FxPro Review
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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
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?
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
| Feature | FxPro | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Year Founded | 2006 | 1974 | 1992 | 1989 |
| Publicly Traded (Listed) | No | Yes | No | Yes |
| Bank | No | Yes | Yes | No |
| Tier-1 Licenses | 1 | 6 | 6 | 4 |
| Tier-2 Licenses | 3 | 3 | 1 | 2 |
| Tier-3 Licenses | 0 | 0 | 0 | 0 |
| Trust Score | 89 | 99 | 98 | 98 |
Commissions & Fees
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
| Feature | FxPro | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Minimum Initial Deposit | $100.00 | £250.00 | $2,000.00 | $0.00 |
| Average Spread EUR/USD - Standard | 1.20 | 0.750 | 0.900 | 0.744 |
| All-in Cost EUR/USD - Active | 1.35 | 0.363 | 0.600 | 0.744 |
| Active Trader or VIP Discounts | Yes | Yes | Yes | Yes |
| Commissions & Fees |
Platforms & Tools
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
- Best Forex Trading Platforms 2019
- Best FX Brokers for Copy Trading 2019
- Best MetaTrader Brokers 2019
- Best cTrader Brokers 2019
Tools Comparison
| Feature | FxPro | IG | Saxo Bank | CMC 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) | 51 | 22 | 47 | 81 |
| Charting - Drawing Tools (Total) | 31 | 17 | 17 | 24 |
| Charting - Trade From Chart | Yes | Yes | Yes | Yes |
| Watchlists - Total Fields | 7 | 12 | 12 | 8 |
| Order Type - Trailing Stop | Yes | Yes | Yes | Yes |
| Platform & Tools |
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)
- View Infographic
Research
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
| Feature | FxPro | IG | Saxo Bank | CMC 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 |
Mobile Trading
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
| Feature | FxPro | IG | Saxo Bank | CMC 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 / Studies | 30 | 26 | 41 | 23 |
| 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 |
Offering of Investments
The following table summarizes the different investment products available to FxPro clients.
Offering Comparison
| Feature | FxPro | IG | Saxo Bank | CMC Markets |
|---|---|---|---|---|
| Forex: Spot Trading | Yes | Yes | Yes | Yes |
| Currency Pairs (Total Forex pairs) | 70 | 91 | 182 | 183 |
| CFDs - Total Offered | 215 | 15000 | 32999 | 9959 |
| Cryptocurrency traded as actual | No | No | No | No |
| Cryptocurrency traded as CFD | Yes | Yes | No | Yes |
| Offering of Investments |
Final Thoughts
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.
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.
