Forexlive.com Independent Review FxPro

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Contents

Introduction and Comments

Website: https://www.fxpro.com/

FxPro is a true no-dealing desk broke, providing clients with anonymous order execution. The forex, CFD, and spread betting is truly something for every trader, even though their asset offerings are a bit on the scant side compared with other brokers.

Clients have the option to perform their trades using the award-winning MetaTrader 4 and MetaTrader 5 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 lets traders take advantage of tax free spread betting with no commissions and tight spreads.

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 five different regulators, and tier-1 capital in excess of €100 million.

Traders have the ability to trade 6 different asset classes, and the trading platforms ensure rapid execution, and re-quotes on less than 1% of al trades. That aside, FxPro does have a disclaimer that 77% of its clients lose money when trading forex and CFD products.

FxPro Intro

Quick Look at FxPro

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 MetaTrader 4/5 platforms, which have been widely reviewed, we decided to test the cTrader platform. There are some downsides to the cTrader platform, namely the inability to trade with fixed spreads, but that’s offset by the smaller spreads, which are just 0.37 pips average for the EUR/USD pairing.

We liked the look and feel of the cTrader platform, which was intuitive and well suited for even beginning traders. Every action we took on the platform was carried out rapidly, with no delays or hitches.

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 in the platform, the ability to set alerts, the ability to turn one-click trading on and off, and the extensive customizations possible in the trading environment.

FxPro Regulations & Licenses

Countries/Regulators

FxPro UK Limited has been authorized and regulated by the Financial Conduct Authority in the U.K. since 2010. FxPro Financial Services Limited has been authorized and regulated by the CySEC in Cyprus since 2007 and by the FSCA in South Africa since 2015.

  • FxPro UK Limited is authorized and regulated in the U.K. by the Financial Conduct Authority (registration no. 509956).
  • FxPro Financial Services Limited is authorized and regulated in Cyprus by the Cyprus Securities and Exchange Commission (licence no. 078/07).
  • FxPro Financial Services Limited is authorized in South Africa by the Financial Sector Conduct Authority ('FSCA') (authorisation no. 45052).
  • FxPro Global Markets MENA Limited is authorized and regulated in the United Arab Emirates by the Dubai Financial Services Authority (reference no. F003333).
  • FxPro Global Markets Limited is authorized and regulated by the Securities Commission of The Bahamas (license no. SIA-F184).

Languages

The FxPro website is offered in 35 languages to traders all across the globe. The cTrader platform is nearly as diverse, with 23 different languages included. MetaTrader 4 and 5 each include nearly all the world’s major languages as well. Customer support is provided in 17 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 MetaTrader 4 platform have access to fixed spread trading.

FxPro Retail Trader Accounts

Clients can choose to trade on the MetaTrader 4 platform, the MetaTrader 5 platform, or on the cTrader platform. All are available as web-based trading, mobile trading, or as a desktop client. The minimum deposit is $500 no matter which platform is used. Variable spreads are best on the cTrader platform (avg. 0.37 pips for EUR/USD) and worst as instant execution on the MT4 platform (avg. 1.71 pips for EUR/USD).

In all cases clients receive no-dealing desk execution. Expert Advisors can be used with MT4 and MT5. Clients on cTrader benefit from no minimums on stop and limit orders, and there are no requites with the exception of instant transactions on the MetaTrader 4 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 $100,000 in virtual funds and no limit in how long the demo account can be used. Users are required to register as clients at FxPro before they are able to access the demo platforms, so expect to take a couple of minutes to complete the registration process and download your preferred trading platform.

FxPro Fees, Costs & Spreads

FxPro has competitive spreads and costs, and compare favorably with most other brokers. They also pride themselves in avoiding re-quotes in nearly all cases. In 2018 there were requotes on just 1.40% of all orders, and 0.72% of those were positive requotes.

The minimum deposit to trade with is $500 for all accounts/platforms. Clients will not be charged any fees for deposits or withdrawals, 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 0.37 pips on the cTrader platform, 1.51 pips on the MetaTrader 5 platform, and 1.58 pips (market execution) or 1.71 pips (instant execution) on the MetaTrader 4 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 time 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 or through credit cards, 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.

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.

FxPro Deposits and Withdrawals

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 MetaTrader 4, MetaTrader 5, and cTrader platforms are all used for CFD trading, while the FxPro Edge platform is specifically for spread betting, giving traders tax-free access to the markets. All of the platforms have mobile versions, web-based versions, and downloadable desktop versions, with the exception of the FxPro Edge platform which is only available as a web-based or mobile version.

MetaTrader 4 and 5

MetaTrader 4 and MetaTrader 5 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 U.K.

cTrader

The cTrader platform is a great compliment to MetaTrader, giving clients plenty of power and analysis capabilities, but a more streamlined and modern look. It is also incredibly customizable, allowing traders to move modules, conduct analysis, and modify the loom 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.

FxPro cTrader

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 platform is specifically for U.K. traders who are looking to take advantage of the tax benefits offered by spread betting. It’s a new offering from FxPro.

Assets Available

An acceptable number of assets across 6 different asset classes. Clients can access over 70 forex pairs, and over 250 different assets in total. So, it isn’t the largest offering of assets, but it is far from the smallest. In general traders are going to find all the popular assets are available from FxPro.

FxPro Assets

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 borer 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 MT4/MT5 platforms;
  • Opportunity to spot an idea from several indicators simultaneously;
  • Automatic detection of Japanese candlestick patterns.
FxPro Notification and Alerts

Risk Management Tools

The primary risk management provided comes from the depth of 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 at all.

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 convertions, 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 favorite assets in one handy place.

Clients also get access to professional level market analysis through the free Trading Central account provided to all clients. Trading Central uses both automated price analysis and professional human market analysts to provide some of the most accurate and up-to-date forecasts available. Trading Central specializes 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 see how their knowledge stands up.

That said, the number of educational pieces and guides could certainly be expanded upon. No one is going to come to FxPro as a new trader and learn the ins-and-outs of trading based on the limited amount of educational material available here. In fact, we believe more can be learned by simply following the daily updates from the Trading Central service.

Customer Support

FxPro provides its clients with excellent customer service that can be reached via online chat, by email, or directly on the phone. The customer support is available in 17 different languages, which is one of the largest number we’ve seen from brokers.

Recently we haven’t 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 Knowledgebase 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 60 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 U.K. and are building their good reputation their even further with the addition of the FxPro Edge spread betting platform, which gives U.K. based traders a way to generate profits tax free.

We like the fact that FxPro offers both MT4 and MT5, 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 and Autochartist features, which both help to validate trade ideas, and we believe makes traders who use them fully more accurate, and thus more successful. These tools also help replace the lack of a detailed education center.

We agree that FxPro is a top-rated forex and CFD broker and would recommend them to any trader looking for a good experience and competitive spreads.

Summary

Company Information

Headquarters:
London, United Kingdom
Founded:
2006
Regulatory Authority(s):

UK: FCA

Cyprus: CySEC

South Africa: FSB

Phone:
08000 463 050
Email:
info@fxpro.com

Account Options

Account Type:
No Dealing Desk Intervention

Subject to the FxPro Order Execution Policy.

US Clients Accepted:
Spreads:
Variable Spreads, Fixed Spreads

Funding

Deposit Methods:
Wire Transfer, Visa, MasterCard, UnionPay, Paypal, Credit Card, Skrill, Neteller
Withdrawal Methods:
Wire Transfer, Visa, MasterCard, UnionPay, Paypal, Credit Card, Skrill, Neteller
Same Day Withdrawals:
Account Currencies:
EUR USD GBP JPY AUD CHF PLN
Deposit Insured, Segregated:
,

Bonuses

Deposit Bonus:
First Deposit Bonus:
Bonuses Conditional on Volume:

Customer Service

Supported Languages:
Arabic, Chinese, Czech, English, French, German, Greek, Hungarian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese
Support / Service Hours:
multilingual, 24/5, via phone, live chat, email, call back
Live Online Support:
Phone Trading Available:

Trading Software

Primary Package:
cTrader, FxPro Edge
Supported OS:
Windows, Apple(Mac), Android, iPhone
Also Supported:
Mobile App Trading, Web Trading, MT4, MT5, cTrader
Mobile / App Trading:
Android, iPhone

Trading

Scalping Allowed:
Hedging Allowed:
Negative Balance Cover:
Automated Trading:
Trading Signals Provided:
Server Side Orders:
Trailing Stops:
Guaranteed Stops:
Guaranteed Limits:
Guaranteed Fills:
OCO Orders:
Interest on Margin:
One Click Trading:
Social / Follow Trading:

Information Services

Email Alerts:
SMS Alerts:
Trade from Charts:
Market Commentary:
News Feed:
Live Economic Events Data:
Signal Service:

Instruments / Contracts

Forex:
Major Indices:
CFDs:
Precious Metals:
Oil:
Commodities:
CFD Stocks:

Spread Betting is only available to clients of FxPro UK Limited that reside in the United Kingdom.

Also Available

Institutional Accounts:
Swap Free Accounts:
Managed Accounts:
PAMM Accounts:
Another Accounts:
VIP accounts

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