FxPro Review
FxPro is an award-winning, multi-regulated broker with years of experience, providing traders worldwide with a varied range of assets, rapid order execution, and cheap trading fees through the MT4, MT5, cTrader, and FxPro Edge trading platforms.
FxPro is an award-winning forex brokerage that was formed in 2006 and is based in London, United Kingdom. FxPro 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.
FxPro offers thousands of trading instruments, including Forex, Shares, Futures, Spot Indices, Spot Metals and Spot Energies. The broker equips you with four high quality trading platforms, including MetaTrader 4, MetaTrader 5, cTrader and FxPro Edge. I found the broker to have deep liquidity which helps to ensure that you can get fast execution of your orders at very competitive rates.
FxPro offers competitive spreads with no commission across all platforms. Spreads on FX and metals are substantially lower on the cTrader platform account; however, an extra commission is payable when you enter and exit a position. The broker makes it easy for traders to fund and withdraw money from their accounts without delay, using a variety of convenient account funding options.
FxPro provides an opportunity for learners with plenty of educational content. There is an extensive section where you can learn about various forex topics. For making a decision quickly, there are some handy calculators. Additionally, there is an availability of Islamic swap-free accounts for Muslim traders. FxPro also provides demo account facilities for practicing your trading strategies. This is all backed by 24/7 multilingual support to its clients.
FxPro is a multi-award winning forex and CFD broker that offers thousands of instruments to trade in a regulated environment. It is regulated with tier-1 and tier-2 jurisdictions. FxPro adds versatility by providing fixed and variable spread accounts. They provide the popular and powerful MT4, MT5 and cTrader platforms, besides the in-house FxPro Edge Platform. You can practice on a free demo account before starting real-money trading. There is a facility for VPS trading and swap-free accounts. The educational material is fair enough for beginners and even advanced level learners. The customer support is very good, with 24/7 multilingual availability. FxPro provides a range of advantages including negative balance protection, price alerts, trading platform tutorials and educational videos. You can trade cryptocurrencies as CFDs in pairs with the USD as well. The broker also provides versatile deposit and withdrawal options, whilst the process is not cumbersome.
On the other hand, trading with FxPro, a trader must bear quite high fees on CFD stocks. If your account remains inactive, you will also have to bear inactivity fees. The number of the base currencies are limited to 8 which means conversion fees may apply if you are using another currency to fund your account. The platform is not listed on the stock exchange; the company operates without a banking license and ask for a minimum deposit of $100 which can be high for a beginner. Besides this, the company’s financial information is not publicly disclosed, which can be a matter of concern for some investors. Besides the high-quality education material, FxPro is lacking in Webinar arrangements.
Let’s highlight the advantages and disadvantages of FxPro.
FxPro offers trading CFDs on 70+ FX Pairs, Futures, Spot Indices, Share and Stock Trading, Commodities (Metals and Energies), and Cryptocurrencies. FxPro does not offer direct trading on cryptocurrency, but you can trade CFDs on cryptos in pairs with USD. On the other hand, FxPro does not offer other asset classes such as bonds and options. For those, you could consider AvaTrade instead.
FxPro Instruments Summary
| Instruments | FxPro |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | x |
| ETFs | ✓ |
| CFDs | ✓ |
Commission and Spread Fees
FxPro charges zero commissions on various account types. I personally did not find the overall fees to be the cheapest when you take into account the commission and spreads. I think you can save more if you are prepared to shop around more, Trade Nation being just one example of a broker that has tighter spreads and lower commissions. Here are the details for spreads:
- 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 | FxPro MT4 | FxPro 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 do not charge any deposit and withdrawal fees on any account and yet provide a wide variety of methods to do so. However, your service provider or intermediary bank may charge you some money, so it is better to consult them before processing the transaction.
Inactivity Fees
FxPro charges inactivity fees which is a disadvantage for those of you who may take a break from trading. However, it offers a big window before they kick in. The inactivity fee is charged after 12‑months of no trading activity, which is $15, followed by a $5 monthly fee. If you want to avoid inactivity fees then you could consider another brokers who does not charge them such as FXTRADING.com.
FxPro provides the intuitive MetaTrader platforms, the most popular used trading platforms these days. They are suitable for both beginners as they are very user-friendly, as well as advanced traders as they come loaded with trading tools and advanced functionality. Besides the MetaTrader platforms, FxPro also offers the professional cTrader platform and an in-house FxPro Edge platform for their clients. I think MT4/5 would be ideal for new traders whereas cTrader is a good option for those who already have some experience trading online as I find it to be slightly more complex to navigate. The FxPro Edge platform is robust and a good option in its own right, just keep in mind that if you decide to switch brokers down the line you will not have access to the platform as it is exclusive to this broker. On the other hand, you will find MetaTrader and cTrader offered by many brokers, including competitors such as Pepperstone.
MetaTrader 4 (MT4)
MetaTrader 4 is considered the industry standard, including everything a trader needs to chart assets, place orders and manage positions. Alongside a robust trading infrastructure, competitive pricing and better order execution with no dealing desk interference, the FxPro MT4 is one of the most potent pairings in online forex trading. Used by millions of traders worldwide since 2005, MT4 is the most popular retail trading platform, used by professional and new traders alike for its easy user interface and abundance of trading features which lead to endless possibilities.
You can level up your trading with an exclusive variety of technical analysis indicators from the excellent Trading Central analysis tool. It allows you a chance to identify fresh trade opportunities, enhance your entry/exit timings and obtain an instant viewpoint on Trading Central’s favoured direction along with target levels and alternative scenarios based on support and pivot lines.
With FxPro MT4 Mobile, you may experience the most popular trading platform on your mobile phone, anywhere at any time. Available for iOS and Android and free to download, it is a great way for you to manage your accounts and follow the markets from the comfort of your mobile devices.
The MT4 web platform gives plenty of flexibility to your trading as it enables you to conveniently access your account straight from your browser without the need to download or install any software. Another advantage being that it is always up to date.
The MT4 multiterminal enables you to manage positions and execute orders on more than one MT4 account simultaneously. This can be a good solution for those of you who are managing multiple accounts.
The following are the features of the MT4 trading platform:
- 30 technical indicators and 24 analytical tools
- 3 chart types with 9 time-frames
- One-click trading
- Customisable chart layout
- Secure data transmission
- Open, close & modify positions
- Manage multiple MT4 accounts simultaneously
- Lot size allocation by predefined volume, total volume, equal parts, equity ratio or free margin ratio
- 1 click trading
- Market news feed
- Easy to use interface
- Custom push notifications
- Optimised display layout for tablets
MetaTrader 5 (MT5)
MetaTrader 5 is a multi-asset and multi-functional platform that could be a better match if you’re a more advanced trader looking to take your manual and automated trading strategies to the next level. The MT5 maintains a similar look and feel to MT4 but has some improved features. The MT5 platform offers depth of market price data, more timeframes, more indicators and multi-symbol back testing. It enables the use of non-tradable assets such as actual gold to provide a margin for open positions in other instruments, and even permits the creation of new financial symbols. Day traders want a trading platform that is quick, sturdy, dependable, and robust. MetaTrader 5 ticks every box. As with MT4, you will find the MetaTrader 5 platform is available for desktop, web, and as a mobile trading app.
The MetaTrader 5 platform employs the MQL5 programming language, used by automated trading software that executes trades for you. It can follow financial symbols 24 hours a day, copy trades, create and send reports, analyse news, and even give a specialised bespoke graphical interface. Because the platform includes a comprehensive development environment for creating and optimising your own EA, you can automate your trading strategies and back test them over historical tick data. Alternatively, you may choose from several ready-to-use EAs that can be downloaded for free from CodeBase or purchased or rented from “MetaTrader Market,” the world’s biggest shop of ready-to-use trading applications. Whatever strategy you can imagine, chances are that you can create it in MetaTrader.
The desktop MT5 version includes:
- Superior tools for in-depth price analysis
- Algorithmic trading applications through trading robots or expert advisors (EAs)
- Copy-trading
The copy trading tool enables you to subscribe to successful trader signals, allowing you to automatically replicate all trades on your account. There are hundreds of free and premium signals accessible for demo and live accounts. The MetaTrader 5 platform supports both the traditional netting system for exchange markets such as the stock market and the options market, as well as the forex market’s hedging option system.
It supports 4 execution modes: instant, request, market, and exchange execution, as well as 2 market orders, 6 pending orders, and 2 stop orders. The platform lets you examine up to 100 currency or stock charts at once, and the 21 timeframes allow for extensive and detailed analysis of even minor price movements. It also includes over 75 technical indicators and 44 analytical objects, such as Gann, Fibonacci tools, geometric shapes, and other channels.
cTrader
Spotware’s cTrader trading platform is quickly becoming one of the most popular among traders, delivering an additional degree of market analysis and access to complete market depth on an impressive and fully customisable user interface. Along with FxPro’s advanced trading infrastructure, competitive pricing, and superior order execution with no dealing desk intervention, the cTrader platform offers one of the most creative trading experiences in the market.
In addition to a wide variety of advanced technical features, the cTrader platform employs cTID (cTrader ID) login technology, which means that all connected accounts may be accessed with a single login and settings are synched. You may use your mobile phone or tablet to access your cTrader account, which has a sophisticated interface and advanced mobile charting features. Just like MetaTrader, it is available for iOS and Android devices and free to download from the relevant app stores.
The cTrader web platform is a powerful solution for browsers or Mac users, providing the same advanced functions as the desktop platform (excluding cTrader Automate). You may access your account from anywhere, at any time, without having to install any software. It provides chart analysis and signals from the brilliant Trading Central to help you level up your trading. You can identify fresh trade opportunities, optimise your entry/exit timings, and get an instant viewpoint on Trading Central’s favoured direction based on independent technical analysis. Targets are available on all cTrader platforms.
- 55+ pre-installed indicators
- 6 chart types
- 28 timeframes
- Lvl 2 Depth of Market (DoM)
- stop/limit levels
- sell stop limit & buy stop limit
- Detachable charts & linked charts
- 1-click trading & trade from charts
- Advanced Order Protection
- Trailing stop
- Fully customisable charts and interface
- Add custom cBots & indicators
- Newsfeed
- Integrated Economic Calander
- Market Sentiment
- Custom time zone
- Analyse trade statistics
- Technical indicators
- Quick trade option
- No restrictions on stop/limit levels
- DoM (Depth of Market)
- Notifications for execution and price alerts
FxPro EDGE
FxPro offers Spread Betting to all FxPro UK Limited customers residing in the United Kingdom using the proprietary Spread Betting Platform: FxPro Edge. FxPro Edge is a widget-based user interface that you tailor to your trading needs. You may also trade straight from the chart, ticker, or create your rapid trade setups. It is an entirely customisable trading platform that enables customers to trade hundreds of products across six asset classes without paying taxes (tax laws are subject to change and depend on individual circumstances so make sure that you seek professional advice).
FxPro Platforms Summary
| Platform | FxPro |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | ✓ |
| cTrader | ✓ |
| Proprietary (FxPro Edge) | ✓ |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | ✓ |
FxPro offers a wide range of free platform instructional resources. No matter if you are a beginner or an advanced level trader, there is everything for you pertaining to trading available on the website.
Forex Education
Under the education section, FxPro shares textual knowledge for the basic and advanced level traders covering topics like:
Basics
- What is Financial Market
- How to Trade on FX Markets
- Chart Types
- Price Changing, Pips and Points
- Lots and Leverage
- What is Margin
- What is CFD
- How to Start CFD Trading
Fundamental Analysis
- What is Fundamental Analysis
- Leading and Lagging Economic Indicator
- Major Economic Indicators (Part 1 & 2)
Technical Analysis
- What is Technical Analysis
- Support and Resistance Levels
- Trend Lines
- What are Channels and How to Put them on
- Major Patterns
Psychology
- Escalation of Commitment and the Sun Cost Fallacy
- Blindfolded on a Mountain Range
- Novice Traders Mistakes
- Trading: from competency to skill
Economic Calendar
A trading plan can be an essential aspect of your strategy if you are serious about becoming a trader. You can find the Economic Calendar in the FX tools and plan your trading down to the minute based on upcoming economic reports, historical economic events, consensus projections, and expected volatility. The FX Economic Calendar supports you in making better informed trading decisions. You can take a look at the scheduled economic events for any given day and click on an individual event if you want to learn more about it. On the left side of the Economic Calendar, the remaining time before an impending event occurs is displayed, while previous events are denoted with a tick.
Forex News
It is good to be informed about the market when you aim to be a prudent trader. FxPro shares economic news that has an impact on forex and stock markets. Market Analysis conducted under the news section.
Trading Calculator
With FxPro, you have free access to a handy all in one trading calculator that can aid in trade planning and administration. This can be helpful if you are in a hurry or just not that confident with maths.
Trading Central
FxPro has teamed up with Trading Central to assist clients in making confident, rapid, and informed trading decisions. This dynamic product suite helps you in identifying, verifying, and timing your trades is now accessible to you with our MT4/MT5 platforms. I think this is a great tool for automated market analysis and finding customised signals according to your own trading goals. It can literally save you from hours of studying charts.
FxPro Research and Education Summary
| Resources | FxPro |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | ✓ |
| Webinars | x |
| Autochartist | x |
| Trading Central | ✓ |
| Economic Calendar | ✓ |
| Other (Trading Calculators) | ✓ |
FxPro provides various funding options. You can use wire transfers, debit/credit cards and electronic payment services to deposit and withdraw your funds. With this broker, you will have the advantage for not being charged deposit or withdrawal fees. I think they could improve by supporting crypto payments. If this is something that you are looking for, then Axi is another broker to consider.
FxPro Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | x | x |
FxPro 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 1 tier-1 and two tier-2 regulatory bodies.
FxPro Regulation Summary
| Regulator | FxPro |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | ✓ |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | ✓ |
| CFTC (USA) | x |
| Other (SCB, FSCA) | ✓ |
FxPro Safety
FxPro is regulated by one Tier-1 and two Tier-2 regulatory bodies. Those bodies, in case of bankruptcy of the broker, can compensate according to their defined set of parameters.
On the other hand, the broker is not listed on any stock exchange and does not hold a banking license. But having a variety of brokerage awards and more than a decade of experience, FxPro is on its way to persistent growth since being established.
FxPro provides multilingual customer support 24/7 with live chat, phone, and email.
FxPro is a well-capitalised, trustworthy broker with a great variety of platform options, trade execution methods, and the ability to execute big orders for professional traders. They have some robust tools for market analysis including the brilliant Trading Central. Beginners are well looked after with a generous selection of educational content and free demo accounts. There are flexible account types (including fixed spreads) and convenient payment options for you to choose from. However, traders may have to make do with FxPro’s somewhat higher pricing than the industry norm. I also feel they could extend their non-FX product offering and support crypto payments. Other than that, they are a decent broker for trading forex in a regulated environment.
