FxPro Review
FxPro won our award, Best MetaTrader Broker 2019, thanks to offering the full MetaTrader suite, including both MT4 and MT5 for both desktop and browser, and multiple account pricing options. Drawbacks to FxPro include a small range of tradeable products and limited market research.
Top Takeaways for 2019
After spending several hundred hours testing 28 forex brokers over six months for our third annual forex broker review, here are our top findings on FxPro:
- Founded in 1999, FxPro is regulated in one tier-1 jurisdiction and multiple tier-2 jurisdictions, making it a safe (low-risk) broker for trading forex and CFDs.
- Thanks to a variety of pricing options, including multiple execution methods and overall competitive pricing, FxPro finished Best in Class (top 7) for cost.
- FxPro is best known for offering the entire MetaTrader suite (MT4 and MT5 for both desktop and browser) as well as cTrader. It is our favorite MetaTrader broker for 2019.
- Drawbacks to FxPro are two-fold. First, FxPro offers very little market research. Second, FxPro provides only a narrow selection of tradeable products, including 69 currency pairs and 201 CFDs. By comparison, IG offers over 10,000
- Customer service at FxPro is good. The broker finished 8th (out of 23) in our national testing from locations across the United Kingdom.
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 |
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 1.35 pips (0.45 spread + 0.9 commission) using October 2018 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 1.2 for accounts on market execution and 1.4 for accounts with instant execution, as per October 2018 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.
Transparency reports: 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.
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Fees Comparison
| Feature | FxPro |
|---|---|
| Minimum Initial Deposit | $100.00 |
| Average Spread EUR/USD - Standard | 1.2 (as of Oct 18) |
| All-in Cost EUR/USD - Active | 1.35 (as of Oct 18) |
| 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. In 2019, FxPro is our favorite MetaTrader broker.
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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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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 |
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 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)
Final Thoughts
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.
About FxPro
Founded in 2006, FxPro has executed more than 250 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 | No |
2019 Review Methodology
For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. 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.
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.
