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Editor Rating
- 4.5/5 – Very Good
- FxPro.com
- Website:
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Review Summary:
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FxPro is among the top MetaTrader brokers available online. It features multiple account options and gives traders a desktop option and a potential mobile app in the works to trade currencies, gold, and more.
Table of contents
If you’re considering creating an account and trading with FxPro, we’ve done a deep dive into the platform so you can decide if it’s the best platform for you to use.
About FxPro
FxPro was founded in 2006 and has completed more than 45 million orders since its launch. It’s a large platform with around 1.8 million clients worldwide and was the first platform to sponsor an F1 team. FxPro has clients that live in 173 countries, making it one of the most inclusive platforms available.
They have over one million euros in company capital and seven global sponsorships and can fill more than 7,000 orders every second.
The company has four offices in various locations. There’s one office in the United Kingdom, one in South Africa, one in Cyprus, and one in the Bahamas. There are more than 200 employees scattered between these four offices.
It’s super easy to sign up for an account with FxPro. You’ll enter all your information, provide a valid photo ID, and wait for the company to approve your live trading account. There is a minimum deposit of $100 to start trading, which is pretty low compared to other trading platforms. Although they will recommend that you deposit $1,000 to get into trading, you don’t have to.
They’ve also won over 90 awards since its launch in 2006, making them a desirable trading platform. One award they won was in 2020 when FxPro won The Best Trading Platform. They also won Best CFD FX Provider of 2021 and the Best FX Provider of 2021.
Top Features of FxPro
The features of using FxPro are abundant. The first is that they have their own proprietary app, making managing, trading, and learning more about the market ten times easier. You’ll have access to MetaTrader and cTrader software to do your trading whenever possible.
An easy-to-use platform is a top feature of FxPro. You can use FxPro Direct if you have a CFD account. You’ll see several charts showing volume data and then make the decisions you want to make based on those factors.
They offer four trading platforms, including MT4, MT5, cTrader, and FxPro Edge.
They also provide all their clients access to high-end market research to inform them about any of the divisions they’re about to make. The client portal shows written materials and educational videos to show current market conditions in real-time.
You’ll also have various payment options available to you with this platform. You can use a VISA, Mastercard, bank transfer, or a broker-to-broker transfer.
FxPro Pricing and Fees
FxPro has an award-winning pricing model. While it’s a little higher than the industry average, with millions of clients, the platform’s features outweigh the slightly higher prices. Their pricing platform uses no dealers’ desk intervention, making things move faster than ever.
If you’re looking for their most competitive options, they are on their cTrader platform, which has commission-based pricing. You can trade in USD or Euros for 1.27 pips. This accounts for the average spread time and commission equivalent.
FxPro offers a floating rate, or variable spread, on their MT4 and MT5 platforms. You’ll see spreads for 1.58 and 1.71 when you choose instant execution. Something you’ll notice about FxPro is that there is no fixed pricing. You’ll only see market execution on MT5.
If you plan on trading often, their active trader’s program is worth considering. It’s similar to a VIP account, where you’ll get discounts for trading certain stocks or specific dollar amounts. While general discounts are desirable, they aren’t as great as their competitors.
By far, their best pricing feature is that they can execute substantial orders without having a minimum far away from the current market price. They offer discounts for bulk orders, but they’re not as large as you think they would be.
There are fees associated with using FxPro. The good news is there are no fees for depositing or withdrawing any funds, but there is an inactivity fee. If you don’t use your account to trade for 12 consecutive months, you’ll be charged $15 and another $5 per month for every inactive month after that.
Going along with their inactive charge, if your account sits inactive for more than three years and funds are still in your account, FxPro has the right to claim them, and you’ll have nothing left in the account.
While FxPro won’t charge you a bank transfer fee, the bank you’re using to send the transfer might charge a fee. When you use a credit card, there are no associated fees from FxPro or your credit card institute.
You can make a deposit using various currencies like EUR, AED, KWD, USD, SAR, and RMB. You won’t face any conversion charges if you make deposits in one of these six currencies.
There’s one instance where you might face a fee from FxPro, and it’s when you want to withdraw funds from an account where you’ve made zero trades. If you try to withdraw funds before making a trade, you can face a fee between 2% and 2.6%.
Customer Support
Understanding customer service is essential when signing up for a trading platform. Even the most experienced traders need high-quality customer service when anything goes wrong that’s out of their control.
FxPro provides daily updates and analyses on the current market situation on their website. You can access their blog with their content and information from third parties. Their blog is useful, but most people prefer their YouTube channel because it features platform tutorials, promotional videos, and webinars about market conditions.
Some of the information you’ll find on their blog includes daily articles about market overview, crypto information, and technical analysis of market conditions. The learning center is another great tool from FxPro’s customer service.
The learning center has educational information about trading gold, crypto, and other stocks, making it easy for beginners to understand. They use a mini card feature with 36 cards that help you learn more about trading.
If you ever need to speak to a customer service representative at FxPro, you’ll have access to help 24/7. They offer two customer service phone numbers, live chat options, and email support. They have representatives that can assist you in English, French, German, Chinese, and several other major languages to assist as many clients as possible.
FxPro Licenses/Regulations
Even though the company works in over 170 countries, it doesn’t mean each government regulates them. They’re only legally required to have regulatory bodies in the countries where their offices are.
Since they have an office in the United Kingdom, Cyprus, the Bahamas, and South Africa, their regulatory bodies are:
- Financial Conduct Authority (FCA)
- Financial Sector Conduct Authority (FSCA)
- Cyprus Securities and Exchange Commission (CySEC)
- Securities Commission of The Bahamas (SCB)
Is FxPro Safe To Use?
Yes. Almost everyone who’s used FxPro will agree that it’s a low-risk platform. It’s trusted by millions of people and authorized by a tier-1 regulator, two tier-2 regulators, and one tier-3 regulator. One of high trust, two average trusts, and one low trust regulator.
They approve all their users via their identification cards to ensure you’re only trading with real people, which helps lower your risk when using the platform.
Pros and Cons of FxPro
Now that we’ve gone over the main points of FxPro, here’s a brief overview of the trading platform’s pros and cons.
Pros
- Excellent customer service
- Free withdrawal and deposits
- Educational tools for beginner traders
- Free demo account
- Easy and secure account opening process
Cons
- Some stocks have incredibly high trading fees
- FxPro will charge you an inactivity fee if you’re offline for too long
- Limited to CFDs and forex
Final Thoughts
Overall, FxPro is a great trading platform to use. They’re regulated by several global authorities, making it one of the safest in the business, have reliable customer service, and function in several languages to include people around the world.
They’re a great company to use, but they do have their downsides. The main downside is that you’re limited to forex and CFDs, and they charge an inactivity fee after one year of inactivity. Don’t just take our word for it; you can demo the platform for free before committing to an account and see for yourself.
Editor rating
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.
