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FxPro Review 2017 - Forex Broker Rating

#10 of 11 Forex Broker Comparison - Best UK Forex Brokers

FxPro was established in 2006 and has since grown exponentially and currently serves retail and institutional clients in close to 150 countries from their base in United Kingdom and Cyprus. The forex broker also offers CFD trading on 6 asset classes, including FX, shares, futures, metals, indices and energies, providing clients access to top-tier liquidity and advanced trade execution without any dealing desk intervention.

DEMO
Free unlimited demo account

HIGHLIGHTS

  • 70+ Forex pairs
  • Spreads from 0 pips
  • Free demo account
  • No additional margin
  • DMA Broker
  • PayPal payment/withdrawal option available

User ratings

01Trading Offer & Conditions 8.9
02Trading Platforms & Demo Account 8.5
03Bonus for New and Existing Customers 5.0
04Mobile Trading 8.8
05Payments9.4
06Security / Regulation 9.3
07Customer Service 8.3
08Account Opening 8.6

FXPRO - OUSTANDING BROKER

Just checking the facts would amaze you: processing time is 7,000 orders per second. And with more than 99 percent of all trades, it takes no more than 42ms. The high quality is also reflected in the number of awards they’ve garnered over the years. FxPro has received more than 40 awards. The forex broker has made its position clear and has puts itself ahead on the competition. As one of the leading brokers in the industry, they offer traders access to a wide range of markets. FxPro gives traders the opportunity of trading from a wide collection of currency pairs. Read our FxPro reviews and get a comprehensive overview of this forex broker.

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Trading Offer & Conditions

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01 Trading Offer & Conditions

FxPro runs on different platforms, and its spread offerings are quite different for these platforms. The broker offers its most competitive spreads on the CTrader platform where $4.5 is charged as commission per standard lot and is added to each trade. This means that a total of $9 is charged on each completed trade because the $4.5 is charged per lot when a trader enters the market long or short and the same is also charged upon closing a position. The spreads on EUR/USD can be as low as $0.4. Their variable spread model is available on both MT4 and MT5 platform. On this platform, traders can trade the EUR/USD for as low as 1.2 pips.

FxPro is committed to giving its clients access to a wide number of asset classes and instruments. On their platform, traders can access CFD trading on over 275 financial instruments varying from spot FX, shares, futures, spot equities, spot indices, spot metals and spot energies.

Traders can trade up to 70 currency pairs on any of their platforms. Customers also have the opportunity of trading futures across various instruments varying from agriculture, commodities, indices and energy. Dynamic leverages, which varies depending on trading conditions is available. FxPro offers CFD trading on shares and spot indices. It is important to note that share dealing on FxPro platform is not available for UK clients.
  • Free forex trading account
  • Fees are based on account type
  • Trader can choose between higher spread or commission-based trading
  • DMA model available

Trading Platforms & Demo Account

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02 Trading Platforms & Demo Account

When choosing the right trading platform, it depends on which fee model you choose. As our FxPro trading review shows, you can choose between the options of a higher spread or commission based trades.
We did an intensive FxPro review on their extensive trading platform. The broker offers has up to different trading platforms. This includes the desktop and mobile versions of the MetaTrader4 and MetaTrader5; and their web based trader, CTrader, which allows clients to trade the markets without having to install any additional software. In our Forex comparison, only a few brokers offer such a selection.

And just like many brokers, FxPro offers traders the flexibility of trading right from their mobile phones and tablet devices. FxPro traders can trade on the go using the mobile version of the CTrader, MT4 and MT5. If you decide to go for the FxPro MT4, you have the choice between immediate execution and market execution. Of course, you can also trade using their One-Click Trading option.

They also provide the Trading Central, which is a leading news and research provider that generates pattern recognition solutions. This application is built in the CTrader platform but available as a plug-in for the MT4 platform.

  • FxPro MT4 (Spread only)
  • FxPro MT5 (Spread only)
  • FxPro cTrader (Commission)
  • FxPro Markets (Spread Only)

FREE AND UNLIMITED FXPRO DEMO ACCOUNT

For our FxPro trading review, we also looked at the demo account. It is important to get yourself acquainted with a broker’s trading platform before trying them on a live account. The demo platform is also important for testing your EAs and strategies in real time. With the FxPro demo platform, traders have access to all features and functions that are available on their live platforms. You can use the broker's demo platform as for long as you want, under absolutely realistic conditions.

Important: FxPro clients are also able to use the AutoChartist tool, a popular patter recognition program which allows users to spot trading opportunities using automated technical analysis. The software is available for free to traders with a minimum account balance of $200.

Bonus for New and Existing Customers

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03 Bonus for New and Existing Customers

VIP PROGRAM

Bonuses and special offers come in different forms. Some brokers offer rebates, deposit bonuses etc. A forex bonus has both advantages and disadvantages, which should be clear to everyone. It is therefore important for a trader to personally decide the offer that would suit him best.

BONUS
Free unlimited demo account
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    Yes

    Demo account without deposit?
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    VIP Program

    Type of bonus
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    Yes

    Trainings and webinars
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    Unlimited

    Duration of bonus offers
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    £100

    Minimum deposit
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    Yes

    Free demo account
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    Yes

    Personal contact person
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    Yes

    VIP Program
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    Without deposit

    Account opening

From our FxPro reviews, we see that the broker offers no cash bonuses for new and existing traders; instead, they have an attractive VIP programme for new traders with high equity and a high active trading volume. It is important to note that only new clients are eligible for the VIP program, old customers cannot benefit from it. If you are looking for a broker with a bonus for your deposit, we recommend you to read our AvaTrade experiences.

  1. 01 | Free deposits
  2. 02 | FX Bulletins (free trading recommendations)
  3. 03 | Free SMS and e-mail notification service
  4. 04 | Free VPS service
  5. 05 | Free access to exclusive news services
  6. 06 | Free FxPro MasterCard
Open your free unlimited demo account now!

Mobile Trading

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04 Mobile Trading

FXPRO APP FOR ANDROID AND iOS DEVICES

Traders can always manage and watch their trades on the go without having to stick to their PC screen every time. FxPro offers traders maximum flexibility due to the availability of several versions of their mobile platform. The FxPro app is available for Android and iOS devices. If you have decided to use MetaTrader, simply download the MetaTrader app from your App Store and log in with your FxPro login data.
FxPro’s mobile app is not available for Windows phones, like the IG Forex App.

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Apple

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Android

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Windows

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Web App

01 | tip

The FxPro app is very functional and intuitive to use. All important functions and charting tools are also available. Whether you want to monitor your open positions, check the account balance, read news, or watch specific exchange pairs - everything is possible.

02 | recommendation

In order to be able to trade the markets at any time, we always recommend using your broker’s mobile trading platform. However, that should only be after you’ve done a comprehensive chart analysis on your PC.
  • Access the FxPro account from anywhere
  • View your account; manage open positions, and more

Payments

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05 Payments

PAYPAL PAYMENT OPTION IS ALSO AVAILABLE

Our experience during the test was quite impressive. As you can see from our FxPro forex reviews, there are several deposit methods to choose from.
FxPro provides high flexibility of funding and withdrawals through their extensive number of payment methods. You can use the following options. The amount charged on each payment method is written in brackets.

  • Bank transfer (free)
  • E-Wallet ─Skrill & Neteller (free)
  • Maestro Card (0.35%)
  • Credit card (1,6%)
  • PayPal (2,7%)

FxPro has a minimum deposit is £100. The broker also accepts PayPal, this gives us a very good impression and adds so much to their overall rating. The downside, however, is that he cost of paying by credit card and especially PayPal are quite high. This is because PayPal charges the company a high fee, which is passed on to the customer. A broker without a minimum deposit is GKFX.

Electronic deposits (ie anything other than bank transfer) are immediately credited to your trading account. This means you can start trading the markets immediately.

FXPRO WITHDRAWALS: NO FEES ARE CHARGED ON PAYOUTS

For withdrawals, FxPro does not include any fees. Only in 2 exceptional cases:

  • PayPal: Withdrawals must take place within 6 months after deposit, otherwise costs will be charged.
  • Skrill : When a trader withdraws from his account without trading, 2.6% is charged on the amount to be withdrawn

FxPro will always process your withdrawals within 24 hours. Nevertheless, it may take a few days until you have the money back in your account. This delay is usually not due to the broker’s issue, but the payment processor’s.

Important: When opening an account, you've got to choose between CySEC- and FCA regulation. PayPal and e-wallets are available for forex deposit and withdrawal only with the CySEC regulation. When you open an account in the UK, you can only use bank transfer and credit card.

We always recommend electronic deposit methods where funds are credited immediately to the trader’s account. These are credit card, e-wallets or PayPal. If you are looking for a broker who does not charge for it, please take a look at our Plus500 PayPal review.

  1. 01 | You have two account opening options─FCA and CySEC regulation
  2. 02 | FxPro has a minimum deposit of £100

Security / Regulation

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06 Security / Regulation

For our FxPro forex review at Yourate.com, we count client fund security as the most important, so we’ve brought an in-depth analysis regarding FxPro’s clients’ fund safety and risk limitation.
FxPro UK limited is fully licensed and regulated in the UK by the Financial Conduct Authority (FCA). Their regulation under the FCA jurisdiction gives clients the peace of mind and a sense of security because of the stringent money rules that are put in place in order to guarantee clients’ funds safety. Clients funds are segregated in other accounts and are not in any way connected to the broker’s asset account in anyway, thereby shielding clients’ funds in the event of bankruptcy. Clients’ fund security is also guaranteed against an unlikely case of liquidation because a compensation fund of up to £50,000 is available for traders.

LICENSE
license
FCA LICENSE 509956
CYSEC LICENSE 078/07

BAFIN REGISTRATION NUMBER 121095
CONSOB REGISTER NUMBER 2142
CNMV REGISTER NUMBER 1722

Rules and regulations apart, FxPro’s credibility has stood for a while and the customer’s complaint about their financial securities are either non-existent or have not attracted media or legal attention.

  • Customers’ deposits are kept separately from the company's capital
  • FxPro does not speculate clients’ funds
  • FxPro uses its own capital for hedging positions
  • In the event of insolvency, no creditor has access to customers’ money
  • Compliance with all MiFID provisions

The broker offers a negative balance protection policy for all customers, which means that clients cannot be liable for more than their initial deposits in the events of loss. This security system has strongly influenced our FxPro reviews; this is because it proves that the company is concerned about your trading success and your safety.

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    Regulated by britisch FCA and CySEC
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    Segregated Accounts
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    Up to 50,000 GBP deposit insurance
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    Negative Balance Protection
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    compliance with MiFID regulations

Over 40 awards show the quality of the broker

According to our broker reviews, FxPro has already received more than 40 awards. Examples include: "Best Forex Broker", "Best FX Provider" and "Best Trading Platform 2015". Even though we would like to refer to IG, our best online Forex broker, awards show a high degree of quality.

Customer Service

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07 Customer Service

POSITIVE FXPRO EXPERIENCE REPORTS

They have a multi-lingual customer service available in over 18 languages including English, French, German, Russian, Spanish, Swedish, Turkish, Dutch, and Greek. The company’s customer support department is available 24/5 via live chat, email and telephone. Their customer representatives follow up clients’ complaints through email and telephone. They have a fairly good email response time and they provide useful information.

EMAIL

LIVE CHAT

TELEPHONE

Address
FXPRO HEADQUARTER

13/14 Basinghall Street, City of London, EC2V 5BQ

Email
[email protected]
Phone
+44 (0) 207 776 9720

The broker is doing a good job at providing detailed support information within its online help centre portal. Their website is also very easy to navigate and each section is well organized with detailed information for beginners, including educational content and access to a lot of related trading tools.

Account Opening

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08 Account Opening

FxPro offers a live account in a wide range of base currencies including US dollar, British Pounds, Swiss Franc, Japanese Yen, Australian Dollar and Polish Zloty.

With MetaTrader4, clients have the choice of a fixed spread or floating spread account. With MetaTrader5, only floating spread accounts are offered. A true ECN account is offered with the broker’s proprietary CTrader platform, this platform displays full market depth. Specialized services for account managers and VIP clients are offered in the shape of SuperTrader and PAMM accounts. Regarding leverage, they operate a unique dynamic maximum leverage model. The highest possible leverage is 500:1 but the overall maximum leverage is determined by the absolute number of lots held at any moment in open trade. Maximum leverage decreases on a sliding scale down to 33:1 when 500 open lots are held.

Traders may deposit as little as £100 at a time but the recommended minimum initial amount is £1000 for CTrader and £500 for MT4 trader accounts.

The FxPro PAMM account is available for professional traders who manage funds of several people from different accounts. The PAMM account has the required tools that enables easy and flexible bloc trading. With the PAMM account, sub accounts’ funds and trades can be managed from a single master account.
The VIP package is available for clients who are actively trading large volumes and those with a considerably large amount as account balance. VIP clients have additional benefits like free VPS services, free trade recommendations, no-deposit fees, exclusive news reports and margin level alerts via SMS and email, as well as a free FxPro Mastercard.

To open an account, you need to enter your personal data. Afterwards, you will be asked some questions about your economic situation and trading knowledge. Due to the MiFID provisions, FxPro is obliged to obtain this information. We needed only a few minutes to open the account. The commercial account is opened immediately after answering all questions. If you pay by credit card, PayPal or e-wallet, you will immediately have your trading capital available.

  1. 01 | Enter your information to open an account
  2. 02 | Deposit money
  3. 03 | Start trading the markets immediately
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