FxPro Review 2024

Key Takeaways

• FxPro is a well-regulated broker, founded in 2006.
• FxPro is regulated by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA) of South Africa and the Securities Commission of the Bahamas (SCB). 
• FxPro has raked in 80 international awards for service and innovation since its inception.
• FxPro’s No Dealer Desk (NDD) execution model speeds up trades immensely.
• FxPro also offers spread betting in its UK home market, which can have tax advantages for clients there.
• FxPro provides high-quality access to financial markets, with Contract for Differences (CFD) on over 260 instruments in six asset classes.
• With 70 hefty FOREX pairs, as well as over 180 different equity shares, a range of cryptocurrencies, futures, commodities and stock indices, FxPro customers have a wealth of choice.
• FxPro uses the well-recognized third-party trading platforms MetaTrader4 (MT4) and MetaTrader5 (MT5).
• The broker has so far opened 1,866,000 client accounts in 170 countries and has executed over 455 million orders and counting.
• FxPro rapidly and reliably executes about 7,000 trades per second.
• FxPro offers traders a robust range of account types for different traders.
• FxPro tenders high-quality, multilingual customer support on a 24/5 basis through live chat, email and phone.
• FxPro offers competitive levels of spreads and commissions across its account types.
• FxPro prides itself on fee transparency and tries to keep fees transparent while also offering a range of calculators to help traders make better investment decisions.
• Traders can access a wealth of research and education tools. The material covers all asset classes and is sourced from reputable third-party information providers.
• FxPro clients can easily download the full range of FxPro’s Web and mobile platforms through common vendors like Windows, the Apple App Store, or the Google Play Store for Android.

Overall Summary

FxPro was founded in 2006 and has matured to become one of the premier online brokers in the world. This UK-headquartered company has been on a bull-run of growth since its inception and has gathered an impressive collection of awards along the way. To say it has simply won awards is an understatement. Indeed, FxPro has gained consistent global recognition for the quality of its service and the level of its innovation. The company proudly boasts a cabinet of 80 reputable international awards garnered over the years. It groups its awards into the following impressive categories:

• 21 Best FOREX Provider awards.

• 35 Best FOREX Broker awards.

• 15 Best FOREX Tools/Service awards.

• 13 Best FOREX Platform awards.

The list is stunning and is a testament to the company’s diligent aspiration toward keeping quality standards and consistent growth.

So, what lies behind all the gloss? FxPro is a highly recognizable industry name that is regulated by four major global regulators. The peerless FCA regulates FX Pro Limited UK while the CySEC and the FSCA of South Africa regulate the company’s international trading arm, FxPro Financial Services Limited. Another group company, FxPro Global Markets Limited, is regulated by the SCB.

FxPro offers a robust selection of investments for traders from which to choose. Focusing on six different asset classes, traders can invest in over 260 CFD financial instruments covering FOREX, futures, indices, shares, metals and energies. FxPro boasts top-level liquidity and lightning-quick execution. The lack of an intermediary dealing desk, which FxPro sells as a major differentiator, makes the process even faster.

FxPro offers trading on the well-known industry platforms, MT4 and MT5. The company also offers its proprietary platforms FxPro Trading for mobile and Web, and cTrader, a popular third-party platform with a user-friendly interface. The broker has combined these platforms into a smoothly integrated offering for all their clients. Traders can tailor-make their layout and take advantage of advanced trading features.

FxPro offers a powerful range of advanced tools, such as the FxPro Calculators, the FxPro Direct App, the FxPro Virtual Private Server (VPS) and the FxPro Market News, to name a few. Traders can also access an economic and earnings calendar, informative YouTube Webinars, expert market analysis, and trading trends from third-party market hub Trading Central. Further, FxPro has a well-stocked repository of information in its research and education department that traders of all levels can enjoy.

FxPro places a major focus on customer service. It offers multilingual customer support via email, callback and live chat on a 24/5 basis. FxPro uses all these advantages to provide would-be clientele with several convincing reasons to invest with it, namely: 

It has executed over 455 million orders and counting. 

• It has opened over 1,866,000 client accounts. 

• It has clientele from 170 countries.

• It has deep liquidity of €100 million of tier-1 capital.

• It has opened seven global sponsorships of elite teams in Formula 1 and football.

• It rapidly fulfils its orders in less than 11.06 microsecond (ms) each.

• It can execute about 7,000 trades per second. 

Who Is FxPro Good For?

FxPro is perfect for traders who enjoy a vast array of choices in trading markets and who expect superior platform functionality. Novice traders can just as easily find a place in the FxPro stable as there are many welcoming resources for new clients. Its combination of competitive fees, high number of investment choices, and emphasis on customer service, will suit traders from any end of the experience spectrum. 

FxPro’s robust range of 70 FOREX pairs and its ability to offer traders access to equity indices, cryptocurrencies, commodities and futures, puts it in a good light against all its competitors. Users can trade on over 260 CFD instruments on a mostly commission-free basis, depending on the platform they use. They only must pay spreads and swaps.

With its strong range of tools that are equally useful on desktop applications, Web and mobile, traders with any device preference can benefit. Clients can also access a range of different trading tools, such as calculators and earnings calendars.

This total package means that it caters to every level of trader. Combining its competitive offering, wealth of choices, and successful history, there is little FxPro cannot offer in the industry. Here are the pros and cons of investing with FxPro:

Pros explained

Execution of Trades

FxPro is committed to full trading transparency. In their words, it has developed a “Model of execution that meets both trader demands and ethical standards.” This applies to its promise of executing trades at lightning-quick speeds. FxPro uses class-leading third-party data centers in London and Amsterdam. Its trading servers are networked and fiber-connected with top banks, which can provide superior liquidity through FxPro’s proprietary aggregator Quotix.

Further Explanation of NDD

FxPro places a great emphasis on being an NDD broker. It markets this aggressively to potential clients, so it is worth understanding its angle. FxPro is a true NDD execution broker, meaning that – unlike the rest of its competitors – it executes client orders with no dealing-desk intervention. The company positions this as a big differentiator for those who understand it. Because of the vast deluge of client trades, FxPro internally matches much of its order flow. This means it can reduce the risk of interfering with trades. Therefore, its trade executions are consistently fast.

Why FxPro is not a Straight-Through-Processing (STP) Broker

FxPro claims not to be an STP broker. STP is a post-execution, post-trade communication process between executing counter parties that has no impact on the speed or price of trade execution. FxPro uses STP technologies, but it prefers to be called an NDD broker as it most closely aligns with its order-execution style.

Why FxPro is not an Electronic Communication Network (ECN) Broker

An ECN broker is often confused with an NDD broker, but they are not the same thing. ECN refers to the anonymous communication between executing counter parties that may, through interruption or failure, result in no guaranteed fills and worse pricing for the retail trader. 

Is FxPro Safe?

• It offers a negative balance protection policy as part of new EU guidelines that cut instances where clients lose more money than they had deposited.
• Global big four consulting firm, PWC, audits its financial reports.
• FxPro UK Limited is a member of the Financial Services Compensation Scheme (FSCS), which guarantees affected traders up to £85,000 if a broker goes insolvent. 
• FxPro Financial Services Limited is a member company of the Investor Compensation Fund (ICF).
• FxPro also touts that it has one of the highest counterparty credit ratings in the industry, scoring 95 out of 100 as judged by reputable third-party credit ratings companies. A high score shows a safer company. FxPro reminds clients that the industry average is a lowly 66.
• It segregates client funds from company funds and holds them in premier banks, like Barclays and the Royal Bank of Scotland.

Offering of Investments

FxPro has many investment products on offer. Traders can take advantage of FxPro’s high-quality access to global financial markets, through its advanced execution model. Traders can access the world of online trading with CFDs on over 260 instruments in six asset classes. Highlights of this include access to 70 FOREX pairs and over 180 different equity shares, cryptocurrencies, futures, commodities and stock indices. Traders can make their choice between shares of 150+ global companies – all this with the rapid and reliable NDD order execution and dividend payments. Here are the six asset classes that allow traders to run a diversified cross-asset portfolio:

1. FOREX.

2. Futures.

3. Indices.

4. Shares.

5. Metals. 

6. Energies.

FxPro also offers trading in spread betting, which is an exciting product in FxPro’s UK home market, as it can have tax advantages for UK clients. Trading costs, such as spreads, commissions and overnight fees, may differ per trader, depending on the instrument being traded and account type opened.

Depending on the asset being traded, its lot size, and where the account is domiciled, FxPro offers dynamic leverage. The broker’s Website has a full list of all the assets and their available leverage so that you know what to expect before you get started.

Account Types

1. MT4 Account with fixed spreads and instant execution.
2. MT4 Account with floating spreads and instant execution.
3. MT4 Account with floating spreads and market execution.
4. cTrader Account with floating spreads and market execution.
5. MT5 Account with floating spreads and market execution.

Other Types of Accounts

Account Opening

Deposits and Withdrawals

Customer Service

Commissions and Fees

Like most brokers, FxPro does not levy commissions on several trades. The company is at pains to advertise its lack of an expensive dealing desk, thus allowing it to pass on cost savings to traders. FxPro is transparent on all trading costs and shows positive and negative swap rates. Traders can verify swap rates for themselves on the MT4 trading platform.

On the cTrader platform, traders can check detailed commissions and a range of more information from the deal ticket. They simply need to click on the “Information” button when placing an order. FxPro offers commission-free trading on its MT4, MT5 and FxPro trading platforms, with just spreads and swaps payable. There is a small mark-up on spreads for FOREX and metals. cTrader users should know the broker will charge them $45 per $1 million traded when opening and closing a position on FOREX pairs and spot metals.

FxPro generates some of its revenues from a combination of spreads and commissions. Spreads on a popular currency pair, such as the EUR/USD, start from 1.5 pips on MT4, and 0.2 pips where commissions apply on cTrader. 

Some of FxPro’s fees are high. The aforementioned 2.6% withdrawal fee from a non-trading account is one example. At the same time, inactive traders will have to pay a $15 dormant account fee after 12 months with no trading activity, followed by a $5 monthly fee. FxPro does not appear to offer any discounts for higher volume traders.

Platforms and Tools

• Insightful market indicators.
• Charting tools with timeframe functionality.
• Detachable chart windows.
• Innovative trading widgets.
• Customizable layouts and themes.

• Available for Windows and Mac desktop and via Web.
• Choose from three chart types.
• Use nine timeframes.
• See 50 technical indicators.
• Activate trading robots.

• Available for Windows and Mac desktop and via Web.
• Use 21 timeframes.
• Access up to 100 charts together.
• Use multiple order types.
• Access real-time market information.

• Windows desktop download enabled.
• Access full market insights.
• No restrictions on stop/limit levels.
• Rapid order fulfilment.

• Available via Web.
• See 50 technical indicators.
• Customize helpful trading widgets.
• View six chart types.
• Use 15 timeframes.

Mobile Trading

• Available for iOS and Android.
• Simple sign-up.
• One-stop trading platform.
• In-built economic calendar.
• Open and manage accounts.
• Deposit and withdraw easily.
• Enable volatility push notifications.

Research and Development

Research

Education

Trading Tools

Final Thoughts

Conclusion

FxPro in Brief

Review Methodology

The team at Arincen collected more than 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:

1. Companies’ Websites.
2. Other Websites that have ranked FOREX companies.
3. A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.
We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc. 
Afterward we validated the data by:
1. Registering with FOREX companies as a secret shopper and/or as Arincen.
2. Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.
The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.
To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.