- Company name: FxPro Financial Services Limited
- Founded: 2006
- Offices: UK, Cyprus, South Africa
- Regulators: FSCA No.45052, FCA, CySEC
- Broker type: ECN/STP
- Min. Deposit: $100
- Leverage: 500:1
- Min. Spread: 0.6 pips
- Deposit/Withdrawal: Bank wire, Visa/Mastercard
- Currency pairs: 70+
- Platform: MetaTrader 4, MetaTrader 5, cTrader, FxPro Edge
- Web based: Yes
- Mobile: Yes
- FSCA Regulated
- $100 minimum deposit
- Negative balance protection
- No dealing desk execution
- Very secure deposit and withdrawal features
- Mobile platform version
- Hedging allowed
- The “platforms within a platform” features can be complicated for beginners
- Occasional platform freezes reported
One of the most respected Forex broker in the industry, well regulated by the FCA, CySEC and South Africa's FSCA, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.
With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro offer competitive spreads to match profitability with security.
Is FxPro Safe?
Founded in 2006, FxPro has collected over 60 awards from their industry peers. Recent awards include Best Broker 2018 (Financial Times and Investors Chronicles Awards 2018), Best Forex Trading Experience 2018 (UK Forex Awards), Best Forex Provider 2014-2018 (Investors Chronicle & Financial Times Investment and Wealth Management Awards) and Most Reliable Broker of the Year (Global Markets) 2018 (International Investor). For a full list of awards, click here.
Client funds, as required by regulation, are deposited in accounts at top tier banks in the region of their account regulation.
Together the strict banking standards, the first-class international regulation, and the industry praise show that FxPro are a very safe broker to trade with.
FxPro for Beginners
FXPro is one of the largest and most respected brokers in the industry and, as such, are an excellent choice for new traders.
FxPro’s platform offering also includes cTrader which is more beginner friendly than MT4 and MT5. The setup is minimal by comparison, and the user interface is newer and easier to navigate. cTrader will give beginners at FxPro a head start over others using the Metatrader suite.
FxPro offers a publicly available education library – topics covered include Forex education, technical analysis, fundamental analysis, and trading psychology. While there is little structure to the material, the information is accurate.
The FxPro news blog supports readers with commentary, analysis and daily stories related to future market movements and trading opportunities. Live webinars are broadcast frequently on a variety of subjects in multiple languages and video is then uploaded to YouTube for later viewing. FXPro also offers a standard economic calendar for forward planning.
Global support is available 24 hours a day, five days a week from a multilingual team at FxPro offices around the world. Should you wish to visit a local office, this can be arranged in advance.
Support teams at FxPro are available to help with technical and account related questions but, as with all regulated brokers, cannot offer investment advice.
FxPro has a single account type, where trading conditions vary depending on the platform used. Trading with FxPro is Pure STP (unless otherwise stated) and 70+ currency pairs are available to traders. All trading platforms at FxPro offer Forex, Spot Indices, Spot Energies and Spot Metals to traders.
FxPro has three main platforms available – MT4, MT5, and cTrader – and there is one account type associated with each platform. All FxPro accounts have demo and mobile options, regardless of the platform. VIP services are available on all platforms and are triggered by larger trading volumes and deposit amounts. All accounts have a minimum deposit of 100 USD with a recommended starting balance of 500 USD.
MT4 Account – The MT4 account gives traders a choice between instant and market execution but be aware that choosing instant execution may lead to requotes at times of high volatility. Fixed spreads are available on this account making it easier for beginners to calculate profit/loss of a trade and establish better risk management.
MT5 Account – The MetaTrader 5 account is for those who want to use the latest generation of the popular trading platform. This account offers market execution, variable spreads, no requotes and will allow for partial fills for orders that lack liquidity. The spreads on this account are in line with the MT4 account.
cTrader Account – The cTrader account charges commission on trades and has significantly tighter variable spreads than the MT4 and MT5 accounts. This combination of tighter spreads and commission fees is common for professional accounts, as it makes calculating profit and loss easier.
As with the MT5 account, the cTrader account includes market execution of trades; no requotes, variable spreads and partial fills of orders in times of limited liquidity. This account does not limit the stop/limit levels.
Spreads and Commissions
The MT4 and MT5 accounts charge for their services in the spreads that can get as low as 0.6 pips, but average EURUSD spreads are around 1.2 pips. Spreads on the cTrader account are much lower with EURUSD averaging about 0.3 pips, but an additional commission of 45 USD per 1 million USD traded (single side).
A commission is only charged on Forex and Metals trading. Indices and cryptocurrencies are commission free. Commission on other instruments besides Forex change depending on the platform used, so check with your account manager should you have questions.
Deposit & Withdrawal fees
There are no deposit or withdrawal fees for Bank transfers, Credit cards, and Union Pay. Ewallets such as Paypal, Skrill, and Neteller generally do not charge a fee with withdrawals, but there are conditions:
- For Paypal, refunds will not incur a fee, provided the refund is made within six months of the funding.
- For Skrill, a fee up to 2.6% will be charged if withdrawal is requested without having traded.
- For Neteller, a fee up to 2% will be charged if withdrawal is requested without having traded.
FxPro Trading Platforms
FxPro has a single Forex trading account offering on three different platforms – MT4, MT5, and cTrader. While MT5 is a newer and upgraded version of the MT4 platform, the MT4 platform remains the industry standard.
For beginners, MT4 and MT5 can be tricky to set up, but there are numerous guides in both text and video format to guide you through this process. cTrader is more beginner friendly and needs fewer tweaks to optimise it for Forex trading, but there is less guidance freely available on the internet.
All versions of these applications have downloadable versions for PC and MacOS, as well as web and mobile interfaces.
FxPro Mobile Trading Apps
FxPro supports mobile versions of all MT4, MT5 and cTrader, and customer service is available 24/5 to answer questions about the software and help with setting it up.
FXPro Vs. XM
|Funding||Bank wire, Visa/Mastercard||Bank wire, Visa/Mastercard, Skrill , Neteller|
|Regulated||FSCA No.45052, FCA, CySEC||EU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670|
|Broker Type||ECN/STP||Market Maker|
|Minimum Spread||0.6 pips||0.0 pips|
|Expert Review||Read review||Read review|
|Visit Website||Visit FXPro||Visit XM|
FXPro Vs. Pepperstone
|Funding||Bank wire, Visa/Mastercard||Bank wire, Visa/Mastercard, Paypal, Skrill, Unionpay|
|Regulated||FSCA No.45052, FCA, CySEC||AFSL No.414530, ASIC|
|Minimum Spread||0.6 pips||0.0 pips|
|Expert Review||Read review||Read review|
|Visit Website||Visit FXPro||Visit Pepperstone|
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FxPro offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FxPro would like you to know that: Trading CFDs carries a high level of risk and may not be suitable for all investors. Please ensure that you understand the risks involved as you may lose all your invested capital. 79% of retail investor accounts lose money when trading CFDs with this provider. Past performance of CFDs is not a reliable indicator of future performance. Most CFDs have no set maturity date, and a CFD position matures on the date an open position is closed.
FxPro is at the forefront of leading traditional Forex brokers, and heavily promotes the accolades they have received over the years. Strong international regulation and a small selection of common trading platforms show that with simplicity, greatness can be achieved.
Trading conditions across the accounts are reasonable, and as a pure STP broker, there is no potential for conflict of interest.
An open approach to education is a part FXPro’s marketing strategy and account holders should not expect additional material from what is available before opening an account. That said, customer support is accessible and award-winning, a real benefit for beginners with many questions.
Overall, FxPro is a dependable choice for beginners looking for a strong, traditional broker. Expect consistent trading conditions and excellent support from FxPro, but they leave the extra frills and innovation to other industry players.