FxPro is one of the most awarded and leading forex brokers in the world. In this FxPro review, we will learn a lot about what you can expect to find when you sign up with them. FxPro group limited is committed to providing the best broker services you will find anywhere on the internet. We will look at platforms like FxPro MT4 and FxPro MT5 to make sure that everything is understood.
FxPro was founded in 2006 and has established a reputation as a broker that is here to stay. The broker has had remarkable success and now serves retail traders as well as other institutional clients from 170+ countries.
The broker is well regulated with licenses issued from 5 different regulations and financial authorities. In the course of doing our FxPro review, we found that they have offerings that include;
You should know, before you sign up, that 77% of traders lose money when trading CFDs on FxPro.
FxPro is a no-dealing-desk broker (NDD), which means that they have excellent market access to all sorts of traders. The available data is that over 74% of traders were executed at the quoted price, over 12% experienced positive slippage, and over 12% experienced negative slippage.
With a comprehensive research department and some education, you can bet you a top dollar that FxPro has an environment where you can thrive if you know what you are doing.
In our FxPro review, we decided that the best way to get a clear picture of the broker would be to compare it to others. With the following information, you will see what you are signing up for and how they stack up against the competition.
Here, we chose XTB and AvaTrade, to make an overall comparison that augments our FxPro review, to make it more useful to you.
We made a comparison of the spreads for several of the major currency pairs. We used XTB and AvaTrade for comparison, to see how FxPro performs:
All trading costs are shown upfront and in a transparent way. You will not have to worry about being blindsided by charges you did not know.
If you were to buy a standard lot of EUR/USD using a FxPro account at the exchange rate of 1.1719 and then sell it after a day at the same price, you would most likely part with $8.13.
The breakdown of these fees is shown in the table below.We compare FxPro with AvaTrade and XTB.
The account opening process at FxPro is easy and fully digital. It is the standard of the marketplace, as you would find at other brokers on the same level. It is quick too, and you will most likely have your account approved within 1 to 3 business days.
FxPro offers you access to 3 different accounts designed for each of the trading platforms that you will use.
FxPro allows people 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 many other countries, to sign up.
People from Iran, the United States, Canada, Zimbabwe, Myanmar, New Zealand, Iraq cannot sign up to FxPro.
After you are done with the application, you will have to submit a copy of your ID and the proof of residence in the form of utility bills or bank statements. The process requires these details to stay in compliance with AML/KYC compliance.
At the bottom of the sign-up form, under where it says “Entity,” you will have the option to select the operating subsidiaries that you prefer. This is usually a choice you make based on location.
Note: TheFxPro minimum deposit for all the three trading platforms is $100, and the FxProMT4 account comes with fixed spreads. If you want to have the lowest spreads, cTrader would be your best bet here.
FxPro does not offer any forms of bonuses or promotional offers at the moment. The brokers who fall under the jurisdiction of CySEC and FCA are not allowed to provide any kind of bonuses or promotions to entice traders.
The regulation laws state clearly that they are not allowed to do that.
Deposit Options and Details
You will have several options to make deposits when using FxPro; in addition to credit/debit card transfer, you will also be able to use the FxPro wallet. Other options include PayPal, Skrill, Neteller, and UnionPay.
The choices you will use depend on where you live geographically. The entire process of depositing is explained on a comprehensive page on the FxPro website.
In general, you will not be charged for deposits. Third-party bank fees are the only thing you might incur. Traders can move funds between multiple trading accounts inside the FxPro Wallet.
When you do a bank transfer, expect it to take several business days. The credit/debit cards and electronic wallets are instant.
NOTE: You should know that you can only deposit and withdraw from or into accounts that are in your legal name.
FxPro Withdrawal Options and Details
FxPro does not charge withdrawal fees and has several ways that you can withdraw your money. If you used debit/credit card to deposit, you are only allowed to make withdrawals to your bank account. In case you used electronic wallets, you can only withdraw to those wallets that you used when making the deposits.
However, with the FxPro wallet, you will be able to make withdrawals much easier. FxPro has a policy that says all withdrawals have to be done using the same method used to deposit.
To transfer from FxPro Wallet, you will need first to get the funds into the Wallet before you make the withdrawal.
After this, you just initiate the process and wait for the money to get to you. According to the FxPro website,
FxPro Trading Platforms
FxPro offers you platforms on all levels. You will have the web trader, the mobile app, and the desktop app. They are all supplied by MetaTrader. You will have the options of choosing from the following platforms:
This broker is one of the few who have their own in-house platform.
The FxProWebtrader is very customizable, available in multiple languages, and gives clear fees reports. It does not require a two-step login and does not provide price alerts.
The most used platform by the clients is FxPro MT4, which is third-party software.
Portfolios and fees reports are easy to access and read. You will be able to see the profit-loss balance and the commissions you paid. The reports can be found under the history tab. There is no accessible way to download them, though.
MetaTrader is the only software that FxPro has on mobile. In our FxPro review, we found that it is available for both iOS and Android users. After you download theFxPro MT4 mobile trading application, you will need to access the relevant FxPro server.
You can choose from the many languages available on the mobile platform. Changing the language may be a bit tricky for Android users because you will only be able to do it if you change your device’s default language.
The orders you can place with the mobile app, are the same as those you can place using the web trader. You have the option to set alerts and notifications. However, you will have to do that on the desktop app, which will push them to your phone.
The design of the desktop app is almost the same as that of the web trader in so many ways. The significant difference is that with the desktop app, you can set the price alerts and notifications.
In our FxPro review research, we found that the notifications feature is what makes it best for a trader to have access to the desktop app. You can have them sent to your phone via email or mobile push notifications.
To set these notifications, you will have to add an email address and then the MetaQuotes ID, which you can find in the MT4 software settings. Then, you can add the notifications by going to the ‘Tools’ section and then clicking on ‘Options.’
Aside from those features, there is nothing on the Desktop app you cannot find on the mobile or web trader platforms.
cTrader Platform on FxPro
For those who would like to do some ECN trading, the cTrader platform is for you. This platform was developed for two essential functions; the efficient execution of trades and charting.
The high customizability option is something that most traders love to have on their side. It is effortless to find your way around the features available to you on this platform, as it has a clean interface.
Each of the modules can be maximized or dragged and dropped. The trading window has options for placing market orders, limit orders, stop-limit orders and stop orders. In addition to this, you can also use cTrader Automate to conduct automated trading.
You can even craft your Expert Advisors by tweaking the simple coding language. For these additional changes, you will need to download and then install the software to a computer for easy modifications.
You have the option to analyze past performances. By looking at the historical data, you can see how you perform at FxPro.
FXpro Review – Edge
FxPro is most suited to UK clients as they can spread their stakes using the FxPro Edge platform. The best part is that they can take advantage of the spreads while trading tax-free.
In many ways, the cTrader surpasses all of the other platforms you will find available at FxPro.
FxPro Account Types
FxPro is one of the few brokers in the market that is a keen supporter of transparency in trading. For that reason, they have done everything that can eliminate conflict of interest between the broker and the client.
FxPro is dedicated to the provision of full trade reporting and support. In that regard, they post their monthly slippage stats on the website.
As a trader, you have the option of choosing between the instant executions and market executions. That is not a feature you will find in many places. In addition to all this, you will get sophisticated order-matching and execution tech that is always upgraded, to keep you on the edge of everything.
To break down the FxProaccounts, let us look at a few details about them.
If you are a retail trader interested in taking the first step to trade, this account is the one for you. You will love everything about this account if you have negative balance protection and the lowFxPro minimum deposit and instant market execution.
If you want to use the advantage, the FxPro platform gives, go ahead and sign up for this one.
The premium account gives you more control as you will also have access to a dedicated account manager, no withdrawal fees, a daily analysis of the market, and exclusive access to events.
If you are a trader who carries a $50,000 minimum account balance, this account is the one for you.
FxPro Base Currencies
Clients of FxPro UK Limited can open a trading account in USD, EUR, GBP, AUD, CHF, JPY, and PLN.Clients of FxPro Financial Services Limited &FxPro Global Markets Limited can open a trading account in EUR, USD, GBP, AUD, CHF, JPY, PLN, and ZAR.
It would benefit you to select a Wallet currency in the same currency of your deposits and withdrawals to avoid getting charged any conversion fees.However, you can choose different base currencies for your Trading Accounts. A live conversion rate will be displayed when transferring between Wallet and an account in a different currency.
One of the best ways to save money on currency conversion fees is to open a multi-currency bank account at digital banks. Examples of this include Revolut and Transferwise. They both offer multiple currencies with cheap currency exchange rates and cheap international transfers.
Opening the account on either of these banks will take just a few minutes. You can do it from your phone.
FXpro Review on Markets and Products
FxPro has many forex products available for you to trade. You can trade in energies, metals, indices, futures, forex, and equities. Their offering is above average, seeing as many of the brokers on the same level as FxPro, offer much of the same things.
Here is a list of what you will find:
You should know that CFDs are very complicated, and you should never try to trade them unless you know what you are doing and have the money to lose, in case something goes wrong.
NOTE: Spread betting and binary options are only available to UK traders.
One of the best things about FxPro is that you can change your leverage. The drawback here is that you must close all the open positions before you do so. To change your FxPro leverage, you need to log in to FxPro Direct and then go to ‘My Accounts.
Click on the pencil icon that is next to your account number and click where it says ‘Change Leverage’ from the drop-down menu.
NOTE: The maximum leverage available to traders will change, depending on the jurisdiction under which they fall.
In comparison with the competition XTB and AvaTrade, we get the following data. As you will see from a cursory glance, their markets and instruments are wide and varied.
When put up against the competition, what do we find out about FxPro’s competitiveness? Well, the best way to look at that is by tabling the results.
First off, we start with the currencies.
And now, commodities:
As for Index and Stock CFDs
Other details include:
FxPro generates revenue from a combination of spreads and commissions. With spreads on the EUR/USD starting at 1.5 pips on the MT4 platform and 0.2 pips on the cTrader platform where commissions apply, you get to choose which one you want to go with.
FXpro Review – Research Tools
There are many tools you can use for research when you are on FxPro. Compared to most of its peers, we have to admit that FxPro has gone above and beyond the competition.Here, we highlight some of them:
Here, you will get to have an in-depth look at the market movers and shakers of the day. This way, you will have a sense of the direction that the market might be taking. It is a great way to augment your research.
With this, you will get 24-hour coverage from all over the world, for over 8,000 trading instruments.
This blog is an excellent way to get updates on the market news and how everyone is moving. The FxPro blog will provide you with a way to know what is happening at all times.
This is where you get an instant analysis of the markets and the trading performances.
FXpro Review – Education Tools
When it comes to education, FxPro must have assumed that traders will sign up only when they have finished learning what they need to know about the market. They may have one of the best research tools you can find out there, but they do not have much in the way of education tools.
For trading education, you will only get enough to cover the necessary level of training that you need. The material you will get for your education from FxPro is in the form of short articles and videos.
The material is not definitive, but then again, we encourage you to look for free educational content on the internet before deciding to get into trading.
If you need a FxPro demo account, they will provide you with one. The best part about training on an FxPro demo account before you go to the real markets is that you will be able to get a taste of what the market is going to be like.
FxPro Customer Service
Customer support on FxPro is available 24/5. There are several ways to get in touch with them. They include:
In addition to prompt replies, you will also be able to get the support you need in the following languages:
You can contact the support, using the following numbers for various geographical locations:
Live chat is the quickest way of the available methods you will find here. It takes less than half a minute for someone to be online and talk to you.
FXpro Review – Account Management
As you use your account, you might encounter some issues that might be hard to resolve if you do not know what you are doing. In writing this FxPro review, we found the following solutions for you.
FxPro Direct is the broker app, available on both Android and iOS platforms. You will be able to use it to process trades and stay up to date with everything that is going on in the markets.
FxPro Direct is convenient and easy to use. When you are a trader, there is a lot of research and in-depth analysis that you need, which you receive on FxPro Direct. It is valuable. Download FxPro Direct today to get the best of everything.
With the FxPro Direct app, you will be able to access your account number at any time. The feature is useful if you ever need to get more details about your account or to get this account number to anyone who may need it.
If you need to make any changes to your account in the future, you will find this access to the account number, quote useful.
Let’s say you have taken a break from trading and want to explore the possibility of reactivating your FxPro account. In that case, the process is quite simple. The request can be handled directly through your FxPro Direct app or by someone working on the FxPro support team.
We just need you to know in this FxPro review that reactivation is not only possible but also simple.
It is not uncommon to forget or lose your password now and again. This is an easily fixable problem that you can do using your FxPro account. All you have to do is request a new password using your FxPro Direct account. You can then make the verification through email to reset the password.
That is the reason why we encourage you always to make sure that your account information is updated.
In some rare cases, you might be thinking about closing the account for any number of reasons. The process here is easy as well. The FxPro support team will help you make the transition and ensure that the process is smooth and uncomplicated.
If you change your mind and want to reactivate your account, you should know that that is also possible. All you have to do is call the Support team and they will do it for you.
In Conclusion
FxPro has executed more than 350 million orders since its inception. With clients of both institutional and retail nature in 170 countries, it is easy to see why this broker is a prominent player in the world market.
Our FxPro review shows that they hold licenses in the UK, Cyprus, South Africa, the Bahamas, Dubai and United Arab Emirates.
This is part of how they have managed to grow to the size that they are now. With prestigious connections like sponsorships for the McLaren F1 team and Monaco Yacht Club, FxPro is a recognizable brand that inspires trust.
The most well-known thing about this broker is that the level of trust is very high. At the end of the day, that is usually what clients are trying to find. With trust, comes a suitable trading environment, which is what everyone is looking for.
