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FxPro Review
Updated November 02, 2022
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts for Difference (CFDs) are complex financial products that are traded on margin. CFDs carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. Check the FxPro website, for the percentage (%) of retail investor accounts which lose money when trading CFDs with this provider.
KEY TAKEAWAYS
- No fees for deposits & withdrawals
- Four trading platforms
- Regulated in the EU, the UK, South Africa, Bahamas
- Customer support in 21 different languages
Regulations and Money Protection
5.0
| Entity Name | Licence & Regulation | Client Money Protection | Deposit Compensation Scheme | Negative Balance Protection |
|---|---|---|---|---|
| FxPro Global Markets Ltd (BA) | Bahamas SCB Licence | ✔️ segregated client money |
❌ | ✔️ |
| FxPro UK Limited (UK) | UK FCA Licence | ✔️ up to £85,000 |
||
| FxPro Financial Services Ltd (EU) | Cyprus CySEC Licence | ✔️ up to €20,000 |
||
| FxPro Financial Services Ltd | South Africa's FSCA Licence | ❌ |
Entity/Regulation
- International customers: FxPro Global Markets Ltd will be the counterparty for International customers. This entity, with registered office at Lyford Financial Center, Western Road, Bahamas is regulated by the Bahamas SCB with license no. SIA-F184.
- UK customers: FxPro UK Limited is a company registered in England and Wales under number 06925128. Principal and registered office at 13-14 Basinghall Street, City Of London, EC2V 5BQ, England. FxPro UK Limited is authorised and regulated by the FCA with license number 509956.
- European customers: FxPro Financial Services Ltd, with address at 1 Karyatidon, CY-4180 Ypsonas, Limassol, is a Cypriot Investment Firm (CIF) under number 181344 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 078/07 to provide the investment services of reception and transmission of orders, execution of orders on behalf of clients, of CFDs and other derivatives in Europe, as an intermediary in the financial markets, respecting the MiFID obligations.
Client Money Protection
- FxPro complies with the highest safety standards for client's funds. For this reason, FxPro client's funds are kept in top-tier international banks, such as the Barclays Bank, the RBS and the Emirates NBD, fully segregated from the company's funds.
- FxPro also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. FxPro holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.
Deposit Compensation Scheme
- FxPro UK Limited is a member of the Financial Services Compensation Scheme (FSCS), an independent compensation fund of last resort for customers of authorised UK financial services firms. If FxPro UK Limited is unable to pay claims against it in the event the firm has stopped trading or has declared to be in default, clients might be entitled to compensation (up to the value of £85,000) per claim.
- FxPro Financial Services Ltd is a member of the Investor Compensation Fund (ICF), an investor compensation fund for CIF clients and its functions are regulated by the directive DI87-07 of the CySEC. If FxPro Financial Services Ltd is unable to meet its obligations, clients might be entitled to compensation (up to the value of €20,000) per claim, irrespective of the number of accounts held, currency and place of offering of the investment service (within Europe).
Negative Balance Protection
For accounts opened via any entity of the FxPro Group, there is a default Negative Balance Protection mechanism in place, for the sake of no negative balance. With NBP, FxPro customers are protected from any losses bigger than their original investments, in cases of extreme market volatility.
Accounts, Instruments and Platforms
| Accounts | Instruments | Platforms | Social trading | Maximum Leverage |
|---|---|---|---|---|
| ✔️MT4 ✔️MT4 Instant ✔️MT5 ✔️cTrader ✔️Edge ✔️MAM ✔️Islamic Accounts |
✔️Forex ✔️Indices ✔️Stocks ✔️Futures ❌ETFs ❌Bonds ✔️Commodities ✔️Cryptos* |
✔️MT 4 ✔️MT 5 ✔️cTrader ✔️FxPro EDGE ✔️TradingView charts |
❌Myfxbook ❌ZuluTrade |
30:1 UK 200:1 Rest of World 500:1 Pro Clients |
Account types and currencies
- FxPro has five types of trading accounts available; FxPro MT4 Instant, FxPro MT4, FxPro MT5, FxPro cTrader and FxPro Edge. FxPro also offers swap-free accounts for traders of Islamic belief.
- FxPro does not allow for social trading, including copy trading.
- FxPro has MAM accounts alternatives for money managers.
- FxPro maximum leverage is up to 30:1 for accounts opened in the UK and up to 200:1 for accounts opened in other countries around the world.
- Currently, FxPro trading accounts are only available in USD, EUR, GBP, CHF, PLN, AUD, JPY, ZAR.
Financial instruments
Trading can be done via the Metatrader 4, Metatrader 5, cTrader and Edge, FxPro's own proprietary platform, available on desktop terminal and mobile trading versions. The broker offers an excellent selection of more than 2,100 assets to trade, including forex, indices, stocks, futures and commodities.
- FX market - 70+ currency pairs (including Minor and Exotic crosses).
- Indices - 19 world indices including UK 100 and US 30.
- Stocks - 2,000+ stocks CFDs from worldwide top companies and banks, such as Amazon, Alcoa, Alibaba, Barclays, Lufthansa, Novartis, NIO and Tesla.
- Futures - 24 future CFDs, including indices, metals and energies. As off 02-11-2022, FxPro now offers base metals & gold future CFDs, aluminium, zinc, copper & lead in addition to existing metals, and gold futures.
- Commodities - 10 commodities CFDs available for trading; 7 metals (Gold and Silver included) and 3 energies with UK Oil, US Oil and Nat Gas.
- Cryptocurrencies - 18 CFDs crosses available for trading, including Bitcoin, Ripple, DOGE and Litecoin vs. the USD. *Please note that Crypto CFDs are not offered to retail clients of FxPro UK LTD as per FCA regulations.
Pricing
4.5
| Pricing/ Account |
MT4 | MT4 Instant | MT5 | cTrader | FxPro EDGE |
|---|---|---|---|---|---|
| Spread EUR/USD | from 1.4 pip | from 1.5 pip | from 1.3 pip | from 0.6 pip | from 1.4 pip |
| Commissions (1 lot) | ❌ | from $0.35 per 1M USD traded (FX & Metals only) | ❌ | ||
| Minimum Deposit | from 100 USD | ||||
Spreads
In the FX market, prices change by the millisecond. In 2019, over 89% of FxPro market orders were executed at the requested price while 22% of all client orders were executed with positive slippage, receiving an even better price.
Still, FxPro pricing model and the overall cost of trading with this broker is slightly above average. FxPro clients can expect commission charges on the FxPro cTrader account, as spreads are slightly lower compared to the MT4 and MT5 accounts. With the cTrader account the standard lot commission for 1 lot (100,000 units) is $7 ($3.5 per side, per lot). In our view, this commission is industry-average, when compared with other top brokers.
FxPro spreads are slightly above average. On the MT4 Instant account the starting spread for the EUR/USD is 1.5 pip, with a typical spread of 1.7 pip. For traders using the MT5 it doesn't get much better. The minimum spread is 1.3 pip, with an typical spread of 1.5 pip. Fair enough, it's all commission-free. But the overall cost is just above the 0.9 pip average offered by other top ECN brokers - 0.2 pip + $7 commission (equals 0.7 pip in terms of pips).
Still, FxPro pricing model and the overall cost of trading with this broker is slightly above average. FxPro clients can expect commission charges on the FxPro cTrader account, as spreads are slightly lower compared to the MT4 and MT5 accounts. With the cTrader account the standard lot commission for 1 lot (100,000 units) is $7 ($3.5 per side, per lot). In our view, this commission is industry-average, when compared with other top brokers.
FxPro spreads are slightly above average. On the MT4 Instant account the starting spread for the EUR/USD is 1.5 pip, with a typical spread of 1.7 pip. For traders using the MT5 it doesn't get much better. The minimum spread is 1.3 pip, with an typical spread of 1.5 pip. Fair enough, it's all commission-free. But the overall cost is just above the 0.9 pip average offered by other top ECN brokers - 0.2 pip + $7 commission (equals 0.7 pip in terms of pips).
Rollover Rates
We've noticed, according to FxPro's own Forex calculator, available on broker's website, that the swap rates are not the lowest, thus, increasing the overall cost of trading. For example, as of 08-09-2020, for 1 lot EUR/USD (100,000 units) the swap rate stands at an average of -4.61 for holding overnight a long 1 lot contract and at -0.99 for holding overnight a short 1 lot contract. We consider these swap rates to be slightly higher compared with the rollover rates offered by other top Forex brokers.
Deposits/Withdrawals and Other Fees
- Deposit fees - Trading accounts can be opened in 8 different currencies and maintained via 6 different funding methods (depending on your jurisdiction), including cards, bank wires and e-payments such as Neteller, PayPal, Skrill and UnionPay (subject to jurisdiction). Deposited funds are available, usually, within 10 minutes. FxPro does not charge any fees for deposits.
- Withdrawals fees - FxPro also scores top points for their withdrawal policy. FxPro does not charge any additional fees for withdrawals (the processing time is usually 1 working day). However, deposits/withdrawals may incur fees fees to and from some international banking institutions. To note that for e-wallets, there may be a fee for withdrawals. For example Skrill & Neteller withdrawals will incur a fee of 2.6% and 2.0% respectively if withdrawal is requested without having traded. For more information, please visit the FxPro deposit and withdrawals dedicated page.
- Inactivity fee - FxPro charges an inactivity fee of 15 Euro (or the equivalent of the account currency) after 12 months of inactivity, and 5 Euro/month after.
Popularity
5.0
| Forex Education |
Deposit Options | Deposit/Withdrawals Fees | Non expiring demo account | Customer Support |
|---|---|---|---|---|
| Forex Courses Video Tutorials Fundamental & Technical Analysis Trading Tools |
Cards Bank Wire E-payments |
❌ | ❌ - 180 days | Multi language 24/5 Support Live Chat Toll-free phone Call-back request |
The popularity of this top-regulated broker is mixed. If on the one hand, they are not the traders first choice as an FX broker, due to their trading costs, it's undeniable that they are extremely popular thanks to their advertising budget; a staggering $121,000,000 invested in sponsorships so far!
If you are a fan of the F1, for example, probably you saw the FxPro logo on the McLaren F1 team, or maybe if you are a football fan, you probably saw their logo on the Aston Villa FC and on Fulham FC player's jerseys. Yes, they seem to be everywhere, from Formula 1 to football, and also on rallying, yachting, golfing, rugby and much more.
But FxPro is popular not just for their huge advertising campaigns, but also because they provide a safe trading environment for traders from all over the world. Their in-house spot aggregator and advanced order-matching technology provide traders with access to a deep liquidity pool and ultra-fast trade execution. Also helping on their popularity with traders is the trade execution. The average execution time (according to FxPro official statistics) is less than 11.06ms, provided from an ultra-low latency datacentre co-location.
- Trades execution - Trades will be executed at one of their Equinix Data centres, in either LD5 London or Amsterdam. FxPro trading servers are co-located and cross fibre connected with tier-1 banks who provide liquidity via FxPro's proprietary aggregator, Quotix.
- Forex education - FxPro also gets extra popularity points for their extensive range of Forex education materials available on the website. Traders can enroll on online FX Courses, watch and learn with video tutorials, read and make informed decisions with FxPro fundamental & technical analysis reports and use their complete set of trading tools/calculators.
| Funding Methods | Bank Wire, Broker to broker, Credit Cards (Visa, Maestro, Mastercard, American Express), Neteller, PayPal, Skrill (Moneybookers), NganLuong UnionPay |
|---|---|
| Support Languages | English, Spanish, French, German, Portuguese, Japanese, Italian, Greek, Russian, Polish, Malay, Thai, Arabic, Vietnamese, Hungarian, Czech, Slovak, Romanian, Turkish |
- Minimum deposit - Opening a trading account with FxPro is completely hassle-free and can be done online. The minimum deposit requirement (for the whole range of accounts) is 100 units of your account currency.
- Customer support - FxPro's multi language customer support service is available 24 hours, 5 days a week, in 21 languages. FxPro's support is available via email, phone call, including requesting a callback and live chat directly from the broker's website.
Broker Profile
FxPro Group Limited is a global company providing innovative online FX brokerage services, regulated in both the UK by the Financial Conduct Authority (FCA) and in Cyprus by the Cyprus Securities and Exchange Commission (CySEC). Established in 2006 and with an outstanding track record of profitable growth, FxPro's core business is acting as the primary source in FX trading for their global clients.
Other principal products and services provide FxPro's clients with opportunities to trade on a wide range of markets, including FX, CFDs on equities, cryptocurrencies, major indices, commodities, metals and individual equities. FxPro's client base primarily consists of retail traders but it is increasingly servicing institutional partners as well, with transactions exclusively being executed online.
Due to its rapid progression, FxPro's client services are now available in more than 170 countries worldwide and still growing. FxPro offers Contracts for Difference (CFDs) on 6 asset classes: Forex, Shares, Spot Indices, Futures, Spot Metals and Spot Energies. They provide clients with access to top-tier liquidity and advanced trade execution with no dealing desk intervention.
Overall, on our FxPro review, the broker scores a deserved 4.8 out of 5 as it is one of the oldest and more recognisable brands in the brokerage world and as it is a reputable choice for traders looking for fund's safety, with strong regulations in place. On the downside, the broker fails to capture the attention of new traders, perhaps because of the overall cost of trading, as FxPro spreads and lot commissions are slightly higher, compared with other top brokers.
Data supplied in partnership with CashBackForex - Forex Rebates places FxPro on the top 10 brokers for popularity with traders opening an account in 2022.
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Other principal products and services provide FxPro's clients with opportunities to trade on a wide range of markets, including FX, CFDs on equities, cryptocurrencies, major indices, commodities, metals and individual equities. FxPro's client base primarily consists of retail traders but it is increasingly servicing institutional partners as well, with transactions exclusively being executed online.
Due to its rapid progression, FxPro's client services are now available in more than 170 countries worldwide and still growing. FxPro offers Contracts for Difference (CFDs) on 6 asset classes: Forex, Shares, Spot Indices, Futures, Spot Metals and Spot Energies. They provide clients with access to top-tier liquidity and advanced trade execution with no dealing desk intervention.
Overall, on our FxPro review, the broker scores a deserved 4.8 out of 5 as it is one of the oldest and more recognisable brands in the brokerage world and as it is a reputable choice for traders looking for fund's safety, with strong regulations in place. On the downside, the broker fails to capture the attention of new traders, perhaps because of the overall cost of trading, as FxPro spreads and lot commissions are slightly higher, compared with other top brokers.
Data supplied in partnership with CashBackForex - Forex Rebates places FxPro on the top 10 brokers for popularity with traders opening an account in 2022.
Was this review helpful? Share it with a friend!
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