FxPro Review

FxPro is in the CFD and Spread Betting market in the U.K. and was founded in 2006. Since then the company has executed more than 455 million orders and was voted the U.K.'s most trusted Forex brand by Global Brands Magazine in 2017. Today the company operates in 173 countries and has more than 1,866,000 client accounts and €100 million of Tier 1 capital. FxPro says they are well-known throughout the industry as a trustworthy and reliable broker. They are regulated by the FCA, CySEC, FSCA, and SCB.
 

 

 

 

 

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Account Types

You get a choice of four live trading accounts with FxPro, below is an account break down and comparison:

1. FxPro MT4 – You can trade on currency pairs, equities, market indices, metals and energies. In addition, EAs are supported. You also benefit from fixed and floating spreads. On top of that, you have instant market execution and a maximum leverage of 1:500. (Note: Retail clients under CySec and FCA will have maximum leverage of 1:30, Professional clients 1:500 and SCB jurisdiction clients 1:200)
2. FxPro MT5 – These accounts are fairly similar but use a different platform. You get all the same markets and instruments, and then Market execution and floating spreads.
3. FxPro cTrader – You get nearly all the same instruments, apart from equities and futures. In addition, you have algorithmic trading through cAlgo.

For fixed spread accounts, you may want to opt for the MT4 option. Having said that, all promise straightforward account ownership and management. Rankings will depend on individual requirements and personal preferences.

Note FxPro does not offer ECN managed or micro accounts. Reviews nonetheless are positive about the number of account options available. In fact, many competitors offer just one live account option.

Markets & Instruments

Customer review and ratings are positive of the breadth of products on offer. Users can trade in:

• Stock CFDs – 2000+
• Futures – 24 contracts
• Spot Metals – 7 precious metals
• Spot Energies – 3 energy commodities
• CFDs for Currency Pairs – 70 FX pairs
• Market Indices – 19 spot market indices
• Cryptocurrency CFDs – 18+ (non-UK only)

The broker’s extensive selection of global stock CFDs is particularly impressive. Clients can diversify their portfolios with assets from a range of industries and countries.

Note you cannot trade in binary options and spread betting is only available to UK customers.

Spreads & Commissions

Spreads are competitive but depend mostly on the type of trading account held and asset traded. For example, with the MT4 account, minimum fixed spread quotes are around 1.2 pips.

With an MT5 account and FxPro cTrader account, minimum live spreads are 1.4 and 0 pips. Opt for a Markets account and spread quotes start at 1.2 pips.

On top of the spread, a commission charge of $45 is in place per million USD traded.

Leverage

Traders also have the option of margin trading, requirements for which will depend on your account type.

Trading with gold leverage, for example, allows you to increase your position size and capitalise on potential opportunities in gold prices.

However, there are also risks. Leveraged trading can accelerate losses as well as gains.

FXPro do offer negative balance protection however, so clients cannot lose more than the initial deposit.

The maximum available leverage is 1:200 (at FXPro Global Markets Limited only). FxPro Prime Ash provides 1:500 leverage. Pro Clients can access leverage up to 1:500.

See the official website to plug your details into a leverage calculator.

Trust 

FxPro scores quite well when it comes to reputation and trustworthiness. Most importantly, they are regulated in the United Kingdom, which is reputedly safer than some regulators in the EU. FxPro also advertises that they have one of the highest counterparty credit ratings in the industry, scoring 95 on a hundred point scale, where a high score indicates a lower risk of default or bankruptcy. They also participate in the Financial Services Compensation Scheme (FSCS) that allows clients to claim compensation in the event FxPro were to become insolvent. They offer clients negative balance protection under new EU guidelines that prevent clients from losing more money than they have deposited.

One negative for FxPro is the absence of guaranteed stop‑loss orders. Some brokers offer this feature for a fee, but this is not offered by FxPro at all.

Desktop Experience 

FxPro offers clients a wide range of desktop trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge. The desktop browser experience is in line with the industry average and allows traders to easily execute trades with clear and transparent pricing. Charting is also available with various indicators and studies. Traders can also create customizable watchlists and leave conditional orders, but hedging is not possible on MT 5 and will simply cancel offsetting orders.

FxPro allows traders to see other clients' positioning, which gives a sense of market positioning. Simulated demo‑account trading is available but only after providing personal identification documents. One big advantage is that FxPro provides traders with a real-time audio squawk box that alerts them to market moving events. There is also a running news feed with the latest market headlines and a link to Trading Central WebTV.

Mobile Experience 

FxPro has a good mobile offering with the app available in both iOS and Android. Security features are standard, with the option to replace the login with an Apple's Touch ID. Watchlists are easily customizable and it is also possible to have multiple lists.

Mobile price alerts are available. Traders simply need to select the instrument, decide which price to alert (bid or ask) and then choose to alert when the price is higher or lower than a selected level. The trader can even create a customized pop‑up message to deliver as well.

Unlike other brokers, FxPro offers streaming mobile news with major news headlines that can impact markets. This allows traders to follow market developments on the go in real‑time. Conditional orders are easy and straightforward to set up with various types on offer. Traders can choose between market, limit, stop, and stop‑limit orders. Traders can also specify when the order will expire, providing another degree of control.

Finally, FxPro has an acceptable mobile charting offering. Traders can choose multiple time frames to monitor and can easily add multiple trading indicators, such as moving averages. After setting up a chart, the mobile app allows traders to easily trade from the chart, with easy trade sizing and buy and sell directional orders.

Research Tools and Insights 

FxPro's research and insights tools are above average for the industry. Like many brokers, FxPro offers a macroeconomic calendar to track important releases that can impact markets. They also offer some basic daily fundamental research and work with Trading Central to offer technical analysis. Two areas where FxPro has an advantage over other brokers are its multilingual webinars available on the company's YouTube channel and the quality of its real-time news offering. These tools seem to be available even for traders who do not have an account with FxPro.

Education 

Educational products are one area where FxPro is below the industry average. There seems to be an absence of information about basic concepts of forex and CFD trading. Most other sites have a specifically designated education center, but FxPro lacks these tools. Instead, they have a YouTube channel with some educational videos that are disorganized and difficult to find. Moreover, some videos are quite old and in need of a refresh. FxPro does provide a glossary of CFD terms, which is not something every broker provides.

Special Features 

FxPro offers traders algorithmic trading through cTrader, which is an advanced algo and technical indicator coding application that allows traders to create and build algorithmic trading strategies and custom indicators. FxPro also offers a Virtual Private Server (VPS) that enables clients to upload and run MT4 Expert Advisors and algo bots 24 hours a day, without needing to keep a trading terminal running. These applications also allow for backtesting of trading strategies.

Investment Products 

FxPro scores above average in terms of available investment products. The company offers 70‑plus forex pairs as well as more than 180 different equity shares, cryptocurrencies, futures (which is unusual), commodities, and stock indices. In total, this broker claims to have more than 430 instruments available to trade. This should provide clients with ample opportunity to trade various markets that are interesting to them. They also offer trading in both CFD and spread betting. Spread betting can have tax advantages for U.K. clients.

Customer Support 

FxPro prides itself on its “five‑star customer service,” specifically its multilingual, 24‑hour Monday‑through‑Friday (24/5) customer service team. Their live phone support operates in several locations with a toll‑free number in the U.K., France, Germany, UAE, and Russia. Live chat is offered for both clients and prospective clients. Unlike other brokers, they have a physical office in London with a reception desk that is open from 7:30 a.m. to 4:30 p.m. Some social media support is available on Twitter, but this is mainly news related rather than specifically for customer support.

 

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Final Thoughts