This is a Fxpro review by an expert forex trader;
Fx Pro champions itself as the world’s number one online forex broker.
That’s a bold claim and to be honest; Fxpro is a good forex broker but the claim of being the best has to be checked by traders like us.
The table below pulls out first-hand information about Fxpro forex broker.
|Minimum Deposit||$100, €100, £100|
|FX Pro Bonus||No|
|FX Pro Spread||Spread Depends on Currency Pairs|
|Deposit Methods||Bank Transfer, Cards, Skrill, Neteller & Union Pay|
|Withdrawal Methods||Bank Transfer, Cards, Skrill, Neteller & Union Pay|
|Fxpro Mobile App||Yes|
|Leverage||1:5 to 1:100|
Is FXpro Safe and Regulated?
Yes, Fxpro is safe and regulated. In fact, Fxpro is regulated by over 3 regulatory bodies and has won several awards in the past years.
In terms of regulation, below is a list of the bodies regulating fxpro
- FxPro UK Limited is authorised and regulated by the Financial Conduct Authority
- FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission
- Also Authorised by the Financial Sector Conduct Authority (‘FSCA’)
- FxPro Global Markets Ltd is authorised and regulated by the SCB
It is safe to say that fxpro is a good broker. Their services are well tailored for traders
FXpro Review – FAQ
Fxpro is a no-dealing desk execution broker. This term is different from STP as fxpro is not an STP broker. Due to the high volumes of our client’s trades, Fxpro is able to internally match a great deal of our order flow.
Yes, fxpro is a legit broker. It offers services in over 176 countries and it is regulated by the required regulatory bodies.
At this time, fxpro does not offer any kind of bonuses on deposits. If there is an offer of a bonus, I will update it here.
All fxpro accounts are spread accounts. Therefore they do not charge commissions except for the Ctrader account type which has a Reduced Spread plus $45 per $1 million traded (upon opening and closing a position) on currency pairs and metals.
Fxpro used to have a copy trade platform called Fxpro Super trader platform created in 2013, but the service has been discontinued.
Fxpro is not an ECN broker and it’s also not an STP broker. FXpro is an NDD Broker.
Fxpro Review – FXpro Account Types
FXpro provides 5 different account types.
These account types mostly differ in terms of trading platforms, trading instruments, spreads, and commissions.
Let’s consider the features of each account type below;
1. MT4 Account With Fixed Spreads and Instant Execution
This account type operates only on MT4, has fixed spreads, and orders are instantly executed.
Therefore you should expect that commissions charges do not occur on this account type.
Instant Execution means you Receive the price you see on screen or receive a requote.
2. MT4 Account With Floating Spreads and Instant Execution.
This fxpro account has floating spreads but still offers instant execution.
3. MT4 Account With Floating Spreads and Market Execution.
This account comes with a floating spread as well but market execution.
Market Execution: tiered liquidity, orders are executed at the volume-weighted average price (VWAP).
The system automatically aggregates the volume received from third-party liquidity providers and executes the ‘market order’ at VWAP (‘Volume-Weighted Average Price’) which is the average and the best available price at the time of execution.
4. CTrader Account With Floating Spreads and Market Execution.
This account is meant for traders who want to use the Ctrader platform.
The Ctrader platform allows you to trade in your web browser without needing to download any additional software.
Yet it still provides desktop and mobiles apps.
Also, the fxpro ctrader account comes with market execution.
5. MT5 Account With Floating Spreads and Market Execution.
Offers the MT5 trading platform to traders.
Also comes with floating spreads and market execution.
FXPro Spread Explained
On MT4/MT5 accounts, you are only charged the spread on any instrument and there is no commission. These spreads are flexible and unstable.
On cTrader accounts, the spreads are much lower (starting from 0 on major FX pairs) but there is a commission charge for each trade ($45 per $1million USD traded ).
Meanwhile fxpro offers a fixed spread MT4 account which offers fixed spread on 7 major currency pairs;
EURGPB, EURJPY, EURUSD, GPBJPY, GPBUSD, USDCAD, USDJPY. All these pairs come with a fixed spread on the Fxpro MT4 Fixed Spread Account Type.
Fxpro Leverage Reviewed
leverage available to you may differ depending upon your jurisdiction and the instrument/platform you are trading with.
You can get more information about fxpro leverage on their website.
I must say that the leverage offered by fxpro is not competitive and very low compared to what we have in the market from other brokers.
But there are positives to pick from it as these kinds of brokers tend to come out as brokers that have the success of traders in mind.
Low leverage is particularly common with brokers that accept USA customers. To some extent, losses in this kind of broker are minimal when compared to high leverage brokers.
This low leverage kind of ensures traders do not approach forex trading like gambling.
FXPro Review – Trading Platforms
Fxpro offers 4 different trading platforms for traders.
- Fxpro Platform/ mobile app
All these trading platforms allow for attaching EAs and robots except for the FXpro Platform.
Fxpro Trading Instruments
This broker offers 6 classes of trading instruments
FXpro Trader Education
It is commendable that fxpro offers training and education, especially for beginner traders.
Fxpro also offers research tools for traders. Fxpro provides the following as educational mediums to traders;
- Free Forex Basics Course
- Trading Tests
- Webinars and
Summary – FXpro Review
Fxpro is a good broker.
My conclusion is that fxpro is not a good broker for beginners because of the high minimum deposits which start from $100.
Apart from that, Fxpro is a unique forex broker in the market.