FXPro is an excellent broker for regular Forex traders and is regulated by financial bodies such as FCA (UK), CySEC (Europe), FSCA (South Africa), SCB (Bahamas) and the FSCM (Mauritius). FXPro offers services mainly geared towards advanced traders, although beginner traders will find a lot of support and useful tools to invest.
Min. Deposit: $100
Founded in 2006, FXPro is considered safe because it is authorised by top-tier regulator. The broker is licensed by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) and the South Africa Financial Sector Conduct Authority (FSCA). Regulated brokers adhere to regulations and prioritize their clients’ fund security.
Variety of account types, multiple trading platforms and transparent execution policy. FXPro range of mobile offering is the easiest and fastest way to trade online.
There are more than 2100+ Contract For Difference (CFD) instruments across 6 asset classes covering Forex, metals, indices, cryptocurrency, shares and energies. There are multiple trading platforms offered which are mainly for professional traders. However, beginner traders can benefit from their intuitive proprietary trading app.
- Founded in 2006, FXPro is regulated around the world and provides what it takes to help people get started trading.
- The system of account opening is familiar making the whole process very easy and Hitch-free. There is a 24/7 customer support facility available in case there is a halt during the account opening process.
- FXPro is very transparent in the differences of execution method with their various account types available in different jurisdictions.
- Clients will find useful library of webinars and trading courses. There are a lot of support tools for beginners and we found their in-house platform very easy to trade.
- Much experienced traders will find FXPro’s all round offerings very great. These include access to raw spread trading accounts, choice of both MetaTrader 4, MetaTrader 5 and cTrader platforms, as well as integration with third-party signals tools like AutoChartist.
What Are the Pros and Cons of FXPro?
Pros
- FXPro has subsidiaries authorised by top-industry regulators. The broker also provides client funds and account protection, such as facilities for deposit insurance, negative balance protection and segregated client accounts.
- With over 2100+ trading instruments, the range of assets available will satisfy any class of trader.
- Multi-lingual customer support
- Instant deposit and withdrawal with no commissions.
- Great range of research facilities plus useful educational materials.
Cons
- FXPro trading fees are not very competitive on the beginner friendly standard account.
- The broker has entities operating from offshore jurisdictions with poor regulations.
- Their Metatrader and cTrader offering requires a level of expertise to master.
- FXPro web-based platform is available in one language.
- Beginner traders might find the variety of account types and execution methods overwhelming.
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FXPro Breakdown
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|---|---|
| Founded | 2006 |
| Top Regulators | FCA (UK), CySEC (Europe), FSCA (South Africa) |
| Other Regulators | SCB (Bahamas), FSCM (Mauritius) |
| Broker Type | Non Dealing Desk (NDD) |
| 24/7 support | Yes |
| Multi-lingual Support | Yes |
| Live Chart | Yes |
| Asset Porfolio | 2100+ (Forex, Energies, Indices, Shares, Cryptocurrecies) |
| Maximum Leverage | 1:30 (UK), 1:30 (Europe), 1:200 International. |
| Minimum Deposit | $100 |
| Average Spread | 1.2 pips (standard) |
| Trading Platform | MT4, MT5, cTrader, FXPro Edge |
| Web-based Platform | Yes |
| In-house Platform | Yes |
| Mobile Trading | Android and iOs Versions |
| Demo Facility | Yes |
| Social Trading | Yes |
| Deposit and Withdrawal Methods | Bank Wire, Visa, PayPal, Skrill, Neteller, Local transfer. |
| VIP Features | Yes |
| Research Facilities | Yes |
| Educational Contents | Yes |
| Notable Features | Trading Central, Signals, Market commentary, Webinars, Video series. |
Beginner and advanced traders are offered wide variety of accounts based on the choice of platform, pricing structure, execution methods and VIP features. Multi-lingual support system is available 24 hours to attend to your needs. Most beginner traders will choose account type based on their preferred platform and minimum deposit requirement.
In addition to the basic account features, advanced traders might understand the different types of platform execution and pricing structures available.
Clients can deposit and withdraw funds without any extra cost. The broker supports good range of payment methods too such as bank wire, Visa (credit/debit) cards, Mastercard, PayPal, Neteller, Skrill and some popular e-wallets.
Account currency depends on the FXPro entity that is serving you. Clients of FxPro UK Limited may open a trading account in USD, EUR, GBP, AUD, CHF, JPY and PLN. Clients of FxPro Financial Services Limited & FxPro Global Markets Limited may open a trading account in EUR, USD, GBP, AUD, CHF, JPY, PLN and ZAR.
It is recommended that you select a Wallet currency in the same currency of your deposits and withdrawals in order to avoid any conversion fees.
Asset Porfolio
With over 2100+ assets, FXPro offers a considerable amount of tradable instruments and the number of currency pairs available is well above the industry average. FXPro offers over 70+ Forex CFDs for trade, trading of underlying assets i.e owning of physical asset, is not available in any form. Cryptocurrency trading is available only through contract for difference and not through trading of underlying asset.
Leverage: Maximum Leverages depends on the FXPro entity you opened your account and the account type you operate. Maximum leverage advertised at FXPro is 1:500. Use of leverages is restricted in UK, Europe, Australia and Japan.
Note: Trading with leverage as high as 1:500 is recommended only for those who have some experience in the forex market.
Platforms & Tools
FXPro provides users with the ability to trade on a variety of trading platorms including their own FXPro Edge platform, both MetaTrader platforms and cTrader platforms. The FX Pro web-based platorm is the easiest and fastest way to trade. The more professional MT4/MT5 and cTrader offers a better range of trading tools and third party integration as well as support for automated trading.
Beginner traders will find the FXPro Edge web-based platform very attractive, featuring robust charting and intuitive designs.
Advanced traders looking for additional trading tools will choose the Metatrader and cTrader platforms equipped with a lot of features for technical analysis, automated trading (via expert advisors), indicator customisation and social trading as well as third party integration such as TradingCentral for signals services.
Note: Practice account is available to potential clients with the opportunity to try their platform risk-free.
Mobile Trading
The FXPro mobile app is the mobile version of the web-based platform available in android and iOs. FXPro clients will find the mobile app relatively easy and fast way to trade with smooth design and navigation.
Android and iOS versions of MetaTrader and cTrader platforms are available and comes with a range of features that allow you to manage your account, view your positions and place live trades on the go. The download process was easy and is a great way for beginner traders to start trading.
Your choice of trading platform depends on your level trading experience and availability of devices. While most of the additional trading features are on the desktop platform. The mobile app provides a simple way to place trades and manage positions.
Note: While the app is helpful in certain circumstances, it cannot beat the speed of work that could be achieved using the desktop platform, which is the primary solution for active trading.
Spreads and Commissions
While their are both variable and Fixed spreads with commission structure, most advanced traders would like to know where the cost of trading is cheapest at FXPro. At the other hand, beginners would be more interested on the minimum deposit requirement.
Average EURUSD spread on the FX Pro standard account that requires $100 minimum deposit is 1.5 pips. Competitive spreads and pricing are seen the FX Pro Raw+ ($1000 minimum) and Elite account that requires minimum deposit of $30k deposited in 2 months. FXPro advertised raw spreads starting from 0.0 pips with average spreads on EURUSD 0n the Raw+ and Elite amounting to 0.2 pips.
cTrader Account: Traders that are more inclined with the powerful cTrader platform will find one of the industry best conditions at FXPro’s cTrader account with commission reduced to $35 per $1million traded.
VIP Discount: VIP discounts are available to clients that deposit $50k and above in their FXPro wallet. VIP perks include 30% discount on spreads available on selected instruments on Market execution accounts, access to free Virtual Private Server (VPS), and up to 30% lower commission on cTrader accounts.
Note: Trading with low spreads is a good way to boost your profits.
Client Research and Education
FXPro provides a great range of useful research and educational materials. Research materials includes live analysis sessions with their in-house expert, as well as regularly updated technical and fundamental analysis articles.
On the broker’s website, FXPro offers daily market analysis that spans through Market Overview, Technical Analysis and Crypto Reviews. This area has a large range of research materials suitable for beginner and advanced traders.
Client Education: Both beginners and advanced traders will find useful educational resources at FXPro. This includes trading videos, platform tutorial videos, articles and trading courses.
The education articles are well written and have progress tracking feature, allowing experienced traders to keep track of which modules or chapters they’ve finished. There is quality material to go through for beginner and advanced traders.
Note: When using cryptocurrency for payments, extra caution is needed as it provides anonymity and is irreversible.
Strength and Transparency – 93%
Founded in 2006, FXPro is not publicly traded, does not operate a bank and it is licensed by top-category financial regulators. Transparency on regulations and fees on the company’s website. FXPro group and its subsidiaries holds the following licenses.
- FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (FCA).
- FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC).
- FxPro Financial Services Limited is authorised and regulated by the South Africa Financial Sector Conduct Authority (FSCA).
- FxPro Global Markets Limited is authorised and regulated by the Securities Commission of The Bahamas (SCB).
- Prime Ash Capital Limited (trading as FxPro) is authorised and regulated as an Investment Dealer by The Financial Services Commission of Mauritius (FSCM).
All FXPro subsidiaries provide clear information on what protections you have or do not have on their website.
Note: CFDs are complex instruments and come with a high risk of losing money due to leverage. Please ensure that you understand how CFDs work before committing any capital.Past performance is not an indication of future results.
Verdict: FXPro is an Excellent Broker
FXPro promises excellent trading conditions tailored to any kind of trader. Our analysis of the Forex broker shows that the broker’s claims are true. FXPro’s all round offering is suitable for both advanced traders and beginners as well. Beginners will find an easy and convenient way to start trading through the FXPro web and mobile platforms. Advanced traders will see choice of account types with competitive spreads and commissions as well as access to Metatrader and cTrader platforms with algorithmic trading.
2023 Expert Analysis
Here at the Forex Broker Expert, we have reviews of more than 200 Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a safety score. We use a Safety score algorithms to asses risk level. They major criteria we use in grouping a Forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.
Different Forex brokers offer different account types which goes by different names like standard, classic, premium, VIP or gold. The most popular minimum deposit for a Forex basic account is $250. Leverages can go as high as 1:200. As for the pips charged on these accounts, EURUSD is usually the pair with the lowest spread and the ideal thing is that each type of account is unique and will either have fixed or floating pips depending on which account portfolio you have chosen. Learn more about the industry best prectices here.
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