FxPro Broker Review
FxPro began operations as an online forex broker in 2006 and has since significantly improved its service by adopting and sticking to a client-centric approach. Indeed, FxPro today services retail and institutional clients from over 170 countries, making it one of the biggest forex brokerages.
If you are looking to open an account with FxPro, consider this review first.
You can find our transparent FxPro review below. Broker reviews are updated frequently!
We value your feedback: Rate this broker by leaving a comment and rating below this review.
Pros / Cons
- FSCA Regulated
- Tight Spreads
- ZAR Account Currency
- Broker Verified
- Limited Local Deposit And Withdrawal Options
The Financial Conduct Authority has authorised and regulated FxPro UK LTD. The FCA is one of the world’s most regarded authorities, and FxPro clients can be confident that their funds are safe, secure, and guaranteed.
The Cyprus Securities and Exchange Commission has recognised and registered FxPro Financial Services LTD. The South African Financial Sector Conduct Authority has also authorised and registered FxPro Financial Services LTD.
The Securities Commission of The Bahamas has authorised and regulated FxPro Global Markets LTD.
There is no doubt that FxPro’s regulation is reputable and should provide you with a great sense of security.
When it comes to reputation and trustworthiness, FxPro performs well. Most notably, they are regulated in the United Kingdom, which serves as a model for brokerage rules elsewhere.
The brokerage also provides negative balance protection, which means that your account balance cannot fall below zero. Because the only money you can lose is the money you put in, there is no chance you can end up owing the company money because of a few bad trades.
They also join the Financial Services Compensation Scheme (FSCS), which permits clients to seek compensation if FxPro goes bankrupt. FxPro is regarded as a low-risk firm with a solid reputation.
FxPro offers a total of seven asset classes which allows you to operate a diversified cross-asset portfolio.
The company provides over 70 currency pairs and over 180 different equity shares, cryptocurrencies, futures, commodities, and stock indices. The broker promises to offer over 260 trading instruments in total.
Depending on the client’s IP address, cryptos are accessible. FxPro just introduced numerous additional cryptocurrencies, including the DogeCoin.
The real NDD execution approach is FxPro’s main selling feature; however, the limited share trading may turn off certain traders.
One of the benefits of trading with FxPro is the wide range of platforms and account types available.
There are seven account types; MT4, MT5, cTrader, Edge, VIP, Joint, and Islamic account.
Because of the low rates and the familiar, easy-to-use platform, the MetaTrader 4 account is perhaps the greatest starting place for beginning traders.
The MT5 account gives you more options, and its platform is quicker and more feature-rich than its predecessor.
The FxPro cTrader offers very competitive prices, with spreads starting at 0 pips, making this platform the most profitable for spread-betting.
The primary function of a FxPro Edge account is spread betting. The FxPro Edge is the company’s latest platform, which is still in development; hence it is presently only available to FxPro Limited UK clients in the UK.
If you wish to enjoy the pleasure of forex trading with someone else, you may do so by opening a FxPro joint account.
Clients with a minimum account balance of $50,000 are eligible for a VIP account (or equivalent). It provides a free Virtual Private Server service as well as discounted fees. For religious purposes, you can also open corporate accounts or swap-free/Islamic accounts.
FxPro also provides a demo account if you want to hone your trading skills without investing money.
Opening an account
FxPro account opening is completely digital, quick, and simple. In 10 minutes, you can complete the online application form.
The following are the steps for creating an FXTM account:
To open an account at FxPro, here’s what you need to do:
- Fill in your country of residence, name, email address and password.
- Enter your nationality, date of birth, phone number, and residential address.
- Add your employment status and level of education.
- Provide some financial information
- Answer questions about your trading experience and financial knowledge.
- Select a trading platform (MT4, MT5, FxPro Edge, or cTrader), default leverage and base currency, and the preferred language of emails.
- Verify your identity and place of residence. To prove your identification, upload a copy of your national ID, passport, driver’s licence, and then take a selfie. FxPro accepts utility bills and bank statements as proof of residency.
There are eight base currencies for opening an account with FxPro. They are:
USD, EUR, GBP, CHF, PLN, AUD, JPY, and ZAR.
The good news is as a South African, you can open an account in ZAR.
FxPro provides a bunch of trading platforms. The company provides four options: MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, all of which are excellent platforms in their way.
The well-known MT 4 defines a platform that you can’t go wrong with, especially as a beginner trader; nevertheless, investors looking for more convenient features and faster order execution may prefer cTrader.
MT 5 offers an excellent set of technical indicators divided into five categories, including a custom category, making technical analysis much easier. There is also a gift in store for users who enjoy auto-trading, as MT 5 includes a sophisticated trading script and an expert advisor.
With a little bigger toolset than the abovementioned MetaTrader, cTrader is a popular platform among experienced traders who can take advantage of the full potential of a more complex, feature-rich platform.
cTrader was designed specifically for use by ECN brokers such as FxPro, and it boasts a clean, intuitive interface that makes the platform even easier to learn than MetaTrader.
The beta version of FxPro’s new trading platform has been produced and launched. Edge is intended to be a spread-betting platform, and trading through it gives you access to some of the finest pricing on FxPro.
FxPro’s mobile platform is similar to its desktop/web platform version. The mobile versions of MetaTrader 4 and 5 are meant to look and feel like the desktop versions, providing you with a clean, user-friendly mobile trading experience.
Average Standard Account Spreads on Majors
- EUR/USD: 0.6
- GBP/USD: 0.9
- USD/JPY: 0.3
- AUD/USD: 1.0
Commissions and fees
The fee may differ greatly depending on what pricing option you pick and what platform you trade on.
Spreads on the EUR/USD begin at 1.5 pips in the MT4 Trading Platform and 0.2 pips in the cTrader platform.
You can check detailed commissions for each asset on the cTrader platform by clicking on the “Information” button.
You may also be charged up to 2.6 per cent to withdraw funds if you do not have any trades. After 12 months of no trading activity, there is a $15 inactive account cost, followed by a $5 monthly fee.
The amount of leverage you will receive depends on your location, or more specifically, whose subsidiary firm controls your account.
FxPro operates as a group of several subsidiary firms, each of which offers various leverage. For example, UK-based traders will be FxPro Ltd. UK clients, with a maximum leverage of 1:30 for FX majors, while some other international clients can obtain up to 1:500 leverage.
The maximum leverage available for forex majors and minors is 1:500, while cryptocurrency leverage can range from 1:20 to 1:2.
Deposits and Withdrawals
FxPro’s FxPro Wallet includes a nice selection of payment alternatives. Bank transfers, credit/debit cards, PayPal, Skrill, Neteller, and UnionPay, are all acceptable payment methods.
In most circumstances, FxPro does not impose withdrawal fees; however, there are rare exceptions. If you transfer to your PayPal account more than six months after the initial investment or refund to Skrill or Neteller without trading, you must pay a fee.
The good thing is you can easily move funds between multiple trading accounts inside your FxPro Wallet.
Education and Research
On its YouTube channel, FxPro offers educational films. FxPro provides basic online forex classes, as well as self-evaluation quizzes, among other textual resources. Aside from that, FxPro’s Trading Central has a comprehensive reference on technical analysis.
FxPro also provides a glossary of CFD terms, which is not something every broker offers.
FxPro’s research and insights tools outperform the industry average. FxPro, like many other brokers, provides a macroeconomic calendar to track major announcements that may impact markets.
In addition, they provide some basic daily fundamental research and partner with Trading Central to provide technical analysis.
FxPro has an advantage over other brokers in two areas: its multilingual webinars, which are available on the company’s YouTube page, and its real-time news service quality. These features appear to be available even to traders who do not have a FxPro account.
FxPro provides multilingual, 24‑hour Monday‑through‑Friday (24/5) customer services. Their live phone help is available in various countries, with toll-free numbers in the United Kingdom, France, Germany, the United Arab Emirates, and Russia.
Clients and potential clients can use live chat. Unlike other brokers, they have a real office in London, with a reception desk open from 7:30 a.m. to 4:30 p.m.
Bonuses and Promotions
Currently, FxPro doesn’t offer any bonuses and promotions.
FxPro’s most distinctive feature is its NDD execution model, which is at the heart of its trading environment.
The FxPro VPS service is another important feature for Forex traders who handle their accounts with automated trading solutions, but the monthly fee of $30 is relatively high; traders who qualify as premium account holders can obtain it for free.
FxPro South Africa
As a South African, you’ll be pleased to hear that FxPro accepts South Africans and has an FSCA licence. The brokerage firm also allows you to open an account in ZAR.
FxPro has an affiliate program, where you can earn for every qualified client you refer.
You can receive up to $1100 for each client you refer.
FxPro, a well-regulated broker in five jurisdictions, has experienced amazing development over the last decade due to its exceptional trading conditions.
FxPro does a decent job of living up to its name for a company that markets itself as the #1 forex broker in the world. The attractive no-commission trades combined with the low overall fees make this company highly competitive with other top forex brokers in the UK and internationally, especially when considering the availability of trading platforms.
In the cTrader platform, you get real NDD execution with tighter spreads.
The FxPro Wallet allows for rapid and easy intra-account transactions, a great customer support team is available if needed, and FxPro has received over 80 industry awards for its services.
Whether you are a beginner or experienced trader, FxPro will professionally meet your needs.
Any trader looking for a good entryway to financial markets or who wishes to diversify portfolios across several brokers should open an account with FxPro.
FxPro is regulated by several bodies throughout the world, including the top-tier FCA.
On the plus side, opening an account is quick and completely online, and there are numerous free deposit/withdrawal possibilities. FxPro provides excellent customer assistance in a variety of languages.
We recommend FxPro to people interested in CFD and forex trading and value a straightforward account opening process.
We value your feedback: Rate this broker by leaving a comment and rating below this review.
Thinking of Trading with FxPro?
What is FxPro’s minimum deposit?
The minimum deposit for all account types is $100.
How do I deposit/withdraw from my FxPro account?
You can deposit/withdraw funds through debit or credit card, bank wire transfer, PayPal, Skrill, and Neteller.
Is FxPro spreads high?
FxPro offers tighter spreads on all major FX pairs.
What is the maximum leverage at FxPro?
FxPro offers maximum leverage of 1:500
Does FxPro use MetaTrader?
Yes, FxPro uses MT4 and MT5.
Is FxPro available in South Africa?
Yes, FxPro is available for South African traders.
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Heinrich is a forex and CFD enthusiast with a passion for writing good informative quality content. He strives to showcase the best forex brokers in Africa. Join him on his Journey!
Content Writer | Market Analyst
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