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Last Updated On Jul 10, 2023
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One of the most respected Forex brokers in the industry, FxPro is well regulated and has a much larger client base than most other brokers, with over 870 000 clients in 173 countries. FxPro offers a no-dealing desk execution model and trading on six asset classes, including Forex, shares, indices, futures, metals, and energies.
FxPro offers five live accounts, all with a minimum deposit requirement of only 100 USD, but trading costs that are higher than other similar brokers. Spreads start at 1.41 pips (EUR/USD) on its Metatrader accounts and 0.31 pips on its cTrader account in exchange for a commission of 9 USD round turn. Additionally, FxPro offers very little in the way of education and market analysis materials, making it a poor choice for beginner traders.
With full support for MT4, MT5, cTrader, and the FxPro proprietary trading platform, traders have a wider platform choice than is typically available at other brokers. FxPro allows hedging, scalping, and algorithmic trading on all platforms except its own. FxPro also offers a number of trading tools, including free access to Trading Central, a number of calculators, and a VPS service at an additional cost, which is in line with what is offered at other brokerages.
🏦 Min. Deposit | USD 100 |
🛡️ Regulated By | FCA, CySEC, FSCA, DFSA |
💵 Trading Cost | USD 14 |
⚖️ Max. Leverage | 200:1 |
💹 Copy Trading | Yes |
🖥️ Platforms | MT4, MT5, cTrader, FxProEdge |
💱 Instruments | Cryptocurrencies, Energies, Stock CFDs, Forex, Futures, Indices, Metals |
A no-dealing desk market maker, FxPro was founded in 2006 and is headquartered in London. It has a customer base of over 870 000 clients from 173 countries and is regulated by many top-tier regulators, including the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority (FSCA) of South Africa, and the Securities Commission of the Bahamas (SCB). See below for a list of FxPro registered companies:
Nigerian traders will be trading under the subsidiary, FxPro Global Markets Ltd, which is authorised and regulated by the SCB. Still, over the last few years, the SCB has tightened its regulatory restrictions, including the implementation of leverage restrictions, and the banning of marketing tactics such as promotions and bonuses. Brokers regulated by the SCB will also need to ensure a retail client account’s net equity does not fall below 50 percent and mandates that all traders are afforded automatic negative balance protection.
FxPro complies with all the regulatory requirements set out by the SCB, and it segregates client funds in top-tier banks, restricts leverage to 200:1 (from 500:1 previously), does not offer bonuses or promotions, and sets Stop Out levels at 50%. FxPro also provides all clients negative balance protection, so that traders cannot lose more than is in their trading account.
FxPro has collected over 80 awards from its industry peers. Recent awards include:
Taken together, the long history of responsible behaviour, the strict banking standards, the first-class international regulation, and the industry praise, we deem FxPro a trustworthy and safe broker.
FxPro’s Forex trading fees are higher than other brokers.
Unlike other similar brokers that offer a range of account types with tighter spreads linked to higher minimum deposits, FxPro’s accounts all have a minimum deposit of 100 USD, and trading conditions vary based on which platform is chosen (click here for more information on FxPro’s trading platforms).
The MT4, MT5, and FxPro Edge accounts have trading costs included in the spread, while the cTrader Account offers tighter spreads in exchange for a commission. For more details on FxPro’s trading account, click here.
In a welcome show of transparency, FxPro publishes all the spreads (including averages) and commissions associated with each account.
FxPro’s accounts were assessed to compare the costs to those of other brokers. The costs were evaluated based on the trading fees on one lot (100 000 USD) on the EUR/USD, including the spread and commission:
Spread x Trade Size + Commission = Total Trading Cost (USD)
As you can see from the table above, the trading costs on the cTrader Account are lower than those of the other accounts, but this is still higher than what is offered by other brokers. The trading costs of the other three accounts are built into the spread, which are also much wider than the industry average. More competitive brokers tend to have trading costs that average around 9 USD on their commission-free accounts, and around 8 USD on accounts on which commissions are charged.
Commission Calculations
FxPro charges 9 USD (round turn) per 100,000 USD traded. If a trading account is denominated in a currency other than USD, the figure is converted to the respective currency. The calculation is as follows:
Commission per side = Trade size in base currency x USD conversion rate X 45 USD per million USD traded x Account currency exchange rate.
For example: You are trading 100,000 GBP/JPY:
Step 1: Conversion of trade side from base currency to USD
100,000 GBP x 1.311 (GBP/USD exchange rate) = 131,000 USD
Step 2: Calculate commission charges
131,100 USD X 0.000045 = 5.90 USD
Step 3: Convert commission charges from USD to EUR (account currency)
5.90 USD / 1.1685 (EURUSD rate) = 5.05 EUR
Total round turn commission: 10.10 EUR.
FxPro Swap Rates
Another cost to consider is the swap fees that are charged for holding a position overnight. The swap is charged automatically at 21:59 (UK time) to the client account and is converted into the currency that the account is denominated in. The swap is calculated and charged once every weekday for a 1-day rollover, with the exception of Friday, when it is calculated and charged 3 times to account for the weekend rollover (Friday – Monday).
The swap charge calculation for Forex is as follows:
Swap = (Pip Value * Swap Rate * Number of Nights) / 10
FxPro provides a useful calculator tool to calculate all swap fees and the total costs of holding a position open overnight.
Overall, FxPro offers a variety of account choices available on a broad range of platforms, but trading costs are significantly higher than the industry average.
FxPro’s non-trading fees are average compared to other similar brokers.
FxPro does not charge any account fees, and it does not charge any deposit or withdrawal fees. However, traders will be charged if money is withdrawn from Neteller or Skrill without having placed any trades.
FxPro also charges an inactivity fee of 15 USD per month after 12 months of account dormancy, which is around the industry average.
FxPro’s account opening process is fully digital, fast, and hassle-free compared to other similar brokers.
FxPro excels in its account opening process. It is straightforward, fully digital, and accounts are generally ready for trading within two hours.
Traders from Nigeria are eligible to open an FxPro account but will be assessed to ensure they have sufficient trading knowledge and/or experience to understand the risks associated with trading leveraged products. This is a responsible move on the part of the broker to ensure customer protection.
The account-opening process is as follows:
Compared to other similar brokers, FxPro’s account opening process is fast, generally hassle-free, and fully digital. Accounts are generally available for trading within two hours.
FxPro offers a wider variety of accounts than is available at other brokers, and traders can choose between instant and market execution accounts, but its trading costs are significantly higher than the industry average.
A non-dealing desk broker, FxPro offers both market and instant execution accounts. Most trades are executed in under 14 milliseconds, with 80.48% of market orders executed at the requested price, and 9.6% at a better price, known as positive slippage.
FxPro has five account types with varying trading costs, depending on the platform chosen (click here for more details on FxPro’s platforms). While most brokers offer a range of accounts, some of which will be more suitable for beginners, and others for more experienced traders, this is not the case at FxPro.
Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year. Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek.
Accounts with lower minimum deposits and which allow trading in micro-lots are generally more suited to beginner traders. Spreads on these accounts are usually wider than those with higher minimum deposits. FxPro offers trading in micro-lots on its MT4 instant account and offers reasonable minimum deposits of 100 USD, making it appealing to beginner traders. More experienced traders often prefer to pay a higher minimum deposit in exchange for tighter spreads, but this is not available at FxPro.
FxPro does, however, offer VIP Premium Accounts to selected individuals with high deposits (typically 50,000 USD or equivalent) and those actively trading large volumes. VIP clients benefit from a free VPS service and the possibility of decreased spreads/commissions (but only by a third, which is still not competitive). While this account may seem more appropriate for experienced traders, the extremely high minimum deposit requirement will likely be a deterrent to many.
Traders can choose between four different platforms, including MT4, MT5, cTrader, and FxPro Edge, and there is an account associated with each platform. All FxPro accounts have both demo and mobile options, regardless of the platform. VIP services are available on all platforms and are triggered by larger trading volumes and deposit amounts. Stop Out levels are at 50% for all account options, minimum transactions on Forex trades start at 0.01 lots, and leverage is up to 200:1. Hedging, scalping, and algorithmic trading are unlocked and it offers Islamic swap-free accounts.
FxPro uses a dynamic forex leverage model on the MT4, MT5, and cTrader platforms which automatically adapts to clients’ trading positions. As the volume per instrument increases, the maximum leverage offered decreases accordingly; as per the following table:
The MT4 account is a market execution account that allows trading on forex, metals, shares, indices, energies, and futures. Fees are included in the spreads, averaging at 1.71 pips on the EUR/USD, which is significantly wider than other brokers. Leverage is up to 200:1, depending on the instrument, and no commissions are charged.
The MT4 Instant Account is similar to the MT4 Account, except that it employs instant execution. Fees are included in the spread, which average at 1.84 pips on the EUR/USD, and trading is offered in micro-lots. As with all instant execution accounts, traders can accept the price they are offered or receive a requote.
MT5 Account
The MetaTrader 5 account is for those who want to use the popular trading platform’s latest generation. This account offers market execution, and variable spreads starting at 1.41 pips on the EUR/USD, averaging at 1.65 pips, which is wider than other similar brokers. All fees are included in the spreads, and no commissions are charged. There are no requotes, and partial fills for orders that lack liquidity.
CTrader Account
A market execution account, spreads average at 0.31 pips on the EUR/USD, and a commission of 9 USD round turn per lot traded is charged. These trading costs are lower than those found on other accounts but are still higher than other similar brokers. Trading is offered on Forex, metals, indices, and energies. As with the MT5 account, the cTrader account includes no requotes, and variable spreads, but there are no stop/limit levels.
The FXPro Edge Account is also a market execution account that allows for trading on all instruments (Forex, metals, indices, energies, equities, and shares). Spreads are the same as for the MT4 market execution account, averaging at 1.71 pips on the EUR/USD, and no commissions are charged. As this account is only available on FxPro’s proprietary platform, algorithmic trading is not available.
Prospective traders can open an FxPro demo account on any of the platforms supported. Loaded with 500,000 USD in virtual funds, demo accounts are available for all platforms. Demo accounts are a great way to familiarise oneself with markets and practice trading strategies.
Islamic Swap-Free Accounts
FxPro only offers Swap-free accounts for religious purposes as per the Shariah law. In order to open an account, traders will need to provide an official document such as a Birth or Marriage certificate or an official letter from the leader of their local Muslim community. In lieu of the interest charged on overnight positions, Islamic traders will be charged a commission of 7.50 USD per lot, but this only applies after the 8th night of trading.
Overall, FxPro competes among the top MetaTrader brokers, offering the full suite of MT4 and MT5 platforms with multiple accounts and execution methods. The primary drawback is that FxPro’s trading costs are high, and it does not distinguish between beginners and more experienced traders.
FxPro’s deposit and withdrawal fees are low compared to other brokers, though FxPro charges a fee on certain withdrawal methods if no trading has occurred.
A well-regulated broker, FxPro ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all non-profit withdrawals are returned to the deposit source. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name.
FxPro offers the following deposit and withdrawal methods:
There are no deposit or withdrawal fees for bank transfers and credit cards; however, be aware that the sender’s bank may charge according to its own fee structure.
Clients are not charged a fee for withdrawals via e-wallets such as Skrill and Neteller, but there are conditions:
Deposits by credit card/debit card and e-wallets are instant but can take several days via bank transfer. Withdrawals are processed by FxPro within one working day, but may take a few days to reach your account.
Overall, FxPro provides a decent range of deposit and withdrawal methods, and its fees are low compared to other similar brokers.
Compared to other brokers, FxPro offers a wide range of base currencies but does not offer accounts denominated in NGN.
Accounts can be denominated in the following base currencies: USD, EUR, GBP, CHF, PLN, AUD, JPY, and ZAR.
This is a disadvantage for Nigerians who will likely have bank accounts denominated in NGN and will have to pay conversion fees. Conversion fees can make trading expensive, and are usually not presented on the fee report, but affect your profitability.
It should be noted that for traders that trade in large volumes (more than 10 lots a month), it is better to open an account denominated in USD, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with an NGN account, there will be a small conversion fee for every trade made.
FxPro provides a limited selection of educational materials compared to other similar brokers.
FxPro offers a publicly available education library, including Forex education, technical analysis, fundamental analysis, and trading psychology. While there is little structure or depth to the material, the information is accurate.
Educational resources include a series of articles covering the basics of forex trading, which is limited, but helpful for beginners. It also offers a few resources for advanced traders, such as Fundamental Analysis 2.0. Its videos cover topics such as Trade Habits, Currency Pairs, and Market Players.
FxPro online webinars take place several times a week and can be attended live by registering an account. Webinars will also be uploaded to its YouTube channel to be watched at a later time. The webinar subjects vary from trading strategies to technical and fundamental analyses.
Overall, FxPro’s education section is limited and provides little support for beginners or advanced traders.
FxPro offers a limited selection of market analysis materials compared to other similar brokers.
FxPro offers a variety of news resources, including a market overview curated by its in-house team of analysts. Materials are updated daily, and the news blog supports readers with commentary, analysis, and daily stories related to future market movements and trading opportunities. However, other large international brokers offer regular commentary in video format, which is not available at FxPro.
FxPro also provides extensive technical analysis available in written format. The technical analysis section is updated multiple times per day, and these are comprised of short articles. Additionally, FxPro offers an economic calendar and a bank calendar so that traders can plan their trades.
Overall, FxPro’s market analysis is not as comprehensive or in-depth as what is offered at other large brokers.
Global support is available 24/7, from a multilingual team at FxPro offices worldwide. This is exceptional for an industry where the norm is 24/5. Support is available in 18 languages, via email, live chat, a request call-back service, and telephone, but not locally in Nigeria. Support teams at FxPro are available to help with technical and account-related questions but, as with all regulated brokers, cannot offer investment advice.
We found the live chat support responsive, polite, and quick to provide relevant answers.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FxPro offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. FxPro would like you to know that: Trading CFDs carries a high level of risk and may not be suitable for all investors. Please ensure that you understand the risks involved as you may lose all your invested capital. 71.58% of retail investor accounts lose money when trading CFDs with this provider. Past performance of CFDs is not a reliable indicator of future performance. Most CFDs have no set maturity date, and a CFD position matures on the date an open position is closed.
FxPro is a well-regulated non-dealing desk market maker broker with a large international customer base that heavily promotes the accolades it has received over the years.
FxPro offers five live accounts on a wider range of platform choices than is usually available at other brokers, but its trading costs are significantly higher than the industry average.
An open approach to education is a part of FXPro’s marketing strategy, but account-holders should not expect in-depth or well-structured materials. That said, customer support is accessible and responsive, a real benefit for beginners with many questions.
Overall, FxPro is a dependable choice for traders looking for a strong, traditional and safe broker.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.
Find out how FxPro stacks up against other brokers.
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