FxPro Review 2020 - Verified Customer Reviews

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4.7
User Rating
4.4
(43)
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FxPro Review

Updated November 05, 2020
4.7
Score breakdown
Pricing: 4.5
Regulation: 5
Popularity: 5
User Rating: 4.4 (43)

FxPro overall score rank: 3 out of 35

FxPro forex broker review
KEY TAKEAWAYS

  • No fees for deposits & withdrawals
  • Four trading platforms
  • Regulated in the EU, the UK, the UAE, South Africa, Bahamas
  • Customer support in 19 different languages

Regulations and Money Protection

5.0  


Entity Name FxPro Global Markets Ltd (BA) FxPro UK Limited (UK) FxPro Financial Services Ltd (EU)
Licence & Regulation Bahamas SIA Licence UK FCA Licence Cyprus CySEC Licence
Client Money Protection ✔️ - segregated client money
Deposit Compensation Scheme ✔️
up to £85,000
✔️
up to €20,000
Negative Balance Protection ✔️ ✔️ ✔️

Entity/Regulation

FxPro group is also trading as FxPro Financial Services Ltd in South Africa, authorised and regulated by the South Africa's FSCA, with authorisation number 45052. FxPro is also present in the Middle-East with FxPro Global Markets MENA Limited, with registered address at Unit 1010, Level 10, Index Tower, DIFC, PO Box 507126, Dubai, UAE and is authorised and regulated by the DFSA in Dubai, with authorisation number F003333.

For the purpose of this review we will use only the entities with whom the traders can open an account; the companies in the Bahamas, the UK and in Cyprus. FxPro Group Limited is the holding company of FxPro Financial Services Ltd, FxPro UK Limited and FxPro Global Markets Ltd.

  • 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
❌PAMM
✔️Islamic Accounts
✔️Forex
✔️Indices
✔️Stocks
✔️Futures
❌ETFs
❌Bonds
✔️Commodities
❌Cryptos
✔️MT 4
✔️MT 5
✔️cTrader
✔️FxPro EDGE
❌Myfxbook
❌ZuluTrade
30:1 Europe

500:1 Rest of World

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 does not offer any MAM/PAMM accounts alternatives for money managers.

  • FxPro maximum leverage is up to 30:1 for accounts opened within Europe and up to 500:1 for accounts opened in other countries around the world.

  • Currently, FxPro trading accounts are only available in AUD, CHF, EUR, GBP, JPY, PLN, USD and 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 260 assets to trade, including Forex, indices, stocks, futures and commodities.

  • FX market - 70+ currency pairs (including Minor and Exotic crosses).

  • Indices - 20 world indices including UK 100, US 30 and NIKKEI 225.

  • Stocks - 150 stocks CFDs from worldwide top companies and banks, such as Amazon, Lufthansa, Novartis or Barclays.

  • Futures - 20 commodities futures, including indices, soft and energy.

  • Commodities - 10 commodities CFDs available for trading; 7 metals (Gold and Silver included) and 3 energies with UK Oil, US Oil and Nat Gas.

Pricing

4.5  


Pricing/
Account
MT4 MT4 Instant MT5 cTrader FxPro EDGE
Spread EUR/USD from 1.4 pip from 1.5 pip from 1.4 pip from 0.4 pip from 1.4 pip
Commissions (1 lot) from 10.61 USD
Minimum Deposit from 100 USD from 100 USD from 100 USD from 100 USD from 100 USD

Spreads

In the FX market, prices change by the millisecond. In 2019, 82% of FxPro market orders were executed at the requested price while 9% of 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 10.61 USD (5.305 USD per side, per lot), or the equivalent on your account currency. In our view, this commission is quite above average, compared with other top brokers.

FxPro spreads are also above average. On MT4 the minimum 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 1.4 pip, with an average of 1.5 pip.

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 (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, if traders have been inactive. For more information, please visit the FxPro deposit and withdrawals dedicated page.

  • Inactivity fee - FxPro does not charge an inactivity fee or any account maintenance fees.

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

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, mPay, Neteller, PayPal, Skrill (Moneybookers), Webmoney
Support Languages Arabic, Bulgarian, Chinese, Croatian, Czech, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese

  • 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 19 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 2020.


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FxPro user rating score rank: 6 out of 35

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FxPro Products

Forex
Futures
Indices
Metals
Oil/Energies
Shares/Equities
Cryptocurrencies
Bitcoin