FxPro is considered an excellent broker, offering access to over 400 CFDs and 70 forex pairs on state-of-the-art trading software via MetaTrader and cTrader trading platforms.
While they do offer multiple account options, with both fixed and variable spreads, I felt their pricing remains slightly higher than average and the product portfolio is limited to forex, CFDs and tax-free spread betting via its FxPro EDGE platform.
72.99% of retail investor accounts lose money when trading CFDs with this provider.
FxPro Ratings
Overall
Pros
- Well-regulated in multiple markets
- Compatible with MetaTrader and cTrader
- Approachable customer support
Cons
- Inactivity fees charged
- Limited content for forex beginners
- Narrow product portfolio
Who is FxPro?
FxPro operates via FxPro UK Limited for its UK-based clients which is FCA regulated.
It is a multi-award-winning brokerage, with over 90 industry awards for the calibre of its trading platforms, including its mobile trading apps, its FxPro demo account, and its general trading experience, underpinned by its intuitive interface.
Between 2015 and 2020, FxPro was the ‘Best Broker’ in the eyes of the Financial Times. It’s also a brokerage that’s well-served by counterparties and high-street banks, whose names include Barclays, Citibank and RBS.
Who owns FxPro?
The FxPro Group Limited owns FxPro. This is the holding company for all FxPro subsidiaries licensed to serve institutional clients and retail investor accounts worldwide.
The FxPro Group has three overarching brands – one of which is the FxPro brokerage. It also operates BankPro, focused on revolutionising digital banking and investing, as well as BnkPro, aimed at real-time recreational investing across thousands of markets.
Accounts and product range
FxPro offers a strong choice of client account types for trading:
- MT4 accounts either with fixed or floating spreads, as well as instant or market execution
- MT4 accounts with raw spreads and market execution
- cTrader accounts with floating spreads and market execution
- MT5 accounts with floating spreads and market execution
- FxPro EDGE CFD accounts with floating spreads and market execution.
Average execution speeds for market orders is less than 11 milliseconds, allowing you to act fast when needed. All clients receive negative balance protection, ensuring no one loses more than their initial deposit.
In terms of the rest of its product range, FxPro Group offers additional services for investing, online money management, and trading:
BankPro
BankPro acts as a middleman, providing “robust financial services” to clients alongside its “instant access” trading platform. BankPro not only makes it possible to trade and invest, but it also makes it possible to spend wisely, wherever you are in the world, transacting at industry-leading FX rates with no hidden charges.
BnkPro
The latest product launch from the FxPro Group, BnkPro is an upgraded version of its BankPro service. Clients receive a BnkPro Debit Mastercard for their in-person spending, with the ability to move money worldwide at ultra-competitive currency conversion fees.
BnkPro account holders can also trade thousands of equities and build a long-term portfolio of investments.
FxPro Broker fees and charges
Trading fees for clients of FxPro vary depending on which FxPro account you choose.
If you open an MT4 FxPro account with raw spreads, you’ll pay a $3.50 commission per lot for opening and closing positions. Furthermore, the spreads on forex pairs and spot metals are exceptionally small with no mark-up.
Those with cTrader FxPro accounts will pay a commission of $35 for every $1m traded upon opening and closing positions on forex and spot metals. There is zero commission paid on all other instruments with these accounts.
All other MT4 and MT5 FxPro accounts are commission-free on any available instrument. The only charge is the bid/ask spread, on which FxPro applies a “small mark-up”.
In terms of non-trading fees, FxPro offers zero deposit and withdrawal fees, nor does it charge a monthly account fee.
FXpro charges an inactivity fee for forex and CFD traders whose FxPro accounts are inactive for six months or more.
Criteria for being classified as inactive are:
- No open positions for six months
- Have not opened or closed a position in six months
The inactivity fee is $10 (or currency equivalent) per month
Trading platforms available at FxPro
One of the great features of the FxPro trading platform is the choice of software to trade and manage your open positions. The simplicity of placing and closing market orders in trading is central to all your needs.
Interestingly, FxPro’s proprietary platform is rapidly attracting interest as one of the leading trading platforms. Available in demo and real-money form, the new FxPro Trading Platform is client-centric, ensuring desktop and mobile trading options.
Spread bettors can also lean on the FxPro EDGE trading platform, which is their proprietary software for all UK-based spread bettors. FxPro EDGE makes it easier to trade all six available asset classes tax-free. FxPro EDGE has a widget-based interface, which makes it possible to drag and drop all kinds of real-time charts, graphs, trading tools and news releases to improve your spread betting setup.
FxPro is a proud MetaTrader 4 broker, as well as its successor, MetaTrader 5. All FxPro client accounts are compatible, with no dealing desk intervention included. MT4 and 5 are the industry standard for online retail traders, with dozens of technical analysis indicators and powerful analytical trading tools to put your best foot forward in the markets.
One last point, the FxPro cTrader trading platform is the broker’s most advanced trading platform, offering even lower spreads on forex currency pairs and spot metals. It’s available on Windows and compatible with iOS and Android for mobile trading, while its web trader version makes it possible to access cTrader through any web browser.
The cTrader software also works with a Virtual Private Server (VPS), allowing you to run automated trading systems day and night.
Trading tools and services
Whether you plan to trade with FxPro or spread bet through FxPro EDGE, FxPro offers plenty of educational tools, insights, and support to get you started – and keep you going.
There is a free forex trading course open to beginners, equipping you with all the basics needed to master the highly liquid forex markets. There’s also free tuition up for grabs for ‘advanced’ traders of all trading styles looking to make those marginal gains to improve their trading returns.
Rock-solid trading is all about having a watertight trading plan. FxPro makes it easy to plan with access to an annual economic calendar and the latest news, supplied by partners Trading Central, including all the major releases throughout each week that could affect local and regional economies. Trading Central also offers technical analysis, which can provide potential trading angles and tests for existing trading strategies.
Within the FxPro Direct trading app, it’s also possible to get full-screen charting with advanced charts offered by FxPro’s partners TradingView. This offers hundreds of technical analysis indicators to comb through the opportunities at home or on the go.
Deposits and withdrawals at FxPro
Deposits and withdrawals can be made to and from FxPro client accounts using the following payment methods:
- Bank wire transfer
- Visa and Mastercard
- PayPal
- Skrill
- UnionPay
- Neteller
Deposits and withdrawals are free, although charges apply for withdrawals from a FxPro account that’s not placed a single trade. Withdrawal charges range between 2%-2.6% depending on your withdrawal method.
Any FxPro account that’s been inactive for three years – and it’s still funded – FxPro has the legal right to claim it as its own, based on the terms of its client agreement.
Research
A key part of the FxPro review is assessing the level of tools and informational support at the fingertips of FxPro clients.
There are plenty of interactive data sets to assess within the FxPro portal. FxPro Market News gives traders up-to-the-minute overviews and technical analysis on a range of instruments from forex pairs and indices to big-name equities. Its partner, Trading Central, also offers timely technical analysis exclusively for forex traders, which has evolved since its launch in 1999. It’s now a world leader in financial research, monitoring a host of asset classes from forex pairs to equities.
Economic and earnings calendars are also ideal for helping to organise your trading plan. Stock traders will lean on earnings calendars to pinpoint when their target equities are publishing trading updates next to their shareholders.
FxPro clients get access to their own trading ‘dashboard’, which provides a real-time overview of your open positions. You can also drag and drop other elements like the earnings calendar into your dashboard to get an oversight of what to expect on any given trading day.
Educational tools at FxPro
Within my FxPro review, I’ve already touched upon the free forex trading courses available to beginner and advanced users. However, it’s important to run through the contents of the courses, so that you know what to expect.
The ‘basics’ section of the course provides entry-level education for CFD trading beginners, including trading on margin, lot sizing, leverage, and much more. All of which you should master before trading with your own hard-earned money.
There’s also a ‘Fundamental Analysis’ section, spanning the most important macroeconomic indicators to watch out for when trading news releases and publications. The ‘Technical Analysis’ section also offers insight into finding patterns like support and resistance levels to frame future trades.
Last but not least, FxPro offers a ‘Psychology’ section, which is vital for novice traders to grow accustomed to the mental peaks and troughs of financial trading.
FxPro FAQs
Can I trust FxPro with my money?
Yes, you can trust FxPro with your money and is one of the most trustworthy forex brokers in the UK. It has over 15 years of experience as an online brokerage.
By the end of 2020, FxPro had handled approximately £444.5 million worth of orders, with its several CFD trading platforms operating with speed and ultra-precision at all times. Its compliance obligations with the Financial Sector Conduct Authority also require them to be part of the Financial Services Compensation Scheme (FSCS).
Does FxPro allow scalping?
FxPro Customer reviews
Obvious advantage of this broker is trading conditions. Moderate risk plus trading opportunities. It’s a great combination and a great match
- Fees
- Account opening
- Deposit and withdrawal
- Customer service
While they show efforts to lower the trading fees from time to time, I still think they could go even lower. Maybe that is because they are a big company and they follow regulatory rules successfully, but the registration process can be a bit long here.
- Fees
- Account opening
- Deposit and withdrawal
- Customer service
The process of opening of the account and particularly the verification was very confusing. Maybe because I haven’t dealt with the forex brokers prior to that.
Of course later I realized that it was done strictly for the security reasons.
Demo account and real account trading left only positive emotions. And thanks for the possibility to train on the demo to begin with. It was certainly a valuable experience.
- Fees
- Account opening
- Deposit and withdrawal
- Customer service
