FxPro Offers Numerous Options in Trading Markets
- $500 account minimum
- 0.5 to 1.5 pip fee (EUR/USD)
- Best for currency pair variety
Founded in 2006, FXPro operates in the United Kingdom and is in the spread betting and CFD market. In 2017, Global Brands Magazine voted FXPro as the most trusted Forex brand in the UK. FXPro has more than 870,000 clients in 173 countries. The DFSA, FSCA, SBC, FCA, and the CySEC all participate in the regulation of FXPro.
- Easy-to-understand pricing
- News in Realtime
- Large product offering
- Limited educational materials
- No guaranteed stop-loss orders
- Comparatively high fees
This platform is regulated in the United Kingdom, which some consider to be safer than other European Union countries. This contributes to them having a reputation of trustworthiness. FXPro also advertises itself as having a low risk of default or bankruptcy, citing ratings of 95% from third-party credit bureaus. Beyond this, they participate in the FSCS (Financial Services Compensation Scheme) which allows their clients to receive monetary compensation if they were to default on its financial obligations. One drawback is that this platform does not offer guaranteed stop loss orders. This is surprising as most brokers offer this feature, either for free or for a small fee, but FXPro does not offer it at any level.
MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge are trading platforms that are all available to FXPro clients. The web interface is also standard and provides all of the expected pricing, tools, indicators, and charts available on other platforms, including conditional orders and customizable watchlists. However, an essential limitation of MetaTrader 5 is that it does not allow for hedging.
Within the desktop experience, FXPro allows access to both client sentiment as well as client positioning data, which allows for a greater understanding of current market conditions. When connected with real-time alerts, running newsfeeds, and links to Trading Central WebTV, the FXPro desktop experience is exceptionally well-rounded.
Mobile Experience on FxPro
FXPro offers all of the standard security features on both Android and IOS platforms, including Apple’s TouchID.
Mobile price alerts and watch lists are easily customizable on mobile devices allowing a trader to choose to be alerted to individual instrument prices, changes within a watchlist, or almost any other variable. This facilitates the set up of conditional orders across a variety of order types such as market, limit, stop, and stop limit. It’s also possible to specify the expiry time and date as another level of control.
Charting on FXPro’s mobile platforms is more robust than most brokers, including the ability to easily add a variety of trading indicators across multiple time frames. Once a chart is set up, it is also possible to trade it directly from the chart, increasing the ease and speed with which traders can buy and sell orders.
cTrader, another trading platform offered by FXPro, provides the option for algorithmic trading. cTrader allows traders to create custom indicators and trading strategies that are based on those indicators and deploy those strategies algorithmically. The FXPro VPS (Virtual Private Server) allows traders to design, upload, and run their customized algorithmic “bots” 24 hours a day. The VPS is independent of each client’s trading computer or terminal, which algorithmic trading continue even if traders close their trading applications.
FXPro provides customer service 24 hours a day, Monday through Friday. The phone service and live chat are both multilingual. One hidden benefit of the FXPro customer service is that the Live chat is offered to prospective clients and current clients. There is also limited customer support available on Twitter.
The FXPro product catalog is wide-ranging and consists of over 250 instruments including cryptocurrencies, futures, commodities, over 70 Forex pairs, over 150 different equity shares, and stock indices. Beyond that, both spread betting, and trading CFD’s are available. The is especially enticing for clients in the United Kingdom as there are tax advantages that can be associated with spread betting.
Research tools and insights
FXPro offers all of the standard research and insight tools that can be found in many other brokers such as important releases, daily fundamental research, technical analysis, and access to Trading Central. FXPro far exceeds the competition in the quality of its real-time news, which seems to be available to both active and prospective clients. In addition, trading strategy researchers may find backtesting features useful.
The educational materials offered by FXPro are lackluster. Necessary information about Forex and CFD trading basics is absent, and there doesn’t seem to be any “education center” like the ones you can commonly find with other brokers. There is a YouTube channel with some educational videos, however many of the videos are out of date, difficult to find, and disorganized.
Commissions and Fees
One significant benefit to FXPro is that it has no commissions on most trades. As there is no “dealing desk” at FXPro, they can pass on the cost savings to their clients. Their robust algorithmic trading capabilities allow them to reduce costs and minimize risks without interfering in client orders. However, not all trades are free, and high-volume traders might be disappointed at not having any discounts. Accounts that have been dormant for over 12 months are charged a $15 dormant fee followed by a $5 monthly fee in perpetuity.
Verdict and Final Thoughts
Our review of FXPro has shown that it is a high performing brokerage with a wide range of instruments in its catalog, including equity indices, forex pairs, cryptocurrencies, futures, and commodities. Moreover, professionals and high-volume traders may be disappointed by the fee structure. You can find a detailed review of FxPro in the video below:
You can compare this platform by reading our other reviews here:
- Iq Options detailed Review available here
- AvaTrade detailed review available here
- Plus500 detailed review here
- eToro detailed review here
- Ig Trading detailed review here
- CMC Markets detailed review here
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All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.