FxPro Broker Review

History and Founding

Founded in 2006, FxPro is a global online brokerage firm based in the United Kingdom. Over the years, the broker has earned a solid reputation for offering competitive trading conditions, transparency, and an array of financial instruments. FxPro’s goal has always been to provide clients with an exceptional trading experience, backed by innovation and a strong commitment to customer service. The firm is regulated in multiple jurisdictions, including the UK (FCA), Cyprus (CySEC), and other regions, ensuring compliance with high standards.

Mission and Vision

FxPro's mission is to empower traders with the best tools, advanced trading platforms, and competitive conditions to help them succeed in the global markets. The company's vision is to be a leader in the global online trading industry, known for its innovation, integrity, and client-centric services. FxPro strives to offer access to the world’s financial markets with seamless, transparent, and efficient trading opportunities.

Global Presence

FxPro operates internationally, providing services to traders in over 150 countries. The broker’s robust global presence is supported by a network of offices across major financial hubs, including London, Dubai, and Cyprus. With its regulatory standing, FxPro is able to offer its services across Europe, Asia, and the Middle East, attracting both retail and institutional clients.

Advantages and Disadvantages

Pros

• Spreads remain competitive with other top brokers
• A wide range of account types and trading platforms are available
• Deposit and withdrawal are generally free of charge

Cons

• Deposit methods are limited to bank wires, credit and debit cards, and some eWallets depending on your area

Security and Regulations

Licenses Held

FxPro is regulated by leading financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Board (FSB) in South Africa. These regulatory bodies ensure that FxPro operates in a secure and compliant manner, offering protection to clients through industry-standard practices such as segregated client accounts.

Fund Segregation and Insurance

FxPro ensures that all client funds are held in segregated accounts, completely separate from the company’s operational funds. This provides a layer of protection to clients in case of any financial difficulties. Additionally, the broker is a member of the Financial Services Compensation Scheme (FSCS) in the UK, providing insurance for clients up to a certain amount in case of insolvency.

Tradable Instruments

Forex Pairs

FxPro offers a wide range of forex pairs, including major, minor, and exotic pairs. Popular pairs like EUR/USD, GBP/USD, and USD/JPY, as well as more specialized pairs, are available with tight spreads and low commission fees. The broker’s diverse selection allows traders to find opportunities in various currency markets.

Commodities

Traders at FxPro can access a variety of commodity markets, including precious metals like gold and silver, as well as energy products like crude oil and natural gas. These markets provide excellent opportunities for diversification, especially during times of geopolitical or economic instability.

Indices

FxPro offers trading on a range of global stock indices such as the S&P 500, NASDAQ 100, and FTSE 100. These indices track the performance of major stock markets and provide traders with an opportunity to speculate on broader market trends without the need to trade individual stocks.

Cryptocurrencies

While FxPro does not offer direct cryptocurrency trading, it provides access to some cryptocurrency-related CFDs. This allows traders to speculate on the price movements of popular cryptocurrencies like Bitcoin and Ethereum, without needing to own the underlying digital assets.

Account Types

Standard Account

FxPro’s Standard Account is suitable for retail traders who prefer simple, straightforward trading conditions. This account type offers competitive spreads, access to a wide range of instruments, and a choice of trading platforms, including MT4 and MT5.

Pro Account

The Pro Account is designed for more experienced traders who require advanced features such as tighter spreads, higher leverage, and premium trading tools. This account is ideal for those who actively trade in the forex and commodity markets and require enhanced performance.

cTrader Account

For traders who prefer using the cTrader platform, FxPro offers the cTrader Account. This account provides access to advanced charting tools, faster execution speeds, and lower spreads. cTrader is particularly popular among algorithmic traders and those using automated trading strategies.

Islamic Account

FxPro also offers Islamic accounts, which comply with Sharia law. These accounts are swap-free, meaning they do not incur overnight financing fees, making them suitable for Muslim traders.

Fees and Charges

Spreads and Commissions

FxPro offers competitive spreads starting from 0.6 pips on major currency pairs like EUR/USD. In addition to the spread, traders may be charged a commission on certain accounts, such as Pro or cTrader accounts. The commissions are typically lower than the spread costs found on Standard Accounts.

Swap Rates

Swap rates are charged on positions held overnight and vary depending on the instrument being traded. FxPro provides real-time information on swap rates, allowing traders to manage their positions more effectively. Swap rates can be either positive or negative, depending on the direction of the trade and the market conditions.

Inactivity Fees

FxPro charges an inactivity fee on accounts that have been dormant for a certain period, typically 6 months. This fee is common in the industry to cover the administrative costs of maintaining dormant accounts.

Trading Platforms

MetaTrader 4 and 5

FxPro offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most widely used trading platforms in the industry. Both platforms offer advanced charting tools, automated trading capabilities, and access to a range of technical indicators. MT5 is more advanced, with additional features like market depth and more timeframes.

cTrader

For traders looking for a more streamlined platform with faster execution speeds, FxPro also provides cTrader. This platform offers advanced charting and analysis tools, along with an intuitive user interface. cTrader is often favored by algorithmic and high-frequency traders for its low latency and speed.

Mobile Trading Apps

FxPro offers mobile apps for both iOS and Android, ensuring that traders can manage their accounts and execute trades from anywhere. The mobile apps are fully featured, including real-time price updates, account management, and the ability to trade on both MT4 and MT5 platforms.

Customer Support

Steps to Register

To register with FxPro, simply visit their website and complete the registration form. After submitting the form, you’ll need to verify your identity by providing documents like an ID and proof of residence. Once verified, you can make a deposit and begin trading.

Verification Requirements

FxPro requires users to go through a verification process to comply with KYC (Know Your Customer) regulations. This typically involves submitting a government-issued ID and a recent utility bill or bank statement for address verification.

Deposits and Withdrawals

Payment Methods

FxPro supports a variety of payment methods for deposits and withdrawals, including bank transfers, credit and debit cards, and e-wallets like PayPal and Skrill. The broker aims to offer secure and efficient payment options for traders across the globe.

Processing Times

Deposits made via credit card or e-wallet are typically processed instantly, while bank transfers may take 1-3 business days. Withdrawals are usually processed within 24 hours but may take longer depending on the payment method.

Associated Fees

Deposits to FxPro accounts are generally free, although some withdrawal methods may incur small fees, especially for international bank transfers. It’s always a good idea to check the specific payment method’s terms before making transactions.

FAQ