Richard Montana | May 2, 2022
FxPro is a regulated online broker that offers you over 260 tradable assets for trading across 4 sophisticated trading platforms; cTrader, MetaTrader 4 (MT4), MetaTrader 5 (MT5) and the proprietary FxPro Edge platform. They also offer a variety of useful trading tools, third-party market analysis and educational resources for traders. Despite this, I found the spreads and fees to be comparatively higher than other brokers. The support team were also not very helpful based on my experience and took time to answer basic questions.
Pros / Cons
- Strict regulation in multiple jurisdictions
- Multple modern trading platforms for web, desktop & mobile devices
- Premium trader tools
- VPS provided by Beeksfx
- Experts analysis from Trading Central
- NDD Execution
- Among others, clients from USA, Canada and Iraq are not accepted
- No managed accounts
- No social trading platforms
- Not the tightest spreads
- Not the lowest commissions
Founded in 2006, FxPro is an online forex and CFD broker that offers you multiple instruments for trading on cutting edge platforms. The head office is in the UK while the branch offices are in Cyprus, Monaco, Bahamas and the United Arab Emirates. FxPro boasts of having millions of client accounts from over 173 countries. I like how the website is translated into over 25 languages to cater to the international community.
You can trade a reasonable selection of over 260 instruments in 6 asset classes on four trading platforms which includes; MT4, MT5, cTrader and Edge. Traders from UK are also given access to spread betting. I would’ve liked to see more regions given this option as well.
The broker states unequivocally that it is neither an ECN or STP broker. Rather, it offers true No Dealing Desk (NDD) executions. FxPro claims to not intervene in the pricing or execution of client orders. ‘Quotix’ is FxPro’s proprietary aggregator that collates prices from over 12 liquidity providers. The trading servers are located at the Equinix Data centres in either LD5 London or Amsterdam. This is in close proximity with Tier 1 banks that provide liquidity. The result is that you can get access to deep liquidity and execution speeds calculated in milliseconds. I like this feature as it also provides better security of client funds.
FxPro Group Limited is the parent company of all the FxPro regional establishments. FxPro is regulated in 5 jurisdictions as follows:
- FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (FCA). The registration number is 509956.
- FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). The licence number is 078/07.
- FxPro Financial Services Limited is authorized by the Financial Sector Conduct Authority (FSCA). The registration number is 45052.
- FxPro Global Markets Limited is authorised and regulated by the Securities Commission of the Bahamas (SCB). The license number is SIA-F184.
The broker is also registered with the BaFin with the registration no: 121095, ACPR; registration no. 72430, CNMV; registration no 1722 and 25 other regulatory bodies.
FxPro affirms that clients’ deposits are properly segregated from the broker’s funds. I get peace of mind knowing that the funds are maintained by the top-rated international banks.
All clients are properly verified in line with the Anti Money Laundering (AML) policy. This is to deter money launderers and terrorism financiers. During registration, I was required to upload a scanned picture of my ID card and utility bill.
FxPro Financial Services Ltd is a member of the Investor Compensation Fund (ICF). In case the broker cannot fulfil its financial obligations, the ICF can pay back eligible client deposits of up to €20,000 per client.
FxPro UK Limited is a member of the Financial Services Compensation Scheme (FSCS) and the FSCS insures eligible customer deposits up to £85,000 per client. Though I recommend going through the terms and conditions since they’re pretty specific on who can claim this compensation.
FxPro does not provide its services to clients from the United States, Iraq, Canada and some other countries. If FxPro is not accepted in your country, you might want to go through our broker comparison tool to find a broker that works in your country.
The following platforms are provided to you by FxPro for trading forex and CFDs:
MetaTrader 4 (MT4)
The MT4 platform has become the industry standard courtesy of its usability, tools and scalability. I like how the MT4 has inbuilt features for trading and analytics. It also supports the FxPro NDD brokerage model.
FxPro provides you with the following versions of MT4:
- WebTrader: Accessible from the FxPro website. It runs directly on most modern web browsers without needing to download or install any additional software.
- MT4 for MAC: This is desktop application for MAC computers.
- MT4 for Windows: This is the MT4 desktop application for Windows computers.
- MT4 mobile apps: This is designed for iOS and Android smart phones and tablets. The mobile trading app is useful for those of you who wish to trade whilst on the go.
Here are some of the main features of the MT4 platform:
- It has a simple and user friendly interface that can be rearranged and modified to suit the client’s desires.
- Available in over 35 languages.
- Charting and analysis with 30 technical indicators and 24 drawing tools.
- MT4 supports the scripting and deployment of expert advisors (EAs) which are used to automate forex and CFD trading.
- Gives direct access to the MetaTrader market where apps, signals, EAs, indicators and other platform tools can be bought or acquired for free.
- Price alert notifications via SMS, email and pop-ups.
MetaTrader 5 (MT5)
The MT5 platform was developed in 2010 to further improve the already very powerful MT4. It was designed with similar layouts, features and tools except I found the MT5 to have more capabilities and functionality. Just like MT4, the FxPro MT5 is also available as WebTrader, desktop applications for MAC and Windows as well as mobile trading apps for Android and iOS devices.
Here are some of its features:
- It has depth of market level 2 pricing.
- Up to 100 charts can be opened at the same time.
- Charts can be viewed in up to 21 timeframes.
- It has up to 6 pending order types.
- Access to the MQL5 community, market, signals, forum where traders can acquire knowledge, etc.
- Economic calendar for tracking financial news releases.
- Multi-currency strategy tester.
- Price alert notifications via SMS, email & platform alerts.
cTrader is a powerful trading platform. I like how it comes with inbuilt advanced charting and trading tools as well as speedy trade executions. It was developed by ‘Spotware Systems Ltd’ which is a fintech firm with headquarters in Cyprus.
The FxPro cTrader platform is available as:
- Web Platform: This version is accessed from a web browser and it is compatible with all operating systems.
- cTrader for Windows: This is the downloadable desktop application built for running in Windows computers.
- cTrader Mobile: This is the cTrader version developed for Android and iOS devices.
Here are some of the core features of the cTrader platform that I think you will find most useful if you are day trading:
- Multiple types of orders which includes, stop limit order, market order, etc.
- Integrates the ‘cTrader automate’ which is used to build indicators and software robots that automate forex and CFD trading.
- It has 6 chart styles including Dots chart, Heikin-Ashi, HLC chart, line chart, bar chart and the popular candlestick charts.
- The charts can be displayed on over 20 timeframes.
- The platform has over 60 inbuilt technical indicators for conducting detailed chart analysis.
This platform from FxPro is mainly designed for spread betting. It gives you access to trade hundreds of instruments. My favourite feature about this platform is that it is fully customisable and web-based, thereby eliminating the need for downloads and installations. The platform is also available on mobile devices via Android and iOS apps. Here are a few features of the platform:
- User friendly and fully customisable.
- No commissions, competitive spreads.
- Access to trade forex, shares, spot metals, spot energies and spot indices.
- Limited risk account at no extra cost.
FxPro Direct App
This is a mobile app from FxPro that functions as the clients’ area and wallet. It is downloadable from the iOS and Android app stores. The app can be used to do the following:
- Create new accounts, upload verification documents and manage accounts.
- Deposit, transfer and withdraw funds from the FxPro Wallet. Transfer funds to trading accounts from the FxPro wallet at no fees. Deposit to FxPro Wallet via Neteller, Skrill, PayPal, Cards, etc.
- The latest market news and analytics are available on the mobile app.
- The economic calendar is incorporated in the app.
FxPro Tools App
This Android and iOS app is designed to give you real time market information on a variety of instruments. I find this great for market analysis and preparing trades.
It has the following capabilities:
- Price alerts and notifications on trading instruments of interest to the trader.
- Trading calculators: swap calculator, currency converter, etc
- Trader’s dashboard which shows the activities of FxPro’s traders.
- Economic calendar.
Virtual Private Server (VPS)
FxPro provides a VPS for traders who desire steady and reliable connection to the trade servers. It is powered by BeeksFx; a well known firm renowned for providing efficient VPS solutions to institutional and retail traders. The VPS is available at $30 per month. If you’re looking for a broker that offers free VPS, you might want to check out Blueberry Markets. A VPS can be useful for those who wish to run their trading platforms 24/7 but cannot always have their computer switched on or do not have a reliable enough signal. Traders who use expert advisors for automated trading often setup their platform on a VPS. I continue to run multiple platforms with different strategies on my VPS without any issues.
This tool contains the dates, times, currencies, events and analysts’ consensus on the percentage impact of the events on the corresponding currencies. You can click on the event of interest to view more details, analysis and history. The calendar can be customized to display only the events of interest to the trader. I found the economic calendar to be an important tool since I have been using fundamental analysis methods as part of my trading strategy.
This calendar shows the dates that quoted companies will release their reports or corporate events that could possibly affect the share prices. Normally, 5 business days before the corporate event and even after, the margin requirements for shares and spot indices may increase.
FxPro Market News
This is the section of the website where FxPro updates the traders with market news and analysis. It is prepared by the FxPro news team and they release an average of 3 updates every business day. Sometimes the news is collated from external sources such as Bloomberg, CNBC, etc. I often go through the news before I start trading every day.
Forex Technical Analysis by Trading Central
FxPro has partnered with Trading Central to bring incisive technical analysis to all its clients at no extra costs. Trading Central is a global financial research firm that supplies technical strategies information and analysis on forex, stocks, commodities and so much more. I like how about 8,000 assets are covered in the analysis. FxPro clients can subscribe to the daily newsletters, download the MT4 indicators and also access the analysis directly on the MT4 and MT5 platforms.
This is a tool that gives you an overall view of the markets on a screen. It shows the ‘currency movers’ which shows the movement of different currencies. I was able to select the moving currency against EUR, USD, GBP, etc to see the percentage of the movement.
This tool also shows the ‘clients’ positions’ within the day. This displays the percentage of FxPro’s clients that are buying and selling an asset, also known as the market sentiment. The ‘Price ticker’ shows the assets prices and their percentage change in real time. My favourite part is that it also shows the volatility charts of selected assets. All of these tools are great for improving market analysis in my opinion.
All-In-One FX Calculator
This calculator measures the cTrader commission, required margin and estimated swap values for the traders’ position. I was able to input my currency pair of choice, base currency, leverage and lot size in order to perform the calculation. This can help you with planning trades and money management.
The education section contains a free forex basic course arranged into 9 courses. Each course has training cards and ‘check yourself’ quizzes. Some of the topics covered are; financial markets, trading sessions, chart types, pips, lots, leverage, margin and CFDs. Other educational courses are; fundamental analysis, technical analysis, trading psychology, etc.
There are a few video tutorials on how to register an account, verify profile, download trading platforms and fund accounts.
I like how FxPro organizes online webinars from time to time. Previously recorded seminars are available on the company’s YouTube channel. The webinars are in English and Italian. I would’ve liked to see them offer these webinars in more languages.
The following instruments are available for trading on the FxPro trading platforms:
- 70 FX Currency Pairs (major, minor & exotic crosses)
- 24 Future Contracts
- 7 Spot Metals
- 134 Shares
- 19 Spot Indices
- 3 Energies
- Cryptos *check website for more details
The account type depends on the platform and trading conditions required. The minimum deposit is $100 but the broker recommends $500. I think $100 is just fine if you’re a new trader who is just testing your skills. You can even start on a demo account if you want to trade risk free until you build enough confidence to switch over to a live account.
Here are the types of accounts available:
- MT4 Fixed Spreads: Spreads are fixed and trades are executed instantly.
- MT4: Spreads are variable with market executions.
- MT4 Variable Spread: The account features floating spreads with instant execution
- cTrader Account: The account comes with floating spreads and market execution.
- MT5 Account: This account comes with floating spreads and market execution.
- Swap-free accounts: These available on request and must be written to the support desk through email.
- Demo Accounts: I like how the demo accounts are free and preloaded with virtual funds for practising trading strategies and testing the different trading platforms.
The customer service department at FxPro are decent but not the best from my experience. I appreciate how they speak over 20 languages to cater to a larger audience. On the ‘contact us’ page, there is a ‘request a call back’ form. You are able to fill this form with your phone number, name, email, preferred time to call and language. The support team will then call you at the specified time. The help section also has Frequently Asked Questions (FAQs) along with their detailed answers. I like how the support team has over 25 phone numbers from different countries that can be used to reach them for assistance. They can also be reached via email and instant web chat. On social media, they are on Facebook, Instagram, LinkedIn, Twitter, YouTube and telegram. I found the customer service responses to be delayed and not very helpful but hopefully you will have a different experience.
FxPro wallet is the gateway to every client’s bank and trading accounts. All funds are deposited to the FxPro wallet before being transferred to the trading account of choice. Withdrawals still go from trading accounts to FxPro wallet before going to bank accounts or e-wallets. I find this useful for multiple account management in different currencies.
Generally, FxPro does not charge deposit or withdrawal fees, although third-party services may do so. The fees are generally very low and funding methods convenient.
Here are the payment options accepted by FxPro:
- Bank transfers: Deposits take 3-5 business days to reach FxPro accounts. All transfer withdrawals are processed within a working day but might take more time before the money reaches the client’s account. There are no internal fees for withdrawals but banks used by FxPro charges around £14-£25 depending on the bank. These charges are passed on to the client.
- Credit/debit card: Visa, Maestro and Mastercard are the accepted bank cards. I like how the deposit is usually processed within 10 minutes. For withdrawals, FxPro processes the request within a working day. Only funds deposited via cards can be withdrawn with the same method. The minimum deposit is $100 while the maximum is $50,000 per day.
- Skrill/Neteller: These payment methods are not available for the UK and UAE controlled jurisdictions. The minimum deposit is $100 while the maximum deposit/withdrawal is $10,000. I like how the transactions are free and usually processed within 10 minutes.
- PayPal: This method is only available to clients that operate within the Cyprus controlled jurisdictions. The minimum deposit is $100 while the maximum is $10,000. There is no minimum withdrawal but the maximum is $10,000. There are no fees for using PayPal.
- UnionPay: This payment method is available for the Bahamas and Cyprus controlled jurisdictions. The minimum deposit is $100 while the maximum is $7,200.
To start trading with FxPro, I had to visit the website and click on ‘Register’ which is located at the top right-hand side of every webpage. The form below was displayed.
I had to fill out the form and click on ‘Register’. I reached another 3-page form displays asking for address and personal details, employment and financial information as well as some questions on trading knowledge and experience. This was to ensure that their online trading services were suitable for me. Next is to choose the account type, currency and leverage. The final part of the registration is the uploading of KYC documents. On completion, a welcome message is displayed and I was automatically logged onto the ‘FxPro Direct’ which is the clients’ area where accounts are managed. From here I was able to deposit funds and start trading online.
FxPro is a global, experienced broker that have won multiple awards. I like that they are regulated in multiple countries as this means that they must abide by the applicable regulations put in place to protect investors. With numerous clients served in many years of operations, I have seen FxPro become an established broker within the online brokerage industry. They have processed millions of orders from millions of clients across the globe.
The state-of-the-art trading platforms offered are top notch and suitable for all trading styles and levels. I like how each of the platforms have mobile apps for trading whilst on the go. FxPro has also built mobile apps for FxPro tools and FxPro Direct. I believe you can trade with confidence whatever strategy you are using.
Analysis from ‘Trading Central’ saved me hours of research and market analysis. They also offer other tools including a VPS for qualified clients, trading calculators, economic calendar, traders’ dashboard and more.
Despite this, I found the FxPro spreads to be not the tightest and commission not the cheapest when compared to many other online brokers. This is one of the most important factors to consider when looking for the best trading brokers. They also do not provide managed accounts or promote any social trading platforms. I was also slightly disappointed by the lack of support. Although a big brand name, I believe there to be less expensive brokers available.