FxPro

Editor's Score 3.7
Pros
  • Competitive spreads
  • Good selection of trading platforms
  • Quality customer support
Cons
  • Education section lacking
  • No welcome bonus
  • High minimum deposit
Min Deposit
$0
Max Leverage
1:500
Mini Account
Platforms
Withdrawal Options
  • Credit Card
  • Bank Transfer
  • PayPal
  • Skrill, Neteller

Review

Introduction

FxPro was started in the United Kingdom in 2006 and as a result of having been in the business for more than a decade, they have acquired a lot of experience in this time period.

They have more than 20 languages catered for on their site and they have a large presence across the world.

FxPro is regulated by the Financial Conduct Authority in the United Kingdom, as well as by the Cyprus Securities and Exchange Commission (CySEC), the FSCA in South Africa, the DFSA in Dubai and SIA in the United Kingdom.

They have received dozens of awards over the years, including receiving Best Broker and Best FX Service awards. FXPro is currently the main sponsor for the English Premier League team Watford FC, as well as being the official partner of the McLaren Formula 1 team.

  • Regulated by numerous leading bodies
  • Recipient of dozens of awards
  • Sponsors of Watford FC and McLaren Formula 1 Team

Trading Conditions

At FxPro, there are three main types of accounts, the FxPro MT4 account allows for either instant or market execution and has fixed or floating spreads depending on the specific instrument you are trading.

The FxPro MT5 account has floating spreads and is market execution only while the FxPro cTrader account also has floating spreads and is market execution only. Leverage changes depending on what instruments you are looking at, being compliant with the new ESMA stop rules which were implemented in August 2018. Max leverage for any account is 1:500.

If you are looking for the most competitive spreads, you will find them with the cTrader account, as the typical standard lot level of commission is $4.50 per round and for EURUSD, the average spread is around the 0.45 mark.


With the floating spreads on both MT4 and MT5, the EURUSD spread is usually around 1.39 when it is market execution, being a bit higher at 1.55 if you are looking for instant execution.

As you have different options as to what type of fees and commission you are dealing with, there is a nice level of flexibility. Beginner traders will most likely be best suited to the MT4 account type as they can utilise instant execution in the beginning stages when they are still learning the ropes of trading.

As they become more experienced, they will likely prefer to use market execution and will consider the spreads depending on their trading volume.

  • Three account types
  • Max leverage of 1:500
  • Flexibility of execution methods

Products

In terms of the trading instruments offered by FxPro, you can trade the likes of futures, forex, indices, shares, spot metals and spot energies.

There are more than 100 shares offered for different markets such as the United States, Germany and the United Kingdom. They also have about 70 different currency pairs as part of their forex offering.

  • 70 currency pairs on offer
  • More than 100 shares offered

Regulation

FxPro are regulated by the Financial Conduct Authority (registration no. 509956) in the United Kingdom, as well as by the Cyprus Securities and Exchange Commission (CySEC) (licence no. 078/07), the FSCA in South Africa, the DFSA (reference no. F003333) in Dubai and SIA (license no. SIA-F184) in the United Kingdom.

  • Regulated by leading bodies such as the FCA

Platforms

There is a good variety of different trading platforms offered by FxPro. They offer the industry standard MetaTrader 4 and MetaTrader 5 platforms. Most experienced traders will have used one of these platforms in the past, as a large portion of forex brokers use MetaTrader software.

You can also use the proprietary FxPro cTrader or FxPro Edge trading platforms. With the FxPro cTrader platform, there are no requirements, you can do algorithmic trading, there is dynamic leverage and negative balance protection. With the Edge account, there is no commission charged and there are tight spreads.

Each of these options has their own set of wide ranging indicators and tools that will help you with your trading. For beginners, you are better off sticking with one of the two MetaTrader options, as these are more general and universal than the more nuanced FxPro options.

  • Option of four trading platforms
  • MetaTrader 4 and MetaTrader 5 available
  • Two proprietary trading platforms available

Mobile Trading

Each of the trading platforms offered by FxPro can be used on mobile devices. The dedicated FxPro Markets app is clean and consistent, similar to the desktop version of their offering. Their proprietary software trading platform is better suited for mobile use than the MetaTrader versions.

  • Quality dedicated mobile app

Pricing

The FxPro MT5 account has floating spreads and is market execution only while the FxPro cTrader account also has floating spreads and is market execution only. Leverage changes depending on what instruments you are looking at, being compliant with the new ESMA stop rules which were implemented in August 2018. Max leverage for any account is 1:500.

If you are looking for the most competitive spreads, you will find them with the cTrader account, as the typical standard lot level of commission is $4.50 per round and for EURUSD, the average spread is around the 0.45 mark.

With the floating spreads on both MT4 and MT5, the EURUSD spread is usually around 1.39 when it is market execution, being a bit higher at 1.55 if you are looking for instant execution.

As you have different options as to what type of fees and commission you are dealing with, there is a nice level of flexibility.

  • Competitive pricing compared to the industry

Deposits & Withdrawals

There is a limited number of ways in which you can deposit and withdraw from your FxPro account. You can use a bank transfer, credit or debit card, PayPal, Skrill, Neteller or UnionPay.

The amount of time it takes for your bank transfer deposit to process depends on the bank you are using. Otherwise, with the other deposit options they will have your deposit processed almost instantly. In general, withdrawals are going to take up to one working day to be processed.

Most of the options don’t have fees associated with them. PayPal has a 2.7% fee on deposits. While there is a 1.6% fee charged on credit and debit cards. If it is a debit card issued in the United Kingdom, there won’t be a fee and EU issued debit cards will carry a 0.35% fee with them when depositing. There may be costs associated with a bank transfer depending on the given bank you are using.

  • Variety of banking options
  • Decent processing times
  • Some fees

Customer Support

FxPro has a quality customer support team. You can get in touch with them through their live chat feature, by email, telephone, fax or by post. There are phone numbers and addresses for their international offices, which may be better suited for your needs depending on where you are based. Their customer support team works 24 hours a day during the week.


It is very easy to get in touch with a member of the support team, even if you are ringing them by phone. The team can deal with 27 different languages and overall, they have a very responsive and effective customer support team.

  • Customer support available 24/5
  • Massive array of contact options
  • 27 languages catered for

Research & Education

FxPro appear to be lacking somewhat when it comes to their education offering when compared to competitors. They do not have any courses or video series that help beginner traders to get started.

They do have weekly webinars, as well as having extensive technical analysis tools in addition to all of the usual calculators and tools that are common with forex brokers.

  • Education section lacing somewhat
  • Weekly webinars
  • Extensive range of tools and calculators

Noteworthy Points

FxPro has a VPS hosting service if you need it and they have a host of trading tools, calculators and market analysis all in one place.

While they might be lacking somewhat in the department of education, they certainly have a quality customer support offering which helps you to deal with any issues quickly that you may be dealing with.


Having been around since 2006, they have a great reputation in the industry and they are the chief sponsor for Premier League team Watford FC, as well as being a partner of the McLaren Formula 1 team.

Their desktop and mobile platforms are very easy to use and they have won numerous industry awards over the years showcasing their quality. They cater for 27 different languages and have always done their upmost to meet the needs of their users.

  • VPS hosting
  • Watford FC and McLaren Formula 1 team sponsor

Conclusion

FxPro is one of the most established forex brokers on the scene today and they have the respect of traders across the world. They always look out for their customers and have a diverse range of instruments available for traders.

The education section may be lacking somewhat, but they are one of the safest and most secure platforms you could deal with. They have a diverse range of trading platform to utilise, depending on your specific needs. They do not have a welcome bonus, which may be a drawback for some people.

As a result of their education offering and lack of welcome bonus, newer traders may be better suited elsewhere. FxPro is a lot better suited to experienced traders who are more concerned with spreads, commissions and fees.

Comparison

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