FxPro Review

FxPro Account Type Fees

As you can probably tell, FxPro offers its clients a wide selection of trading accounts. Each trading platform offered by FxPro comes with its own type of trading account. Depending on your level of trading experience, funds available to invest and preferred markets to trade, forex traders can choose between the following FxPro account types:

• FXPro Demo account (unlimited access and real-time rates)
• MetaTrader 4 (MT4) account
• MetaTrader 5 (MT5) account
• cTrader account
• FxPro Edge account (spread betting account)
• FxPro VIP Premium account (dedicated to high-net-worth individuals)
• FxPro Swap-Free account (Islamic account)
• Additional account types (corporate account for your company and joint account)

The variety of trading accounts gives retail and institutional traders to choose a trading account that matches their investment objectives.  Our team of experts will evaluate for you the key features that come with the most popular trading accounts offered by FxPro UK. Below figure outlines a brief overview of the three main Fxpro account types.

Free Demo Account

FxPro offers unlimited access to your Demo account as long as it’s kept active. The only requirement is to maintain some type of trading activity. After 30 days of no trading activity, the demo account will be disabled. However, FxPro acknowledges the importance of practising with virtual money and allows FX traders to open multiple Demo accounts whenever you need them. You can open your demo account via FxPro Direct with the desired account balance.

Free VIP Premium Account

FX traders who want to enjoy premium trading conditions need to make a minimum deposit of $50,000 (or equivalent in your local currency). The VIP account is designed for high-net-worth individuals and high volume traders. The VIP clients are provided with a dedicated account manager that will make sure all your personal trading needs are satisfied. The FxPro VIP account offers the following advantages:

• Reduced spreads (up to 30%)
• Direct market execution
• VPS with unlimited bandwidth 24/5
• Lower commission (up to 30%)
• Trade recommendations
• Get margin level alerts via SMA and email

Spreads

In forex trading, the bid and ask spread can be classified into two types:

• Variable spreads – constantly changing adapting to the current market conditions
• Fixed spreads – remains constant regardless of the changes in the market conditions

FxPro offers competitive spreads across all their trading platforms. This forex broker aggregates the price quotes from multiple liquidity providers (more than +12 LP) and gives forex traders the chance to trade against tier-1 liquidity providers.

FxPro offers a choice of floating and fixed spreads as follows:

• MT4 and MT5 account types with variable spreads and zero-commission trading
• MT4 fixed spread account has fixed pricing on 7 major Forex pairs
• cTrader account with tight spreads (starting from 0.0 pips) but charges a commission (more on this below)

FxPro Variable Spreads

The FxPro’s variable spread model is accessible through the MT4 and MT5 trading platforms. Our team of experts has  broken down the average EUR/USD spread as follows:

• MT4: EUR/USD average spread of 1.71 for accounts on instant execution
• MT4: EUR/USD average spread of 1.58 for accounts on market execution
• MT5: EUR/USD average spread of 1.51 for accounts on market execution
• cTrader: EUR/USD average spread of 0.37 for accounts on market execution

Note* FxPro offers two types of execution models, instant and market execution. The instant execution model will fill your orders at the requested quote or you’ll receive a requote.

Based on our proprietary ranking methodology, we have found FxPro spreads to be high when compared side by side with other respected forex brokers. For example, forex broker Pepperstone has EUR/USD average spread of 0.13 pips. In the table below, our team of industry professionals has compared hundreds of bid and ask quotes side-by-side to make it easier for you to choose a low spread forex broker.

MT4 Platform Market Execution Spread Review

Our forex broker reviews are dedicated to revealing the most interesting features. Choosing a forex broker can be a daunting task with so many options available. In our efforts to review FxPro spreads in the most accurate way, we discovered that the MT4 fixed spread account has the spread tight to multiple time intervals during the trading session.

Trading the EUR/USD currency pair comes with the following fixed spreads:

• Between 08:00 am – 08:00 pm (UK time) – 1.6 pips
• Between 08:00 am – 08:00 pm (UK time) – 1.9 pips
• Between 09:15 pm – 10:50 pm (UK time) – 2.5 pips

Note *Depending on the market conditions and available liquidity the EUR/USD spread can be 2.7 pips.

Commissions

FxPro clients are charged a commission only on the FxPro cTrader account. The commission-based pricing is decent, but there are other good brokers out there offering lower commission (E.g. Pepperstone commission is $3.5 per 100,000 unit traded). FxPro charges $4.5 per side for each 1 standard lot traded or $9 round-turn commission.

Note* The commission is only charged on Forex currency pairs and spot metals.

How to Open FxPro Live Trading Account?

You can open an online trading account by following an easy four-step process:

• Register via FxPro Direct
• Identity and residency verification requirements
• Deposit money into your FxPro Direct Account
• Start trading

Choosing the right trading account depends on your trading style and other important considerations (spreads, leverage, technical tools, trading platforms, execution speed, etc.).

Open a demo account >>Visit FxPro >>

Forex Trading Platforms Offered By FxPro

At FxPro forex traders can choose between a variety of award-winning trading platforms available on desktop, browser, and mobile versions. FxPro offerings include the industry-leading trading platforms, including:

• MetaTrader 4 (MT4)
• MetaTrader 5 (MT5)
• cTrader

In addition to providing top-graded trading platforms, FxPro has won over 70 international awards that testify about FxPro’s efforts to offer advanced technological solutions. Some of the most prestigious awards received by FxPro are listed below:

• BEST FOREX TRADING PLATFORM by Investors Chronicle And Financial Times
• BEST FOREX TRADING TOOLS by QFX
• BEST AUTOMATED TRADING PLATFORM FXPRO SUPERTRADER by International Finance Magazine Award
• BEST TRADING PLATFORM by Forex Awards

Each trading platform comes with its own set of trading conditions. Depending on the preferred forex trading platform, FxPro clients can get access to a different range of markets, different spreads, different order execution models and different trading tools. These characteristics allow for a more tailored experience.  Below, our team of experts will assess what is the best forex trading platform to suit your trading needs.

1) MetaTrader 4

The MetaTrader 4 trading platform is equipped with its native built-in features. Additionally, FxPro combines the MT4 advanced analytical technologies with its price execution model. The key features of the MT4 platform include access to:

• All of the 6 asset classes
• Both market execution and instant execution
• Intuitive and user-friendly interface
• 3 types of forex charts
• 9 different time-frames
• Micro-lots available
• 50 built-in technical indicators and custom indicators
• Expert Advisors (EAs)

You can download the MT4 trading platform for MAC and Windows. Additionally, FxPro clients can gain exclusive access to powerful trading tools that will enhance your decision-making process. FxPro has also united their forces with Trading Central to offer its customer third-party analytics. Trading Central’s technical analysis package has several key advantages:

• The forex technical analysis is free of charge
• Receive award-winning research on over 8,000 instruments (FX, Equities, Commodities & Indices)
• Around the clock market coverage
• 100s of intraday trading signals with actionable targets and stop-loss levels
• Daily TC Newsletters
• Trading Central uses proprietary algorithms, in-depth mathematical analysis and artificial intelligence AI. This helps TC detect in real-time support and resistance level, candlestick patterns and accurate trade signals

Note* The Forex Technical Analysis by Trading Central is available on both MT4 and MT5 trading platforms.

2) MetaTrader 5

The FxPro MT5 trading platform has been awarded two times in the 2015 and 2016 UK Forex Awards. The range of CFDs available on the MetaTrader 5 platform is more limited compared to the MetaTrader 4 platform. FxPro customers can only trade 5 CFD markets, which exclude support for shares trading. The MT5 platform is the classic go-to solution for more advanced trading features and automated trading solution.

The key MetaTrader 5 features offered by FxPro include:

• 21 different TFs
• Lower spreads from 0.6 pips
• Depth of Market (DOM)
• MQL5 programming language
• Market execution model
• Economic calendar inside the MT5 platform

3) cTrader

The cTrader platform adds an extra layer of advanced market tools. The online trading instruments available on the FxPro cTrader platform include Forex currency pairs, global indices, metals and energies. Trading CFDs on futures and shares are only available on the FxPro MT4 platform. The biggest benefits of FxPro cTrader have been tested by our expert traders. Below you can find our key cTrader platform advantages:

• Big popularity among institutional traders
• Spreads from 0.0 pips on EUR/USD
• Full market execution
• Orders filled in less than 11.06 milliseconds

You can download FxPro cTrader platform or Windows desktop version, MAC version, or browser-based with the cTrader Web platform.

Mobile Trading With FxPro

Our team of industry experts also assessed the mobile trading Apps offered by FxPro. Forex traders can choose mobile Apps for both iOS and Android. FxPro brings all the trading tools and features of the desktop version directly to your mobile device. Additionally, this forex broker released its own branded account management tool called FxPro Direct App.

The FxPro Direct App provides the modern trader with a smooth registration process. Having the financial markets readily available at your fingertips can enhance your trading experience. Not many of the online brokers we evaluated can offer their clients multi-functional mobile features like:

• Account management features
• Secure FxPro Wallet for deposits, transfers and withdrawals
• Built-in Economic calendar
• Advanced trading tools
• Forex push-up alerts
• Secure trading App (highest level of encryption)

Note* You can visit Google Play or App Store to download FxPro Direct for free.

Leverage Offered By FxPro By Region

FxPro leverage uses a dynamic margin module that depends upon 3 key factors:

• Local jurisdiction
• Instrument traded
• And trading platform used

The local jurisdiction of FxPro clients is probably the most important factor that will determine the maximum leverage. The maximum level of financial leverage offered by FxPro in different jurisdictions is outlined below:

• FxPro Global Markets LTD (for non-UK forex traders) offers leverage up to 500:1
• FxPro Global Markets MENA Limited (for EU-based forex traders) offers leverage up to 50:1
• FxPro UK Limited (for UK-based forex traders) offers maximum leverage of 30:1

Note* The above-mentioned leverage levels apply only to forex trading. By comparison, the FxPro leverage offered on CFDs is much lower. The different leverage ratios for different asset classes by each jurisdiction can be studied in the table below.

Additionally, the dynamic leverage model offered by FxPro on MT4, MT5 and cTrader trading platforms adjust to the traders’ positions. The general rule of thumb is that forex traders will get lower leverage ratios as the trading volume per instrument increases. For example, in order to access the FxPro maximum leverage of 500:1, clients need to have less than 100 open lots. The different leverage settings are outlined in the table below.

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Customer Supports Offered By FxPro

FxPro has an award-winning customer support service available around the clock whenever the markets are open. In 2014, FxPro was named the Best Forex Customer Service Brand, Europe by Global Brands Magazine. FxPro offers its customer service in different languages catering to a global customer base. Our team of experts was able to validate 27 different languages at fxpro.com.

The FxPro customer support team is available through several means of communications including:

• Live chat
• Email
• Fax
• By phone
• Through FxPro Help Center

FxPro Live chat is probably the fastest way to get in touch with one of the FxPro representatives. Additionally, the Help Center is equipped with a search feature where potential FxPro customers can type to search for the right information. The most interesting section is the resourceful Featured Articles, which tries to answer simple questions like how to open a live trading account and the most asked question. If you have exhausted this option and still couldn’t find a satisfactory answer you can proceed forward and talk directly with FxPro staff members.

Another feature that makes forex broker FxPro stand out among its competitors is the “Watch and Learn” section. Here, FxPro answers the most frequently asked questions about their financial services.

Minimum Deposit Offered By FxPro

FxPro minimum deposit recommended by their experts is $500. However, the minimum deposit recommendation is not enforced across the board.  FxPro allows deposits as little as $100, which is extremely helpful for forex trading with low capital. There are 9 different base currencies available to fund your FxPro account:

• FxPro UK Limited accepts 7 base currencies including USD, EUR, GBP, AUD, CHF, JPY and PLN
• FxPro Financial Services Limited accepts 9 base currencies including USD, EUR, GBP, AUD, CHF, JPY, PLN, ZAR and RUB
• FxPro Global Markets Limited accepts 9 base currencies including USD, EUR, GBP, CHF, AUD, PLN, ZAR, JPY and RUB

FxPro offers its clients with multiple funding options including

• Bank transfer
• Bank wire transfer
• Debit cards and credit cards (Visa, Visa Electron, Visa Delta, MasterCard, Maestro International and Maestro UK)
• Electronic wallets (PayPal, Skrill, Neteller and UnionPay)

How to Add Funds to your FxPro Account?

Both FxPro deposits and withdrawals are conducted via an innovative money management tool called FxPro Wallet. This multi-functional account management tool lets FxPro clients transfer funds between their trading accounts in a secure medium. At its core, the FxPro Wallet is synonymous to a bank safe deposit box where you can keep your funds safe and secure.

FxPro doesn’t charge deposit and withdrawal fees. FxPro Wallet comes with no additional fees, but in some extreme circumstances, FxPro clients can be charged a withdrawal fee depending on the withdrawal method.

Note* In case there is no trading activity, the FxPro withdrawal request will incur additional fees:

• 2.6% for Skrill withdrawals
• 2.0% for Neteller withdrawals

Negative Balance Protection (NBP)

With the FxPro negative balance protection policy, clients can’t lose more than their initial deposit. FxPro clients are protected from any losses beyond their initial investment. FxPro enforces its negative balance protection policy across all its financial products (forex, CFDs and spread betting). While the negative balance protection policy is more common to be enforced in Europe due to the ESMA rules, FxPro treats all of its clients the same regardless of their jurisdiction.

Range of Markets

FxPro is a 2 in one online trading provider offering financial services in the form of:

• Forex Trading
• CFD Trading

Traders in the UK also have the option of spread betting

This forex broker gives retail investors access to 7 major markets like:

• Forex (70 major and minor currency pairs)
• Futures (20 popular futures contracts)
• Indices (24 global stock indices)
• Shares (141 stock shares from the US, UK, France and Germany)
• Metals (7 metal pairs including spot gold, silver and platinum)
• Energies (3 of the most popular spot energies Brent oil, WTI oil and natural gas)
• Cryptocurrencies (top five crypto pairs including Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum)

No Dealing Desk Execution Model

FxPro offers a No Dealing Desk execution model (NDD). As an NDD forex broker, FxPro executes clients orders anonymously without any intervention on the exchange rates. NDD forex brokers guarantee that there are no requotes of prices and spreads are kept low. Additionally, besides having direct market access to the interbank market, there is no conflict of interest between the forex broker and the FX trader.

Note* FxPro is not a true ECN forex broker, but due to its NDD execution model, it can’t be categorized as a market maker either.

FxPro trading servers are co-located inside the world’s largest data centre and colocation provider Equinix. FxPro currently operates its proprietary aggregator Quotix via cross fibre cables from two locations:

• Equinix LD5 Slough Data Center in London, UK
• Equinix Datacenter AM4 in Amsterdam, Netherlands

After evaluating all aspects of FxPro’s No Dealing Desk execution model we have found the following advantages:

• Fast order execution speed (client orders are executed in less than 11.06 milliseconds)
• Up to 7,000 orders are processed per second
• Award-winning execution model (BEST EXECUTION BROKER GLOBAL, 2017 by Global Brands Magazine)
• Deep liquidity that can be accessed through a network of 10 tier-one liquidity providers (Morgan Stanley, Barclays, JP Morgan, UBS, Deutsche Bank, BNP Paribas, Bank of America, Nomura, Citibank, RBS)
• Most client order flow is matched internally and only partial exposure is hedged with its liquidity providers
• According to the 2018 slippage statistics, 74.65% of market orders were executed at the desired price
• 12.81% of FxPro’s client order received positive slippage, and 12.53% received negative slippage
• 98.60% of FxPro orders are executed with no requotes

Open a demo account >>Visit FxPro >>

FxPro for clients in the United Kingdom

Clients in the UK should be aware of a few differences with the FxPro product compared to products offered by FxPro in other regions. This is mostly to meet the requirements of the FxPro regulator.

FxPro Business and Regulation

• FxPro UK Limited is a subsidiary of FxPro Group Limited with business registration 06925128. FxPro is regulated by FCA registration 509956.

FxPro is registered at the following address: FxPro UK Ltd: 13/14 Basinghall Street, City of London, EC2V 5BQ, UK. and can be reached at the contact +44 (0) 203 151 5550

FCA needs to follow compliance guidelines set by ESMA MiFID II which are higher than other regulators outside Europe. This explains why FxPro leverage for clients in the UK (and Europe) is lower than FxPro offers other clients outside Europe. Clients wishing higher leverage can apply for a professional account however will need to meet qualification criteria.

Leverage with Retail vs Professional Account

To qualify for the professional account, 2 of the following is needed:

1. You have made am average of at least 10 significant trades per quarter over the past year
2. You manage a financial portfolio that exceeds 500,000
3. You work or have worked relevant positions of at least one year in the financial sector

If you qualify for a professional account you will also get the following benefits negative balance protection which is significant because most other brokers don’t offer this with professional accounts. This can be useful given you are trading with high leverage. Professional traders will, however, lose access to the Financial Services Compensation Scheme.

Spread Betting – FxPro Edge Account

At FxPro you can even open a spread betting account. Financial spread betting is a tax-free product under UK law and a popular alternative to CFD investments. The spread bet markets available with the Edge account include Forex currency pairs, shares, spot indices, spot metals and spot energies. The spread bets offer much tighter spreads than the traditional financial assets. The tax-exempt status coupled with low initial deposit makes spread betting very attractive. FxPro has the bonus of being able to offer a trading platform designed for spread betting.

FxPro Edge Trading Platform For Spread Betting (UK)

Since 2017, FxPro launched its own proprietary spread betting platform called FxPro Edge. It is worth to mention that spread betting is only available through FxPro UK Ltd. FxPro allows financial spread betting to take place on a wide range of markets including forex currency pairs, shares, spot indices, spot metals and spot energies. Our industry experts at Compare Forex Brokers will try to outline below what are the benefits of spread betting with FxPro:

• In total, spread bettors have access to over 260 financial instruments
• Commission-free trading
• Tighter spreads
• A tax-free way to speculate on the price movement of several global markets

Note* FxPro Edge runs only a beta version, which means that its features and trading tools are subject for further updates and improvements.