FxPro Review
- Anthony L.
- Read time: 15 minutes
- Updated March 1, 2022
FxPro
Trading Platforms
- MT4
- MT5
- Web Trader
- cTrader
- Mobile App
- Proprietary
Available Assets
- Forex
- Crypto
- Stocks
- Indices
- Commodities
- Futures
Funding Options
- Bank Wire
- PayPal
- Visa/MC
- Crypto
Company Information
- HQ: United Kingdom
- Excluded: US, CA, IR
- Founded: 2006
Pros
- VPS Trading
- Free Deposit and Withdrawal
- Price Alerts
Cons
- High Inactivity fees
- High Fees on CFD Stocks
- No Webinars
General Information
- Min. Deposit: $100
- Max. Leverage: 1:200
- Average Spread: 0.3
- Demo Account
- 24/7 Support
- Free Withdrawal
Overview
FxPro is a well-reputed forex trading brokerage that was established in 2006. The idea was first conceived in 2005. The broker is based in London, United Kingdom. FxPro is one of the well-known brokers regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus, Financial Conduct Authority (FCA) in the United Kingdom, Securities Commission of The Bahamas (SCB) in the Bahamas and Financial Sector Conduct Authority (FSCA) in South Africa. The broker makes it easy for traders to fund and withdraw money from their accounts without delay. It offers competitive spreads with no commission across all platforms.
Trading Platforms
FxPro offers MetaTrader platforms, which are the most widely used trading platforms in the indstry. They are equally suitable for both novice and experienced traders. In addition to MetaTrader platforms, FxPro provides their clients with cTrader and an in-house FxPro Edge platform.
MetaTrader 4 (MT4)
MetaTrader 4 is widely regarded as the industry standard, as it includes everything a trader requires including chart, assets, place orders, and manage positions. The FxPro’s MT4 is one of the most potent pairings in forex trading, because to its robust trading infrastructure, competitive pricing, and better order execution with no dealing desk interference. Since 2005, MT4 has been used by millions of traders worldwide. It is the most popular retail trading platform, utilised by both professional and novice traders due to its new user interface and robust trading features. Trading Central offers a unique selection of technical analysis indicators that can help you improve your trading. In a nutshell, these are the distinguishing features of MetaTrader 4.
MetaTrader 5 (MT5)
If you are a more advanced trader, MetaTrader 5’s multi-asset, multi-functional platform is a better fit. It enables you to manage multi-accounts with various brokers. The platform provides price data, permits the use of non-tradable assets. It also allows the development of new financial symbols. Day traders seek a trading platform that is quick, sturdy, and dependable, and MetaTrader 5 checks all of those boxes. MetaTrader 5’s platform is accessible in desktop, web, and mobile versions.
• Superior tools for in-depth price analysis
• Copy-trading
• Algorithmic trading applications through trading robots or expert advisors (EAs)
The MetaTrader 5 platform employs usage of the MQL5 programming language, which is employed by automated trading software that executes trades for you. It can monitor financial symbols around the clock, copy trades, create and send reports, analyse news, and even provide a specialised bespoke graphical interface.
It offers four execution modes: instant, request, market, and exchange execution, as well as two market orders, 4 pending orders, and two stop orders. The platform allows you to view up to 100 currency or stock charts at the same time, and the 21 timeframes provide extensive and detailed analysis of even minor price movements. It also features over 75 technical indicators and 44 analytical objects including Gann, Fibonacci tools, geometric shapes, and other channels.
cTrader
Spotware’s cTrader trading platform is fast becoming one of the most popular among traders, providing a higher level of market analysis and access to market depth on a customisable user interface. The cTrader platform, in addition to FxPro’s advanced trading infrastructure, competitive pricing, and better order execution with no dealing desk interference, provides one of the most innovative trading experiences in the market.
FxPro EDGE
FxPro provides Spread Betting to all FxPro UK Limited customers resident in the United Kingdom using the proprietary Spread Betting Platform: FxPro Edge. It is a completely customisable trading platform that enables clients to trade hundreds of goods across six asset classes without having to pay taxes. FxPro Edge is a widget-based user interface that you may customise to your own trading needs. You may also trade directly from the chart or ticker, or create your own quick trade setups.
| Platform | |
|---|---|
| MetaTrader 4 (MT4) | ✔ |
| MetaTrader 5 (MT5) | ✔ |
| cTrader | ✔ |
| Proprietary | ✔ |
| Desktop | ✔ |
| Web | ✔ |
| Mobile | ✔ |
| Social Trading | ✔ |
| Other | ✖ |
Fees
Here is the structure of trading and non-trading fees of FXPro.
Commission and Spreads
FxPro charges no commissions on various account types. Here are the details for spreads and account types:
- MT4 account with fixed spreads-Instant Execution.
- MT4 account with floating spreads-Instant Execution.
- MT4 account with floating spreads-Market Execution.
- cTrader account with floating spreads-Market Execution.
- MT5 account with floating spreads-Market Execution.
| Fee | MT4 | MT5 | cTrader | FxPro Platform |
|---|---|---|---|---|
| Commission (per standard lot per side) | $0 | $0 | $45 | $0 |
| Spreads from | 1.0 | 1.0 | 0.3 | 0.1 |
Deposit and Withdrawal Fees
FxPro appeals in certain ways since it does not charge any deposit or withdrawal fees on any account. However, your service provider or intermediary bank may charge you some fees, so it is best to contact with them before proceeding any transaction.
FxPro offers a number of various funding solutions. For deposits and withdrawals, users can use wire transfers, debit/credit cards, and electronic payment systems.
Inactivity Fees
FxPro charges inactivity fees. But provides wide cushion for qualification. The inactivity fee is charged after 12 months of no trading activity, which is $15, followed by a $5 monthly fee.
Trading Instruments
FxPro provides CFD trading on 70+ currency pairs, futures, spot indices, share and stock trading, metals, energies, and cryptocurrency CFDs. FxPro, on the other hand, does not provide additional asset classes like bonds and options.
| Instruments | Availability |
|---|---|
| Forex | ✔ |
| Stocks | ✔ |
| Indices | ✔ |
| Commodities | ✔ |
| Cryptocurrencies | ✔ |
| Options | ✖ |
| Bonds | ✖ |
| ETFs | ✔ |
| CFDs | ✔ |
Customer Service
FxPro allows you to contact them via live chat, email, or request a call back on the website. FxPro’s customer service is fast, multilingual, and provides appropriate responses. Customer support is available in 27 languages. Customer support is claimed to be available 24/7. In addition to that, they keep you aware of your account for important updates. For example, if there is no activity in your account, a support agent will directly call you and ask if there are any services issues and whether you are willing for the FxPro services anymore or not.
The live chat section is there, but the bot often responds to you, and you have to wait for a long to talk to the support agent directly. However, if they are not available online, they will contact you back via the email address you provided.
Usability
The FxPro MT4 web trading platform is very customisable. The size and location of the tabs are simply adjustable. You can use any of the basic order types. More advanced order types, such as ‘one cancels the other,’ are unavailable. The Trailing Stop feature is only accessible on the MT4 desktop platform.
You may also employ order time limits such as Good ’til Canceled (GTC) and Good ’til Time (GTT). The FxPro MT4 online trading platform does not provide alerts and notifications. This function is only accessible on the desktop trading platform. FxPro provides clear portfolio and fee reports. In a one go, you can see your profit/loss balance as well as the commissions you paid. These reports are accessible via the ‘History’ tab. FxPro’s mobile trading platform, offered by MT4, is excellent. It’s well-designed and user-friendly, and it has a good search feature. Touch/Face ID login is not supported.
Research & Education
FxPro provides a wealth of free platform training tools. Whether you are a novice or an advanced trader, the website has everything you need to know about trading.
Forex Education
FxPro’s education area contains textual knowledge for both beginner and advanced traders, covering topics such as:
Basics
• How to Trade on FX Markets
• What is Margin
• What is Financial Market
• How to Start CFD Trading
• What is CFD
• Lots and Leverage
• Price Changing, Pips and Points
• Chart Types
Fundamental Analysis
• Leading and Lagging Economic Indicator
• Major Economic Indicators (Part 1 & 2)
• What is Fundamental Analysis
Technical Analysis
• What is Technical Analysis
• Trend Lines
• What are Channels and How to Put them on
• Major Patterns
• Support and Resistance Levels
Psychology
• Novice Traders Mistakes
• Blindfolded on a Mountain Range
• Trading: from competency to skill
• Escalation of Commitment and the Sun Cost Fallacy
Economic Calendar: If you are serious of becoming a trader, you will need to develop a trading strategy. Locate the Economic Calendar in the FX tools and plan your trading to the minute based on future economic reports, historical economic events, consensus projections, and projected volatility. The FX Economic Calendar can help you make better trading decisions. You may view the calendar of economic events on any particular day and click on a specific event to learn more about it. The remaining time before an upcoming event is presented on the left side of the Economic Calendar, while prior events are signified with a tick.
Forex News: When striving to be a wise trader, it is good to be well-informed about the market. FxPro publishes economic news that affects the forex and stock markets. Market analysis is carried out in the news section.
Calculator: FxPro offers all-In-one FX Calculator for everyone. It lets you cut down your calculating time and generate the key values.
Trading Central: FxPro has teamed up with Trading Central to assist our clients in making confident, rapid, and informed investing decisions. This dynamic product suite helps you in identifying, verifying, and timing your trades is now accessible to you with our MT4/MT5 platforms.
| Resources | |
|---|---|
| Market Analysis | ✔ |
| Guides | ✔ |
| Videos | ✔ |
| Webinars | ✖ |
| Autochartist | ✖ |
| Trading Central | ✔ |
| Economic Calendar | ✔ |
Safety
It is regulated by Financial Conduct Authority (FCA) in the United Kingdom, Cyprus Securities and Exchange Commission (CySEC) in Cyprus, Financial Sector Conduct Authority (FSCA) in South Africa and Securities Commission of The Bahamas (SCB) in the Bahamas. With FxPro, you can enjoy the company of one tier-1 and two tier-2 regulatory bodies.
Pros & Cons
Broker is regulated by one Tier-1 and two Tier-2 regulatory bodies. The broker is not listed on any stock exchange and does not hold a banking license. The financials are not publically available. But with thousands of awards and more than a decade of experience, FxPro is on its way to persistent growth since it is established.
Pros
- Regulated in one tier-1 jurisdiction and two tier-2 jurisdictions
- Fixed and variable spreads
- MT4, MT5, FxPro Edge and cTrader platforms available for desktop, web, and mobile
- Provides transparent execution methods
- Negative Balance Protection
- Swap Free Islamic Accounts
- Demo Accounts
- VPS Trading
- Free Educational and Training Material
- Free Deposit and Withdrawal
- Easy Account Opening Process
- 24/7 Customer Service
- Trading Platform Tutorial
Cons
- High Inactivity fees
- High Fees on CFD Stocks
- Number of base currencies limited to 8
- Don't have a Banking License
- Financial Information is not Publically Disclosed
- No banking licence
Conclusion
FxPro is a trustworthy broker with a variety of platform options, trade execution methods, and the ability to execute big orders for professional traders smoothly. However, traders may have to do with FxPro’s somewhat higher pricing than the industry norm. The broker’s support is appreciable as they address the queries in detail to satisfy the customer.