Detailed FxPro Review based on experience

FxPro user-ratings: $100
10/10
10 of 10 points 1 reviews
  • Asset varierity - 10/10
    10/10
  • Trading platform - 10/10
    10/10
  • Support - 10/10
    10/10
  • Fees - 10/10
    10/10
  • Deposit/Withdrawal - 10/10
    10/10

Facts about the company:

  • Type: Forex and CFD Broker
  • Regulation: FCA (UK), CySEC (Cyprus) and SCB (Bahamas)
  • Minimum deposit: $100
  • Demo account: Free
  • Markets: forex, equity, futures, indices, and precious metals
10/10
Comments Rating 10/10 (1 review)

Pros

  • Tight spreads
  • Demo Account 
  • Latest economic events
  • Variety of payment methods
  • No commission for MT4&MT5
  • Regulated broker
  • No Dealing Desk Broker
  • Fast execution with no requotes

Cons

  • Commission for cTrader is charged

About FxPro

FxPro is an international-based online broker known for its forex, equity, futures, and precious metals offerings. The main target group of the company is private investors. The Online Broker currently has offices in London and Cyprus, which are controlled by the relevant authorities. Clients are introduced under Financial Services Ltd and FxPro Global Markets Limited. In addition, FxPro already has more than 170 employees who advise tens of thousands of clients in the UK alone.

Screenshot to the FxPro landing page

The history of FxPro

Let us first take a brief look at the development of the Online Broker in the past. FxPro was established in Cyprus in 2006 by EuroOrient Securities & Financial Services Ltd. Charalambos Psimolophitis continues to be the CEO of FxPro. The company subsequently expanded, initially with representative offices in Austria, Spain, Russia, and France. When the Financial Conduct Authority (FCA) granted FxPro a license in 2010, the London office was opened.

Just one year later, a branch was also opened in Australia, which closed again two years later in March 2013. In 2015, the online broker made plans to go public, but this was put on hold shortly afterward.

FxPro history
FxPro history

Since its inception, FxPro now serves private and institutional clients in over 170 different countries worldwide with more than 200 employees.

Previous awards for the Online Broker

The still relatively young company has already won more than 70 international awards in recent years. In 2017, for example, FxPro was named “Most Trusted Forex Brand” by Global Brands Magazine in the UK. But there are also more recent awards. From the Online Personal Wealth Awards, FxPro was nominated as “Best FX Provider” in 2019. And the Financial Times and Investors Chronicles Awards also named the company “Best Broker 2018”.

A detailed overview of all the awards the online broker has won throughout its history can be viewed on the website at any time.

Regulation and deposit protection at FxPro

Let’s move on to the aspect of regulating and securing client deposits at FxPro. The UK branch, FxPro UK Limited, is regulated by the FCA with strict conditions, as mentioned above. FxPro Financial Services Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC), the regulatory authority in Cyprus.

As a regulated company, FxPro Financial Services Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC), which has taken steps to protect its clients’ capital contributions. On the one hand, this is achieved by strictly separating customer deposits from company capital in separate bank accounts. This means that customers’ money cannot be used for unforeseen purposes.

Secondly, the UK branch is a member of the Financial Services Compensation Scheme (FSCS), while FxPro Financial Services Ltd is a member of the Investor Compensation Funds (ICF). These organizations also aim to protect investors.

Deposits and withdrawals at FxPro

In terms of deposit and withdrawal options as well as minimum deposits at FxPro, the online broker is relatively broadly based and offers investors a range of different deposit options. These are briefly outlined below in a table.

Payment methodProcessing timesFees:Minimum deposit / withdrawal
TransferFor deposits depending on the bank, for withdrawals usually 1 working dayNone, but the banks involved can charge feesNo minimum deposit, minimal withdrawal at $ 100
VISA / maestro / mastercardDeposits usually within 10 minutes, withdrawals 1 working dayNoMinimum deposit at $ 100, no minimum withdrawal
PayPalDeposits usually within 10 minutes, withdrawals 1 working dayNoMinimum deposit at $ 100, no minimum withdrawal
SkrillDeposits usually within 10 minutes, withdrawals 1 working dayNone unless a withdrawal without trade is requested (in this case there is a fee of up to 2.6%)Minimum deposit at $ 100, no minimum withdrawal
NetellerDeposits usually within 10 minutes, withdrawals 1 working dayNone unless you have not previously traded (in this case there is a fee of up to 2.6%)Minimum deposit at $ 100, no minimum withdrawal
UnionPayDeposits usually within 10 minutes, withdrawals 1 working dayNoMinimum deposit at $ 100, no minimum withdrawal

Deposits are made into a digital wallet called FxPro Vault, from which money can be transferred back and forth to the trading platforms used at any time.

What trading instruments can be traded on FxPro?

The range of trading instruments available is of course a key factor in choosing a suitable broker. FxPro offers its clients a wide range of options in this area.

Forex


The most interesting thing for many investors is trading forex at FxPro. Clients can trade CFDs on more than 70 forex pairs with this online broker. The average execution time is very low at less than 11.06 milliseconds and up to 7,000 orders are executed per second. Client orders are always executed anonymously at FxPro with No Dealing Desk intervention.

Futures


Futures are another instrument in FxPro’s trading offering. This is a popular investment method for many investors as it allows speculation on the value of a range of commodities, indices, and energies.

Indices


FxPro also offers investors the ability to trade CFDs on popular indices in Europe, Asia, and the Americas. Indices that include the shares of companies in the world’s largest economies allow investors to increase their portfolio and spread risk.

Shares


Trading in shares is also offered at FxPro. The online broker provides trading in CFDs on shares of over 150 global companies. Advantages include fast order execution and dividend payments on long positions.

Cryptocurrencies

You can also trade CFDs on cryptocurrencies including Bitcoin, Ethereum, and Litecoin. FxPro allows trading of cryptocurrencies in the BIT/USD, ETH/USD, and LTC/USD pairs.

Metals


In addition, FxPro’s supply of tradable metals is often considered a “safe haven”. Unlike many other volatile financial instruments, investments in metals are ideal for hedging against inflation, for example. The online broker can score points here with fair conditions.

Energy


Finally, FxPro offers the opportunity to trade CFDs on energy markets. Investors can expand their portfolio by using a variety of instruments such as spot oil, including spot Brent Oil and spot WTI, and spot natural gas.

What platforms are available at FxPro?

Having covered the different trading instruments in more detail in the previous section, we will now look at the trading platforms available to the Online Broker’s clients.

FxPro provides the globally popular trading platforms

  • MetaTrader 4
  • MetaTrader 5
  • the cTrader

MetaTrader 4

With MetaTrader 4, the Online Broker offers its customers the popular trading platform that is already referred to as the “industry standard” in the market. MetaTrader 4 uses an intuitive user interface that can be customized to suit individual needs and also features a number of useful functions that help investors execute orders and manage positions efficiently.

MetaTrader4

In addition to the high-quality user interface, the platform also scores with fair prices and above-average order execution. Customers can access 3 different chart types as well as 9-time frames and 50 technical indicators via the desktop, WebTrader, or on the go via smartphone.

MetaTrader 5

FxPro customers can also choose the successor MetaTrader 5. MetaTrader 5’s key benefits include comprehensive technical analysis with more than 50 indicators. The daily feed of analytical ideas from Trading Central is also very interesting for many investors.

MetaTrader 5

In addition, this trading platform allows 21-time frames to be used to make more informed trading decisions. Up to 100 charts can also be opened at the same time. And as with MT4, this platform can be accessed via the desktop, the WebTrader, as well as mobile.

cTrader

cTrader is still a relatively young trading platform on the financial market, which however enjoys high popularity in the meantime. It is especially used by investors who are looking for detailed market analysis and access to the full market depth.

cTrader

In addition, cTrader is a generally powerful platform, which offers a very good bid and asks prices. Orders are executed within milliseconds. For a better overview, the following table shows a direct comparison of the three trading platforms.

Maximum leverage of the respective trading instruments

Interesting are also always the possible levers if you are looking for a suitable online broker. For this reason, the different trading instruments will be examined in more detail below with regard to their maximum leverage.

Financial instrumentsMaximum leverage
Forex majors1:30
Forex Minors1:20
gold1:20
silver1:10
platinum1:10
Spot indices major1:20
Spot indices minor1:10
Future indices major1:20
Future indices minor1:10
Energy spot1:10
Energy futures1:10
Commodity futures1:10
US, UK, French and German stocks1: 5
Cryptocurrencies

However, the maximum leverage always depends on the open lots , which is made up as follows.

Requotes and Slippage

Since the broker is committed to a transparent approach, the website also publishes statistics on requests and slippage, making them available for everyone to see.

In 2019, a full 82% of orders could be executed at the requested price, with 9% of orders even showing a positive slippage. Only the remaining 9% had a negative slippage. And the figures for Requotes were also very positive in 2019, as can be seen from the chart below.

Trading Tools at FxPro

Investors who choose FxPro can also benefit from the many tools that the online broker offers its clients. The range includes traditional trading tools such as an economic calendar, strategy builder and helpful calculation tools.

Algorithmic trading
Algorithmic Trading provides traders with a useful visual strategy builder that can be executed on both MetaTrader 4 and cTrader platforms.

It is a technical indicator coding application that allows traders to generate algorithmic strategies and custom indicators.

FxPro VPS
The trading algorithms can also be uploaded to a Virtual Private Server (VPS), allowing trading at any time and without downtime. With the VPS, it is, therefore, possible to upload and execute MT4 Expert Advisors and cAlgo Robots 24 hours a day. It is not necessary to have an active trading terminal for this.

FxPro Calculator
FxPro’s All-In-One FX Calculator is also proving efficient for all trading calculations. The tool supports investors in calculating margin, swap, pip value, profit, and cTrader commission. As with the other tools, the calculator can be installed on mobile devices and users on the road.

The demo account with FxPro

FxPro also offers interested investors and traders the option of a free demo account. This is particularly recommended for those who wish to try the Online Broker without financial risk. The creation of a demo account is straightforward and allows you to trade via the trading platforms offered (MT4, MT5 and cTrader) without risk.

After setting up a demo account, it can be loaded with up to 500.000 Euro virtual credit. If the credit is used up, it can be recharged at any time. This means that you can access FxPro’s services without having a live account.

FxPro customer service

At this point, we would also like to say a few words about customer service at FxPro. In general, the Online Broker provides several options in case of questions or problems. An easy way to quickly contact FxPro’s support team is to use the live chat. Live chat is available during the week and the service is usually quick to respond.

You can also simply call or request a callback from the support team. Last but not least, investors also have access to a FAQ register, where the answers to the most frequently asked questions are listed.

Support available: 24/5
Telephone: 08000 463 050
Adress:support@fxpro.com
Languages:4

Continuing education at FxPro

The broker also has some ways of training on his website. On the one hand, there is the possibility of downloading various PDF documents free of charge, in which the download, as well as the use of the available trading platforms, are explained step by step.

FxPro also has a tutorial section where you can watch a variety of video tutorials on different topics.

Conclusion

Finally, we will take a look at the experiences with the online broker on the Internet. The evaluations are mostly very positive, emphasizing among other things the extensive range of trading instruments and the low spreads. But also the customer service is seen by most sites as helpful and competent.

FxPro is therefore a reliable online broker that delivers what it promises.


Most asked questions:

What is the minimum deposit?

You can start trading with a minimum deposit of only $100. However, the initial minimum deposit is $1000. The paid deposit is automatically credited to the FxPro account wallet.

How does FxPro assist?

Traders can count on FxPro as a great provider for lots of information and content concerning trading. Customer service is 24/5 ready to assist while traders can search for answers in the FAQ and education section around the clock.

What Instruments Are Offered For Trading?

CFDs on Forex, Metals, Futures, Shares, Spot Indices, Spot Energies & Cryptos are offered for trading. Thanks to that traders can choose between various options.

What Commissions Are Charged?

Trading with MetaTrader 4 and MetaTrader 5 is free of charge. However, there is a commission charged for trading with cTrader. The commission ist 45USD for every 1 million USD traded upon opening a position and 45USD upon closing the position. That means 4,5$ per 1 lot trading.

One Response

  1. Andre Witzel September 19, 2020

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