the most in-depth offerings in the market.
GLOBAL AWARDS
Over the years, FxPro has received numerous awards, reflecting its industry excellence and commitment to providing superior services.
Some of their most recent awards include the following:
- Most Innovative Trading Platform MENA (2023) – Global Brands Magazine.
- Best FX Service Provider (2023) – City of London Wealth Management Awards.
- Best Customer Service (2021) – FxScouts Forex Awards.
- Best Trading Platform (2021) – Shares Awards.
- Best Corporate Social Responsibility (2021) – Professional Traders Awards.
- Best Broker UK (2021) – Ultimate Fintech Awards.
- Most Transparent Broker (2021) – Ultimate Fintech Awards.
- Most Trusted Broker (2021) – Ultimate Fintech Awards.
These awards represent only some of the broker’s awards, with FxPro winning over 110 awards since its inception, highlighting their dedication to providing outstanding services to their customers.
SAFE OR SCAM?
In the world of online trading, ensuring that a broker is credible and secure is crucial. FxPro, with its long-standing reputation and strong regulatory oversight, firmly establishes itself as a safe broker.
FxPro’s operations are overseen by several of the world’s most respected regulatory bodies, including the FCA in the UK, CySEC, the FSCA in South Africa and the SCB.
These regulators ensure that FxPro adheres to stringent financial standards, practices transparency in its operations and maintains the integrity required in handling client funds and transactions.
Over the years, FxPro has earned numerous awards and accolades from various independent organisations recognising its service quality, technological innovation and reliability. This industry recognition is a testament to its standing and dedication to client satisfaction and security.
FxPro places a high priority on protecting client funds and information. This is evident through its use of segregated accounts to hold client funds separately from its own operating funds, ensuring that client investments are protected even in the unlikely event of the company’s insolvency.
Given these factors, FxPro demonstrates a high level of reliability and safety, distancing itself from the risks associated with fraudulent operations. Traders considering FxPro can be reassured by these credentials, confirming that FxPro operates as a legitimate and trustworthy forex broker in the global financial markets.
CONCLUSION
FxPro stands out in the competitive brokerage market through its exceptional trading conditions, comprehensive educational resources and strong regulatory framework. The quality of service and security it offers makes it a top choice for traders seeking a reliable and reputable online trading partner.
Whether you’re a novice or a seasoned trader, FxPro provides a trading environment that supports growth and success in the forex markets.
After conducting the above review into this broker, the team at Brokersuggest.com can safely say that FxPro is one of the best brokers in the industry and highly recommends them as a future trading partner.
