FxPro Review 2020

A large variety of trading instruments, best and versatile trading platforms, competency, safety, and services are the priorities while looking for a forex broker. Luckily, FxPro is that broker that fulfills each quality people look for a broker. This FxPro review is going to disclose every advantage and disadvantage of working with this broker.

FxPro Review
4.5/5

77% of retail CFD accounts lose money

Short Summary

Minimum Deposit

100 $

Assets

CFD,Cryptos,Futures,Indices,Shares, and Forex

Demo Account

Yes

Islamic Accounts

Yes

Caution: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Retail investor accounts lose money when trading CFDs with this broker. Your capital is always at risk.

Let us have a look at the good side of working with this broker as well as a dark side.

Pros
  • Instinctive trading platforms
  • Good selection of assets
  • Several regulations
Cons
  • Trading fee is comparatively high
  • Slow account opening

Introduction

77% of retail CFD accounts lose money

FxPro is a company that has so many companies along with them. These companies are FxPro UK Limited, FxPro Global Markets MENA Limited, FxPro Global Markets Ltd covers almost all countries except the UK, and FxPro Financial Services Ltd.

This company also sponsors many events and projects for its promotions. On the official website, you will find the full details of the sponsored events and projects.

Year Founded

This company was founded in 2006. FxPro is European based.

Owner and Team

  • The owner of this company is Denis Sukhotin. He is a successful and famous businessman and has an expanded network of companies.
  • Charalambos Psimolophitis is serving as the CEO of the company.

Headquarters

FxPro is working in more than 150 countries. Their headquarters are located in

  • Bahamas
  • Cyprus
  • Dubai
  • Eurozone
  • London
  • South Africa

Choosing clients

The accessibility of this broker is wide but they also don’t work with some countries. Have a look at the countries showing the acceptable and non-acceptable countries to this broker.

Acceptable Clients

It accepts clients from Pakistan, India, Europe, Middle East Countries, Russia, China, Japan, Dubai, Saudi Arabia, South Africa, Thailand, Kuwait, Qatar, and Singapore.

Not Acceptable

Clients from Columbia, Canada, Nigeria, Zimbabwe, and the United States are not acceptable.

Regulation

77% of retail CFD accounts lose money

This broker is regulated by many authorities. It has a top-tier regulation also. The following are the regulatory organizations of this broker.

  • Financial Conduct Authority (FCA) regulates it in the UK by a registration number of 509956.
  • Cyprus Securities and Exchange Commission (CySEC) under license number 078/07.
  • Financial Sector Conduct Authority (FSCA)
  • Securities Commission of the Bahamas (SCB) by registration number of SIA-F184.
  • Dubai Financial Services Authority (DFSA) regulates it in Dubai by a registration number of F003333.
  • Financial Instruments Directive (MiFID) allows the company to trade in any country of a European union.

Safety

FxPro is working for a long time. Although it is not one of the top brokers of the broker yet it is has a good track record. FxPro review about its safety is satisfactory.

  • Amounts are held in segregated accounts to cope with market versatility.
  • All data is encrypted using modern and advanced security tools.
  • This company also provides negative balance protection. The amount is for the clients of the UK and this amount is 50,000 Pounds. According to some reports, they also provide investment protection to the European countries.
  • The trading histories, profits, loss, and account details are kept confidential.
  • Financial information is not public.

Note: Negative balance protection is only for European clients and not for the other countries. Only retail clients can avail of negative balance protection.

Assets

FxPro review about offering of product is excellent. They offer many products. You can trade with CFDs, Cryptos, Futures, Equities, Indices, Shares, Forex.

  • Commodities including precious metals and energies are also available.
  • Currency Pairs including majors, minors, exotics, Scandinavian, and the emerging countries.
  • You can trade in the UK, US, Australian, and German shares also.
  • Spread betting is also available for only the customers of the UK.
  • They also allow scalping and hedging which is the most easiest way to cover up your loss.
Currency Pairs
70+
Cryptos
5+
Futures
20 contracts
Indices
29
Shares
145+ types
Spot Metals
2
Spot Energies
3

Fees and Margins

77% of retail CFD accounts lose money

FxPro has comparatively more trading fees than others. However, the non-trading fee is negligible. FxPro never found implementing some hidden charges. They have visible and clean pricing.

Trading fee

This fee includes spreads and commissions. The trading fee is based on the platform you choose. They only charge commission while working on cTrader. FxPro review is undoubtedly best about the instruments offered for trading.

  • The average spread of EURUSD on MT4 is 0.7 on average. However, the maximum spread is 1.4 normally.
  • If you trade on MT$ and the spread rate of any asset is 1.2 pips. On cTrader it will be 0.2-0.3 pips. While on MT5 it maybe 0.1 or 0.3 more.
  • On the execution of trade over 1 million USD, a commission of $45 will be deducted.
Category Asset Spread (pips)
Currency pairs
EURUSD
0.00016
--
GBPUSD
0.00021
Shares
Apple
0.63
--
NetFlix
0.66
Energies
WTI
0.05
--
Brent
0.7
--
Natural gas
0.01
Indices
UK100
2.1
Metals
Gold
0.32
--
Silver
0.033
--
Platinum
1.5
Futures
Coffee
0.35
--
DJ30
3
--
Wheat
0.75
--
Soybean
0.33
--
US Oil
0.022

The spread rate and commission charges are different in each company of FxPro. On the official website of FxPro, you will find the spread rate and margins of each instrument according to the region or company.

Trading fee

FxPro provides maximum leverage of 1:500. However, in the UK this leverage is transformed into only 1:30 as the UK brokers are strictly stuck to their low leverage policy. Here is a comparison of FxPro Global Markets Ltd and FxPro UK limited on MT4 and MT5.

Asset FxPro Global Markets Ltd FxPro UK Limited
Fx Major
1:500
1:30
Fx Minor
1:300
1:20
Gold
1:200
1:20
Cryptos
1:20
1:2
Commodity
1:50
1:10
Indices
1:50
1:20
Shares
1:25
1:5

Non-Trading Fee

This fee includes the deposit, withdrawal, and subscription charges.

  • Deposit is free.
  • Withdrawal is free. However, you have to pay a little amount if you withdraw your money without executing a trade.
  • An inactivity fee of $12 is charged after 12 months. After that, you have to pay $5 monthly in case of inactivity.
  • You need to pay a conversion fee when you withdraw your money except your selected base currency.

Account Opening

77% of retail CFD accounts lose money

Account opening at FxPro is slower than others. It takes almost 3 -6 working days.

  • The minimum deposit is low at $100.
  • It is a digital process.
  • There are a lot of confirmations you need to make.

Here are a few steps you need to open your account.

  • Just provide your contact details like e-mail address, and contact number.
  • Provide your personal information.
  • Fill your KYC form. This KYC is important to know the personal, professional, and financial details of a client.
  • You need to provide your identity with proper confirmation. For this, you can use your national ID card, scanned color copy of your passport, or your driving license. A latest utility bill or bank statement from the past three months showing your address.

Types of Accounts

77% of retail CFD accounts lose money

FxPro offers different types of accounts based on a trading platform.

FxPro MT4 Account

  • You can trade everything like stocks, indices, futures, commodities, forex, and energies.
  • A leverage of 1:500 is provided.
  • Traders can enjoy fix and variable spreads.
  • The tools like Expert Advice are available.
  • You can place orders by various types.

FxPro MT5 Account

MT5 account is a bit changed from the MT4. However, other features and market coverage are the same. The execution of trade is also the same. There is a difference between fixed spreads and variable spreads by a few pips.

cTrader Account

  • You can trade everything except equities and futures.
  • Leverages are also changed.
  • Algorithm trade can be executed by using the feature of cAlgo.

Islamic Account

FxPro also provides an Islamic account. This account is swap-free and does not deduct interest charges. This is according to the sharai rules for Muslim traders.

Deposits & Withdrawals

77% of retail CFD accounts lose money

FxPro offers free deposit and withdrawal. You can make transactions only by your accounts.

  • There is no minimum deposit fee.
  • Account opening fee is also very low.

You can fund your account with the following methods.

  • Bank Transfers.
  • Credit and Debit Cards.
  • Electronic wallets like Neteller and Skrill.
  • Chinese clients can also use their local billing system mPay.
  • You can also transfer your amount from one broker to the other.

For withdrawal, you can use the same methods you use for deposit. To withdraw you need to follow these steps.

  • Log in to your account.
  • Click on the option of withdrawing money.
  • Add your method and desired amount.
  • Initiate the process.

Withdraw takes almost 2-3 working days.

FxPro Wallet

FxPro has also designed its wallet just like a mobile phone app. You can make transactions from anywhere.

Trading Platform

77% of retail CFD accounts lose money

FxPro review about its trading platforms is excellent. Even somehow trading platform is one of the main reasons of the FxPro popularity. FxPro offers MetaTrader4, MetaTrader5, cTarder,FxPro Markets and FxPro Edge. But most of the people prefer to use MT4 and MT5 because of the easy and flexible terms and conditions of them. This software is easy to use.

MetaTrader 4

  • MetaTrader 4 was introduced to the market in 2005 by MetaQuotes.
  • MT4 has a wide range of assets.
  • It involves the feature of Expert advice.
  • MT4 provides 3 types of charting tools.
  • It facilitates by backtesting strategy.

Web Trading Platform

Have a look at the features of the web trading platform.

  • It is user friendly.
  • Fee reports and trading history are clear.
  • You cannot set price alerts
  • It has good customizability (for charts, workspace)
  • Design is old.
  • Search functions are good.
  • You can place only basic order types like market, stop, limit, Good till time and good till canceled.
  • It is available in a large number of languages. Lit looks like everyone can understand and use this software.
  • Login is a double step. Unlike other software, MT4 sounds safer.

Mobile Trading platform

Have a look at the mobile trading platform of this broker.

  • It has good customization.
  • MT4 mobile version is available on iOS and android.
  • Search functions are better than the web version of this platform.
  • You can set only basic order types like limit, market, stop and good till time. Good till canceled is also available. They are the same as that of the web version.
  • It is available in many languages also.
  • Login is a single step that is less safe.
  • You can set price alerts and notifications.
  • There is double-step verification for withdraw or depositing funds in your account.
  • The fee report is clear.

Desktop Trading platform

Have a look at the desktop trading platform of MT4.

  • It is almost as same as the web trading platform.
  • You can set basic order types like you can set in mobile and web version of it.
  • Search functions are just average.
  • You can set up price alerts and notifications. All you need is to enter your MetaQuotes ID.
  • It is outdated.

MetaTrader 5

  • MetaTrader 5 is also used. This software is a modified and developed form of MT4.
  • It gives a freedom of trading with advanced tools. It allows more than the basic order types.
  • MT5 has more number of indicators and charting tools. It has 38 indicators and more than 40 graphical tools.
  • It also offers a community chat group.
  • MT5 allows 6 pending order types that are only 4 in MT4.
  • It provides an excellent and quality economic calendar.
  • Strategy tester is multi-threaded but in MT4 is a single-threaded.
  • It has 21-time frames but in MT4 there are only 9.
  • Netting is also allowed in MT5. It means to have a position open of a single instrument.

cTrader

cTrader was designed by cTrader Limited.

  • It is also highly customizable.
  • You can place stop loss and limit while placing orders.
  • Trades are more fast and efficient on this software.
  • You can also execute automated trades by using the cAlgo feature.
  • It has a wide range of indicators.
  • Charting is also an excellent quality at this platform.
  • You can analyze your previous data.

FxPro Edge

This is the most advanced and best form of the trading software. It was made for Spread betting. However, you can make a demo account at this software.

  • Unlike, it does not require any additional charges and additional software to perform more efficiently or on the usage of specific tools.
  • This platform is tax-free and deducts no commissions.
  • The spreads are also competitive and tight.
  • Risk management tools are also available.

Ratings of Platforms

Web Trading Platform- Excellent

Mobile Trading platform– Good

Desktop Trading Platform– Average

Auto Trading

Yes, FxPro also offers auto trading. It uses the cAlgo feature of the trading platform.

Research

77% of retail CFD accounts lose money

FxPro review about the research is good. They have several research tools.

  • Daily Market News summary
  • Technical Analysis by Trading Central
  • Trader’s Blog
  • Trader’s Dashboard
  • Newsfeed is also helpful.
  • The economic calendar provides full details of events. By subscribing to this calendar, you can get access to many useful features like predictions, guides, indicators, and trading ideas.
  • Moreover, the own researches on the trading platforms are also worthy and helpful.
  • You can also utilize the commentary on currency and index.

Education

77% of retail CFD accounts lose money

FxPro review about providing education is not very good. Because the data or blogs they provide are usually for the beginners. Neither intermediate nor professional can get a good education from this broker. They only have limited data valid for the one don’t know even about the basics of the forex trading. You can get education from

  • Articles, and blogs.
  • Platform tutorial videos
  • Trading tutorials
  • Webinars (short videos)
  • A demo account with virtual cash is also provided to test and enhance the skills of a trader

Bonus and Promos

FxPro review regarding bonuses and promos is not good. They do not offer bonuses and promotions. They rarely give a discount. Even in a comparison with the top brokers of the world, it has a relatively high trading fee even though it is just above the average broker.

Customer Services

77% of retail CFD accounts lose money

The review of the customer support of this broker is excellent. We tested them in different ways and we find them efficient. They are very relevant and responsive to their queries.

  • You can contact email and live chat. They give fast and relevant answers in some seconds. However, e-mail is quite slow than live chat. But it does not exceed 24 hours.
  • Phone support is also available. The average connecting time is just a minute so sometimes less also.
  • Customer services are available 24/5.
  • Customer support is available in many languages. The following are the languages. Arabic, Argentina, Bahasa, Brazil, Chinese.Čeština, Colombia, Deutsch, English Español, Français, Italiano, Japanese. , Mexico, Polski, Português, Tiếng Việt, Русский, and Urdu.

Here are some of the official contact details of this broker.

FxPro Review

77% of retail CFD accounts lose money

This broker has an above-average ranking. It is not a top-class broker. But still it provides good services. The advanced platforms, integration of MT4 and MT, and the usage of the FxPro Edge interface make it rank in the list of good brokers. The product offering is also responsible for its good FxPro review. This time almost more than 10,000 active clients are working with this broker. Since operating from 14 almost 14 years, they have expanded their networks.

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