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FxPro Review

Steven Hatzakis

Steven Hatzakis | July 24th, 2019

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. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

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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.

Review 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.

Is FxPro Safe?

help 89
Trust Score

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), three tier-2 regulators (average trust), and zero tier-3 regulators (low trust). FxPro is authorised by the following tier-1 regulators: Financial Conduct Authority (FCA) Learn more about Trust Score.

Regulations Comparison

FeatureFxProIGSaxo BankCMC Markets
Year Founded2006197419921989
Publicly Traded (Listed) No Yes No Yes
Bank No Yes Yes No
Tier-1 Licenses1664
Tier-2 Licenses3312
Tier-3 Licenses0000
Trust Score89999898

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

Fees Comparison

FeatureFxProIGSaxo BankCMC Markets
Minimum Initial Deposit$100.00£250.00$2,000.00$0.00
Average Spread EUR/USD - Standard1.200.7500.9000.744
All-in Cost EUR/USD - Active1.350.3630.6000.744
Active Trader or VIP Discounts Yes Yes Yes Yes
Commissions & Fees 4 Stars 4.5 Stars 4.5 Stars 5 Stars

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

Tools Comparison

FeatureFxProIGSaxo BankCMC Markets
Virtual Trading (Demo) Yes Yes Yes Yes
Proprietary Platform No Yes Yes Yes
Desktop Platform (Windows) Yes Yes Yes Yes
Web Platform Yes Yes Yes Yes
Social Trading / Copy-Trading Yes Yes Yes Yes
MetaTrader 4 (MT4) Yes Yes No Yes
MetaTrader 5 (MT5) Yes No No No
cTrader Yes No No No
Charting - Indicators / Studies (Total)51224781
Charting - Drawing Tools (Total)31171724
Charting - Trade From Chart Yes Yes Yes Yes
Watchlists - Total Fields712128
Order Type - Trailing Stop Yes Yes Yes Yes
Platform & Tools 4 Stars 4.5 Stars 4.5 Stars 4.5 Stars

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.

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Further Reading

Research Comparison

FeatureFxProIGSaxo BankCMC Markets
Daily Market Commentary Yes Yes Yes Yes
Forex News (Top-Tier Sources) Yes Yes Yes Yes
Weekly Webinars No Yes Yes Yes
AutoChartist No Yes Yes No
Trading Central (Recognia) Yes No No Yes
Delkos Research No No No No
Social Trading / Copy-Trading Yes Yes Yes Yes
Social Sentiment - Currency Pairs Yes Yes Yes Yes
Economic Calendar Yes Yes Yes Yes
Research 3 Stars 4.5 Stars 4.5 Stars 4.5 Stars

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.

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Further Reading

Mobile Apps Comparison

FeatureFxProIGSaxo BankCMC Markets
Android App Yes Yes Yes Yes
Apple iOS App Yes Yes Yes Yes
Trading - Forex Yes Yes Yes Yes
Trading - CFDs Yes Yes Yes Yes
Alerts - Basic Fields Yes Yes Yes Yes
Watch List Yes Yes Yes Yes
Watch List Syncing Yes Yes Yes Yes
Charting - Indicators / Studies30264123
Charting - Draw Trend Lines Yes Yes Yes Yes
Charting - Trend Lines Moveable Yes Yes Yes Yes
Charting - Multiple Time Frames Yes Yes Yes Yes
Charting - Drawings Autosave No Yes Yes Yes
Forex Calendar No Yes Yes Yes
Mobile Trading 3.5 Stars 4 Stars 4.5 Stars 4 Stars

Offering of Investments

Rank: 20th (of 28)

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

Offering Comparison

FeatureFxProIGSaxo BankCMC Markets
Forex: Spot Trading Yes Yes Yes Yes
Currency Pairs (Total Forex pairs)7091182183
CFDs - Total Offered21515000329999959
Cryptocurrency traded as actual No No No No
Cryptocurrency traded as CFD Yes Yes No Yes
Offering of Investments 3 Stars 4.5 Stars 4.5 Stars 4 Stars

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.

Methodology

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each broker was graded on 81 different variables and, in total, over 60,000 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.


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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