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FxPro Review

Steven Hatzakis

By Steven Hatzakis / February 18th, 2019
Last Updated: April 16th, 2019

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The ForexBrokers.com Annual Review (3 years running) is among the most cited in the industry. Our Head of Research, Steven Hatzakis, is frequently referenced as a leading analyst covering forex brokers and cryptocurrency. Learn more.

Founded in 2006, FxPro has executed more than 250 million orders since inception and offers trading offered across MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader.

With retail and institutional clients in over 170 countries, the FxPro brand holds regulatory licenses in the United Kingdom (UK) under FxPro UK Limited, Cyprus under FxPro Financial Services Limited, South Africa, the Bahamas, Dubai, and the United Arab Emirates.

Overall Summary

Rank: 15th (of 28)

With regulatory licenses across the globe, competitive pricing, reliable customer service, and a full platform lineup including MT4, MT5, and cTrader, FxPro’s only notable weakness is its offering of forex market research tools.

Benefits

  • Competitive pricing and multiple execution methods available.
  • Complete MetaTrader family of platforms offering, including cTrader.
  • Quality customer service.

Considerations

  • Research tools are limited.
  • Narrow range of tradeable markets.
  • Initial registration steps vary per platform and cause additional demo/live accounts to be created unintentionally.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry. To help investors find trustworthy brokers, we have created a proprietary 1-100 score (the higher the better), which we call Trust Score.

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Trust Score

FXPro

FeatureFxPro
Year Founded2006
Publicly-Traded Company (Listed) No
Regulated in Major Hub Yes
Regulated in Emerging Hub Yes
Authorised in the European Union Yes

Commissions & Fees

Rank: 7th (of 28)

Overall, with the market and instant execution accounts available, traders have multiple pricing options at FxPro, which helps the broker cater to the entire spectrum of forex traders.

Benefits

  • 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.
  • FxPro offers its most competitive spreads on its cTrader platform. Comparing commission-based pricing, FxPro’s all-in spreads (total cost of a trade) are roughly 1.35 pips (0.45 spread + 0.9 commission) using October 2018 data from FxPro on the EUR/USD as an example.
  • FxPro publishes quarterly execution statistics showing the degree of any positive or negative slippage across all its executed orders to bring greater transparency to its execution process.

Considerations

  • FxPro’s floating rate model (variable spread) is available on MT4 and MT5, with EUR/USD spreads of 1.2 for accounts on market execution and 1.4 for accounts with instant execution, as per October 2018 data from FxPro.
  • On FxPro MT5 there is no fix spread offering, and only market execution is available where orders are executed at the volume-weighted average price (VWAP).Traders who do higher volumes or have larger deposits can receive more competitive pricing on Active Trader programs available at FOREX.com, IG, Saxo Bank, FXCM, and Oanda.

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Further Reading

FXPro

FeatureFxPro
Minimum Initial Deposit$100.00
Average Spread EUR/USD - Standard1.20
All-in Cost EUR/USD - Active1.35
Active Trader or Premium/VIP Yes

Platforms & Tools

Rank: 9th (of 28)

Overall, FxPro provides the full suite of MetaTrader and cTrader platforms, giving traders a diverse selection of trading options depending on their trading style. In 2019, FxPro is our favorite MetaTrader Broker.

Benefits

  • All MetaTrader platforms offered, web and desktop, for MT4 and MT5.
  • Traders on the MT4 or MT5 platforms who use automated trading systems and are known as "expert advisors" (EAs), can choose between the desktop or mobile versions of both platforms with either floating or fixed spreads, and instant execution.
  • The cTrader HTML5 web-based platform at FxPro packs advanced charting tools within a smooth design layout that is easy to navigate and features narrows spreads with commission-based pricing.
  • For traders interested in cryptocurrency, bitcoin trading as a CFD under the cryptocurrency pair BTC/USD is available on both MT4 and cTrader, along with several other cryptocurrency pairs, such as BCH/USD, ETH/USD, and XRP/USD. This cryptocurrency CFDs offering is initially available to clients who hold an account with FxPro’s UK and/or Bahamas entity.

Considerations

  • None.

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Further Reading

FXPro

FeatureFxPro
Virtual Trading (Demo) Yes
Proprietary Platform No
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader Yes
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Customer Service

Rank: 9th (of 28)

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 7.0 / 10
  • Average Professionalism Score: 3.9 / 10
  • Overall Score: 6.4 / 10
  • Ranking: 8th (23 brokers)
  • View Infographic

Research

Rank: 17th (of 28)

FxPro has a respectable base of market research but lacks depth in key areas to compete with industry leaders.

Benefits

  • FxPro provides daily updates on its blog, which has rich content from FxPro analysts and news streaming in its platforms from Dow Jones news wire, and the recently launched FxPro News.
  • FxPro also provides Trading Central, a leading news and research provider that develops automated pattern-recognition solutions, which is available within the FxPro cTrader platform (web) and MT4 as a plugin.

Considerations

  • No weekly market webinars offered.

Gallery

Further Reading

FXPro

FeatureFxPro
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars No
AutoChartist No
Trading Central (Recognia) Yes
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes

Mobile Trading

Rank: 14th (of 28)

FxPro’s mobile lineup is powered by the same third-party providers as its desktop and web-based platforms: MetaTrader (MetaQuotes) and cTrader (Spotware).

Benefits

  • 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 great.

Considerations

  • The mobile versions of the MT4 and MT5 platforms are also standard from the developer with native features, aside from pricing, the execution model, and features such as back office-related reporting, as well as news feeds and other areas that can be customized by the broker.

Gallery

Further Reading

FXPro

FeatureFxPro
Android App Yes
Apple iOS App Yes
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing Yes
Charting - Indicators / Studies30
Charting - Draw Trend Lines Yes
Charting - Trend Lines Moveable Yes
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

Offering of Investments

Rank: 20th (of 28)

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

FXPro

FeatureFxPro
Currency Pairs (Total Forex pairs)70
CFDs - Total Offered215
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Final Thoughts

Rank: 15th (of 28)

FxPro has a rich platform offering, and the inclusion of MT4 web is an added benefit as many MT4 brokers do not offer the web-based version of the platform. The MT5 and cTrader platforms further complement FxPro’s value proposition to traders.

Overall, FxPro caters to the needs of a diverse range of traders due to its various orders and account types, as well as its execution and pricing models, which offer instant execution, and floating or fixed spreads.

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each FX broker was graded on 81 variables. 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.


Steven Hatzakis

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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