- يوليو 28, 2021
- Posted by: ForexTradeOn
- Category: FxPro
Ranks (of 5):
- Safety: 4.5
- The offering of investment: 3.5
- Account opening: 5
- Fees: 3.5
- Deposit and withdrawal: 5
- Platforms and languages: 5
- Research: 3.5
- Customer service: 4.5
- Education: 5
- Overall: 4.3
Pros
Over 1.5 million clients, 15 years of trading experience, regulated by top-tier financial authorities, client protection amounts, negative balance protection, Forex and CFD trading, crypto trading, various account types, available in 170 countries, low minimum deposit, swap-free account option, demo account option, low trading fees, low commissions, no deposit or withdrawal fees, various base currency options, various deposit and withdrawal methods, available on MT4, MT5, and cTrader, have a customized platform, two-factor authentication, and good educational materials.
Cons
Not listed on the stock exchange market, no mutual funds trading, inactivity fee, and no 24/7 customer support.
Introduction
FxPro is one of the most famous Cyprus and worldwide brokers that has a long tracking record since 2006. FxPro is now trusted by over 1.5 million clients from over 170 countries around the world. It’s also regulated by top-tier financial authorities including the FCA, The Financial Conduct Authority. FxPro has a variety of trading products including Forex, CFDs, stocks, metals, and cryptos. The good part is that FxPro has low trading and non-trading fees. FxPro offers a variety of educational materials including video tutorials, articles, and a demo account option.
Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the Islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow Islamic rules. Learn more about CFDs for Muslims.
Safety
Pros |
Cons |
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Is FxPro regulated?
The FxPro broker is regulated by many financial authorities like:
- FCA: the Financial Conduct Authority in the UK
- CySEC: the Cyprus Securities and Exchange Commissions
- FSCA: the Financial Sector Conduct Authority
- SCB: the Securities Commission of the Bahamas
Is FxPro a scam?
FxPro safety is divided into 2 parts, the safety of the broker itself and the safety of the client.
Broker safety
FxPro has a long tracking record since 2006 and over 1.8 million clients from different countries around the world. It’s also regulated by top-tier regulators and passed through different financial disasters up till now. On the other hand, FxPro is not listed on the stock exchange market.
Client protection
FxPro has different client protection amounts under its regulators to protect its client funds and assets if anything wrong happens.
FxPro Legal Entities Table
Country |
Protection amount |
Regulator |
Broker’s Legal Entity |
---|---|---|---|
Uk |
£85,000 |
FCA |
FxPro UK Limited |
EEA |
€20,000 |
CySEC |
FxPro Financial Services Ltd |
South Africa |
No Protection |
FSCA |
FxPro Financial Services Ltd |
Other Countries |
No Protection |
SCB |
FxPro Global Markets Ltd |
Luckily, FxPro has negative balance protection on Forex and CFDs to prevent your trading account from going negative.
Offering of Investments
Pros |
Cons |
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FxPro offers various trading products, including Forex, CFDs, shares, metals, energies, and cryptocurrencies. On the other side, there are no mutual funds, or options trading.
Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the Islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow Islamic rules.
Learn more about CFDs for Muslims.
FxPro Offering of Investments
Category |
Number of Products |
---|---|
Forex |
70 |
CFD |
19 |
Stocks/ shares |
270 |
Futures |
20 |
Metals |
4 |
Energies |
3 |
Crypto |
9 |
Note:
Please note that some of the trading options may depend on your account type and/or your country of residence according to governmental rules.
Account Opening
Pros |
Cons |
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Countries available
FxPro is available in 170 countries around the world. There are a few exceptions including, but not limited to the USA, Iran, and Canada.
Account types
FxPro has 5 different account options for traders. Each one of the accounts has its available instruments, platforms, and fees as the following table shows.
FxPro – Account comparison
FxPro MT4 Instant |
FxPro MT4 |
FxPro MT5 |
FxPro cTrader |
FxPro Edge |
|
---|---|---|---|---|---|
Instruments |
Forex, Metals, Indices, Energies, Futures, Shares |
Forex, Metals, Indices, Energies, Futures, Shares |
Forex, Metals, Indices, Energies, Futures |
Forex, Metals, Indices, Energies |
Forex, Metals, Indices, Energies, Futures, Shares |
Platforms |
Metatrader 4 desktop MT4 Webtrader MT4 mobile app for iOS / Android |
Metatrader 4 desktop MT4 Webtrader MT4 mobile app for iOS / Android |
Metatrader 5 desktop MT5 Webtrader MT5 mobile app for iOS / Android |
cTrader Desktop cTrader Webtrader cTrader mobile app for iOS / Android |
FxPro mobile app for iOS/Android FxPro EDGE web MT4 platform ranges |
Fees |
Spreads Only |
Spreads Only |
Spreads Only |
Reduced Spread plus $45 per $1 million traded |
Spreads Only |
Hedging |
Yes |
Yes |
On Request |
Yes |
Yes |
FxPro also provides a demo account with 0 fees if you want to experience the trading platform with no risk.
Min deposit
The minimum deposit for any account type is as low as $100.
How to open an account
You can open a FxPro account in minutes through these steps:
- Enter your country of residence, name, email, and set a password.
- Add your date of birth and phone number.
- Add your address including the street name, postal name, and city.
- Answer some questions about your employment and financial background.
- Choose the account type, platform, and base currency.
- Provide proof of your identity and the country of residence.
- Fund your account and start trading.
FxPro – Account opening
Notes:
The account verification process takes from 1 to 2 business days.
Fees and Commissions
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Cons |
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Commissions
FxPro charges commissions on the FxPro Edge account only. The commission value is $45 per $1 million traded.
Trading Fees
Forex fees
The average spread of trading EUR/ USD is 0.16 pips per lot.
Index fees
The average spread of trading Germany 30 CFD is 0.17 pips per lot.
Disclaimer: CFDs have a high risk of losing money rapidly. About 80% of retail investor accounts lose money due to leverage when trading CFDs with this provider. Please note that CFDs are not complying with the Islamic religion. And if you want to trade in CFDs you should consider a swap-free account to follow Islamic rules.
Learn more about CFDs for Muslims.
Shares
The average spread of trading Apple and Amazon shares are 0.82 and 0.86 pips per lot respectively.
Metals
The average spreads for trading Gold and Silver are 0.13 and 0.39 pips per lot respectively.
Energies
The average spread of trading WTI is 0.19 pips per lot
Futures
The average spread for trading US Oil future is 0.14 pips per lot.
Cryptocurrencies
The average spread for trading BTC/ USD pair is 1 pip per lot.
Non-trading fees
- Account fee: $0
- Deposit fee: $0
- Withdrawal fees: $0
(you can check the full withdrawal fees in the withdrawal fees section)
- Inactivity fee: $15 for account maintenance + $5 per month as an inactivity fee after 6 months of inactivity.
Deposit and withdrawal
Pros |
Cons |
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Account Currencies
The FxPro account has 8 base currency options for your account:
- EUR
- USD
- GBP
- CHF
- PLN
- AUD
- JPY
- ZAR
Notes:
- You will not be charged with conversion fees if your account has the same currency as your bank account or when you trade assets with the same currency of your account.
- If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.
Deposit
1. Options
FxPro supports depositing using different methods such that:
- Bank Wire transfers
- Credit/Debit Cards
- PayPal
- Neteller
- Skrill
- UnionPay
FxPro deposit methods
FxPro |
|
---|---|
Credit cards |
Yes |
Bank Transfers |
Yes |
Electronic wallet |
Yes |
Please note that you must withdraw via the same method used to fund your account.
2. Fees
The FxPro deposits are free of charge on all methods.
3. Time
It takes from 1 to 3 business days to get your deposit in your trading account according to the method you used like the following table shows.
FxPro Deposit Methods and Fees
Method |
Fees |
Time |
Minimum Deposit Amount |
Maximum Deposit Amount |
---|---|---|---|---|
Bank Wire Transfers |
FREE |
2 – 3 business days |
No Minimum |
No Maximum |
Credit/ Debit Cards |
FREE |
Within 1 business day |
$100 |
$10,000 |
Neteller |
FREE |
Within 1 business day |
$100 |
$10,000 |
Skrill |
FREE |
Within 1 business day |
$100 |
$10,000 |
UnionPay |
FREE |
Within 1 business day |
$100 |
$7,200 |
PayPal |
FREE |
Within 1 business day |
$100 |
$10,000 |
Withdrawal
1. Options
FxPro allows withdrawals using the same methods as the deposit.
- Bank Wire transfers
- Credit/Debit Cards
- PayPal
- Neteller
- Skrill
- UnionPay
FxPro Withdrawal Methods
FxPro |
|
---|---|
Bank Transfers |
Yes |
Credit cards |
Yes |
Electronic wallet |
Yes |
Fee |
No |
2. Fees
FxPro charges no withdrawal fees on all methods, but there is a fee for electronic wallets if you withdraw your money without placing any trade.
FxPro Withdrawal Fees
Method |
Fees |
Time |
Minimum Withdrawal Amount |
Maximum Withdrawal Amount |
---|---|---|---|---|
Bank Wire Transfers |
FREE |
3 to 5 business days |
$100 |
No Maximum |
Credit/ Debit Cards |
FREE |
1 business day |
No Minimum |
$50,000 per day |
Neteller |
FREE |
1 business day |
No Minimum |
$10,000 |
Skrill |
FREE |
1 business day |
No Minimum |
$10,000 |
UnionPay |
FREE |
1 business day |
No Minimum |
1,000,000 CNY |
PayPal |
FREE |
1 business day |
No Minimum |
$1,000 |
Notes:
- Kindly be informed that you should first refund all your Credit Card, PayPal, and Skrill deposits within the last 6 months to withdraw via the Bank Wire method.
- For Skrill withdrawals, a fee of up to 2.6% will be incurred if a withdrawal is requested without having traded.
- For Nete4ller withdrawals, a fee of up to 2% will be incurred if a withdrawal is requested without having traded.
Platforms and Languages
FxPro works on several platforms including FxPro customized platform, MT4, MT5, and cTrader. Each one of these platforms has its own specifications and features. In this section, we will dig deeper into each one of them in detail.
Web Application
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Cons |
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Languages
FxPro’s Web Application is available in 16 different languages and supports major languages like Arabic, English, Italian, and German.
FxPro – Web Application – Languages
User interface (UI)
The UI of the web platform is very friendly and highly customizable. It’s also responsive and easy to use with all the needed functions in the right places.
FxPro – Web Application – UI
Login and Security
The web application has two-factor authentication for safer login than the usual email and password login.
FxPro – Web Application – Login
Searching
The search function in the web platform is accurate, and you can find the asset you’re searching for by typing the first letters of it. You can find the search icon in the top bar in the middle.
FxPro – Web Application – Search
Placing orders
There are 4 main types of orders on the web platform:
- Market
- Limit
- Stop
- Take Profit
The web platform also has an order confirmation feature by double-clicking to trade to avoid placing orders by mistake.
FxPro – Web Application – Place Order
Notifications and alerts
FxPro offers price and order execution alerts in the web platform to be notified always.
FxPro – Web Application – Notifications
Portfolio and reports
The FxPro web platform has a clear portfolio report with all important information in one place including P/L and P/L rates.
FxPro – Web Application – Portfolio
FxPro Mobile Application
Pros |
Cons |
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Languages
The mobile application is available in 20 languages including Arabic, English, German, and Italian.
FxPro – Mobile Application – Languages
User interface (UI)
The UI of the FxPro mobile application is very friendly. You can navigate easily between tabs and have a smooth experience.
FxPro – Mobile Application – UI
Login and security
The mobile application offers both two-factor authentication and biometric authentication to make your trading account safer.
FxPro – Mobile Application – Login
Searching
FxPro mobile application has a good searching function with which you can find assets by typing their first letters.
FxPro – Mobile Application – Search
Placing orders
There are 4 types of orders on the mobile application:
- Market
- Limit
- Stop
- Take profit
There’s also an order confirmation alert in order to help you avoid placing orders by mistake.
FxPro – Mobile Application – Place Order
Notifications and alerts
The mobile application of FxPro has notifications and alerts options to help you be updated always.
FxPro – Mobile Application – Notifications
cTrader Platform
Pros |
Cons |
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This is a customized platform for IC Markets broker that has a beautiful UI with easy navigation and Professional support 24/7.
The main cons are that it does not have a two-step verification method for login.
Languages
IC Markets is an international broker with clients in a lot of countries and available in a variety of languages like English, Arabic, Spanish, Japanese, French, and more.
User interface (UI)
The UI of the cTrader platform is simple, attractive, and beautiful. The main information about trading is shown on the home page.
cTrader – Mobile Version – UI
Login and Security
Unfortunately, there’s no option of two-step verification for logging in using the IC Markets Trader, and there’s no fingerprint authentication as well.
On the other hand, you can log in using your social network account.
cTrader – Mobile Version – Login
Searching
The searching functionality in the IC Markets Trader is very fine and you can find the trading asset you want just by typing the name of it. There’s also an option to search by category if you want.
cTrader – Mobile Version – Search
Placing orders
There are 4 main types of orders:
- Market orders
- Limit orders
- Stop orders
- Stop-Limit orders
cTrader – Mobile Version – Place orders
Notifications and alerts
You can set notifications and alerts on the mobile version of cTrader to notify you of market changes, price alerts, news, and trading signals.
cTrader – Mobile Version – Notifications
MT4 Trading Platform
Pros |
Cons |
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Languages
MetaTrader 4 is available in several languages like:
MT4 Languages
Arabic |
Bulgarian |
Chinese |
Croatian |
Czech |
Danish |
---|---|---|---|---|---|
Dutch |
English |
Estonian |
Finnish |
French |
German |
Greek |
Hebrew |
Hindi |
Hungarian |
Indonesian |
Italian |
Japanese |
Korean |
Latvian |
Lithuanian |
Malay |
Mongolian |
Persian |
Polish |
Portuguese |
Romanian |
Russian |
Serbian |
Slovak |
Slovenian |
Spanish |
Swedish |
Tajik |
Thai |
Traditional Chinese |
Turkish |
Ukrainian |
Uzbek |
Vietnamese |
User interface (UI)
MT4 has a very customizable UI that you can adjust according to your needs and preferences. On the other hand, it seems hard to find some of the features inside.
MT4 – Mobile Version – UI
Login and Security
Unfortunately, the MT4 does not provide a two-step verification method for logging in, and it does only support a one-step login.
Searching
Searching using the MT4 platform has two different options:
- You can search by category and find assets.
- You can also type the name of the asset and search for it manually.
MT4 – Mobile Platform – Search
Placing orders
MT4 has simple order types which are:
- Market
- Limit
- Stop
- Trailing stop
In addition to those 4 types, there are other orders which are the time limit ‘Good ‘til time’ (GTT) and ‘Good ’til canceled (GTC).
There’s also an order confirmation feature in MT4.
Notifications and alerts
Unfortunately, the MT4 web trading platform does not have an option to set price alerts and notifications unlike the desktop and mobile versions.
MT4 – Mobile Version – Notifications Settings
Portfolio and reports
Under the ‘History’ tab, you can find your portfolio reports with a clear fee description.
MT4 – Mobile Version – Portfolio
MT5 Trading Platform
Pros |
Cons |
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MT5 is a free application for traders allowing them to perform technical analysis and trading operations in the Forex and exchange markets.
Languages
MT5 supports over 20 languages including English, French, Spanish, Italian, Japanese, and Chinese.
User interface (UI)
MT5 was launched in June 2010. It has about 1 million users worldwide. It also has a good interface that is similar to MT4 with the main functionalities available. MT5 is more suitable for advanced traders.
MT5 desktop version
MT5 – Mobile Version
Security
MT4 encrypts your trading data with all of your information from cyber attacks as well as not revealing your IP address while trading using the platform.
From a login perspective, MT4 has a two-step verification method as well to protect your account from hacks.
Research
MT5 offers financial and forex news from international agencies and provides a daily broadcast of dozens of newsletters from global events. MT5 also provides you with powerful and clear searching tools.
MT5 search
Placing orders
MT5 has the same order types as the MT4 platform which are:
- Market
- Limit
- Stop
- Trailing stop
In addition to these 5 order types, the MetaTrader 5 platform has two more order options which are:
- Buy stop limit
- Sell stop limit
Like MT4, MT5 has ‘stop loss’ and ‘take profit’ options while trading as well.
Notifications and alerts
MT5 has instant notifications and alerts in its system to never miss an opportunity in the market.
Reports
The MT5 platform carries news reports from international news agencies and also sports an economic calendar.
FxPro – Platform Comparison
FxPro |
MT4 |
MT5 |
cTrader |
|
---|---|---|---|---|
Expert Advisors (EAs) |
No |
Yes |
Yes |
Yes |
Notifications and Alerts |
Yes |
Yes |
Yes |
– |
Order Types |
4 |
4 |
6 |
6 |
Charting |
Yes |
Yes |
Yes |
Yes |
Number of Indicators |
Over 50 |
Over 50 |
Over 35 |
55 |
Chart Types |
Line, Bar, candlesticks, Heiken Ashi, HLC & dots |
Line, Bar, candlesticks |
Line, Bar, candlesticks |
Line, Bar, candlesticks & dots |
Chart Time Frames |
15 |
9 |
21 |
26 |
Languages |
20 |
37 |
49 |
22 |
Economic Calendar |
Yes |
No |
Yes |
Yes |
Research Tools
Pros |
Cons |
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Sources
The research tools available to use on FxPro broker comes from 3 places:
- MT4 Platform
- FxPro Website
- Third-party Applications
Through these sources, FxPro has a variety of tools that will help you with your trading.
Trading ideas
The trading Ideas tool at FxPro is provided by a third-party ‘Trading Central’. This tool helps you discover new ideas to trade in the market according to technical and fundamental analysis of the products.
FxPro – Research – Trading Ides
Fundamental data
Unfortunately, there’s no fundamental data available at FxPro broker.
Charting
The charting tool on the FxPro website is very helpful. You can choose from over 50 technical indicators to chart Line, Bar, candlesticks, Heiken Ashi, or even HLC & dots. The charting tool also helps you discover trading patterns to optimize your strategies.
FxPro – Research – Charting
Newsfeed
FxPro provides a visual news feed with charts and data about asset moves in a specific timeframe. This tool is available on the FxPro Dashboard and can help you in your trading.
FxPro – Research – Newsfeed
Other tools
FxPro provides other useful tools to help you trading including:
- Economic Calendar
This calendar helps you follow important events in the financial market and never miss an update. You can also filter the results by their importance, category, and currency. You can find this tool in the Trader’s Dashboard within the FxPro website.
FxPro – Research – Economic Calendar
- Calculator
This calculator helps you to find out important values while you’re trading like commissions, margins, pip value, swaps. The tool is also available on the Trader’s Dashboard.
FxPro – Research – Forex Calculator
Customer Support
Pros |
Cons |
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Options
FxPro supports different customer service channels like:
- Live chat
- Phone calls
Languages
The languages available for customer service are many with the support of major languages like Arabic, English, Germany, Italian, and more.
FxPro Languages
Education
Pros |
Cons |
---|---|
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FxPro provides a collection of educational materials, video tutorials, and educational articles for both beginners and professionals. In addition to that, FxPro offers a demo account option to trade freely with no fear of losing actual money.
FxPro – Education
FAQs
-
- How long does it take to verify my account?
- It takes about 1 to 2 business days to verify your FxPro account.
- Can I open more than one trading account?
- Yes, FxPro allows you to open up to 5 different trading accounts.
- Does FxPro offer a joint account?
- Yes. And you can apply for it by making sure that each person must first open an individual FxPro account and then fill a Joint Account Request and send it to backoffice@fxpro.com.
- Does FxPro offer a VIP account?
- Yes, VIP Premium Accounts are offered to selected individuals with high deposits (typically $50k or equivalent) and those actively trading large volumes. The VIP clients take benefit from free VPS service and the possibility of decreased spreads/commissions.
- Does FxPro allow bot trading?
- Yes, it does.
- Does FxPro give a bonus?
- Unfortunately, No.
- Does FxPro allow scalping and hedging?
- Yes, it does allow both of them for some account types.
- Where is my money held?
- Client funds are fully segregated from the company’s funds and kept in separate bank accounts in major European banks.
- Which Credit/ Debit cards does FxPro accept?
- Visa, Visa Electron, Visa Delta, American Express, MasterCard, Maestro International, and Maestro UK.
- How to enable the swap-free option in my account?
- By sending an email request to the FxPro Back Office Department at backoffice@fxpro.com
- How do I log in using the MT4 mobile platform?
- Steps:
1. Go to ‘Settings’
2. Click on ‘Manage Accounts’ or ‘Settings’
3. Then click on the small plus sign or select ‘New Account’
4. Then select ‘Log in to an existing account
5. Search for the broker name
6. Select the server your account was set up on
7. Enter your login credentials and password
8. Click on ‘Sign In’
-
- When will my demo account expire?
- After 180 days.
- When trading forex, will you lose more than your initial deposit?
- No, as both the MetaTrader 4 and FxPro platforms are set to automatically close your positions when your margin requirement reaches some point % (stop out level). Also, FxPro has negative balance protection to protect your balance from going negative.
- Please note that this process is automated and does not guarantee that your account will not enter into a negative equity situation. You should keep a balanced amount in your account above your required margin.
- Can I log in to more than one account from the same computer?
- Yes, you can do such a thing by using the MT4 Multi Terminal.
- Can I log in to the same account through different devices?
- Yes, you can log in to the MetaTrader 4 platform using the same password and username through different devices.
- Does FxPro accept payments from third parties?
- No, payments should be from a bank account that holds the same name as yours.
Conclusion:
- Pros: negative balance protection, swap-free account option, low trading fees
- Cons: not listed on the stock exchange, inactivity fees, no 24/7 customer support
- Best for: beginners and professionals
- Regulated by: FCA, CySEC, FSCA, SCB
- Headquarters: Cyprus
- Foundation year: 2006
- Min Deposit: $100
- Deposit and withdrawal methods: Bank Wire transfers, Credit/Debit cards, PayPal, Neteller, Skrill, UnionPay
- Deposit and withdrawal fees: $0
- Base currencies: EUR, USD, GBP, CHF, PLN, AUD, JPY, ZAR
- The offering of investments: Forex, CFDs, shares, futures, metals, energies, crypto
- The number of users: 1,866,000 clients