FxPro Trading Broker Review 2024

FxPro is a well-established and globally recognized forex and CFD broker, offering a comprehensive trading experience tailored to both novice and professional traders. Founded in 2006, FxPro has built a strong reputation in the industry, providing access to over 70 currency pairs, as well as a wide range of other financial instruments, including indices, commodities, shares, and futures. With its competitive pricing, state-of-the-art trading platforms, and robust regulatory framework, FxPro stands out as a reliable choice for traders seeking a transparent and secure trading environment. Our self-tested FXPro review dives deep into every aspect of the broker, examining its features, fees, regulations, and more, to help you make an informed decision on whether this broker is the right fit for your trading needs.

Why to choose FxPro?

Choosing FxPro as your broker comes with several compelling advantages that cater to both beginner and seasoned traders. First and foremost, FxPro’s robust regulatory oversight by multiple top-tier authorities provides a high level of security and trust. Traders can feel confident knowing that their funds are safeguarded, and the broker adheres to stringent compliance standards.

Additionally, FxPro stands out for its diverse range of trading instruments, allowing clients to explore various markets from forex to shares, commodities, and more. This diversity, combined with competitive pricing and zero deposit fees, makes it an attractive option for traders seeking value and variety.

The broker’s advanced trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, offer a seamless trading experience with powerful analytical tools and fast execution speeds. This flexibility ensures that traders of all levels can find a platform that suits their needs.

FxPro offers a broad and diverse selection of trading instruments, making it a versatile broker suitable for traders with various strategies and interests. Below is a detailed overview of the trading instruments available:

• Forex: FxPro provides access to over 70 currency pairs, including major, minor, and exotic pairs. This extensive range allows traders to capitalize on opportunities across different global markets.

• Indices: The broker offers CFD trading on major global indices, including the S&P 500, NASDAQ, FTSE 100, and DAX 30. These indices cover various regions, allowing traders to gain exposure to global economic trends.

• Commodities: Traders can invest in a wide range of commodities, including precious metals like gold and silver, energies such as oil and natural gas, and agricultural products like coffee and wheat. This diversity enables traders to hedge risks or diversify their portfolios.

• Shares: FxPro offers CFD trading on shares from major global exchanges, including the NYSE, NASDAQ, and LSE. Traders can access over 150 popular shares, including blue-chip stocks and leading tech companies.

• Futures: FxPro also provides futures contracts on indices, commodities, and energies. This allows traders to speculate on the future price movements of various assets with leverage.

• Cryptocurrencies: Although FxPro’s primary focus is not cryptocurrencies, it offers a select number of crypto pairs, enabling traders to access this volatile market.

With such a comprehensive range of instruments, FxPro caters to a wide array of trading strategies, from short-term forex trading to long-term investment in global equities and commodities.

FxPro is transparent with its trading fees, which vary depending on the type of account and the trading platform used. Below is a detailed breakdown of the various fees associated with trading on FxPro:

Deposit Fee at FxPro

FxPro does not charge any fees for deposits. This is a significant advantage for traders, as it allows them to fund their accounts without worrying about additional costs.

Withdraw Fees at FxPro

FxPro does not charge withdrawal fees for most payment methods, including bank transfers, credit/debit cards, and e-wallets like PayPal and Neteller. However, fees may be applied by the payment provider itself, so it’s essential to check with your service provider.

Account Fee

There are no account maintenance fees with FxPro, meaning that traders won’t face any unexpected charges simply for holding an account. This helps to keep the cost of trading low.

Inactivity Fee

FxPro charges an inactivity fee of $15 per month after 12 months of non-use. Additionally, a one-time fee of $5 is charged after the sixth month of inactivity. This fee is common among brokers, though it’s something to be aware of if you are not an active trader.

Spreads and Commissions

The spreads at FxPro depend on the account type and platform. For example, the MetaTrader 4 account offers spreads starting from 1.4 pips with no commissions, while the cTrader account features raw spreads from 0.0 pips with a commission of $4.5 per lot. The spreads on MetaTrader 5 are similar to those on MetaTrader 4. Overall, FxPro’s spreads are competitive, but active traders may find better pricing with the cTrader account due to its lower spreads and commission structure.

FxPro is a well-regulated broker, operating under the supervision of multiple respected financial authorities worldwide. This robust regulatory framework ensures that FxPro adheres to strict standards of transparency, security, and fairness, providing traders with peace of mind.

Regulator Licences of FxPro

FxPro holds licenses from several top-tier regulatory bodies, including:

• FCA – Financial Conduct Authority – United Kingdom:
  License number 509956. The FCA is one of the most respected financial regulators globally, ensuring high standards of investor protection.
• CySEC – Cyprus Securities and Exchange Commission – Cyprus:
  License number 078/07. CySEC is known for its strict regulatory requirements and adherence to European Union regulations.
• FSCA – Financial Sector Conduct Authority – South Africa:
  License number 45052. The FSCA oversees the financial markets in South Africa, ensuring that FxPro operates transparently and ethically.
• SCB – Securities Commission of The Bahamas – Bahamas:
  License number SIA-F184. The SCB regulates financial services in The Bahamas, ensuring compliance with local and international standards.

Investors Protection

FxPro offers investor protection through its various regulatory frameworks:

• UK FCA Protection: Under the FCA, clients are covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person, in the event of broker insolvency.

• CySEC Protection: Clients under CySEC regulation are covered by the Investor Compensation Fund (ICF) up to €20,000 per person.

• Segregation of Client Funds: FxPro maintains client funds in segregated accounts with top-tier banks, ensuring that these funds are not used for operational purposes and remain safe even if the company faces financial difficulties.

About FxPro

Established in 2006, FxPro has grown to become one of the leading brokers in the industry. Over the years, it has received numerous awards for its services, including “Best Forex Broker” and “Most Trusted Broker.” FxPro has expanded its global presence, serving clients in over 170 countries, and has processed over 455 million orders to date. Its long-standing reputation and consistent recognition in the industry highlight FxPro’s commitment to providing a secure and transparent trading environment.

FxPro’s regulatory status and strong history make it a trustworthy option for traders looking for a secure and well-regulated trading partner.

FxPro offers a wide range of trading platforms to cater to the diverse needs of its clients. Whether you are a beginner or an experienced trader, FxPro provides access to advanced tools and features across multiple platforms. Below is a breakdown of the various trading platforms available:

Mobile Trading Platform

FxPro provides mobile trading apps for all its platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and FxPro Edge. The mobile apps are available on both iOS and Android devices, offering traders the flexibility to manage their trades on the go. The mobile platforms are equipped with most of the features found on their desktop counterparts, including charting tools, technical indicators, and one-click trading. The interface is user-friendly, ensuring smooth navigation and quick execution.

Web Trading Platform

For traders who prefer not to download software, FxPro offers web-based versions of MT4, MT5, and cTrader. These platforms can be accessed directly through a browser, providing the same powerful features as the desktop versions. The web platforms are highly responsive, offering fast execution speeds and real-time data. With secure login and cross-device synchronization, traders can switch between devices seamlessly without compromising on performance or security.

Desktop Trading Platform

The desktop platforms offered by FxPro include MetaTrader 4, MetaTrader 5, and cTrader. These platforms are ideal for traders who require advanced charting tools, algorithmic trading options, and full customization. The desktop platforms are known for their reliability and stability, making them suitable for professional traders who need powerful analytics and fast execution. Features like Expert Advisors (EAs) in MT4 and MT5 allow for automated trading, while cTrader offers advanced order types and level II pricing.

FxPro Edge Trading Platform

FxPro Edge is FxPro’s proprietary trading platform, designed to offer a customizable and user-friendly trading experience. Launched as a web-based platform, FxPro Edge stands out for its flexibility, allowing traders to create a trading environment that suits their individual preferences and strategies. Below is a detailed overview of the FxPro Edge platform:

Key Features

• Customizable Dashboards: FxPro Edge allows users to design and arrange their trading workspace according to their needs. Traders can create multiple dashboards, each tailored for different strategies or market conditions. This flexibility ensures that all necessary tools and information are readily accessible.

• Range of Widgets: The platform supports a variety of widgets, including price charts, trading tickets, economic calendars, and market news. Traders can add, remove, or rearrange widgets to keep their workspace clean and focused on the tools they use most frequently.

• User-Friendly Interface: FxPro Edge is designed with a sleek and intuitive interface that caters to both beginners and experienced traders. The platform’s layout is clean, and navigation is straightforward, making it easy to execute trades and monitor markets without unnecessary complexity.

• Advanced Charting Tools: The platform offers a comprehensive suite of charting tools that include multiple timeframes, drawing tools, and technical indicators. Traders can analyze market trends and price movements in real time, enabling them to make informed trading decisions.

• Risk Management Features: FxPro Edge includes built-in risk management tools, such as stop-loss, take-profit, and trailing stop orders. These tools help traders manage their exposure and protect their capital in volatile markets.

• Spread Betting (UK clients only): FxPro Edge is particularly advantageous for UK clients as it supports spread betting, which is a tax-free alternative to traditional trading. This feature allows traders to speculate on market movements without actually owning the underlying asset, with profits exempt from capital gains tax.

Performance and Reliability

FxPro Edge is a web-based platform, meaning it does not require any downloads or installations. It is accessible from any device with an internet connection, offering seamless transitions between devices. The platform is known for its stability and speed, ensuring that trades are executed quickly with minimal latency.

Accessibility and Compatibility

As a web-based platform, FxPro Edge is compatible with all major browsers, including Chrome, Firefox, Safari, and Edge. This cross-browser compatibility ensures that traders can access their accounts from any computer or mobile device, regardless of the operating system.

Who Should Use FxPro Edge?

FxPro Edge is ideal for traders who value flexibility and customization in their trading environment. It is particularly suited for those who prefer a web-based platform with advanced charting tools and robust risk management features. UK clients who are interested in tax-efficient trading through spread betting will also find FxPro Edge to be a compelling choice.

In summary, FxPro Edge is a powerful and versatile trading platform that offers a high degree of customization and advanced trading tools. Whether you are a seasoned trader or just starting, FxPro Edge provides the tools and features needed to enhance your trading experience.

FxPro offers a wide range of deposit and withdrawal options, making it convenient for traders from various regions to manage their funds. The broker supports multiple account currencies and provides fast processing times for both deposits and withdrawals.

Deposit Methods

FxPro allows deposits through several methods, ensuring flexibility and convenience:

• Bank Transfers: Available globally, bank transfers can be used for large deposits, though processing may take 1-5 business days depending on the bank.

• Credit/Debit Cards: Visa, MasterCard, and Maestro cards are accepted, providing instant deposit processing.

• E-wallets: FxPro supports popular e-wallets such as PayPal, Neteller, Skrill, and others. These methods typically offer instant deposit processing.

Account Currencies

FxPro offers a selection of base currencies for accounts, including:

• USD (US Dollar)
• EUR (Euro)
• GBP (British Pound)
• CHF (Swiss Franc)
• JPY (Japanese Yen)
• PLN (Polish Zloty)
• AUD (Australian Dollar)
• ZAR (South African Rand)

Having a choice of base currencies helps traders avoid unnecessary conversion fees, especially if they deposit and withdraw in their local currency.

Withdrawal Methods

Withdrawals can be processed through the same methods used for deposits:

• Bank Transfers: Suitable for large withdrawals, though processing can take 1-5 business days.

• Credit/Debit Cards: Typically processed within 1 business day, but may take up to 5 days to appear in the account depending on the bank.

• E-wallets: Generally processed within 24 hours, offering one of the fastest withdrawal methods.

Deposit and Withdrawal Fees

• Deposit Fees: FxPro does not charge any fees for deposits, regardless of the payment method.

• Withdrawal Fees: FxPro also does not charge withdrawal fees for most payment methods. However, there may be charges applied by the payment provider, so it’s advisable to check with your service provider.

Processing Times

FxPro prides itself on offering fast processing times for both deposits and withdrawals. E-wallet transactions are usually instant or within a few hours, while card withdrawals may take 1-5 business days. Bank transfers typically take the longest, ranging from 1-5 business days.

In summary, FxPro provides a broad range of deposit and withdrawal methods, with support for multiple account currencies and no hidden fees. This flexibility ensures that traders from different regions can manage their funds with ease and convenience.

FxPro provides a robust suite of research and educational resources, making it an ideal choice for traders who are keen to enhance their knowledge and stay informed about market trends. Whether you are a beginner or an experienced trader, FxPro’s resources cater to all levels, ensuring that you have the tools necessary to make informed trading decisions.

Research Tools

• Market Analysis: FxPro offers daily market analysis, covering major economic events, market movements, and technical analysis across various asset classes. These insights are valuable for traders looking to stay ahead of the market.

• Economic Calendar: The platform features an up-to-date economic calendar that tracks key global economic events, announcements, and reports. Traders can use this tool to anticipate market movements and plan their trading strategies accordingly.

• Trading Calculators: FxPro provides a range of trading calculators, including margin, pip, and currency converters, to help traders manage their risk and make accurate calculations before entering trades.

• News Feed: FxPro integrates a real-time news feed, providing instant updates on market developments and global financial news. This is essential for traders who rely on the latest information to make quick decisions.

Educational Resources

• Trading Academy: FxPro’s Trading Academy is a comprehensive educational hub that offers a variety of resources to help traders improve their skills. It includes video tutorials, webinars, and articles that cover a wide range of topics, from the basics of forex trading to advanced trading strategies.

• Webinars and Seminars: Regular webinars and seminars are hosted by industry experts, providing in-depth analysis and insights on current market conditions and trading strategies. These sessions are interactive, allowing participants to ask questions and engage with the presenters.

• Educational Videos: FxPro offers a library of educational videos that cover various aspects of trading, including platform tutorials, technical analysis, and risk management. These videos are designed to be accessible to traders of all levels.

• Glossary and FAQs: For beginners, FxPro provides a comprehensive glossary of trading terms and a detailed FAQ section. These resources help new traders familiarize themselves with the jargon and concepts of the trading world.

In conclusion, FxPro’s commitment to research and education is evident in the quality and variety of resources they offer. Whether you need market insights, educational materials, or practical tools, FxPro provides everything you need to stay informed and make educated trading decisions.

FxPro offers a highly responsive and professional customer support service, ensuring that traders can get assistance whenever they need it. The support team is available 24/5, matching the global forex market’s trading hours. This ensures that traders across different time zones can access help during the most crucial trading periods.

FxPro provides multiple contact methods, including live chat, email, and phone support. The live chat option is particularly popular, offering near-instant responses, with wait times typically under a minute. This channel is ideal for quick queries and immediate troubleshooting. Email support is also reliable, with responses usually received within a few hours, though more complex inquiries may take up to 24 hours. For those who prefer direct communication, FxPro offers phone support across various international numbers, ensuring localized assistance for clients in different regions. Calls are generally answered promptly, and the support agents are knowledgeable and courteous.

In addition to these traditional support channels, FxPro also has a comprehensive help center on its website. The help center includes a detailed FAQ section, covering a wide range of topics from account management to trading issues. This resource is invaluable for traders who prefer to find answers independently or outside of customer support hours.

Overall, FxPro’s customer support is fast, effective, and accessible, making it easy for traders to resolve any issues that arise, regardless of their location or the time of day.

Account Types

Account Description

Standard Account: The Standard Account is ideal for beginners and offers competitive floating spreads with no commission charges. It is available on MetaTrader 4 and MetaTrader 5, with a minimum deposit of $100.

Raw+ Account: The Raw+ Account is designed for traders who prefer raw spreads from 0.0 pips, with a commission of $4.5 per lot per side. It is available on the cTrader platform and is suitable for traders looking for tight spreads and transparent costs.

Pro Account: The Pro Account is geared towards more experienced traders, offering lower floating spreads starting from 1.0 pips and no commission charges. The minimum deposit is $1,000, and it is available on MetaTrader 4 and MetaTrader 5.

VIP Account: The VIP Account is tailored for high-net-worth individuals and professional traders, offering lower trading costs, a dedicated account manager, and premium support. A minimum deposit of $50,000 is required, and it is available on all platforms.

Islamic Account: The Islamic Account is available for traders who require swap-free trading in accordance with Sharia law. It offers the same conditions as the corresponding Standard, Raw+, Pro, or VIP account, but without overnight interest charges. Instead, a small administration fee may apply.

Demo Account: FxPro offers a free Demo Account for all account types, allowing traders to practice their strategies and familiarize themselves with the platform in a risk-free environment. The Demo Account provides access to virtual funds and real-time market data, making it an excellent tool for beginners and experienced traders alike.

Opening an account with FxPro is a straightforward and user-friendly process that can be completed online in just a few steps. FxPro’s account opening process is designed to be quick, secure, and compliant with regulatory requirements. Below is a step-by-step guide on how to open an account with FxPro.

Steps to Open an FxPro Account:

1. Visit the FxPro Website: Go to the official FxPro website and click on the “Register” or “Open Account” button, typically found at the top right of the homepage.
2. Fill Out the Registration Form: You will be required to complete a registration form with basic personal details, including your name, email address, country of residence, and phone number. Ensure that the information provided is accurate as it will be used for verification purposes.
3. Choose Your Account Type: Select the account type that best suits your trading needs. FxPro offers various account types, including Standard, Raw+, Pro, VIP, and Islamic accounts. You will also choose your preferred trading platform (MT4, MT5, cTrader, or FxPro Edge) and account currency.
4. Verify Your Identity: As part of the Know Your Customer (KYC) process, you will need to upload documents to verify your identity and address. This typically includes a government-issued ID (passport or driver’s license) and a utility bill or bank statement for address verification. FxPro’s compliance team will review your documents and verify your account, usually within 24 hours.
5. Complete the Questionnaire: FxPro requires new clients to complete a short questionnaire about their trading experience and financial knowledge. This is to ensure that you understand the risks associated with trading.
6. Deposit Funds: Once your account is verified, you can deposit funds using your preferred payment method. FxPro supports various deposit options, including bank transfers, credit/debit cards, and e-wallets. The minimum deposit requirement varies by account type.
7. Start Trading: After funding your account, you can start trading immediately. Download your chosen trading platform or use the web-based version to access the markets and begin executing trades.

Account Opening Considerations

FxPro ensures that the account opening process is secure and adheres to regulatory standards. While the verification process is typically quick, it may take longer if additional documents are required. Traders should ensure that they have all necessary documents ready to avoid delays. Additionally, FxPro offers excellent customer support to assist with any issues during the account opening process.

Overall, opening an account with FxPro is a smooth process, designed to get you trading quickly while maintaining high levels of security and compliance.

After thoroughly testing and reviewing FxPro, it is clear that this broker stands out as a reliable and well-rounded choice for traders of all levels. FxPro’s strong regulatory framework, diverse range of trading instruments, and advanced trading platforms make it a compelling option for both beginners and seasoned professionals.

Key Strengths:

• Regulation and Security: FxPro is regulated by multiple top-tier authorities, including the FCA, CySEC, and FSCA, ensuring a high level of investor protection and operational transparency.

• Variety of Trading Platforms: FxPro offers industry-leading platforms such as MetaTrader 4, MetaTrader 5, cTrader, and its proprietary FxPro Edge, catering to different trading styles and preferences.

• Wide Range of Instruments: With access to over 400 instruments across forex, shares, indices, commodities, and futures, FxPro provides ample opportunities for portfolio diversification.

• Transparent Fee Structure: FxPro is upfront about its fees, offering competitive spreads and low commission rates, particularly on its Raw+ accounts.

Areas for Improvement:

• Higher Spreads on Standard Accounts: The spreads on FxPro’s Standard Account can be higher compared to some competitors, particularly for less active traders.

• Limited Social Trading Features: While FxPro excels in many areas, it offers limited options for social or copy trading, which could be a drawback for traders interested in these features.

Conclusion:

FxPro excels in providing a comprehensive trading experience with its robust regulatory status, advanced platforms, and broad range of trading instruments. While there are some areas where it could improve, such as expanding its social trading features, the overall offering is solid. FxPro is particularly well-suited for traders who prioritize security, platform choice, and market access. Whether you are a beginner looking for a trustworthy broker or an experienced trader seeking advanced tools and diverse markets, FxPro is a broker worth considering.

In conclusion, our self-tested review shows that FxPro delivers on its promise of offering a secure, transparent, and versatile trading environment. It is a top-tier broker that can meet the needs of various types of traders.

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FAQ

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Risk Disclaimer

Trading financial instruments, including but not limited to forex, CFDs, stocks, and cryptocurrencies, carries a high level of risk and may not be suitable for all investors. The leveraged nature of these products can work both to your advantage and disadvantage. As a result, you may lose more than your initial investment.

Before deciding to trade, it is essential to understand the risks involved fully. Ensure you are aware of your risk tolerance and seek independent financial advice if necessary. Past performance is not indicative of future results, and no trading strategy can guarantee returns.

MarketBulls makes every effort to provide accurate and reliable information. However, we do not guarantee the completeness, timeliness, or accuracy of the information provided. MarketBulls is not responsible for any losses incurred as a result of trading decisions based on the information presented on this site.

Please note that trading leveraged products carries a significant risk of losing all your invested capital. It is crucial to only trade with money you can afford to lose. MarketBulls does not offer financial advice, and all content is for informational purposes only.