FX Pro review 2024

FxPro includes three companies and multiple trading platforms that lets you trade contracts for difference (CFDs) rather than owning individual assets. CFDs are a method of trading where you speculate on the price movements of an asset. Read on this review to learn more about how this works and whether to sign up with FxPro.

What can I do with FxPro?

Trade CFDs on six different asset classes, including currencies, stocks, and some leading cryptocurrencies as well. The platform offers competitive spreads and very high leverage, so it’s suited to experienced traders.

Another benefit for high frequency traders is the lack of deposit or withdrawal fees, and it offers a mobile app for trading forex on the go. FxPro was founded in 2006 and is a regulated broker in the UK and EEA, although you cannot use it in the United States or in Ireland.

FxPro markets, assets, and options

What assets and products can you trade on FxPro?

FxPro allows trading in 260+ CFDs across 6 asset classes. It includes CFDs for major currencies like USD, EUR, CAD, and JPY, among many others. It also offers commodities trading in the form of natural gas futures and UK & US oil futures.

What leverage trading options are there?

FxPro offers varying degrees of leverage, with the highest amounts reserved for pro traders. It goes up as high as 1:500 for major forex pairs – which is above the industry average – and 1:20 for cryptocurrencies. 

What are the spreads?

FxPro offers both fixed and variable spreads across asset classes. The fixed spreads range from 1.5 pips to 2.8 pips, which are on the higher side as compared to the industry average of 0.7-0.8 pips for the same majors.

Fees, limits, and payment options on FxPro

What are the deposit and withdrawal fees, limits, and speeds?

FxPro offers a good range of payment options including credit & debit cards, bank transfer, and third-party payment providers like Skrill, Neteller, and PayPal. 

FxPro also does not charge any fees for deposit or withdrawals. However, there are a few caveats, such as withdrawals having to be done through the same method by which payment was made.

How much are FxPro fees and commissions?

FxPro primarily makes its money through spreads. There are also swap charges on forex, shares, spot indices & spot metals trades held overnight. The swap rate is variable and a calculator is available on the trading platform to help calculate the swap rates.

FxPro trade sizes and limits

FxPro offers a minimum lot size of 0.01 lot – a micro lot – and max lot size of 500 lots per trade which is now standard across most forex brokers.

FxPro trading platform

What devices can I use FxPro on?

FxPro is available as a desktop platform and also as a mobile app for iOS & Android. It also offers MetaTrader 4 and 5 and cTrader platforms as well.

• Desktop Platform (Windows/Mac)
• Tablet
• iOS mobile device 
• Android mobile device

Can I use FxPro in my country?

FxPro is widely available across Europe and Asia, including the UK, Japan, Italy, and Thailand. However, it is not available in the USA, Canada or Ireland. Some features & products of FxPro might not be available in your country. Select your country from the list below to see if it is available where you are.

Is FxPro available in my language?

FxPro is available in over 20 dialects covering most European and Asian languages, including Chinese, Hindi, English, and Arabic. Select your language from the list below.

How easy is it to use FxPro?

FxPro is suitable for use by all experience levels from beginner to professional, but it is primarily geared towards professional traders with its MetaTrader and cTrader platforms. 

MetaTrader 4 or MT4 is a feature rich, but relatively easy to use platform that is especially well known amongst professionals. cTrader is a new platform with more complex charts and features. The mobile app is much simpler, however, and lets you trade from anywhere with much the same features as the desktop version.

Key features

FxPro is a global CFD broker with a clear focus on forex. It offers a variety of distinct features, here are some.

No dealing desk

Unlike traditional brokers, FxPro boasts of a no dealing desk policy. In essence, you trade with other traders like yourself instead of going through a dealing desk. This leads to lower costs and tighter spreads after the middleman (broker) is removed.

Negative balance protection

FxPro offers negative balance protection to all traders. This ensures that a client does not lose more than his/her total deposit.

Protection under Financial Services Compensation and Investors Compensation Scheme

Traders in the UK and EEA are protected under the Financial Services Compensation and Investors Compensation Scheme issued by the Financial Conduct Authority. This ensures protection and insurance of deposits in case FxPro permanently shuts down one day without refunding deposit money. 

Security and regulation

Is FxPro safe?

FxPro has a long track record of successful service. It ensures the safety of its clients by providing strong data encryption and storage on secure servers. Additionally, its online payment system is constantly monitored by a strong team of professionals for any irregular activities. 

There is also a 2 step verification option and any update or change of personal information is verified with the account owner before proceeding with the changes.

Am I and my funds protected?

Yes, UK and EEA traders and investors are protected up to the maximum amount by the Financial Services Compensation (£85,000) and Investors Compensation Scheme (£20,000), respectively. Investors and traders in other jurisdictions are not protected. 

FxPro keeps investor and company funds separate so that they do not mix and investor funds are not utilised by the company at any time.

Is FxPro regulated?

Yes, FxPro is regulated by three recognised regulators across multiple jurisdictions:

• Financial Conduct Authority (FCA)
• Cyprus Securities & Exchange Commission (CySEC)
• The Securities Commission of The Bahamas

Do I have to verify my account with FxPro?

Yes, traders have to verify their account information as FxPro is a licensed and regulated broker and verification is necessary for KYC purposes. The following documents are required:

1. Picture ID: International Passport, National ID card or Driver’s License
2. Proof of Residence: Any address proof like utility bills containing name and address issued in the last six months
3. Debit/Credit card copy:  One has to black out the 2^nd to 12^th Number on the front and back of the card and three digit CVV number as well.

Extra information

Educational resources 

FxPro has an education section on the website for beginners containing basic courses on trading, fundamental, technical analysis, and trading psychology. There are also 3 courses for advanced traders. 

Overall, the extent of educational resources found on the website are limited and there is not much depth.

Tools and charting

FxPro offers the MetaTrader 4 & 5 platform along with the cTrader platform. These are advanced platforms with access to detailed financial analysis and charting tools, such as in depth analytics, trade indicators, and complete customization allowing traders their own setups.

Customer support

FxPro has a large FAQ section, covering all the topics including markets, account information, platform details, etc. plus a series of PDF’s containing instructions for various activities. 

If you still need support beyond this, you can chat with customer support live on the website or request a call back. You can also directly call support teams in the UK, Cyprus, and Bahamas by phone.

Our verdict

FxPro is a CFD broker that offers lots of different asset classes and high leverage for the most active traders.  The trading platforms are robust and secure and there are options like its ‘no dealing desk’ that reduce the costs of trading even further.

It is much more suited to experienced or professional traders than to beginners. There is limited educational material and the platforms are complicated for newcomers to use. While the array of features is excellent, it relies on your knowing how to trade already before you start to get the best use out of it.