Recommended for forex and CFD traders looking for a broker with great account opening and familiar with MetaTrader platform
78.90% of retail CFD accounts lose money
FxPro is a global CFD and forex broker founded in 2006. It is regulated by several financial authorities globally, including the UK's top-tier Financial Conduct Authority (FCA).
FxPro is considered safe because it is regulated by the top-tier FCA and it has a relatively long track record.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.54% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FxPro pros and cons
FxPro has low fees for forex and for stock index CFDs. The account opening process is fast, fully online, and user-friendly. FxPro has a well-performing customer service that provides fast and relevant answers, and can be contacted in many languages.
On the negative side, FxPro's product portfolio is limited to forex and CFD. Trading fees are relatively high for some stock CFDs. There is also an inactivity fee that kicks in after 6 months of no trading.
|• Low forex and stock index CFD fees||• Only CFDs and forex|
|• Superb account opening process||• High trading fees for some stock CFDs|
|• Great customer service||• Inactivity fee|
|🗺️ Country of regulation||UK, Cyprus, Bahamas|
|💰 Trading fees class||Average|
|💰 Inactivity fee charged||Yes|
|💰 Withdrawal fee amount||$0|
|💰 Minimum deposit||$100|
|🕖 Time to open an account||1 day|
|💳 Deposit with bank card||Available|
|👛 Depositing with electronic wallet||Available|
|💱 Number of base currencies supported||8|
|🎮 Demo account provided||Yes|
|🛍️ Products offered||Forex, CFD|
78.90% of retail CFD accounts lose money
Forex and stock index trading fees are low, and there is no deposit or withdrawal fee. On the negative side, FxPro charges an inactivity fee, and stock CFD fees are high on some markets.
|• Low forex fees||• Inactivity fee|
|• Low stock index fees||• Higher CFD fees on some markets|
|• No withdrawal fee|
|Assets||Fee level||Fee terms|
|S&P 500 CFD||High||The fees are built into the spread, 2.9 points is the average spread cost during peak trading hours.|
|Europe 50 CFD||Average||The fees are built into the spread, 3.3 points is the average spread cost during peak trading hours.|
|EURUSD||Low||The fees are built into the spread, 1.71 pips is the average spread cost during peak trading hours.|
|Inactivity fee||Low||$15 one-off account maintenance fee and $5 monthly fee after 6 months of inactivity|
How we ranked fees
We ranked FxPro's fee levels as low, average or high based on how they compare to those of all reviewed brokers.
To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees, and non-trading fees.
- Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
- Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.
In the sections below, you will find the most relevant fees of FxPro for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.
We also compared FxPro's fees with those of two similar brokers we selected, XM and AvaTrade. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of FxPro alternatives.
To have a clear overview of FxPro, let's start with the trading fees.
FxPro's trading fees are low. The pricing structure depends on the account type you choose. In this review, we tested the FxPRO Edge account.
We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.
We have chosen popular instruments within each asset class:
- Stock index CFDs: SPX and EUSTX50
- Stock CFDs: Apple and Vodafone
- Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used was:
- 20:1 for stock index CFDs
- 5:1 for stock CFDs
- 30:1 for forex
These catch-all benchmark fees include spreads, commissions, and financing costs for all brokers. Let's see the verdict for FxPro fees.
FxPro has generally low CFD trading fees. On some stock CFD markets, especially in the UK, you will face higher costs compared with FxPro's competitors.
|S&P 500 index CFD fee||$3.3||$2.4||$0.9|
|Europe 50 index CFD fee||$2.7||$2.4||$0.6|
|Apple CFD fee||$7.9||$4.9||$6.0|
|Vodafone CFD fee||$24.5||$1.4||$5.1|
FxPro's forex fees are low. They are lower or about the same when compared with its immediate competitors.
|EURUSD benchmark fee||$12.3||$17.1||$19.2|
|GBPUSD benchmark fee||$9.9||$14.0||$15.7|
|AUDUSD benchmark fee||$14.5||$13.9||$12.0|
|EURCHF benchmark fee||$8.9||$9.1||$8.5|
|EURGBP benchmark fee||$11.8||$12.0||$10.5|
FxPro has average non-trading fees. There is no account fee, and FxPro charges no withdrawal fee in most cases. However, you will be charged if you withdraw your money to Neteller or Skrill without having traded, or if you refund to PayPal more than 6 months after the initial funding.
There is a one-off account maintenance fee of $15 and a $5 monthly inactivity fee after 6 months of inactivity.
FxPro account opening is hassle-free, straightforward and very fast; it may take less than two hours to verify your account.
|• Fully digital|
|• Low minimum deposit|
Can you open an account?
FxPro accepts customers from all over the world. There are a few exceptions though; among others, you can't open an account from the USA, Canada or Israel.
What is the minimum deposit at FxPro?
The required FxPro minimum deposit is $100. It's great if you would like to start trading with a low amount.
FxPro offers the following account types, which all differ in pricing, trading platform and execution:
|FxPro Edge||Floating spread, no commission||FxPro's own platform||Market|
|MT4||Floating spread, no commission||MetaTrader 4||Market|
|MT4 Instant||Floating spread, no commission||MetaTrader 4||Instant|
|MT4 Fixed||Fixed spread, no commission||MetaTrader 4||Instant|
|MT5||Floating spread, no commission||MetaTrader 5||Market|
|cTrader||Floating spreads, $4.5 per lot roundturn* commission||cTrader||Market|
*Roundturn includes both the opening and closing of the position
An instant order means an order to trade at the price that appears in the quotes flow. It is possible, though, that this specific price is not available. In this case, the order will be re-quoted with the next available price. You must agree to this new quote before execution.
When you place a market order, it will be executed at the current available market price, which is a volume-weighted average price of third party liquidity providers. It is possible that the specific price requested is not available. In this case, the order will be executed at a different price which could be better or worse than the requested price. This is called slippage. A positive slippage (better price) is beneficial to you while a negative slippage (worse price) is not.
There is a VIP account available to clients with an account balance of at least $50,000 (or equivalent). It offers a free Virtual Private Server service and reduced prices.
You can also open corporate accounts, or swap-free/Islamic accounts for religious purposes.
How to open your account
FxPro account opening is fully digital, fast, and straightforward. You can fill out the online application form in 10 minutes. Our account was verified within two hours.
You can select many languages besides English:
To open an account at FxPro, you have to go through the following steps:
- Fill in your country of residence, name, email address and password.
- Enter your nationality, date of birth, phone number, and residential address.
- Add your employment information (employment status, industry, and level of education).
- Provide some financial information (annual income; net worth and source of wealth; the reason for account opening).
- Answer questions about your trading experience and financial knowledge.
- Select a trading platform (MT4, MT5, FxPro Edge, or cTrader), default leverage and base currency; and the preferred language of e-mails.
- Verify your identity and residency. Upload a copy of your national ID, passport, or driver's license to verify your identity, then take a selfie. Utility bills and bank statements (issued within the last 6 months) are accepted as proof of residency.
Deposit and withdrawal
FxPro offers free and fast deposit and withdrawal, via various channels including bank transfer, credit/debit cards and electronic wallets.
|• Credit/Debit card available||• Few minor account currencies accepted|
|• Free withdrawal|
|• No deposit fee|
At FxPro, you can choose from 8 base currencies. The available base currencies are: USD, EUR, GBP, CHF, PLN, AUD, JPY, ZAR
This account base currency selection is average compared with similar brokers; its downside is that only a few minor currencies are accepted.
|Number of base currencies||8||11||5|
Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.
A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These banks usually offer bank accounts in several currencies with favorable exchange rates as well as free or cheap international bank transfers. Opening a digital bank account only takes a few minutes on your phone.
Deposit fees and options
FxPro charges no deposit fees. In addition to bank transfer and credit/debit cards, you can use several types of electronic wallets:
However, electronic wallets are not available for UK clients.
A bank transfer can take several business days, while payment with a credit/debit card is instant.
You can only deposit money from accounts that are in your name.
FxPro withdrawal fees and options
FxPro charges no withdrawal fees in most cases, but there are some exceptions. You must pay a fee if you refund to your PayPal account more than 6 months after the initial funding, or if you refund to Neteller or Skrill without having traded.
How long does it take to withdraw money from FxPro? We tested the debit card withdrawal and it took 1 business day.
You can only withdraw money to accounts in your name.
How do you withdraw money from FxPro?
- Log in to your account (FxPro Direct)
- Go to 'Wallet'
- Click 'Withdrawal'
- Select the withdrawal method
- Enter the withdrawal amount
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Web trading platform
FxPro offers several trading platforms. The MT4 platform we tested is highly customizable and has a clear fee report, but the platform lacks price alerts and the design is outdated.
|• Clear fee report||• No two-step (safer) login|
|• Good customizability (for charts, workspace)||• No price alerts|
|• Order confirmation||• Poor design|
FxPro offers four different trading platforms:
- FxPro EDGE, FxPro's proprietary trading platform
- MetaTrader 4 (MT4), a third-party platform
- MetaTrader 5 (MT5), a third-party platform
- cTrader, a third-party platform
We tested the MT4 platform, as it is more widely used.
MT4 is available in an exceptionally large number of languages.
Look and feel
The FxPro MT4 web trading platform has great customizability. You can easily change the size and the position of the tabs.
However, the platform feels outdated and some features are hard to find. For example, it took us a while to figure out how to add an asset to the watchlist.
Login and security
FxPro provides only one-step login. It would be safer to require two-step authentication.
The search functions are OK. You can find assets grouped into various categories. However, we missed the usual search function where you can type the name of an asset manually.
You can use all the basic order types. However, you won't find more sophisticated order types such as 'one cancels the other'. The following order types are available:
To get a better understanding of these terms, read this overview of order types.
There are also order time limits you can use:
- Good 'til Canceled (GTC)
- Good 'til Time (GTT)
Alerts and notifications
You can't set alerts and notifications on the FxPro MT4 web trading platform. This feature is available only on the desktop trading platform.
Portfolio and fee reports
FxPro has clear portfolio and fee reports. You can easily view your profit/loss balance and the commissions you paid. These reports can be found under the 'History' tab. We couldn't find a way to download them, however.
Mobile trading platform
FxPro has a great mobile trading platform, provided by MT4. It is well designed and user-friendly, with a good search function. However, Touch/Face ID login is not supported.
|• User-friendly||• No two-step (safer) login|
|• Good search function||• No Touch/Face ID login|
|• Price alerts||• No order confirmation|
FxPro offers different mobile trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and the FxPro Direct app. We tested MT4, similarly to the web trading platform.
Once you have downloaded the MT4 mobile trading platform, you should be able to access the relevant FxPro server, e.g. FxPro.com-Real07.
Just like on the web trading platform, you can choose from many languages on the mobile trading platform. Changing the language is a bit tricky on Android devices, however, as you can do it only by switching the default language of your mobile.
|Arabic||Chinese (Simplified)||Chinese (Traditional)||Czech||English|
Look and feel
FxPro has a great-looking mobile trading platform, we really liked its design and user-friendliness. It is easy to find all the features.
Login and security
FxPro provides only one-step login. A two-step login procedure would be safer.
You can't log in using biometric authentication. Providing this feature would be more convenient.
The search functions are good. You can search by typing the name of the product or by navigating the category folders.
You can use the same order types and order time limits as on the web trading platform.
Alerts and notifications
You can set alerts and notifications for your mobile, although you can do it only on the desktop trading platform. It would be much easier if you could set these notifications on the mobile trading platform itself.
Desktop trading platform
In design and functionality, FxPro's MT4 desktop platform is almost the same as the web trading platform. A major difference is that you can set price alerts on the desktop platform.
|• Clear fee report||• No two-step (safer) login|
|• Good customizability (for charts, workspace)||• Outdated design|
|• Price alerts||• Search function could be improved|
For desktop trading, you can use the cTrader as well as the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms; we tested MT4.
It has the same design, is available in the same languages, offers the same order types, has the same search functions, and offers the same portfolio and fee reports as the web trading platform. The desktop trading platform doesn't offer two-step authentication.
The major difference is that you can set alerts and notifications on the desktop trading platform in the form of mobile push and email notifications. To set up email or mobile notifications, you have to add your email address and mobile MetaQuotes ID (you can find it in the MT4 app's settings). You can add these if you click 'Tools' and then 'Options.'
Markets and products
At FxPro you can trade CFDs of underlying asset classes including forex, stocks, commodities, futures and indices. However, popular products such as real stocks or ETFs are not available.
FxPro is a CFD and forex broker with a large number of currency pairs offered. On the flip side, the amount of CFDs they offer - especially stock CFDs - is low when compared with some FxPro alternatives.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78.90% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
|Currency pairs (#)||70||57||56|
|Stock index CFDs (#)||36||18||24|
|Stock CFDs (#)||137||1,139||630|
|ETF CFDs (#)||-||-||5|
|Commodity CFDs (#)||19||8||17|
|Bond CFDs (#)||-||-||2|
You can change leverage levels, which is great. Changing leverage is a very useful feature when you want to lower the risk of your trade. Always be careful with forex and CFD trading, as the preset leverage levels may be too high.
FxPro offers extensive technical analysis, and some great tools to give you a quick market overview. On the downside, it provides no fundamental data.
|• Trading ideas||• No fundamental data available|
FxPro research tools have three sources:
- The 'Tools' section on the FxPro Direct site
- The 'Analytics & Education' section on the FxPro Direct site, which includes third-party services such as the LiveSquawk news feed and audio commentary as well as Trading Central's trade recommendations.
- MetaTrader trading platforms
FxPro does not offer fundamental data.
FxPro has OK charting tools. You can use 32 technical indicators. These charting tools can be found on the MetaTrader trading platforms.
On the negative side, the design is outdated and some features are hard to use. For example, it was hard to figure out how to remove an indicator from the chart.
A news feed with audio commentary is available under the 'Analytics & Education' menu, where you should click 'Squawk'.
FxPro offers an economic calendar with some filtering functions (by date, relevance and currencies), and has a dashboard page with an overview of recent market moves and client positioning on forex markets.
FxPro's customer service is fast, multilingual, and provides relevant answers. It is not available on weekends, though, and you cannot reach phone support directly.
|• Live chat||• No 24/7 support|
|• Relevant answers|
|• Available in local languages|
You can contact FxPro via:
- live chat
- requesting a call back on the website
FxPro provides customer support in many languages:
FxPro has a great live chat service. We received quick and relevants answers.
We could not find a direct number to FxPro phone support, but you can request a call back on their website. This can save you phone costs, but it takes longer to reach customer support this way, at least in our experience. The answers we got were clear and detailed, however.
Email support works well too. We received answers within a few hours and they were relevant.
The only thing we missed was 24/7 availability.
FxPro's educational tools include a demo account, trading platform tutorials (though not for MetaTrader platforms), as well as educational videos and written materials.
|• Demo account||• No webinars|
|• Trading platform tutorial|
|• Educational videos|
At FxPro you can learn in the following ways:
- Demo account
- Platform tutorial videos
- General educational videos
- Written educational materials
FxPro provides educational videos on its YouTube channel. Among written materials, FxPro offers basic online forex courses, with tests for self-evaluation. Besides that, there is a quite thorough guide to technical analysis available at Trading Central.
FxPro occasionally offers forex webinars, but we couldn't find any upcoming ones at the time of our review.
FxPro is regulated by three financial authorities globally, including the top-tier FCA. It is a well-established brand, but it is not listed on any exchange and does not disclose financial information.
|• Negative balance protection||• Does not hold a banking license|
|• Regulated by top-tier FCA||• Not listed on stock exchange|
|• Financial information is not publicly available|
Is FxPro regulated?
Yes, it is regulated by:
- the Financial Conduct Authority (FCA),
- the Cyprus Securities and Exchange Commission (CySEC),
- and the Securities Commission of the Bahamas.
FxPro Financial Services Ltd (the entity handling most European clients) is additionally authorized by the South African Financial Sector Conduct Authority (FSCA).
Is FxPro safe?
To be certain, we highly advise that you check two facts:
- how you are protected if something goes wrong
- what the background of the broker is
How you are protected
FxPro operates several subsidiaries; which one of these will serve you depends on your residency. This is important for you because the investor protection amount and the regulator differ from entity to entity.
|Country of clients||Protection amount||Regulator||Legal entity|
|UK||£85,000||Financial Conduct Authority (FCA)||FxPro UK Limited|
|EEA||€20,000||Cyprus Securities and Exchange Commission (CySEC)||FxPro Financial Services Ltd|
|All other countries||No protection||Securities Commission of the Bahamas||FxPro Global Markets Ltd|
FxPro provides negative balance protection. If the balance on your account goes into negative, you will be protected.
FxPro was established in 2006. It is originally based in Cyprus. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.
On the negative side, the company doesn't disclose financial information and isn't listed on any exchanges.
FxPro is regulated by several authorities globally, including the top-tier FCA.
On the plus side, we liked the low forex and stock index CFD fees. Opening an account is fast and takes place fully online. FxPro has great customer service, with many languages supported.
FxPro has some drawbacks though. Its product range is limited to CFDs and forex. Its trading fees are generally low, but relatively high for some stock CFDs. A $15 one-off account maintenance fee and a monthly $5 fee is charged after six months of inactivity.
We recommend FxPro for those who are interested in CFD and forex trading and appreciate a quick and hassle-free account opening process. Feel free to test it via the demo account.