FxPro is a well-established online brokers that has been providing trading services to clients since 2006. With over 16 years of experience, FxPro has built a reputation as a reliable and trusted broker. In this detailed FxPro review, we will analyze the various features, trading conditions, platforms, and overall offering to help you determine if FxPro is the right broker for your needs.
What Is FxPro Broker?
FxPro is a leading online broker that has been providing trading services to clients since 2006. With over 16 years of experience, FxPro has established itself as a trusted and reliable brokerage for traders of all levels. In this detailed FxPro review, we will cover everything you need to know about this broker.
FxPro is an international brokerage firm headquartered in London. They are regulated by top-tier regulators like the UK's Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
FxPro allows clients to trade a wide range of products including:
Some key highlights about FxPro:
Infrastructure & Safety Of Funds
FxPro places a strong emphasis on security and risk mitigation measures to keep client funds safe.
Their dealing desk infrastructure processes high trading volumes seamlessly while internal procedures are designed to prevent conflicts of interest. Segregated client accounts also ensure funds are protected in line with regulatory standards.
Overall Summary
Here is a quick summary of the main pros and cons of FxPro:
Pros
Cons
Awards
Over the years, FxPro has won over 70 international awards in recognition of their trading platforms, customer service excellence and innovative products.
Some of their most notable awards include:
These awards validate FxPro's position as an industry-leading broker.
Is FxPro Regulated? How To Check License
FxPro is regulated by top-tier regulators in the UK and EU. This means they adhere to strict rules around client fund segregation, financial reporting and other risk controls.
Here is a summary of their regulatory status:
You can double check their regulatory status on the respective regulator websites. This confirms they are a legitimate and properly regulated broker.
FxPro forex broker review
Market Instruments
FxPro offers access to a wide range of financial markets across different asset classes including:
Forex
With FxPro you can trade on the major, minor and exotic currency pairs. Some of the popular forex pairs offered include EUR/USD, GBP/USD, USD/JPY, AUD/USD and many more.
CFDs
You can trade CFDs on stocks, commodities, indices, cryptocurrencies and more. FxPro offers 150+ CFD instruments overall covering global markets.
Shares/Stocks
FxPro allows share dealing so you can buy, sell and hold positions on popular companies listed on exchanges like LSE, NASDAQ, NYSE.
Crypto
Cryptocurrency CFDs are available including top coins like Bitcoin, Ethereum, Litecoin, Ripple and more. You can go long or short on crypto prices.
ETFs
A wide selection of popular exchange traded funds across various sectors and world markets are on offer.
Futures
Trade futures contracts on energies, metals, softs/agriculturals and more.
So in summary, FxPro provides access to thousands of trading instruments across 6 major asset classes to meet the needs of all traders.
FxPro Commissions and Fees
FxPro offers different account options including commission-free accounts as well as accounts with very competitive commissions. Let's analyze the key fees and commissions with FxPro:
Spreads
Spreads start from 0 pips on certain accounts, offering very tight variable spreads to major, minor and exotic currency pairs. Average spreads can vary from 0.6 to 1 pip for Euro/USD for example.
Commissions
Certain accounts have zero-commissions on forex trades while others charge commissions as low as $2 per 100k traded. This works out to around $20 round turn for trading one standard lot, making their commissions very competitive.
Swaps/Overnight Fees
Holding positions overnight incurs a swap fee, which can be a cost or bonus depending on the trade direction. Typical swap rates average around -4 for short positions and -2 for long positions on EUR/USD for example.
So overall FxPro has a very competitive and transparent fee structure with great spreads plus low-cost commissions on certain accounts. This makes them an affordable option for active currency traders.
FxPro Spreads
FxPro offers both fixed and floating/variable spreads across 3 different account offerings:
FxPro MT4/MT5 Accounts
On their standard MetaTrader accounts, FxPro offers variable spreads that start from 0 on certain instruments. Average spreads for EUR/USD tend to be around 0.6 to 1 pip during London/New York sessions, going slightly wider during quiet Asia market hours.
FxPro cTrader Accounts
On cTrader accounts you can trade with raw spreads as low as 0 pips and average EUR/USD spreads of 0.6 to 0.9 during active trading sessions. So very tight spreads on this account option.
FxPro Markets
The FxPro Markets account offers fixed spreads which means you know the exact spread cost before placing a trade. However they tend to be slightly wider, around 1.1 pip for EUR/USD but this provides guaranteed spreads no matter the market volatility or liquidity conditions.
So FxPro offers both fixed and variable spreads to suit different trading styles and strategies plus spreads starting from 0 pips on relevant trading instruments.
FxPro Swap Fees
As a forex trader, it’s important to understand swap fees since they apply to any trades you have open overnight. Here are the key things to know about FxPro swap fees:
Long and Short Trades
With FxPro, going long on a higher yielding currency and short on a lower yielding currency results in earning swap fees (positive roll). The opposite hold true as well.
Rates
Typical swap rates average around -4 for short positions and -2 for long positions on EUR/USD for example. Rates vary across different currency pairs.
Every Wednesday
To account for weekends, triple swap rates are charged every Wednesday to cover 3 days of rollover fees.
Islamic/Swap-Free Accounts
Accounts compliant with Islamic law have zero swap fees but tend to have slightly wider spreads.
So in summary, FxPro uses a transparent and fair swap fee system that encourages holding long-term positions aligned with underlying interest rates. Swap can be earned or charged depending on net direction.
FxPro Commissions
FxPro offers several account options including zero-commission accounts as well as accounts with very competitive commissions charged per trade.
FxPro Zero
As the name implies, FxPro Zero accounts have absolutely zero commissions on forex and CFD trades. This commission-free trading make them ideal for high frequency traders.
FxPro Markets
The Markets accounts charge $3 per 100k traded which works out to around $30 per standard lot. So very competitive commissions while getting access to fixed spreads.
FxPro cTrader
cTrader account options charge commissions as low as $2 per 100k traded round turn across over 150 trading instruments.
Volume Discounts
For high volume traders, FxPro offers discounted commissions when exceeding monthly volume tiers starting from 5 million per month. VIP accounts with dedicated account managers are also available.
Overall FxPro keeps their commission structure very competitive to keep down costs for active traders of all sizes and volumes.
FxPro Leverage
FxPro allows leverage up 1:500 depending on your country of residence and account type selected. Let’s take a look at the leverage and margin requirements at FxPro:
1:500 Leverage
For international clients, FxPro offers industry leading 1:500 leverage on certain instruments including major/minor forex pairs. This allows opening larger size positions with less initial margin.
1:30 Leverage
For clients regulated under European EEA rules, maximum leverage allowed is capped at 1:30 due to ESMA regulations. Still reasonably high for forex trading.
Margin Requirements
To open a 100k EUR/USD position requires as little as $200 margin with 1:500 leverage or $3,300 margin with 1:30 leverage.
Risk Management
Leverage over 1:100 is considered risky, so FxPro provides Negative Balance Protection and optional Reduce-Only intervention to promote responsible trading.
In summary, FxPro provides up to 1:500 leverage to amplify potential gains but recommends using lower leverage paired with right risk controls. Margin requirements are competitive across account offerings.
FxPro Account Types
FxPro offers 3 main account options each available on different platforms and geographies. Let's have a look at key details for each account type:
OctaFX cTrader Account
OctaFX MT4 Account
OctaFX Market Account
So in summary, FxPro has account offerings tailored to different trading styles including commission-free, zero spread, or fixed spread accounts.
FxPro Deposits and Withdrawals
FxPro offers a range of payment methods to conveniently fund trading accounts. Here are the key options for deposits and withdrawals:
Deposit Methods
Deposit Currencies
Withdrawal Times
Withdrawals are processed within 24 hours and funds reflected in client accounts usually by the next business day if using online e-wallets or 1-3 days for bank transfers.
Withdrawal Fees
FxPro doesn’t charge fees on deposit or withdrawals. However, third party processors may have small transaction fees applicable.
Overall FxPro offers a smooth deposit and withdrawal process with multiple local payment options, decent funding flexibility, quick withdrawal turnaround times and no internal processing fees.
FxPro Trading Platforms
FxPro offers multiple top-tier trading platforms to give clients enhanced flexibility. Here’s an overview of platforms supported:
MetaTrader 4 (MT4)
The globally popular MT4 platform needs little introduction. It provides fast trade execution, custom indicators, EAs, and comprehensive charting tools in an intuitive interface.
MetaTrader 5 (MT5)
MT5 is the enhanced newer version with everything MT4 offers plus more chart timeframes, technical indicators, order types, and asset classes like stocks and futures.
cTrader
FxPro custom-designed cTrader platform puts the focus on fast and efficient forex trading. Features one-click dealing, EAs, Level II pricing, spreads from 0, and VWAP algos.
FxPro Edge
This is FxPro's flagship spread betting platform offering leveraged trading on global markets without complex ownership and tax implications.
FxPro Quant
An automated trading platform using quantitative analysis tools, unlimited strategy backtesting capabilities and algorithmic order execution.
WebTrader
FxPro also provides browser-based WebTrader with full platform capabilities accessible from any web browser or mobile device.
So in summary, FxPro delivers rock-solid trading platforms including industry stalwarts MT4/MT5 alongside their own proprietary platforms optimized around different trading styles.
FxPro Customer Support
FxPro has a strong reputation for excellent multilingual customer support through various contact methods:
Live Chat
Instant chat accessible directly through FxPro’s trading platforms or website for quick assistance from support reps.
Phone Support
Toll-free local telephone numbers available over 20 countries plus email and social media support channels offered during market hours.
Office Locations
FxPro maintains offices and regional support teams across Europe, Middle East, Asia and Africa regions giving clients global yet localized assistance.
Response Times
Average wait times are less than 60 seconds for chat/calls showing FxPro’s commitment to prompt customer support for any issues big or small.
So in summary, FxPro provides truly 24-hour customer support with multilingual capabilities and multiple contact choices catering to international clientele. Support quality is above-average based on client reviews.
Education
FxPro offers a wide range of free educational resources and trading tools to help both new and experienced traders. Highlights include:
Trading Academy
FxPro’s online academy covers everything from forex basics to advanced technical analysis across various learning formats like video courses, ebooks, glossary and more.
Webinars
Free online seminars and workshops hosted monthly covering different trading topics from industry experts ideal for continual learning.
Trading Calculators
Handy tools to calculate trading positions sizes, convert currency, determine pip values for risk management.
Trading Central Alerts
Free technical analysis alerts from Trading Central experts help identify dynamic support/resistance levels, chart patterns, volatility trends and more.
Economic Calendars
Stay on top of impactful financial events globally that influence markets and asset volatility. FxPro translates event importance into actual potential pip impact per currency.
So for newbies still learning the forex ropes or veterans looking to brush up skills, FxPro has quality educational resources plus unique trading tools all easily accessible under one roof.
FxPro Bonuses
As a regulated broker, FxPro does not offer typical deposit bonuses that are commonplace with offshore brokers. However, they do offer various promotions:
Refer a Friend
Earn cash rewards per friend referred who opens and funds a live FxPro account - up to $500 per successful referral.
Funded Accounts
Qualified traders can open funded accounts sponsored by FxPro’s Champion fund allowing you to trade larger without depositing own capital.
Special Events
Periodically FxPro runs special promotions tied to certain events, new product launches or partnerships where eligible clients can earn cash prizes and awards.
While cash bonuses are not provided, FxPro does create other incentives through promotions, rewards programs and unique funded accounts that add incremental value for active traders.
Is FxPro a Good Broker?
With 16+ years of experience, FxPro is certainly considered an established and credible broker in the industry. Here's an objective assessment of FxPro's pros and cons:
Pros
Cons
Verdict
Overall FxPro scores very well across key criteria like trust, platform capabilities, pricing and asset class diversity that makes them a leading choice suitable for traders of all skill levels.
Is FxPro Legit or a Scam?
FxPro is 100% legitimate and not a scam. Here are the facts to support FxPro's credibility:
Considering FxPro's lengthy track record, extensive regulation credentials and lack of any investor dispute flags, FxPro has established a reputation as an ethical broker you can trust.
How To Forex Trading FxPro For Beginners
For beginners interested to trade forex with FxPro, here are some key steps:
Step 1: Open A Free Demo Account
Sign up for their free demo account on the FxPro website. This will give you $100,000 in virtual funds to practice forex trading risk-free.
Step 2: Download The cTrader Platform
FxPro offers multiple platform options including cTrader and the MT4/MT5 trading platforms. We recommend cTrader for beginners due its intuitive interface, advanced charting tools and auto-trading capabilities.
Step 3: Analyze The Markets
Spend time analyzing forex charts to identify potential trade opportunities. Look for chart patterns or use indicators like moving averages.
Step 4: Execute Your First Trade
Place your first forex trades on the demo account. Go long or short on currency pairs based on your market analysis. Use stop losses to manage your risk exposure.
Step 5: Track Your Performance
Evaluate the outcome of your demo trades. This will show you what trading techniques work for you allowing you to refine your strategy.
By following these key steps, you can learn how to trade forex successfully with FxPro in a risk-free environment.
How To Open FxPro Account
Opening a live FxPro trading account is quick and straightforward:
Provide Your Personal Details
On their website, fill out the account opening form providing details like your full name, country, email and contact number.
Verify Your Identity
To confirm your identity, upload documents like passport/national ID and proof of address dated within the last 3 months.
Make A Minimum Deposit
FxPro requires a minimum deposit between $100 to $500 to activate your account depending on the base currency you select.
Start Trading!
Once your account is open and identity verified, you can login to the platforms and start live trading with real funds.
The whole process from application to making your first trade takes 1-2 business days. Reach out to their customer support if you face any issues.
How To Download FxPro Station
FxPro Station is FxPro’s proprietary desktop platform designed for manual traders. Here is how to download Station:
Windows Installation
Mac Installation
Once installed, log in with your FxPro credentials to access real-time pricing data and trading features.
The platform has a neat customizable interface allowing you to trade and analyze the markets efficiently using tools like interactive charts, economic calendar alerts and calculators.
FAQs
fxpro contact number
FxPro provides several contact methods for clients to get in touch with their support team:
So clients have multiple fxpro contact number options to choose from based on their location and preferences. The support team is generally responsive in resolving any issues or queries.
FxPro minimum withdrawal
The FxPro minimum withdrawal amount varies based on the withdrawal method:
So the minimum fxpro withdrawal depends on how you want to withdraw your funds. Bank wire transfers have the highest threshold while e-wallets allow even small withdrawals. Overall, their withdrawal limits are reasonable compared to other brokers.
fxpro withdrawal problems
FxPro is generally reliable in processing client withdrawal requests in a timely manner. Most users do not face major fxpro withdrawal problems.
However, some clients have faced delays during periods of high volatility when there is a surge in withdrawal requests. A few other issues shared by traders include:
But FxPro customer support is quite responsive in resolving these issues. Clear and early communication of any delays can help clients plan better.
How long does fxpro withdrawal take
The fxpro withdrawal time varies based on the method used:
Bank wire transfers face the longest processing times as the request goes via banking channels. Cards are faster while e-wallets offer the most convenience and shortest fxpro withdrawal time.
Overall, their withdrawal timeframes are in line with industry standards. Do factor in the above timelines while requesting withdrawals to avoid any inconvenience.
Minimum deposit for FxPro
The minimum deposit for a FxPro live trading account is $100 across all account types. This is competitive compared to other online brokers that often have higher barriers to live trading.
Traders can open a Cent or ECN account with just a $100 deposit at FxPro. This allows even those starting with a small trading capital to access the broker's platforms and financial markets. Overall, their minimum deposit threshold makes trading accessible for beginners as well.
Is FxPro good for beginners?
FxPro is certainly a good choice for beginners due to the following key reasons:
1. Low minimum deposits - Get started with just $100 making it beginner-friendly
2. Free demo account - Practice risk-free before investing real money
3. Comprehensive educational resources - FxPro offers trading courses, webinars, videos, e-books and more to educate beginners
4. Multiple trading platforms - Choose a platform matching your skill level as a new trader
5. Excellent customer support - Get your queries resolved timely by their helpful support reps
So with key offerings like low capital requirements, learning tools, platform choice and responsive support - FxPro checks all the right boxes for beginner traders.
How much FxPro maximum leverage
The maximum leverage offered by FxPro varies across different account types:
FxPro offers industry-leading 1:500 max leverage on the Cent, cTrader and MT4 accounts. This allows traders to control much larger position sizes based on their invested margin.
However, beginners should use leverage judiciously as it magnifies both profits and losses. Most seasoned traders stick to 1:50 or lower leverage based on their strategy and risk appetite.
fxpro minimum deposit in zar
The minimum deposit on FxPro for accounts denominated in the South African Rand (ZAR) currency is:
So fxproclients wanting to deposit, hold, and withdraw South African Rands must put in a minimum of ZAR 1500 to open a live trading account.
Do note that the minimum ZAR deposit only applies to their Cent offering. Other accounts still need an equivalent of at least $100 as the initial deposit even if held in ZAR.
fxpro global markets limited
FxPro Global Markets Ltd. is one of the two entities behind the FxPro brand. FxPro Global Markets Ltd is registered in Cyprus and regulated by CySEC under license no. 078/07.
This entity is responsible for all ex-European Economic Area (EEA) jurisdictions. So if you are a client outside the EEA and trading with FxPro, your account is held under FxPro Global Markets Ltd.
The other regulating body is FxPro UK Limited which is FCA-authorized in the UK to acquire EEA-based clients. But both companies together form FxPro Group, one of the reputable retail brokers in the industry.
What is the minimum spread in FxPro?
The minimum spreads offered by FxPro vary across different platforms and accounts -
FxPro MT4 Spreads
FxPro cTrader Spreads
FxPro ECN Account Spreads
So the minimum fxpro spreads go as low as 0.0 pips on the cTrader platform's EUR/USD pair. This direct market access allows scalpers and high-frequency traders even better spread pricing.
But MT4 spreads are quite competitive as well averaging under 1 pip for most pairs. Overall FxPro offers very attractive interbank-grade spreads across multiple platforms.
How much leverage does FxPro have?
As covered earlier, the maximum leverage ratio offered by FxPro is:
So traders get access to 1:500 leverage across FxPro's three main platforms - cTrader, MT4 and Cent. This allows opening larger positions with only a small margin commitment.
However, given the high risk of leverage it is mostly suitable for experienced traders with proven strategies. Beginner or casual traders should use very low leverage ratios.
ECN accounts have lower 1:200 max leverage due to direct market access offered. But the tight spreads and fast execution compensate for this.
Overall FxPro provides very high leverages matching the best in the industry while balancing risks.
Conclusion
In closing, this detailed FxPro review covers in-depth analysis across all major categories from spreads, platforms, assets, regulations and more. From the analysis, FxPro shines through as a competitive, trustworthy and client-focused broker catering well to traders of all styles. New joiners can feel confident with FxPro's credentials while veterans can appreciate the excellent trading infrastructure offered. Overall FxPro remains an industry leader that innovates to help traders be consistently profitable over the long run.
