FxPro Full Review | Pros & Cons in Details (2021)

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
Over 1,866,000 clients Over 15 years of trading experience Regulated by top-tier FCA Client protection amounts Negative balance protection	Not listed on the stock exchange market

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
Variety of trading products Forex and CFD trading Shares, metals, and energies trading Crypto trading	No mutual funds, or options trading

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
Various account types Available in more than 170 countries Fast account opening process Low minimum deposit Swap-free account Demo account option	None

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:

1. Enter your country of residence, name, email, and set a password.
2. Add your date of birth and phone number.
3. Add your address including the street name, postal name, and city.
4. Answer some questions about your employment and financial background.
5. Choose the account type, platform, and base currency.
6. Provide proof of your identity and the country of residence.
7. Fund your account and start trading.

FxPro – Account opening

Notes:

The account verification process takes from 1 to 2 business days.

Fees and Commissions

Pros	Cons
Low trading fees Low commissions No deposit or withdrawal fees	Inactivity fee

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
Various base currency options Various deposit and withdrawal options Free deposits and withdrawals	None

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

Pros	Cons
Available in 16 languages Customizable UI User-friendly Good searching function Two-factor authentication Various order types Alerts option Clear fee and portfolio reports	None

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:

1. Market
2. Limit
3. Stop
4. 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
Available in 20 languages User-friendly UI Good searching function Two-factor authentication Touch ID Alerts option	None

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:

1. Market
2. Limit
3. Stop
4. 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
Available on Windows / Mac / Web / Android / IOS Easy to use Ability to social trade Notifications and price alerts on Desktop and Mobile versions	No two-step verification method for logging in No touchID login method in mobile platform

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:

1. Market orders
2. Limit orders
3. Stop orders
4. 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
Available on Windows / Mac / Web / Android / IOS Order confirmation Customizable charts Available in several languages Easy to use Ability to social trade Good searching functions Notifications and price alerts on Desktop and Mobile versions	Lacks two-step verification Old desktop design No price alerts in the web version

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:

1. Market
2. Limit
3. Stop
4. 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
User-friendly UI Support +20 languages Has a two-step verification method Price alerts	Not suitable for beginner traders

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
Various research tools Good charting tool Third-party tools Trading ideas tool Visual Newsfeed	No fundamental data available

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
Live chat Phone calls Email support	Only 24/5 support

Options

FxPro supports different customer service channels like:

• Live chat
• Email
• 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
Demo account Video tutorials Educational articles	None

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

• 1. How long does it take to verify my account?
• It takes about 1 to 2 business days to verify your FxPro account.
  1. Can I open more than one trading account?
• Yes, FxPro allows you to open up to 5 different trading accounts.
  1. 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.
  1. 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.
  1. Does FxPro allow bot trading?
• Yes, it does.
  1. Does FxPro give a bonus?
• Unfortunately, No.
  1. Does FxPro allow scalping and hedging?
• Yes, it does allow both of them for some account types.
  1. 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.
  1. Which Credit/ Debit cards does FxPro accept?
• Visa, Visa Electron, Visa Delta, American Express, MasterCard, Maestro International, and Maestro UK.
  1. 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
  1. 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’

• 1. When will my demo account expire?
• After 180 days.
  1. 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.
  1. 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.
  1. 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.
  1. 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