FxPro Review 2023

Founded in 2006, FxPro operates in the United Kingdom and is a forex, spread betting, and CFD broker. They offer both MetaTrader, MT4 and MT5, cTrader, and proprietary FxPro Edge platforms with multiple accounts and execution methods. Their pricing is higher than the industry average.

Review Summary

Our top findings for FxPro

1. Founded in 2006 in the UK, FxPro is a low-risk broker for trading forex and CFDs. FxPro has 870,000+ clients in 173 countries. They are regulated by DFSA, FSCA, SBC, FCA, and CySEC.
2. FxPro offers several pricing options, including multiple execution methods. Their pricing is not competitive enough to seriously challenge industry leaders IG and CMC Markets.
3. FxPro is best known for its MetaTrader and cTrader platform offerings, available for desktop, web, and mobile. Their proprietary platform, FxPro Edge, is a good foundation for a new web-based platform but lags behind the best proprietary trading platforms.

FxPro offers a wide range of investment options. Investors can trade cryptocurrency CFDs. They offer multiple account types, and the deposit minimum is $100. FxPro offers a robust automatic algorithmic trading capability.

They participate in the FSCS (Financial Services Compensation Scheme) which allows their clients to receive monetary compensation if they default on financial obligations. Their platforms do not offer guaranteed stop-loss orders at any level. Most brokers offer this for free or for a small fee. FxPro has an overall Trust Score of 89 out of 99. They are not publicly traded and do not operate a bank.

Investment Offerings

FxPro product catalog is wide-ranging with more than 250 instruments. These include cryptocurrencies, futures, commodities, 70+ Forex pairs, 1700+ different equity shares, and stock indices.

Spread betting: and CFD trading is available. This is enticing to UK clients where there are spread betting tax advantages.

Cryptocurrency: trading is available through CFDs. FxPro customers cannot trade underlying assets (like buying Bitcoin). Note: Crypto CFDs are not available from the broker’s UK entity, nor UK residents.

Commissions and Fees

FxPro has no commission on most trades. They also do not have a “dealing desk.” This lets them pass on cost savings to traders. Not every trade is free and high-volume traders may be disappointed with the lack of discounts.

Higher Pricing: FxPro’s pricing is higher than the industry average. This places them at a disadvantage compared to peers like Pepperstone IC Markets. They both offer MetaTrader 4, MetaTrader 5, and cTrader platforms like FxPro.

Execution method: FxPro MT4 customers can choose variable or fixed spreads. The variable spread pricing has two execution-based pricing types: instant and market. Instant execution is subject to requotes but no slippage. Market execution has the potential for slippage but without requotes.

Commissions: FxPro offers its most competitive spreads on its cTrader platform, which uses commission-based pricing. FxPro’s effective spread to trade EUR/USD is roughly 1.27 pips, based on a 0.37 average spread plus 0.9 pip commission equivalent on cTrader.

Spreads: FxPro’s floating rate model (variable spread) is available on MT4 and MT5, with EUR/USD spreads of 1.58 for accounts on market execution (1.51 pips on MT5) and 1.71 for accounts with instant execution.

Fixed pricing: On MT5, there is no fixed spread offering, only market execution is available.

Active traders: FxPro offers an Active Trader program. It is not competitive with competitor discounts at FOREX.com, IG, and Saxo Bank.

Executing large orders: FxPro’s best feature is its ability to execute large order trades. They are placed with no minimum distance away from the current market price.

Algo Trading: FxPro has a robust algorithmic trading capability. It runs outside of the App on their VPS and constantly trades, reducing costs, and minimizing risks without interfering in client orders.

Dormant Accounts: accounts dormant for 12 months are charged a $15 dormant fee plus a $5 monthly fee in perpetuity.

Accounts

FxPro offers a variety of account types to choose from based on the investors preferred platform:

• MT4 account with fixed spreads and Instant Execution.
• MT4 account with floating spreads and Instant Execution.
• MT4 account with floating spreads and Market Execution.
• cTrader account with floating spreads and Market Execution.
• MT5 account with floating spreads and Market Execution.
• FxPro Edge (beta) provides investors with a new way to trade the markets in the form of Spread Betting. (UK only)

FxPro allows traders to establish up to 5 different trading accounts on different platforms. Additional trading accounts are opened on the FxPro Direct dashboard.

VIP Premium Accounts: are offered to select high deposit (typically $50k or equivalent) traders. They actively trade large volumes. VIP clients benefit from a free VPS service and can receive decreased spreads/commissions.

Demo accounts: FxPro has one. They are a valuable trading tool to help beginners learn how to trade and allow experienced traders to experiment and test new strategies in a risk-free environment.

Platforms & Tools

FxPro offers a diverse selection of platform options depending on trading style. MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge are available to their clients.

FxPro: This is the main standard FxProdesktop/web interface. It provides the expected pricing, tools, indicators, and charts on other platforms. It also gives traders client sentiment and client positioning data and includes conditional orders and customizable watchlists. This helps give investors a greater understanding of current market conditions. FxPro connects to real-time alerts, running newsfeeds, and links to Trading Central WebTV. The desktop experience is exceptionally well-rounded.

MetaTrader suite: FxPro offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for web and desktop. A notable add-on for MT4 is the Trading Central suite of tools. An essential limitation for MT5: it does not allow for hedging.

cTrader: is another FxPro trading platform that provides the option for algorithmic trading. The cTrader platform is available for web and desktop and lets traders create custom indicators and trading strategies based on those indicators. It then can deploy those strategies algorithmically. The FxPro VPS (Virtual Private Server) allows traders to design, upload, and run customized algorithmic “bots” 24 hours a day. The VPS runs independent of the client’s computer or terminal and lets algorithmic trading continue even if traders close the trading applications.

FxPro Edge: this beta is a light web-based platform. It has robust charts, a responsive design, default layouts from which traders can drag, drop, rearrange modules, and add new widgets. While FxPro Edge trails platform leaders, it is a good foundation for the future and rare for such a new platform.

Mobile Trading

FxPro offers several secure mobile trading experiences for all trading platforms on both Android and iOS mobile platforms. 

FxPro Direct App: uses standard security features on Android and IOS, including Apple’s iTouchID. FxPro’s mobile lineup is powered by their desktop/web third party platform providers: MetaQuotes and Spotware. Traders create customizable mobile price alerts and watch lists on their mobile devices and tablets. The Mobile App alerts traders to individual instrument prices and changes within a watchlist or variable. The App facilitates conditional order setup for several order types including market, limit, stop, and stop limit. Traders specify expiry time and date, as another level of control. Traders only get a few quotes, trades, and a history tab. FxPro Direct’s mobile app is not ideal for trading, especially compared to their other mobile platforms.

FxPro Edge (beta) does not yet have a mobile app.

MetaTrader: FxPro offers mobile versions of their MT4 and MT5 platforms. They come with standard default mobile app trading features.

cTrader: the FxPro white-label version of cTrader is consistent with other web-based platforms. It provides a seamless trading experience. Investors have several trading tools from which to choose. As a third-party mobile app, cTrader is very versatile.

Mobile Charting: is more robust than with most other brokers. Traders easily add trading indicators across multiple time frames and trade directly from their chart. This increases the ease and speed of buy and sell orders.

Research

FxPro offers standard research and market insight tools. These include important releases, daily fundamental research, technical analysis, and access to Trading Central. Their newsfeeds far exceed the competition in real-time news quality. Uniquely, the tools are available to both active and prospective clients. Trading strategy researchers will find their backtesting features useful.

Third-Party Tools: FxPro has daily market updates and analysis of blog content from third-party providers. Their in-house analyst content is of good quality. Adding more video content would help fill the research gap. Their YouTube channel is mostly webinars, platform tutorials, and promotional videos many of which are older and out-of-date. Competitors XM Group and Tickmill produce numerous research videos daily.

FxPro News blog: is a bright spot here. They produce multiple articles each day. They are available on FxPro’s blog. This also includes their Market Snapshots series, a daily outlook set of articles that are nicely organized and made easy to consume.

Traders dashboard: client portal users access sentiment data for symbols and forex pairs,

trading session times, and a summary of gainers and losers. It has an integrated economic calendar. And adding trading capabilities and merging features with the Edge platform would centralize resources in one place.

Education

FxPro’s education offerings are lackluster. They do not provide the necessary Forex and CFD trading basics information. They do not have a formal “education center.” While they do have a YouTube channel with a few educational videos, many are out of date, difficult to find, and disorganized.

FxPro provides good written materials but their offerings trail education leaders like IG, Saxo Bank, and FXCM in both the quantity and scope of materials. They should expand coverage and add videos. This would enhance and improve FxPro’s educational offering.

They offer a series of mini card features with snippets and short paragraphs. Topics include: “what is a stop out” in less than six sentences. There are 36 cards in the Psychology section and four other areas have learning card selections. It does keep track of progress, so traders know which modules/chapters you finished, which is a nice touch.

Customer Service

FxPro offers the standard customer service package. It is open 24/5 Monday through Friday for e-mail, phone, live chat, and Twitter.

A nice feature, their phone service and live chat services are multilingual and like their research, live chat is open to both prospective and current clients. There is a limited DM response service on Twitter.

Conclusion

FxPro is a well-capitalized and trustworthy broker offering a wide range of instruments including equity indices, forex pairs, cryptocurrencies, futures, commodities, and CFDs. They are considered low risk being regulated by DFSA, FSCA, SBC, FCA, and CySEC.

FxPro is best known for its MetaTrader and cTrader platform offering, available for desktop, web, and mobile. Their proprietary platform, FxPro Edge, is a good foundation for a new web-based platform but lags behind the best proprietary trading platforms.

FxPro offers several pricing options, including multiple execution methods. Their pricing is not competitive enough to seriously challenge industry leaders IG and CMC Markets and professionals and high-volume traders are disappointed by their pricing structure. Although their large trades system is among the industry’s best.

Stefan Grasic

Stefan Grasic (Dipl.-Jur) is the owner of Business24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active stock, CFD, crypto and general investment researcher, advising blockchain companies such as Blockbird, GoCrypto, Hive Terminal at their start up level. Stefan began trading in 2010 as a college student. Money was tight,…

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