FxPro Review - Market leading broker regulated in multiple jurisdictions
Our FxPro Review - A truly global forex broker
FxPro was founded in 2006, and since it’s inception, the broker has continued to grow steadily. Currently, the broker is a leader in the industry. It serves clients in over 170 countries and has been awarded many titles such as ‘Best Broker’ 2015-17 by the Financial Times.
FXPro is a CFD (Contracts for Difference) broker. The broker offers CFDs on six asset classes: Forex, Shares, Spot Indices, Futures, Spot Metals, and Spot Energies. The broker operates with no dealing desk intervention.
FxPro is regulated and authorized by the FCA (UK’s Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission), FSCA (South Africa’s Financial Sector Conduct Authority), and SCB (Securities Commission of the Bahamas). The broker received its CySEC license in 2007, and FCA license in 2010.
Since so many authorizing bodies regulate the broker, it’s undeniable that they are trustworthy and focus on the safety of their clients’ funds. The broker has offices in the UK, Cyprus, and the Bahamas.
Our FxPro Review Ratings
The founder of FxPro is Mr. Denis Sukhotin. Before creating FxPro, Mr. Sukhotin was the head of the Russian equity desk at Severis, and Athienitis Financial Services Ltd, one of the most significant investment houses in Cyprus.
The executive director of FxPro is Mr. Charalambos Psimolophitis. He studied at King’s College London and has had a long, fulfilling career in the finance and FX industry.
Ms. Eleni Ellina is the Chief Legal and Compliance Officer at FxPro. She also studied at King’s College London and has previously worked at Fidelity International and Morgan Stanely.
The Chief Operating Officer at FxPro is Mr. Yiannos Xenophontos, who has worked at the group for over eight years. Initially, he was hired to work as Forex dealer, then promoted to Assistant Chief Dealer and eventually to Chief Dealer. Mr. Xenophontos previously worked at Mizuho Corporate Bank and Dresdener Kleinwort Investment Bank. He studied at BSc level at the University of East Anglia. He eventually did a master’s degree at the University of Reading in International Securities, Investment and Banking, specializing in Risk Management.
Ms. Elsy Rayess is the Chief Client Relations Officer at FxPro. She joined FxPro as a Sales Supervisor and got promoted to Head of Sales in 2014 for the MENA region and eventually to Chief Business Development Officer.
The Chief Marketing Officer of FxPro is Mr. Ilya Holeu, who is also one of the creators of cTrader, while the Chief Trading Officer is Mr. Kuba Soltys. The Head of Operations at FxPro is Mr.Peter Aust, who has worked with FxPro from early 2012. The CEO of FxPro MENA is Mr. Vasily Sukhotin.
FXPro Trading Accounts
FxPro offers a free demo account on all its platforms, which allows you to practice trading and get well acquainted with the platforms. The demo account mimics a real trading account as close as possible to reality. The demo account expires after thirty days, but it’s possible to open multiple demo accounts.
FxPro accounts are based on the platform you choose. MT4 is the most popular platform among traders. It offers sophisticated infrastructure, competitive pricing, and instant order execution. Spreads are low and can be either variable or fixed.
This account is available with either Instant Execution (fixed or floating spreads) or Market Execution (floating spreads only).
MT5 provides the same features as the MT4, but it has more refined features that offer brokers a unique trading experience. The FxPro MT5 account has very competitive spreads that start from 0.6 pips and a lot of additional tools – for example, you chart assets at 21 different time frames and have up to 100 charts open at any time.
This account is available with Market Execution (floating spreads).
cTrader is a relatively new platform, but it has become a major favorite among many brokers. Spreads start at 0.37 pips, and there are no restrictions on stop/limit levels. The minimum deposit is $100. The cTrader account does charge commission on forex and metals.
This account is available with Market Execution (floating spreads).
Premium / VIP Account
The Premium account at FxPro offers advantageous features to experiences brokers such as discounts on spreads (up to 30%), access to the Virtual Private Server with no restrictions, that will allow you to run EAs remotely and 24/7. In addition to this, you will have lower commission on cTrader accounts.
To become a VIP member, you will need to deposit at least $50,000 to your FxPro Wallet.
Opening an account with FxPro is quite simple – you need to register on the FxPro homepage and then upload your legal documents to have your account verified. The broker will also ask for some personal details to evaluate your trading level, such as your financial status, education level, and investment plans. In addition to this, you will be asked to do a financial markets knowledge test.
FxPro also offers corporate accounts, where you can register on your company name using official company documentation such as a certificate of incorporation, articles of association, etc. In addition to this, you can open a swap-free or Islamic account. This kind of account does not charge overnight swap charges and is used by Muslim citizens who abide by Sharia law. To convert your account to a swap-free one, you will need to apply through the back office of FxPro.
Clients of FxPro UK have the opportunity to open a trading account in USD, EUR, GBP, AUD, CHF, JPY, and PLN. For clients using the CySEC regulated branch of FxPro, as well as clients of FxPro Global Markets, the base currencies are EUR, USD, GBP, AUD, CHF, JPY, PLN, and ZAR.
FxPro offers No Dealing Desk Execution, which means clients have direct access to interbank rates. Trade execution is exceptional, with up to 7000 orders executed per second. It’s important to acknowledge that FxPro is a true ECN broker, which should not be confused with STP execution. ECN execution uses sophisticated technology, called FIX Protocol, which acts as a link between traders and liquidity providers. As the trader is executed, ECN automatically pairs and implements the orders that the trader requests, obviously seeking out the best available prices. There are many advantages from trading with a true ECN broker, such as:
- No interference or re-quotes; access to the best prices
- Deep liquidity
- Variable spreads
- Swift order execution
- Access to automated trading and expert advisors
FxPro’s execution has won multiple awards such as:
- Best FX Execution Global 2016, 2017 – CFI.CO Awards
- Best Execution Broker Global, 2017 – Global Brands Magazine
- Best FX Provider, 2018 – Online Personal Wealth Awards
In 2019, the broker received ten more awards, such as ‘Most reliable Broker of the Year 2019’ by International Investor Magazine, ‘Best FX’ provider by Online Personal Wealth Awards, and more.
FxPro takes client fund protection very seriously. The broker follows the regulations of their authorizers very seriously. Client funds are kept in segregated accounts – client funds are kept separate from company funds, which means client funds cannot be used for another purpose.
FxPro offers Negative Balance Protection (NBP) to all of its clients, which means you cannot lose more money than you deposited. In addition to this, the broker also provides a stop out level, which means your position will be closed automatically once a certain margin level has been reached. Furthermore, FxPro has a personal risk management tool called the ‘FxPro Wallet,’ which means you can transfer money to all of your other trading accounts. This can be advantageous as you do not directly fund your accounts, so your deposited funds are protected from your open positions.
There are various deposit and withdrawal methods at FxPro, which are mostly free. Those include Bank transfers, debit/credit cards, PayPal, Skrill, Neteller, and Union Pay.
FXPro Trading Platforms
FxPro is very versatile in terms of the platforms they offer. FxPro offers the popular third-party platforms MT4 (MetaTrader4) and MT5 (MetaTrader 5), which were developed and released by MetaQuotes in 2005 and 2010, respectively. Another platform offered by FxPro is cTrader. This platform is a joint venture of Ilya Holeu, who is the current Chief Marketing Officer at FxPro, and fintech businessman Andrey Pavlov.
MT4 (MetaTrader 4) is not a platform that needs a lot of introduction. It is a golden oldie of trading platforms that is well-known and appreciated by most brokers. FxPro’s MT4 is available as downloadable software for Windows, Linux, and Mac, or on browser through WebTrader. MT4 is also available on mobile trading for both Android and iOs devices.
The minimum deposit for FxPro’s MT5 account is $100. You have the option to open a micro account where you can trade micro-lots. Fixed spreads are available, as well as variable spreads: spreads start at 1.71 pips (instant execution) and 1.58 pips (market execution). With this account type, FxPro does not charge commission, but instead, they integrate their fee into the spread. Stop out level is at 50%, which means that at this certain point, the broker will close their traders ‘position. Furthermore, the MT4 accounts support automated trading and the use of EAs.
MT4 also offers trading signals and copy trading tools.
MT5 (MetaTrader 5) is an institutional multi-asset platform that was the second creation of MetaQuotes. FxPro’s MT5 is available as downloadable software for Windows, Linux, and Mac, or on browser through WebTrader. MT5 is also available on mobile trading for both Android and iOs devices.
The minimum deposit for FxPro’s MT5 account is $100. You have the option to open a micro account where you can trade micro-lots. There are only variable spreads available; spreads start at 1.51 pips (market execution). With this account type, FxPro does not charge commission, but instead, they integrate their fee into the spread. Stop out level is at 50%. Furthermore, the MT5 account supports automated trading and the use of EAs.
MT5 offers 11 types of minute charts, seven hourly charts, and 21 timeframes, as well as trading signals and copy trading tools. It’s a common misconception that MT5 is an upgrade of MT4, - it’s not. MT4 was explicitly built for forex trading, while MT5 is more suitable for trading CFDs, stocks, and futures.
cTrader is a relatively new platform on the market that was designed to serve ECN brokers specifically. cTrader was initially launched with FxPro but eventually became the platform of choice for other leading brokers, such as Admiral Markets. What’s important to point out is that cTrader has a very modern, clean, and attractive interface.
cTrader is available as downloadable software for Windows and as a web platform, as well as on mobile trading for iOS and Android devices.
The minimum deposit for FxPro’s cTrader account is $100. You have the option to open a micro account where you can trade micro-lots. There are only variable spreads available; spreads start at 0.37 pips (market execution). For forex and metals, FxPro charges commission on this account type; however, in the case of other financial instruments, the fee is integrated into the spread. Stop out level is at 50%. The cTrader platform supports algorithmic trading.
FxPro also offers a platform for spread betting, called FxPro Edge. Spread betting refers to hypothesizing on the fluctuation of the financial market, but you do not own the asset or security. Instead, you place a bet on the price change of the asset. The platform quotes two prices, the bid, and the spread, and traders bet on whether the price will be high or lower. Therefore, the investor does not own the security, but instead, they are only guessing what its price will be.
Recently, FxPro created a new tool to manage your account online called FxPro Direct. It allows you to create a new account, edit your current accounts as well as deposit and withdraw funds.
Trader Education Tools
FxPro does not offer great educational tools; however, the broker does have some resources for traders. The training materials were formed in an electronic flashcard style, which makes it easy and straightforward to go through. The beginner section offers several categories to choose from:
Basics – entry level that describes novice terms such as ‘What is margin?’, ‘What is a CFD?’, ‘What is trading leverage?’. There are nine sections available.
Fundamental Analysis – Economic indicators are fully explained in this section.
Technical Analysis – Technical indicators are fully explained in this section.
Psychology – This section talks about traders’ psychology, what mistakes some novice traders do, how to develop trading skills, and more.
For advanced traders, FxPro offers more in-depth details on fundamental analysis, with an in-depth analysis of how-to trader EUR pairs and USD pairs.
Furthermore, FxPro offers an excellent FAQ section their ‘Get Help’ section. It thoroughly guides new and existing users on company products, the platforms available, how to sign up, and more.
FxPro is a CFD broker and offers over 260 + financial instruments across six asset classes. The broker provides swift execution and its large number of executed orders per second. Those are:
Forex: FxPro offers all the major global currencies for trading, as well as many minor and exotic pairs. The broker does not charge commission, but instead, their fee is integrated into the spread. For example, for the EUR/GBP pair, the spread is 1.5
Futures: A popular method of trading commodities, indices, and energies that allows traders to speculate price changes. A futures contract is an agreement between to purchase or sell a particular asset at a fixed price at a specific time in the future.
Indices: These are numerical measures of change in a specific segment of the financial market – you invest in a basket of securities - the most popular indices usually combine shares of large public companies.
Shares: At FxPro, you can trade stocks of large, public companies from the US, UK, France, and Germany, such as eBay, Facebook, Netflix, Microsoft, Coca Cola and more.
Spot Metals: A prominent investment that depends on the economy and the currency change. You can invest in popular spot metals like Gold and Silver.
Spot Energies: Energies such as Natural Gas, Brent Oil and WTI Oil.
Cryptocurrencies: Digital currencies like Bitcoin. Note: Cryptos are only available for SCB clients (as per the ban on cryptocurrency CFD's in the UK from 2021).
No FXPro review would be complete without looking at the various sponsorship deals the broker has negotiated over the years. A big part of FxPro’s global marketing campaign is oriented towards sponsoring various sports teams and tournaments. Until now, the broker has invested $121 million towards their sponsorships. The broker has supported different sports teams, such as:
- Football team Watford FC
- Football team Fulham FC
- Football team Aston Villa
- Football team AS Monaco
- WRC Rally
- IRC Rally
- Formula 1 BMW Sauber Team
- AFC Champions’ league
- Monte-Carlo Beach Volley
- Super Rugby
Currently, FxPro supports McLaren, the leading British motor racing team F1 team (since 2018) and Yacht Club de Monaco (since 2016), which is the national governing body for sailing in Monaco. In 2019, FxPro announced that they would continue supporting the McLaren F1 team for the next three years. The Fxpro logo will now be printed on the front wing and cockpit of the car.
Forex Broker Ratings
Saturday, June 19, 2021