FxPro is a retail broker based in the United Kingdom that offers CFD trading in eight groups of assets, namely forex, shares, spot indices, futures, spot metals, cryptocurrencies, exchange-traded funds (ETFs), and spot energies. The broker provides clients with access to top-tier liquidity providers and offers fast trade execution with no dealing desk intervention.
In this broker review, we will pay attention to the critical aspects of FxPro, which you may want to consider before deciding whether to trade with this online brokerage. FxPro has received an aggregated Trustpilot score of 3.2/5, which has been based on more than 751 customer reviews submitted on the platform. As many as 48% of all customers have given FxPro the maximum score of 5 stars, while 24% have rated it with 1 star.
| FxPro Summary | |
|---|---|
| Year Founded | 2006 |
| Minimum Deposit | $0 |
| Tradable Instruments | Forex, Indices, Stocks, Crypto, Energies, Metals, Futures, Exchange-Traded Funds (ETFs) |
| Open an Account | How to Open an Account at FxPro |
| Trading Costs | Spreads, Fees, and Commissions at FxPro |
Key Pros and Cons
Key Pros
- Multiple trading platforms, such as MT4, MT5, TradingView, cTrader
- A good range of useful trading tools
- Strict regulations in multiple jurisdictions
- No dealing desk (NDD) order execution
- A good selection of educational resources
- Draws liquidity from 12 reputable providers
- Segregated client accounts
- Over 2,100 tradable markets across 8 asset classes
- Reliable client support
- Tight spreads on commission-based accounts
- Zero commissions on Standard accounts
Key Cons
- Does not accept Canadian and US clients
- PAMM accounts are available only at the offshore entity
- No social trading platform
Company Information
2006
The Introduction of FxPro
FxPro was launched in 2006 to provide retail and institutional clients with unhindered access to the global financial markets. The broker provides traders with the right resources, including sophisticated trading platforms, useful trading tools, multiple learning materials, responsive client support team, and more, they need to trade the financial markets with ease. Regulated in various jurisdictions, the broker offers transparent pricing and quality order execution, as well as competitive trading conditions, such as no dealing desk intervention, tight spreads, zero commissions, deep liquidity, and more. The minimum deposit required to start trading is not fixed, though certain payment methods can only be utilized by depositing at least $100. Moreoever, the broker recommends a minimum deposit of $1,000.
2021
Exponential Expansion
The exponential expansion is with more than 11 million retail and institutional clients in 173 countries. The broker has grown exponentially in the past few years, with five global offices and over 500 employees who are focused on delivering reliable services to thousands of retail and institutional clients from over 170 countries. The broker has won over 125 international awards, including the Most Trusted Forex Broker in the UK (2017) by the Global Brands Magazine. This shows that most of their clients are happy with their services.
The FxPro Group is comprised of the following corporate entities with their respective registered offices:
- FxPro UK Limited, regulated by the FCA, with office address at 13-14 Basinghall Street, City of London, EC2V 5BQ, United Kingdom
- FxPro Financial Services Limited, regulated by the CySEC, with office address at 5 Dimokratias, Ergates, Nicosia, 2643, Cyprus
- FxPro Financial Services Limited, regulated by the FSCA, with physical office in Cyprus
- FxPro Global Markets Limited, regulated by the SCB with office address at Lyford Manor, Western Road, Nassau, the Bahamas
- Invemonde Trading Limited, regulated by the FSA Seychelles with office address at Room 2, Attic Suites, 3rd Floor, Oliver Maradan Building, Victoria, Mahe, Seychelles
- Administrative office in Monaco at 26, Boulevard des Moulins
Note that FxPro does not offer its services to residents of certain countries, such as the United States, Iran, and Canada.
Why Trade with FxPro?
Now, let us provide a quick list of the key features that we like about FxPro.
| Aspect | What We Like |
|---|---|
| Regulation | Transparent broker, regulated in multiple jurisdictions, including the UK, Seychelles, the Bahamas, Cyprus, and South Africa |
| Pricing | Competitive spreads and zero commissions |
| Execution | Ultra-fast order execution with no dealing desk intervention. Trades are executed directly from the broker’s ultra-low latency Equinix data center, which ensures speedy execution. Its deep liquidity allows for the best possible bid and ask prices. |
| Trading | Multiple financial instruments across eight asset classes: forex, shares, spot indices, futures, spot metals, ETFs, cryptocurrencies, and spot energies. |
| Platforms | Advanced trading platforms, including MT4, MT5, TradingView, cTrader, and the proprietary FxPro Edge. |
| Customer Support | Knowledgeable client support team who are polite and respond promptly. |
Regulation
FxPro is authorized and regulated in five jurisdictions.
In the United Kingdom, the broker is licensed and regulated by the Financial Conduct Authority (FCA) under license number 509956. This is a renowned regulatory authority in the United Kingdom.
In the EU, FxPro Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 078/07. The CySEC is one of the most trusted financial regulatory authorities in the EU.
The South African arm FxPro Financial Services Limited is authorized by the Financial Sector Conduct Authority (FSCA) and operates under license number 45052.
FxPro’s operations in other parts of the world are handled by FxPro Global Markets Limited, which is authorized and regulated by the Securities Commission of the Bahamas with license number SIA-F184.
The broker also has obtained authorization from the Financial Services Authority (FSA) of Seychelles and operates under a license number SD120.
A breakdown of the five licenses is presented below.
| Flag | Region | Entity | Authority | License Number |
|---|---|---|---|---|
| United Kingdom | FxPro UK Limited | Financial Conduct Authority (FCA) | License No. 509956 | |
| EU | FxPro Financial Services Limited | Cyprus Securities and Exchange (CySEC) | Licence No. 078/07 | |
| South Africa | FxPro Financial Services Limited | Financial Sector Conduct Authority (FSCA) | Authorization No. 45052 | |
| Internationally | FxPro Global Markets Limited | Securities Commission of the Bahamas (SCB) | License No. SIA-F184 | |
| Seychelles | Invemonde Trading Limited | Financial Services Authority of Seychelles (FSA) | License No. SD120 |
The FCA and CySEC are renowned regulatory authorities, so we can say that the broker’s regulation status is solid.
However, CFTC regulation is absent, which means that FxPro cannot provide its services to citizens or residents of the United States.
KYC Procedure for Account Creation and Depositing
It is easy to create a live trading account with FxPro. The account application process is quick and can be completed in a few minutes. Generally, FxPro’s account creation process complies with the industry-standard procedure and follows these steps:
- Creating your secure login: You enter a valid email and choose a password.
- Completing the application form with your details: You input your names, date of birth, city of residence, address, postcode, and phone number.
- Choosing your trading account: Choose your preferred trading platform and account type (MT4, MT5, and cTrader).
- Checking your suitability status: You will be required to disclose information about your employment status and sources of income, as well as your trading experience. If you are approved based on your answers, you can proceed to the next step in the process, but if any of your answers does not match the broker’s internal requirements, your application will be rejected.
- Agree to the terms: You need to tick the box at the bottom of the account registration form to indicate that you agree to FxPro’s Terms and Conditions.
- Verifying your documents: You provide your proof of identity (passport, national ID card, or driver’s license) and proof of residency (a utility bill or bank account statement that is less than three months old) for FxPro to verify your account.
Although the account creation is swift and can be completed within 5 minutes, it may take up to 24 hours to verify your identity. Upon verifying your account, you will have to fund it using any of the available payment methods before you can go live, but you can still trade with a demo account until you fund your live balance.
Account Opening
- Quick account creation (within a few minutes)
- Signing up includes a suitability test
Account Types
The broker offers a choice of five live trading account options. The account options differ in their pricing, execution model, and supported trading platforms. Availability depends on the client’s country of residence and the FxPro entity they join. The account types include the following:
Standard MT4/MT5 Account
This live trading account allows users to trade various financial assets on the MT4 or MT5 trading platforms. It offers competitive floating spreads from 1.2 pips for forex and 25 pts for gold, zero commissions, and instant market execution. Hedging and netting are both supported. The MT4 version of the Standard account enables CFD trading with currency pairs, metals, energies, indices, futures, and cryptocurrencies. Customers looking to trade ETFs and stocks should opt for the MT5 version of the Standard account.
Raw MT4/MT5 Account
This account type offers tight floating spreads that start from 0.0 pips and change based on current market conditions. These lower spreads come at the expense of a roundturn commission of $7 ($3.50 per side) for major currency pairs and gold. The account offers all-inclusive spreads from $15 for Bitcoin. All other available instruments incur no additional commission with Raw MT4 and MT5 accounts. MT4 users can hedge their positions, while those who opt for using the MT5 version can choose from hedging and netting. Elite MT4/MT5 accounts are similar, the only difference being account holders are eligible for various rebates and commission discounts.
cTrader Account
As the name implies, this account type can mainly be connected to the popular cTrader platform (though TradingView is also supported) and offers marked-up variable spreads and commission-free trading with energies, indices, and cryptocurrencies. Positions in forex and metals incur a $35 commission per every $1 million units traded, which basically means you still pay $3.50 per side, per standard lot (100,000 units). Forex and metal spreads are lower due to the absence of a markup. Trading stocks and and ETFs is unavailable with cTrader accounts.
Elite MT4/MT5 Account
The Elite MT4/MT5 account is available to customers registered under the offshore entity. It offers roughly the same features as the Raw account, which is to say traders incur a $3.50 commission per side, per standard lot in major currency pairs and gold. Other instruments can be traded with floating spreads and no commissions. The chief difference here is that Elite account users are eligible for exclusive rebates and other perks. Note that this account option is unavailable to traders from the EU and the UK.
Edge Spread Betting Account
UK customers have the option to open Edge accounts to engage in tax-free spread betting. This account type comes with competitive floating spreads and a nominal markup added by the broker. It facilitates commission-free trading across all available asset classes, which include currency pairs, futures, indices, and hard commodities like metals and energies. Spread bettors can stake as little as £0.10 per position. The account is compatible only with the FxPro Edge WebTrader, hence its name.
| Feature | Standard MT4/MT5 | Raw MT4/MT5 | Elite MT4/MT5 | cTrader | Edge Spread Betting |
|---|---|---|---|---|---|
| 75 FX pairs | |||||
| CFDs on major indices, commodities, metals, and energies | |||||
| NDD Execution | |||||
| Minimum account balance | $0 | $0 | $0 | $0 | $0 |
| Web and desktop platforms and mobile apps | |||||
| Unlimited free wire transfers | |||||
| No requotes | |||||
| Negative balance protection | |||||
| Fully automated execution | |||||
| 24/7 support | |||||
| Variable contract sizes (as low as 1 unit) | |||||
| Joint account | |||||
| Corporate account |
Islamic Account (Swap-Free)
The broker also offers the Islamic account, which is a swap-free account designed for Muslim clients who are unable to receive or pay swaps due to their religious beliefs. While this account type does not incur any swaps or interest charges on overnight positions, the account holder may be charged an administrative fee on trading positions. Customers can request opening a swap-free account by contacting the broker’s back office team at backoffice@fxpro.com. Little to no details are provided about swap-free accounts, so eligible customers must contact the support team for further information. We recommend using the live chat feature for speedier response.
Demo Account
In addition to the various live trading accounts, FxPro provides traders with a demo account option. The demo account is developed for practice purposes, and as such, new traders can use it to learn how to trade and also master the broker’s trading platform. The account also allows experienced traders to practice their trading strategies risk-free before implementing them on live accounts. Each customer can register as many free demo accounts as they wish. There are restrictions, however, as demo accounts expire after a period of 180 days. Demo accounts connected to the MetaTrader platforms can have no more than 70 open positions at any given time.
Trading Fees and Other Costs
To succeed as a trader in the financial markets, it is important to always pay close attention to a broker’s trading fees and other costs before making a trading decision. As a CFD and forex broker, FxPro offers two main types of trading fees:
- Trading fees: spreads, commissions, and overnight financing rates.
- Non-trading costs: account management fees, deposit and withdrawal fees, inactivity fees.
Let us take a quick look at the trading fees that are available at FxPro.
| Costs/Fees | What is This? | At FxPro |
|---|---|---|
| Spreads | The cost is incorporated into the price of what you trade. A wider bid-ask spread means higher costs. | Standard MT4/MT5 Accounts: start from 1.2 pipsRaw MT4/MT5 Accounts: start from 0.0 pipscTrader Accounts: marked-up variable spreadsElite MT4/MT5 Accounts: from 0.0 pipsEdge Spread Betting Accounts: marked-up variable spreads |
| Commission | A flat fee paid per position is often used as an alternative to charging via the spread. | Standard MT4/MT5 Accounts: no commissionRaw MT4/MT5 Accounts: $3.50 per side for forex and goldcTrader Accounts: $3.50 per side for forex and metalsElite MT4/MT5 Accounts: $3.50 per side for forex and goldEdge Spread Betting Accounts: no commission |
| Financing Charges | The cost of holding a position active overnight. | The broker will not charge an extra fee on top of standard swap rates. |
| Deposit Fees | Fees charged by the broker to fund your account. | None |
| Withdrawal Fees | Fees charged by the broker to withdraw money from your account. | None |
| Inactivity Fees | Fees charged on dormant trading accounts. | None |
Commissions
The broker charges a commission of $3.50 per side on cTrader and Raw accounts. However, apart from these two account types, FxPro does not charge any commission on other account types. On Edge Spread Betting and Standard MT4/MT5 accounts, the broker generates revenue only through the marked-up spreads.
On the other hand, the commission fee of $3.50 per side on the commission-based accounts entails that:
- For a 1 Standard Lot trade (100,000 units), a trader will pay a $3.50 commission to open a position and another $3.50 to close the position, making it a total of $7 per round turn;
- For a 1 Mini Lot trade (10,000 units), a trader will pay a $0.35 commission to open a position and another $0.35 to close the position, making it a total of $0.70 per round turn;
- For a 1 Micro Lot trade (1,000 units), a trader will pay a $0.035 commission to open a position and another $0.035 to close the position, making it a total of $0.07 per round turn.
The $7 fee for a 1 Lot trade on commission-based accounts is a bit higher than what some of the broker’s main competitors charge. For example, IC Markets charges a $6 commission per lot per round turn for Raw cTrader accounts. Fusion Markets charges even lower commissions: an equivalent trade on a Zero account with Fusion Markets will incur a $4.50 commission per round turn ($2.25 each way), which is, at present, among the most competitive offers within the industry.
Financing Charges
A swap rate is an overnight or rollover interest earned or paid for holding leveraged positions overnight. Interest is paid on the currency sold and received on the currency bought. The rate is affected by market conditions and the interest rate differentials of the currencies in the respective pair.
FxPro calculates the daily swap charges based on the interest rate differentials between the two currencies of the pair being traded, combined with a commission fee. Each currency pair has its unique swap rate, which is applied when a position is held overnight and charged once per weekday, with a triple charge on certain days to account for weekends. These rates are regularly reviewed and updated by FxPro. You can see the swap charges for a currency position by logging into MetaTrader and taking the following steps:
- Locate your product in the ‘Market Watch’ window. Right-click and select ‘Symbols.’
- Select the product you wish to view from the list. Select ‘Specifications’.
- Here, you can view the Forex swap rates for long and short positions.
Deposit Fees
Following the standard practice of brokers, FxPro does not charge any deposit fees.
Withdrawal Fees
FxPro does not charge any withdrawal fees on most of the available payment methods. However, payments to and from overseas banking institutions may attract intermediary transfer fees from either party, which are independent of FxPro.
Also, the broker warns that customers requesting e-wallet withdrawals without any trading activity in their accounts may incur additional fees. Neteller users with no activity, for example, are charged a fee of 2.6%. For Skrill and PayPal clients, the fees are 2% and 2.7%, respectively.
Inactivity Fees
The broker makes no mention of inactivity fees on its website. However, it does caution that live accounts that remain dormant for over three months are deactivated and can be reactivated upon request.
Overall on Fees
FxPro offers tight spreads for commission-based cTrader accounts, but Standard accounts have marked-up spreads. The commission fees are competitive and mostly align with the industry average. There are no additional fees on top of overnight financing charges. The absence of additional deposit and withdrawal charges is largely beneficial for traders, and the same can be said about the lack of inactivity fees.