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Is FxPro a good choice for beginner investors?

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Updated
May 2024
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Getting started with FxPro

Considering taking your first steps into investing but unsure if FxPro is the right choice for beginners like you? Curious about transaction costs at FxPro or how user-friendly their platform is?

Unfortunately, FxPro is not considered good for beginners. If you'd like to see alternatives, check out our picks for the Best brokers for beginners.

FxPro is not the best choice for new investors
András
András Régely
Investments • Stock Market • Market Analysis

Together with my brokerage analyst colleagues, I have thoroughly tested the services of FxPro by opening a real-money account. Here’s what you need to know about FxPro:

  • A broker is good for beginners if it has low fees and an easy-to-use platform.

  • FxPro has a user-friendly mobile platform.

  • FxPro has Low transaction costs and a minimum deposit of $100.

  • Account opening at FxPro takes 1 day.

  • FxPro is a legit and trusted broker.

  • Browse the Best brokers for beginners for some great alternatives.

BrokerChooser score
4.3 4.3 /5
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74% of retail CFD accounts lose money

FxPro is a CFD broker

Just a quick heads up: FxPro focuses mainly on CFDs (contract for difference). Usually we don’t recommend CFD products for beginners. If you are a beginner looking to trade mostly stocks, choose a stockbroker where you can buy the actual shares of a company instead of a CFD contract for the stock.

Some CFD brokers offer you the opportunity to place orders on the price movements of some popular stocks; some might even offer company shares as a so-called stock CFD. While this might be convenient for some short-term traders, there are many drawbacks to it: for starters, you’ll need to pay the broker a so-called financing charge as long as you hold the CFD. This could add up to a significant amount if you hold the CFD for more than a few weeks.

If you’d like to stick with CFDs, you might want to take a look at our article on CFD trading tips.

How to determine if a broker is good for beginners?

There are many factors to consider when evaluating a broker's services, possibly too many to list. However, in general, beginner-friendly brokers should have:

  • an excellent web and mobile trading platform
  • low fees
  • an easy account opening process
  • low minimum deposit
  • great educational tools
  • good customer service

Let’s explore how FxPro compares to its peers when it comes to platforms, fees, account opening and education tools. We're rating each category on a scale from 1.0 to 5.0, where 1.0 is the lowest and 5.0 is the highest.

FxPro services vs. similar brokers
XM
Web platform score
2.8 stars 2.8 stars 4.4 stars
Mobile platform score
3.8 stars 3.3 stars 4.4 stars
Fees
Low Low Low
Account opening score
5.0 stars 5.0 stars 5.0 stars
Deposit and withdrawal score
4.4 stars 5.0 stars 4.4 stars
Education score
5.0 stars 4.5 stars 5.0 stars
Customer service score
4.5 stars 4.5 stars 2.9 stars

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74% of retail CFD accounts lose money

Do FxPro's platforms cater to beginners, and is assistance provided?

Navigating the complexities of trading can be challenging. Easy-to-use interfaces and comprehensive learning materials can simplify these complexities, especially for new investors like you. So, choose a broker known for its user-friendly platform and robust educational resources.

FxPro's web trading platfrom vs. competitors
XM
Web user-friendliness
Mid-range Mid-range Great
Web two-step authentication
No No Yes
FxPro's mobile trading app vs. competitors
XM
Mobile user-friendliness
Great Great Great
2-step authentication
Yes No Yes
Biometric authentication
No No Yes
Educational reasouces are useful, especially for novice investors.

Educational resources, such as demo accounts and platform tutorial videos, can really help you get the hang of trading platforms and make smarter investment choices. FxPro's educational resources have the following advantages: Demo account. Trading platform tutorial. Educational videos. However, they also have some disadvantages which could be improved: .

Similarly, effective customer support is also vital as it ensures that you receive timely assistance with account issues, trading problems, and general inquiries.

FxPro's customer support is generally quite reliable and helpful. At FxPro, customer support can be reached via live chat, phone and email.

What are the fees like at FxPro and is there a minimum deposit?

Transaction costs at a brokerage, including commissions and spreads, can eat into investment returns, especially for active traders. Choosing a broker with low fees is crucial as it allows more of your money to stay invested and grow, enhancing overall profitability.

Think of broker fees like admission to an amusement park. Just as you pay to enter and enjoy rides, you have to pay flat fees or commission-based charges to access trading services. Like different amusements parks offering various experiences and prices, brokers offer varied fee structures tailored to specific types of traders or investment strategies. Ultimately, like weighing park costs against fun, investors consider broker fees relative to trading benefits.

What about deposit requirements? At FxPro, the required minimum deposit is $100. This means that you have to put at least $100 in your broker account to be able to start trading.

Is that more than you're willing to commit at this point? See if you can start trading with less at other brokers.

Broker
Minimum deposit
Bank transfer
FxPro
$100
XM
$5
ActivTrades
$0
Deposit requirement and funding methods

So what if you made a deposit but decide later that you want to switch brokers and invest your money elsewhere? No worries - you can always opt out and withdraw your funds.

BrokerChooser score
4.3 4.3 /5
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74% of retail CFD accounts lose money

How is the account opening experience at FxPro?

Account opening at FxPro is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.

Opening a brokerage account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At FxPro, it usually takes 1 day to have your account up and running.

Is FxPro legit?

We hear more and more stories each day about clients who lost their money to scammers through unregulated services. BrokerChooser only features brokers that have top-tier financial regulators. As such, FxPro is a legit and trusted broker.

Top-tier regulators are regulatory or self-regulatory authorities that apply, oversee and enforce the strictest requirements and standards to ensure that brokers supervised by them do not engage in fraudulent activities. Oversight by a top-tier regulator is a good indicator that the broker adheres to the highest regulatory standards and practices. FxPro is regulated by FCA in the UK.

If FxPro is not the right broker for you, go ahead and check out our top picks for Best Brokers for Beginners in 2024 for some alternatives.

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74% of retail CFD accounts lose money

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Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

András Régely
Author of this article
As a Broker Analyst at BrokerChooser, I'm dedicated to providing data-driven insights that simplify the world of investments. With a solid academic background, including an MSc in Accounting and Finance from LSE, I bring a deep understanding of financial markets to my role. My mission is to assist retail investors in finding the perfect broker fit by leveraging my trading experience and analytical skills. At BrokerChooser, I merge my passion for trading with a keen eye for market trends, helping clients navigate online brokers confidently and effectively.
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