FxPro Review
FxPro competes among the top MetaTrader brokers, offering the full suite of MT4 and MT5 platforms with multiple account pricing options. Drawbacks to FxPro include a small range of tradeable products and limited market research.
Top Takeaways for 2020
After spending five months testing 30 of the best forex brokers for our 4th Annual Review, here are our top findings on FxPro:
- Founded in 1999, FxPro is regulated in one tier-1 jurisdiction and three 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 wasn't quite competitive enough to challenge industry leaders such as IG and CMC Markets.
- FxPro is best known for its MetaTrader offering, which includes MT4 and MT5 for both desktop and browser. Drawbacks to FxPro are two-fold. First, FxPro offers very little market research. Second, FxPro provides only a narrow selection of tradeable products.
Overall Summary
| Feature | FxPro |
|---|---|
| Overall | |
| Trust Score | 90 |
| Offering of Investments | |
| Commissions & Fees | |
| Platform & Tools | |
| Research | |
| Mobile Trading | |
| Customer Service | |
| Education |
Is FxPro Safe?
FxPro is considered low-risk, with an overall Trust Score of 90 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 one tier-3 regulator (low trust). FxPro is authorised by the following tier-1 regulators: Financial Conduct Authority (FCA) Learn more about Trust Score.
| Feature | FxPro |
|---|---|
| Year Founded | 2006 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 1 |
| Tier-2 Licenses | 3 |
| Tier-3 Licenses | 1 |
| Trust Score | 90 |
Offering of Investments
The following table summarizes the different investment products available to FxPro clients.
Offering Comparison
| Feature | FxPro |
|---|---|
| Forex: Spot Trading | Yes |
| Currency Pairs (Total Forex pairs) | 69 |
| CFDs - Total Offered | 201 |
| Social Trading / Copy-Trading | Yes |
| Cryptocurrency traded as actual | No |
| Cryptocurrency traded as CFD | Yes |
Commissions & Fees
Overall, with both 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.
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.
Commissions: FxPro offers its most competitive spreads on its cTrader platform. Comparing commission-based pricing, FxPro's all-in spreads (total cost of trade) are roughly 1.27 pips (0.37 spread + 0.9 commission) using August 2019 data from FxPro on the EUR/USD as an example.
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 (1.51pips on MT5) and 1.71 for accounts with instant execution, as per August 2019 data from FxPro.
Fixed pricing: On FxPro MT5, there is no fix spread offering, and only market execution is available. Market execution at FxPro means that orders are executed at the volume-weighted average price (VWAP). Traders who trade higher volumes, or have more significant deposit amounts, can receive more competitive pricing on Active Trader programs available at competitors including FOREX.com, IG, and Saxo Bank.
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Fees Comparison
| Feature | FxPro |
|---|---|
| Minimum Initial Deposit | $100.00 |
| Average Spread EUR/USD - Standard | 1.51 (as of Oct 18) |
| All-in Cost EUR/USD - Active | 1.27 (as of Aug 19) |
| Active Trader or VIP Discounts | Yes |
Platforms & Tools
Overall, FxPro provides the full MetaTrader suite (MT4 and MT5 for both desktop and web), as well as the cTrader platform, giving traders a diverse selection of trading options depending on their trading style.
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Research
FxPro has a respectable base of market research but lacks depth in key areas to compete with industry leaders such as IG and Saxo Bank. Daily market updates and analysis via its blog, streaming Dow Jones news, Trading Central (cTrader only), and an economic calendar mostly sum up the research features from FxPro.
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Mobile Trading
Alongside providing its own app for account management and 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).
FxPro Direct: While the FxPro Direct app does not support trading, the broker's proprietary app enables account management (e.g., deposits) and access to news and market rates.
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.
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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
Overall, FxPro caters to the needs of a diverse range of traders. For example, the broker offers various orders and account types, as well as execution and pricing models, which provide instant execution and floating or fixed spreads. In 2020, FxPro finished Best in Class in the MetaTrader broker category for its third year in a row, and Best in Class for Social Copy Trading.
About FxPro
Founded in 2006, FxPro has executed more than 370 million orders since inception. 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.
FxPro Trading Features
| Feature | FxPro |
|---|---|
| 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 Fields | 7 |
| Order Type - Trailing Stop | Yes |
FxPro Research Features
| Feature | FxPro |
|---|---|
| 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
| Feature | FxPro |
|---|---|
| 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 / Studies | 30 |
| 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.
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.
