FxPro Trading Broker Review

FxPro is a regulated, low-risk broker for forex and CFDs trading founded in 2006. It features multiple execution methods and pricing options. It’s giving industry leaders like CMC Markets and IG a run for their money.

One of the most welcome features of FxPro is its cTrader and MetaTrader platforms. For a new web-based platform, the proprietary FxPro Edge has a solid standing. This review will go into platforms in depth and also cover every other important feature of FxPro as a broker, leaving you with enough information to decide if they’re right for your trading needs. 

Safety and Regulation

The UK Financial Conduct Authority (FCA) authorizes and regulates the trading broker. Traders using FxPro are protected for losses up to 85,000 pounds under the Financial Services Compensation Scheme (FSCS). In addition, the broker segregates client funds. Cross-border regulations in EU countries apply to FxPro operations. Other applicable regulations include the EU’s Anti-Money Laundering Directive, MiFID II, and the regulations of the Cyprus Securities and Exchange Commission, with which the broker is licensed and registered. The CIF protects trader funds.

The broker’s trust score is 89 (out of 99). They are authorized by four regulators in total in three different tiers denoting different levels of trust.

FxPro broker registration form upon sign up

FxPro Best Features

One of the best features is cryptocurrency trading, which is possible by means of contracts for difference. Before you begin trading, heed their warning: CFDs are risky and complicated instruments. It’s estimated that over 80% of investors begin trading them at a loss.

No Dealing Desk

This broker is an NDD (no dealing desk), which means all kinds of traders are welcome. Just under 75% of trades were carried out at quote price in 2018.

What are the FxPro commissions?

When it comes to fees and commissions, this broker ranks 22nd worldwide. They are at a slight disadvantage compared to their counterparts with higher than industry average prices. Competitors like IC and Pepperstone still offer slightly better prices.

The execution method more than makes up for the slightly high prices. You can select fixed or variable spreads on FxPro MT4. There are two kinds of pricing based on execution for the variable spread pricing: market and instant. Market execution is not subject to requotes, but has slippage potential. With instant execution, it’s the exact opposite.

Another excellent feature of this broker is executing large orders. You can place these away from the market price at any given time without a requirement for a minimal distance from the price.

The broker’s cTrader platform features the most competitive spreads. Its pricing is commission-based. In 2020, the broker’s spread for the Euro-US dollar currency pair was around 1.25 pips based on an average spread of 0.37.

Solely market execution is possible on MetaTrader 5. Apart from that, they don’t offer fixed spreads. MetaTrader 4 and MetaTrader 5 feature variable spread only (a floating rate model). For market execution, the spread for the Euro-US dollar currency pair was 1.58 in August.

Finally, the broker’s program for active traders offers a number of not insignificant discounts. Research suggests that competitors like Saxo Bank and IG are still offering slightly bigger discounts.

What are the FxPro fees and charges?

The broker makes money from a combination of fees and spreads. Spreads in cTrader start from 0.2 pips and from 1.5 pips in MT4 for the EUR/USD pair. The company’s site lists the detailed fees for each cTrader asset. This broker offers full transparency and is honest and upfront about swap rates and any trading costs involved.

Like every other broker, they pass the negative and positive on to their clients. You can check the MetaTrader 4 platform for relevant swap rates quickly and easily – at any time you want. In the cTrader platform, click on Information to see deal ticket details. Do this when placing a market order.

FxPro switchable platforms

As mentioned at the beginning, users of FxPro can choose from cTrader, MetaTrader, and FxPro Edge. This selection is sufficient to enable any trader to make the right choice, which depends on trading experience and style. MetaTrader is available for mobile, web, and desktop. Trading Central offers a trading tool suite as an add-on compatible with MT4.

FxPro platform available for PC, tablet and smartphone

You can use cTrader platform for desktop and web. When using this platform, you can also use cAlgo to allow algorithmic trading.

The most interesting platform is their proprietary FxPro Edge. It features a stylish and responsible design, solid charts, and flexible layouts, of which there are several default ones. Edge is web-based and light, making it accessible from almost anywhere. Users can rearrange modules by dragging and dropping as well as add new widgets.

Mobile Trading in FxPro

In terms of mobile trading, the broker ranks 16th. CTrader and MetaTrader (Spotware and MetaQuotes respectively) power the broker’s mobile lineup. They are the same companies powering their web-based and desktop platforms. Mobile trading options include account management, trading, and market news from FxPro’s own Direct app.

While FxPro Direct is optimized primarily for managing accounts, it also supports traders who hold CFD accounts. The app is a bit limited where trading is concerned. There are only three tabs for now: history, trades, and quotes. The other mobile platforms are more effective for trading. You can’t access FxPro Edge on mobile yet. It’s accessible any other way.

The mobile versions of MetaTrader 4 and 5 come with default features. The broker won the Best in Class award for MetaTrader this year. Their version of cTrader with white label is compatible with the web-based platform, making a number of trading tools available to ensure a satisfactory and highly intuitive trading.

Extras

FxPro has an informative and current blog, on which it posts market updates and analyses as often as daily. There is also third-party content on the blog on occasion. In general, the articles are informative and good quality. There is a slight gap in research to be observed, but that will be easy to fill by adding video content. The broker has a YouTube channel with platform tutorials, webinars, and promotional videos.

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