FxPro is the financial market brand of FxPro Group Ltd, which commenced business of forex brokerage as a Cypriot Investment Firm (CIF). The company came into existence in 2006 when it bought over the forex brand known as NorthFinance. Both the old NorthFinance brand and the FxPro were originally based in Cyprus. Over the years however, the FxPro brand has spread to various forex hubs in an attempt to bring the product closer to its clients. FxPro now has the following divisions:
- FxPro UK Limited is the headquarters of the company. It serves the UK and most parts of the world. It is authorized and regulated by the Financial Conduct Authority with registration no. 509956.
- For the Middle East, we have FxPro Global Markets MENA Limited. This company is licensed and regulated by the Dubai Financial Services Authority, with reference no. F003333.
- The Cyprus operational headquarters of the company is known as FxPro Financial Services Limited. This is where the European market is served from. It is licensed by the Cyprus Securities and Exchange Commission, with license no. 078/07. This is also the brand name for the South African branch of the company, where Financial Sector Conduct Authority (‘FSCA’) provides licensing and authorization to the company (FSCA no. 45052).
- FxPro Global Markets Ltd is also licensed and regulated by the SCB (license no. SIA-F184).
FxPro offers FX brokerage services in multiple languages: Arabic, Chinese, Czech, English, French, German, Greek, Hungarian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese, Hindi, Urdu, Indonesian, Malay, Swiss, Australian, and Argentinean.
FxPro was awarded the prize of the Best FX broker 2017 during the Shares Awards in the United Kingdom. Part of the reason for the award is the ease of use of the various trading software provided by the company.
FxPro has expanded its product offering over the years outside of FX. Other products offered by FxPro for trading include:
- CFDs on stocks, indices and commodities.
- Futures, indices, metals, energy assets.
These assets are offered all from a single platform. Altogether, FxPro offers its traders 20 indices, 12 agricultural commodity futures, 3 energy futures, 6 metal trading contracts and close to 200 shares pooled from the US, UK and European. Commodities, metals and indices can be traded on spot or futures bases.
FxPro Trading Conditions
What trading conditions can traders on FxPro expect to face? The following are the trading conditions which have been experienced by the writer of this article in the 10 years that he has traded on FxPro.
- Execution Speed. The average execution speed on FxPro is about 30ms. Slippage is not common, but has occurred occasionally. Indeed, FxPro has very low incidence of slippage, which is a plus for this retail broker.
- Leverage: Traders can access leverage of up to 1:500.
- Spreads: Spreads are tight and fixed, reducing the cost of trading.
- Bonuses: FxPro does not issue bonuses, which is in keeping with the new ban on the issuance of bonuses by CySEC and the FCA.
Traders can expect to experience a situation where initial spikes on currencies occur as the news is being released, making it practically impossible to trade the initial spike during news trades.
FxPro Account Types
FxPro does not provide for differentiation of account types as a matter of policy. Everyone is issued accounts with the same trading conditions. However, the trade order sizes have been adjusted to accommodate the micro-lot positions and the Large lot traders.
FxPro Commissions & Fees
What are the commissions and fees tied to FxPro’s trading product?
- FxPro offers a very competitive spread structure, and spreads are fixed. For instance, spreads on the EURUSD are as low as 1.1pips. FxPro also implements the 5-digit pricing system where the last digit is a tenth of the 4th digit.
- Traders can expect massive widening of spreads on news that carry very heavy market impact (e.g. Non-Farm Payrolls, UK Inflation Letter, etc).
- ECN-style trading exists on FxPro, and can be practiced on the cTrader platform.
- Commissions are charged in addition to spreads on certain assets e.g. energy futures.
FxPro Platforms and Tools
The company provides access to financial markets via 4 of the world’s most popular trading platforms. Clients can register trading accounts as well as a Demo account in … currencies with a leverage of up to 1: 500 and spreads from … on the following platforms:
- MetaTrader 4
- MetaTrader 5
- FxPro cTrader
- FxPro Edge
MetaTrader 4 (MT4)
MT4 combines an intuitive user interface with a customizable feature-rich environment. It provides everything a trader needs from chart assets, place orders, to managing of positions and creating algorithmic or manual trading.
- Assets: Forex, Metals, Shares, Indices, Energies and Futures
- No partial fills
- EA trading facilities
- Micro-lots available
MetaTrader 5 (MT5)
MT5 supports additional technical indicators, has an extended line of 21 timeframes, allows for up to 100 charts to be open simultaneously, and is also available in several versions, including a web-based platform which allows to trade without any software installation.
FxPro was honored as the “Best MT5 Broker” twice (in 2015 & 2016 by the UK Forex Awards), and rightfully so, due to these available features:
- A minimum deposit of $100
- Assets for trading: Forex, Futures, Energies, Metals, and Indices
- Instant and Market Execution
- EAs supported
The cTrader platform is the choice of our professional clients. It allows to view in-depth market information, optimize your trading, the platform has no requotes, and uses modern algorithmic strategies. Being ultra-fast and ultra-convenient, it offers spreads from 0 pips – this is our most advanced platform to date.
- Spreads from 0 pips
- In-depth market information
- No restrictions on stop/limit levels
- Full Market Execution
FxPro Edge (Beta)
FxPro Edge is the latest addition to our platform offering. It provides investors with a new way to trade the markets in the form of Spread Betting. It is a highly customizable web-based platform, which enables traders to place their orders without the need to download and install any additional software.
Spread Betting is only available to clients of FxPro UK Limited that reside in the United Kingdom. FxPro Edge (Beta) is available for all demo users.
- Forex, Shares, Spot Indices, Spot Metals and Spot Energies
- Limited Risk Account at no additional cost
- No commission
- Tight spreads
- Tax-free (tax laws are subject to change and depend on individual circumstances)
All platforms are also presented as applications for Android and iOS. As well as that, FxPro offers various mobile tools that streamline trading experiences. By reducing unnecessary features and focusing on the essentials, we have created tools that put the client in the centre of the action with only their mobile device. These mobile apps allow traders to top up their accounts or open new ones, stay up to date with economic news and place market positions. A laptop is no longer needed to trade, as FxPro made it all possible directly via a mobile device.
Is FxPro Mobile Friendly?
FxPro is a mobile friendly brand. The brand website, mobile platforms and webtrader are all mobile friendly. Trading clients can execute trade using their phones. FxPro offers the MetaTrader4 and MetaTrader 5 mobile apps. They have also created FxPro Tools. It offers real-time quotes, economic calendar, daily insights and analysis as well as FxPro Calculators that allow users to work out the required margin, pip value and swaps along with performing live currency conversions. You can also use the webtrader as a URL on mobile devices.
Charts on the mobile apps are lighter and configured for mobile use. It is difficult to use technical indicators and other tools on the mobile apps, and functionality is reduced.
Due to current regulatory requirements, FxPro does not offer any kind of bonuses or promotional offers.
FxPro Deposits & Withdrawals
How do traders on FxPro deposit funds and withdraw same from their accounts? Traders can transact using the following means:
- Credit/debit cards
- Bank transfer
- NganLuong UnionPay
- Broker to broker
Minimum deposit is $100 for card deposits and $500 for wire transfers. No deposit fees are charged. However, the banks may charge a commission in accordance with their fee structure. All clients’ funds are protected by 2 separate compensation schemes.
Withdrawals performed with credit/debit cards and digital payment methods are processed from the platform to the wallets in the trader’s area same day, and are credited to the trader’s chosen receiving channel in 2 days. Bank wires are handled within 2-7 days. FxPro handles all withdrawals promptly.
FxPro Customer Support
Customer support is available 24/5 on the following channels:
- Live chat: easily accessible on the home page.
- Email: firstname.lastname@example.org
- Phone: +44 (0) 203 151 5550
Support is available in 24 languages and is usually very responsive and helpful.
FxPro Research and Education
A lot of content is provided for education and research. Traders get access to ebooks, articles, webinars, market research and actionable analyses sent as email newsletters. This is accessible even to non-account holders. Any beginner in forex wishing to get a good head start in forex should use the educational suite provided by FxPro.
FxPro Noteworthy Points
FxPro offers a Quant Strategy Builder and a forex VPS for live account holders. Traders with a live account also get free access to the Autochartist plug-in. FxPro sponsors Watford FC, a team in the UK’s elite Premier Football League.
FxPro has invested approximately $121,000,000 in sports partnerships and various sporting events, so you can imagine a lot of investment goes into brand exposure and affiliate partnerships.
Conclusion for FxPro
FxPro is a perfect fit for beginners, intermediate and advanced traders. FxPro is regulated and offers a transparent service. This makes them a safe broker to trade with. There are hardly any negative reports about them and from the writer’s experience, FxPro is a good retail broker to work with.
Segregates client funds
Established in 2006
Regulated by Financial Conduct Authority, CySEC, FSB, DFSA and SCB
Min. deposit from £1
- Segregates client funds
- Established in 2006
- Regulated by Financial Conduct Authority, CySEC, FSB, DFSA and SCB
- Min. deposit from £1
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