FxPro was
established in 2006 as a global CFD and forex broker. It is a no-dealing desk
interventionbroker with over 445 million clients’ orders being
executed.
Clients have the option to perform their trades
using the award-winning MetaTrader4 and MetaTrader5 platforms, or they can take
advantage of the newer cTrader platform, which is also gaining popularity among
traders from around the world. Finally, spread betting clients can take
advantage of the newest offering from FxPro, which is the FxPro Edge platform.
The innovative web-based platform allows traders to take advantage of tax-free spread betting with no commissions and tight
spreads.Spread betting only for UK clients.
FxPro has a fairly
long history, being established in 2006 and growing rapidly since. The broker
now services both retail and institutional clients from over 170 different
countries. It is a safe broker, with licenses from four different regulators, and tier-1 capital in excess of €100 million.
Traders have the
ability to trade 6 different asset classes. The trading
platforms ensure rapid execution, and re-quotes on less than 1% of all trades. That aside, FxPro does have a disclaimer that 71.58% of its clients lose money when trading forex and CFD products.
Quick Look at FxPro
As part of the research process to write this review, we set up a demo account with FxPro and a
As part of the
research process to write this review, we set up a demo account with FxPro and
accessed their website and their mobile trading platform. The process of
opening a demo account was straight-forward and quick.
Rather than look at the MetaTrader4 /5 platforms,
which have been widely reviewed, we decided to test the cTrader platform. The cTrader platform
offers smaller spreads starting at just 0.2 pips average for the EUR/USD pairing
but charges a commission of $4.50 per 1 lot traded.
The cTrader platform has a professional display and clear interface. It
is intuitive and user friendly making it easy for beginner traders to navigate.
Placing orders was
a breeze, and so was adding analysis tools to the charts. This makes the
platform suitable for both new and experienced traders.
Other features we liked in the cTrader platform was the
addition of live chat, the ability to set alerts, the option to turn one-click
trading on and off and the extensive customisations that are available to
traders.
FxPro Regulations & Licenses
Countries/Regulators
FxPro UK Limited
has been authorised and regulated by the Financial Conduct Authority
in the UKsince 2010. FxPro Financial Services Limited has
been authorised and regulated by the CySEC in Cyprus since 2007 and
by the FSCA in South Africa since 2015.
FxPro
UK Limited is authorised and regulated in the UKby the Financial Conduct Authority
(registration no. 509956).
FxPro
Financial Services Limited is authorised and
regulated in Cyprus by the Cyprus Securities and Exchange Commission
(licence no. 078/07).
FxPro
Financial Services Limited is authorised in
South Africa by the Financial Sector Conduct Authority ('FSCA')
(authorisation no. 45052).
FxPro
Global Markets Limited is authorised and
regulated by the Securities Commission of The Bahamas (license no.
SIA-F184).
Languages
The FxPro website is offered in 29 languages to traders all across the globe. The cTrader platform is as diverse, with 22 different languages included. MetaTrader4 and 5 each include nearly all the world’s major languages as well. Customer support is provided in 21 different languages.
FxPro Account types
Retail Trader Accounts
All clients at
FxPro have the same retail account, although there are some differences based
on which trading platform is being used. For example, only traders using the MetaTrader4
platform have access to fixed spread trading.
Clients can choose to trade on the MetaTrader4
platform, the MetaTrader5 platform, The cTrader platform and the Fx Pro Edge platform. All are available
as web-based trading, mobile trading, or as a desktop client. The minimum
deposit is $100 no matter which platform is used. Variable spreads are best on
the cTrader platform (avg. 0.2 pips for EUR/USD) (avg. 1.4 pips for
EUR/USD) on the MetaTrader5 platform.
In all cases
clients receive no-dealing desk execution. Expert Advisors can be used with MetaTrader4 and MetaTrader5. Clients on cTrader benefit from no minimums on stop
and limit orders, and there are no requotes with the
exception of instant transactions on the MetaTrader4 platform.
Demo Account
All traders are able to open a demo account at FxPro and practice
trading without risking any real money. Demo accounts can be used to test any
of the available platforms and come with up to $500,000 in virtual funds.
Please note that inactive accounts are deactivated after 180 days. Users are
required to register as clients at FxPro before they access the demo platforms.
This could take a couple of minutes to complete the registration process and
download the clients’ preferred trading platform.
FxPro Fees, Costs & Spreads
FxPro has
competitive spreads and costs, and compare favourably with most other brokers.
They also pride themselves in avoiding re-quotes in most cases. In 2020 there were requotes on just 1.14% of all orders, and
0.54% of those were positive requotes.
The minimum deposit
to trade with is $100 for all accounts/platforms. Clients will not be charged
any fees for deposit, although the client’s bank or credit card company may
assess their own fees.
Spreads are
variable and average spreads for the EUR/USD pair are 0.3 pips on the cTrader
platform, 1.44 pips on the MetaTrader5 platform, and 1.44 pips (market execution) or 1.64 pips (instant
execution) on the MetaTrader4 platform.
Commissions are
only charged for FX pairs and spot metals on the cTrader platform. The
commission charges are $45 per $1 million traded.
FxPro also charges
swap/rollover charges on positions held overnight. It is possible to receive a
swap credit as well. Swap charges are automatically debited/credited at 21:59
GMT on Monday-Thursday. On Friday the swap/rollover is charged three times to account for the weekend. It is possible to open a swap free account
at, however these accounts incur commission charges.
Deposits & Withdrawals
FxPro accepts
deposits via wire transfer, credit cards (Visa, Maestro, MasterCard) or through eWallets such as PayPal, Skrill, Neteller or UnionPay, and there
are no fees for any deposits being made. Deposits must come from accounts that
are in the same name as the FxPro account holder’s name. Credit card deposits
are credited within 10 minutes; however bank deposits can take far longer based
on bank transfer times.
FxPro does not charge any fees/commission on deposits/withdrawals,
however a fee will be applied for withdrawal from E-wallets if the client has
not traded.
Withdrawals are
also done via bank transfer or credit card and no third-party transfers are
allowed. Both bank transfers and credit card withdrawals require 1 day for
processing. There are no fees charged for any withdrawals.
*Bank transfers fees
may apply depending on the bank involved.
The FxPro Wallet is
an alternative offered that allows clients to keep funds available for trading
but segregated from the trading account. Clients may also keep multiple
currencies in the FxPro Wallet and then fund multiple trading accounts in
various currencies.
FxPro Trading Platforms
FxPro offers four different
trading platforms to clients. The MetaTrader4, MetaTrader5, cTrader and the
FxPro Platform (EDGE) are all used for CFD trading, while the FxPro Edge
platform also offers spread betting to UK clients, giving traders tax-free
access to the markets. All of the platforms have mobile versions, web-based
versions, and downloadable desktop versions.
MetaTrader 4 and 5
MetaTrader4 and MetaTrader5
are the well-known, award-winning trading platforms used by many forex traders
around the world. They are extremely powerful in their technical analysis
capabilities. They also extend the trading capabilities to automated executions
through the use of their Expert Advisors. FxPro is an award winning MetaTrader
broker and one of the most popular FX brokers in the UK.
cTrader
cTrader has more advanced features than the MetaTrader platforms, giving
clients plenty of analysis capabilities, but a more streamlined and modern
display. It's also highly customisable, giving traders the option to rearrange
modules, conduct analysis, and change the look and feel of charts.
cTrader also adds
several features such as the FXStreet Economic Calendar, which gives clients
real-time information about global economic events and indicators. It also
includes the powerful Autochartist Market Analysis tool, which can help
identify potential trading opportunities.
The cTrader
platform was developed for efficient trade execution, and it delivers that with
lower spreads and blazing fast execution speeds.
FxPro Edge
The FxPro Edge account is specifically for UKtraders who are looking to take advantage of the
tax benefits offered by spread betting.
Assets Available
With a large number of assets across 6 different asset classes, clients can access over 2100 forex pairs, and over 430 different assets in
total. In general traders are going to find that all the popular
assets are available from FxPro.
Order Types
Traders can choose
from five types of orders: limit orders, market orders, stop loss orders, and
take profit orders. Missing are guaranteed stops, but with almost no requotes
and very little slippage from the broker this shouldn’t
be an issue.
Notification and Alerts
All of the FxPro
platforms offer alerts and notifications based on price levels. In addition,
clients of FxPro can access the Trading Central platform, which has been
providing market analysis since 1999. It’s typically a paid service, but is
available free of charge to FxPro clients. The system analyzes support and
resistance levels, gives short and long-term trading signals and forecasts
price movements in thousands of assets.
Key benefits of Trading Central:
Reduction
of any trader’s day to day burden of analysing large amounts of data, due
to automatic level-building and trend detection;
Hundreds
of intraday trading ideas for various tools that are difficult to manage
manually;
Long-term
forecasts for pivot levels directly within the MetaTrader4 / MetaTrader5 platforms.
Opportunity
to spot an idea from several indicators simultaneously.
Automatic
detection of Japanese candlestick patterns.
Risk Management Tools
The primary risk
management provided comes from the in-depth analysis
provided, and the educational tools offered. There are also a number of trading
tools that will help traders with their risk management strategy. These include
the FxPro calculators and the direct app that helps manage trading accounts
anywhere.
One final risk
management tool offered is the FxPro Wallet. With the wallet traders can
transfer funds from their trading account to the wallet, and vice-versa, at any
time. It can hold multiple currencies too, making it ideal for multiple trading
accounts.
Trading Tools and Analysis
FxPro has a number
of trading tools available to clients, including calculators that handle
currency conversions, required margin, pip value, stop loss/take
profit levels, swaps and cTrader commission calculators. There are economic
calendars to keep track of relevant breaking news, and a trader’s dashboard
that helps monitor all a trader’s favourite assets in one handy place.
Clients also get
access to professional level market analysis through the free Trading Central account
provided funded clients. Trading Central uses both automated price
analysis and professional market analysts to provide some of the most accurate
and up-to-date forecasts available. Trading Central specialises in the technical analysis, so traders have an opportunity to use
in-depth graphical analysis and mathematical indicators to confirm the key
price levels, as well as special candlestick charts to confirm trend reversal
or acceleration.
Education and Training
FxPro has an extensive education center that
contains everything from basics to advanced tutorials. Traders can learn about
fundamental analysis, technical analysis, trading psychology, and even take
trading tests to test their knowledge.
Customer Support
FxPro provides its
clients with excellent customer service that can be reached via online chat, by
email call-back request, or directly on the phone. The customer support is
available in 21 different languages, which is one of the largest numbers we’ve
seen from brokers.
Recently we have
not had much success with customer service teams at brokers, so it was
refreshing to get a response immediately from the online chat platform, and
within an hour when we emailed the support team.
In addition to the
live support there’s also a help center to answer the most basic and common questions.
The customer
support team operates 24/5 Monday through Friday, and we found them to be
highly responsive and knowledgeable.
Independent Opinion & Rating
There’s a very good reason why FxPro has won over 90 awards from various industry groups, and that’s because they do an
excellent job in offering their client’s a non-dealing desk environment for
trading forex and a variety of other asset types. They are best known in the UKand
are building a good reputation therewith the addition
of the FxPro Edge spread betting platform, which gives UKbased traders a way to generate profits tax free.
We like the fact
that FxPro offers both MetaTrader4 and MetaTrader5, but we also
liked the cTrader platform, and feel it is a good choice for those who aren’t
already tied to MetaTrader products.
We also like the
Trading Central, which helps to validate trade ideas, and we believe makes
traders who use them fully more accurate, and thus more successful.
We agree that FxPro
is a top-rated forex and CFD broker and would recommend them to any trader
looking for a pleasant experience and competitive spreads.
