Online Trading

FxPro Review

4/5

Founded in 2006, FxPro is a global forex and CFD broker with a longer history than many competing platforms, and a great degree of trust to go along with it. Its good reputation in the market has pushed the company past several milestones, including attaining the 1.3 million-client mark (in 170+ countries), 370,000,000 orders executed, and sponsorships with McLaren F1 and Watford FC London. FxPro has more than 60 international awards and was voted Best Broker by the Financial Times three years running in 2015-2018. It still enjoys high popularity among traders in the UK, Europe, and elsewhere in the world for security, speed, and cost efficiency.

FxPro offers six different asset classes including forex, shares, and indices on the MT4 and MT5 platforms but also cTrader—a platform built for professional trading. The company’s fast execution speeds extend to mobile apps as does its guarantee of total security. Client fund safeguarding, stellar business credit, and regulatory compliance with CySEC, DFSA, FCA, FSCA, and SCB ensures that FxPro traders are as safeguarded as they are effective in navigating the market.

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FxPro Pros & Cons
Pros
  • Many types of tradable instruments
  • High level of security and trust
  • cTrader enables advanced algorithmic trading
  • High leverage and low spreads
  • Great customer service
Cons
  • No anonymous demo account
  • No guaranteed stop loss trade type
  • Less market news and analysis
Who Is FxPro Recommended For?

Traders of any experience level from beginner to expert are welcome and supported in FxPro’s ecosystem. All the accounts and platforms available make asset prices and fees very transparent, and there are many types to suit just about anyone. Applying chart parameters and executing trades is simple whether you’re on mobile or desktop—especially cTrader, where the many advanced charting tools are accessible without being a distraction. In addition to forex, futures, indices, shares, metals, and energies, cryptocurrency traders on MT4 and cTrader are encouraged to trade with FxPro via CFDs for crypto pairs like BTCUSD, ETHUSD, and XRPUSD.

Getting started with FxPro is easy regardless of where you are or your payment method, but there are some features (or the absence of others) which favor more advanced users. For example, there’s no guaranteed stop loss trade type or much in the way of education, and the cTrader modular platform is tailor-made for multitasking, sophisticated charting, and analyzing algorithmic performance. Determining the ideal combination of platform (MT4, MT5, cTrader) and also account type may be confusing. Once they find their feet and get past the learning curve, even beginner traders can appreciate perks like the simple spread-betting platform FxPro Edge, the automatic market news reporter, and the ability to see other clients’ positions in the market.

Regulated By
  • The Financial Conduct Authority (United Kingdom)
Top FxPro Features

cTrader
The new cTrader platform from FxPro is a cutting-edge ECN trading interface that hides a comprehensive suite of charting and analysis tools in a unique way. Its sleek dashboard is customizable, allowing you to drag and drop any number of charts and windows in the order you prefer, with many charting parameters running at the same time. You’re also able to connect your algorithm to FxPro and analyze its performance over time.

Variety of Asset Types
A standard yet inclusive array of assets is available as contracts for difference on FxPro, including 70+ forex pairs, 24+ indices, 7+ spot metals, 3+ spot energies, 150+ shares, and 20+ futures. You can also trade the cryptocurrency market by finding BTCUSD and others like ETHUSD in the forex section of the MT4 or cTrader account (but not MT5.

FxPro Edge and Other Platforms
In its beta phase, FxPro Edge joins the MT4, MT5, and cTrader platforms and is available for UK members of FxPro at no additional cost. Edge is the company’s spread-betting platform and offers the fast and flexible style of trading on desktop and mobile, with no commissions, tight spreads and tax-free trades. This allows you to speculate on smaller market movements and earn the difference in the spread, simply by choosing whether an asset will rise or fall.

VPS
For algorithmic traders who want to hone their skills, analyze their performance and generate better returns, the addition of a virtual private server is great. The VPS is a cloud-based tool that lets algorithmic traders upload their algorithms privately and gives them room to run with no downtime or PC connection required.

Several Payment Methods
One notable advantage of FxPro is its support for multiple payment types connected to deposits and withdrawals. These include bank wire transfers (which take 1 business day on average), major credit cards, and eWallets like Neteller, Skrill, UnionPay, and of course PayPal. Traders are also able to hold their funds in the FxPro Vault, which provides a protected hub to deposit and withdraw to the user’s bank accounts, credit cards and other payment methods.

No Dealing Desk
Clients can be sure that FxPro has their best interests in mind, with orders sent directly to the company’s liquidity pool without intervention from an internal dealing desk. Trades sent through the system will incur spreads from 0 pips and transparent commissions on cTrader, and competitive spreads with zero commissions if they use the MT4.

Trading and Investment Tools Trading Platforms
  • MetaTrader 4 By MetaQuotes Software Corp. (MT4 Client Terminal)
  • MetaTrader 5 (MetaQuotes Software Corp.)
  • FxPro WebTrader (Fx Pro)
  • FxPro Mobile (Fx Pro)
  • cTrader (cTrader)
  • One-Click Trading: Yes
  • Trade off Charts: Yes
  • Email Alerts: Yes
  • Mobile Alerts: Yes
  • Stop Order: Yes
  • Market Order: Yes
  • Trailing Stop Order: Yes
  • OCO Orders: Yes
  • Limit Order: Yes
  • 24hr Trading: Yes
  • Charting Package: Yes
  • Streaming News Feed: Yes
FxPro Compliance & Regulation

FxPro is a highly regulated company and maintains a close relationship with each of the regulators in territories it operates within. To serve the UK and EU markets, for example, FxPro is licensed by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). Compliance with regulations set forth by the former group requires FxPro to cover each client account with up to $50,000 of insurance in case of insolvency, but FxPro’s 13-year history is devoid of issues with customer funds.

The company also regulated in South Africa by the South Africa Financial Sector Conduct Authority (FSCA), Dubai by the Dubai Financial Services Authority (DFSA) and the Bahamas by the SCB.

Fees & Commissions
  • Rollover Fee: No
  • Margin Interest: No
  • Depositing fees: Bank Wire: Free. Credit/Debit Card: 1.6%
FxPro Pricing

Before beginning to trade with FxPro, you’re required to verify your identity and make the minimum deposit required by your platform and account type. This can be as low as $100, and FxPro also implements competitive spreads that you’ll need to be aware of, which vary between platform types and instruments. You can also expect a $45 charge for each $1 million traded ($4.50 per lot), and regular commissions on forex pairs and spot metals if you use the cTrader account.

There are no commissions on MT4 or MT5, which apply a small markup to the spread. Unlike many brokers, there are no fees for account inactivity or for withdrawals, which means if you don’t want to trade frequently, you won’t be penalized. In 2018, FxPro was one of the first brokers in the marketplace to eliminate all deposit fees from all payment methods.

Service Details
  • Supported Languages: Arabic, Chinese, Czech, English, French, German, Greek, Hungarian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese
  • Customer Service By: Call Back, Phone, Chat, Email
  • Customer Service Hours: 24/5
  • Email Response Time: Immediate
  • Telephone Orders: Yes
  • Personal Account Manager: No
FxPro Reliability & Security

Many factors comprise FxPro’s excellent trust rating with customers and financial institutions in the sector. First, it’s regulated in the UK, which is known to be a strict jurisdiction that also guarantees investor funds through the FCA with up to $50,000 of insurance coverage. In all geographies that FxPro operates in, it works closely with regulators for 100% compliance with all laws including customer data collection and protection, and it keeps all customer funds in segregated bank accounts from Tier 1 institutions. With a published business credit rating of 95 and a variety of cutting-edge tech protecting finances and data from multiple angles, FxPro is a secure and steady broker.

FxPro User Experience

Signing up for FxPro as a first-time member is straightforward and requires that you verify your identity and financial information, and then pick an account type and make your initial deposit. All account information is easily accessible and updated with a single click. To begin trading, find the instrument you prefer on the left side of the desktop dashboard and use the Trade window underneath it, or click on New Order on the top menu.

The FxPro experience on desktop is average for the industry and offers an interface that makes it easy to open positions and browse available instruments. Pricing and spreads are visible regardless of whether you’re on the MT4 desktop or MT5 mobile platform, and charting is made easy with several indicators and overlays activated with a single click. Those using cTrader will enjoy the ability to move their windows around, while the MT4 and MT5 layout is fixed. Conditional orders are simpler for beginners by clearly delineating where stop loss and take profit events will trigger.

As for mobile, users on iOS and Android can enjoy automatic price alerts and notifications, and will be able to set a custom watchlist inside the app. Mobile charting is passable but not as robust as the desktop platform, and this is also where trading is done (by tapping on the chart itself). Finally, it’s nice to see that the market news section of the FxPro application syncs with its website, ensuring traders stay connected to market-shifting events.

Final Thoughts on FxPro

FxPro is one of the most reliable and established brokers to trade with this year and makes a point to offer features that benefit beginner and advanced traders alike. Expert Advisor copy trading and the ability to see how other market participants trade is useful for uninitiated users, while the cTrader platform and its suite of advanced tools are ideal for experts. Though it skimps on the education side, it’s tough to beat the broad array of platforms and account types, tradable instruments, and forgiving fee schedule.

Contact Info
laptop Website: www.fxpro.com
call Telephone: +44 (0) 203 151 5550
location_on Company Address:
13-14 Basinghall st. City of London, EC2V 5BQ, United Kingdom
FxPro FAQs

Q: I experienced trading losses and am wondering about FCA insurance. Does it apply?
A: The $50,000 of coverage mandated by the Financial Conduct Authority only applies to UK customers who lose their account funds if FxPro experiences insolvency or bankruptcy.

Q: I need to test high-frequency trading algorithms. Is FxPro a good choice?
A: For algorithmic traders, FxPro is a smart choice because you can use the cTrader platform, which contains advanced testing tools and virtual private servers.

Q: FxPro recommends a deposit of $500. Does that mean I need to deposit this much?
A: No, for Standard accounts using the MT4 the recommended amount is $500 for more trading options, but you can deposit as little as $100 to get started.

 

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