FxPro Review

Company Background & Regulation

FxPro was established in 2006, quickly positioning itself as a prominent player in the online brokerage industry. Founded with the vision of providing an exceptional trading experience, FxPro has grown exponentially over the years. The company is headquartered in London, United Kingdom, which is recognised as one of the world’s leading financial hubs. FxPro has consistently aimed to offer a wide range of trading instruments and platforms, catering to both retail and institutional clients globally.

The ownership structure of FxPro is private, and it is known for maintaining a strong reputation in the financial services industry. The firm operates under the name FxPro Financial Services Ltd and is controlled by a group of experienced financial professionals. This stability and experience have contributed to FxPro’s success and trustworthiness in the market, attracting a diverse clientele.

FxPro is regulated by some of the most reputable financial authorities worldwide, ensuring high levels of security and transparency for its clients. In the United Kingdom, FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) under registration number 509956. In Cyprus, FxPro Financial Services Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC) with licence number 078/07. Additionally, FxPro Global Markets Limited is authorised by the Australian Securities and Investments Commission (ASIC) under licence number 453554. These regulatory bodies enforce strict guidelines, guaranteeing that FxPro adheres to best practices in the industry.

Client fund protection is a top priority for FxPro. The broker ensures that all client funds are held in segregated accounts at major international banks. This segregation ensures that client funds are not used for any operational purposes, providing an added layer of security. Furthermore, FxPro is a member of the Financial Services Compensation Scheme (FSCS) in the UK and the Investor Compensation Fund (ICF) in Cyprus. These compensation schemes offer protection to eligible clients in the unlikely event of the company’s insolvency, with coverage up to £85,000 in the UK and €20,000 in Cyprus, respectively.

Trading Fees & Spreads

FxPro offers a competitive fee structure, although it varies depending on the trading account and platform used. The broker provides tight spreads starting from as low as 0.6 pips on major currency pairs like EUR/USD when using the cTrader platform. On the MetaTrader platforms, spreads are slightly higher, typically starting at 1.2 pips for the same currency pair. FxPro’s pricing is competitive, particularly for those using the cTrader platform, which is designed for traders seeking lower spreads and commission-based trading.

The commission structure at FxPro is transparent and straightforward. On the cTrader platform, FxPro charges a commission of $45 per million USD traded. This commission is in addition to the market spread, which remains low. For the MetaTrader platforms, FxPro operates a no-commission model, incorporating all costs into the spread. This model simplifies the fee structure for traders, although it may result in slightly wider spreads compared to the cTrader option.

Overnight swap rates, also known as rollover fees, are applicable for positions held overnight. These rates vary depending on the currency pair and current market conditions. FxPro provides an updated list of swap rates on its website, allowing traders to plan their strategy accordingly. Swap rates can either be positive or negative, reflecting the interest rate differential between the currencies involved in the trade.

In terms of deposit and withdrawal fees, FxPro is relatively cost-effective. The broker does not charge fees for deposits, regardless of the payment method used. Withdrawal fees are also generally waived, although some third-party charges may apply depending on the payment provider. It is important to note that FxPro imposes an inactivity fee on dormant accounts. If an account remains inactive for six months, a fee of $15 per month is charged until the account balance reaches zero. When comparing these fees to competitors, FxPro’s offerings are competitive, particularly for active traders who can benefit from tight spreads and low commission costs on the cTrader platform. However, the inactivity fee may be a consideration for those who are not frequent traders.

Trading Platforms & Tools

Web Trading Platform

FxPro offers a robust proprietary web trading platform designed to provide traders with a seamless online trading experience. The platform boasts a user-friendly interface that is intuitive for beginners while offering advanced tools for seasoned traders. It supports a wide array of order types, including market, limit, stop, and trailing stop orders. The platform provides real-time data and fast execution speeds, ensuring that traders can capitalise on market movements efficiently. Charting capabilities are comprehensive, featuring multiple chart types and a broad selection of technical indicators. Users can set up custom alerts to stay informed about market changes, which enhances the decision-making process.

Desktop Trading Platform

FxPro supports the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms on desktop, catering to traders who prefer these globally recognised platforms. Both MT4 and MT5 are known for their robust charting tools, a wide variety of technical indicators, and the ability to implement automated trading strategies through Expert Advisors (EAs). MT5 further enhances the trading experience with additional timeframes and more advanced analytical tools. FxPro’s desktop platforms also support API trading, allowing for the integration of third-party trading algorithms and tools, which is particularly beneficial for algorithmic traders and those utilising sophisticated trading systems.

Mobile Trading Platform

For traders who need to manage their portfolios on the go, FxPro provides a proprietary mobile trading platform, available for both iOS and Android devices. The mobile platform maintains the core functionalities of the web version, including access to real-time quotes, advanced charting tools, and the ability to place a variety of order types. It offers push notifications and alerts, ensuring that traders can respond swiftly to market changes. The mobile platform is designed for ease of use without sacrificing the depth of functionality, making it an excellent choice for traders who require flexibility without compromising on performance.

Charting Capabilities, Order Types, and Third-Party Integrations

FxPro’s platforms excel in providing traders with powerful charting capabilities. Users have access to a wide range of technical indicators, multiple charting tools, and drawing options that facilitate in-depth technical analysis. The platforms support various order types, including conditional orders, which allow traders to implement more complex trading strategies. Additionally, FxPro’s support for algorithmic trading through API access and integration with third-party tools like Trading Central enhances the overall trading experience. These integrations provide traders with expert insights and automated analysis, which can be instrumental in making informed trading decisions.

Account Types & Minimum Deposit

Account Tiers

FxPro offers several account types tailored to suit different trading needs, including the Standard Account, Raw+ Account, and Pro Account. The Standard Account is designed for retail traders, offering competitive spreads starting from 0.6 pips with no commission charges. The Raw+ Account caters to more professional traders, providing tighter spreads starting from 0.0 pips with a commission of $3.50 per lot. The Pro Account is aimed at high-volume traders, featuring even lower spreads and commissions upon request. Each account type supports a maximum leverage of up to 1:500, allowing traders to amplify their market exposure. Additionally, all accounts benefit from negative balance protection, ensuring that traders cannot lose more than their account balance.

Demo and Islamic Accounts

FxPro provides a demo account option, which is ideal for beginners looking to practice trading strategies without financial risk. The demo account simulates real market conditions and offers access to all the features of live accounts, making it a valuable tool for learning and strategy development. For traders who adhere to Islamic finance principles, FxPro offers Islamic accounts that comply with Sharia law. These accounts do not incur swap charges or interest on overnight positions, making them suitable for Muslim traders seeking to avoid riba.

Minimum Deposit and Supported Deposit Methods

The minimum deposit required to open an account with FxPro is $100. This relatively low entry point allows traders with varying budgets to participate in the financial markets. FxPro supports a variety of deposit methods, including bank wire transfers, credit/debit cards, and e-wallets such as PayPal, Neteller, and Skrill. The diverse range of deposit options provides flexibility and convenience for traders around the globe. Additionally, FxPro does not charge deposit fees, although traders should be aware that their payment provider might impose its own fees.

Markets & Instruments

FxPro offers a diverse range of markets and instruments, making it a versatile choice for traders seeking exposure to multiple asset classes. The broker provides access to over 70 currency pairs in the forex market, allowing traders to engage with major, minor, and exotic currencies. This extensive selection ensures that traders can capitalise on global currency movements, whether they are looking to trade popular pairs like EUR/USD or less common ones such as USD/SGD.

The broker also provides a comprehensive range of CFDs (Contracts for Difference) across various asset classes. This includes over 150 stock CFDs, enabling traders to speculate on the price movements of popular shares without owning the underlying asset. In addition, FxPro offers CFDs on major global indices, with more than 20 indices available for trading. This array of indices allows traders to gain exposure to different regions and economies, offering opportunities for diversification and strategic positioning based on macroeconomic trends.

In the commodities sector, FxPro offers CFDs on a selection of metals, energy products, and agricultural goods. Traders can access popular commodities such as gold, silver, and crude oil. Despite its comprehensive offering, FxPro's cryptocurrency options are somewhat limited compared to some competitors. However, the broker covers essential cryptocurrencies like Bitcoin and Ethereum, providing traders with exposure to this burgeoning market. Notably, FxPro does not charge commission on crypto trades, which can be a significant advantage for cost-conscious traders.

Safety & Security

FxPro places a strong emphasis on safety and security, making it a reliable choice for traders concerned about the protection of their funds and personal information. The broker adheres to a stringent fund segregation policy, ensuring that client funds are kept separate from the company's operating funds. This practice, aligned with regulatory requirements, provides an additional layer of security, safeguarding client assets in the unlikely event of company insolvency.

In terms of regulatory oversight, FxPro is subject to the scrutiny of multiple reputable authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). This multi-jurisdictional regulation underscores FxPro's commitment to maintaining high standards of operation and client protection. Additionally, FxPro offers negative balance protection, which ensures that clients cannot lose more than their initial investment, a critical feature for risk management. The broker also employs robust cybersecurity measures, including advanced encryption protocols, to protect client data and transactions from cyber threats.

Who Is FxPro Best For?

FxPro is well-suited for a variety of trader profiles, thanks to its comprehensive offering and robust trading infrastructure. The broker's diverse range of instruments and competitive trading conditions make it an attractive option for retail traders looking to explore different markets and strategies. Experienced traders who appreciate the flexibility of multiple platforms, including MetaTrader 4 and MetaTrader 5, as well as FxPro's proprietary trading software, will find the broker's offerings particularly beneficial.

The broker's no dealing desk (NDD) execution model is ideal for traders who prefer a conflict-free trading environment. This model ensures that trades are executed without interference, promoting transparency and fair pricing. Additionally, the availability of high leverage options, up to 1:500, makes FxPro a suitable choice for traders with a high appetite for risk who are looking to maximise their potential returns. However, it is important to note that leverage can amplify both gains and losses.

New traders may find FxPro's educational resources and demo accounts valuable for developing their skills and gaining confidence in a risk-free environment. However, traders seeking lower-cost trading options might be deterred by the broker's higher spreads on standard accounts and the $100 minimum deposit requirement. Overall, FxPro's comprehensive offering and regulatory oversight make it a strong contender for traders across various experience levels and trading strategies.

• Ideal for: Traders seeking a regulated broker with a strong reputation.
• Ideal for: Experienced traders who use MT4, MT5, or proprietary platforms.
• Ideal for: Traders preferring no dealing desk execution.
• Ideal for: Traders requiring negative balance protection.
• Not ideal for: Traders looking for ultra-low spreads on standard accounts.
• Not ideal for: Investors seeking a wide array of cryptocurrency offerings.