FxPro Review 2020 - Is FxPro a Reliable Broker or Scam Broker?

Details

Broker	FxPro
Website URL	www.fxpro.com
Founded	2006
Headquarters	13-14 Basinghall St, London EC2V 5BQ, United Kingdom
Support Number	+44 20 7776 9720
Support Types	Phone, email, live chat, social media channels, ticket system
Languages	English, Chinese, Arabic, French, German, Hungarian, Romanian, Turkish, Czech, Slovak, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese
Trading Platform	MetaTrader 4, MetaTrader 5, Web-based trader, Android app, iOS app, cTrader
Minimum 1st Deposit	€100
Minimum Account Size	€1
Minimum Trade Amount	€1
Maximum Trade Amount	None
Bonus	FxPro doesn't offer bonuses as per regulation
Payout	Payouts take between 2 and 5 working days
Leverage	1:1 up to 1:500
Spread	low, floating spreads
Free Demo Account	Open Demo
Regulated
Regulation	FxPro Group Limited is the holding company of FxPro Financial Services Ltd, FxPro UK Limited and FxPro Global Markets Ltd. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration no. 509956). FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission (licence no. 078/07) and authorised by the Financial Sector Conduct Authority ('FSCA') (authorisation no. 45052). FxPro Global Markets Ltd is authorised and regulated by the SCB (license no. SIA-F184).
Commissions
Commission Info	Commissions are charged on cTrader platform: https://www.fxpro.com/trading-platforms/comparison
Account Types	MT4 account with fixed spreads and Instant Execution. MT4 account with floating spreads and Instant Execution. MT4 account with floating spreads and Market Execution. cTrader account with floating spreads and Market Execution. MT5 account with floating spreads and Market Execution.
Deposit Methods	bank wire transfer, credit / debit card, Paypal, Skrill or Neteller
Withdrawal Methods	bank wire transfer, credit / debit card, Paypal, Skrill or Neteller
Trading Methods	hedging and scalping are allowed at FxPro
Number of Assets	250+
Types of Assets	Forex, Futures, Indices, Shares, Energies, Metals
Trading Currency	Over 75 forex pairs including majors, minors, exotics and cryptocurrencies
Account Currency	Clients of FxPro UK Limited may open a trading account in USD, EUR, GBP, AUD, CHF, JPY and PLN. Clients of FxPro Financial Services Limited & FxPro Global Markets Limited may open a trading account in EUR, USD, GBP, AUD, CHF, JPY, PLN and ZAR.
US Traders Allowed
Mobile Trading
Tablet Trading
Overall Score	10

Full Review

FxPro is a forex and spread betting broker. As Spread betting is except from UK capital gain tax stamps, it’s our top suggested broker for UK residents. So, are you looking to trade the financial markets and you live in the UK, keep reading!

FxPro gives traders and investors alike access to the most important financial markets like forex, indices, commodities and stocks. Also for people and traders interested in cryptocurrencies like Bitcoin, FxPro can be very interesting as it’s one of the few brokers that also offer cryptocurrency CFD’s. To open a live account at FxPro, you need to deposit at least €100 but luckily you can practice for free first with their available demo account. Using the demo account you can get yourself familiar with their trading platform and it’s features before depositing your own, hard-earned money.

FxPro is regulated by the Financial Conduct Authority in the United Kingdom under license number FRN 509956 and by the CySEC under license number 078/07. FxPro segregated their client’s money on separate tier 1 banks. FxPro is founded in 2006 and their headquarters is also based in the UK. Before we go more in-depth regarding the detailed aspects of the FxPro trading platform, we suggest you to open their website in a separate browser tab by clicking the button below. This way you can easily check FXPro’s latest spreads, fees, platforms and trading features.

Affiliate and Introducing Broker disclosure: we might receive a compensation whenever you open a real money account with this broker using one of our links.

What are FxPro’s spreads and fees?

The spreads as shown below are calculated on minimum spreads as displayed on the FxPro website. For comparison’s sake, we compared FxPro’s fees with those of two other famous UK brokers: City Index and XTB.

Forex Pair	FxPro	City Index	XTB
EUR/USD	1.4 pips	0.7 pips	0.1 pips
GBP/USD	0.9 pips	1.7 pips	0.1 pips
USD/JPY	0.6 pips	0.6 pips	0.1 pips
AUD/USD	1.0 pips	0.6 pips	0.2 pips
USD/CHF	1.6 pips	2.3 pips	0.2 pips
USD/CAD	1.0 pips	0.5 pips	0.3 pips
NZD/USD	1.3 pips	2.8 pips	0.3 pips
EUR/GBP	0.7 pips	0.5 pips	0.1 pips

Now, as you can see, it might look like FxPro charges quite some spread on all forex pairs. Which is true, but the catch is that FxPro doesn’t charge hidden commissions or fees on round traded lots. And that’s where FxPro excels, as it’s name might suggest, it’s pro-forex.

How much does FxPro charge to round-trade one lot EUR/USD?

If you would round-trade one standard lot of EUR/USD (100.000 unites) at FxPro against a certain price, you would pay nothing at all. For comparison’s sake I have pitched FxPro against XTB and AvaTrade in the table below.

	FxPro	XTB	AvaTrade
Spread fees on 100k	$0.00	$2.00	$7.00
Commission	$0.00	$0.00	$0.00
Total cost of a 100k trade	$0.00	$2.00	$7.00
		$2.00 more expensive	$7.00 more expensive

What can I trade at FxPro?

FxPro offers more than 285 assets and financial instruments for it’s traders to trade on. Their available asset offering contains a whopping 75 forex pairs, which is higher than almost any other broker. In the table below I pitch FxPro again against XTB and AvaTrade to show it’s superiority.

Forex Pairs	FxPro	XTB	AvaTrade
Offered forex pairs	75	48	59
Major Pairs	✓	✓	✓
Minor Pairs	✓	✓	✓
Exotic Pairs	✓	✓	✓
Cryptocurrency Pairs	✓	✓	✓
Commodity CFD's
Offered commodity CFD's	17	21	16
Precious metals	✓	✓	✓
Energy Markets	✓	✓	✓
Agricultural Products	✓	✓	✓
Index and stock CFD's
UK Stocks	156	1606	99
US Stocks	✓	✓	✓
German Stocks	✓	✓	✓
Japanese Stocks	No	✓	✓

FxPro Trading Experience

Platforms and apps

FxPro is one of the few brokers that offers both MT4 and MT5 trading. To see how MetaTrader 4 differs from MetaTrader 5 you can read our article: MT4 vs MT5. FxPro also offers trading on cTrader apart from just Metatrader 4 and 5. This is especially good for traders that are looking for a STP/ECN solution. To check all reputable and reliable brokers that offer cTrader as trading platform, take a look at our cTrader brokers comparison chart. All FxPro’s trading platforms and softwares are downloadable on both Mac and Windows. They also have an Android and iOS app, so you can trade with whatever device or operating system you want and even on-the-go.

MetaTrader 4 versus MetaTrader 5: What’s the Difference?

FxPro Account Types – Choose the right trading platform for you

Check out FxPro’s Trading Platforms

Executing Trades on FxPro

At FxPro the minimum and maximum trade requirements depend on the chosen account and asset traded. As market maker FxPro has quite low-entry requirements compared to most ECN brokers that mostly profit on bigger volumes and capital traded. Market makers are quite low-entry in general and have lower minimum deposit requirements and trade sizes. Also market makers like FxPro do not charge commissions on trades, as stated above. Just like minimum deposit and trade size requirements, margin requirements are also dependent on the trading account and financial asset chosen.

FxPro Trading Platform Features

FxPro offers quite nice features for it’s traders, for instance risk management tools like stop losses (with trailing stop), limit orders, negative balance protection, price alerts and many more. You can view all FxPro’s trading platforms here.

FxPro Allowed Trading Methods

At FxPro scalping and hedging are both allowed. A low minimum deposit requirement of just 100 Euros and negative balance protection result in FxPro being a very nice broker for both beginner and experienced traders.

FxPro Account Types

FxPro offers four types of different trading accounts for it’s clients to open, or five if you count the demo account in. The four real money or ‘live’ accounts at FxPro are: Micro Account, Mini account, Standard account and Islamic account. Logically, micro, micro and standard refer to the lot sizes traded on the specific account types. Islamic accounts refer to a swap-free or riba-free environment and exclusion of certain companies. You can read more about Islamic accounts in our dedicated article to Islamic trading here:

FxPro Deposit and Withdrawal Methods

You can fund your live account at FxPro with either a bank wire transfer, credit / debit card, Paypal, Payoneer or Neteller. How long it takes for your funds to arrive in your FxPro account depends on the deposit method chosen. Withdrawals are made in the same way you deposited money on FxPro and can take up to 72 hours to be fully processed.

FxPro Customer Service

FxPro’s customer service, website and trading platform are available in quite a lot of languages being: English, Chinese, Arabic, French, German, Hungarian, Romanian, Turkish, Czech, Slovak, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese. Their customer service is available trough live chat, email, by phone and via their social media channels. FxPro has a very high score on TrustPilot, being 4.1 out of 5 stars.

What you need to open an account at FxPro

As FxPro is regulated and licensed by the Financial Conduct Authority, CySEC, DFSA and SCB, every new client has to pass a few elementary compliance control checks and KYC to make sure they understand the risks of trading the financial markets. Once you open an account at FxPro the following documents might be asked, so be sure to have them at hand:

– A color copy scan of your passport, national ID card or driver’s license.
– A recent utility bill, which can be a gas, water, electricity, phone or bank statement not older than 3 months with your full name on it.

Because of these basic compliance stuff, please note that opening an FxPro account takes about 10 minutes.

Although you can already discover the FxPro trading platform and check around a few of it’s unique features, you can start trading with real money once your account and documents are fully verified. This can take between 2 hours and 2 days, depending on where you are from, chosen account type and deposited amount of money. You might get a phone call from one of their representatives so keep your phone at hand.

To start the procedure of opening an FxPro account you can visit their website.