FxPro Review
FxPro Review Summary
FxPro is a well-regulated forex and CFD broker known for its competitive spreads and multiple trading platforms, including MT4, MT5, and cTrader.
FxPro is a well-known online forex and CFD broker, serving traders since 2006. With its global presence and wide range of trading instruments, FxPro has gained popularity among both beginner and advanced traders. In this FxPro review, we’ll look at the key features of FxPro, including its pros and cons, platforms, fees, and more, to help you decide if it’s the right broker for you.
What Is FxPro?
FxPro is a UK-based broker regulated by several top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC). FxPro offers a wide range of financial instruments, including forex, shares, indices, metals, and commodities, making it an attractive choice for traders looking to diversify their portfolios.
Key Features of FxPro
1. Regulation and Security
One of the standout features of FxPro is its regulation. It is licensed and regulated in multiple jurisdictions, including the UK, Cyprus, South Africa, and the Bahamas. This gives traders confidence that their funds are secure. Additionally, client funds are held in segregated accounts, providing an extra layer of protection.
2. Trading Platforms
FxPro offers several popular trading platforms:
- MetaTrader 4 (MT4): One of the most widely used platforms, offering advanced charting and analysis tools.
- MetaTrader 5 (MT5): An upgraded version of MT4 with more features, including depth of market (DOM).
- cTrader: Designed for traders looking for fast execution, this platform offers a user-friendly interface with advanced trading tools.
- FxPro Edge: A custom web-based platform offering CFD trading on various assets.
These platforms are available on desktop, mobile, and web, making it convenient for traders to access the market from anywhere.
3. Account Types
FxPro offers different account types depending on the platform you use:
- MT4/MT5 Accounts: Ideal for traders who prefer these platforms, offering both instant and market execution.
- cTrader Account: Known for its low spreads and fast execution speeds, perfect for scalpers and high-frequency traders.
- Edge Account: Offers access to FxPro’s proprietary platform with tight spreads.
4. Spreads and Fees
FxPro operates on a variable spread model, which means spreads fluctuate depending on market conditions. However, spreads are generally competitive, starting as low as 0.6 pips on major forex pairs like EUR/USD. There are no commissions on MT4 and MT5 accounts, but cTrader users may pay a small commission on trades.
5. Leverage
FxPro offers flexible leverage depending on the asset and your location. In the UK and EU, leverage is capped at 30:1 due to regulatory restrictions. However, traders outside these regions can access higher leverage up to 500:1. It’s essential to understand how leverage works because it can increase both potential profits and losses.
6. Deposits and Withdrawals
FxPro offers multiple deposit and withdrawal methods, including:
- Credit/Debit Cards
- Bank Transfers
- E-wallets (PayPal, Skrill, Neteller)
Deposits are typically processed instantly, while withdrawals can take up to 1-3 business days. FxPro does not charge for deposits or withdrawals, although your payment provider may have fees.
7. Customer Support
FxPro offers 24/7 customer support via live chat, email, and phone. Their support is available in multiple languages, which makes it accessible to traders worldwide. Many users praise the broker’s fast and helpful customer service, which can be crucial when resolving account issues or platform queries.
8. Educational Resources
FxPro provides a range of educational materials, including webinars, video tutorials, and market analysis tools. These resources can help beginner traders improve their skills, while experienced traders can benefit from in-depth market insights.
Pros and Cons of FxPro
| Pros | Cons |
|---|---|
| Regulated in multiple jurisdictions (FCA, CySEC, FSCA, SCB) | Inactivity fee charged on dormant accounts |
| Wide range of trading platforms (MT4, MT5, cTrader, FxPro Edge) | Minimum deposit of $100 may be higher for some traders |
| Competitive spreads on major forex pairs | Limited bonuses and promotions compared to other brokers |
| No deposit or withdrawal fees | Leverage is restricted in certain regions (UK/EU) |
| 24/7 customer support available in multiple languages | Some advanced features may be complex for beginners |
| Offers a variety of trading instruments: forex, stocks, indices, metals, commodities |
Pros
- Regulated in Multiple Jurisdictions: Offers a high level of security for traders.
- Wide Range of Platforms: MT4, MT5, cTrader, and FxPro Edge available.
- Competitive Spreads: Tight spreads on major forex pairs.
- No Deposit or Withdrawal Fees: FxPro covers the cost of transactions.
- Fast Customer Support: 24/7 customer service for quick assistance.
- Variety of Trading Instruments: Offers forex, stocks, indices, metals, and commodities.
Cons
- Inactivity Fee: An inactivity fee is charged if your account remains dormant for a long time.
- High Minimum Deposit: The minimum deposit required to open an account is $100, which may be higher than some competitors.
- Limited Bonuses: FxPro does not offer many promotions or bonuses compared to other brokers.
Conclusion
FxPro is a reputable and secure broker offering a wide range of trading platforms and instruments. Its tight spreads, flexible leverage, and solid customer support make it a good choice for both beginners and advanced traders. However, the inactivity fee and higher minimum deposit might be a downside for some users.
If you’re looking for a broker regulated in multiple jurisdictions with a good range of trading platforms, FxPro could be the right fit for you. Make sure to weigh the pros and cons and consider whether the features meet your trading needs.
