FxPro Review 2019 and Technical Opinions
Selecting your broker is often the most challenging test which exists for both new and experienced traders. Luckily, we have done a lot of the research on your behalf. In this FxPro review, we take a deeper look at the driving forces behind one of the leading brokers in the industry.
FxPro has been around for more than a decade, offering services across a number of top trading platforms. FxPro broker numbers throughout this time have grown considerably, and consistently. Now positioned as one of the foremost competitors in the forex broker industry, we will examine in detail exactly what has attracted traders to FxPro, and their offerings as a broker which may be suited to your own trading future.
PART 1 – FxPro Legal Review – Company and Legal Information
Firstly, as with any forex broker, it is important to establish the trust of users. We understand that this is a vital consideration to everyone who is considering choosing FxPro as their broker. Having been around for more than a decade and been overseen by some of the most respected financial regulators in the industry, we can confirm that FxPro forex trading is a secure as we have seen through the industry.
Is FxPro a scam? Is FxPro reliable? FxPro review and legal opinions
FxPro is certainly not a scam. Comparatively, FxPro complaints from users are very low when considering the huge and growing size of their customer base and number of markets in which they are present. FxPro scam reports are virtually non-existent. This is a commendable achievement given the nature of the industry.
When I make a deposit to FxPro, where does my money go?
When you make a deposit with FxPro, your funds are directed to segregated accounts within top-tier financial institutions. This is in strict compliance with financial regulators around the world such as the FCA in the UK. This policy ensures that FxPro systems remain completely transparent and trustworthy.
Is FxPro regulated? FxPro Regulations – FxPro license opinions
One of the most important aspects of any forex broker is regulation. FxPro are strictly regulated and fully compliant with a number of global financial regulatory bodies. These bodies include, the Financial Conduct Authority (FCA) in the UK, the globally esteemed CySEC in Cyprus, the FSCA in South Africa, SCB in the Bahamas, and most recently in 2017, the Dubai Financial Services Authority, cover regulation in the UAE.
The regulatory bodies by which FxPro forex trading is overseen are highly respected, and expansive in geographic terms. This puts FxPro among the top echelon when it comes to being regulated and trustworthy within the sector as a whole.
How to check the FxPro licenses
If you wish to clarify further information regarding the regulatory licensing of FxPro, that information is freely available by following these links directly to the associated regulatory bodies:
What type of broker is FxPro? FxPro technical opinions
FxPro is an NDD (no dealing desk) broker in the truest of sense. Potential traders often ask “is FxPro an ECN broker?” and according to the broker’s website, often mistakenly correlate an ECN broker with automatically being a no dealing desk broker which is not always the case. Many other broker review sites will also conduct an FxPro ECN review which further serves to confuse traders. The bottom line from the company perspective is that FxPro operates with absolutely no dealing desk intervention in the execution of its trades.
How does FxPro profit?
FxPro profit through a marginally marked up spread which they offer to the user. This is in place of a commission on both FxPro MT4 and FxPro MT5 accounts, which offer commission-free trading. The FxPro spread comparison with that of other major brokers is still highly competitive on these accounts at between 1.2-1.4 pips on major Forex pairs.
The FxPro cTrader account does apply a commission of $45 per $1 million traded. The average spread on this account though is much lower, at 0.3 pips.
Where is the legal office of FxPro?
FxPro have legal offices in the following locations:
United Kingdom (HQ)
13-14 Basinghall Street,
City of London, EC2V 5BQ, UK
Cyprus (Operational HQ)
Karyatidon 1, Ypsonas 4180, Cyprus
Monaco (Admin. Office)
26, Boulevard des Moulins, Monaco, 98000
United Arab Emirates (Dubai)
Index Tower, Floor 10, Unit 1010, Dubai International Financial Centre,
Dubai, United Arab Emirates.
Lyford Financial Center, PO Box N 7776,
- Regulations: FxPro UK Limited authorised & regulated by the FCA (509956); FxPro Global Markets MENA Limited authorised & regulated by the DFSA (F003333); FxPro Financial Services Ltd authorised & regulated by CySEC (078/07) and the FSCA (45052); FxPro Global Markets Ltd authorised & regulated by the SCB (SIA-F184).
- Type: Agency
- Leverage: 1:500
- Min Deposit: $100, however, clients under the DFSA will need to deposit $500
- Platforms: MT4, MT5, cTrader, FxPro Edge (web platform)
- Headquarters: FxPro Group Limited is headquartered in Limassol, Cyprus
- US Customers: No
- Other instruments: CFDs on futures, indices, shares, metals, energies; spread betting
PART 2 – FxPro Account Opening
What can you do with FxPro? FxPro features opinions
As noted from the outset of this FxPro broker review, they have been involved in the forex trading sector for more than a decade. This means that the company have established an arsenal of products and features which they have built upon and evolved through the years. The FxPro markets for forex pairs are abundant, with up to 70 major, minor, and exotic pairs tradable through the broker. The FxPro CFDs offering extends above 200 markets, with trading opportunities available in futures, indices, shares, metals, and, energies. This give FxPro edge over many competitors in the market who struggle to present such a diverse offering.
FxPro demo: how to open a free virtual account
Opening an FxPro demo account is relatively easy. As with many brokers, simply fill out the basic personal information on the registration page, confirm your email address, and you are ready to get started. FxPro offers a more diverse range of options when opening your demo account. You can choose any FxPro platform for trading with your account, this includes MT4, MT5, and cTrader. The demo account can be supplied with up to $500,000 in virtual currency to support your forex trading education.
FxPro Live: how to open a Live FxPro account
With the company promoting that over 870,000 accounts have been opened, the process of opening a live account with FxPro is also easy and flexible. With FxPro, there is also no need to immediately deposit. As is standard, you will need to verify you ID with a passport or driver’s license, and also provide a proof of address document. The process is usually fast and convenient through an uploading feature.
FxPro Deposits and Withdrawals – All the options
FxPro deposit methods are varied and numerous, as are the withdrawal options. Here is a complete list of both.
- Bank wire transfer
- Credit Cards
All of the listed deposit methods are free of charge and most are completed instantly with the exception of a bank transfer.
An FxPro withdrawal review has concluded that all of the same methods are also valid for withdrawals as deposits with the broker. These withdrawal methods are also free, with the exception of charges which may be levied by your financial institution. The withdrawal process is usually complete within 1-2 days.
FxPro minimum deposit
The FxPro minimum deposit for each account type is $100. That said, the broker recommends that you deposit $500 as a minimum initial amount to get started.
FxPro Bonus and Offers
With FxPro, no deposit bonus is available. This is due to regulations imposed by the financial bodies which oversea the industry and in-turn, regulate FxPro. Recent legislation in Europe means that FxPro and other forex brokers located in the region, cannot offer any form of deposit bonus.
PART 3 – FxPro Review – Accounts, Conditions, and Fees
FxPro Account Types
The broker offers three different account types, each of which come with an associated demo account, and are associated with a particular trading platform offered by the broker. These account types are namely, FxPro MT4, FxPro MT5, and FxPro cTrader. Each account type trades on the associated platform and all offer micro accounts, and a variety of trading instruments.
Of these accounts, FxPro MT4 fixed spread is the only one to offer this facility, whilst the others operate on a variable spread basis.
Commissions, Fees, Spread and Market Trading Hours on FxPro
A detailed FxPro account comparison also brings to light the variance in commission strategy through the three account types. FxPro commission is built into the spreads of the MT4 and MT5 account offerings, with the cTrader account being the only to operate with an added commission of $45 per $1 million traded. This account though offers direct access to the best market rates in terms of spreads.
Spreads on the MT4 and MT5 accounts average between 1.2 – 1.4 pips on major currency pairs, whilst the cTrader account averages just 0.3 pips before commission is taken into account. FxPro futures, indices, shares, and cryptocurrency CFDs are commission free on all accounts.
FxPro trading hours run on a 24/5 basis with the exception of exotics and minor pairs which halt trading between 10pm and 10:01pm GMT.
FxPro Islamic Account
Yes. FxPro swap-free accounts are available for Islamic traders. They should apply through FxPro direct to customer service in order to request this account type.
FxPro Leverage – What it the highest leverage FxPro offers?
This leverage differs depending on the location of the trader, as FxPro operates through several different entities in order to match the local financial regulations. Whilst leverage can be as high as 1:500 with the Bahamas based entity, and 1:50 on major forex pairs through the Dubai based entity, the broker generally conforms to offering 1:30 leverage on major forex currency pairs, 1:20 on minor pairs, and 1:2 leverage on cryptocurrency CFDs. This is in line with the EU legislation which caps the maximum leverage allowed to 1:30.
FxPro Cryptocurrencies offerings extend to several market pairings with the USD. These include, Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum. The maximum leverage allowed on these crypto markets is 1:2.
FxPro offers an extensive range of CFDs in over 200 markets. These include offering in futures, indices, shares, metals, and energies markets. This represents a wide variety when compared with other industry brokers.
PART 4 – FxPro Trading Platforms Review
FxPro offers a wide variety of platforms which are tailored to offer the maximum degree of choice to traders. These platforms are all well-known within the industry, and offer tools and features which are well suited to adept, experienced traders, and the perfect opportunity for new traders in the industry to hone their skills. Here we will take a closer look at the FxPro trading system and what the broker has to offer in terms of platforms.
FxPro Trading Platform Review
Beginning the FxPro system review with a look at their available desktop platforms, we can see there are a few options.
Both MT4 and MT5 platforms are well known in the industry for their power in terms of providing a wealth of technical indicators and professional tools to the trader, and the FxPro MT4 and FxProMT5 versions carry on in this vein. They offer the same insight with hundreds of customizable indicators available inside the same familiar workspace, charting multiple markets and ultimately controlled through the left and lower panels which allow access to the latest news feeds, chart open positions, and allow traders to easily search and display new markets. Automated trading through EAs is also available on both these platforms though the web, or lighter and slightly more visually appealing web-based versions.
Moving to cTrader, it steps up the visual attractiveness and still offers a hugely powerful presence in both its web-based and desktop varieties which FxPro offers. The FxPro cTrader platform is easy to navigate on Desktop and in the lighter web-based version offered. The workspace of the FxPro cTrader again makes a variety of professional indicators easy to reach on top of the central console which displays the selected charting windows. A live news feed is also easily reachable. FxPro algo trading is also available through the much utilized cBots feature of the platform.
Finally, the FxPro Edge platform, which is still in its Beta stages, opens up a new proprietary platform for spread betting. FxPro edge spread betting is a new outlet for traders to engage easily with this trading option through the platform, and although in its Beta stages, the platform is visually appealing featuring a watch list of your favorite trading instruments on the left, and displaying customizable charts on the right. Positions can be opened in as little as two-clicks with this highly intuitive ordering system, and there are a number of professional charting indicators made available, as well as a positions tab at the bottom of the window where traders can easily track their open positions.
Mobile and we apps are offered for all of the main platforms. This includes MT4, MT5, and cTrader. These mobile trading platforms provide much of the same analytical depth and ease of use as their desktop and web-based counterparts. All are visually appealing and user-friendly with access to economic calendars, and the latest live news feeds from the most reliable sources.
In the new digital age, these, together with the other wide variety of FxPro trading platforms, strike a perfect balance between information and convenience for trading in a fast paced environment.
FxPro tutorial: Where to find the best FxPro Guides
Any trading related guide which you cannot find in the extensive collection of educational material provided by FxPro, can often be located through trusted outside sources, and sites dedicated to helping traders learn.
PART 5 – Support, Research and Educational Material
A vital element beyond FxPro financial services and trading, is research, and education. This support and education is what sets FxPro apart from others, and when the question is asked, “is FxPro a good broker?”, the first thing that will be recalled by many users is how much they could learn during their time trading with this, or any broker.
FxPro Customer Support
FxPro support for customers is known to be of a high quality within the industry. The company offers a support service through several mediums include, telephone support which operates on a 24/5 basis. When tested, this service was answered promptly in under 60 seconds. It also accounts for local support with 29 countries and languages. Email support is available and responsive, and finally, the FxPro live chat function is available through the website. This function is highly responsive in under 60 seconds with a support agent providing helpful and useful answers when tested.
In-terms of research, FxPro provides a variety of options to its traders. Beginning with its blog which is updated daily, users can check in on the opinion of many industry experts and monitor a live news feed from the Dow Jones news wire.
Furthermore, the broker provides access to Trading Central. This is an industry leading service giving traders access to current news and research. This service also develops and provides pattern recognition software and solutions which traders can implement. These services are available through both FxPro cTrader, and FxPro MT4.
FxPro offers an extensive variety of educational material for the benefit of its traders. This includes video courses on trading basics, all the way through to the most advanced trading strategies. These are mainly offered in video format through the brokers help center.
FxPro Trading Academy
The FxPro trading academy is interlinked with the help center and features extensive educational material in video and text format which has been published in-house by the broker’s expert educational team. This information ranges from the basics of trading, straight through to step-by-step guides of each trading platform the company offers. This can be an invaluable source of information, particularly for new brokers. Much of the content is directed through the FxPro YouTube channel.
PART 6 – Final Thoughts and Opinions on FxPro
Have conducted an extensive FxPro review of the broker, and all associated features, we will now conclude with some final thoughts and opinions on FxPro and whether they may be suitable as your next forex broker.
FxPro review, FxPro opinions and final comments
Having been around the industry for so many years, it is natural that many may view FxPro as a huge authority source within the industry. As we see with so many other early pioneers though, it does not take long to fall behind new and hungry brokers in an ever-evolving digital age. This has certainly not been the case with FxPro however.
FxPro has continued to keep pace and set new benchmarks in the industry through their innovative, and user-friendly approach. The extensive trust they garner from being an ever-present in the industry is also worth noting.
Overall, FxPro, with its global presence and compliance with regulation, maintains its position well within the industry as being highly diverse, competitive, and trustworthy.
Why You Should Choose FxPro
Available in almost all countries of the world, FxPro continues to innovate, with their positive approach to trader satisfaction, and drive to improve the overall trading experience whilst retaining some of the most competitive spreads and account options in the industry, make FxPro an excellent choice as it has been throughout the years.
The addition of the new FxPro edge spread-betting platform, only serves to enhance the brokers position as a pioneer within the sector.
Finally, for any trader, new or experienced, who values reputation, and transparency, FxPro is one of only a few brokers who are regulated and fully compliant with many of the world’s most stringent financial regulators.
FxPro Reviews – PRO
- Highly competitive spreads when compared with other brokers of a similar stature.
- Regulated and fully compliant with the most respected bodies in the financial world.
- A wide variety of intuitive trading platforms to suit all manner of trading styles.
- A broker who is always seeking to evolve, such as with the recent launch of FxPro Edge platform.
FxPro Reviews – CONS
- Website can be challenging to navigate for useful information without feeling pressured to register immediately.
- The removal of Auto Chartist feature may disappoint some traders.
- Cumbersome login procedure for each individual trading platform required.