FxPro Review 2021

FxPro is a CFD and Forex broker that has been in the market since 2006, currently providing services in 170 countries. The company holds four licenses, including the UK, Cyprus, The Bahamas and the South African Republic.

FxPro provides customers excellent opportunities with over 260 trading instruments. In addition, the company offers automated trading options, good choice of trading platforms, and education for the beginners. The broker operates in compliance with the EU standards, ensuring a high level of security.

FxPro received the 2017 UK’s Most Trusted Forex Brand award by the Global Brands Magazine. In addition, the broker is the first company in the world within its industry to become an official partner of a Formula One team.

Pros and cons

Pros
Licenses of the respectable regulators Beneficial trading commissions on Forex No deposit and withdrawal fees Proprietary trading platform Possibilities for trading automation A variety of base currencies Six types of accounts

Cons
The majority of assets are available via CFDs Limited learning opportunities for the customers No cryptocurrency support High commissions on CFDs on stocks

Key features of the broker

FxPro has a very wide geography of customers. The broker is represented all around the world. The core audience is concentrated in Vietnam and South Africa. There are also many clients from the European countries, the UK and the Netherlands being the leaders. The broker also has customers in the USA.

The company is actively promoted practically in all markets. In particular, the increase of customers is observed in all jurisdictions from the Top 5. The broker’s growth is particularly active in Southeast Asia.

On the most beneficial FxPro account – cTrader, the broker uses a combination of the low spread and commission. The level of commissions is low, or average in Forex and CFD markets. On the MT4 and MT5 types of accounts, spread is used as a commission, which we estimated as average.

In this review, we will compare FxPro commissions with the competitors – Forex4You and TeleTrade, and provide specific examples of how much a trader will have to pay per lot with each of the brokers.

Pros
Low commissions on Forex market Low commissions on CFD on indices No deposit and withdrawal fee No inactivity fee

Cons
High commissions on CFDs on stocks

Summary of commissions and fees on FXPro

Forex market

Forex is the key market for FxPro. On the account types with Instant Execution, the broker uses a fixed spread as a commission, and on the accounts with Market Execution – a floating spread, while on cTrader account a combination of the commission on traded volume and a small floating spread is charged. As we believe the Market Execution to be an important factor of a broker’s reliability, we will only analyze the accounts with Market Execution in this review.

The broker has three such accounts and the commissions on them vary. First, let’s see which FxPro account is the best to be used for forex trading. As an example, we will use the cost of a standard lot of 100,000 units of base currency in the currency pairs of different classes.

As you can see, the cTrader account is much more beneficial for trading all classes of currency pairs.

Let’s also establish the commission FxPro charges as compared to its competitors. We took into account all commissions and the spread of FxPro (cTrader account), Forex4You (ProSTP account) and TeleTrade (ECN account) The lot is 100,000 units of base currency.

Conditions offered by FxPro are on average better or at the same level as competitors.

Swaps on Forex

As a reminder, a rollover of a position to the following day causes the emergence of a swap on the Forex market. It is charged based on the interest rates of banks that issue currencies in the currency pair. When the swap is negative, a certain number of points is written off the account; when the swap is positive, they are accrued to the account.

On top of that, brokers may also charge additional commissions, which is why the sizes of the swaps could be different with different brokers. Below are the swaps for the cTrader account. We estimated the swaps as average, which makes short and medium-term strategies beneficial when trading with this broker. The drawback is the absence of a positive swap on major currency pairs, which the long-term investors might not like.

Swaps on FxPro

A number of brokers offer Muslim traders an opportunity to trade without swaps, replacing them with different kinds of commissions. FxPro offers the swap free trading option. To activate the service, you need to contact the broker’s customer support.

Commissions on CFD market

Different types of CFDs make up the largest class of assets on FxPro, while the level of commissions on them is mostly low. Below, we will consider trading conditions for CFDs on indices, energies and metals on FxPro and its competitors. On the accounts of MT4 and MT5 types, the broker uses spread as the commission. On cTrader account, it is a combination of a small spread and commission on the traded volume.

NOTE! As a reminder, CFD trading involves high risk, which is why the traders need to strictly observe risk management rules!

To make the example clear for understanding, we checked how much a trader will have to pay for the execution of a USD 5,000 lot of CFDs of different classes, taking into account the spread and commissions of the broker. The below data is applicable for the following account types: FxPro сTrader, Forex4You ProSTP and TeleTrade ECN

As you can see, FxPro has the best result among the competitors we specified in this review. The only exception is CFDs on oil, where Forex4You offers much lower commissions.

CFD on stocks

Stock trading at FxPro is available also via the contracts for differences. The level of commissions is high.

To make the example clear for understanding, we checked how much a trader will have to pay for a USD 5,000 lot of CFDs on top US stocks. FxPro offers CFDs on stocks only on MT4 account and platform, while the spread is used as the commission. We also took similar standard accounts of the competitors for comparison.

In this market segment, FxPro is behind its competitors with TeleTrade being the leader.

Non-trading commissions

We estimated the broker’s non-trading commissions and fees as low. FxPro does not charge deposit or withdrawal fees, which is why the customers only have to pay the commission of the bank or the payment system. The broker also doesn’t charge an inactivity fee.

The absence of non-trading commissions sets FxPro apart from Forex4You and TeleTrade, which do charge withdrawal and inactivity fees.

FxPro is officially regulated and can be considered reliable. The company holds four licenses for financial operations. The broker was issued the following documents:

• UK – FCA No.509956;
• Cyprus – CySEC No.078/07;
• SAR – FSCA No.45052;
• The Bahamas – SCB SIA-F184.

All broker’s documents can be easily checked. The company provides links to all licenses. The broker does not offer a deposit insurance system. FxPro has Stop Out and it depends on the branch. The level can be as follows:

• CySec – 50%;
• FCA – 50%;
• SCB – 20%.

FxPro has been operating in the market for 14 years. Over this period, the broker has not been involved in a single scandal. Therefore, the broker can be considered reliable.

FxPro provides its customers with a rather wide selection of markets and trading instruments. FxPro is a Forex and CFD broker, which is why they are all available via this derivative.

It is worth noting the diversity of CFDs on commodity futures. Also, there is a large variety of trading instruments by groups. The broker offers many currency pairs, a good choice of stocks and stock indices.

Lack of access to trading shares and futures on the spot market is the key drawback of FxPro. CFDs are a high risk marginal instrument, which is not suitable for all. Also, the broker does not have cryptocurrencies on its list of trading instruments.

Pros
Many Forex trading pairs CFDs on futures

Cons
No direct access to the markets Cryptocurrencies are unavailable

Availability of CFDs on futures on the trading platform is the key distinction of FxPro over its competitors. Neither TeleTrade nor Forex4You offer this trading instrument, but they do provide access to cryptocurrencies.

* – only as CFDs

Forex Market

Forex market on FxPro is quite diverse. In particular, the broker offers access to 69 types of currency pairs, including all popular ones:

• EURUSD;
• USDJPY;
• CHFUSD;
• AUDUSD;
• USDCAD;
• GBPUSD;

In addition, the broker provides access to a large number of cross rates. On FxPro, you can trade pairs with popular global currencies, such as EURCHF, EURGBP, EURJPY, GBPJPY and others. However, the real advantage of FxPro in terms of Forex is a large selection of exotic trading pairs. The broker provides access to currency pairs with the following types of regional currencies:

• DKK;
• PLN;
• NOK;
• SGD;
• CZK;
• HKD;
• MXN;
• SEK;
• ZAR;
• RUB;
• THB

Thanks to the availability of a large number of exotic currency pairs, FxPro compares favorably with its competitors in terms of the number of trading instruments for Forex.

CFD market

FxPro provides access to five different groups of CFDs. Here, you will find a large number of contracts on the stocks of the largest global companies. The choice of CFDs on stock indices is also very good.

The only serious drawback, compared to the competitors, is the absence of cryptocurrencies. In addition, FxPro is lacking investment instruments. In particular, the broker does not provide access to contracts on bonds, mutual funds and ETFs.

CFD on stocks

The number of available CFDs on stocks can be considered average. The broker provides access to 138 positions. The list includes the stocks of the most popular companies from the USA, Europe and China, such as:

• IBM;
• Danone;
• Google;
• Apple;
• Baidu;
• Goldman Sachs, etc.

The broker’s drawback is the limited choice of CFDs on the stocks of companies from the developed countries in the Asia-Pacific region, with the exception of China. In particular, you won’t find many contracts on stocks of Japan, Korea, Australia, etc.

By the number of CFDs on stocks, the broker is lagging slightly behind TeleTrade, but significantly exceeds Forex4You.

CFD on indices

FxPro provides access to a rather impressive number of stock indices – 24. These are primarily CFDs on indices of the top world’s countries – the USA, Germany, China, Japan, the EU:

• USSPX500;
• US30;
• USNDAQ100;
• EURO50;
• Germany50;
• UK100;
• Japan225;
• China A50 etc.

By the number of available contracts, the broker also compares favorably with many competitors.

Commodities

FxPro provides access to commodity trading mainly via CFDs on futures – over 20 positions, and also 10 CFDs on metals and energies.

By the number of contracts, the broker compares favorably with the other two brokers from today’s review.

The procedure of opening an account on FxPro is fully automated, but it requires a bit of time, approximately 15-20 minutes.

The broker offers six different types of accounts, including separate trading accounts for MT4 with fixed and floating spreads. Therefore, a trader can choose the best conditions that are most suitable for him. The minimum deposit of the broker is totally affordable.

The broker, however, has certain drawbacks. In particular, there are different types of trading instruments available on different types of accounts. For example, CFDs on stocks are not available on the FxPro MT5 account.

Pros
Low entry threshold Many types of accounts Demo account

Cons
Restrictions on instruments for different types of trading accounts Low number of base currencies No ECN

What is the minimum deposit on FXPro?

The entry threshold on FxPro is quite enticing for traders. In order to start trading, you need to deposit only $100, although the broker recommends to start with $500 for successful trading. At the same time, if you fund your account for an amount lower than $500, no restrictions will apply.

However, many competing brokers do not have any requirements for a minimum deposit. Neither TeleTrade nor Forex4You set any minimum deposits.

Citizens of which countries cannot trade on FXPro

FXPro is a holding of several companies. Each company provides services in a specific region and their restrictions differ. To learn more about restrictions, we recommend that you contact the broker’s customer support.

Documents required for opening an account

Verification is mandatory on FxPro. You won’t be able to fund your account or perform trading transactions. In order to verify your account, you will need to upload two main documents:

• Proof of identity – passport, residence permit, driver’s license;
• Proof of residence – bank statement, utility bill issued not later than six months ago, etc.

All documents for verification must be uploaded directly at the broker’s website. The uploading is done via FxPro Direct service. You do not need to send documents in an email.

You can also watch a video on account verification on FBS:

Account types

FxPro offers its customers six types of trading accounts. Five of them have different trading conditions, but the same requirement for minimum deposit. The first type of account is MT4 Instant with fixed spreads. The spreads on the account indeed do not change and their level is lower than on some other account types. However, only 7 currency pairs are available for trading and nothing else.

The second type is MT4 Instant with floating spreads. The minimum level of spreads is rather high on the account, but the trading opportunities are wider. The broker provides access to trading all types of currency pairs and CFDs, available on the platform.

If you are interested in Market Execution, MT4 Market account will be suitable for you. All types of trading assets are also available on it, while the spreads are lower compared to the trading accounts with instant execution.

For the customers wishing to work with MetaTrade 5 platform, there is a special account – FxPro MT5. All types of trading instruments, except for CFDs on stocks are available on this account. The spreads here are even better compared to the previous types of trading accounts.

FxPro cTrader is an account that deserves special attention. This is a special type of a trading account that allows to work with cTrader with the low level of commissions. It also has Market Execution of orders.

The last type of the broker’s accounts is VIP. It is available if you deposit $50,000 and more. The company promises “30% discounts” on commissions and spreads, but does not provide information about their minimum values. All types of trading platforms are available for this account.

Demo account

The broker provides its customers a possibility to trade using a demo account. It is available for the customers with any account type. No time limits are applied to the demo account on FxPro. However, in order to use the demo account, you first need to open a real account. You cannot register a demo account separately from the main account.

Trading accounts

The broker’s trading accounts differ from each other. Below is a detailed analysis of the broker’s accounts.

FxPro MT4 Instant (fixed spread)

• Trading platform: MT4
• Base currency options: USD, EUR, GBP
• Instruments: EURGBP, EURJPY, EURUSD, GBPJPY, GBPUSD, USDCAD, USDJPY
• Order execution – Instant
• Minimum deposit — 100 USD
• Commission on traded volume: no
• Commission per lot: no
• Spread on EURUSD: fixed, 1.6 pips
• Minimum lot — 0.01 pips
• Leverage — up to 1:500
• Stop Out — 50% (CySec, FCA) 20% (SCB)

FxPro MT4 Instant (floating spread)

• Trading platform: MT4.
• Base currency options: USD, EUR, GBP
• Order execution – Instant
• Instruments: Forex, indices, energies, metals, stocks and futures
• Minimum deposit — 100 USD
• Commission on traded volume: no
• Commission per lot: no
• Spread on EURUSD: floating, from 1.71 pips
• Minimum lot — 0.01 pips
• Leverage — up to 1:500
• Stop Out — 50% (CySec, FCA) 20% (SCB)

FxPro MT4 Market

• Trading platform: MT4
• Base currency options: USD, EUR, GBP
• Order execution – Market
• Instruments: Forex, indices, energies, metals, stocks and futures.
• Minimum deposit — 100 USD
• Commission on traded volume: no
• Commission per lot: no
• Spread on EURUSD: floating, from 1.58 pips
• Minimum lot — 0.01 pips
• Leverage — up to 1:500
• Stop Out — 50% (CySec, FCA) 30% (SCB)

FxPro MT5

• Trading platform: MT5
• Base currency options: USD, EUR, GBP
• Order execution – Market
• Instruments: Forex, indices, energies, metals, stocks and futures
• Minimum deposit — 100 USD
• Commission on traded volume: 45 USD per one million of traded volume
• Commission per lot: no
• Spread on EURUSD: no
• Minimum lot — 0.01 pips
• Leverage — up to 1:500
• Stop Out — 50% (CySec, FCA) 30% (SCB)

FxPro VIP

• Trading platform: MT4, MT5, cTrader
• Base currency options: USD, EUR, GBP
• Order execution – Market
• Instruments: Forex, indices, energies, metals, stocks and futures
• Minimum deposit — 50 000 USD
• Commission on traded volume: 30% discount
• Commission per lot: no
• Spread on EURUSD: 30% discount
• Minimum lot — 0.01 pips
• Leverage — up to 1:500
• Stop Out — 50% (CySec, FCA) 30% (SCB)

How to open an account on FxPro: step-by-step guide

The procedure of opening an account on FxPro is rather lengthy and detailed. You will need to spend around 20 minutes on it. Overall, you will need to fill out 10 blocks. Let’s review each of them in more detail.

Step 1. Registration info

The first stage of the registration is standard – you need to specify basic information about yourself. It includes six fields, including:

• Country of residence;
• First Name;
• Last Name;
• Email;
• Password;
• Confirm your password.

The broker also warns that by registering you automatically agree to its Privacy Policy. You can review the policy in the same section.

Step 2. Additional personal details

In the second block, everything is also rather simple. You need to specify your nationality, your mobile phone and your date of birth.

Step 3. Residential address

Then you need to specify your address. When you fill out this information, be attentive, because you will have to confirm it with documents. The broker will ask you to provide the city, the street and number and the zip code.

Step 4. Employment information

The broker requires the customers to provide information about their employment status. First, you need to specify if you are employed, self-employed, retired, unemployed or choose a different status. If you choose “employed” or “self-employed”, you need to also provide your position. Then, you need to specify the industry you work in and your level of education.

Step 5. Financial information

FxPro requires its customers to provide financial information. In particular, you will be asked to provide information about your income, source of your wealth, expected country of origin and destination of funds, etc. In addition, you will need to specify the amount you are planning to invest.

Step 6. Preferred trading instruments

During the registration, FxPro will ask you to specify the trading instruments you intend to work with. You can select specific instruments or select all. The types of the accounts available to you after registration will depend on your choice. In addition, at this stage, you will need to specify whether you are a US resident or citizen for tax purposes.

Step 7. Trading experience

Also, you will need to share information about your trading experience. In particular, you will need to specify whether you have (or had) real trading experience, and also the sources of your knowledge – whether you’ve obtained professional education, took courses, etc.

Step 8. Questionnaire on professional knowledge

In order to register with the broker, you need to fill out a questionnaire that features five questions. They are related to the level of qualification of customers in the area of trading and investment: the use of leverage, types of orders, etc.

Step 9. Setting up the account

After completing registration, you will be directed to the trading account settings. In particular, you will be able to choose the account type, leverage, currency, notification language. You will also need to agree and accept the internal documents of the company.

Step 10. Verification

The last stage is verification. It is mandatory on FxPro. You will need to upload the copies of your passport and confirmation of your residence. The documents are considered within 3 business days.

Base currencies

FxPro offers an excellent choice of base currency options. The customers can choose from 8 options:

• USD;
• EUR;
• PLN;
• CHF;
• AUD;
• ZAR;
• JPY;
• GBP.

The list of currencies includes nearly all most popular global currencies, with the exception of CHN and RUB.

FxPro offers a better choice of base currencies than its competitors. For example, Forex4You supports only two currencies – USD and EUR. In addition to USD, EUR and GBP, TeleTrade supports only BTC.

FxPro does not offer its customers too many methods of deposit and withdrawal. You can use a wire transfer, with the transaction performed rather fast here. You can also use debit/credit cards of the following payment systems: