FxPro Review 2020 and Technical Opinions

Filippo Last Updated: March 2019 20 min read
security 94
cost 56
trading 67
education 100
Rated: Excellent
77

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In this FxPro review, you’ll find everything you need to dispel any doubt, including our feedback on FxPro, both practical and technical, after years of experience on the platform.

The best thing you could is to open a free demo account to try out first-hand the FxPro platforms, to be able to fully follow this review.

OPEN A FXPRO DEMO ACCOUNT

FxPro review
Security

Let us start by learning a little of its background and ensure to iron out some of the typical concerns that participants may have over an industry that has been tarnished by bad practising firms over the many years since online trading became a fad back in the 2000s.

FxPro

security 94
2
3
1

Foundation and Offices

FXPro was founded in London in 2006 and was reshaping online trading in the early days of such technology. In 2008 it was the first broker to sponsor an F1 team and by 2015, the Financial Times voted FXPro as the ‘Best Broker’. Over the years, FxPro has successfully expanded to serve retail and institutional clients in more than 170 countries – and is still growing.

FxPro UK  Headquarters is based at 13-14 Basinghall Street, London, EC2V4BQ, UK and have the following overseas sites including:

  • Cyprus, EU entity: FxPro Financial Services Ltd, Karyatidon 1, Ypsonas 4180, Cipro
  • Monaco: Administrative Office 26, Boulevard des Moulins, Monaco,98000
  • Bahamas: Lyford Financial Center, PO Box N7776, Nassau, Bahamas.

Regulations

Like any other broker platform, FXPro is a network of companies that answers to different regulatory bodies that allow them to operate worldwide.

4 industry regulations: FxPro is well-known throughout the industry as a trustworthy and reliable broker. The platform is regulated by the FCA, CySEC, FSCA and SCB.

In the UK, FxPro UK Limited is regulated by the Financial Conduct Authority to provide CFDs under the authorization FCA No. 509956. That being said, the company operates affiliates that answer to other Tier 1 regulatory bodies as follows.

  • FxPro Financial Services LTD (CYSEC 078/07) to operate within Cyprus.
  • This entity is also authorized by FSCA to operate within South Africa (FSCA 45052).
  • FxPro Global Markets LTD in Bahamas (SCBBahamas SIA-F184).

All those companies are regulated and work as a whole body to provide users with one of the widest selections of assets.

Money Protection

FXPro has a Client Money Protection program to protect clients’ money which is segregated to that of its own broker funds in line with the Financial Conduct Authority. Therefore, customer money will be safe in case of bankruptcy or insolvency. In such an event, clients’ money will never be touched.

Negative balance protection offered: Client accounts are not allowed to incur a negative balance. Clients can only trade what they have as balance. That means that the client cannot lose more money than they deposit. This is available to all clients, no matter the country or jurisdiction.

Additionally, for EU and UK based users there is the ICF, insurance up to 20.000€ (or 85.000£ in UK) in case something happens to customer money.

Awards

As mentioned, FXPro is an  award-winning broker and it has, in fact, won more than 70 awards, including:

  • 17 Best Forex Provider Awards.
  • 32 Best Forex Broker.
  • 14 Best Forex Tools and Service.
  • 9 best FX Platform.

As you can see, their impressive list of awards cements their stature as a firm market leader and a well-established choice when looking at a forex comparison. Their continuing list of triumphs over the years only seems to exemplify their confident claims on their website.

Not Accepted Clients

Europe:

  • Belgium

American Continent:

  • United States
  • Canada

That doesn’t mean that FXPro doesn’t support the trading of their currencies; they actually do and offer trading in the euro, Canadian dollar and the US dollar. However, the broker does not accept clients from those countries.

For further information, contact FXPro’s excellent Customer Support Service to determine if you are allowed to open an account from your country.

Pros
  • Well regulated platform
  • Award-winning broker
  • Safe and transparent company
Cons
  • Customers based in certain countries may not be accepted

FxPro review
Costs and Accounts

Before opening an account with any broker, we do recommend understanding all the types of accounts that company offers so you will be in a better position to identify what is the one that fits your needs best.

FxPro

cost 56

Account Types

Our research team identified eight major types of accounts in the Plus500 platform that range from novice traders with a small amount of money to invest to professional investors with hundreds of thousands of dollars, yens, or euros or even pesos.

With these several options to choose from, the variety of platforms are vast and one should fit most of your trading needs. Not many brokers offer this array of platform selection so ensure you take the time to find the one that fits best for you.

FxPro Demo

A demo account is offered to traders who are just getting started or for those who wish to practise a new trade strategy and make perfect before trading with a live account putting real money at risk.

For beginners, trading at first can seem daunting, but luckily there is the FXpro demo account to get you started, test the waters, and let yourself get comfortable with the platform before you start investing. The demo account will allow you to test out your potential investments in a risk-free environment, so you can feel confident whatever you choose to invest in.

However, it can be slightly confusing when you start to visit the FXpro demo account setup process on the company’s website, listing both MT4 and MT5 platforms, as well as cTrader. For the uninitiated, this kind of jargon can seem complex and intimidating.

However, they have a live chat facility where all of your questions can be answered in real-time and instantly. You can contact the broker by phone number or by email as well.

  • FxPro demo account trial does not end.
  • The demo is offered on MT4, MT5 and cTrader.
  • Spread betting demo account available for UK and Ireland based traders.
  • Demo accounts are basically trials offered by the broker, so you can test the service before opening a real account.
  • Money is virtual, so there’s no risk involved. Both earnings and losses are virtual.
  • When signing for a demo account, you won’t be committed to depositing real money. You can stop trading with your demo account anytime, and vice-versa you can keep trading with a demo account as long as you wish to do so.

It is worth noting that research suggests that not every forex broker offers the same trading platforms and, in fact, some sites will offer a bridge to connect to other platforms to get around this, but it is suggested that this can have an adverse effect on trade management.

MetaTrader Account

  • Standard account for beginners.
  • You can open this account both with MT4 and MT5.
  • $100 minimum deposit.
  • Standard spreads from 1 pip.
  • Start trading over 260 CFDs including over 70 forex pairs.

The key difference between MT4 and MT5 trading mechanisms is that MT5 is considered a newer platform and handles more complex trading – including more than just forex. The common advantage of MT4, in this case, is that it allows ‘hedging’, which is having more than one bet open on the same market, whereas MT5 does not.

cTrader Account

FxPro cTrader allows you to trade with access to the full depth of the market, as well as to volume information per instrument. For those seeking Market Execution and an added level of market resolution, cTrader has everything you need from a forex trading platform, and more. Here are some key points:

  • Great order execution speed.
  • $100 minimum deposit.
  • Lower spreads.
  • Spreads from 0 pips plus $4.5/lot commission.
  • Start trading over 260 CFDs including over 70 forex pairs.

Spread Betting Account

Lastly, there is the FxPro Edge platform, which is called their revolutionary Spread Betting platform. With this account, you can trade Forex, shares, spot indices, spot metals and spot energies. Also, you have access to limited risk accounts at no additional cost, no commission and tight spreads. Here are some key points:

  • Great order execution speed.
  • £100 minimum deposit.
  • Available only to UK and Ireland based traders.
  • Available on the FxPro Edge trading Platform.

MAM/PAMM Account

MAM (Multi-Account Manager) and PAMM (Percentage Allocation Management Module) accounts allow fund managers to manage multiple accounts from a single account without having to create an investment fund. The performance (profits and losses) of a PAMM or MAM account manager is distributed among the managed accounts. Here are some key points:

  • Available to experienced hedge funders or people with deep knowledge of economics.
  • EAs allowed.
  • It earns rebates.
  • The money manager can set individual commissions, mark-ups and performance fees.

FxPro VIP Account

The FxPro VIP Premium Accounts are offered to selected individuals with high deposits (typically $50k or equivalent) and those actively trading large volumes. VIP clients benefit from free VPS service and the possibility of decreased spreads/commissions.

As a VIP client, you get up to 30% discount on market spreads – Available on the direct Market execution accounts. Access to VPS with no restrictions – Virtual Private Server enables to run trading Expert advisors remotely, 24/5. Up to 30% lower commission on cTrader accounts.

Here are the key points for the VIP Premium Accounts:

  • Available if you deposit at least $50.000.
  • 30% discount on spreads.
  • Free VPS.
  • Great for professional traders.

Islamic Account

In observance of the Shariah Law, FxPro offers swap-free accounts to clients of the Muslim faith. The FxPro swap-free account will ensure you are in compliance with everything you need to have a proper Islamic account. This can be made available by emailing the back office department of FxPro after you have completed your FxPro account opening. They will help you complete each step. Here are the key points:

  • FxPro provides it when requested.
  • A minimum deposit of $100.
  • Since Swap is not applied, FxPro may apply the additional fee to your positions.

Professional Account

For a pro account, in order to be eligible you have to match at least 2 of these requirements:

  • An average of 10 transactions of significant size per quarter in the past year.
  • Financial instrument portfolio of over €500,000 (in your bank or into the trading account).
  • Relevant experience in the financial services sector.

Under the professional account scheme, the leverage allowed to your trading will be increased up to 500:1

Account Base Currency

As an international broker, FxPro has different conditions and possibilities as base currencies for its accounts. However, everything depends on your country and the affiliate that you used to open your account.

The base currency is the currency of your trading account. That being said, FxPro offers major currencies such as the euro, the US dollar, the Japanese yen, the Australian dollar, and the British Pound for almost all its customers.

Other exotic currencies are available on a country by country basis. For example, you can open an account with ZARs if your country of residence is South Africa. When the base currency matches the currency you will make deposits with, you won’t pay any currency conversion fee.

Deposits

Minimum Deposits

The company operates in 173 countries and has more than 870,000 client accounts and €100 million of Tier 1 capital and FxPro has developed reliable deposit and withdrawal schemes.

For instance, FxPro minimum deposit is $100 or equivalent depending on the currency you deposit with. Deposits generally take 10 minutes, but the first deposit may take longer.

Deposit Methods

  • Bank transfers available worldwide.
  • Credit cards available worldwide (visa, MasterCard).
  • E-wallets available, but not within the UK.
  • Paypal only in the EU.
  • Skrill and Neteller available worldwide.
  • UnionPay available worldwide, but the UK.
  • Generally all fee-free.

Withdrawals

  • Bank transfers available worldwide.
  • Credit cards available worldwide (visa, MasterCard).
  • E-wallets available, but not within the UK.
  • Paypal only in the EU.
  • Skrill and Neteller available worldwide.
  • UnionPay available worldwide, but the UK.

Withdrawal Fees

FxPro operates a standard withdrawal fee range between free of charge to about  2/2.6% depending on the method chosen to withdraw. The only fee is applied when the customer deposits money and withdraws it right away without trading.

Spreads & Commissions

As far as Spreads & Commissions go, the spreads with FxPro differ depending on the account you have chosen, the market hour, the execution, and on the platform.

Floating spreads

For floating spreads, these are available on every FxPro account. For instance, on MetaTrader Accounts spreads on forex start from 1 pip, while on cTrader accounts spreads start from 0 pips, but a commission of $9/lot round turn on cTrader is applied. Floating spreads are also influenced by the execution chosen. Floating spreads are offered with both market and instant executions.

Fixed Spreads

For fixed spreads, these are made available only on MT4 for forex trading. The spreads are lower during certain market hours. These are increased outside these hours. The fixed spreads are offered with the FxPro Instant Execution.

Minimum spread on some assets:

  • EUR/USD – 0.1 pips (1.6 fixed).
  • Gold – 0.25 pips.
  • S&P500 – 0.700 pips.
  • Bitcoin – $10/unit.

Fees

Overnight Fees

Overnight fees are charged on basically every asset on FxPro, since this broker is a CFDs provider. The Overnight Fees are displayed on the MetaTrader and cTrader platforms.

The rollover fee is an interest that can be both paid or gained by the investor, depending on the market and on the asset itself.

Swap fees per asset are not displayed on the website, but there is a page on FxPro with a Swap fee calculator, so you can know how much spread you will pay on the asset based on the amount invested.

Inactivity Fees

FxPro does not charge inactivity fees. Your account after 6 months of inactivity will be set to a “dormant state”. Every position left open may be closed.

Pros
  • Great demo account
  • Wide account offering
  • Deposits and Withdrawals are fee-free
  • Both floating and fixed spreads on forex
  • No inactivity fees
Cons
  • High cTrader trading commission per lot compared to its competitors
  • Limited deposit methods

FxPro review
Trading

Trading Features non-dealing desk broker, (NDDB) with an Agency Model. This means that where it comes down to execution, It acts as a counterpart between the broker and the interbank market.

FxPro

trading 67

Trading Features

Executions

As FxPro act as a counterpart between the broker and the market, it offers 2 further execution types:

  • Instant Execution: The offered price is the first available price on the market. However, in the case that any price is not available, there will be a requote to offer you a possible opening window. Instant execution offers both fixed and variable spreads.
  • Market Execution: FxPro gets the prices from the market, and offers to its customers the best price obtained with a Volume-Weighted Average of the market prices obtained by its liquidity providers.

Sizing

When it comes to dealing through FxPro, you can access the market via a minimum sizing of 1 micro lot. This means that, on forex, you will be allowed to open positions as low as 0.01 standard lots. 0.01 standard lots equal to $100 (non-leveraged). Of course, this amount would be lower depending on the leverage you apply.

Techniques

FxPro allows you to trade in the style that suits you. This means, if you are a scalper and wish to take advantage of incremental movements in price action, FxPro allows Scalping, as well as hedging and if you prefer to let your robot do all of the work for you, then automated trading is also allowed through EAs.

In fact, it is a great broker for EAs thanks to its great account and spread flexibility. FxPro even offers Spread Betting on the FxPro Edge platform.

Risk Management

FxPro offers 5 main risk management tools as follows:

  • Stop Losses. Stop losses provide you with an exit door in case the market goes against you and the trade goes wrong.
  • Take Profits. Take profits allow you to secure your gains when a price is reached.
  • Limit Orders. Limit orders are a tool that asks the broker to open a trade once the asset reaches a certain price.
  • Trailing Stop. Trailing Stop helps you to secure profits while the asset keeps moving in the right direction.
  • Margin Calls. Margin Calls are also available. They warn you when your Equity is below a certain level.

Trading Hours

As for trading hours, you can trade between 5-7 days a week, depending on your chosen market as follows:

  • Forex 24/5. Monday to Friday.
  • Crypto 24/7. Monday to Sunday.
  • Commodities generally 23/6. Sunday to Friday. It closes between 10 pm and 11 pm.
  • Indices and stocks market hours depend on the country and the session: American, European or Asian.
  • US indices and US stocks have to respect local market hours.

Leverage

There are a number of levels of leverage, depending on the risk you wish to take as follows:

  • FxPro Global Markets Ltd – 500:1
  • FxPro Financial Services Ltd 30:1 (500:1 for professional traders)
  • FxPro UK Limited 30:1 (500:1 for professional traders)
  • FxPro applies dynamic leverage to customers who can access leverages beyond 30:1

The larger is the position on an asset, the less will be the max leverage you can use. Up to 100 lots the max leverage will be 500:1, and if your position reaches 500 lots the minimum leverage will reach 33:1. In between these 2 values, there are multiple brackets.

Platforms & Mobile

Charting and Trading tools

Charting and Trading tools are provided by the third parties platforms of cTrader, MT4 and MT5. In that framework, FxPro offers 51 chart indicators. Besides, when it comes to drawing tools, the third-party platforms are customizable and offer 31 tools.

MetaTrader Platform (Desktop, web, mobile)

FxPro offers both MT4 and MT5 as platforms. Metatrader is highly customizable and can be used for creating trading robots (EAs) coded in MQL. Metatrader platforms are very light, and they run basically on every device. While these may not be brighter graphically talking, they are still very user friendly.

Key features:

  • Available for both Windows and Mac.
  • Available for both Android, iOS.
  • Webtrader version is also available in both cases.
  • With MT4 you can choose between fixed and variable spreads when trading forex.

cTrader Platform (Desktop, web, mobile)

The cTrader platform is also highly customizable and it can be also used for the creation of trading robots coded in C#.

Key features:

  • Available for both Windows and Mac.
  • Available for both Android, iOS.
  • Webtrader version is also available in both cases.
  • cTrader is usually preferred when the trader wants real direct access to the market.
  • This translates in lower spreads and faster execution models.

FxPro Edge

FxPro Edge is a proprietary platform for spread betting. It offers over 200 tradable assets but it is only available in UK and Ireland.

Key features:

  • Over 200 tradable assets, including forex, indices, stock market, and commodities
  • Only available to UK and Ireland based traders

Markets

The following are the markets that FxPro operates within and provides trading in:

Forex

FxPro offers over 70 forex pairs with low latency and fast order execution and spreads starting as low as 0 pips.

Commodities

With over 17 assets including energies and soft and hard commodities, FxPro provides trading with CFDs and Futures.

Indices

FxPro offers 21 indices from the European Union, the United States, China and Japan in total.

Stocks

Over 150 global companies are offered in the FxPro platform, all traded via CFD instruments.

Futures

FxPro provides trading with 20 futures instruments on commodities and Indices, including  11 commodities and 9 indices.

Products

FxPro Edge Trading Platform

FxPro Edge Trading platform is a proprietary platform for Spread Betting for over 200 tradable assets and it has 4 great advantages for traders. You can use FXPro Edge to trade the world’s markets tax-free. FXPro edge is available as a “Limited Risk Account” at no extra cost. FXPro Edge is supported with their Fast execution backed by innovative trading technology

Social Trading – Copy Trading

Unfortunately, FxPro does not have Social Trading features, or inbuilt copy trading features, however, it’s possible to enjoy a sort of copy trading thanks to MetaTrader and cTrader.

These platforms offer the possibility to trade with EAs, which are basically algorithms that open and close assets automatically following a certain strategy, depending on how they are coded. MQL language for MetaTrader, C# for cTrader. If you’re trading with MetaTrader you can download them from the MQL community forum.

Pros
  • Multiple execution models
  • Good platform offering
  • Many trading techniques are allowed
  • Great broker for EAs
Cons
  • Limited amount of assets and markets
  • No real social and copy trading features

FxPro review
Education and Support

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

education 100

Languages

FxPro is accessible to many countries around the world and has superb customer support. For instance, the website features a total of 31 languages. There are 19 European languages and 12 additional from all around the world, including Arabic, Chinese (t/s), Indonesian, Malay, Thailandese, Vietnamese, Japanese and Korean. However, these languages may not be all available in all FxPro Trading Platforms.

Research

The research tools at FxPro are second to none. As a technical analysis provider that provides strategies, forecasts and market analysis to over 100 financial institutions, it is sure to set you up for the day ahead when applying the Forex Economic Calendar.  Although the Trading Central Analysis is not free, FxPro offers it for free to its customers.

Here are some of the key features of FxPro’s research tools:

  • Newsletter available.
  • Access to Trading Central Platform.
  • Download basic MT4 indicators that provide resistance and support levels, intraday and long term forecasts.
  • Market News.
  • Daily market news analysis.
  • Articles, videos, warnings, updates and more.
  • Forex Economic Calendar.
  • The economic calendar warns the trader about important news that may affect the market whether in a positive or a negative way.

Customer Service

The customer service is one of the best in town with a huge FAQ section with dozens of questions available in multiple languages. Also, if this isn’t enough there is the customer support. The professional customer support is available in 20 languages and there is even a live chat feature as well as a traditional email and call-back service.

Education

Unfortunately, there is a limited education section at FxPro, with few basic video tutorials and PDF guides on how to get started in FxPro. There is a how-to verify the profile, how to start trading and a platform of download tutorials as well as the basic tutorials about how to use the platforms, and more which is available in English.

Pros
  • A good number of languages is available
  • Free Professional market analysis with Trading Central
  • Free MT4 Indicators with resistance levels, support levels and forecasts
  • Professional customer service
Cons
  • Limited education section

FxPro review
Our Opinion

This broker review found that FxPro is one of the most interesting trading platforms in the world with over 70 awards won. Not a bad choice for beginners thanks to the $100 minimum deposit and the unlimited demo account.

The only downside is the limited amount of educational videos and tutorials that may help beginners. It is a great choice for who is a bit more experienced thanks to the flexible pricing and execution model, and the wide array of allowed trading techniques.

Besides, FxPro is a good broker for algo trading, thanks to MetaTrader and cTrader platforms.

Both beginners and professional traders can access Trading Central professional market analysis and their free MT4 downloadable indicators. FxPro is a great choice for professional traders or people who can invest large amounts of money since FxPro offers a great VIP account from $50.000, which provides multiple benefits.

FxPro Pros and Cons – Overall

Pros

  • Regulated and award-winning broker
  • Wide account offering
  • Broker with almost no trading fees
  • Both floating and fixed spreads available
  • Flexible execution model
  • Solid variety of trading strategies allowed
  • Over 30 languages are available
  • Reliable customer service
  • Free Professional Market Analysis and free MT4 indicators provided by Trading Central

Cons

  • No traders from the United States and Canada are allowed
  • Low spreads entails a high 4.5$/lot commission fee
  • Limited deposit methods
  • Only about 270 tradable assets
  • No real social and copy trading features
  • Limited education section

FxPro FAQs

Is FxPro safe and legit?

FxPro is a very safe, legit  broker. They are also regulated by top-tier regulatory bodies. These include the FCA, CySEC, FSCA, and SCB. Altogether, this gives FxPro one of the safest reputations in the industry. For more information, click here: FxPro review.

How much is the minimum deposit fee on FxPro?

The FxPro minimum deposit is $100 across all accounts. With that said however,  the broker suggests a minimum investment of $500 in order to fully utilize the platform and get the most out of your trading experience with FxPro.

What is FxPro Direct?

FxPro direct is the Account Managing service of FxPro. Log into FxPro Direct to create new accounts, download trading platforms, financing, and more. It is an excellent service, and a great way to keep your account well managed.

What type of broker is FxPro?

FxPro is a No Dealing Desk broker (Subject to Order Execution Policy). If you need more information on this, you can always check the “Trading Features” section of this FxPro review for more information.

Is FxPro an ECN broker?

Many think FxPro is an ECN/STP broker, however it is not. FxPro is an NDD broker subject to order execution policy.


FxPro Review 2020 and Technical Opinions

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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