Founded in 2006, FxPro grew rather rapidly to become a leading online retail broker in the CFD and spread betting market. It has offices in major financial centers and has more than 1.3 million clients from about 173 countries. FxPro offers 24/5 trading in over 250 different instruments, belonging to 6 asset classes, and clients can access the markets via NDD (No Dealing Desk execution).
Pros
It is one of the most regulated brokers worldwide.
· Clients are spoiled with lots of trading tools and research resources.
· FxPro allows the use of expert advisers for automated trading.
· It offers many trade-able instruments across six different asset classes, such as Forex, indices, metals, energy, stocks, and futures.
· Clients can easily get real-time news and commentaries on the platforms.
· The pricing model of this broker is transparent, as traders can choose NDD execution with tight spreads.
· Its customer support service is available 24/5 via several channels, including phone lines, live chat, and email, and clients can talk to them in more than 20 different languages.
· The broker offers some educational resources, including user guides, PDF articles, tutorial videos, and occasional webinars. Overall high-quality coverage for beginners.
· Clients’ funds are highly protected: Clients of the FxPro UK Limited are compensated under the Financial Services Compensation Scheme (FSCS), while clients of FxPro Financial Services Limited are protected by the Investor Compensation Fund (ICF). Both provide very reputable services.
· The broker keeps clients’ funds in segregated accounts at big banks, such as Barclays and Royal Bank of Scotland.
· Negative balance protection is guaranteed.
· FxPro provides its clients with four different platforms — MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge — and the corresponding mobile apps. Widespread user-interface makes FxPro one of the most accessible brokers for all clients.
Cons
· While FxPro gives access to a wide range of asset classes, its selection of trade-able instruments is relatively narrow when compared to its peers.
· Although it accepts traders from several countries, clients from the US and Canada are not yet accepted.
· It doesn’t offer too many promotions like the others.
Overall Ranking
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Extended Review and Information
FxPro was established in 2006, and since then, it has asserted itself as a leader in the Forex and CFD retail brokerage industry. With over 1.3 million clients from 173 countries, FxPro is undoubtedly one of the biggest online brokers in the world.
It is headquartered in London but has offices in several countries. The broker is regulated in five countries and offers a wide range of assets, such as Forex, metals, energies, indices, stocks, and futures.
FxPro offer NDD (Non Dealing Desk execution), which is a great service benefiting clients as they can access deep liquidity and now have the ability to trade with the best available bid and ask prices with each trade. In addition, the speed of execution has been recorded at an amazingly swift 11.06 milliseconds.
How to Open your Account
It is very easy to start trading with FxPro. All you need to do is to register a live trading account with the required details via the FxPro Direct; upload your documents to verify your account; and then, fund the account with your desired trading capital. There are different types of accounts you can open: MT4, MT5, cTrader, and market accounts. The minimum deposit for this broker is $100.
However, it is advisable to open a demo account first and practice with virtual money in a risk-free atmosphere before going live.
Trading Instruments Available
Clients of FxPro can trade CFDs on financial instruments in 6 asset classes. They can trade about 70 currency pairs, including the major, minor, and exotic pairs, as well as 29 spot market indices, 20 futures contracts, 3 spot energy commodities, 2 precious metals, and more than 150 individual stocks. This is not a great amount compared to other brokers.
Deposits and Withdrawal Methods
There are several ways to fund your account with this broker, and they include bank wire transfer, credit/debit card, PayPal, Skrill, Neteller, FasaPay, Netbanx, Webmoney, mPay, MonetaRu, and others. While the broker doesn’t charge for bank transfers, your bank may charge extra fees.
FxPro has recently introduced groundbreaking technology; the FxPro wallet. Clients can benefit from quicker-than-ever deposits and withdrawals, with access and ability to transfer funds between your wallet and trading accounts whenever you wish.
Fund withdrawals usually take about one business day to be processed. There is no charge for withdrawing profits using any of the above methods, but withdrawing funds that have not been used for trading may attract a fee.
Interface
There are four platform FxPro traders can choose from: the MT4, MT5, cTrader, and the newly launched FxPro Edge platform. The MT4 has both the desktop applications and the web-based version, and it supports advanced charts, plenty of technical indicators, automated trading, multiple languages, and multiple order types.
The key features of the MT5 platforms include its integrated development environment for EAs, built-in economic calendar, comprehensive charting package, added time-frames, and market depth information. The cTrader platform is highly customization and makes trading more efficient.
For UK-based traders, the FxPro Edge platform gives them the opportunity to benefit from the tax-free spread betting market.
FxPro also provides the mobile versions of these platforms for iOS and Android devices.
Education and Research
While FxPro has some educational resources in the form trading videos, users guides, and blog articles, those resources don’t seem to be enough for a broker of its status, as they only cater for beginner traders.
In the area of research, the broker offers daily market news summary and technical analysis by Trading Central.
Commissions and Fees
Generally, FxPro offers highly competitive spreads on average. However, the spreads vary according to the type of trading account. For instance, the least spread for an MT4 account or FxPro market account is 1.2 pips; the least for a cTrader account is 0.3 pips; while the minimum spread for an MT5 account is 1.4 pips.
In addition to the spread, a commission charge of $4.5 may be charged for a round trip of 1 lot or $100,000 traded on the cTrader account.
Customer Support
FxPro provides excellent customer support and we rated this section very highly on professionalism, problem-solving and friendliness. The customer support service is available 24/5 via several channels, including phone lines, live chat, and email, and clients can talk to them in more than 20 different languages. This is such a rare service to provide, as most brokers only offer their services in English, and do not spread their communications over such a broad spectrum.
To improve, FxPro could keep their support services open over the weekends, just so that traders can feel more secure knowing their accounts will be sorted (on the rare chance that their is an actual issue) before the week of trading ahead.
Awards
This broker has won more than 60 awards over the years, and the most recent ones include the following:
· Best FX Provider in 2019, from Online Personal Wealth Awards
· Most Reliable Broker of the Year in 2019, from “International Investor” Magazine
· Best FX Service Provider in 2018, from City of London Wealth Management Awards
· Best FX Provider in 2018, from Online Personal Wealth Awards
· Best Forex Provider in 2017, from Investors Chronicle & Financial Times
· Best FX Broker in 2017, from Shares Awards
· Best FX Provider in 2017, from Online Personal Wealth Awards
· Best FX Execution, Global in 2017, from CFI.co Awards
· Best Execution Broker, Global in 2017, from Global Brands Magazine
· Best MT5 Broker in 2017, from UK Forex Awards
It is not often that we see a broker with this many prestigious awards, especially not so frequently as we have seen with FxPro. They are one of the best brokers out there, and this is clear from just seeing their awards section.
Regulations and Jurisdictions
The FxPro Group has subsidiary companies in several countries around the world, such as the FxPro Financial Services Ltd in Cyprus and South Africa, FxPro UK Limited in the UK, FxPro Global Markets MENA Limited in Dubai, and FxPro Global Markets Ltd in the Bahamas, and they are licensed by the financial regulators of the host countries.
So, the FxPro UK Limited is regulated by the Financial Conduct Authority (FCA); the FxPro Financial Services Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA); the FxPro Global Markets MENA Limited is regulated by the Dubai Financial Services Authority; while the FxPro Global Markets Ltd is regulated by the Securities Commission of the Bahamas (SCB).
Furthermore, clients’ funds are protected. For example, clients of the FxPro UK Limited are compensated under the Financial Services Compensation Scheme (FSCS), while clients of FxPro Financial Services Limited are protected by the Investor Compensation Fund (ICF).
Conclusion
FxPro is a leading name in the Forex industry, with more than 1.3 million clients from different parts of the world, making it one of the largest brokers there is. Having won several prestigious international awards in recent times, FxPro is one of the best brokers for retail Forex and CFD trading and we highly recommend this broker to traders of all levels as we truly believe there is something here which can benefit any type of trader. The award-winning NDD is also a benefit which sets this broker apart from others.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.76% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.