FXPro Review: Is FXPro a Legit Broker?

by Edith
Updated March 24, 2021

If you've been wondering if FxPro is the ideal forex broker for your needs, then here is your answer. We will tell you everything you need to know about the broker. As a bonus, we will let you know whether the broker is worth your time and money. Read on.

Open a Demo Account
Broker Summary
Services Available At
Features
Account Types
Trading Platforms
Regulation and Reputation
Customer Support
Deposit and Withdrawal
Trading Size and Fees
Leverage and Margin
Trading Instruments

FXPro Review: Is FXPro a Legit Broker?

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FXPro is multinational forex and CFD founded in 2006 in Cyprus. It is regulated by top financial authorities including Financial Conduct Authority.

The broker has handled over 250 million orders. This is owed to its expertise and excellent service delivery. Because of this, FXPro was voted the most trusted broker in the UK in 2017 by Global Brands Magazine.

Today FXPro is operational in 173 countries with over 870,000 client accounts. The broker also boasts reliability and trustworthiness, enjoying regulation and full licensing by the FCA and 4 other major financial agencies.

But, what’s the reason behind its massive success? And, most importantly, is FXPro a legit broker? We uncover everything about FXPro below. But first, let’s do a quick summary.

Quick Broker Summary

  • Headquarters                       Cyprus
  • Regulation                            FCA, CySEC, and SCB
  • Platforms                              MetaTrader, cTrader and FxPro Edge
  • Instruments                         Forex, Crypto, commodities, stocks
  • Demo Account                     Yes
  • Minimum Deposit               $500
  • EUR/USD Spreads              Variable, from 0.6 pips

FxPro Pros and cons

Pros:

  • Real-time news so traders stay updated
  • Transparency in costs and pricing
  • Good product offering
  • Excellent customer service

Cons:

  • Limited educational materials
  • Relatively higher costs
  • Trades only forex and CFDs

Features of FXPro broker

Easy sign-up process – FXPro features a simple and straightforward sign-up process for new users. All you have to do is click a button, fill in your details, go through verification, and voila, your account will be up and running.

Transparency – one of the reasons why FXPro has a good reputation and has won the trust of many traders is its transparency in pricing. There are no hidden charges and the fees charged are affordable.

Top tier trading tools – From charting to educational and trading tools, FXPro features some of the best tools in the market today. This has not only increased its chances of success but also made trading easier

Newsfeed – the broker has a news section with real-time market updates so traders can stay informed and improve their strategies. This section also comes with audio commentary

Fxpro Broker Account Types

Demo A/CMT4 A/C cTrader A/c Edge A/c VIP A/C Joint A/c Islamic A/c

Demo account – this is a perfect choice for new traders, or experienced traders looking to sharpen their skills. They are also good when you trying out a new platform. FXPro features a free demo account that comes with virtual money so traders can test the market depths without risking their money. The demo account is meant to be as realistic as possible. It gives users access to chosen features of the platform

MT 4 Account – the MT 4 account lets you trade with zero commission. It’s an excellent choice for new traders given its easily navigable site and low prices. With this account, you’ll have access to your account even on the go through mobile phone access.

cTrader Account – the cTrader is a popular platform with most brokers. It features very competitive prices, with spreads starting from as low as 0 pips. That makes it the most profitable account for spread betting.

Edge Account – this account is mainly known for spread betting. It’s an account that’s still in its early stages of development. It’s currently only available to UK clients. It operates with zero commission and very low prices.

VIP Account – It’s an exclusive FXPro top-tier account. You only get your hands on this if you ‘win the broker the broker’s heart’. You do that by making a $50,000+ deposit. With a VIP membership, you’ll get up to 30% discount on spreads. You’ll also get 30% lower commissions with cTrader, which is especially good for high volume traders.

Joint Account – joint accounts are meant for traders willing to carry out trading activities with their partners, or company.

Islamic account – this is meant for Islamic traders looking to carry out their trading activities per Islamic laws. It is swap-free, hence, you won’t get any swaps or rollover interests on your overnight position.

Trading platforms

FXPro features 4 man trading platforms. They include;

  • MetaTrader 4 – this is the industry’s best trading platform preferred for its reliability and user-friendliness. It has a wide range of features especially good for beginner traders.
  • MetaTrader 5 – it’s an upgraded version of the MetaTrader 4. It has maintained institutive and simple design. It has upgraded most of its features and boasts some of the best technical indicators. And it’s also quicker.
  • cTrader – cTrader is yet another popular trading platform preferred by most traders. It is feature-rich, complex, and features an intuitive design. It also has great charting tools that’ll enable you to view multiple charts at the same time.
  • FxPro Edge – Edge was created mainly for spread betting. It features some of the best prices on the broker platform. It also gives traders when trading shares, forex, indices, and metals.

For the mobile users, the broker features the mobile version of MT 4, MT 5, and cTrader platforms. These are replica of the website versions.

Regulation and reputation

FXPro is a regulated international broker licensed to operate by multiple authorities.

In the UK, FXPro is authorized to operate by the UK Financial Conduct Authority (Reg. Number 509956). Client funds then remain under the protection of the Financial Services Compensation Scheme.

In Cyprus, the broker is licensed to operate by the Cyprus Securities and Exchange Commission.

In South Africa, the broker is licensed and regulated by the Financial Sector Conduct Authority of South Africa.

In the Bahamas, FXPro is licensed by the Securities Commission of Bahamas.

Over its years of existence, FXPro has made a good name for itself with most traders. Apart from being regulated by top financial agencies and authorities, it’s also easy to use.

On FxPro, the broker has a rating of 4.1.  Most traders appreciate the fact that the broker is regulated. Others seem to be happy with FxPro proprietary platform cTrader that allows for scalping.

In our search, we found very few negative feedbacks. Most of which were to do with their KYC and AML procedures.

Customer support

FXPro boasts top-class customer service aimed at making trading easier. The multi-lingual customer service is available 24 hours a day, from Monday through Friday.

The customer service team has toll-free live phone support for clients in the UK, Germany, France, Russia, and UAE. The team is also available on live chat.

Even better, the broker has a physical office in London open every weekday from 7:30 a.m. to 4:30 p.m.

For social media enthusiasts, FXPro is available on:

  • Facebook: https://www.facebook.com/FxProGlobal/
  • Twitter: https://twitter.com/FxProGlobal
  • LinkedIn: https://www.linkedin.com/showcase/fxpro-group

To give you a clearer picture of it’s customer care, we contrasted it with other equally competitive brokers, here is how the broker faired;

EagleFX 91%
HugosWay 89%
CedarFX 86%
Exness 94%
LonghornFX 90%
Alpari International 40%
City Index 31%
FxPro 51%

Minimum deposit and withdrawal

You’ll need a minimum deposit of 100 GBP/ USD to open a trading account with FXPro.

For withdrawals, FXPro doesn’t charge any fees. Traders can withdraw their funds to:

  • VISA credit cards
  • Mastercards
  • Maestro
  • American Express
  • Debit cards

You can also withdraw through bank transfers,

  • e-wallets
  • Paypal
  • Skrill
  • Payoneer
  • Broker to Broker
  • UnionPay
  • Neteller

Trading fees

Like most brokers, FXPro doesn’t charge a commission on most trades. However, they do so for CFDs.

The broker’s main sources of revenue are spreads and commissions. The spreads for EUR/USD for instance, start at 1.5 pips in the MetaTrader 4 and 0.2 pips in cTrader platforms.

For detailed information on commissions, please check out the broker’s website. Remember, FXPro is very transparent with its trading activities.

FXPro doesn’t have discounts for high-volume traders. You may also be charged up to 2.6% should you withdraw without trading.

You’ll also part with a one-off $15 dormant account fee if your account stays 12 months or more without any trading activities. You’ll then pay $5 for every month your account stays dormant.

Leverage and margin

FXPro features a dynamic leverage system on its cTrader, MT4, and MT5 trading platforms. This is done for each trading instrument. As such, clients with positions open on multiple trades will have their leverage calculated differently for every symbol.

FXPro has an online tool on its platform to help you calculate how much margin you need to guarantee the position you’ll need open.  However, the maximum leverage here is 1:500

Trading instruments

With FXPro, you can trade CFDs on different asset classes including

  • Forex
  • Commodities
  • stocks
  • indices
  • futures

ETFs and other popular products are, however, not available.

The broker boasts lots of currency pairs. However, they offer a lower amount of CFDs on stock compared to other alternatives.

Please note that CFDs are complex and come with a high level of risk of losing money due to the average.

FXPro also has a wide range of exotic currency pairs you can trade. At the time of writing, you can trade over 260 CFDs on different financial instruments.

Is FXPro Legit?

FXPro is a top broker regulated globally by different authorities, including the FCA.

Its services, including opening an account, depositing, withdrawing, or placing a trade are simple, straightforward, and fast. FXPro also has a dedicated customer service team that’s responsive and available in multiple languages.

The broker’s only drawback is the limited product range on Forex and CFDs. Plus, some users may find the account maintenance and inactivity fees inappropriate.

We recommend FXPro for Forex and CFD traders looking for multiple options in the trading markets.

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