FxPro is a global trusted broker serving retail and institutional clients in more than 170 countries. It seems they have it all – solid regulation and experience on financial markets, a selection of industry awards, deep liquidity, fast execution speed, pure NDD trading environment, variety of trading accounts, platforms and assets to choose from, and much more. In this thorough review of FxPro, we will cover all aspects of their offer.
What matters most is that the broker is licensed by some top-tier financial regulators, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Dubai Financial Services Authority (DFSA). So, we will start off with that.
The Company. Security of funds
Sound financial regulation is the most important thing to look for in a forex broker, as everything else depends on it. And FxPro is an exemplary financial services provider. As we already noted, all entities within the FxPro Group are duly licensed in the respective countries of their operation. More specifically, the group includes the following companies:
|FxPro UK Limited||UK||FCA|
|FxPro Financial Services Ltd.||Cyprus||CySEC|
|FxPro Financial Services Limited||South Africa||FSCA|
|FxPro Global Markets MENA Limited (in liquidation)||UAE||DFSA|
|FxPro Global Markets Ltd.||the Bahamas||SCB|
FxPro Financial Services Ltd has been licensed by the Cyprus Securities and Exchange Commission since 2007. As Cyprus is a part of the European Union, the regulatory environment there is quite solid. And after the UK exited the union, Cyprus is becoming even more popular among forex brokerages.
The Cyprus Securities and Exchange Commission has liberal and reasonable, yet strict requirements for brokers under its gaze, which aim at ensuring the provision of fair and transparent financial services, and provide significant assurance for the security of traders’ funds. For example, CySEC-licensed brokers have to meet certain capital adequacy requirements (of EUR 730 000), which guarantees that the company is financially stable. Besides, they have to keep clients’ funds in segregated accounts, to allow external audits on a regular basis, and more.
As an added safeguard, all CySEC-regulated brokers have to members of the Cyprus Investor Compensation Fund (ICF) – the fund of last resort for traders whose brokers have become insolvent. So, as a member of ICF, FxPro Cyprus insures the trading capital of each client for up to 20 000 EUR.
Cypriot brokers are also required to adhere to all requirements, introduced on a EU level. These are present in the so called MiFID – the Markets in Financial Instruments Directive, whose main purpose is to increase consumer protection in investment services.
The directive is also designed to establish harmonized regulation for financial services providers across the 30 Member States of the European Economic Area (the 27 EU countries, plus Iceland, Norway and Liechtenstein).
So, here are some of the main requirements applicable to forex brokers licensed in the EU and EEA:
● Minimum Capital Requirement
● Compensation Scheme Coverage
We already explained about these requirements and what their purpose is.
● Client Account Segregation
Whenever clients deposit money in their trading accounts, it must be kept separate from the broker’s operating funds. Thus the clients’ money remain shielded in case of mishaps like a broker’s bankruptcy.
● Provision of negative balance protection
This means that the broker guarantees that its clients’ balances may never become negative, so they can never lose more than they have deposited.
● Transaction reporting
EU forex brokers are required to report their clients’ transactions on a regular basis. This requirement and other wide-ranging MiFID measures are designed to improve investor protection and promote market integrity and transparency.
● Leverage cap of 1:30
● Ban on trading incentive such as bonuses;
● Reporting the number of clients who lose their investment.
The last three requirements were introduced by European Securities and Markets Authority (ESMA) in 2018. We will discuss the restriction on leverage later on, but as regards trading incentives, ESMA banned them because it believes that brokers use bonuses to lure retail traders into high-risk trades.
And the reporting of losing clients of course aims at transparency.
In 2009, FxPro got licensed by the Financial Conduct Authority (FCA) in the UK. And FCA license is an arduous task, indeed, as the regulator has strict requirements for the companies it authorizes.
Brokers licensed by the FCA need to comply with a set of regulations covering minimum capital, handling of clients’ funds, transaction reporting, money laundering, financial promotions, payment services, and more. And if they fail to meet the requirements set, the UK financial regulator imposes pretty salty fines.
Another very important part of FCA regulation from a trader’s point of view, is the provision of negative balance protection, as well as the coverage of the Financial Services Compensation Scheme (FSCS).
Being granted a negative balance protection means that if your account goes into negative as a result of trading activity, the broker won’t seek recovery, but will instead credit your account to a zero balance. And the FSCS is a compensatory mechanism intended to protect traders in case their broker becomes insolvent. More specifically, traders dealing with a broker licensed in the UK are entitled to receive up to £85 000 in compensation from the FSCS.
FxPro is also authorized to operate in South Africa – a country with huge market potential for forex and related services.
Brokerages licensed in South Africa must keep all client funds in segregated trust accounts in a recognized bank in the country. They are overseen by the Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB).
That said, FSCA regulation is not as strict as those in the UK, Cyprus or the US. This has of course serious downsides in terms of investor protection, but it also means more freedom for brokerages and traders alike. So, traders dealing with a FxPro South Africa are free to use leverage as high as 1:500, and may benefit from promotional offers.
FxPro was also granted a license by the Dubai Financial Services Authority (‘DFSA’) in 2017. Unfortunately, the UAE brunch of the broker is currently in liquidation proceedings.
Dubai is a significant global financial hub not only in the Middle East, but worldwide. The DFSA was launched in the year 2004 and works alongside the Dubai International Financial Center, which acts as an exclusive economic zone for attracting companies dealing in the financial sector.
FxPro also has an offshore entity, Global Markets Ltd., which is licensed by the Securities Commission of the Bahamas (SCB). Generally speaking, such a license gives the broker much more flexibility compared to the ones in Europe.
That said, we should note that the SCB has taken a serious step into implementing new regulations that are considerably stricter than those in most other offshore zones. For example, the commission plans to cap leverage at 1:200, to ban trading incentives such as bonuses, and to require from brokerages to provide negative balance protection, among other things.
|Account type/Platform||Minimum deposit||Maximum leverage*||Average Spreads||Execution type|
||fixed 1.6 pips
variable 1.4 pips
|cTrader||$100||1:500||0.3 pips +$4.5**||Market|
* Leverage to clients in the EU and UK is capped at 1:30.
**Commission is calculated per standard lot of 100 000 currency base units (per side).
Depending on the trading platform used, FxPro offers three basic account types – MT4, MT5, and cTrader (NDD). All three account types offer dynamic leverage up to 1:500 and micro tradeable lots. Micro lost are especially suitable for beginner traders and those who just don’t want to risk much.
In addition, the brokerage provides swap-free (Islamic) accounts to clients of the Muslim faith, as well as VIP services to high-net-worth individuals and those actively trading large volumes.
VIP clients benefit from free VPS service, no deposit fees, and receive trade recommendations, exclusive news reports and margin level alerts via email and SMS. Besides, they can get up to 30% discount on market spreads or up to 30% lower commission on cTrader accounts.
The account opening process at FxPro is pretty straight-forward. You just have to fill out the registration form, and provide a copy of your valid International Passport, National ID card or Driver’s License in order to verify your identity.
The broker may also request a Proof of residence document showing your name and address, issued within the last 6 months. And you can deposit by some of the methods supported by FxPro (discussed in detail below) and you are all set.
FxPro offers trading in a wide selection of instruments across many assets classes and even spread betting in the UK. There are over 250 financial instruments available for trade – Currencies, Commodities, Energies, Indices, Stocks, Futures, and Cryptocurrencies:
● Forex – more than 70 currency pairs;
● Shares of some of the largest companies of US, UK, France and Germany, such as Apple, BMW, Bayer, , Google, IBM, GoldmnSachs, etc;
● Indices – AUS200, ChineA50, ChinaHStar, Euro50, France120, France40, GerTech30, Germany30, Germany50, Holland25;
● Futures – EUR50, FRA40, GER30, JP225, NGas, Cotton, Corn, Coffee, Cocoa, DJ30;
● Metals – GOLD, GOLDEURO, GOLDgr, GOLDoz SILVER, SILVEREURO, Platinum;
● Energies – Brent, WTI, NAT.GAS;
●Cryptocurrencies – BTC/USD, ETH/USD, BCH/USD, LTC/USD, and XR/PUSD.
However, do have in mind that not all of these products are available on each of the broker’s platforms. The MT4 platform gives you a chance to open positions on all of the 6 asset classes, whereas the MT5 doesn’t support Shares, and cTrader doesn’t support Shares and Futures.
FxPro offers both fixed and variable spreads. Fixed ones are available on the MetaTrader4 platform, while the MetaTrader5 and cTrader only provide floating spreads.
Due to its large client base, FxPro can match a large part of its order flow internally, minimizing the costs and risks while offering its users low trading costs.
The variable spreads on the MT4 and MT5 are averaged 1.4 pips on EUR/USD, which is a good pricing. That said, the lowest spreads are available on the cTrader accounts – averaged 0.3 pips on EUR/USD. And if we add the commission applicable, trading costs for this pair amount to around 1.2 pips per standard lot.
FxPro offers comparatively high leverage levels – up to 1:500. Yet, before using ratios as high as this, we recommend that you get acquainted with all the risks trading on margin involves, and that you have a proper risk management strategy in place. Otherwise, you may end up like most beginner traders whose accounts are wiped out in a matter of seconds. Because a leverage of 1:500 can maximize your profits by 500, but it can do the same to your losses.
We should also note that leverage over 1:30 isn’t provided by FxProUK and FxPro Cyprus. We remind readers that ESMA capped the leverage allowed to retail investors at 1:30 back in 2018 due to investor protection concerns. Similar restrictions also apply in the US, Canada, Japan, Hong Kong, and other countries.
In order to control the risk associated with leverage, the broker utilizes a dynamic forex leverage model on the MT4 and MT5 platforms, which automatically adapts to clients’ open trading positions:
Minimum initial deposit
The minimum investment FxPro requires from its clients for live trading is $100. This is basically a sum anyone can invest, and it’s in line with the average minimum deposit amount in the industry. That said, it is recommended to new users to start with at least $500 in order to enjoy the full array of trading feature, without having to use excessive leverage ratios.
Of course, you can always try out the broker’s services for free via demo account first. This would allow you to enjoy a realistic simulated trading experience without risking any actual money.
You can use your demo account for as long as you wish, and whenever you feel that you have learned enough to start trading with real money, you can shift to a live account.
FxPro offers the full suite of MetaQuotes’ platforms – MetaTrader4 (MT4) and MetaTrader5 (MT5), plus Spotware’s cTrader and the broker’s proprietary FxPro Edge. We’ll briefly present all of these trading terminals here.
The MetaTrader4 is the classic go-to solution for forex traders. This platform has proved to be reliable over the years, and is also highly praised for its ease of use and advanced features. These include great charting package, a number of technical indicators, a wide range of Expert Advisors (EA) for automated trading, and extensive back-testing environment, to name a few.
Besides, the MT4 is also easily customizable, so those who are good at coding can create EAs and indicators of their own. And those know how to code, or simply don’t feel like it, can download EAs, scripts and indicators from the platform’s extensive library – some of them are even free of charge.
In addition to automated trading via EAs, the MT4 offers users another options for those who are not capable of or not willing to trade themselves. It’s called TradingSignals and allows you to copy the trades of signals providers against a certain fee.
The latest MetaQuotes platform has in fact kept most of the features of the MT4 – the top-notch charting and great market analysis tools, the support of automated trading bots (Expert Advisors), the customization options, and more. However, as most MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform, the latter is still in the shadow of its predecessor.
A notable advantage of the MT5 over the MT4 is the fact that users of the newest software can deal in OTC products and exchange-traded instruments like futures, options, stocks and bonds from one and the same account. So, here, you may find more information on the MetaTarder5, as well as an extensive list of brokers who support it.
Developed by Spotware, cTrader is a multi-asset trading platform especially designed for ECN trading environment. Unsurprisingly, it’s is mostly preferred by professional traders.
cTrader provides fast order entry and execution speeds, direct order entry via charts and the best bid and ask prices available. Besides, the platform offers automated trading software – cAlgo, including market indicators and cBots – automated trading systems that can be used with cTrader Desktop.
Apart from the desktop versions for Windows and Mac, the platform can be launched in any browser and is also available as mobile apps for iOS and Android.
FxPro Edge is the broker’s spread betting platform, which is only available to UK clients. It offers industry-leading No Dealing Desk Execution and professional conditions for trading in Forex, Shares, Spot Indices, Spot Metals, Spot Energies & Futures. FxPro Edge is available as desktop download, web version and mobile apps.
Extra trading tools
FXPro also offers some exclusive trading tools, designed to help you take the best trading decisions possible. Here are some of the most useful among them:
-Trader’s Dashboard a great addition to the currency charts on your trading platform, which will give you an overall idea of what is happening on the forex market;
-Technical analysis by Trading Central, which is available on FxPro’s MT4/MT5 platforms, which will provide you with professional in-depth graphical analysis, intraday trading ideas, long-term forecasts, and more;
-Economic Calendar, which will allow you to plan your trading down to the minute based on economic events, consensus forecasts and estimated volatility;
-All-In-One FX Calculator which will help you calculate commissions, pip value, swaps, required margin, and more;
-FxPro market news.
Overall, FxPro uses a variety of payment methods, and most of the deposits and withdrawals are made free of charge.
The payment options clients of the broker can choose from depend on the country of operation. All entities within the FxPro group work with bank wire and credit / debit cards (Maestro, MasterCard, Visa), and both deposits and withdrawals made with these methods are free of charge.
Additionally, FxPro Cyprus and FxPro Bahamas use Skrill, Neteller, and China UnionPay, and the Cypriot entity also works with PayPal.
Do have in mind that FxPro charges withdrawals with Skrill and Neteller with certain fees, only on those cases where a client hasn’t traded at all from his or her account – 2.6% or 2% of the withdrawal amount, respectively.
Skrill and Neteller are payment methods used worldwide which are especially popular in Europe. They provide a fast and secure alternative to card payments. And we would also like to point out that Skrill has recently adopted anti scam policy and only partners with legit brokers.
Execution type and speed
Basically, there are three forex execution models: ECN, STP/NDD and Deal Desk. While the vast majority of forex brokers use a dealing desk approach and act as market makers, FxPro is a pure No Dealing Desk (NDD) brokerage, and was even awarded as such. This means that all client trades at FXPro are executed with No Dealing Desk intervention, so that there isn’t any conflict of interest between the broker and its clients.
Besides, the broker brags about most trades being filled in under 10 milliseconds., with up to 2,000 trades executed per second. So the speed of execution is also great.
Furthermore, FxPro uses in-house spot aggregator and advanced order-matching to provide its clients with access to a deep liquidity pool and ultra-fast trade execution.The trades are executed at the broker’s Equinix Data centers in either LD5 London or Amsterdam. FxPro’ trading servers are co-located and cross fiber connected with Tier 1 banks who provide liquidity.
Commitment to transparency
Besides, the broker demonstrates a long-term commitment to transparency – it regularly publishes execution statistics (slippage & requotes data).
For example, the data for 2019 shows that 82% of all market orders were executed at the requested price while 9% of them were executed with positive slippage (which means better pricing for clients). As regards instant orders, only 0.68% of them received a requote in 2019, with 0.32% of orders receiving an even better price.
Education & Customer support
FxPro also maintains rich Educational section on its website, containing tons of useful information for beginner traders. There are free online courses on forex basics, as well as for advanced traders, trading tips, tests, video tutorials and more.
The broker is also known for providing excellent customer support services in more than 17 languages. FxPro’s customer support is friendly, helpful and quick to respond in a professional manner. They operate 24/5 and you can reach them via phone, e-mail or live chat.
Awards & Sponsorships
Labeling FxPro as an award-winning forex broker a would be an understatement. The brokerage is a market leader in online trading with more than 70 industry awards. Here are some of the latest ones:
-BEST FX PROVIDER, 2020 at the Online Personal Wealth Awards;
-BEST BROKER 2018 at the Financial Times and Investors Chronicles Awards 2018;
-BEST FX PROVIDER, 2018 at the Online Personal Wealth Awards;
-BEST FX SERVICE PROVIDER, 2018 at the City of London Wealth Management Awards;
-BEST EXECUTION BROKER GLOBAL, 2017 by the Global Brands Magazine;
-BEST FX EXECUTION GLOBAL, 2016, 2017 at the CFI. Co Awards.
FXPro is also famous its sponsorship deals with prominent sports clubs and teams. Currently, the broker is an official partner of McLaren Formula1 team, as well as the main sponsor of Yacht Club de Monaco. Over the years, FxPro had sponsorship deals with Watford FC, Fulham FC, Aston Villa FC, and AS Monaco FC.
FxPro was the Official Forex Trading Partner of the FIA World Rally Championship (WRC) until the end of 2011, as well as a major sponsor of the FxPro Cyprus Rally in 2010.
FxPro is an award-winning international forex and CFDs broker with more than 15 years of experience on financial markets. It offers world-class online trading services in pure NDD environment, and a great choice of trading platforms and financial instruments. Furthermore, the broker provides its clients with access to top-tier liquidity, excellent trading conditions and the highest level of customer protection possible, including negative balance protection.
Here are, in a nutshell, the advantages and disadvantages with regards to this broker:
|Strong regulation||No major disadvantages|
|Negative balance protection|
|Multiple trading platforms offered|
|Competitive spreads & pricing|
|High leverage levels offered|
|Pure NDD brokerage|
|Fast execution speed|