FxPro Review Summary
FxPro Review Highlights
Pros & Cons
- Regulated by several regulators such as CySEC, FCA and DFSA.
- Great brand image - stable and popular among professional users.
- Great range of platforms available such as MT4, MT5, and cTrader.
- No commission charged plus competitive spreads.
- Does not charge inactivity or withdrawal fees.
- Good customer support.
- Insufficient amount of education material available.
- Limited research tools.
FxPro operates with NDD (No Dealing Desk) execution which means it allows clients to trade directly with interbank rates which eliminate conflicts of interest. FxPro offers a range of financial instruments for brokers to trade albeit not as many as its competitors. This includes 6 asset classes which are currency pairs (70+ FX pairs), indices (24+), futures (20+), stocks (150+), metals (7), energy commodities (3) and cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Ripple.
FxPro has individual accounts based on the platform you choose to use. The accounts are FxPro M4, FxPro MT5, and FxPro cTrader. In addition to this, users from the UK can open a FxPro Edge trading account that allows clients to invest in a form of spread betting.
FxPro MT4 accounts allow clients to use the popular MetaTrader4 platform that was developed by MetaQuotes. Through this platform, investors can trade forex, metals, spot energies, futures, and indices. Micro-lots are available. The platform is quite customizable, and some key features include access to a variety of technical indicators, various chart types and EAs (Expert Advisors). FxPro MT4 is available on Windows, Mac, WebTrader (browser-based trading) and mobile for iOS and Android devices.
FxPro MT5 accounts allow clients to use the MetaTrader 5 platform, which is an extended and upgraded version of the MT4. MT5 allows assets to be traded simultaneously so the trader can have up to 100 charts open at the same time. The minimum deposit for the MT5 is $100. MT5 has spreads as low as 0.6 pips as well as buy-stop limit and sell-stop limit order. FxPro MT5 is available on Windows, Mac, WebTrader (browser-based trading) and on mobile for iOS and Android devices
FxPro also offers the cTrader platform. This platform was initially launched through FxPro and quickly became quite popular among professional clients. cTrader offers spreads from 0 pips, allows users to view in-depth market information and has no re-quotes. Users appreciate the platform for its clean and modern interface. cTrader is available through most web browsers as well as mobile, for iOS and Android devices.
FxPro accounts do not charge commission but instead, the trading costs are integrated into the spreads and there are no re-quotes. In addition to this, FxPro offers all its accounts a swap-free version (Islamic accounts) for those who abide by the Sharia law. To apply for a swap-free account, users must email the broker and FxPro’s back-office will revert back. FxPro allows scalping, hedging and offers Negative Balance Protection. While the minimum deposits are as low as $100, the brokerage firm advises traders to deposit at least $500 when opening an account. Accounts can be held in various currencies such as USD, EUR, GBP, CHF, etc. FxPro does not offer any tools for copy-trading (social trading).
FxPro does not accept clients from the US.
FxPro does not charge any commission for its trades. Instead, the broker integrates their fees into the spreads. FxPro offers fairly competitive spreads – for example, the minimum spread for EUR/USD is 0.6 pips. On FxPro MT4 you can choose whether you prefer fixed or variable spreads with leverage up to 1:500, while on MT5 only variable spreads are offered and no market execution. One of FxPro’s advantages is that traders can set their leverage from 1:1 to 1:500 – this way, they can either utilize market risks for more lucrative returns or the opposite, minimize their risks.
FxPro does not charge inactivity fees or withdrawal fees. The broker does charge swap/overnight financing fees when a trade is left open overnight. FxPro offers several funding methods such as debit/credit cards, bank transfers and popular e-wallets like Neteller, Skrill, and UnionPay. FxPro also created its own electronic wallet called the ‘FxPro wallet’ where traders can store funds.
We found the research tools of FxPro to be quite poor. What FxPro does offer is a summary of market news that is updated daily – this section contains in-depth updates on what is happening in the market. In addition to this, FxPro has a blog, an Economic Calendar and Trader’s Dashboard.
In terms of education, FxPro offers a very limited set of materials that cover only the basics of forex trading which would only be suitable for beginner traders. The website offers educational short articles and videos on topics such as trading psychology, technical analysis, major economic indicators, trends, etc.
We found the customer support at FxPro to be quite good. Support is available on a 24/5 basis and there are multiple ways to connect to the team such as through email, telephone (callback request is possible), fax or through live chat that connects quickly. There are 27 supported languages such as English, Spanish, Italian, Russian, Chinese, Polish, Arabic, German, etc. We found the team to be well trained were quickly provided with the feedback we needed.
FxPro certainly stands out amongst its peers for the diversity of services it offers to traders such as its multiple platforms that are available on various devices, no dealing desk execution as well as the broker’s firm reputation which echoes stability and reliability. We were, however, disappointed with the lack of educational and research tools available – new traders would find it hard to rely on FxPro for learning about trading or even navigating through the wide choice of platforms that the broker offers. That being said, FxPro is certainly worth trying and using for its multiple benefits.
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