FxPro Review

FxPro competes among the top MetaTrader brokers, offering the full suite of MT4 and MT5 platforms with multiple accounts and execution methods. The primary drawback to an otherwise balanced offering is pricing that is higher than the industry average.

Top Takeaways for 2021

Here are our top findings on FxPro:

• Founded in 2006, FxPro is regulated in one tier-1 jurisdiction and two tier-2 jurisdictions, making it a safe (low-risk) broker for trading forex and CFDs.
• FxPro offers a variety of pricing options, including multiple execution methods. However, pricing isn't quite competitive enough to challenge industry leaders such as IG and CMC Markets.
• FxPro is best known for its MetaTrader and cTrader platform offering, available for desktop, web, and mobile. Also, FxPro's proprietary platform, FxPro Edge, has a good foundation for a new web-based platform, but still lags behind the best proprietary trading platforms.

Overall Summary

Is FxPro Safe?

FxPro is considered low-risk, with an overall Trust Score of 89 out of 99. FxPro is not publicly traded and does not operate a bank. FxPro is authorised by one tier-1 regulator (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust). FxPro is authorised by the following tier-1 regulators: Financial Conduct Authority (FCA) Learn more about Trust Score.

Regulations Comparison

Offering of Investments

The following table summarizes the different investment products available to FxPro clients.

Cryptocurrency: Cryptocurrency trading is available through CFDs, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available from any broker's UK entity, nor to UK residents.

Commissions and Fees

FxPro's pricing is higher than the industry average, putting it at a disadvantage compared to its peers, such as Pepperstone or IC Markets, who both also offer the full MetaTrader and cTrader suites just like FxPro does.

Execution method: On FxPro MT4, you can choose variable or fixed spreads. For the variable spread pricing, there are two types of execution-based pricing: instant and market. Instant execution is subject to requotes but no slippage, while market execution has the potential for slippage but without requotes.

Commissions: FxPro offers its most competitive spreads on its cTrader platform, which uses commission-based pricing. FxPro's effective spread to trade EUR/USD is roughly 1.27 pips, based on 0.37 average spread + 0.9 pip commission equivalent on cTrader, using August 2020 data.

Spreads: FxPro's floating rate model (variable spread) is available on MT4 and MT5, with EUR/USD spreads of 1.58 for accounts on market execution (1.51 pips on MT5) and 1.71 for accounts with instant execution, as per August 2020 data from FxPro.

Fixed pricing: On MT5, there is no fixed spread offering, and only market execution is available.

Active traders: FxPro offers an Active Trader program, yet it does not compete with the discounts available at competitors, including FOREX.com, IG, and Saxo Bank.

Executing large orders: No question, FxPro's best feature is its ability to execute large orders, which can be placed with no minimum distance away from the current market price.

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Platforms and Tools

Thanks to offering MetaTrader, cTrader, and its own proprietary FxPro Edge web platform, traders at FxPro have a diverse selection of platform options depending on their trading style.

MetaTrader suite: FxPro offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platform for web and desktop. One notable add-on available for MT4 is the suite of trading tools from Trading Central.

cTrader: The FxPro cTrader platform is available for web and desktop. The cAlgo platform can also be used to enable algorithmic trading when using cTrader at FxPro.

Proprietary platform: FxPro Edge is a light web-based platform that has robust charts and a responsive design. There are a few default layouts, and users can drag and drop the modules to rearrange them and add new widgets. Overall, while FxPro Edge clearly trails platform leaders such as Saxo Bank, CMC Markets, and IG, there is a good foundation established for the future, especially for such a new platform.

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Research

FxPro provides daily market updates and analysis on its blog, along with content from third-party providers. Overall, I found the written articles from FxPro's in-house staff to be of good quality. Adding video content would help fill the gap in research, as FxPro's YouTube channel is mostly webinars, platform tutorials, and promotional videos. For comparison, XM Group and Tickmill produce numerous research videos daily.

FxPro News blog: There are multiple articles per day available on FxPro's dedicated blog, including its Market Snapshots series. These articles provide a daily outlook and are nicely organized, making it easy to consume.

Traders dashboard: FxPro has a client portal where users can access sentiment data for various symbols and forex pairs, along with the trading session times and a summary of gainers and losers. There is also an integrated economic calendar. Adding trading capabilities to the client portal, or merging these features with the Edge platform, would help centralized these resources in one place.

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Education

FxPro has an education section where it provides written materials, along with some educational videos on its website. Overall, FxPro has a good foundation of educational content, yet still trails education leaders such as IG, Saxo Bank, and FXCM in terms of the quantity and scope of materials it offers. Expanding its coverage and adding other videos would balance out the FxPro educational offering.

Written content: FxPro's educational section features mini cards with snippets of information and short paragraphs explaining things like "what is a stop out" in less than six sentences. There are 36 cards in the Psychology section and four other areas, each with a collection of learning cards. There is even progress tracking, so you know which modules or chapters you have finished, which is a nice touch.

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Mobile Trading

Alongside providing its proprietary FxPro Direct app for trading, account management, and basic market news, FxPro's mobile lineup is powered by the same third-party providers as its desktop and web-based platforms: MetaTrader (MetaQuotes) and cTrader (Spotware).

cTrader: FxPro's white-labeled version of cTrader is consistent with the web-based platform, offering traders a seamless trading experience with a variety of trading tools. As far as third-party mobile apps go, cTrader is quite versatile.

MetaTrader: The mobile versions of the MT4 and MT5 platforms are also standard from the developer with default features. In 2021, FxPro is a Best in Class MetaTrader Broker.

FxPro Direct: The FxPro Direct app is the broker's proprietary mobile app which supports trading for users that have a CFD account, but is mainly optimized for account management. With just a quotes, trades, and history tab, I found the FxPro Direct app was not ideal for trading, compared to FxPro's other available mobile platforms. Meanwhile, the FxPro Edge platform is not yet available for mobile.

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Final Thoughts

While FxPro does not stand out for its pricing, FxPro is a well-capitalized, trustworthy broker that offers multiple platform options, multiple execution methods, and, for professionals, can cleanly execute large orders.

About FxPro

Founded in 2006, FxPro has executed more than 455 million orders since its inception and has serviced 1.3 million clients in over 173 countries. As of 2020, FxPro lists over $100m in Tier 1 Capital and has more than 200 employees across its four offices. The FxPro brand holds regulatory licenses in the United Kingdom (UK) under FxPro UK Limited, Cyprus under FxPro Financial Services Limited, South Africa, and the Bahamas.

2021 Review Methodology

For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three month time period. Each broker was graded on 108 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.