FxPro is in the CFD and Spread Betting market in the UK and was founded in 2006. Since then the company has executed more than 250 million orders and was voted the UK’s most trusted Forex brand by Global Brands Magazine in 2017. Today the company operates in 173 countries and has more than 870,000 client accounts and €100 million of Tier 1 capital. FxPro says they are well‑known throughout the industry as a trustworthy and reliable broker. They are regulated by the FCA, CySEC, FSCA, DFSA and SCB.
Real time news
Above average product offering
Relatively high fees
No anonymous demo account
Weak educational platform
FxPro scores quite well when it comes to reputation and trustworthiness. Most importantly, they are regulated in the United Kingdom, which is reputedly safer than some regulators in the EU. FxPro also advertises that they have one of the highest counterparty credit ratings in the industry scoring 95 on a hundred point scale, where a high score indicates a lower risk of default or bankruptcy. They also participate in the Financial Services Compensation Scheme (FSCS) that allows clients to claim compensation in the event FxPro were to become insolvent. They offer clients negative balance protection under new EU guidelines that prevent clients from losing more money than they have deposited.
One negative for FxPro is the absence of guaranteed stop‑loss orders. Some brokers offer this feature for a fee, but this is not offered by FxPro.
FxPro offers clients a wide range of desktop trading platforms including MetaTrader 4, MetaTrader 5, cTrader and FxPro Edge. The desktop browser experience is in line with the industry average and allows traders to easily execute trades with clear and transparent pricing. Charting is also available with various indicators and studies. Traders can also create customizable watchlists and leave conditional orders, but hedging is not possible on MT 5 and will simply cancel offsetting orders.
FxPro allows traders to see other clients’ positioning, which gives a sense of market positioning. Simulated demo‑account trading is available, but only after providing personal identification documents. One big advantage is that FxPro provides traders with a real-time audio squawk box that alerts them to market moving events. There is also a running news feed with the latest market headlines and a link to Trading Central WebTV.
FxPro has a good mobile offering with the app available in both iOS and Android. Security features are standard, with the option to replace the login with an Apple’s Touch ID. Watchlists are easily customizable and it is also possible to have multiple lists.
Mobile price alerts are available. Traders simply need to select the instrument, decide which price to alert (bid or ask) and then choose to alert when the price is higher or lower than a selected level. The trader can even create a customized pop‑up message to deliver as well.
Unlike other brokers, FxPro offers streaming mobile news with major news headlines that can impact markets. This allows traders to follow market developments on the go in real‑time. Conditional orders are easy and straightforward to set up with various types on offer. Traders can choose between market, limit, stop and stop‑limit orders. Traders can also specify when the order will expire, providing another degree of control.
Finally, FxPro has an acceptable mobile charting offering. Traders can choose multiple time frames to monitor and can easily add multiple trading indicators such as moving averages. After setting up a chart, the mobile app allows traders to easily trade from the chart, with easy trade sizing and buy and sell directional orders.
FxPro offers traders algorithmic trading through cTrader, which is an advanced algo and technical indicator coding application that allows traders to create and build algorithmic trading strategies and custom indicators. FxPro also offers a Virtual Private Server (VPS) that enables clients to upload and run MT4 Expert Advisors and cAlgo bots twenty‑four hours a day, without needing to keep a trading terminal running. These applications also allow for backtesting of trading strategies.
FxPro prides itself on its “5‑star customer service,” specifically its multilingual 24‑hour, five‑days‑a‑week Monday‑through‑Friday (24/5) customer service team. Their live phone support operates in several locations with a toll‑free number in the UK, France, Germany, UAE, and Russia. Live chat is offered for both clients and prospective clients. Unlike other brokers, they have a physical office in London with a reception desk that is open from 7:30 am to 4:30 pm. Some social media support is available on Twitter, but this is mainly news related rather than specifically for customer support.
FxPro scores above average in terms of available investment products. The company offers 70‑plus forex pairs as well as more than 150 different equity shares, cryptocurrencies, futures (which is unusual), commodities and stock indices. In total, this broker claims to have more than 250 instruments available to trade. This should provide clients with ample opportunity to trade various markets that are interesting to them. They also offer trading in both CFD and spread betting. Spread betting can have tax advantages for UK clients.
Research Tools and Insights
FxPro’s research and insights tools are above average for the industry. Like many brokers, FxPro offers a macroeconomic calendar to track important releases that can impact markets. They also offer some basic daily fundamental research and work with Trading Central to offer technical analysis. Two areas where FxPro has an advantage over other brokers are its multi‑lingual webinars available on the company’s YouTube channel and the quality of its real-time news offering. These tools seem to be available even for traders who do not have an account with FxPro.
Educational products are one area where FxPro is below the industry average. There seems to be an absence of information about basic concepts of forex and CFD trading. Most other sites have a specifically designated education center, but FxPro lacks these tools. Instead, they have a YouTube channel with some educational videos that are disorganized and difficult to find. Moreover, some videos are quite old and in need of a refresh. FxPro does provide a glossary of CFD terms, which is not something every broker provides.
Commissions & Fees
Like many brokers, FxPro has no commissions on most trades. One thing they advertise is the lack of an expensive dealing desk, which allows them to pass on cost savings to clients. FxPro says that due to the high volumes of their clients’ trades, they can internally match a great deal of their order flow. This allows them to minimize risk and costs without interfering with orders in any way. Other fees are more onerous, however, and FxPro does not seem to offer any discounts for higher volume traders. Traders also may need to pay up to 2.6% to withdraw funds if a withdrawal is required without having traded. There is a $15 dormant account fee after 12‑months without trading activity, followed by a $5 monthly fee.
What You Need to Know
FxPro is best for forex and CFD traders who want a wealth of choices in trading markets. Their range of forex pairs and the ability to trade equity indices, cryptocurrencies, commodities and futures set them above competitors in the space. On the other hand, more frequent traders and professionals may find the fees eat into their profits.
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