FxPro — Broker Review and Trader Feedback

The broker’s headquarter is located in the UK at 13/14 Basinghall Street, City of London, EC2V 5BQ. Their operational headquarter is in Cryprus at Karyatidon 1, Ypsonas 4180, Cyprus while the administrative office is at 326, Boulevard des Moulins, Monaco, 98000. FXPro was established with the goal of providing its traders with a wide range of investment choices. Currently, their product offerings include over 200 different financial instruments.

Regulated in multiple jurisdictions: FxPro is regulated by the Financial Conduct Authority (FCA) in the UK and by the Cyprus Securities Exchange Commission (CySEC) in Cyprus. Under the FCA, the deposit protection limit is 50,000 pounds whereas for CySEC, the deposit protection limit is 20,000 euros.

Choices of trading platforms: FxPro offers 4 main types of trading platform, the MetaTrader 4. The MetaTrader 5, FxPro cTrader and FxPro Markets. Each of these trading platforms have their own distinctive strengths. For example, the MetaTrader 4 and MetaTrader 5 platforms both support automated trading through the use of “Expert Advisors” (EAs).

High Leverage at 1:500: With the maximum leverage ratio at 1:500, this will allow you to maximize your trading opportunities to achieve maximum profitability with your limited investment capital.

With regards to FXPro’s trading conditions, the broker offers both fixed and floating spreads. Fixed spreads are only available on the FXPro MT4 platform. Comparatively, the spreads offered by FXPro are quite competitive. For example, the minimum spread on the benchmark EUR/USD is 0.6 pips. Nevertheless, traders can expect an average spread of 1.4 pips for this currency pair. For fixed spreads, the benchmark EUR/USD is 1.6 pips during the 08:00 am - 08:00 pm (UK Time) trading hours and 2.5 pips for the 09:15 pm - 10:50 pm (UK Time) trading window. The leverage offered by FXPro depends on the type of assets and the number of lots traded. The ratio ranges for 1:33 to 1:500. For traders using the cTrader trading platform, the spreads start from 0 pips for some currency pairs and trades are charged a commission of $45 for every $1million traded.

In terms of underlying assets, FXPro offers 6 different asset classes, forex, futures, indices, equities, spot metals and spot energies. For forex, the selection covers cryptocurrencies, majors, minors and exotic pairs. In total, there are 73 different pairs to choose from. For futures, you have 10 different types of futures covering the major indices. For indices trading, the coverage includes 27 different major indices. CFD trading on equities are categorized according to the stock exchanges that they are traded on. These include the US stocks, UK stocks, French stocks and Germany stocks. For spot metals, they consist of gold and silver priced in USD or in Euros. Spot energies comprises of crude oil and natural gas.

FXPro offers 6 main types of trading platforms. They comprise of the MT4, MT5, cTrader, FXPro Markets, FXPro Quant Strategy Builder and cAlgo Algorithmic Trading.

MetaTrader Platforms
The MetaTrader platforms are the most widely used trading platforms in the online trading industry. Available as the MetaTrader 4 or MetaTrader 5 platforms, these platforms come with numerous powerful trading tools. There is an advanced charting package with an extensive library of technical indicators, which can be overlaid onto the trading charts. In addition, the MetaTrader platforms are highly customizable and also supports automated trading.

cTrader Platform
The cTrader is a relatively new trading platform. It has been designed for CFDs trading and is becoming more popular among the online trading community. It is available as a desktop client, webtrader and mobile trader. The key benefit of trading the markets with the cTrader is the fact that it offers access to full market depth. With orders on the cTrader filled on a VWAP (Volume-Weighted Average Price) basis, users of this trading platform can expect some of the tightest spreads in the market.

FXPro Markets Platform
The FXPro Markets platform is the latest platform added to FXPro stable of trading platforms. It is a web based platform and was designed for effortless trading. Traders can easily manage their trading accounts and access the markets easily from this single application. The platform’s main features include access to full market depth, competitive spreads, advanced charts and one click trading.

Algo Trading Platforms
For algorithmic trading, FXPro offers a choice of the FXPro Quant Strategy Builder and cAlgo Algorithmic Trading. These applications allow you to formalize your personal trading strategies into algorithmic form and hence enabling the algorithms to execute the trades automatically.

As for mobile trading, the MT4, MT5, cTrader and FXPro Markets are available as mobile trading apps which can be downloaded for either Google Playstore or Apple App Store.

For traders who wish to try out the services offered by FXPro, they can opt to open a demo account with the broker first. The demo account is available under various settings such as “MT4”, “MT4 Instant”, “MT4 Fixed Spread”, “MT5” and ‘cTrader”. There is also an option for you to decide how much “virtual cash” you want to deposit. The deposit starts from a minimum of $10,000 to a maximum of $1,000,000.

There are 4 different types of trading accounts provided by FXPro. They comprise of FXPro MT4 account, FXPro MT5 account, FXPro cTrader account and FXPro Markets account. The FXPro MT4 account lets you trade with fixed spreads as well as variable spreads. As for the FXPro MT5 account, the features on this trading account are similar to the FXPro MT4 account. The key difference is the lack of fixed spread for this account. The average spread for both the FXPro MT4 and FXPro MT5 account is 1.4 point.

With the cTrader account, you can trade with spreads as low as 0.3 point average. However there is a commission charge of $45 for every $1 million traded. Nevertheless, trades on futures and cryptocurrencies are commission free. Instead a spread markup will apply. With the FXPro Markets account, a variable spread markup is applicable. All the above mentioned trading accounts require a minimum deposit of $500 to open.

Opening a trading account is fairly straight forward. Simply click on the green “Create Account” button that is located on the top right hand corner of the homepage. Once you have done that, you will be taken to the account opening page. There are several steps that you have to go through before the account opening process is completed. The first step involves creating a profile. You will also decide under which regulator (FCA or CySEC) you want to open your account under. The second step involves providing FXPro with details of your address and date of birth. The third step requires you to fill out a questionnaire on employment history, source of wealth and trading experience in order for FXPro to determine your eligibility. The final step consists of determining your account settings and confirming the account.

Funding of your trading account can be done through bank wire transfer, major credit/debit cards or eWallets such as FasaPay, MonetaRU, CashU,Mpay, Skrill, Neteller and WebMoney. Withdrawals can be done through bank wire transfer, credit cards and eWallets such as PayPal or Skrill. It should be noted that that FXPro has a policy of transferring funds through the initial source of the funds. For example, if your trading account is funded with your credit card, then the withdrawal will be through your credit card as well. There is no withdrawal fee except for credit cards withdrawals and Paypal withdrawals. The fee depends on the card used and ranges from 0% for UK issued credit cards to 1.6% for other cards. For PayPal, there is a fee of 2.7%. The typical withdrawal processing time at FXPro is just one business day.

One of the key benefits of trading the financial markets with FXPro, is the comprehensive trader’s education provided by the broker. The Trading Academy has an extensive collection of training videos and articles that are supposed to enhance your trading abilities and understanding of the financial markets. Topics covered in the trading academy include forex basics, explanation of technical indicators and “How to” articles.

From our review, we found that FXPro is a well rounded broker. They cater to all levels of trading experience. Although the features found on the trading platform are not particularly unique, they have been presented in a manner that is appealing to a diverse range of traders. In short, we can recommend this broker to beginner traders as well as experienced traders.