FxPro Review 2021: Detailed Analysis of The Broker!

Since its inception in 2006, the FxPro brokerage company has executed orders worth over 455 million. It also offers demo trading accounts along with free educational tutorials for new traders. As a well-recognized and well-established brokerage, FxPro is considered one of the top service providers globally. FxPro trading platform operates in over 170 countries while its head office is located in London, United Kingdom. FxPro enables trading CFDs and spread betting on a plethora of instruments like FX pairs, indices, futures, metals, among others. In this FxPro review, we will discuss the salient features, pros, and cons, fees, & more to analyze if it is a better fit for different trading styles or not.

FxPro Overview

Headquarters London
Founded Year 2006
Regulated Yes
Product offered Trading Platform, Forex Broker, Stocks
Minimum Initial Deposit $100
Maximum Leverage Varies With Platform
Islamic Accounts Yes
Demo Account Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
Trading fees Yes
Inactivity fee Yes
Withdrawal fee No
Supported currencies USD, EUR, GBP, AUD, CHF, JPY, PLN, and ZAR.
Customer Support 24/5 Support, Email, Phone, Live Chat, & Help Centre

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What Is FxPro?

FxPro is a trading platform offering state-of-the-art trading tools, high liquidity, and trading instruments. It is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), and Securities Commission of the Bahamas (SCB). FxPro also offers negative balance protection, making it a highly trustworthy and reliable FX broker. In fact, in 2017, FxPro was voted as UK’s most trusted Forex broker by Global Brands Magazines.

FxPro brokerage service offers different user account types for CFDs and spread betting. Ideal for both beginners and professional traders, FxPro has multiple security features and asset classes. Thus, trading CFDs with this provider makes for a better experience.

As per many user reviews, trading with FxPro is quite simple for new users, professionals, and also retail traders. FxPro offers trading robots that use technical analysis to ensure the execution of lucrative trades for both beginners and experienced traders. FxPro CFDs and spread betting platform also offers insights on trading conditions, charts, market price, etc for creating successful trading strategies.

FxPro platform has an easy-to-use interface, which makes for easy navigation and accessibility. Apart from the many trading tools and market signals, the platform also features valuable inputs from industry experts. FxPro is known to cover most of the Forex markets making it suitable for different trade requirements.

FxPro Platform Interface

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Features of FxPro

As per our research for FxPro review, it offers VPS or Virtual Private Server, which makes it an optimal MT5, MT4, and cTrader platform. In fact, the VPS allows traders the use of both algo bots and FxPro MT4 Expert Advisor or EA’s for investment advice. According to most of the trading communities and reviews, MT4, cTrader, and MT5 are optimal algorithms for advanced trading. Ideal for creating custom indicators and strategies, the FxPro MT5, MT4, and cTrader algos also enable backtesting of trading strategies.

Readers are advised to note. It is important to trade responsibly because CFDs typically come with a high risk of losing money rapidly owing to leverage. As a matter of fact, at least 72% of retail investor accounts lose money when trading complex instruments like CFDs. Hence, it is imperative to have an understanding of the working of CFDs.

Traders must always make a decision whether they can afford to take the high risk of trading in CFDs as there are chances of losing money. Based on this opinion, FxPro promotes responsible trading and showcases the risk involved via the disclaimer on the platform.

FxPro Trading Assets

FxPro offers a plethora of investment products. And, these include forex pairs, cryptocurrencies, equity shares, spot indices, futures, metals, stocks, and other commodities. The trading platform boasts of providing over 430 investment products to trade apart from CFDs and spread betting for a complete trading experience.

Trading features supported by the platform are easy to implement with the added advantage of forex calendar, market indicators, and other tools. Simply put, the trading features are designed to execute most trading styles and strategies. Apart from the aforementioned, FxPro features trading tools and services that will be discussed further in this review.

FxPro Margin Requirements

The margin requirement is a variable element with most brokers. That said, FxPro regularly updates the margin requirement on their official website. Traders can also calculate the requirements using the FxPro calculator by choosing the leverage, currency pair, trade size, and account currency.

FxPro’s Proprietary Platform: FxPro Edge

FxPro Edge is a customizable trading platform offering tax-free investment products across six asset classes exclusively for the residents of the United Kingdom. It is the proprietary platform of FxPro.

Traders can customize FxPro Edge to meet their trading needs as it has a simple widget-based UI. This platform enables a trader to trade directly from the ticker and chart offerings. Clients can also create custom trade setups. In fact, traders can access price alerts and over 50 technical indicators for a better trading experience.

FxPro Features

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Services Offered by FxPro

FxPro enables clients to trade over six asset categories including Forex, Futures, Indices, Metals, cryptocurrencies, and energies. Other than trading, FxPro offers a wealth of useful market information, educational resources, MetaTrader suit, proprietary trading platform, cTrader, economic calendar, etc.

FxPro is ideal for traders who are looking to diversify their cross-asset portfolio. The platform features more than 70 types of currency pairs. Operating on the NDD (no dealing desk) model, the broker has garnered quite popularity over the years. Yet another important aspect to consider when trading with FxPro is that the leverage offered varies and is determined by the type of instruments traded.

Is FxPro Regulated?

FxPro Group Limited is the holding company of all FxPro operations. Needless to say, the regulation and licensing of the trading platform vary according to the traders’ jurisdiction. For instance, FxPro Global Markets Ltd operates under SCB regulation. FxPro Financial Services Ltd is regulated by Cyprus Securities and Exchange Commission (CySec) and Financial Sector Conduct Authority (FSCA).

For UK traders, FxPro operates in compliance with the Financial Conduct Authority (FCA) regulation. FxPro Canada is regulated by the IIROC (Investment Industry Regulatory Organization of Canada.) Thus, many FxPro broker reviews deem it as a highly regulated and safe trading platform.

FxPro company boasts of having a credit rating of 95/100, indicating a lower risk of bankruptcy or default. Also, as per many reviews, FxPro is also associated with FSCS (Financial Services Compensation Scheme). This means traders may claim compensation if FxPro trading company were to become insolvent. Moreover, CFDs are complex instruments, thus, the stringent regulation and various security features make FxPro one of the reliable brokerages.

FxPro Regulations

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FxPro Review: Pros and Cons

Pros Cons
Access to multiple trading platforms like cTrader, MT4, MT5, etc. High trading fees in comparison to other trading platforms.
Brokerage supports over 21 languages. The educational section of the platform lacks information on the fundamentals of CFD and Forex.
Wide range of trading tools for seamless trading activity.
Globally regulated broker company via FSCA, CySEC, etc.
Over 430 products to trade including currency pairs, metals, stocks, cryptocurrencies, CFDs, etc.
Hassle-free demo account.
FxPro offers negative balance protection.

FxPro Account Opening Process

Opening a FxPro trader account is quite simple. The visitor must provide details like country of residence, name, last name, email, etc.

After completing the registration process, the user is required to verify their email address. It is important for users to opt for 2FA password protection for added safety. The registered email address serves as the FxPro login ID.

While the account opening process is quite fast and seamless, visitors are expected to complete their KYC. Proof of residence and ID is a mandatory requirement for completing AML/KYC that may vary depending on the visitor’s location. Most of the sections can still be accessed without registration. However, AML/KYC compliance is a mandate for executing real-time trades or demo trades.

Types of FxPro Accounts

FxPro has three types of accounts to match the requirements of various traders, which are as follows:-

  • Live Trading Account
  • Professional Trading Account
  • VIP Account

Live Trading Account

Also known as retail investor accounts, live trading accounts provide access to over 400 tradable instruments. Maximum leverage in this account type is 30:1 and 200:1. The live trading account provides access to MT4, MT5, and cTrader. The minimum deposit limit is $100. It is ideal for new traders or beginners.

Professional Trading Account

The professional account as the name suggests is for advanced traders. Traders must qualify for this account type by passing a test related to market information. A professional trading account provides protection from negative balance; it also offers high leverage of up to 500:1.

VIP Account

VIP trading accounts have many offerings like larger trading volumes, unrestricted access to VPS, etc. The commissions are also 30% lower for cTrader platform account holders. Clients can expect up to 30% on market spreads as well.

Users are advised to note that retail investor accounts lose money when trading CFDs as they are high-risk products. Hence, it is important to understand how the markets work before choosing either of the trading account types.

FxPro Account Opening Process

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FxPro Trading Platforms

FxPro offers most of the popular trading platforms like MetaTrader 4 or MT4 platform, the cTrader platform, and even the latest MT5 platform. FxPro is above the industry average forex trading platform in comparison to other brokers. Thus, traders can choose the most suitable one of the platforms.

One of the notable features of all three platforms is that they have the same minimum deposit limit, which is 100USD. When it comes to spreads, the cTrader platform offers the lowest spreads while the MetaTrader 4 has fixed spreads. Thus traders can opt for a user account determined by the type of spreads they are interested in.

Each platform has its own highlights, which the traders can make use of for their trading requirements. For instance, when a trader is looking for no restrictions on stop loss or limit order levels, they can opt for cTrader.

MetaTrader Suit

MT4 and MT5 platforms together make for the FxPro Metatrader suite. Creating a user account with FxPro provides access to both MT4 and MT5 where both have varied features.

MetaTrader 4 or MT4 Platform

Traders can use the FxPro MetaTrader 4 trading platform on both Windows and Mac desktops and via a web browser. FxPro’s MT4 provides traders access to trade charts where one can view up to nine timeframes.

MT4 offers up to 50 technical indicators to clients depending on the type of account. It also enables the use of custom indicators and EAs (trading bots.) However, MT4 has certain restrictions on stop loss and limit orders.

FxPro Meta Trader 4 Trading Platform

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MetaTrader 5 or MT5 Platform

Similar to MetaTrader 4, MT5 is available via web browser for both Windows and Mac. However, unlike the former, MT5 enables clients to access over 21 timeframes and multiple order types. FxPro’s MT5 also allows traders to simultaneously open up to 100 chart types. Thus, clients can have access to information on multiple markets at any given time.

FxPro Meta Trader 5 Trading Platform

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cTrader Platform

FxPro cTrader is available for download for Windows desktop. Unlike MT4 and MT5 platforms, cTrader has no restrictions on stop loss and limit orders. The cTrader platform also offers in-depth market research and covers most of the markets. Another highlight of FxPro’s cTrader is that orders are filled in a matter of milliseconds. FxPro spreads enable scalp trading.

Apart from offering the above-mentioned platforms, FxPro has its own trading platform that is accessible via a web browser. The FxPro platform offers more than 50 technical indicators and a variety of charting tools. The platform provides 6 chart types and up to 15 timeframes. It also enables the trader to customize the layout.

FxPro cTrader Trading Platform

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FxPro Demo Account

Demo accounts are ideal for designing strategies and also for backtesting them. It allows traders to practice trades without investments and is an essential tool to understand how the different markets work.

Tools Offered by FxPro

As one of the end-to-end forex brokers and facilitators of trades on CFDs and spreads, FxPro is equipped with advanced tools and resources designed for both new traders and professionals. During our research for this FxPro review, we received positive reviews from existing users who found these tools useful for a lucrative trading experience. Enabling informed trading decisions is a FxPro advantage backed by educational resources, charting tools, news, and other market information.

Education Tools

Both basic and advanced materials for new traders and professionals respectively are offered in the Education section of the FxPro brokerage firm’s website. As a matter of fact, clients can access their extensive video library designed to provide end-to-end information on trading. The aim of this section is to enable traders to make informed decisions for a better trading experience.

As per the FxPro review, the education section is divided into the following for hassle-free access:-

  • Basics
  • Fundamental Analysis
  • Technical Analysis
  • Psychology
  • Trading Tests
  • Video Tutorials
  • Webinars and Events

Basics

As the name suggests, this section is ideal for beginners for garnering the fundamentals of trading, CFDs, spreads, tradable instruments, trade sizes, volumes, etc. Visitors can open a demo account after completing this level by creating their FxPro login ID.

Simply put, this section offers free online basic forex courses where most of the key topics are explained in simple terms with the aid of interactive cards. All these cards contain illustrations to enhance the learning experience. Exclusively designed for new traders, the courses provide a basic understanding of the financial markets.

The Basics section also offers self-checking online tests for self-assessment to help users gauge their basic forex skills. In fact, upon passing the online tests, users can also download the study materials for future use.

Fundamental Analysis

The fundamental analysis courses in the education section help traders understand how to use the economic calendar, news feeds, price chart fluctuations, etc for executing profitable trades. This section also helps users garner knowledge on opening and closing trade positions at the right time. And, this is of utmost importance as timing is very important to ensure profits.

Technical Analysis

This section is ideal for beginners who already understand the fundamentals of trading. It helps them garner advanced knowledge related to trading. Investment advice helps in executing profitable trades and having the technical knowledge helps strategize better. Users can directly refer to this section if they understand the basics of trading.

Similar to the basics and fundamental courses, the technical analysis courses are divided into various topics or cards with illustrations.

Psychology

Sometimes, even the most experienced trader misses out on a profitable trade fearing losses. It is thus important to have a neutral mindset as it helps traders make informed decisions where emotions are not involved. Users can self-assess by taking up these online tests to gauge their progress.

Trading Tests

While all the courses in FxPro education are interactive in nature, it is still important to self-check or assesses one’s understanding. These trading tests are the means to ensure the trader’s confidence. All the sections like basics, fundamentals, etc feature these tests such that traders are ever-prepared to face market fluctuations and uncertainties.

Video Tutorials

The video tutorials are for both beginners and advanced traders. This section is regularly updated to ensure traders are well aware of significant market changes. Traders who lack the time to visit the course materials can make the most of these video tutorials. While this may help, the videos are limited in terms of challenges where professional traders are concerned.

Webinars and Events

Registration may not be necessary to access the educational courses, however, it is mandatory for the webinars and events. Upon registration, which entails creating a FxPro user account, the account holder is provided access to FxPro’s YouTube channel.

FxPro Tools

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FxPro Leverage

As stated earlier in this FxPro review, the leverage varies, which is determined by the asset traded. It also depends on the type of account. For instance, the professional and VIP accounts offer high leverages. In the case of the basic account type, also known as retail account the leverage is 30:1 and 200:1. Professional account type offers leverage of 500:1.

FxPro Fees

FxPro, like many other brokers, does not charge commissions on most deals. Similar to most online brokers, FxPro charges trading fees for certain types of assets. They also charge non-trading fees. Typically, the trading fee structure varies and is determined by the type of product, trade size, among others.

Unlike most brokers, FxPro does not charge commission for certain assets. Nevertheless, financing charges apply when holding positions for a long period and when trading on margin. Spreads on the EUR/USD start from 1.5 pips and 0.2 pips in the cTrader and MT4 Platform respectively.

Trading Fees

Spot Metals, FX pairs on cTrader for instance are some of the commodities where clients are charged with a standard commission. FxPro also charges a trading fee of $45 for every million USD traded. If the clients’ accounts have any other currency, an equivalent fee of $45 for that currency applies. Clients incur commission charges whenever they open or close trade positions.

FxPro Non-trading Fees

Any fee not associated with the buying and selling of the trading commodities or assets is referred to as the non-trading fees. FxPro offers an average non-trading fee structure when compared to other well-known FX and CFD brokers. Deposit fees, inactivity fees, and withdrawal fees are the non-trading fees charged by FxPro.

FxPro Inactivity Fee

Typically, FxPro charges traders a $5 inactivity fee per month if the clients’ accounts remain inactive for a period of six months. Other than this, FxPro also charges clients a one-off $15 fee for maintaining their trading accounts.

Most of the FxPro reviews share the opinion that inactivity fees are one of the drawbacks of FxPro. However, compared to other brokers, FxPro charges standard non-trading fees.

FxPro Payment Methods

FxPro offers multiple payment options for funding clients’ accounts and also for withdrawals. The deposit fee may vary based on the type of payment option. FxPro accepts most of the popular currencies for deposit methods including EUR, USD, GBP, AUD, JPY, among others.

FxPro is also known for faster transactions when compared to other brokers. Some of the common payment options for both deposit and withdrawal of funds include wire transfer, major debit cards, Maestro, MasterCard, and Visa credit card payments, payment gateways like PayPal, Skrill, Neteller, etc.

FxPro Broker Deposit & Withdrawal Options

One of the notable aspects of the FxPro broker service is the use of the same payment methods for withdrawing funds and funding traders’ accounts. For instance, if a trader used either of the payment gateways like PayPal, Skrill, Neteller, they must withdraw using the same payment option. The same applies to credit cards, where the withdrawal amount is deposited to the traders’ credit card.

In the case of wire transfers, the withdrawal money is deposited into the bank account from which the transfer was made. For more information on the banks supported by FxPro, visit their FAQ section. Another important aspect that we came across during our research was that FxPro charges a 2.6% withdrawal fee for any withdrawals made without trading. Click here for more information on its fee Schedule.

Resources Offered by FxPro

Other than offering daily market updates, the FxPro broker also offers well-researched market analysis in its blog section. The broker also provides resourceful content from third-party research services to help traders make informed decisions for a lucrative trading experience. The site also provides videos, webinars, and tutorials for beginners.

FxPro Client Portal or Traders Dashboard

This portal enables traders to access a wide range of historic and real-time data for most of the investment instruments like forex pairs, cryptocurrencies, share market updates, etc. Traders can also get information of the trading session time periods indicating both losses and gains for fundamental analysis.

FxPro Economic Calendar

FxPro offers a free economic calendar or Forex calendar enabling traders to stay up-to-date with the markets. These calendars are quite resourceful tools that come in handy while making informed trading decisions or while strategizing market execution. The bottom line is FxPro provides all types of information to support both fundamental and technical analysis.

FxPro Mobile App

The proprietary mobile trading app is FxPro Direct that allows clients to trade on their mobile phones. The app is designed to provide most of the tools and information available on the web version of the platform. The trading apps are compatible with both Android and iOS devices.

Mobile trading is one of the salient features of FxPro that attracts visitors to open their retail investor accounts for trading on the go. Users can access their preferred markets, customize the different chart types and layouts for a hassle-free and low-risk mobile trading experience.

FxPro Mobile App

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FxPro Security Measures

FxPro employs stringent security measures as the brokerage firm prioritizes the safety of client data. The broker ensures the protection of personal information, funds, and also client privacy. In fact, the client details are not shared with any third-party organizations. All the information pertaining to the clients/account holders is stored on secure servers. The client account is further protected with an encrypted password providing complete control to the client.

Below are some of the FxPro safety measures:-

  • FxPro makes sure to first verify with the client whenever any request is made by the account holder. These requests include and are not limited to personal information updates and processing of the account holder’s personal data.
  • The client can opt for a 2 step verification process or 2 Factor Authentication (2FA). The account holders are required to verify their requests for further confirmations regarding the changing of the client’s account password. 2 step verification for password protection is a common protocol employed by most brokerage firms.
  • FxPro is in compliance with GDPR or Data Protection Officer monitoring. This means that all the systems and data of the broker are securely protected. The broker also undergoes regular audits ensuring the utmost transparency, which makes it one of the safest brokers.

FxPro Security Measures

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FxPro Customer Support

While researching for this FxPro review, we discovered that the platform offers 24/5 customer support, which also includes phone support. They also have email and live chat options. The client can also request a callback.

As per most of the FxPro reviews, they have an above-average customer service in comparison to other brokers. England residents even have access to a toll-free number while other country residents can use the following number for phone support in English: +44 (0) 203 151 5550. For customer support via email, FxPro broker service account holders can write to [email protected] Readers are advised to note that FxPro offers customer service in over 20 languages.

FxPro Customer Support

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FxPro Reviews: Conclusion

FxPro is a low-risk broker ideal for trading CFDs and Forex. The platform offers a myriad of instruments to trade at competitive rates. Apart from offering a broad range of pricing options, FxPro broker also enables multiple market execution options and is also sometimes referred to as the best broker for forex. As per the FxPro review, it supports multiple trading platforms that can be accessed via a web browser. FxPro broker also has a mobile app known as FxPro Direct. The platform offers customer service in multiple languages and is a highly regulated broker, which makes it a safe option for trading CFDs.

FxPro Achievements and Awards So far!

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FAQs

Is FxPro a Good Broker?

Trust is an important element while choosing FX brokers. As per our research for this FxPro review, FxPro is one of the trusted global Forex trading brokers. The broker offers multiple trading platforms and a plethora of tools for a professional trading experience. Clients can also choose from a broad range of trading products. And, these include CFD, spreads, currency pairs, spot indices, futures, stocks, cryptocurrencies, and other commodities.

It is one of the highly regulated Forex brokers complying with CySEC (Cyprus Securities and Exchange Commission), SCB (Securities Commission of the Bahamas), FCA (Financial Conduct Authority), etc. FxPro is one of the few brokers offering negative balance protection to safeguard the clients’ accounts.

What Is the Minimum Deposit for FxPro?

The minimum deposit for FxPro supported platforms is $100, which in comparison with other brokers is quite high. Nevertheless, FxPro offers a wide range of products to trade, unlike any other broker. Deposit and withdrawal fees vary as per the banks.

How Long Does It Take to Withdraw from FxPro?

The processing time varies and depends on the type of payment method involved. In the case of a wire transfer, the amount is deposited into the trader’s bank account. Needless to say, compared to other brokers, FxPro facilitates faster withdrawals.

Does FxPro Have a Bonus?

FxPro does not offer any promotional bonuses or welcome bonuses. However, they provide a demo account for new traders or beginners to help them understand how CFD trades work.

What Type of Broker Is FxPro?

FxPro is one of the globally regulated brokers offering a wide range of services like trading commodities, spread betting, etc. It is headquartered in London where clients can also visit their office, which works Monday through Friday from 7:30 am to 4:30 pm. Many professional traders consider FxPro one of the low-risk brokers covering major financial markets. As per our research for this FxPro review, many users have provided an above-average score for the trust factor.

Is FxPro Regulated in South Africa?

FxPro is regulated by the South Africa Financial Sector Conduct Authority. It is also regulated by the FSCA, which supervises and regulates the non-banking financial service industry in South Africa.

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