The winner of the most trusted forex brand in the UK in 2017, FxPro was Founded in 2006 with its headquarters in the UK, which the next step for a trusted broker is to get one of the best regulations from the best-regulating organization in the market in the UK and that is the FCA.
And indeed, the broker not only obtained the FCA license in the UK but also has expanded its offices to several countries including Cyprus, The Bahamas and South Africa.
FxPro has grown into one of the most known forex brokers in the world and currently serves traders in from all over the globe.
I reviewed FxPro based on the following criteria.
- Strong regulation with 5 different regulators including FCA
- Negative Balance Protection
- Tight spreads
- Multiple trading platforms offered
- 50+ awards
- The minimum deposit is 100$
This Fxpro broker review will talk about the advantages and disadvantages of FxPro in regard to Fxpro spreads, minimum deposit, account types, demo accounts, trading platforms and tools, customer service etc.
There’re more details to know and discuss throughout this Fxpro review and I’d advise you to refrain from opening an account with the broker until you read the details in this article first.
Who is FxPro?
Who is FxPro?
It’s a very common question I receive and notice all around when searching the word FXpro, and so I’ve dedicated this part of this Fxpro review to coming to realizations of the needed answers about Fxpro.
Found in 170+ countries with expansions going on by the minute, and with over 30+ supporting languages on their official website, Fxpro didn’t overlook any details when it comes to clarity and transparency with their current and newly joined customers.
With several licenses from different countries around the world, and the great traffic of visitors on their official website of 1.5 million visitors, https://www.fxpro.com/, FxPro has managed to make a big name for itself not only in the UK forex market but also in the global forex and CFDs trading market.
With many awards up its sleeves, and sponsorships to 3 formula 1 teams, 4 football clubs, 2 rally championships, and 22+ events, all are the big names in each field. The broker is making sure that not only investors and forex traders would know about them, but the general public as well.
With the slogan “Trade like a pro”, they state on their website that they are the number 1 broker for forex. Offers investment services with Forex and CFDs with competitive Fxpro spreads. FxPro offers the highest standards of security for its clients’ funds.
With FxPro, you can choose to trade with 5 different account types, 4 different trading platforms, and 2100+ Instruments to trade, the broker offers the necessary tools for all traders for the best trading experience with the utmost satisfaction and profits.
You can trade with 6 assets of CFDs with FxPro, which this Fxpro review will be breaking down as follows :
And as the broker is making sure you’re having the best trading experience, the pioneering execution of trades, ultimate liquidity, and no dealing desk intervention are all provided to trades.
|📃 Country of regulation||Cyprus, UK, Bahamas, South Africa|
|💰 Trading fees class||Low|
|💰 Minimum deposit||$100|
|💰 Withdrawal fee amount||$0|
|🎮 Demo account||Yes|
|🕖 Time to open an account||1 day|
|💳 Deposit with bank card||Available|
|💸 Depositing with an electronic wallet||Available|
|🛍️ Products offered||Forex, CFD|
Regulation and Investor Protection
FxPro Regulation and Investor Protection
Originating from the broker’s being a major advocate for transparency, FxPro makes sure to separate the traders’ funds from the company’s own operational funds and keep them in an internationally trusted major bank for maximum safety which I’ll be reviewing in this part of the Fxpro review.
Founded in 2006 and with more than 15 years of experience in the industry, FxPro currently has branches in the United Kingdom, Cyprus, and the Bahamas.
Being as global and volatile as the high liquidity of a market like a forex market, which makes a great medium for scammers and fraud cases to take place since the market is huge and includes many different assets.
And with that comes the role of the regulators to stop such cases and protect clients’ funds that are placed with brokers for different kinds of investments.
Obtaining a financial organization license isn’t a walk in the park, especially for brokers, yet it’s a must in order to gain reliability and trust from the clients as well as the market altogether. and since the regulators are having constant updates and upgrades over the terms and rules of operating and the brokers are forced to follow these upgrades or they’d lose their license.
Getting a registration, having a license, passing audits, informing customers about service changes, etc. are some of the main basic criteria the brokers must follow in order to hold and maintain the licenses.
And in the FxPro case, as we’ve seen, it’s not only 1 regulator’s license that it has obtained, the broker is having continuous updates of their 4 highly-established licenses from the biggest names in the financial regulatory institutions.
- FxPro UK Limited is authorized and regulated by the FCA since 2010 in the UK with registration number 509956.
- FxPro Financial Services Limited is authorized and regulated by the CySEC since 2007 in Cyprus with license number 078/07.
- FxPro Financial Services Limited is authorized by the Financial Sector Conduct Authority FSCA since 2015 in South Africa with authorization number 45052.
- FxPro Global Markets Limited is authorized and regulated by the SCB in the Bahamas with license no. SIA-F184.
That’s why it’s safer to work with licensed forex brokers to protect yourself from fraud. These brokers are subject to constant audits and reviews to meet the requirements.
I think by now the question is real FxPro regulated or not now has been answered in a comprehensive way that no doubt the broker can be trusted with your funds.
Having such a great reputation due to the regulation, no wonder FxPro has gained many awards within the industry over the years. In which all, in my opinion, are well-earned. Including the best forex provider 2022 by OMA, best market analyst UK 2022, and the best online forex trading platform in the UK by 2022 both by the Global Brands Magazine.
FxPro works with over 12 liquidity providers and some of them are well-known banks such as Barclays, Bank of America, RBS, and EMIRATES NBD.
I can confirm, through all the details given above and the more you can find at https://www.fxpro.com/ that FxPro is not a scam broker.
Fxpro Account Types
Fxpro Account Types
FxPro provides both variable trading platforms and trading accounts. As in they provide MT4, MT5, cTrader, and FxPro trading platforms in which the Fxpro account types are carrying the same names as the platforms.
Let’s say you want to trade and apply your transactions on the most known trading platform in the world, MT4. That means you will be trading with the account so-called FxPro MT4 which has special characteristics and conditions that differ from the other accounts.
In total, Fxpro account types are 5 and I’ll be breaking their features down to you via this part of the Fxpro review.
FxPro MT4 account
Where floating Fxpro spreads are applied and zero commission policy is followed. In this account type, you can trade with all different available instruments like Forex, Metals, Indices, Energy, Futures, Shares, and Cryptocurrencies on the MT4 trading platform, whether that was Metatrader 4 desktop, MT4 Webtrader, MT4 mobile app for iOS / Android, FxPro EDGE web, and FxPro Mobile app for iOS/Android. The minimum trade size that’s allowed on the Fxpro MT4 account is the micro lot. The maximum leverage offered is 1:200 and it might change depending on the instrument that you’ll use. This account is mainly used for Hedging. The minimum stop level offered is 1 pip minimum from the current/entry price.
FxPro MT5 account
Forex, Metals, Indices, Energy, Futures, Shares, and Cryptocurrencies are allowed for trade on different versions of MT5. This account is used for hedging and Netting. Zero commissions and floating Fxpro spreads take place. The minimum stop level here is 1 pip minimum from the current/entry price.
FxPro cTrader account
With this account type, you can trade with Forex, Metals, Indices, and Energy and are allowed to trade on the platforms cTrader Desktop, cTrader Webtrader and cTrader mobile app for iOS / Android. There is no minimum stop level for this account type as it’s used also for hedging. When trading with the cTrader account, a commission of $35 per $1 million trading volume of forex and metals, while you can have floating Fxpro spreads and zero commission on indices and energy.
FxPro MT4 instant and MT4 Fixed account
You can trade with Forex, Metals, Indices, Energy, Futures, and Shares while using MT4 with all formats whether that is web trader, desktop, mobile phone, iOS and more. The commissions applied on trades with this account are as follows:
- MT4 Instant account: floating Fxpro spreads and zero commission
- MT4 Fixed Spreads account: you can have fixed Fxpro spreads on the major forex pairs and then you get floating Fxpro spreads with zero commission on all other trading instruments offered.
The minimum stop level is 1 pip minimum from the entry price of most majors.
You can trade with Forex, Metals, Indices, Energy, Futures, Shares, and Cryptocurrencies. Besides, the floating Fxpro spreads that are offered on all instruments also introduce zero commission. The minimum stop level is 1 pip minimum from the entry price for most majors of currency trade. Additionally, this account is used in hedging.
MT4 Instant & MT4 Fixed is the one special account dedicated to different types of Fxpro spreads. They offer both fixed and variable Fxpro spreads which are considered a great advantage for the traders as they can choose which one that matches better with their followed trading strategies.
The maximum leverage In Fxpro is 1:200 with forex majors and minors.
In addition to these Fxpro account types, FxPro also offers a swap-free Islamic account option for Muslim traders. Muslim traders need to apply for this via email. The company has the right to request you document your religious belief or reject your application.
Let me tell you through this Fxpro review that the broker doesn’t offer a dedicated account manager or SMS service. In addition, since the clients you introduce will be under your partnership and you will earn rebates from their trading, then they cannot earn rebates on their own trading.
FxPro spreads are quite advantageous and competitive. For example, many brokers offer 2 pips for EURUSD in fixed spread accounts while FxPro offers 1.6 pips. That’s $4 more profit per lot. In floating spread accounts, 1.4 pips for EURUSD at MT4/MT5 accounts.
Withdraw and Funding Methods
We all agree that funding and withdrawal methods are the only means to operate your investments. And so for the broker to have several ways for funding is an essential factor to help the trader. Via this inclusive Fxpro review, I’ll explain the methods of Funding and withdrawals as FxPro is having several branches in different parts of the world, so it’s very natural to have different deposit and withdrawal methods depending on the rules and regulations of each country.
So for example, FxPro UK Limited operating in the UK has fewer means to fund and withdraw than the other branches. There are only options for Credit or Debit cards and Bank transfers. FxPro Financial Services Limited operating in Cyprus and South Africa has the most variety of deposit and withdrawal methods that include: Credit or Debit cards, Bank transfers, PayPal, Skrill, and Neteller. While FxPro Global Markets Limited operating in the Bahamas has the following methods: Credit or Debit cards, Bank transfers, Skrill, and Neteller.
In this Fxpro withdrawal review along with the deposit means we can see different ways of funding and you can choose the best means for you.
Fxpro doesn’t apply any fees on any means of deposit and withdrawal within the broker rules nor doesn’t it apply any charges for bank wire transfers. However, there might be some bank charges from the sending or the receiving banks according to their own structure. and these fees are in no way related to the broker.
FxPro offers different platforms to its clients and hence it’s already gaining satisfactory feedback from customer reviews. And so, it’s only sensible to have the best in the market presented to the clients which this Fxpro review will be breaking down for you. As Metaquotes’s MT4 and MT5 are offered, it gives a great start for an advantageous point for FxPro.
Not only they’re the best in the forex trading world but they also the most used and traded platforms. With great functions and management and follow-up tools, the MetaTrader is indeed the best and easiest assistant for traders.
cTrader is also available for usage and can be downloaded on your Windows pc. Where it uses cTID (cTrader ID) login functionality, meaning that all linked accounts can be accessed through a single login, and settings are synced.
Then we have the last offered trading platform by FxPro the broker’s very own FxPro trading platform which is also known as FxPro Edge. This is an all-in-one solution, that makes you able to manage your accounts, manage funds & Trade from the integrated platform. You can download the platform from both google play and the app store on your phone as well to get it on your desktop as well through web trader.
To sum it up, the available platforms at FxPro are:
- MetaTrader 4
- MetaTrader 5
- FxPro Edge
In this part of the Fxpro review, I’ll show the conditions and terms that the broker is allowing the demo account which is one of the best in the market. FxPro offers a 30-day Demo account option for both beginner traders to improve themselves and for experienced traders to test their new strategies. However, if no action is taken on the Demo account for 30 days, the account is closed.
You can find the button to register to a demo account almost everywhere on the broker’s official website home and branch pages too. The demo accounts are usually aimed at the forex newbies to try out the market first before going into a live account.
Demo accounts can also be used by expert traders who want to try out new strategies or test their knowledge.
Conclusion of FxPro Review
Conclusion of FxPro Review
Within this Fxpro review, we have covered all the details concerning the broker, from their unique collection of licenses from different parts of the world, Fxpro is branching into the UK, Cyprus, the Bahamas, and South Africa. With FCA, CySEC, FSCA, and SCB respectively. Segregated accounts are present within the broker to make sure the clients’ funds are separate from the operational funds for Fxpro and to make sure clients’ funds are protected to the maximum level.
With 5 different Fxpro account types and 4 different trading platforms that were mentioned in this Fxpro review, the broker is making sure to provide all possible varieties for different clients and their trading preferences. Fixed and variables Fxpro spreads are provided and the maximum leverage offered by the broker is 1:200 on forex trading currency pairs.
Demo accounts are available for new starters in the Forex and CFDs market for easy and knowledgeable trade before going into the live accounts. Fxpro customer service is available 24/5 with different languages available to accommodate their great base of customers from all over the world.
Generally, this Fxpro review is showing the 15+ years of experience that FxPro sustains, with multiple awards from all over the world within the financial trading industry. Via sponsorship deals with the biggest names in sports and events, Fxpro is making sure to prove they are the best in the market for their current and future clients.