FxPro Review 2024

Trust

FxPro Regulators

• FxPro UK Limited is authorized and regulated by the Financial Conduct Authority (FCA), registration no. 509956. We rate FCA as a Tier-1 regulator.
• FxPro Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), license no. 078/07. We rate CySEC as a Tier-1 regulator.
• FxPro Financial Services Limited is authorized by the Financial Sector Conduct Authority (‘FSCA’) (authorization no. 45052). We rate FSCA as a Tier 2 regulator.
• FxPro Global Markets Limited is authorized and regulated by the Securities Commission of The Bahamas (SCB), license no. SIA-F184. We rate SCB as a Tier 3 regulator.

Why is It Important to Know Where Your Broker Subsidiary (Entity) is Regulated?

To serve clients worldwide, brokers must have multiple regional entities. The level of client protection guaranteed by regional regulators varies widely. Here are some of the key features to check on at your broker`s regional entity:

• Segregation of client funds. Segregating client funds from the operating capital of a broker prevents misuse, ensuring that traders’ funds can not be used for operational expenses or speculative investments. At FxPro, all client funds are held in segregated accounts away from the company’s funds.
• Negative balance protection. This is a guarantee that clients cannot lose more than their account balance, even if the market unexpectedly makes a massive move or gaps. At FxPro, all clients benefit from negative balance protection..
• Compensation scheme. A compensation scheme protects client funds in the unlikely event that the broker becomes insolvent. Clients of the UK entity benefit from account insurance of up to £85,000 via the Financial Services Compensation Scheme (FSCS) and clients of the EU entity are covered by CySEC ICF up to €20,000.
• Maximum leverage. Limiting leverage controls the level of risk traders can take on. The higher the leverage, the higher the potential profits and losses. The maximum leverage at the FxPro Global Markets Limited entity is 1:200 for retail accounts and 1:10,000 for professional accounts.

Stability and Transparency

In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on the brokers’ business longevity, the company’s size, and their transparency regarding readily available information.

FxPro has a 22-year operating history. It is headquartered in London, United Kingdom, and has over 200 employees.

On the About page, FxPro covers its history and lists the details of its 4 entities. The pricing model at FxPro is well explained on the Pricing page. To read the nitty-gritty account-related details, you can download the Client Agreement on the Legal Documentation page.

Is FxPro Safe to Trade With?

To summarize, I rate FxPro as relatively trustworthy and stable due to the following:

• Regulated by two top-tier agencies
• 22-year operating history
• All entities segregate funds
• All entities provide negative balance protection
• Transparent in key areas like regulation and fees

Fees

FxPro Trading Fees

FxPro Spreads

I tested the spreads at FxPro across various markets during the London open and after the New York open on 26 April 2024. At these times, the market is typically highly liquid with the tightest spreads.

FxPro’s spreads in forex and crypto are not very competitive. But their spreads are better than average for CFDs on shares and some commodities and indices. Keep in mind that the lowest trading costs can be accessed via the Raw+ and Elite account types.

FxPro Swap Fees

The table below shows an example of the swap fees at FxPro. Swaps represent the fees charged (or credit earned) for holding a position overnight.

The values listed below are for one full contract (100,000 units) of the base currency.

I recorded the data on 26 April 2024. My live tests showed that swap fees at FxPro are average for the industry.

FxPro Non-Trading Fees

If your account remains inactive for 6 months, FxPro charges a one-off maintenance and administration fee of $10 (or currency equivalent), followed by a monthly inactivity fee of $10. The inactivity fee will continue to be charged monthly if the account remains inactive.

Are FxPro Fees Competitive?

Overall, I rate the fees at FxPro as relatively competitive for the following reasons:

• Low trading costs via the Raw+ and Elite Accounts
• Average overnight swap fees
• No deposit/withdrawal fees
• Average inactivity fee

Platforms and Tools

FxPro Platforms Walkthrough

FxPro Trading Platform

The proprietary FxPro Trading Platform has an attractive interface and provides a smooth and intuitive experience.

The web-based interface allows you to access the market directly from your browser. The platform is highly customizable and has popular features such as one-click trading, trading from the chart, news, and alerts. One drawback is that English is the only available language.

Market, limit, and stop loss orders are all available via the platform. More flexibility is provided with time-in-force conditions like Good ‘Til Cancel (GTC), which can be applied to pending orders.

Trailing stop loss orders are not available on the platform, but they can be used on MetaTrader and cTrader.

Charting on the platform is robust, with a wide range of chart types, time frames, indicators, and drawing tools.

• 6 chart types: Bar Chart, Japanese Candlesticks, Heikin Ashi, HLC Chart, Line Chart, and Dots Chart.
• 15 time frames: from 1 minute to 1 month.
• 53 technical indicators: momentum, reversal, volatility, and volume indicators.
• 13 drawing tools: Fibonacci, Pitchfork, and ABCD pattern.

The platform is highly customizable, with preset layouts and the ability to save your preferred chart setups so they can be pulled up anytime.

Alerts can notify you via email of price levels reached and orders that have been executed.

My Key Takeaways After Testing the FxPro Trading Platform

The FxPro Trading platform excels in balancing user-friendliness with a rich feature set.

It is customizable and offers a powerful range of tools, like alerts, trading from the chart, one-click trading, and account analytics. I liked that customer support is conveniently available via live chat on the platform.

FxPro Mobile App

The FxPro Direct app is available for iOS and Android and allows users to trade, manage their accounts, deposit/withdraw funds, and contact live support. Its minimalistic, user-friendly interface is a refreshing contrast from the MetaTrader 4 app.

Popular features like one-click trading and trading from the chart are available. The app also has an economic calendar, allowing users to stay on top of key fundamental data. When checking account security, I verified that 2-factor authentication is available.

Charts

The FxPro Direct app features industry-leading TradingView charts, providing a wealth of 100+ indicators and drawing tools. It’s possible to expand charts to view them in full size on your smartphone.

Orders

Traders can access all standard order types: market, limit, and stop-losses.

My Key Takeaways After Testing the FxPro Direct App

This versatile app can cater to the needs of most traders while on the go. I liked the built-in economic calendar and watchlists, but the app could be improved by adding a news feed.

MetaTrader 4 Desktop

FxPro offers MetaTrader 4 for desktops, which includes advanced functions such as copy trading and automated trading.

Traders can access the platform in 39 different languages, from Arabic to Vietnamese.

Key Features

The following are among the most important features the platform offers:

• Alerts. This feature updates traders when an instrument reaches a specific price level.
• Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
• One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation, enabling them to operate faster. This is especially useful for day traders.
• Trading from the Chart. MT4 allows users the convenience of trading directly from the chart.

Charts

Charting features are robust. MetaTrader 4 offers:

• 30 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
• 23 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
• 9 Time Frames. Traders can choose from nine time frames, from one minute to one month.
• 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.

Orders

MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:

• Market Order. Traders use market orders to buy or sell an instrument at the best current price.
• Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
• Stop-Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
• Trailing-Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.

MetaTrader 4 Mobile App

FxPro offers the MetaTrader 4 mobile app for trading on the go, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.

The MT4 mobile app provides many order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop.

To change the language of the MT4 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface could be more intuitive, but the MT4 app offers an above-average range of features.

cTrader

cTrader has an intuitive and well-designed interface. It is designed to replicate an institutional trading environment, with features such as Level 2 DoM (Depth of Market). The depth-of-market shows incoming liquidity from liquidity providers. cTrader offers state-of-the-art algo trading, copy trading, and a performance analysis tool – making it a suitable choice for active, experienced traders.

One-click trading and trading from the chart are available via cTrader. Another popular feature is alerts: the platform can notify you when the market reaches a set price.

One of my favorite indicators, market sentiment, is available via the platform. Sentiment data is displayed below the QuickTrade buttons. Market sentiment indicates the percentage of client accounts that are long (buyers) or short (sellers). The information is collected from all available cTrader servers across multiple brokers.

Standard and advanced order types are available, including market, limit, stop-loss, stop-limit, and trailing-stop. Time-in-force conditions such as Good ‘Til Cancel (GTC) are available for pending orders.

Charting via the desktop platform is impressive, with 26 available time frames, 4 chart types, 76 indicators, and more than 10 drawing tools. A news feed and integrated economic calendar are built into the platform.

cTrader can be used for automated trading and strategy backtesting. cBots are automated trading robots that can automate your trading strategies in cTrader.

To use a cBot, you can drag and drop it on the symbol you want to trade and set your preferred parameters (initial volume, stop loss, and take profit).

Any cBot built-in cAlgo will automatically be available in cTrader, and custom robots can also be downloaded from the cTrader website. cAlgo is a programming language that enables you to build cBots and custom technical indicators using C#.

Another powerful feature is cTrader Analyze, which enables traders to track and analyze their trading activity with detailed information on account profitability and performance statistics.

For example, you might be interested in learning your percentage of winning trades and which percentage of these were long or short trades.

cTrader Copy is built into the platform and allows you to copy trading strategies, as well as provide your own strategies for others to copy.

To conclude, cTrader incorporates many of MetaTrader’s advanced features but in a more thoughtfully designed and user-friendly interface.

FxPro Order Execution Model

FxPro is a no-dealing desk (NDD) broker. Due to the high volume of client trades, it can match much of its internal order flow. Not all client positions are hedged. FxPro may hedge some of its risks externally.

Tradable Instruments

We rated FxPro as especially strong in the areas of CFDs on commodities, indices, and crypto.

What are CFDs?

A Contract for Difference (CFD) is an agreement specifying that the buyer must pay the seller the difference between an asset’s current value and its value at the time the contract was initiated. Like futures and other derivative financial instruments, CFDs allow traders to speculate on price movements without owning the underlying asset.

What Can You Trade with FxPro?

In the tables below, you can see a selection highlighting the variety of instruments available at FxPro:

My Key Takeaways After Exploring FxPro Tradable Instruments

I was impressed by the scope of instruments at FxPro. Its offering goes above and beyond the average CFD broker, with shares from the US and 7 European countries. It also provides spot and futures commodities and indices, as well as 28 cryptocurrencies.

Customer Support

FxPro Customer Support Test

Support is a key component of a broker’s offering – whether you are a new trader looking for guidance on how to use the platform or an experienced trader who needs help fast to exit their positions in the event of a technical glitch.

FxPro clients have access to 24/5 support in 20 languages. Via chat – usually the most convenient means of reaching support – I could immediately reach live operators rather than having to answer questions from a bot.

When testing phone support, I experienced minimal wait times. I also tested customer support with a range of questions from easy to difficult and had a positive overall experience. Agents were well-versed in key areas like platforms, fees, and account-related features.

Deposit and Withdrawal

FxPro Deposit Methods

Processing times for deposits at FxPro are better than the industry average.

FxPro Withdrawal Methods

Again, FxPro performs better than average by not charging a withdrawal fee and having better-than-average processing times.

Account Types and Terms

FxPro Account Opening Process

To open an account with the FxPro Global Markets Limited entity of FxPro, prospective clients must complete a simple application providing their email, country of residence, date of birth, and mobile phone number.

FxPro Account Types and Benefits

What is CFD leverage?

One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

For the FxPro Global Markets Limited entity of FxPro, the maximum leverage is 1:1000. This means that with an account of $1,000, you can control up to $1,000,000 worth of positions in the market. This is an unusually high level of leverage and very risky to use.

Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders should keep in mind that it can amplify both their profits and their losses.

FxPro Maximum Leverage by Asset Class

Available leverage differs according to the asset class, with the most leverage available with CFDs on forex and the least with CFDs on cryptos.

Demo Account

FxPro offers free demo accounts that can be used via the FxPro Trading Platform, MetaTrader 4, MetaTrader 5, and cTrader.

Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money.

The demo account features live quotes and simulates live market conditions in assets like forex and CFDs on commodities, indices, and stocks. Once users are up to speed on a demo, they can easily switch to a live account.

Islamic Account

FxPro offers a swap-free Islamic account that adheres to the principles of Sharia law.

FxPro Supported Countries

FxPro accepts clients from the majority of countries globally. However, residents of the following countries are not accepted:

Afghanistan, Canada, French Southern Territories, Pitcairn, Sudan, Yemen, Aland Islands, Democratic Republic of the Congo, Guam, Syrian Arab Republic, Zimbabwe, Côte D’Ivoire, Guyana, Puerto Rico, American Samoa, Iran, Sint Maarten (Dutch part), Curacao, Myanmar, Somalia, United States Minor Outlying Islands, Equatorial Guinea, Bonaire, Sint Eustatius and Saba, Norfolk Island, South Sudan, Vanuatu, Democratic People’s Republic of Korea, Northern Mariana Islands, Virgin Islands and United States.

Research

FxPro has a separate domain for its news and market analysis – fxpro.news. Stories are broken down into 3 categories: Market Overview, Crypto, and Technical Analysis.

The Market Overview report covers fundamental themes such as major economic releases and major geopolitical news stories.

The section is updated several times daily and helps traders understand the forces behind movements in the market.

Crypto updates primarily focus on Bitcoin and cover significant stories in the space. Updates are less frequent, at most once per day.

Technical analysis updates span forex, commodities, and equities, with a major focus on Elliott Wave analysis.

Major support and resistance levels are included in the reports, which are published several times daily.

Within the client portal, traders with funded accounts can access analysis from third-party research provider Trading Central.

The analyst views section provides actionable advice with specific price forecasts and support and resistance levels.

The Traders Dashboard within the client portal shows the top currency movers over set time periods and can be a valuable source of trading ideas.

The FxPro Squawk is powered by third-party LiveSquawk News and alerts clients on stories with potential market impact, along with breaking news, economic and data releases.

Traders can also stay on top of major economic releases via the economic calendar within the client portal.

My Takeaways from Exploring FxPro Research Content

FxPro offers a strong blend of high-quality in-house research and news coverage along with third-party resources like Trading Central and LiveSquawk News. I rate the research content as a useful source of trading ideas for active, short-term traders.

Education

The courses are presented in a user-friendly format, with concise and easily comprehensible cards guiding you through each section.

They cover important subjects like technical analysis, risk management, and trading plan creation.

The course content is provided in video and text formats, accompanied by module-ending tests to facilitate effective learning.

I found that these courses contain valuable insights that can benefit both beginners and experienced traders. For example, going through the module on Trading Psychology could help you avoid common mistakes and save you money and time.

FxPro also offers a wealth of archived educational webinars and seminars via its YouTube channel.

The Bottom Line

As a muti-regulated global broker with a two-decade track record, FxPro earned a better-than-average trust rating in our review. I judged it to be a strong overall broker with a versatile offering.

Traders have the flexibility of operating via the intuitive FxPro Trading Platform or the more advanced cTrader and MetaTrader platforms.

I was especially impressed with the range of tradable instruments – every asset class has above-average depth. Research materials are another highlight, with an excellent range of analysis and tools available to clients.

The CFD industry giant still has room for improvement by providing tighter spreads in the Standard Account and private insurance for clients of the offshore entity.

Whether you are a beginner to the markets or an advanced trader, FxPro could be a good fit for you, thanks to its strong performance across all categories of our review.

FAQ