FxPro Review

FxPro is a financial services company founded in 2006, providing online trading services. Their mission is to offer a reliable platform for traders globally. FxPro specializes in forex and CFD trading, offering assets like stocks, indices, metals, and cryptocurrencies. FxPro has transparent and efficient trade execution, and less than 1% of client orders requiring adjustments in 2024.

The company offers +400 CFDs through MetaTrader and about 100 through cTrader. It doesn’t provide binary options trading. The firm is regulated in multiple Tier-1 jurisdictions, including the UK’s Financial Conduct Authority (FCA).

FxPro Company Information

FxPro has over 90 UK and international awards. The company provides Contracts for Difference (CFDs) and Spread Betting* across 6 asset classes, encompassing Forex, Futures, Shares, Spot Indices, Spot Metals, and Spot Energies, serving clients in over 170 countries.Co-founded by Denis Sukhotin.FxPro is located in London, England, United Kingdom.

What Makes Trading at FxPro Different

FxPro earned its place as a leading broker, standing out in September 2023 with an impressive 85% recommendation rate from traders who used their services. 

FxPro  has +8 payment methods, and what sets them apart is the convenience of instant withdrawals across the board. This means that when you decide to cash out, there’s no waiting period – your funds are immediately available.

FxPro Licence and Jurisdiction

FxPro is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. This regulatory body ensures that the broker operates respecting the established financial standards and has a secure trading environment. 

FxPro Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (license no. 078/07). FxPro Global Markets Limited is authorized and regulated by the Securities Commission of The Bahamas (license no. SIA-F184)

Spreads & Commissions

FXPro offers fixed and variable spreads. The broker’s cTrader platform with commission-based pricing, provides competitive spreads, with the EUR/USD pair having an effective spread of approximately 1.27 pips.

On the MT4 Raw Spread account, they offer spreads without markup on FX & Metals, with a commission of $3.50 per lot. All of the other Metatrader 4 & 5 account types are with marked-up spreads and zero commission. On the cTrader platform account, spreads on FX & metals are lower, with a commission of $35 per $1million USD traded.Spreads are floating, which means they are variable and fluctuate according to market conditions, with the exception of the ‘MT4 Fixed’ account which offers fixed spreads on 9 major FX pairs & one minor, during certain time periods. For details of the Fixed spreads, please check their website specifications for EURGBP, EURJPY, EURUSD, GBPJPY, GBPUSD, USDCAD, USDJPY. USDCHF, EURCHF & AUDUSD.

Fees

Low trading fees. FxPro trading fees include spreads and potential commissions, depending on the chosen platform and account type. FxPro applies an inactivity fee and it is a $15 one-off account maintenance fee and $5 monthly fee after 6 months of inactivity.

FxPro will charge a Currency Conversion Fee for all trades on instruments denominated in a currency different to the currency of your account. The fee is charged as the following: Exchange rate received from liquidity providers plus a mark-up

FxPro Demo Account 

To start using the demo account, follow these steps:

• Visit the FxPro website.
• Click on the “Open Demo Account”
• Fill in the required details, including your name and email address.
• Choose your preferred trading platform (e.g., MetaTrader or cTrader) and set your initial virtual balance.
• Submit the registration form.

Once registered, you will receive login credentials for the demo account. Use these to log in to the trading platform and start practicing with virtual funds. The demo account allows you to test strategies, and explore features. It’s a valuable resource for both beginners and experienced traders looking to acquaint themselves with FxPro’s platform.

Order Execution

FxPro has very efficient order execution. The broker has a reputation for swift and accurate trade processing without delays. This is crucial for traders looking to capitalize on market opportunities in real-time.

Handling Orders During High Volatility or News Events:

The broker is equipped to handle increased trading activity. This helps that the orders are processed on time in volatile market conditions. This is essential for traders who wish to execute orders without facing slippage or delays during critical market movements.

Restricted Countries 

The Islamic Republic of Iran, Canada, Côte d’Ivoire, Cuba, Afghanistan, Bosnia and Herzegovina, or Myanmar, Vanuatu, Iraq, Liberia, Zimbabwe, Yemen, Somalia, South Sudan, Syria, Tunisia, Sudan, North Korea, Congo, Puerto Rico, and Libya are among the countries banned from FxPro.

FxPro  Allowed Countries

173 permitted countries. These include the United Kingdom, Indonesia, Cyprus, UAE, France, Germany, Bahamas, Italy, South Africa, Thailand, Singapore, Hong Kong, India, Sweden, Australia, Luxembourg, Saudi Arabia, Qatar, Norway, Denmark, etc.

Trading Hours & Time Zones

The forex market operates 24 hours a day, five days a week, allowing for continuous trading. The key trading sessions include the Asian, European, and North American sessions. 

FxPro’s trading platform is available 24/5, mirroring the continuous nature of the forex market. This means that clients can access the platform and execute trades at any time from Monday to Friday. The broker ensures that its services are consistently accessible, providing flexibility for traders in different time zones.

Market Analysis & Signals

FxPro offers insights into market trends, economic indicators, and potential trading opportunities. Traders can access trading signals that offer actionable information based on thorough market analysis.

How Traders Can Use This Information to Make Informed Decisions:

Analysis/Tool	Description
Fundamental Analysis	Traders can use the fundamental analysis reports to understand the factors that influence the asset prices. These factors include monitoring economic indicators, geopolitical events, and central bank policies.
Technical Analysis	The technical analysis tools help you analyze historical price movements and identify potential future trends. Chart patterns, indicators, and oscillators aid in making predictions about the market direction.
Market Trends	You can use trend analysis reports to identify if an asset is in an uptrend, downtrend, or a sideways trend. This insight guides decision-making on entering or exiting positions.
Trading Signals	You can use these signals as a basis for research or as insights for executing trades.
Risk Management	This involves setting stop-loss orders, managing position sizes, and diversifying portfolios to mitigate potential losses.
Candlestick Patterns	Candlestick patterns are visual representations of price movements. Traders can learn to interpret these patterns from analysis reports, identifying potential reversals or continuations in market trends.

FxPro KYC Process

FxPro follows a Know Your Customer (KYC) process for account verification. You are required to submit specific documents to complete the KYC process:

• Proof of Identity: A government-issued photo ID, such as a passport, driver’s license, or national ID card, is typically required. This document serves to verify your identity.
• Proof of Address:  Such as utility bill, bank statement, or any official document that displays their residential address. This is necessary for confirming your place of residence.
• Proof of Payment: In some cases, proof of payment method may be required. This could include a copy of the credit card used for funding the account or a bank statement reflecting the transaction.

Traders can typically upload these documents directly through the broker’s online platform or submit them via email. Once the documents are reviewed and verified by FxPro’s compliance team, the trader’s account will be fully verified, enabling them to engage in trading activities without any restrictions.

Trading Assets, Indicators & Features 

FxPro provides a diverse range of trading assets, including:

• Currencies: Major, minor, and exotic currency pairs.
• Stocks: A selection of global stocks.
• Commodities: Precious metals like gold and silver, and energy commodities such as oil.
• Indices: Representative indices from various global markets.

Tools and Technical Indicators:

• Charting Tools: Visualize price movements over different time frames. These tools help you in identifying trends and patterns.
• Technical Indicators: Moving averages, Relative Strength Index (RSI), and Bollinger Bands and more. You can apply these indicators to analyze price data and make informed decisions.
• Risk Management Tools: FxPro integrates risk management tools, including stop-loss and take-profit orders. These features enable traders to set predefined levels for automatic execution, helping manage potential losses and gains.

Sample of available assets: 

• Stocks: IBM (US), MICROSOFT (US), APPLE (US), CITI (US), COCA COLA (US), GAZPROM (RUSSIA), HSBC HOLDINGS (LONDON), LUKOIL (RUSSIA), NIKE (US), SBERBANK (RUSSIA), TATA MOTORS (INDIA), TESCO (UK), AMAZON (US), GOOGLE (US), FACEBOOK (US), TWITTER (US), EBAY (US), ALIBABA (US), MCDONALDS (US), WALT DISNEY (US).
• Currencies: EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, USD/CHF, USD/JPY, USD/RUB, USD/SGD, USD/TRY, USD/ZAR.
• Commodities: COFFEE, GOLD, OIL (LIGHT SWEET CRUDE), PLATINUM, SILVER, SUGAR, WHEAT.
• Indices: BOMBAY SE, DAX (GERMANY), DOW (US), DUBAI FINANCIAL MARKET GENERAL INDEX (DUBAI), FTSE 100 (UK), HANG SENG (HONG KONG), KUWAIT GENERAL INDEX (KUWAIT), MICEX 10 (MOSCOW INTERBANK EXCHANGE), NASDAQ (US), NIKKEI 225 (JAPAN), RTS (RUSSIAN TRADING SYSTEM, MOSCOW, RUSSIA), S&P 500 (US), SSE 180 (SHANGHAI STOCK EXCHANGE), TADAWUL (SAUDI STOCK EXCHANGE), TEL AVIV 25, TOPIX.

Educational Resources

FxPro offers educational materials to support you in bruising up your skills and to better understand the financial markets. These resources include:

• eBooks
• Video Tutorials
• Webinars
• Guides
• Blogs

Educational Content for Beginners:

Feature	Description
Dedicated Education Section	Beginners can navigate to the dedicated education section on the FxPro website. Here, they will find a centralized hub for all educational materials.
Account Dashboard	Upon creating an account, traders can access educational resources directly from their account dashboard. This ensures easy access without navigating away from the trading platform.
Email Notifications	FxPro may send notifications or newsletters containing links to educational content. Beginners can subscribe to these updates to receive timely information and learning materials.
Customer Support Guidance	The customer support team at FxPro is available to guide beginners on accessing educational resources. Traders can reach out for personalized assistance.
Progress Tracking	Beginners can track their progress through educational materials, ensuring a structured learning experience. This may include quizzes or progress indicators within the educational platform.

Does FxPro Offer Bonuses?

No. FxPro does not currently offer bonuses to traders. 

In terms of additional services, FxPro provides Virtual Private Server (VPS) hosting for traders. VPS hosting offers a dedicated environment for automated trading strategies. 

FxPro occasionally runs specific promotional campaigns or contests for traders. These initiatives may include special trading conditions, discounted fees, or participation in trading competitions. 

FxPro Trading Accounts

FxPro offers: Demo, MT4, MT5, cTrader, VIP, swap-free, company and joint accounts. 

Demo accounts help beginners to learn how to trade and allow experienced traders to experiment and test new strategies in a risk-free environment.

To register for a live trading account, click on the ‘Register‘ icon on the FxPro homepage and follow the steps required to complete the sign-up process. You will be asked to upload your ID document(s) during the process, or you can upload them later via FxPro Direct. You can also register through the FxPro App for iOs & Android. Once registered, you can proceed to fund your account and start trading on any of the platforms listed.

FxPro offers swap-free accounts for religious purposes. However, fees may be applied once trades on certain instruments are open for a specific number of days.

VIP Premium Accounts are offered to individuals with high deposits (typically $50k or equivalent) and those actively trading large volumes. VIP clients benefit from free VPS service and the possibility of decreased spreads/commissions.

To open a joint account, each person must first open an individual FxPro account and then fill a Joint Account Request Form which can be obtained by contacting our Back Office Department at [email protected].

You can open a trading account on your company name going through the usual sign-up procedure. You will need to enter the personal details of the authorized representative and then log into FxPro Direct to upload official company documentation such as a certificate of incorporation, articles of association etc. After this, their Back Office Department will review them and assist in the completion of the application.

Jurisdictions available will depend on your country of residence. FxPro does not offer Contracts for Difference(CFDs) to residents of certain countries such as the United States of America and the Islamic Republic of Iran.

How to Start Trading at FxPro

Click the ‘Register’ button and open your New FxPro Direct account. 

• Fill out the form with your name, country of residence and email.
• Set the password.Specify your nationality, date of birth and mobile number. 
• Your residential address.
• Fill in as many details as possible on the form about your financial experience and situation.
• The next important step is a small test for financial markets knowledge.
• Put the default trading account settings. 
• Later, you can open additional real and demo accounts with other preferences at any time.
• Right after that, you may undergo the KYC process by uploading the digital copies of the documents required.

Don’t forget to check your inbox! The FxPro Team will send you an email with account credentials. Please keep them safe.

You will be able to fund your account once it gets verified to start trading with FxPro.

Step	Instruction
Account Login	Go to the official FxPro website and find the ‘Login’ section.
Enter Your Credentials	Input your registered username and password.
Two-Factor Authentication (if enabled)	If you’ve enabled two-factor authentication, follow the additional steps to verify your identity.
Access Your Trading Dashboard	Once logged in, you’ll have access to your trading dashboard. Here, you can view account details, fund your account further, and access trading tools.

Mobile Trading on FxPro

FxPro offers a user-friendly mobile trading experience through its mobile app, allowing traders to stay connected to the markets on the go. Here are key features and aspects of usability:

FxPro Edge App:

Access to the proprietary FxPro Edge app designed for mobile trading. Intuitive interface with easy navigation for efficient order placement and monitoring. Availability on both Android and iOS platforms. Receive real-time market data, live charts, and price quotes for informed decision-making. Execute trades with a few taps, ensuring quick response to any type of market movements.

Trading Features and Resources on FxPro

FxPro offers the option to apply a rollover or swap to extend the settlement date of an open position to the next trading day. This is commonly used in forex trading to avoid the actual delivery of the currency.

Traders on FxPro can utilize the Early Close feature to exit a trade before its scheduled expiry time. This can be beneficial to secure profits or minimize losses based on market conditions.

FxPro provides a social trading platform where users can engage in copy trading. The “Follow” feature allows traders to automatically replicate the trades of successful investors.

Traders can set parameters such as the following period, maximum per trade amount, and total investment limit to manage the level of risk and control their copy trading strategy.

The platform may facilitate automated copy trading, allowing users to let the system execute trades on their behalf based on the chosen strategy and risk preferences.

FxPro Payment Options 

FxPro supports credit/debit cards, bank transfers, and various e-wallets.

Deposit process

• After logging in to your FxPro trading account, go to the ‘Deposit’ or ‘Fund Account’ section.
• Select your preferred deposit method from the available options. 
• Specify the amount you wish to deposit into your trading account. Ensure it meets the minimum deposit requirement.
• Provide necessary payment details, including card information or e-wallet credentials, based on your chosen deposit method.
• Review the transaction details and confirm the deposit. 

Once the deposit is processed, your trading account balance will be updated, and you can start trading.

Withdrawal Process:

• Log in to your FxPro account and navigate to the ‘Withdrawal’ or ‘Request Withdrawal’ section.
• Select your preferred withdrawal method. FxPro typically allows withdrawals through the same methods used for deposits.
• Make sure you respect the minimum withdrawal limits.
• Complete the withdrawal request by providing necessary details and confirming the transaction.
• The processing times for withdrawals can vary based on the chosen withdrawal method. Bank transfers may take longer compared to e-wallets or credit/debit cards.
• Check  your trading account

FxPro Trading Platforms

FxPro offers top trading platforms, let’s check the features of the 3 most popular ones. .

MetaTrader 4 (MT4):

• A widely used and popular platform in the industry.
• Available for desktop, mobile, and web, ensuring flexibility in trading.

MetaTrader 5 (MT5):

• The successor to MT4, offering additional features.
• Accessible on desktop, mobile, and web platforms.

FxPro Edge:

• A proprietary platform developed by FxPro.
• Accessible via web and mobile devices.

Desktop:

• MT4 and MT5 are available for desktop users, supporting Windows and Mac operating systems.
• FxPro Edge is accessible through web browsers.

Mobile:

• MT4, MT5, and FxPro Edge have dedicated mobile apps for both Android and iOS users.

Web:

• MT4 and MT5 have web-based versions that can be accessed through browsers without the need for downloads.
• FxPro Edge is a web-based platform.

User Reviews and Broker Community

Positive. FxPro tends to receive positive feedback. The company has an average rating of around 4 stars out of 5 from multiple customer review platforms such as Trustpilot, Sitejabber, and Reviews.io. 

Users highlight FxPro’s user-friendly platform, competitive spreads, versatile trading options, and good customer support. The broker is viewed as highly trusted, with a Trust Score of 90 out of 99, and is generally considered legitimate and reputable within the CFD trading space.

Customer Support 24/5

FxPro offers multiple channels for users to reach out to their customer support team. Traders can connect with them through live chat, email, and phone. These options provide flexibility, allowing users to choose the method that suits their preferences. You can contact them via email or live chat as well as: 

 Office:

• Address: 13/14 Basinghall Street, City of London, EC2V 5BQ, UK
• Phone: +44 (0) 203 151 5550 (24/5)

Cyprus Office:

• Address: Karyatidon 1, Ypsonas 4193, Cyprus
• Phone: +357 25 969 200

Monaco Administrative Office:

• Address: 26, Boulevard des Moulins
• Phone: N/A

Support services are available Monday to Friday 

FxPro is known for its prompt response times, addressing queries and concerns efficiently. The quality of customer support is generally rated positively. Traders appreciate the timely assistance, which contributed greatly to a positive overall customer experience.

Multilingual Support:

FxPro prioritizes accessibility by offering multilingual support to cater to a diverse user base. Traders can interact with the platform and seek assistance in their preferred language, creating a more inclusive and user-friendly environment.

Educational Resources and Tutorials:

To empower users, FxPro provides an array of educational resources and tutorials. These materials serve as valuable guides for traders at all levels, from beginners to experienced professionals. The availability of educational content enhances users’ understanding of the platform’s features and helps them make informed trading decisions.

Verdict

FxPro stands out as a reputable broker with several notable benefits:
Being regulated in multiple jurisdictions, including Tier-1 regulators like the Financial Conduct Authority (FCA), enhances the trustworthiness of FxPro. With a range of platforms, including MetaTrader, cTrader, and the proprietary FxPro Edge. FxPro provides essential risk management tools such as stop-loss and take-profit orders, empowering traders to protect their investments. The broker offers a wealth of educational resources, supporting both beginners and experienced traders in enhancing their skills and understanding.

While FxPro has its strengths, it’s essential to consider some potential drawbacks:
FxPro’s pricing, especially on its proprietary platform, may not be as competitive as some industry leaders, potentially affecting cost-conscious traders. The proprietary FxPro Edge platform, while promising, might need further enhancements to compete with the best in the industry.

FAQ