FxPro Review

August 2022

77.2% of retail investor accounts lose money when trading CFDs with this provider.

FxPro first opened its doors in 2006 and has since grown to over 1,866,000 client accounts across 173 countries. The broker offers prices in over 2,000 markets, covering 70 FX pairs, Commodities, shares, futures, cryptocurrencies and indices. FxPro may be the most awarded broker in the market, stacking up over 85 awards. Most recently, Best Broker 2021 (UK) from Ultimate Fintech Awards, Best FX Provider 2021 from Online Personal Wealth Awards and Best Trading Platform 2020 from Investors Chronicle & Financial Times.

Pros

  • Low latency in execution
  • Wide range of platforms
  • Top of the class customer support 24/7
  • No dealing desk intervention

Cons

  • Higher than average bid offer spreads

Is Trading with FxPro safe?

FxPro is regulated by the following financial regulating bodies:

  1. Financial Conduct Authority (FCA) – the regulatory body for the UK
  2. Cyprus Securities and Exchange Commission (CySEC) – the regulatory body for Cyprus
  3. Financial Sector Conduct Authority (FSCA) – the regulatory body for South Africa
  4. Securities Commission of The Bahamas (SCB) – the regulatory body for The Bahamas


The FCA and the CySEC are 2 tier-1 regulatory authorities that guarantee the highest standards of transparency, financial accountability and trust.

Spreads & Fees

The bid offer spread is where most FX brokers earn their incomes. The “spread” is the difference between the bid price and the ask price measured in pips.

The table below shows the minimum spreads for each of the major forex pairs as listed on the FxPro website and compares them against the industry average.

FxPro Spreads

Note: Spreads are variable and can change depending on the time of day and market conditions. For information purposes only.

FxPro has considerably higher than industry average bid offer spreads. The EUR/USD bid offer spread is particularly high, 1.6 pips compared to an average of 0.9, approximately 78% higher. However, although there are much cheaper alternatives around, paying a premium seems justified in virtue of the quality of the services offered.

Platforms

FxPro offers a wide selection of trading platforms, which include their proprietary FxPro Edge, cTrader, MT4 and MT5. Their proprietary platform is a web-based app and offers an easy to use Platform.

The app provides a full array of 50 technical indicators, drawing tools and one-click trading. You can also see some performance figures for your trading, such as maximum drawdown, average P/L and profitable trades rate.

cTrader is also a valid option with 55 technical indicators and 6 different chart types. You can download the app or access all the same functions through the web browser version. The MT4 & MT5 platforms are offered as a download for Windows and Mac or as a web based version.

FxPro also accepts automated trading through any of its platforms. This feature works well with very fast execution speeds. Thanks to their infrastructure, they claim they can offer execution speeds under 14ms. The lightning speed execution is thanks to the Equinix data centre co-location, drastically reducing the latency for the execution of your trades.

FxPro Platforms

Mobile Trading

All 4 platforms have their mobile versions as well. Some limitations in the number of technical indicators or drawing tools apply. However, you will still be able to access all the main functions including receiving quotes from the markets, placing trades and setting alerts.

Benefits of the FxPro mobile app selection include:

  • One-click trading on the go
  • Position management wherever you are
  • Multi-platform access

The FxPro app selection is available in the App Store and Google Play.

FxPro Mobile

Education

FxPro has a reasonably sized library of content in education, mainly aimed at beginners. There are no video tutorials nor platform manuals. Under the drop-down menu in "Tools," the educational content is split into 4 sections. Basics, fundamental analysis, Technical analysis and Psychology.

Educational topics include:

  • Chart types
  • What is a CFD
  • Lots & leverage
  • What is fundamental analysis?
  • Major economic indicators
  • Trend lines
  • Major patterns
  • Novice traders’ mistakes

The material is well written and we especially like the section focusing on trading psychology, an area many shops forget to cover. The broker offers demo accounts which is very useful for novice traders, and to test run the various platforms if you’re not sure of which one suits your needs best.

Research

The research material is of a high standard although it is limited to the in-house production of relevant articles. The articles on their FxPro.News website cover news events and financial market research, with a strong focus on technical analysis. There are no daily videos and there is no live feed from top-tier financial market news outlets.

Trader Support

Customer support from this broker is provided in a multitude of languages and 24/7, making the service top quality. Customer support is available in 20 European languages, plus nine languages from Asia, such as Chinese, Vietnamese or Japanese. Worthy of highlight is the on-line chat button directly from their proprietary trading platform.

You can speak to customer support via:

  • Live chat
  • Telephone
  • Email

Verdict

FxPro offers a top-quality service for seasoned traders and novices alike. We determined this thanks to the leading edge platforms on offer, the range of products and its quality customer support. The broker has a whole trophy room of awards received over the past decade, including 6 consecutive Best FX Provider from 2014 to 2019 from Investors Chronicles & Financial Times.

They offer super low latency supported by one of the best infrastructure providers in the industry, with servers located very close to the banks that supply them with prices. Highly beneficial for automated traders, but also for manual traders. FxPro has access to deep liquidity and offers the benefits of no dealing desk execution.

True, there are cheaper brokers around, and there are also others that offer more market news and insights with videos and live webinars. However, we feel that this is a valid option for traders looking for a choice of platform, professional customer support and high execution speeds, 80.48% of their trades are executed at the first quote.

77.2% of retail investor accounts lose money when trading CFDs with this provider.