FxPro Review

For this FxPro review, we have opened a standard account with the broker and deposited over €5,000.

We traded the popular instrument in each market to get the real spreads and placed a total of 15 trades.

We also reached out to customer support to solve the issues we faced.

Finally, we withdrew our funds to see if there are any issues with the withdrawal process.

What is FxPro?

FxPro is a forex broker from the UK and was founded in 2006.

The broker offers contracts for differences (CFDs) across six asset classes: forex, shares, spot indices, futures, spot metals, and spot energies.

FxPro is licensed and regulated in multiple jurisdictions, including the United Kingdom, Cyprus, South Africa, and The Bahamas.

Some of the highlights of FxPro are:

Licenses and Regulations

FxPro holds 4 regulatory licenses, including the reputed license from the UK’s Financial Conduct Authority (FCA). The other three licenses are from the regulators of Cyprus, South Africa, and The Bahamas.

The full list of FxPro licenses is below:

Cyprus-based legal entity FxPro Financial Services Ltd holds both the licenses from the Cypriot and South African regulators.

Is FxPro Safe?

Yes, FxPro is a safe broker.

The broker is regulated under the UK’s FCA, which offers compensations schemes of up to £85,000, and the CySEC, which offers a compensation scheme of €20,000. 

For our tests, we opened standard MetaTrader4 and MetaTrader5 accounts with FxPro Financial Services Ltd which is regulated by CySEC. We deposited money, placed trades, and withdrew deposits for our tests.

We recommend you register your account under the regulation of the United Kingdom if that’s available in your jurisdiction.

Fx Pro Fees and Commissions

FxPro trading fees are built into spreads, which varies based on the account type.

Spreads for our trades with the standard account were floated around the average industry standard spreads for forex but were lower for stock CFDs.

FxPro Spread Charged in Our Trades

For our tests, we have chosen popular instruments in each market. We placed 3 trades for each instrument to get a picture of the average spread.

Our test is based on the FxPro MT4 and FxPro MT5 accounts. Forex spreads were consistent for our tests, but spreads for indices and commodities were fluctuating.

Details of our trades are shown below the table.

Our testing finds that forex spreads on MT5 account are around the industry average, while spreads for indices are higher than the average benchmark. 

Stock spreads on MT4 account are significantly lower than the industry average. 

Other Fees

FxPro does not charge any prominent non-trading fees. 

There is no fee for any deposits on the broker, and most of the withdrawals are free.

Withdrawal requests on wallets like PayPal, Skrill, and Neteller are chargeable if they are without making any trades. Additionally, refunds are charged if requests are made after 6 months of deposits.

FxPro charges a monthly account inactivity fee of $5 after 6 months of inactivity.

FxPro Account Types

FxPro offers multiple accounts based on the trading platforms and execution type.

Details of all FxPro accounts are:

Account Opening

Our overall experience of opening a new account with FxPro was quick and smooth.

We opened a FxPro MT4 account and a FxPro MT5 account for our tests under the CySEC-regulated entity.

The process of registration of a new FxPro account:

1. Enter the country of residence, first name, last name, email, and password on the registration page.
2. Enter personal details: nationality, date of birth, and phone number.
3. Enter your residential address.
4. Provide employment information: employment status, industry, employment position, and level of education.
5. Provide financial information: annual income, estimated net worth, source of wealth, country of origin of funds, and expected yearly deposits on FxPro.
6. Answer to questionnaires like the reason for opening an account with FxPro and US resident status.
7. A short quiz on trading experience.
8. Setup account type, leverage limit, and base currency.

We submitted the following documents to verify our FxPro account:

1. Copy of national identification (both front and back)

The registration process took around 7 minutes. Our account was verified on the same working day.

Our account was registered on February 8, 2022, and approved on the same day.

Our overall account opening experience was smooth and without any issues from registration to verification.

Deposit and Withdrawal

Both deposits and withdrawals on FxPro are easy and fast. All our funding and withdrawal requests were completed without any issues.

Minimum Deposit

All accounts of FxPro require a minimum deposit of $/€/£50 for all its account types.

Traders only need to maintain the minimum deposit balance in their accounts.

Deposit

FxPro supports a wide range of deposit methods, including credit and debit cards, bank transfers, and others. Deposits with online wallets like PayPal, Skrill, and Neteller are not available on the UK-registered entity.

We tested the deposit process on FxPro using multiple payment modes.

There was no deposit fee and the fundings were completed instantly or within a few hours.

Details of our fund deposits are shown in the below table.

FxPro verified our phone number when we attempted funding with Neteller. The broker emailed us to check if the provided phone number was correct and then verified with a quick call.

Neteller deposit was delayed due to this verification process.

FxPro Withdrawal Review

FxPro allows withdrawals via credit/debit cards, bank transfers, and a few other methods. Similar to deposits, the online wallet options are not available under the UK entity.

The broker does not charge any fees for withdrawal, but with some expectations. A fee of up to 2.6% is charged for withdrawal requests if the proceeds were not traded with or 6 months after funding.

Overall, our experience with FxPro’s withdrawal process was positive. The requests were smooth and fulfilled within the promised time.

Details of our withdrawal requests are in the table below.

Markets and Products

FxPro offers CFDs trading services in forex, indices, stocks, commodities, and cryptocurrencies markets.

The broker is known for its forex offerings, but its offerings in indices are also good.

The complete list of FxPro offerings are:

Cryptocurrency trading is only available under The Bahamas-regulated FxPro Global Markets Ltd.

Trading Conditions

FxPro offers excellent trading conditions. It allows both hedging and scalping strategies.

Leverage

Leverages offered by FxPro on various asset class are standard, as per the regulatory requirements, and are detailed below:

FxPro Trading Platform

FxPro offers trading on both industry-leading platforms and its proprietary platform. All trading platforms offered by the broker are:

• MetaTrader4
• MetaTrader5
• cTrader
• FxPro (EDGE) (Proprietary platform)

The account types offered by the broker depend on the platform, execution type, and fees.

Both third-party platforms are available on desktop, web, and mobile, but FxPro (EDGE) does not have a desktop client.

Research and Tools

FxPro offers excellent market research and analysis tools.

Some of the tools offered by the broker are:

• Algorithmic trading support
• VPS for forex trading
• Forex trading calculator
• Economic calendar
• Trading indicators and charting tools
• Market analysis
• Newsfeed

The charting tools offered by the broker are excellent.

On the downside, FxPro does not offer fundamental market data or trading signals.

FxPro Quant

FxPro’s Quant Strategy Builder allows traders to build auto-trading strategies with technical indicators, logical functions, and mathematical operators. The strategies can be saved as both MT4 EAs and cTrader robots.

Education

FxPro offers good quality educational resources to traders. Its educational section is divided for beginner and advanced traders.

Some of the educational materials offered by the brokers are:

• Text-based tutorials
• Video tutorials on trading
• Explainaire videos for tools
• Demo account

Customer Service

FxPro has excellent customer support.

Traders can contact the broker via:

• Live chat
• email
• Phone (only with a callback request)

Our experience with FxPro customer support was good. The representatives were quick to respond on both live chat and email with accurate answers.

We recommend traders contact FxPro on email for trading or funding-related issues as the responses are very detailed.

FxPro provides customer support in multiple languages.

The broker also has a detailed FAQ section for frequently faced issues.

Conclusion

Our overall experience with FxPro was excellent.

The broker offers forex spreads at the average industry level, but the execution speed was fast.

Deposit and withdrawal processes were also smooth, and the broker verifies the trader’s information on the phone during the deposits, which is good.

The customer support was also excellent with fast, accurate, and detailed responses.

We recommend FxPro to forex traders who run EA as their strategy.

We recommend FxPro for traders who are

• Beginners in trading
• Experienced traders who want to join the Popular Investor program
• Trading Currency pairs and Cryptocurrencies
• Scalping trader
• Hedging trader
• EA trader

FxPro might not be a fit if you are

• Professional traders who lok for large portfolio
• Commission based trading