Founded in 2006, FxPro has established a reputation as a global Forex broker that is here to stay. The brokerage had remarkable success and now serves retail traders as well as institutional clients from over 170 countries. FxPro is a well-regulated company with licenses from five different regulators and continues to grow. During our FxPro review we found that that the broker currently offers CFDs on six different asset classes, boasts Tier 1 capital in excess of €100,000,000 and serves traders with lightning gas execution times of less than 11.06 ms while execution just shy of 7,000 trades per second. That being said, the broker is obligated to divulge that approximately 77 percent of traders lose money when trading with FxPro.
FxPro appears to be a true NDD (no dealing desk broker) which offers excellent market access to all types of traders. According to the latest data available for 2018, 74.65% of trades were executed at quote price, 12.81% experienced positive slippage and 12.53% negative slippage. 98.60% of trades were executed without a re-quote, 0.72% with a positive re-quote and 0.68% with a negative re-quote. A comprehensive educational and research department complement the reliable trading environment traders enjoy. The remainder of this FxPro review will focus on specific details of what the company offers (or doesn’t offer) it’s traders.
Regulation and Security of FXPro
FxPro UK LTD is authorized and regulated by Financial Conduct Authority under registration number 509956. Client funds remain segregated, and traders are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000. The FCA is one of the most respected regulators in the world and clients of FxPro can rest assured that their funds are protected, secured and insured. FxPro Financial Services LTD is authorized and registered by the Cyprus Securities and Exchange Commission under license number 078/07. Trader funds are protected by the Investor Compensation Fund (CIF) and as an EU member, the MiFID II regulatory framework as well as the 4th EU Anti-Money Laundering Directive also apply. In addition, cross-border regulation in all EU member countries is also applicable.
FxPro Financial Services LTD is also authorized and registered by the South African Financial Sector Conduct Authority under authorisation number 45052. FxPro Global Markets MENA LTD is authorised and regulated by the Dubai Financial Services Authority under reference number F003333. FxPro Global Markets LTD is authorised and regulated by the Securities Commission of The Bahamas under license number SIA-F184. There is no question that the regulation offered by FxPro is respectable and should provide a solid sense of security for traders worldwide. FxPro traders also enjoy negative balance protection in case leveraged positions are exposed to natural market events which would otherwise result in a negative balance.
FxPro generates its revenues from a combination of spreads and commissions. Spreads on the EUR/USD start from 1.5 pips in the MT4 Trading Platform and 0.2 pips in the cTrader platform where commissions apply. Traders can check detailed commissions for each asset on the cTrader platform on the company’s website. FxPro is upfront and transparent on all trading costs involved; swap rates, positive as well as negative also apply and are passed on to traders.
Swap rates can easily be checked from inside the MT4 trading platform for full transparency at all times. In the cTrader platform, traders can access all the information from the deal ticket by clicking on the “Information” button when placing a market order. We did notice that the commission for this broker is on the high side of the spectrum.
Deposit & Withdrawals options
FxPro supports most of the popular traditional methods of funds transfers. These include transferring funds with your credit cards, ewallets or bank transfers.
- Bank Transfers
Depending on the banks involved, bank transfers normally takes one business day to complete. While FxPro does not charge any fees, the corresponding banks might impose their own fees.
- Credit Cards
Credit card fund transfers are one of the most efficient ways of making a deposit or withdrawal. The whole process usually just takes one working day to complete at FxPro.
AT FxPro, the following ewallets are supported by the broker:
In addition, FxPro has also made it more efficient and easier its clients to fund or withdraw their funds from the FxPro accounts by providing them with the facility of the FxPro wallet. The FxPro wallet acts like a vault where you can transfer or withdraw your funds from securely and quickly.
When you arrive at the website and look at the range of trading accounts, you will discover that they offer three different formats; trading accounts, a demo account and a Premium Account. The trading accounts are based on the trading platforms so are named as per the platform that you will trade on:
- MT4 Account
The MT4 Account, as the name suggests, operates on the MT4 platform. Each of the FxPro trading accounts except the VIP account requires a recommended deposit of $500. For this, you get spreads of 1.4 pips and up to 1:500 leverage.
- MT5 Account
The MT5 Account is for those trading on the MT5 platform. Again, a deposit of $500 is recommended with spreads of 1.4 pips and up to 1:500 leverage.
- cTrader Account
The cTrader Account operates on the cTrader platform. As with the MT4 and MT5 versions, a deposit of $500 is recommended with average spreads of 0.3 pips and up to 1:500 leverage.
- Market Account
There are some differences with the Market Account to the other accounts, but again you can enjoy up to 1:500 leverage with a recommended deposit of $500 and attractive spreads.
- Premium Account
There are significant benefits to opening a VIP Account. They are designed for high net worth individuals and require a $50,000 deposit. For this, you will receive very competitive spreads and leverage, a dedicated account manager, no deposit or withdrawal fees, daily market analysis and invitations to exclusive events.
- Demo Account
Like most brokers who want to offer the best possible service to their clients, FxPro provides a free demo account to try before you risk your capital. Based on a simulated version of the live platform, it will allow you to get to grips with trading before you start live trading.
Trade Features And Payouts
The main features that most traders look for, aside from the ease of use and overall trading experience, is what money they will make on their trades and if the broker is competitive with other brokers.
Leverage can vary dramatically between brokers. While some offer 1:50 with some as low as 1:25 others, like FxPro, offer leverage of up to 1:500. This should be observed as the maximum you can achieve and be careful when risking your investment. FxPro does provide negative balance protection, though.
The spreads depend on the currency pairs you are trading in and the amount of money you are trading with. If you have a VIP Premium Account, you will achieve much better spreads than those with a Standard Account. Pips range from 0.3 pips to 1.4 as an average across the trading accounts.
- Stop Loss
Stop Loss is a useful feature that allows you to exit the trade when the position has been reached. Most brokers offer it as a helpful feature which means that you don’t have to be online to close your trades. If you click the SL option, it will close for you and if a TP (Take Profit) is an option you can select this as well.
Education resources at FXPro
To trade effectively with FXPro, it’s important to get a have a good understanding of the FXPro trading tools and the markets. FXPro offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.
Having an analytical approach may be a good way to approach trading with FXPro. Take time to look around the FXPro platforms and train yourself to think more systematically and logically about the markets. It’s a new skill-set for many, but it is what the market requires of you.
As for mobile trading, the MT4, MT5, cTrader and FXPro Markets are available as mobile trading apps which can be downloaded for either Google Playstore or Apple App Store. FxPro has a good mobile offering with the app available in both iOS and Android. Security features are standard, with the option to replace the login with an Apple’s Touch ID. Watchlists are easily customizable and it is also possible to have multiple lists.
Mobile price alerts are available. Traders simply need to select the instrument, decide which price to alert (bid or ask) and then choose to alert when the price is higher or lower than a selected level. The trader can even create a customized pop‑up message to deliver as well.
Unlike other brokers, FxPro offers streaming mobile news with major news headlines that can impact markets. This allows traders to follow market developments on the go in real‑time. Conditional orders are easy and straightforward to set up with various types on offer. Traders can choose between market, limit, stop, and stop‑limit orders. Traders can also specify when the order will expire, providing another degree of control.
Finally, FxPro has an acceptable mobile charting offering. Traders can choose multiple time frames to monitor and can easily add multiple trading indicators, such as moving averages. After setting up a chart, the mobile app allows traders to easily trade from the chart, with easy trade sizing and buy and sell directional orders.
Opening an Account
Opening a trading account is fairly straight forward. Simply click on the green “Create Account” button that is located on the top right hand corner of the homepage. Once you have done that, you will be taken to the account opening page. There are several steps that you have to go through before the account opening process is completed. The first step involves creating a profile. You will also decide under which regulator (FCA or CySEC) you want to open your account under. The second step involves providing FXPro with details of your address and date of birth. The third step requires you to fill out a questionnaire on employment history, source of wealth and trading experience in order for FXPro to determine your eligibility. The final step consists of determining your account settings and confirming the account.