A Brief HistoryPopular Alternatives To FXproMarkets & InstrumentsMinimum Initial DepositSpreads & CommissionsLeverageOther FeesFxPro Trading PlatformsFxPro EdgeMobile AppsMethods of PaymentAccount TypesDemo AccountAdditional FeaturesSafety & SecurityFxPro Regulation & LicenseBenefitsDrawbacksFxPro Trading HoursContact & Customer SupportFxPro VerdictAccepted CountriesAlternatives to FXPro
FxPro is a world leading online forex and CFD broker. The brokerage facilitates 24/5 trading with 6 different asset classes and over 260 different financial instruments. This review of FxPro will look at both the benefits and the drawbacks, including trading platforms, demo accounts, fees and additional trading tools, before wrapping up with a final verdict.
A Brief History
Volume and experience account for a lot, and FxPro promises both.
The brokerage came to life in 2006 and has since asserted itself as a leader in the forex space.
It has expanded to offer direct trading to customers from over 170 countries. Along the way the company has picked up over 85 prestigious international awards.
Their expansion has also led to the creation of offices in London, Cyprus and the Bahamas. Note FxPro Financial Services Limited is actually owned by the FxPro Group Limited.
FxPro Group Limited is the holding company of:
FxPro UK Limited, authorised and regulated by the Financial Conduct Authority (registration no. 509956).
FxPro Financial Services Ltd, authorised and regulated by the Cyprus Securities and Exchange Commission (licence no. 078/07) and authorised by the Financial Sector Conduct Authority (‘FSCA’) (authorisation no. 45052).
FxPro Global Markets Ltd, authorised and regulated by the SCB (license no. SIA-F184).
Furthermore, traders from the UK and the EEA are protected under the Financial Services Compensation Scheme (FSCS) and Investors Compensation scheme respectively.
If you register for the FxPro trading system there is a reasonable chance you will have come across their sponsorship of sports teams and events, including Fulham, Aston Villa and Watford FC in the past.
The partners, and over 200 employees continue to back local communities with their revenue.
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Reliable and affordable trading since 2009. Join over 900,000 others trading on 400+ CFD products over assets like forex, gold, indices, cryptocurrency and shares from 0.0 spreads through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
Reliable and affordable trading since 2009. Join over 900,000 others trading on 400+ CFD products over assets like forex, gold, indices, cryptocurrency and shares from 0.0 spreads through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account in under 5 minutes.
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Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
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A regulated bank, Saxobank offer Equities and Forex trading on 40,000+ markets via the SaxoTrader Pro and SaxoTrader Go platforms
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Markets & Instruments
Customer review and ratings are positive of the breadth of products on offer. Users can trade in:
Stock CFDs – 2000+
Futures – 24 contracts
Spot Metals – 7 precious metals
Spot Energies – 3 energy commodities
CFDs for Currency Pairs – 70 FX pairs
Market Indices – 19 spot market indices
Cryptocurrency CFDs – 18+ (non-UK only)
The broker’s extensive selection of global stock CFDs is particularly impressive. Clients can diversify their portfolios with assets from a range of industries and countries.
Note you cannot trade in binary options and spread betting is only available to UK customers.
Minimum Initial Deposit
The minimum deposit at FXPro is just $100. However, the brokerage does advise making a minimum deposit of $500 to $1000.
Spreads & Commissions
Spreads are competitive but depend mostly on the type of trading account held and asset traded. For example, with the MT4 account, minimum fixed spread quotes are around 1.2 pips.
With an MT5 account and FxPro cTrader account, minimum live spreads are 1.4 and 0 pips. Opt for a Markets account and spread quotes start at 1.2 pips.
On top of the spread, a commission charge of $45 is in place per million USD traded.
FxPro also revisited its pricing schedule in 2022, reducing spreads by up to 20% on popular assets, including major forex pairs, indices, plus metals and energies. The result is more competitive trading conditions on the products that investors are most interested in.
Leverage
Traders also have the option of margin trading, requirements for which will depend on your account type.
Trading with gold leverage, for example, allows you to increase your position size and capitalise on potential opportunities in gold prices.
However, there are also risks. Leveraged trading can accelerate losses as well as gains.
FXPro do offer negative balance protection however, so clients cannot lose more than the initial deposit.
The maximum available leverage is 1:200 (at FXPro Global Markets Limited only). Pro Clients can access leverage up to 1:500.
See the official website to plug your details into a leverage calculator.
Note, 2022 saw FxPro reduce its margin requirements for energies from 1% (1:100) to 0.5% (1:200). The updated leverage conditions are available to clients registered with FxPro Global Markets and Professional clients of FxPro UK.
Other Fees
There are some charges to be aware of. For example, overnight and rollover rates will see you pay $8.13 for EUR/USD long positions, while the short positions come with a $2.23 charge.
There is also an inactivity fee should an account be left dormant for an extended period.
There are no fees for making a withdrawal.
Overall FxPro spreads and fees are competitive and good value when you take into account the range of trading tools and resources available. Having said that, FxPro could improve their offering by introducing some welcome promotions and deposit bonuses.
Note FxPro acts as a market maker applying a non-dealing desk intervention execution model.
FxPro Trading Platforms
MT4 & MT5
Once you have your direct account login details you can choose from a number of trading platforms. FxPro offers the industry standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. Head to the official website for a link to instantly download both platforms.
Both systems receive glowing customer reviews, promising reliability, multiple order types and negative balance protection. Furthermore, they support automated trading through Expert Advisors (EAs).
Their diversity also means they will work for trading on the news, scalping systems and with other techniques.
In addition, you can now use MT4 WebTrader to log in to all accounts whatever your location. You can also download Autochartist as a plugin to benefit from their advanced trading tools.
Although whether MetaTrader systems are good or bad will depend on who you ask, the majority of traders agree they are comprehensive, thorough and more than capable of meeting the needs of most users.
Head to the FxPro Trading Academy to find MetaTrader 4 tutorials for Mac and Windows users.
FxPro cTrader
Feedback from the cTrader users is also fairly positive. The free cTrader system platform download was designed for CFD traders. As a result, you can place orders while retaining a clear view of market depth.
The platform will work for Mac users and on Windows desktops. You also benefit from rapid execution speeds.
FxPro Edge
FxPro Edge is the latest addition to the FXPro platform offering. It provides investors with a new way to trade the markets.
It is a highly customisable web-based platform, which enables traders to place their orders without the need to download and install any additional software.
FXPro Edge (Spread Betting) is only available to clients of FxPro UK Limited that reside in the United Kingdom. This is a separate platform to FXPro Edge.
FxPro Edge is available for all demo users.
Forex, Shares, Spot Indices, Spot Metals and Spot Energies
Limited Risk Account at no additional cost
No commission
Tight spreads
Tax-free (tax laws are subject to change and depend on individual circumstances)
Unsurprisingly, platform reviews overall are positive and praise the numerous options available.
Mobile Apps
Reviews and ratings of FxPro’s mobile offering are positive. They offer iOS and Android trading apps for mobiles and tablets. Once you sign up, simply head to the iOS App Store and Google Play Store to download the relevant app. You have access to three mobile apps:
FXPro App
MT4 for Mobile
MT5 for Mobile
FxPro cTrader for Mobile
The apps are reliable and give you access to nearly all the same features and functionality of the desktop-based platforms. In fact, you can:
Conduct daily technical analysis with over 50 technical indicators
Manage your positions from widgets within your smartphone
Get commentary on the US dollar (USD) index and more
View and interpret historical data
Set up signals and alerts
Browse the EA library
Overall, reviews of the mobile apps are good. Users get to benefit from the same ultra-low latency trading infrastructure of the desktop platforms. Furthermore, the iPhone, iPad and Android apps can work to supplement your desktop platform or for trading directly from.
Methods of Payment
Once you finish registration, you will have to fund your account. Fortunately, there are a number of deposit methods available, including:
Debit, credit and prepaid cards (Visa, Mastercard, Maestro and American Express)
Bank wire transfer
PayPal
Skrill
Neteller
UnionPay
MonetaRU (Russian clients)
broker to broker transfer
Note credit and debit cards will incur a deposit fee, as will PayPal. Your bank account may also charge an additional fee. Contact your bank for details.
When it comes to withdrawing your revenue, there is no charge for any of the payment methods. However, a fee may be charged if the capital has not been used to actually trade. Withdrawal times are kept to just one business day. Simply log into FxPro Direct to enter a withdrawal request.
Contact customer support via their live chat or telephone service if you encounter any withdrawal problems.
Account Types
You get a choice of four live trading accounts with FxPro, below is an account break down and comparison:
FxPro MT4 – You can trade on currency pairs, equities, market indices, metals and energies. In addition, EAs are supported. You also benefit from fixed and floating spreads. On top of that, you have instant market execution and a maximum leverage of 1:500. (Note: Retail clients under CySec and FCA will have maximum leverage of 1:30, Professional clients 1:500 and SCB jurisdiction clients 1:200)
FxPro MT5 – These accounts are fairly similar but use a different platform. You get all the same markets and instruments, and then Market execution and floating spreads.
FxPro cTrader – You get nearly all the same instruments, apart from equities and futures. In addition, you have algorithmic trading through cAlgo.
For fixed spread accounts, you may want to opt for the MT4 option. Having said that, all promise straightforward account ownership and management. Rankings will depend on individual requirements and personal preferences.
Note FxPro does not offer ECN managed or micro accounts. Reviews nonetheless are positive about the number of account options available. In fact, many competitors offer just one live account option.
Demo Account
You can also open a FxPro demo account. Once you login you have $500,000 in virtual cash to play around with. You can download various demo platforms, including MT4, MT5 and cTrader.
The demo server makes for a great central trading hub to get familiar with markets and develop strategies. Then when your confidence has grown you can upgrade to a live account. There are even occasional demo contests where you can put your practice to the test against other traders.
Contact customer support if your MetaTrader 4 or 5 demo account is disabled.
Additional Features
Broker reviews of FxPro are quick to highlight there are a number of useful educational resources available.
Most notably there is the FxPro Trading Academy. This has been built to help educate users on forex trading.
It comes with a vast video library, seminars and ebooks. You will also find a trading glossary, plus guidance on trading robots and global markets.
The Help Centre is also a valuable resource. The economic calendar allows you to plan your day ahead down to the minute. In addition, you get access to:
Economic reports
Consensus forecasts
Volatility predictions
Previous economic results
Earnings calendars and hedging tips can also be found in FxPro’s additional resources. Finally, there is a free indicator download to enhance your technical analysis capabilities.
Safety & Security
FxPro takes customer security extremely seriously. As a result, all customer’s funds are segregated in Tier-1 accounts with a number of major banks. Furthermore, sophisticated encryption technologies and security protocols are in place to prevent fraud and keep personal data in a digital vault.
In fact, the founder, Denis Sukhotin has worked hard to ensure user security remains a priority alongside global expansion.
Note liquidity providers do not have access to trade details or any other delicate information.
FxPro Regulation & License
With an increase in scams, traders are increasingly looking for brokers that are trustworthy and regulated. Fortunately, FxPro Financial Services Ltd wouldn’t have amassed such a net worth if the CEO and board of directors did not take regulation seriously. So the broker has oversight from regulatory bodies in:
UK – FCA
Cyprus – CySEC
South Africa – FSCA
The Bahamas – SCB
Also, UK broker reviews are quick to highlight the partners have ensured FxPro UK Ltd customers are protected by the UK’s Financial Services Compensation Scheme. This means traders could receive up to £50,000 compensation in certain scenarios, such as bankruptcy.
European customers also have a similar protection of up to €20,000 under the Investor Compensation Fund from CySEC.
Benefits
There are a number of reasons to sign up for a trading account with FxPro, including:
Demo account – The broker promises a free demo account where prospective users can test drive the platforms.
Global stock CFDs – More than 2,000 global share CFDs from a range of industries and countries are available on the MetaTrader 5 platform.
No dealer intervention – Traders can benefit from tight spreads, high liquidity and zero slippage on Instant Execution.
Automated trading – EAs can be used to capitalise on algorithmic trading and scalping strategies.
Trading tools – FxPro offers a range of advanced tools and indicators. On top of that, you get a choice of MT4, MT5, cTrader and FxPro Edge.
FxPro Academy – From webinars and user guides to tutorial videos and PDFs, users can benefit from top tips and guidance from traders with years of experience.
Product list – FxPro offer access to a wide range of markets and instruments. In fact, they now allow users to speculate on cryptocurrencies, such as Bitcoin (BTC/USD) and Ethereum (ETH/USD).
Commentary & analysis – When you take FxPro vs HotForex, AvaTrade and IG, you realise the former offers a wealth of in-depth daily market commentary. On top of that, you get network sharing and technical analysis support.
Customer service – FxPro promises numerous customer support channels in nearly 20 different languages. This offering vs Plus500, Pepperstone, eToro and other alternatives demonstrates their commitment to aiding customers, particularly beginners.
Account flexibility – You can hold an account with nearly every widely-used currency: EUR, USD, GBP, CHF, JPY, PLN, AUD, ZAR (FxPro Financial Services Limited); EUR, USD, GBP, CHF, JPY, PLN, AUD (FxPro UK Limited); EUR, USD, GBP, CHF, PLN, ZAR, JPY, AUD (FxPro Global Markets Limited). In addition, Islamic swap-free accounts are available.
Drawbacks
Despite the positives, there are also some customer complaints to bear in mind, including:
Multi-step confirmation process – The process is slow and complex vs IC Markets and Alpari.
Promotions – When you take FxPro vs Oanda, FXCM, ZuluTrade and IronFX, the former falls short in enticing traders in with welcome bonuses and deals.
Accessibility – Although traders from numerous countries are accepted, including India, Nigeria, Vietnam, Australia and Thailand, some still aren’t. For example, clients from the USA and Canada are not currently accepted.
FxPro Trading Hours
Forex trading hours are 24 hours per day, kicking off at 22:00 Sunday and closing at 22:00 Friday (GMT time). Other products follow industry standard market hours. Then when you log on, opening hours will appear depending on your MT4 server time zone.
See the official FxPro website for holiday trading hours and specific products, such as gold trading hours.
FxPro have recently expanded their cryptocurrency training hours from weekdays only to 24/7 to allow retail traders unbridled access to the DeFi markets.
Contact & Customer Support
Due to their global footprint, customer support is available in 19 languages. Traders can turn to:
Email
Live Chat
Telephone
Call-back request
See the official website for the telephone number where you’re based. You can also request a callback. Support hours run 24 hours a day from Sunday 23:00 until Friday 12:00. On the website, you can also find the address of the nearest office if you want to mail FxPro.
User reviews show wait times are relatively low and customer agents are very knowledgeable. In fact, they can help with everything from order execution policy to problems with no MT4 connection.
However, customer reviews were particularly impressed with the FAQ page and help available on their website. You can find information about negative balance protection, forgotten investor passwords and a whole load more.
Note customer support staff cannot give tax advice.
FxPro Verdict
So is FxPro a good broker? Despite some differing opinions, the vast majority agree the broker provides all the resources required to build a highly profitable system. In particular, user reviews were positive about the choice of accounts and platforms, not to mention the transparent fee structure and reliability. Overall then, FxPro makes for a worthy home for traders of all experience levels.
For further guidance, see our brokers list.
Accepted Countries
FXPro accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FXPro from Iran, United States, Canada, Zimbabwe, Myanmar, New Zealand, Iraq and several others.
Alternatives to FXPro
If you are looking for alternatives to FXPro we have compiled a list of the top 5 brokers that are similar to FXPro below. This list of brokers like FXPro is in order of similarity and only includes companies that accept traders from your location.
Pepperstone – Pepperstone offers CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms.
Avatrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada and South Africa. Avatrade are particularly strong in integration, including MT4
IC Markets – Trade Forex on 0.0 pip spreads with the world’s leading True Raw forex broker – IC Markets.
ThinkMarkets – ThinkMarkets is a multi-regulated forex and CFD broker
FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.