Read what we think.
Our experienced team share
FxPro is one of the most publicly recognised brokers in the world, with sponsorships spanning across football teams, Formula 1 teams, rally championships and events. Regulated by the FCA (as well as others), FxPro offers traders access to an impressive product offering. In total they are regulated by 4 parties; the FCA (UK), CySec (Cypress), FSCA (South Africa) and SCB (Bahamas).
FxPro’s marketing points seem to be their history of over 15 years, access to over 250 tradable products through their range of platforms, a variety of payment options, tight spreads with no commission and 5 star customer service. At first glance it seems like FxPro offer some innovative products such as their E-Wallet system and their own trading platform, however, when I see a broker advertise having no commission (they make money on the spread) it rings a warning bell in my head as they typically don’t have competitive pricing. That being said, it’s not always the case, so without further ado let’s jump into the review!
Opening a new account
Opening an account with FxPro is extremely slick from the get go, showing that they have the resources to invest in every aspect with their beautifully designed signup process and client portal. Logging in, you see their animated logo dance onto your screen before the client portal opens, making you feel like you’re into the vault! Traders are offered leverage up to 30:1.
FxPro gives a couple of options for trading terminals, offering Mt4 & Mt5, their own unique platform, and my favourite, cTrader! Having checked out their own platform I was very impressed, it is well thought out and designed for traders.
They do however charge a $100USD minimum deposit which is very low, and i can’t imagine trading with less, however there are many brokers that offer no minimum deposit, so they are docked a point here.
With well designed sign ups, client portals and trading platform range FxPro get 2 points here, but lose one on having a minimum deposit.
|Open new Account||Fast & Easy|
|Deposit & Withdrawals||Easy with a few choices|
|Customer Support||24/5, good quality|
|Education||Reasonable quality and offering|
|Research||News, technical and fundamental analysis|
|Speed of Execution||FxPro has good execution, low slippage|
|Product Portfolio||Extensive, 256+ instruments, 6 Asset classes|
|Hidden Fees||No hidden fees|
With there so many Forex Brokers in the industry it can be hard to find the best forex broker for you. So what is it that FxPro offers over others? Well first let’s look at their customer service. I was instantly impressed by their chatbot that can help with many problems, and when selecting to talk to a customer agent I was paired with one straight away. The customer agent was knowledgeable and answered my questions rather than directing me to website pages, which a lot of brokers actually do. Well done on the personal touch FxPro!
In terms of educational content FxPro has a considerable amount of it, however I didn’t find the content all that insightful. They market their content to be appropriate for Forex traders of all levels but in my opinion the content is quite basic and aimed at beginners. They do have a trading ‘test’ feature that is pretty nifty, however when I inspected closer the test was incredibly basic and lacked substance. I docked FxPro a point based on how shallow their educational content is. FxPro support their traders with quality resources such as customised news feeds, technical analysis and market breakdowns.
A key selling point of FxPro is over 256 tradable products spanning across 6 different asset classes. This is a solid number of products, giving access to Forex, Futures, indices, shares, metals and energies. Traders can access all of their products on their FxPro platform.
The next area of scrutiny for FxPro is their funding methods! FxPro only offer 5 methods to fund which is a bit limiting compared to other forex brokers (IC Markets offer 16). Popular options offered by FxPro are credit card, bank transfer, and PayPal. Clients can open accounts with USD, EUR, GBP, AUD, CHF, JPY, and PLN, a good selection of base currencies. Overall funding accounts and using the e-wallet function is quite good, so props where they are due, well done FxPro!
Trading conditions with FxPro and great quality, with their <11.06 ms average execution being industry leading. FxPro also advertise their extremely low slippage, with only 9% of all orders receiving negative slippage, and another 9% receiving positive slippage throughout the whole of 2019. FxPro are able to provide these extreme trading conditions as they are a market-maker, meaning they internally pair clients opposing positions.
FxPro have some neat features and excellent order execution, however their educational resources and market research are lacking, and they lose a point there.
Spreads, Commissions and Fees
FxPro has a spread based commission, meaning that they make money from the spread rather than charging a set amount of commission. So how does the spread compare to other “no commission” brokers? Thanks to our partner, TradeProofer, we’ve been able to compare them to similar brokers and to “commission” brokers using TradeProofers “adjusted spreads” calculations. Throughout August 2020, FxPro had an average EURUSD spread of 1.518223. On 1 standard lot (1.00) that 1.5 pip value is worth around $15, which you pay opening and closing the trade, meaning that you pay $30 round trip per lot! IC Markets only charge $7 round trip per lot in comparison, that is a $23 difference for every lot traded! Not only is this expensive but it also makes scalping near impossible.
On this, FxPro get no points as it is not at all competitive. They do have no hidden fees however so they score a point there.
Overall FxPro is not at all competitive on their pricing, despite “no commissions” being a great marketing aspect. They do have no hidden fees so they get a point there.
Overall FxPro has some nice features, a good range of tradable products and trading terminals, great order execution and low latency however their pricing is just so expensive compared to other brokers that they are not at all competitive, making them not a viable option as a Forex Broker for me.