In this Fxpro review by an expert forex trader, we evaluate why FxPro is one of the world’s best forex brokers.
At this point, FxPro is a household name, but we’ll also analyze their services in the FxPro review.
FxPro is undoubtedly one of the biggest brokers in the foreign exchange market, with partnerships in Formula 1(McLaren) and the English football league (Watford, Fulham).
Ultimately, the quality of services provided directly impacts these platforms’ users. Therefore, in the FxPro review, we put the broker under a microscope and segmented our findings into the following categories:
- My Findings on The Broker
- My Experience with FXPro
- Demo Trading on FXPro
- FXPro Alternatives
|Free Bonus||No deposit or trading bonus is offered|
|Minimum Deposit||$100 on standard account, but this varies on other account types|
|Spread||Spreads on FxPro start from 0.4 pips on the EURUSD pair|
|Leverage||Leverage is limited to 1:30 for clients in the UK and 1:200 for others.|
|Deposit Methods||Bank Transfer, Visa/Mastercard, PayPal, Skrill, and Neteller, Crypto|
|Withdrawal Methods||Bank Transfer, Visa/Mastercard, PayPal, Skrill, and Neteller, Crypto|
FxPro Review Summary and Rating
Since this broker was founded, principles haven’t been taken lightly. Some of these principles are transparency and quality customer service, which ensure traders’ funds are secure round the clock.
Fast registration process
All account types have the same access to trading services
Beginners get access to decent education and tested advisors
No cent or Islamic account
Is FxPro a Good Broker?
FxPro was first registered in 2006 and is one of the best broker options forex traders have. With 105+ awards to its name, there’s no disputing that this is a good broker.
Furthermore, the activities of this broker are overseen by a couple of regulators. The Financial Conduct Authority (FCA) with the license number 509956, the Cyprus Securities and Exchange Commission (CySec) with the license number 078/07, and the Financial Services Conduct Authority (FSCA) with the license number (45052).
Regulatory certificates enable brokers to operate in more nations. In return, they are given a set of rules to ensure the interests of retail traders are protected.
Some perks clients enjoy are negative balance protection, compensation funds, segregated funds, etc.
Generally, the broker prefers to leave only some features to VIP accounts. Thankfully, that’s not the case here, with every account having equal privileges.
However, Elite accounts are assigned a personal manager and VPS Servers to allow for automated trading.
Moreover, withdrawals and deposit fees are charged, but an inactivity fee of about 2.6% is expected if your account becomes idle for a long while.
Nonetheless, the trading experience here is seamless, and the available trading platforms and rapid execution tie it all together.
The account types on this broker are Standard account, Pro account, Raw+ account, and Elite account.
FxPro’s account types used to be a mess, but it’s since been revamped and more appropriate.
Once a deposit has been made, your trading account may be in the following base currencies: USD, EUR, PLN, GBP, AUD, CHF, JPY, ZAR.
Floating spreads on this broker is 1.2pips–it’s not competitive. In constant, raw spreads are available on some accounts, and it’s a better choice.
Due to regulators’ policies, leverage is lowered in certain regions. For instance, in the UK, only leverage of 1:30 can be used, but other jurisdictions support up to 1:200.
The smallest lot size to trade here is 0.01 (micro lot); since no sent account is provided on this platform, nano lot sizes can’t be used.
FxPro’s minimum deposit is $100 on a standard account, but this varies on other account types. For example, the elite account has a minimum deposit of $30,000, while the Pro/Raw accounts’ minimum deposit is $500.
To find out more about FxPro’s minimum deposit and withdrawal, check out our dedicated piece on that subject: FX Pro Minimum Deposit and Withdrawal.
The Metatrader suite is available and is as reliable as we’ve come to know them. Orders can be swiftly placed and edited easily, while charts can be analyzed with various indicators.
On the other hand, cTrader is a social copy trading platform with 750+ strategies that are free to use. But note that certain service providers charge a couple of percent as fees.
Also, the broker has a propriety platform for their trading clients. The FxPro platform might not be as robust as the others listed, but more trading pairs are available here.
On Fxpro, educational content in videos and written material is provided. Keeping track of progress in courses on the “learning center” is made easy.
Furthermore, tools to improve traders’ efficiency aren’t missed, such as sentiment trackers, volume trackers, volatility gauges, news feeds, etc.
Support is multi-lingual and available in 20 languages, responding swiftly to questions and requests.
Moreover, VIP clients are assigned to a personal manager, bridging the communication gap massively.
Expert Opinion on FxPro’s Services
Having been awarded 105 awards in just 14 years of operation, there’s no denying that FxPro is a decent broker.
Besides, being regulated by some of the best financial bodies means negative account protection and compensation funds to mitigate the effect of the company’s possible bankruptcy.
My Personal Experience With FxPro
After signing up, which was swift, by the way. A series of questions are presented to judge trader’s trading knowledge before giving them access to high leverage.
Trading With FxPro
In total, there are 2,100 pairs on this trading platform. However, just 70 are currency pairs, while stocks like Apple, Twitter, and Google aren’t excluded.
Spreads and fees were well priced on all trading accounts, but an inactivity of 2% will be charged if a trading account becomes idle.
Moreover, the ECN technology doesn’t disappoint with execution speeds of 14-30 milliseconds. Accurate pricing is a credit to liquidity providers like Barclays, Citibank, etc.
Demo Trading on FxPro
We conducted a test run on Fxpro’s services through a demo account. As usual, the profitable forex robot didn’t disappoint.
A win rate of 66% was achieved after 15 trade orders were placed on the XAU/USD pair.
One thing missing from this broker is the absence of an Islamic account.
When a trade is held consecutively for more than a day, the swap fee gradually increases similarly to a loan’s interest.
Therefore, making regular accounts unsuitable for Muslims, an alternative broker with swap fee accounts is attached below.
FXPro Review Summary
The verdict here is straightforward: FXPro is a solid broker. However, cent accounts are desperately missed, and minimum deposit could be lower.