FxPro Financial Services Ltd is a UK-based broker with offices in Cyprus. The company was founded in 2006 in Cyprus. However, the head office is currently located in London and thus FxPro UK Limited is regulated by the Financial Conduct Authority (FCA, registration # 509956.) FxPro Financial Services Limited is authorized and regulated by Cyprus Cypriot Securities and Exchange Commission (CySEC) (license # 078/07.) In addition, the company is also approved by the Financial Services Board (FSB, authorization # 45052.)
FxPro acts as a No Dealing Desk Intervention Broker itself; the cTrader account has commission based structure. FxPro charges $45 per million dollars traded here, slightly more than other brokers. When trading on the popular MetaTrader 4 or its successor, the MetaTrader 5, no commission is incurred – here only the spread is bigger and serve the purpose of fee. This starts with both the MT4 and the MT5 at 0.5 pips.
Office and regulation: Great Britain/Cyprus
Broker Type: No Dealing Desk Intervention Broker
Minimum deposit: 100 USD
No additional funding required
Standard spread FX majors: 0-1 pip
Commissions: $45 per $1 million [volume: 1,000,000] traded (cTrader account only)
- Regulation and Deposit Guarantee: Fully regulated broker
- Tradable assets: Currency pairs and CFDs
- Trading Conditions & Minimum Deposit
- Trading platform and mobile trading
- Account Opening and Deposit: Multiple accounts to choose from
- No bonus offer at FxPro
- Can I get a demo account with the broker?
- Service, Support, & Education
- FxPro Opinions online and in Press: A popular Broker
- Conclusion: Our final FxPro Rating
1.) Regulation and deposit insurance: fully regulated broker
Every trader wants to be sure that their own money is in good hands and it is not always obvious at first glance whether a broker is reputable or not. The regulation of a company is a point where it can be seen how reputable or trustworthy it is. So we looked at, in our FxPro review, which institutions are responsible for the supervision of the broker. With offices in Cyprus and the UK, FxPro is regulated by two regulators. On the one hand, there is the Financial Conduct Authority, which is responsible for the operation and regulation, and on the other hand there is the Cyprus Securities and Exchange Commission (CYSEC.)
These are the British and the Cypriot Financial Market Authority and both institutions work independently. In terms of broker regulation, the question of whether FXPro is reputable or fraudulent is superfluous as the company’s work is monitored and regularly reviewed. Also for the protection of customer, deposits are kept safe at FxPro. For example, all customer funds are found in separate accounts and kept separately from the funds of the broker. Furthermore, the broker is a member of the Investor Compensation Fund and the Financial Services Compensation Scheme.
Conclusion: FxPro is a fully regulated broker under the supervision of the UK and Cyprus financial regulators. Client funds are protected by FxPro membership in the Financial Services Compensation Scheme and the ICF Deposit Guarantee Fund.
2.) Tradable assets: Currency pairs and CFDs
In our FxPro review, we also took a close look at the tradable instruments and found that the broker’s offer was primarily focused on Forex trading. Altogether the cTrader account contains 69 currency pairs to which all majors as well as numerous exotics belong. If you want to trade CFDs, you will find stocks and precious metals that are available as underlyings. Futures on Contracts for Difference allow FxPro clients to trade CFD futures are offered on indices, agricultural products, and commodities.
Conclusion: Primarily, the product range at FxPro is focused on trading with Forex and customers have a total of 69 currency pairs available. Also, CFD trading or CFD futures trading is possible with FxPro.
3.) Trading Conditions & Minimum Deposit
Spreads are variable and are based solely on supply and demand. Traders thus benefit from the substantial advantage of the NDD intervention forex trading: a fair and transparent quoting system. The broker publishes average and minimal spreads on its homepage. For most major currency pairs, the minimum spread is 0.00 pips. The average spread in the major FX pairings is mostly in the range of 0-1 pips. The account opening is possible from $100 or the equivalent in EUR, GBP, CHF, PLN, JPY, and ZAR. The finance leverage can be adjusted individually from 1:1 to 1:500. The maximum leverage is thus significantly greater than usual in the market – especially if no market makers are taken into account. The minimum lot size is 0.01 lot or 1,000 units of the base currency. FxPro brings solution to the worry of many traders against uncontrollable losses, which is visible, using the airbag function; the enterprise does not allow negative account balances and compensates for losses if necessary itself. Many traders who have gained experience in NDD intervention trading with FxPro were convinced by this loss protection when opening the account. Most brokers only provide limited protection through automatic close-out levels. However, the account holder is liable for gaps and technical defects.
Conclusion: The spreads at FxPro already start at 0.00 Pips and are variable. The maximum possible leverage is 1:500 and the minimum possible lot size is 10,000 units of the base currency. The minimum deposit is 100 Us Dollars or in one of the six other possible account currencies.
4.) Trading platform and mobile trading
Access to trading is handled via the trading platform cTrader, which is available as a desktop version and in a web-based version too. Only currencies can be traded via the platform. With FxPro cTrader, trading investors have at any time insight into the full market depth and can look forward to spreads from 0.0 pips. There are no restrictions on stop/limit levels. The cTrader is also available in the mobile version for both iOS and Android devices. Anyone who does not want to take care of their own trading strategies or simply not have extensive trading knowledge, will be pleased about the FxPro ProfiTrader. This is a fully automatic Algo trading platform. Investors have the ability to easily and conveniently choose a trading strategy and, at best, watch their money grow without worrying about price analysis or market observations.
Alternatively, the retail trading platform MetaTrader 4, which is also used by other brokers, can be used. Through MT4 accounts, CFDs can additionally be traded on metals and futures. The MT4 is one of the most popular applications worldwide. Among other things, this popularity has the reason that the trading application appeals to both professionals and beginners. Advanced traders are happy about the abundance of analysis tools and functions and beginners can benefit from the uncomplicated and clear operation. The FxPro MT4 download is completed in a few minutes and investor can directly go into the trading area. FxPro also offers mobile applications for smartphones and tablets for the MT4 platform. MetaTrader 4 is now available in a new version: MetaTrader with market execution. Traders can benefit from commission-free trading that takes place without requotes and low spreads. Customers can activate the update when they log in via their account. After that, the market-ready MT4 can be used as a demo or live version.
In our FxPro experience, the offer of trading platforms was convincing and the clients of the broker can look forward to another trading application in the future. FxPro is currently working on the plan to make the MetaTrader 5 available to its own customers as well. This means even more choice and even more freedom when it comes to implementing a very individual trading strategies.
Conclusion: At FxPro, traders have the choice to use several trading platforms. For example, the broker offers the cTrader for foreign exchange trading, which can be found in the download page and is available as web and mobile versions. The FxPro has a fully automated algo-platform and for anyone who wants can also use the MetaTrader 4 for trading. The MT5 access is in the works and this platform will soon be available to all FxPro customers.
5.) Account Opening and Deposit: Multiple accounts to choose from
As our FxPro review has revealed, clients have several types of accounts to choose from. For example, there is the classic trading account that provides access to the MT4, the cTrader, and the MT5. For which trading account the trader decides to realize an account opening, a complete registration is required. If the online form is completed and sent, the welcome email arrives after a short time and the account is created. For deposits, several methods are available at FxPro. These include:
Depending on the payment method, certain fees may apply. The bank transfer is free of charge for deposits and withdrawals. A credit card charges a different fee. FxPro Financial Services Limited customers will be charged 1.6% for credit/debit card deposits; however, there are no fees for debit cards issued in the UK. For payments via debit cards and Maestro cards issued in the EU, the broker will charge a fee of 0.35%. Traders using FxPro UK Ltd. For trading and using a debit card issued in the UK for deposit will incur no charges. Other cards account for 1.6 percent.
Conclusion: The broker FxPro offers its customers the choice of several trading accounts. The account opening is completed, in most cases, in a few minutes. There are several methods available for deposits and withdrawals and some incur fees.
6.) No bonus offer at FxPro
Bonus offers are a welcome additional service for online brokers, but by no means commonplace or even a decisive criterion. Where there is strong competition, the providers are fighting for the favor of the potential customers by all means. These include, for example, tempting first deposit bonuses or order fee flat rate packages. So we wanted to look at our FxPro review, of course, which bonus offers the broker has to offer. In doing so, we found that FxPro seems to rely above all on its own good reputation and that neither new nor existing customers can benefit from premiums. Deposit bonuses are not to be found and also no gifts for the held loyalty.
Conclusion: There are no new customer or existing customer bonuses at FxPro. If you do not want to give up such additional offers, you will find it at AvaTrade.
7.) Can I get a demo account with the broker?
If you have not yet been able to make up a FxPro opinion, you have the opportunity to get to know the trading platforms in detail and without obligation with a demo account. The demo account is available indefinitely and is available for the MetaTrader 4 and for the cTrader. So the user can try everything in peace and get to know platforms without obligation and completely risk-free. A starting capital of a maximum of $500,000 or one of the six other currencies is granted for the account.
Conclusion: With FxPro, customers can get a demo account for the cTrader or the MetaTrader. The demo accounts can be used indefinitely.
8.) Service, Support, & Education
Various news features have been implemented on the website. In the blog of the broker is published by an in-house chief strategist or chief economist at regular intervals a FxPro opinion on the market. Social trading and customer community are not provided in the offer. There is a no forum, where traders can talk about the market or current FxPro experience. Anyone who is critical or negative about the trend towards social trading may see this as a manageable disadvantage. If you want to learn the basics or get to know advanced strategies, you can take part in one of the seminars or webinars at FxPro. FxPro customers also have access to Trading Central, a leading provider of technical market analysis tool. Customer support can be contacted by phone, email, or live chat. Anyone can also use the callback service and a FxPro employee calls back on the desired date/time.
Conclusion: FxPro offers a quite extensive knowledge and training offer. Various news features are available, webinars, and seminars are present and access to Trading Central is also available.
9.) FxPro Opinions online and in Press: A popular Broker
The broker appears as a sponsor in the British Premier League, for example, and therefore has an above-average reputation. It is therefore not surprising that many get to know about this broker via media. On the part of the relevant specialist press, there are generally positive opinions about FxPro. At the 2011 Forex Expo Awards, FxPro was selected as the “Best Institutional Broker.” Overall, the broker now has more than 20 awards.
Conclusion: FxPro is one of the sponsors of the Premier League and thus finds frequent mention in the press. In addition, the broker has already secured numerous awards.
10.) Conclusion: Our final FxPro Rating
In our FxPro test/review, the broker was able to convince in many areas. FxPro is a fully regulated broker that does a lot to protect client money. There are 69 currency pairs and CFDs available for trading, and daily trading is implemented via one of the three available trading platforms. The service offer has also been positively noticed and there are, for example, regular seminars and webinars, in which both beginner and advanced knowledge is given. The minimum deposit is $100, but the broker recommends a minimum of $500. If you would like to get to know the trading platforms without obligation, you can open a demo account, which is available for unlimited time.
Facts at a glance
- Trading conditions
For cTrader account, 69 currency pairs and CFDs on stocks, indices and commodities traded
Variable spreads starting at 0.000 pips
Several trading accounts available
Negative account balances are not allowed
Seven currencies for the trading account to choose from
Contact for support by phone, email, and live chat possible
Service staff are available in multi-languages
- Deposit and withdrawal options
- Minimum deposit
Deposits from $100 is possible
- Offered platform
cTrader as download, web, and mobile version
MetaTrader 5 also available
- Mobile Trading
Apps available for cTrader and MT4
The mobile applications are suitable for iOS and Android smartphones and tablets
- Demo account
Free and unlimited demo account available
Demo account for MT4 and cTrader
- Additional stuff
Free webinars and seminars
Access to Trading Central
- Regulation and deposit insurance
Regulation by the Financial Conduct Authority and the Cyprus Securities and Exchange Commission
Client funds are kept separate from corporate funds