FxPro review

Looking for a reliable and reputable broker is a process that takes time. Any company that handles your money needs to be one that you feel exceptionally comfortable with. While there are plenty of brokers on the market, FxPro is one you should consider. 

In this FxPro broker review, we’ll cover everything you need to know. 

FxPro launched in 2006 and has excellent top-tier regulation. This gives you extra peace of mind while you’re trading. Having launched with the slogan, “trade forex like a pro,” the site offers features to help you do just that. 

The range of trading instruments helps FxPro stand out. They offer forex, indices, metal, shares, energy, and futures. They recently also began offering cryptocurrency trading mechanisms. 

This broker’s headquarters are located in the UK, with several regional offices worldwide. It is also a popular choice, with more than 100 awards, and operates in more than 170 different countries. 

Despite that, it’s important to assess the small details before making a choice of the best forex brokers for you. In this comprehensive FxPro review, we will cover the important aspects of this broker. By the end, you’ll have everything you need to make an informed decision.

TL;DR

• FxPro is a well-regulated and popular forex broker. It offers many trading platforms, including industry-standard MetaTrader 4 & 5. Additionally, the proprietary platform, FxPro Edge is a useful addition.
• This broker is known for competitive trading conditions and great customer support. It has many tradable assets to choose from.
• Regulated by multiple tier-1 authorities. This gives extra peace of mind as well as high security and credibility.
• Offers various account types. Each has different minimum deposit amounts and trading conditions. Exploring all options will help you make the best decision.
• FxPro has received generally positive reviews from users and experts. However, there are some concerns about possibly suppressing negative reviews.  

FxPro: The Forex Trading Powerhouse

What is FxPro Best Known For?

FxPro has certainly established itself as a popular and formidable force amongst the forex market. Its standout feature is its strong regulatory oversight, licensed by many top-tier regulators. Additionally, this broker is known for its many trading platforms and trading conditions. Overall, it’s possible to tailor your experience with this broker to your own trading styles and preferences. 

Pros

Regulated by Multiple Tier-1 Authorities

As we have just mentioned, FxPro is known for its strong regulatory oversight. It is licensed by several tier-1 authorities. These include the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Securities Commission of the Bahamas (SCB). 

Regulatory oversight is one of the most important aspects to look for when choosing a broker. While offshore brokers aren’t generally considered the gold standard, tier-1 options are. For that reason, FxPro stands out as a reliable choice. 

What does this mean? That your funds are protected and that the broker adheres to strict financial regulations. 

Competitive Trading Conditions

Another advantage of choosing FxPro is its competitive trading conditions. This includes low spreads and commission-based trading on specific platforms. Of course, this allows you to cut your trading costs while increasing your profitability. 

Other similar features include negative balance protection. This is a big plus as it ensures that you cannot lose money that isn’t in your account. In volatile market conditions, you’re kept safe and secure. 

FxPro allows you to set your broker account in eight different currencies. These include EUR, USD, GBP, CHF, JPY, PLN, AUD, and ZAR. From there, you can trade in more than 70 currency pairs, with fast order execution. 

As far as leverage goes, this broker allows up to 1:500. However, the exact leverage offered depends on the account you choose and your jurisdiction. 

Wide Range of Trading Platforms

FxPro is known for its range of trading platforms. This allows you to choose a platform that suits your trading needs and preferences. Along with industry-standard MetaTrader 4 & 5, there is also the proprietary platform, FxPro Edge, and CTrader.  

If you prefer to trade on the go, the FxPro app is available on both Android and iOS. This ensures that you never miss out on a profitable trade because you’re away from the computer. 

A Range of Tradable Instruments Available

Whether you’re an expert trader or a novice, having a range of tradable instruments makes your trading efforts easier and more diverse. This obviously increases your chances of profits. FxPro offers several trading instruments, including forex, indices, metal, energy, shares and futures. Recently, they also added cryptocurrency to their menu, giving extra choice and capacity for gains. 

Excellent Customer Support

Another big advantage of choosing FxPro is its excellent customer support. You can contact knowledgeable and experienced representatives through email, telephone, and live chat. Lines are open 24/5 in several languages.

Cons

Higher Commissions on Certain Platforms

FxPro certainly offers competitive spreads but some platforms, particularly cTrader, charge commission. In some cases this can be higher than regular industry averages. It’s important to assess each platform and find the right one for you, however this could increase your trading costs. If you’re an experienced trader who executes many trades, this is something to consider carefully. 

Limited Educational Resources Compared to Other Brokers 

The educational resources and materials offered by FxPro may be enough for some. This broker does offer video courses and articles for beginners and some for advanced traders. However, compared to some other similar brokers, this range could be considered limited. 

Currently, training modules cover the basics, analysis, and psychology. However, if you’re looking for comprehensive training and guidance, you may find FxPro comes up short. For example, it doesn’t offer any guidance in techniques and strategies, which are important for beginners. 

Not Available Worldwide 

Another notable downside of choosing FxPro depends on where you are located. There are certain countries in which this broker cannot be used. However, it does span 170 countries, so this may not be an issue for you. The main issue is that FxPro doesn’t offer its services to US customers, as well as Canada and Iran. The list of other non-supported countries is quite extensive. Despite that, those in the UK, South Africa, Cyprus, and the Bahamas, to name a few, can happily trade. 

Criteria Evaluation

Having explored the pros and cons in this FxPro review, let’s see how this broker measures against our criteria. For each section, we will mark out of five, to help you make an informed choice. 

Regulation and Licensing: 4/5

We know that FxPro is heavily licensed by top tier regulators, which gives peace of mind when trading. For that reason, this broker excels in this area. When trading, you benefit from high security levels and you can have confidence in how FxPro operates. 

Trading Conditions: 3/5

Overall, FxPro offers competitive trading conditions. They have low spreads and there is the option for commission-based trading. However, certain platforms do charge higher commissions than others, sometimes over the industry average. This can affect your trading costs and could mean you lose more than you make. 

For that reason, it’s important to assess each platform carefully before making a decision. 

Trading Platforms: 4/5

Despite the higher costs on certain platforms, FxPro does perform well in terms of choice. The broker offers many platforms for specific needs. These include industry-standard choices such as MetaTrader 4 & 5, as well as its proprietary option, FxPro Edge. The trading app also makes it easy to trade no matter where you are, at any time. 

For many brokers, the choice of platform is important. All platforms have specific features and analytical tools. FxPro’s large range means you can choose a platform that meets your trading needs and experience level. Over time, this makes your trading efforts easier. 

Account Types: 4/5

As a highly-regarded broker, it’s no surprise that FxPro offers several account types. These are designed to meet the needs of all traders, whether experienced or beginner. When choosing an account, it’s important to assess all criteria carefully before making your final decision. 

All accounts have different minimum deposit amounts and trading conditions. These include the Standard Account, Pro Account, Raw Plus Account, and the Elite Account. The minimum deposit on the Standard Account is just $100, which makes it an ideal option for beginners. However, the Pro, Raw Plus, and Elite Accounts have minimum deposits of $1000. These accounts are best for experienced and prolific traders. 

For all accounts, deposits and withdrawals are free and there are several methods you can use to deposit funds. These include Visa and Mastercard, both credit and debit cards, Maestro, wire transfers, PayPal, Skirll, and Neteller. 

Customer Support: 5/5

One of FxPro’s biggest standout advantages is its excellent customer support. Available 24/5, you can contact a representative by phone, email, or live chat. This broker has a commitment to ensuring customer satisfaction, which is evident by its 4.4 rating on Trustpilot. 

The only downside is if you need urgent support outside of these hours, i.e. at weekends. However, those sending an email during ‘out of hours’ periods will receive a prompt response the following working day. 

Educational Resources: 3/5

It’s true that FxPro does offer educational materials and resources to a degree. For many traders, the choice on offer will be sufficient. However, complete beginners may struggle with the limited amount of resources compared to other brokers. Many users have previously stated that they would like more resources on trading strategies, which is currently lacking. 

Reputation and User Reviews: 4/5

Overall, FxPro has a good reputation amongst users and trading experts. It has many positive reviews and most praise its reliability and varied trading experiences. 

Community Reviews and Expert Recommendations

Community reviews and recommendations by trading experts are an important part of choosing a broker. As mentioned, FxPro has generally positive reviews across the board. However most state that there is room for improvement in terms of educational resources. Potentially higher commission charges on certain platforms particularly the cTrader platform, is something many also highlight. 

However, overall, many users praise the customer service standard, range of platforms, number of tradable instruments, and its regulatory oversight. Experts concur with this and also mention the different account types available for a range of users. 

Pricing

In terms of pricing, FxPro offers several account types with different conditions, including minimum deposits. As mentioned earlier, the Standard Account is the best choice for beginners and those who want to keep costs low. This account has a minimum deposit of $100. However, expert traders may prefer to use the Pro, Raw Plus and Elite Accounts, which offer better leverage and trading conditions. These accounts require a minimum deposit of $1000.

When choosing the platform you prefer, remember that commissions may be higher than industry averages in some cases. This is particularly pertinent to the cTrader platform. For that reason, it’s vital to research platforms and accounts before making a choice. Doing so will ensure you keep your trading costs low and enhance your potential for gains.  

Where to Find FxPro

You can find all the information you need on using FxPro on their website. 

Alternatives to FxPro

Throughout this FxPro review, we have given you all the information you need about this reputable broker. However, it’s important to make your own personal choice. If you find that this broker isn’t the right one for you, there are some notable alternatives. Let’s take a look at a few of the other best MT4 forex brokers you may like to explore further.

Forex.com

Forex.com is a highly regarded and reputable broker. With a range of account types on offer, it’s not difficult to find an option that suits your trading needs. In particular, this broker has excellent regulatory oversight, giving you extra peace of mind during your trades. 

You can visit this broker in the following regions: 

– US
– UK
– Canada
– Latin America
– MENA
– All Other Regions

FXOpen

FXOpen is a forex and CFD broker that offers a range of trading platforms for different needs. It is particularly known for its range of educational resources, which makes learning from scratch easier. Additionally, FXOpen offers a demo account, allowing you to make trades without the risk of losing money as you learn. 

FPMarkets

Based in Australia, FP Markets is another reputable broker that offers a range of instruments, including cryptocurrency. It also offers very low spread and leverage of 500:1. Many traders praise the customer service quality of this broker, with lines open 24/7. There is also a large and comprehensive educational resource library, making it easy to develop your trading skills. 

RoboForex

Established more than 15 years ago, RoboForex has gained the respect of the trading industry. Its main feature is copy trading, which allows you to learn as you go, emulating the strategies of successful traders. With leverage up to 1:2000 and tight spreads, this broker offers a range of platforms and trading instruments. 

When choosing your ideal broker, it’s important to do your research. The TopBrokers Forex Blog is the place to go for content and analysis about broker reviews and forex trading. By learning as much as possible, you’ll make the right decision and have a positive trading experience. 

Final Thoughts

When choosing a broker it’s vital to explore pros and cons while also delving deep into the specific features. FxPro broker services are certainly impressive and with its strong regulatory oversight, you can be sure of peace of mind. However, concerns remain with high trading costs on particular platforms in particular. 

FxPro has excellent customer support, several platforms to choose from, and many tradable instruments on offer. This is why it has established itself as a force in the forex trading industry. 

This FxPro review aims to help you make the right personal decision. Ultimately, the choice is yours and it’s a good idea to explore all options first. If you value regulation and security, competitive trading conditions, and many platforms, this broker could be for you. However, if minimizing trading costs and educational resources are important to you, it may be an idea to explore elsewhere. 

Many users feel that this broker lacks resources on trading strategies in particular, such as the price action trading strategy. However, if you’re experienced and you feel you don’t need this, it may not be an issue. 

Top Brokers is a valuable resource for researching and comparing forex brokers. Additionally, you can learn vital information on subjects like 24 hour forex trading. In the end, you’ll have everything you need to enjoy a successful and profitable trading experience.