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FxPro Review

Steven Hatzakis

Steven Hatzakis | September 18th, 2020

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Trade Responsibly: 80.59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. 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.

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 2020

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.

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Overall Summary

FeatureFxPro
Overall 4 Stars
Trust Score89
Offering of Investments 3.5 Stars
Commissions & Fees 3.5 Stars
Platform & Tools 4 Stars
Research 3.5 Stars
Mobile Trading 3.5 Stars
Customer Service 4 Stars
Education 3.5 Stars

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), 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

FeatureFxPro
Year Founded2006
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses1
Tier-2 Licenses2
Tier-3 Licenses1
Trust Score89

Offering of Investments

Rank: 20th (of 30)

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

FeatureFxPro
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)69
CFDs - Total Offered187
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

Commissions & 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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FeatureFxPro
Minimum Initial Deposit$100.00
Average Spread EUR/USD - Standard1.51 (August 2020)
All-in Cost EUR/USD - Active1.27 (August 2020)
Active Trader or VIP Discounts Yes

Platforms & 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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FeatureFxPro
Virtual Trading (Demo) Yes
Proprietary Platform Yes
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

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

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.

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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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 Yes

Customer Service

To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2020 Review, 330 customer service tests were conducted over six weeks.

Results

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 7.2 / 10
  • Average Professionalism Score: 8.5 / 10
  • Overall Score: 8.08 / 10
  • Ranking: 9 th (22 brokers)

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 370 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.

FxPro Trading Features

FeatureFxPro
Virtual Trading (Demo) Yes
Proprietary Platform Yes
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

FxPro Research Features

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

FxPro Mobile App Features

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 Yes

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 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.


Steven Hatzakis

About the author: 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 involve 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 01/20/2020 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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