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FxPro Review 2021 – Top Key Points
Overview
FxPro Review 2021
FxPro is a well-recognized global online Forex and CFD broker founded in 2006 based in Russia. FxPro gives access to retail traders and institutions to the world’s largest liquid market. Provide access to top-tier liquidity and advanced trade with the NDD execution model (no dealing desk). Offering six different asset classes Forex, features, spot indices, shares, spot metals, and spot energies with more than 260 tradable instruments. Traders will be pleased to see multiple third-party trading platforms including the full MetaTrader suite, cTrader, and more. Pricing is slightly higher than the industry leaders. Since its establishment, popularity has skyrocketed. Currently, it serves clients from more than 170 countries.
Top Key Points for FxPro in 2021
Founded in 2006, FxPro has regulated in one tier-1 jurisdiction and two tier-2 jurisdictions making it a safe broker (low-risk) for trading forex and CFDs.
15+ Years experience, regulated & authorized by one top-tier and two tier-2 regulatory bodies making it a low-risk broker.
Offering multiple trading platforms & great research tools
Not support clients from certain jurisdictions including the USA, Iran, and Canada.
Features
Is FxPro safe or a scam?
FxPro is a trusted Forex broker, not the strictest broker available on the market like XM or Saxo bank. It’s a global broker and regulated and authorized by multiple regulatory bodies in several jurisdictions including 1 top-tier and two tier-2 regulatory bodies making it a low-risk broker. Not publicly traded and does not operate a bank. FXPro started its journey based in Russia. Unfortunately, there is a wide misconception in the markets about the brokers’ reliability that situated in Russia, therefore to improve traders trust the company to move into new geographic locations, In 2007 it received a license from the CySEC, FCA license in 2010, and FSCA 2015. Currently, headquartered in the UK, serves offices in Cyprus, Dubai, and the Bahamas. FxPro is authorized by the following regulators: Financial Conduct Authority (FCA), CySEC (Cyprus Securities and Exchange Commission). Client deposits are kept safely in major international banks and are fully segregated from the company’s own funds. Negative balance protection available. Only European clients will be able to get compensation funds because of European regulations, and the rest of the world will trade under different regulators.
PROS:
- Founded in 2006, serving almost 900k clients worldwide with a good reputation for 15+ years
- Regulated by FCA, CySEC, FSCA)
- Negative balance protection
CONS:
- Additional Offshore entity
- Compensation fund available only for European clients, regulatory obligation vary according to the entity
- USA client not supported
FxPro licenses
FxPro broker licensed globally from multiple regulatory institutions. There is some regulatory information:
- FxPro UK Limited; FCA, Reference number: 509956
- FxPro Financial Services Ltd; CySec, license no. 078/07
- FxPro Financial Services Ltd; FSCA, authorization no. 45052
- FxPro Global Markets Ltd; SCB, license no. SIA-F184
Commissions and Fees
Spreads: FxPro’s trading cost is industry average, and offering both variable and fixed spread. Trading fees are built into the spread. On the MT4 platform, you can choose between variable and fixed spread. However, on the MT5 platform, there is no fixed spread option. FxPro’s variable spread is available on MT4 and MT5, the average EUR/USD spreads 1.58pips for accounts on market execution (1.51 pips on MT5) and 1.71 pips for accounts with instant execution model.
Fixed pricing:Â On MT5, there is no fixed spread offering, and only market execution is available.
Commissions: FxPro has different trading costs depending on trading platforms. It offers 4 different trading platforms including mt4, mt5, and cTrader platform. We can see FxPro offering its best pricing on its cTrader platform, cTrader uses commission-based pricing where EUR/USD pair spread is roughly 1.27 pips, 0.37pips is average spread and +0.9 pips is commission.
Overnight fee: FxPro does charge an overnight fee in addition to the spread (excluding swap-free account), overnight fees are calculated as the interest rate. The difference between both currencies next day price, plus the commission charged by the broker.
| Features | FxPro |
|---|---|
| Commissions | Yes |
| Variable spread | Yes |
| Minimum Initial Deposit | $100 |
| EUR/USD Spread | 1.51 pips |
| Rebate program | Yes |
| Commission on Islamic Accounts | No |
| Inactivity Fees | Yes |
| Deposit Fees | No |
| Withdrawal Fees | No |
Execution model
Two types of execution models available based on pricing and trading platforms. Instant and Market.
Instant Execution: Broker sends a requote with new quotes where the trader can decide whether he wants to buy currency at a new price or not.
Market Execution: At market execution transaction executed immediately despite price changes, doesn’t need the trader’s confirmation.
Active traders: FxPro does have an active trader program but rebates are not good compare to its competitors.
back to menu ↑ back to menu ↑Deposit and withdrawal fees
FxPro prefers multiple funding methods to funding and withdrawals, good news is FxPro does not charge any fees or commissions for making deposits or withdrawals, however, you may be subject to fees from bank transfers. E-wallets may charge a fee for withdrawals if you have not traded.
back to menu ↑ back to menu ↑Trading Instrument
Currently, it’s offering 260+ CFDs instruments in 6 asset classes including 70 currency pairs. Although FxPro offers fewer tradeable instruments than most other competitor brokers on the market, there is still plenty of opportunities to diversify your portfolio.
Cryptocurrency: You can only trade cryptocurrency instruments as CFDs,(Bitcoin, Etherium, Litecoin, BitcoinCash & Ripple). You cannot buy the underlying assets (e.g. Buying Bitcoin). Note: Cryptocurrencies are currently only available under FCA and SCB jurisdictions.
Due to European regulations, cryptocurrency trading is not available for UK entities, nor to UK residents. Currently, the best option for crypto traders is eToro &Â AvaTrade.
The following table summarizes shows the tradeable instruments available to FxPro clients.
| Features | FxPro |
|---|---|
| Total Instruments | 260+ |
| Copy Trading | Yes |
| Cryptocurrency (CFD) | Yes (except UK) |
| Forex Pairs | 70 |
| Futures | 20 |
| Precious Metals | 7 |
| Indices | 19 |
| Shares | 81 |
| Cryptocurrencies | 5 |
Trading Platforms and Tools
Trading Platforms: Trader will be pleased to see multiple third-party platforms, FxPro broker is recognized for its best class trading platforms and professional-level research tools. Fxpro offers 4 different powerful trading platforms, mt4, mt5, cTrader, and Edge (proprietary) with multiple order types, an advanced charting system, and powerful indicators that help to enhance the trading experience and achieve the trading goal.
Supported platforms:
- MetaTrader 4
- MetaTrader 5
- cTrader
- FxPro Platform
MetaTrader 4 & 5: MetaTrader is the legendary third-party forex and CFD trading platform recognized by all levels of traders. It’s accessible from all kinds of devices. The desktop version of MetaTrader 4 gives you control over everything including all advanced types of orders, open positions, use stop loss or take profits, pending orders, or even control expert advisor, test your different trading strategies. FxPro provides trading tools from Trading Central.
cTrader: cTrader Desktop application comes with all the charting and trading features. FxPro offers cTrader for the web and desktop that support 1-click trading & trade from charts and has 55+ pre-installed technical indicators. There are 6 chart types & 28 timeframes available.
FxPro Platform: FxPro Platform is a web-based platform for pc also available as a mobile app. This is a great option for those who wish to manage their funds without having to install any other application. FxPro platform gives access to the full range of CFD asset classes directly from the FxPro app. It comes with 50+ technical indicators and charting tools, 6 chart types with 15 timeframes, floating windows, and much more.
| Features | FxPro |
|---|---|
| Copy Trading | No |
| MT4 & MT5 | Yes |
| cTrader | Yes |
| DupliTrade | No |
| ZuluTrade | No |
| NinjaTrade | No |
| Indicators | 55+ |
| Drawing tools | 31 |
| Order Types | 4 |
Attention: No fees for Deposit and Withdrawal, spread is highly competitive in the XM broker. Read our detailed review about the XM broker. Click Here.
Research Tools
FxPro platform provides a combination of in-house and third parties resources including news from top-tier sources about major events with some expert analysis, daily market updates, and analysis on its blog post. Articles quality from FxPro is good. Helping traders with News & Analysis, Economic Calendar, Earnings Calendar, Technical Analysis by Trading Central, and trading signals.
YouTube channel: They do have a YouTube channel where they upload market updates, webinars, tutorial videos, but recently channel activity is very low, the last content they upload was about a year ago. For comparison, XM Group produces numerous research videos daily.
back to menu ↑ back to menu ↑Education
FxPro provides written articles, educational videos, webinars, trading guides, tutorial videos on how to trade. Provides basic forex courses with written articles (for absolute newbies), fundamental analysis with written articles, technical analysis, Psychology, Trading tests, Video tutorials, Webinars & Events for beginners and advanced
But still, education leaders such as XM or FXCM provide better educational materials.
back to menu ↑ back to menu ↑Conclusion
FxPro comes with multiple trading platforms and execution methods, while the trading cost is industry average. And at safety measure, it’s not the strictest but enough. FxPro could be a good option beginners and professionals as it can cleanly execute large orders.
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