Unique Trading Tools
Readily Available Demo Account
Support in 21 Languages
Multi-step Confirmation Process
No Bonuses or Promotions
FXPRO Video Review
|Execution Type||No Dealing Desk|
|Trading Platforms(s)||Other, MetaTrader 4, MetaTrader 5, cTrader|
|US Persons Accepted?|
Founded in 2006, FxPro has established a reputation as a global Forex broker that is here to stay. The brokerage had remarkable success and now serves retail traders as well as institutional clients from over 170 countries. FxPro is a well-regulated company with licenses from five different regulators and continues to grow. During our FxPro review we found that that the broker currently offers CFDs on six different asset classes, boasts Tier 1 capital in excess of €100,000,000 and serves traders with lightning gas execution times of less than 14 ms while execution just shy of 7,000 trades per second. That being said, the broker is obligated to divulge that approximately 77 percent of traders lose money when trading with FxPro.
FxPro appears to be a true NDD (no dealing desk broker) which offers excellent market access to all types of traders. According to the latest data available for 2020, 80.48% of trades were executed at quote price, 9.60% experienced positive slippage and 9.93% negative slippage. 98.86% of trades were executed without a re-quote, 0.54% with a positive re-quote and 0.60% with a negative re-quote. A comprehensive educational and research department complement the reliable trading environment traders enjoy. The remainder of this FxPro review will focus on specific details of what the company offers (or doesn’t offer) it’s traders. Read on to see if FxPro is right for you.
Regulation and Security
FxPro UK LTD is authorized and regulated by Financial Conduct Authority under registration number 509956. Client funds remain segregated, and traders are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. The FCA is one of the most respected regulators in the world and clients of FxPro can rest assured that their funds are protected, secured and insured.
FxPro Financial Services LTD is authorized and registered by the Cyprus Securities and Exchange Commission under license number 078/07. Trader funds are protected by the Investor Compensation Fund (CIF) and as an EU member, the MiFID II regulatory framework as well as the 4th EU Anti-Money Laundering Directive also apply. In addition, cross-border regulation in all EU member countries is also applicable.
FxPro Financial Services LTD is also authorized and registered by the South African Financial Sector Conduct Authority under authorisation number 45052. FxPro Global Markets LTD is authorised and regulated by the Securities Commission of The Bahamas under license number SIA-F184.
There is no question that the regulation offered by FxPro is respectable and should provide a solid sense of security for traders worldwide. FxPro traders also enjoy negative balance protection in case leveraged positions are exposed to natural market events which would otherwise result in a negative balance.
Financial Conduct Authority regulation of FxPro UK LTD
Cyprus Securities and Exchange Commission regulation of FxPro Financial Services LTD
South African Financial Sector Conduct Authority regulation of FxPro Financial Services LTD
Securities Commission of The Bahamas regulation of FxPro Global Markets LTD
FxPro generates its revenues from a combination of spreads and commissions. Spreads on the EUR/USD start from 1.5 pips in the MT4 Trading Platform and 0.2 pips in the cTrader platform where commissions apply. Traders can check detailed commissions for each asset on the cTrader platform on the company’s website. FxPro is upfront and transparent on all trading costs involved; swap rates, positive as well as negative also apply and are passed on to traders.
Swap rates can easily be checked from inside the MT4 trading platform for full transparency at all times.
In the cTrader platform, traders can access all the information from the deal ticket by clicking on the “Information” button when placing a market order. We did notice that the commission for this broker is on the high side of the spectrum.
What Can I Trade
FxPro offers a total of six asset classes which allows trader to operate a diversified cross-asset portfolio. With over 70 currency pairs, this broker shines in the Forex market. In October 2021, FXPRO greatly expanded its CFD offerings to list over 2,000 different opportunities for CFD trading, including popular assets in Asia, Africa, Europe and the United States. The true NDD execution model is the prime selling point for FxPro, but the limited share trading may be a turn-off for some traders.
Leverage is offered to all traders and depends on which asset is traded as well as on the lot size. The broker’s website has a full list of all the assets and the available leverage so that you can know in advance exactly what you’ll be getting.
FxPro Account Types
FxPro has always been a keen supporter of transparency and fairness in the Forex industry, and it has made every effort to eradicate conflicts of interest between broker and client.
According to FxPro CEO, Charalambos Psimolophitis, “We provide our clients with not only superior educational resources and trading tools but also with a guarantee of their funds’ safety. In an industry where it is taken for granted that slippage almost always goes against the client, we are pleased to demonstrate that this is not in fact the case.”
FxPro is committed to providing its clients with full trade reporting and support. In this regard, it posts its monthly slippage statistics right on the website. Traders can choose between instant execution and market execution a feature not made available by many other Forex brokers. They also offer advanced order-matching and execution technologies that are continuously upgraded.
FxPro Trading Platforms
|Guaranteed Limit Orders|
|Interest on Margin|
|Guaranteed Stop Loss|
FxPro offers the full suite of the MT4 as well as the MT5 trading platforms. This includes desktop versions as well as mobile version plus a web trader version. MT4 remains the most popular trading platform as millions have been invested in order to create custom solutions which enhance the trading experience. A comprehensive suite of automated trading solutions, called EA (expert advisors) in the MetaTrader universe, are also available with countless more being created. When it comes to online Forex trading, MT4 has established itself as the market leader and with available additions it can indeed become a powerful gateway to financial markets.
MT5 is the failed successor of MT4 and due to the inability to hedge positions as well as the absence of cross-platform support for existing MT4 solutions, it has never been able to achieve the success of the MT4. For new traders who have no existing MT4 applications and who don’t require hedging, the MT5 platform may be worth a consideration; despite a fresher looking interface, the MT4 remains the dominant trading platform offer by MetaQuotes.
Traders who don’t have trading solutions based on the MT4 code, are highly recommended to take advantage of the cTrader platform which is offered by FxPro. This platform offers the best trading conditions, raw spreads at the price of commissions, and is fully equipped to handle automated trading solutions and traders can easily create their own from inside the platform. The best available bid and ask prices are offered as the cTrader platform is the preferred choice for ECN operations and traders get better market depth though the cTrader platform while analytics tools are superior to unmodified MT4/MT5 solutions.
The minimum deposit for all three trading platforms is $100 and the MT4 account comes with fixed spreads if desired while the cTrader offers the lowest spreads.
MT4 trading platform is available with the full suite of desktop, mobile and web-based applications.
The MT5 trading platform is also offered for those traders who have no existing MT4 trading applications but prefer to remain within the MetaQuotes offering.
cTrader offers traders the best trading conditions and remains the recommended trading platform for all traders who don’t have existing trading solutions which operate on the MT4 infrastructure.
The most unique feature offered by FxPro remains its NDD execution model which is at the core of its trading environment. FxPro is home to over 1.866.000 trading accounts which have trusted this broker with their capital and helped grow it into one of the best brokerages available today. The broker claims to have executed over 455,000,000 orders at the time of this FxPro review. Another key feature for Forex traders who manage their accounts with automated trading solutions is the FxPro VPS service, but the price tag of $30 per month is rather unfortunate; traders who qualify as premium account holders will get it for free.
The tremendous growth of FxPro has led to numerous sponsorships over the years which include three Formula1 teams, four football clubs, two rally championships and over 22 events. This is more likely a marketing gimmick than anything else, as it provides no real benefit to the traders.
VPS hosting is a great tool offered, but the $30 per month price is unacceptable; trading commissions charged on the cTrader platform are already elevated and should cover this crucial service for automated trading solutions.
Research and Education
FxPro offers in-house research while it has also partnered with Trading Central in order to offer a third-party solution to its clients. The educational section is very comprehensive and an excellent starting point for new traders. FxPro has done a fantastic in both departments which complement the trading conditions offered; the attention to detail and fresh content is respectable.
The research section is divided into the following categories: Economic Calendar, Earnings Calendar, Market Holidays, FxPro Market News and Technical Analysis by Trading Central. The Economic Calendar is very straightforward and gives traders an overview of all events scheduled for the session and their potential impact. It is well structured and easy to navigate, offers explanations as well as limited historic data.
Since FxPro does offer share trading as well as spot indices, it is nice that this broker also offers an Earnings Calendar; it is split into the following categories: Earnings, Shares Ex-Dividends and Spot Indices Dividend Adjustment. A very simple, but well-thought through calendar. Market holidays often lack the attention, but committed traders want to be aware of them as it will have an impact on assets. The FxPro Market Holidays section is very detailed and highlights which assets are impacted.
This brings us to the two prime sections of the research department, the in-house FxPro Market News and the third-party Technical Analysis by Trading Central section. Plenty of fresh research and analysis updated several times during each trading day, makes the FxPro Market news section a nice read during a trading break. The content is further divided into sections such as Daily Outlook, Market Snapshots and Crypto Review.
Each analysis under the Market Snapshots section is rather quick, and traders who were looking for a more detailed analysis will be disappointed. The Daily Outlook is also very brief and touches on the key aspects without going deep into details. The Crypto Review offers the most content but remains far from comprehensive.
A much more detailed analytics service is offer to clients through the FxPro Partnership with Trading Central, a leader in independent research. Traders get access to hundreds of trading idea each session as Trading Central covers overt 8,000 assets. This is a solid service and many new traders will make it a staple of their daily trading routine. Trading Central is one of the premier services for brokers to outsource capital-intensive, time consuming analytics and research.
The comprehensive educational section is divided into Basics, Fundamental Analysis, Technical Analysis, Psychology, Trading tests, video tutorials and Webinars & Events. It is a well-designed, interactive course and new traders are highly recommended to take advantage of it in order to broaden their knowledge base. The courses offered do a great introductory job to trading.
The Basics section is further divided into Beginner and Advanced and consist of nine sections with a test at the end.
The Fundamental Analysis and the Technical Analysis sections follow the same format, are split into Beginner and Advanced and come with cards as well as videos. The progress bars give traders an idea of where they are on their educational path.
One thing that we really appreciated during this FxPro review was that the broker dedicated an entire section to trading psychology, which may be the biggest challenge for all traders to master.
The Trading tests section offers a nice finish to the educational course.
Unfortunately, the video tutorials have been buried in the FAQ section at the bottom under a Watch and Learn category. It would have been nice if they would be presented in their own and traders who wish to browse the videos are better advised to do so on the official Youtube channel of FxPro. At the time of this review, there were no Webinars which was surprising considering the popularity of webinars these days and the offering of webinars by so many other brokers.
FxPro customer support is best accessed through the Live Chat feature, but traders can also request a call back, contact them via phone, send an e-mail or stop by at one of their office locations. The multi-lingual support team is available 24/5, but it is highly unlikely that many traders will require their assistance. The FAQ section handles all major questions, but it is good to know that in case of an emergency, a qualified support team stands by to assist.
Bonuses and Promotions
At the time of this review, no bonuses or promotions were offered by FxPro.
Opening an Account
Accounts are opened fast though an online application which is the standard operating procedure in today’s market place. After the quick application, traders need to submit a copy of their ID and proof of residence as mandated by regulators in order to address AML/KYC compliance. At the bottom of the sign-up form, under “Entity” traders may be able to select which of the operating subsidiaries they prefer; this is based on location.
FxPro Deposits and Withdrawals
FxPro offers a nice range of payment options inside its FxPro Wallet. Payment options include wire transfers, credit/debit cards, PayPal, Skrill, Neteller and UnionPay. The choices depend on the location of the trader, and FxPro has created a great page where the entire process is explained in detail. In general, this broker doesn’t charge for deposits and withdrawals, but a 2.6% fee applies if a withdrawal is requested without any trading activity and the processing time ranges from instant to just one working day; this also applies to wire transfers with restrictions based on location. Third-party bank fees may apply. Traders can easily move funds between multiple trading accounts inside their FxPro Wallet.
A well-regulated broker across five jurisdictions, FxPro has enjoyed phenomenal growth over the past decade thanks to its excellent trading conditions. Traders enjoy true NDD execution with tight spreads in the cTrader platform, but a slightly elevated commission applies for this service. FxPro offers an expanding asset base across six classed, a transparent pricing approach and an excellent educational section.
The FxPro Wallet makes intra-account transfers quick and easy, a great customer support team stands by if needed and FxPro has collected over 80 industry awards for its services. Research is provided through an in-house team which provides basic research while a partnership with Trading Central offers a more in-depth analysis of financial markets.
Regardless if you are a new trader, an established one or an institutional client, FxPro will cater to your needs in a professional manner. VPS hosting is available at a charge which is the only unfortunate fact about his broker while commissions could be lowered given the overall success of this firm. Despite this, the bottom line remains that FxPro is a world-class broker with an expanding asset and client base. An account with FxPro should be part of any trader who seeks an excellent gateway to financial markets or who needs to diversify portfolios across different brokers. FxPro executes its business model to perfection and is a prime example of how a brokerage should be operated.
FxPro Alternative Brokers & comparisons
Where is FxPro based?
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What is the minimum lot size at FxPro?
Is FXPro available in Canada?
When does a stop-out take place at FxPro?
Is FxPro regulated?
What is the maximum leverage offered by FxPro?
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Does FxPro offer the MetaTrader Trading Platform?
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