FxPro Review

FXPro is one of the most popular MetaTrader brokers, offering fast executions, deep liquidity, and a well-rounded selection of trading instruments. We reviewed FXPro in detail to determine if the broker deserves your time and money. Read on for our full FXPro review.

Company Overview

Established in 2006, FXPro has become a renowned Forex Broker with quite a reputation to its name. The brokerage has enjoyed remarkable success, now serving both retail traders and institutional clients across more than 170 countries. FXPro is well-regulated, holding licenses from four different regulatory bodies, and continues to grow.

Is FXPro Legit?

Over the past 15 years, FXPro has earned more than 70 international and UK awards, including 10 awards for the best forex broker of the year.

Winning over 70 awards in 15 years averages out to about five awards per year, showcasing FXPro’s consistent excellence. Few online brokerage companies can boast such a remarkable collection of accolades. This impressive achievement is why FXPro confidently promotes itself as the No. 1 online forex broker in the world.

As an ECN broker, FXPro uses an electronic communication network to facilitate trading outside the traditional market via a computer system. This system provides clients with direct access to other participants in the forex market, often resulting in better prices than those typically available.

FXPro stands out as a true No Dealing Desk (NDD) broker, providing excellent market access for all types of traders. Data from 2022 shows that FXPro executed 75.09% of trades at the quoted price, with 11.80% experiencing positive slippage and 13.11% negative slippage. Additionally, FXPro filled 98.59% of orders without a requote, 0.66% with a positive requote, and 0.75% with a negative requote. A comprehensive educational and research department further enhances the reliable trading environment FXPro offers.

Security and Regulation

FXPro UK Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under registration number 509956. Client funds are kept in segregated accounts, and traders are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. The FCA is one of the world’s most respected regulators, ensuring that FXPro clients can trust their funds are protected, secure, and insured.

FXPro Financial Services Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 078/07. Trader funds are safeguarded by the Investor Compensation Fund (ICF), and as an EU member, FXPro adheres to the MiFID II regulatory framework and the 4th EU Anti-Money Laundering Directive. Additionally, FXPro operates under cross-border regulations applicable to all EU member countries.

FXPro Financial Services Ltd is also authorized and regulated by the South African Financial Sector Conduct Authority (FSCA) under authorization number 45052. Furthermore, FXPro Global Markets Ltd is authorized and regulated by the Securities Commission of The Bahamas under license number SIA-F184.

The extensive regulation that FXPro complies with underscores its commitment to providing a secure trading environment for clients worldwide. FXPro also offers negative balance protection, ensuring that traders are not liable for losses exceeding their account balance in the event of significant market volatility.

Trading Platforms

FXPro provides a range of trading platforms to suit different trading styles and preferences:

MetaTrader 4 (MT4): Known for its reliability and extensive feature set, MT4 offers robust analytical tools, automated trading capabilities through Expert Advisors (EAs), and a user-friendly interface. It’s ideal for traders who rely heavily on technical analysis.

MetaTrader 5 (MT5): An upgrade from MT4, MT5 includes additional timeframes, an economic calendar, and more advanced analytical tools. It also supports more order types and has a slightly improved interface.

cTrader: Designed for traders who require high-speed execution and a more intuitive trading experience, cTrader offers advanced charting tools, one-click trading, and Level II pricing. It’s favored by traders who need precise control over their trades.

FXPro Edge: This is a browser-based trading platform that requires no download. It’s user-friendly and allows traders to access their accounts from any device with an internet connection.

Asset Variety

FXPro excels in its range of available tradable instruments. The broker offers 2100+ tradable assets, allowing traders to diversify their portfolios effectively:

• Forex: Over 71 currency pairs, including major, minor, and exotic pairs.
• Commodities: 37+ different types of commodities including gold, silver, oil, and agricultural products.
• Indices: 29 major global indices
• Shares: 1,955+ different shares from leading international markets, including US and European Exchanges.
• Cryptocurrencies: 28+ popular cryptocurrencies like Bitcoin, Ethereum, and Ripple.

Do note that sometimes, the investments available at FXPro will largely depend on the trading platform you choose. Nonetheless, this variety of CFDs ensures that you have many opportunities to explore different markets and manage your risk.

Types of Accounts

FXPro offers a variety of accounts to suit different trading needs, from beginners to experienced professionals, ensuring there is an option for everyone.

Demo Account

FXPro Demo account lets you enjoy a realistic, simulated trading experience with virtual money. This way, if you’re new to trading, you can dip your toes into the market without risking your hard-earned cash.

MT4 Account

The MT4 account allows you to trade on the world’s most popular trading platform. It offers low spreads, which can be fixed, making it an excellent choice for new traders. The MetaTrader 4 platform is user-friendly and familiar to many, providing an easy starting point for beginners due to its low costs and intuitive interface.

MT5 Account
The MT5 account uses MetaTrader 5, an advanced version of the MT4 trading platform. MT5 offers faster execution and more features than its predecessor. Aside from the different platforms, the MT4 and MT5 accounts are identical, so your choice will depend on which platform you prefer.

cTrader Account
The cTrader account is centered around FXPro’s proprietary platform, known for its competitive pricing and user-friendly interface. Spreads start from 0 pips, making it a highly profitable option for spread-betting. cTrader is widely used by many brokers, making it beneficial to learn and practice if you plan to switch brokers in the future.

Edge Account
The Edge account is designed for spread-betting and is available exclusively in the UK for FXPro Limited UK clients. This account operates on FXPro’s new platform, which is still in its beta stage. Like other FXPro accounts, the Edge account has no commissions and offers low prices, making it a promising option as the platform continues to develop.

VIP Account
The VIP account is an exclusive offering from FXPro, available to clients who make a $50,000+ deposit. VIP clients enjoy up to 30% discounts on spreads and lower commissions on cTrader, making it ideal for active, high-volume traders. VIP members also receive premium customer support, including access to account managers and dedicated support, ensuring a top-tier trading experience.

Joint Account
The joint account allows you to share your trading experience with a partner or manage a company account together. You also have the option to have your funds managed by one of FXPro’s professional managers, providing flexibility for collaborative trading.

Islamic Account
The Islamic account is designed for traders who adhere to Sharia Law, offering a swap-free option with no rollover interest on overnight positions. In all other respects, the Islamic account mirrors the standard accounts, providing a valuable alternative for traders following Islamic principles.

Fees and Commissions

FXPro operates with a transparent fee structure. The brokerage offers competitive spreads and charges no commission on most accounts, making it attractive for retail traders. However, certain account types, like the cTrader account, operate on a commission-based model with lower spreads, which can be beneficial for high-volume traders.

Execution Methods
On FXPro’s MT4 platform, traders have the option to choose between variable and fixed spreads. For variable-spread pricing, there are two execution methods: instant and market. Instant execution is subject to requotes but not slippage, while market execution may experience slippage but avoids requotes.

Commissions
The most competitive spreads at FXPro are available on the cTrader platform, which uses commission-based pricing. The effective spread for trading the EUR/USD pair on cTrader is approximately 1.27 pips. This includes FXPro’s average spread of 0.37 pips (as of August 2020) plus a 0.9 pip commission-equivalent.

Spreads
FXPro’s floating-rate (variable spread) model is available on both MT4 and MT5 platforms. For EUR/USD, the spreads are 1.58 pips for market execution accounts (1.51 pips on MT5) and 1.71 pips for instant execution accounts, according to FXPro’s data from August 2020.

Fixed Pricing
On the MT5 platform, there is no fixed-spread option, and only market execution is offered.

Active Traders
FXPro offers an Active Trader program as part of its VIP account, providing discounts of up to 30%. While this is a generous benefit, it still lags behind similar programs from top competitors like FOREX.com, IG, and Saxo Bank.

Executing Large Orders
One of FXPro’s standout features is its capability to execute large orders without requiring a minimum distance from the current market price, providing flexibility and efficiency for high-volume traders.

Educational Resources

Education is one area where FxPro falls below industry standards. The broker lacks well-organized lessons for beginners and doesn’t provide a structured learning path from basic to advanced forex concepts.

Webinars and Seminars: Regularly conducted sessions covering a wide range of topics, from market analysis to trading strategies.

Articles and Tutorials: Comprehensive guides and articles that cover the basics of trading, advanced techniques, and market analysis. For high-quality, timely information, FxPro leverages third-party providers like Trading Central and Dow Jones. Trading Central, known for its top-quality research, is accessible for free to FxPro clients using MT4 or MT5.

Economic Calendar: A tool that provides information on upcoming financial events, helping traders make informed decisions.

YouTube Videos: While FxPro’s YouTube channel offers webinars in multiple languages, it is infrequently updated, with the latest webinar being about a year old. Therefore, it’s not the most reliable source for the latest news and research.

To address its educational shortcomings, FxPro recently launched its “Trading Academy,” aimed at new traders. However, the academy currently offers only a few written articles, which pales in comparison to top forex education providers.

Customer Support

FXPro excels in customer support, offering assistance through multiple channels, including live chat, email, and phone. The support team is available 24/5, ensuring that traders’ queries and issues are resolved promptly and professionally.

FAQs About FXPro

What types of accounts does FXPro offer?

FXPro offers several account types, including MT4, MT5, cTrader, and FXPro Edge accounts. Each account type caters to different trading needs and preferences.

Is FXPro a regulated broker?

Yes, FXPro is regulated by several reputable authorities, including the UK FCA, CySEC, and DFSA, ensuring compliance with strict financial standards.

Can I trade cryptocurrencies on FXPro?

Yes, FXPro offers CFD trading in popular cryptocurrencies such as Bitcoin, Ethereum, and Ripple. However, the brokerage does not support cryptocurrency deposits and withdrawals.

What educational resources does FXPro provide?

FXPro provides a variety of educational resources, including webinars, articles, tutorials, and an economic calendar. They also offer a demo account for practice trading.

How can I contact FXPro’s customer support?

FXPro’s customer support can be reached via live chat, email, and phone. The support team is available 24/5 to assist with any queries or issues.

Does FXPro charge commissions on trades?

FXPro offers commission-free trading on most accounts with competitive spreads. However, the cTrader account operates on a commission-based model with lower spreads.

What trading platforms does FXPro offer?

FXPro provides multiple trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and FXPro Edge.

Is there a demo account available?

Yes, FXPro offers a demo account that allows traders to practice and test their strategies without risking real money.

Does FXPro Accept PayPal?

Yes. You can deposit and withdraw money on FXPro via PayPal. FXPro also supports other deposit and withdrawal methods, including bank transfers, credit/debit cards, and popular e-wallets like Skrill and Neteller.

FXPro Review: Our Verdict

FXPro is a trustworthy and reliable brokerage with a strong track record in the online trading landscape. We were particularly impressed by its user-friendly platforms, extensive range of tradable assets, competitive fees, and versatile execution methods. We can comfortably say that FXPro is a great choice for most traders at all levels.

While there are some limitations, such as the higher-than-average pricing, lackluster educational resources, and lack of advanced research tools, the overall experience is highly positive. The brokerage is well above average and should suit most traders looking for a reliable partner with swift execution speeds.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.