FxPro Broker Review - Great multi asset broker

fxpro.com
nika
Written by:
Av
armand
Calendar
Written on:
15 August 2022
Date
Last edit:
24 July 2023
Our rating:
7.4

7.4

User rating:
7.4

7.4

FxPro Broker Review - Great multi asset broker

fxpro.com
nika
Written by:
Calendar
Written on:
15 August 2022
Date
Last edit:
24 July 2023
Our rating
7.4

7.4

User rating
7.4

7.4

Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
See how FxPro compares to it's closest alternatives.
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Main summary

FxPro was established in 2006 and since its inception, the broker has managed to increase its offerings from just Forex to 6 different asset classes. Nowadays you can trade Forex, stock CFDs, indices, commodities, cryptocurrencies, and futures from 5 different FxPro account types. In addition, the broker offers access to 4 trading platforms.

FxPro got its first license from the Cyprus Securities and Exchange Commission in 2007. Nowadays FxPro is authorized and regulated by a couple of top-tier regulatory bodies. The list includes the Financial Conduct Authority of the UK (FCA), CySEC, the Securities Commission of The Bahamas (SCB), and the Financial Sector Conduct Authority in South Africa (FSCA). 

FxPro offers 2105 shares as CFDs, 70 currency pairs, 29 crypto CFD pairs, 19 Indices, 11 commodities, and 21 futures for trading. 

FxPro executes up to 7,000 orders per second and most orders get filled in less than 14 ms. The broker holds more than 95 industry awards and employs more than 200 people. 

In today's review, we’ll discuss FxPro’s fees, account types, policies, safety and security, mobile trading, and more in detail. What’s more, in case you decide to open a trading account, we’ll guide you through the entire process step by step. 

Here Are the X Pros and Cons:

  • Regulated in 4 jurisdictions
  • Offers access to MetaTrader 4, MetaTrader 5, cTrader, and FxPro Platform.
  • Charges no deposit and withdrawal fees
  • Offers access to 2,255 trading assets
  • Reasonable fees
  • Fast and digital account opening/verification
  • 24/7 customer support. Available in more than 10 languages
  • Offers 5 types of trading accounts
  • Limited educational material compared to market leaders
  • After 12 months of inactivity, they charge a 15 USD one-off administration fee followed by 10 USD monthly

FxPro Fact sheet

Main features
Regulations Bahamas, Cyprus, South Africa, UK
Fees on deposits $0
Fees on withdrawal $0
Inactivity fees $10/m. After 12 months of inactivity $15 one-off administration fee followed by $10 monthly
Minimum deposit $100
Minimum account activation $0
Number of available assets 2255 Including 21 Futures
Leverage up to 1:200
Available trading markets CFDs on Stocks, Commodities, Cryptocurrencies, Forex, Futures, Indices
Account currencies EUR, USD, GBP, AUD, CHF, JPY, PLN, ZAR. Clients of FxPro UK Limited may open a trading account in USD, EUR, GBP, AUD, CHF, JPY and PLN.
Demo account Yes
Live account types MT4 Instant & MT4 Fixed, FxPro MT4, FxPro MT5, FxPro cTrader, FxPro Platform
Islamic account Yes
Security
Negative balance protection Yes
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Assets
Forex 70
Shares 0
Cryptocurrencies 29
Indices 19
Commodities 11
Total 2,255
Fees & spread
Forex 0.8 pips
Shares N/A
Cryptocurrencies From 0.031%
Indices From 0.08%
Commodities From 0.049%
Software
Platforms MetaTrader 4, MetaTrader 5, cTrader, FxPro Platform
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Broker to Broker, Credit/Debit Card, Neteller, Skrill
Minimum deposit Bank Transfer, Broker to Broker, Credit/Debit Card, Neteller, Skrill
Minimum withdrawal Bank Transfer, Broker to Broker, Credit/Debit Card, Neteller, Skrill
Withdrawal processing time Up to 10 minutes. Withdrawals take up to 1 business day
Time to open an account -
Show all

The Safety & Security of FxPro

Trading is associated with risks and these risks get multiplied when your broker is not reliable. The biggest indication that can tell you whether your broker is trustworthy or not is the level of regulatory bodies observing its actions. 

FxPro is authorized and regulated in four jurisdictions and therefore, the broker is considered to be safe. The list of regulators includes:

  • CySEC (Cyprus Securities and Exchange Commission) since 2007
  • FCA (Financial Conduct Authority of the UK) since 2010
  • FSCA (Financial Sector Conduct Authority in South Africa) since 2015
  • SCB (Securities Commission of The Bahamas).

Policies that FxPro follows

FxPro takes the safety and security of its customers seriously and provides negative balance protection to all account holders. CFD trading is a leveraged activity which means that traders increase their purchasing power using borrowed money. As a result, it’s possible to lose more money than is in your trading account. To counter this, FxPro puts automatic Stop Out levels in place. By so doing, even if an unlikely event happens and your balance goes negative, you can contact the customer support team and they’ll turn the negative to 0.

Moreover, FxPro is a member of the Financial Services Compensation Scheme (FSCS) and the Investor Compensation Fund (ICF). In addition to these, the broker keeps your deposits in segregated accounts to increase the safety level. The funds' segregation guarantees that even if the broker goes bankrupt, you will not lose your money. 

Available Assets on FxPro - What Can You Trade?

FxPro offers a wide range of trading instruments. The portfolio includes Forex and CFDs. CFD trading is a great way to speculate in the markets short term. Whereas, for long-term investing trading physical shares is more preferable due to less long-term trading fees. 

CFDs come with certain benefits. They can be traded with leverage and FxPro offers up to 200:1 leverage depending on the asset type. What’s more, CFDs are more liquid than real assets and offer lower spreads. FxPro has more than 12 liquidity providers. When you are trading CFDs, you can go long or short and make money in both bull and bear markets. On the other hand, when you are trading physical stocks or metals you are betting that the price will increase later. 

Please note that not all of the trading platforms offered can support the full range of instruments. For instance, cTrader doesn’t offer stock CFD trading.

Forex

With FxPro you can trade 15 major pairs such as EUR/USD, CAP/JPY, GBP/USD, and others. Major pairs are the most liquid as they’re backed by strong economies. As a result, market spreads are the tightest. Many novice traders avoid exotic and minor pairs for this very reason. In addition, you can trade 55 minor Forex pairs such as AUD/NZD, EUR/HUF, USD/CZK, and others.

Spreads vary from currency to currency and from account type to account type. Commission-free MetaTrader accounts offer as low as 0.8 spreads on EUR/USD. Keep in mind that in live trading spreads can be higher.

The leverage offered for Forex pairs goes up to 200:1. In case you open your trading account with the maximum leverage, you’ll be able to get 200 times the purchasing power of your account balance. Available leverage is smaller for other asset classes. 

Shares

FxPro offers shares as CFDs. We've already mentioned the pros and cons of CFD trading and the same applies to the share CFDs. The assets are more liquid, easily accessible, can be traded in both directions, and can be traded with leverage.

FxPro provides access to trading 2,105 shares of US, UK, and EU companies. The maximum leverage available is 25:1.

Keep in mind that share trading is not available with cTrader and FxPro MT5 account types. In case you do want to trade shares as CFDs, you can choose between MT4 Instant & MT4 Fixed, FxPro MT4, and FxPro Platform.

Cryptocurrencies

Crypto trading has gained popularity recently. Trading actual coins can be challenging for novice traders. On the other hand, trading cryptos as CFDs are much easier. As already mentioned, CFDs are perfect for speculating short term. You can keep open positions for days, weeks, or even months. But if you want to keep the coins for years, it’s better to purchase actual ones to avoid swap fees.

FxPro offers 29 cryptos against the US dollar. You can take advantage of price moving in any direction by shorting or going long. What’s more, you don’t need to worry about crypto wallets and cashouts since you’re not actually owning the asset. 

The maximum available leverage for trading crypto pairs is 20:1, which is another great advantage when it comes to CFD trading. Usually, you do not get any leverage when purchasing actual digital coins. In addition, you can trade crypto vs USD any time you wish as the market is open 24/7.

Indices

There are 19 Indices to trade with FxPro. Indices are great assets to keep an eye on even when you are not planning to trade them. Indices or indexes can give you an idea of how healthy certain economies and industries are. For instance, Holland25 measures and displays the collective performance of the top 25 Dutch companies. 

The maximum leverage available for trading indices is 200:1 for major indices and 100:1 for minors. As for the cTrader account, the number is lower at only 50:1. 

Commodities

FxPro offers two types of hard commodities, namely metals and energies. Commodity prices change based on changes in supply and demand globally. 

FxPro enables you to speculate on gold, silver, platinum, and palladium prices against the US dollar and Euro. The maximum available leverage is different for each asset. Gold and silver can be traded with up to 200:1 leverage, whereas platinum and palladium offer only up to 50:1 leverage. 

You can also trade US natural gas, UK Brent crude oil, and WTI crude oil with up to 200:1 leverage.

Which Account Types Are Offered by FxPro?

There are many different kinds of traders in the market. Some are more experienced than others. Some only use fundamental analysis while others rely on technical knowledge, and some trade more frequently with smaller timeframes. 

FxPro offers 5 types of trading accounts to choose from in order to satisfy the needs of different traders:

  • MT4 Instant & MT4 Fixed 
  • FxPro MT4 
  • FxPro MT5
  • FxPro cTrader 
  • FxPro Platform

There is a 50% Stop Out level in place for all types of accounts. The 50% Stop Out level means that whenever the market price goes against your trading position and you are losing money, the broker will automatically close your trade at a 50% margin level to keep funds from going negative. 

Pros & cons of FxPro account types

ProsCons
Only $100 is required to open any type of account.No micro account
Access to swap-free, Islamic accounts. 
Can choose from a large variety of account currencies: EUR, USD, GBP, AUD, CHF, JPY, PLN and ZAR. 

Demo account of FxPro

Demo trading can be very beneficial for both experienced and novice traders. Novice traders get used to trading platforms and learn essential skills without risking actual money. Whereas professionals test and backtest their strategies in a safe environment. 

FxPro offers demo accounts for all of its platforms. The maximum amount of virtual funds you can open your account with is 100k of the account currency and there are 8 account currencies to choose from. 

Keep in mind that the demo account with this broker has a lifespan of only 180 days. You can simply open a new account after 180 days to practice your strategies risk-free. 

MT4 Instant & MT4 Fixed account of FxPro

As the name suggests, the account type offers MetaTrader 4 as its main platform and mobile and web versions of FxPro Edge and MT4. 

The account charges no commission for trading and gets funded by spread markups from your trades. The account type is most suitable for position traders and novice traders. As position traders place fewer orders and prefer saving on commissions while at the same time, are charged with spread markups. The maximum leverage is 200:1 for trading Forex pairs. 

Keep in mind that you can’t trade cryptocurrencies using this account type.

FxPro MT4 account

FxPro MT4 account type and MT4 Instant & MT4 Fixed have a lot in common. The only difference is that in addition to other assets, you can trade cryptocurrencies against USD as CFDs. It has to be noted that the crypto markets are open 24/7.

FxPro MT5 account

As the name suggests, you can only use MetaTrader 5 Software for trading from your PC when using this account type. There is no other difference between MT5 and MT4 account types. Both charge no commission and offer spread markups. MT5 is designed for multi-asset trading whereas MT4 was solely built for Forex. 

FxPro cTrader account

You can only use cTrader desktop, web trader, and mobile apps when choosing this account type. The account offers smaller spreads compared to other types. There is no commission charged per traded traditional lot. However, traders get to pay $45 per $1 million traded.

By using the cTrader platform you can only access Forex, metals, indices, and energies. On the upside, cTrader software is user-friendly and loved by many traders.

FxPro Platform account

You can only use MT4 and the FxPro web trading platforms to place orders using this account. There is no MT5 or cTrader available. 

You can trade Forex, metals, indices, energies, futures, shares, and cryptocurrencies with marked-up spreads and zero commissions. 

Islamic account of FxPro

Charging interest on loans is forbidden by Sharia law. FxPro provides a swap-free account that enables people of the Islamic faith to place orders without going against their beliefs. However, take note that Islamic account holders are charged other types of fees that enable FxPro to finance its services.

In order to open an Islamic account, you can contact customer service or send an email to their back office. 

Getting started on FxPro - Main steps

If you have heard enough and decided to give this broker a try, we’ll guide you through the entire process of account opening. The FxPro’s web page is very user-friendly and we’ll need to take a few steps before you’ll be able to start placing orders.

Step 1: Choose & create your account

First things first, go ahead and open FxPro’s web page. You’ll be able to see the Open Trading Account in brown in the middle of the left part of your screen. By pressing that button you’ll be transferred to the registration page. Fill in your personal information to continue. 

As you finish filling up the application form, you’ll be able to choose a trading platform, account type, and account currency. There are 8 account base currencies to choose from (7 for UK clients). Make sure that you choose the currency that you use the most to save on conversion costs.

FxPro choosing account.JPG

Step 2: Verify your account

The next step is to verify your account. Verification gives you full access to withdrawing your funds and using your personal area. You can upload a scanned copy of the government-issued documents or take digital photos using your phone's camera. Just make sure the data is fully visible and the photos are of high quality. 

FxPro verification.JPG

Step 3: Deposit funds, start analysis & trading

There are various ways that you can use to deposit money into your account. You can choose from Visa, Mastercard, Maestro, bank transfer, broker-to-broker, Skrill, and Neteller. Although, not every option is going to be available in some parts of the world. 

Most deposits take up to 10 minutes except for the bank transfer and broker-to-broker transfer. After the funds get transferred, you’ll be able to start trading live. 

 

Fees & Commissions

Fees and commissions vary across asset types and account types. There’s no commission charged and trading fees are represented as spread markups. cTrader offers smaller spreads but the account is charged a $45 fee per $1 million traded. On the upside, there are no deposit and withdrawal fees from FxPro. However, some intermediaries might charge you for providing services. 

Inactivity fee

FxPro has an inactivity fee of 10 USD per month after 12 months of inactivity. And there's a 15 USD one-off administration fee. In case your account remains inactive, the fee will be charged from your balance until it reaches 0 USD. To avoid inactivity fee payments, keep your balance at 0 or place orders within 12 months. 

Comparing FxPro fees with other brokers

FxPro offers average fees when compared to the competition. In order to better understand the difference, let’s compare the FxPro fees with some of the successful brokerages.

FxPro fees compared to Interactive Brokers fees

Type of FeeFxProInteractive Brokers
EUR/USD SpreadFrom 0.8 pipsFrom 0.6
Fees on DepositsNo1%
Inactivity feeYes, a $15 one-off administration fee followed by $10 per month after 12 months of inactivity.No*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

FxPro fees compared to eToro fees

Type of FeeFxProeToro
EUR/USD SpreadFrom 0.8 pipsFrom 1
Fees on DepositsNo$5 on withdrawals
Inactivity feeYes, a $15 one-off administration fee followed by $10 per month after 12 months of inactivity.Yes, $10/m

FxPro fees compared to IG fees

Type of FeeFxProIG
EUR/USD SpreadFrom 0.8 pipsFrom 0.8
Fees on DepositsNoNo
Inactivity feeYes, a $15 one-off administration fee followed by $10 per month after 12 months of inactivity.Yes, $10/m

Trading Platforms of FxPro Reviewed

FxPro offers the full set of MetaTrader platforms. MetaTrader 4 and 5 are super reliable and both platforms are well-established as MT4 was developed in 2005 and MT5 was released 5 years later. Not much has changed in terms of how they look and function over the years. Due to their reliability, they remain the most widely used trading platforms today. 

cTrader is a modern-looking software, with a slick and user-friendly interface. The platform offers more tools and timeframes than MetaTrader's software and it’s easier to calculate trading sizes. The only downside is that cTrader doesn’t support share trading.

Mobile Experience

The mobile apps on offer vary depending on the trading account type you use. For example, if you have a cTrader account, you can only get the cTrader mobile app. Similarly, for MT5 and MT4 accounts MT5 and MT4 mobile apps are available.

Mobile trading is an absolute necessity as it can help you open and close orders in emergency situations like power outages, lost internet connections, and more. No matter which account type you choose, the mobile apps offered by this broker will give you full access to all of the important features of trading.

Education & Research Tools

FxPro provides educational videos for both advanced and beginner traders. In addition, there's an economic calendar and trading calculators available for traders. However, the educational material is limited compared to industry leaders. 

Customer Support of FxPro

FxPro offers superb customer service. You can reach the broker directly from its webpage via live chat. In addition, you can call them or send an email. 

There’s no annoying chatbot that passes time while you wait for a customer service agent to become available. We got fast and useful, direct answers whenever we asked trading-related questions to customer support agents. 

The support team is ready to aid you 24/7 in English. Moreover, customer support is available in more than 20 other languages. 

Conclusion

FxPro is a great multi-asset broker, regulated in four jurisdictions and trusted globally. There are more than 2100 assets available for trading including Forex, CFDs on stocks, indices, commodities, cryptocurrencies, and futures. 

Fees are average and leverage goes up to 200:1. What’s great about this broker is that it offers 4 different types of desktop software to choose from. 

Customer support is superb and available 24/7 in English, while also offering support in more than 20 other languages. 

7.4

7.4

Average based on 5 user reviews
Safety 7.60
Assets 8.00
Accounts 6.40
Fees 6.80
Desktop platforms 8.00
Mobile platforms 6.40
Education 6.40
Support 7.60
Have experience with FxPro? Log in to leave a review
aubrey.hart reviewed 442 days ago
Demo Less than a month experience
7.25

7.25

Good: Seems good so far
Pros
I really enjoyed my whole trading experience on FxPro. Most notably I liked the wide selection of assets.
Cons
I would criticize their trading platforms design. They are little complicated to navigate.
bailey.johnson reviewed 442 days ago
Live Less than a month experience, under $1,000 account size
7.13

7.13

Good: there are good things and bad things about them
Pros
I like assets and fees
Cons
I dislike education and customer support.
conrad.cash reviewed 442 days ago
no experience
7.38

7.38

Good: Looks better than anticipated
Pros
Looks to be a broker worth a shot.
Cons
Higher leverage would be nice.
turner.clay reviewed 442 days ago
Live 3-6 months experience, under $1,000 account size
8.25

8.25

Great: Overall, great exp.
Pros
What I love about this broker is that I can contact the CS anytime I need. They are available 24/7. And there are so many assets to trade.
Cons
I wish there was more available leverage. Traders like me who invest small amounts need more than 200:1 leverage.
jenson.harris reviewed 442 days ago
Live 3-6 months experience, $5,000+ account size
7

7

Good: A surprisingly good experience, would recommend
Pros
Helpful customer support and a well-functioning trading platform.
Cons
Account fees could be better optimized. Educational materials are also lackluster.

FAQs on FxPro

Is FxPro regulated?

Yes, FxPro is regulated and authorized in four jurisdictions. The list of regulatory bodies includes the Financial Conduct Authority of the UK (FCA), CySEC, the Securities Commission of The Bahamas (SCB), and the Financial Sector Conduct Authority in South Africa (FSCA).

What trading platforms are available at FxPro?

FxPro offers a full set of MetaTrader platforms, cTrader, and FxPro Platform. In addition, there are web-based and mobile trading apps available for Android and Apple devices.

What assets are available for trading?

With FxOpen you can trade 6 different types of assets. The list includes Forex, CFDs on stocks, indices, commodities, cryptocurrencies, and futures. However, it must be noted that cTrader doesn’t support stock trading.