FxPro is the collective brand name of FxPro UK Ltd., an entity regulated by the UK Financial Conduct Authority (FCA), and FxPro Financial Services Ltd., which is licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Board (FSB) of South Africa. In October 2017 the broker was granted a license to operate in the UAE from the Dubai Financial Services Authority (DFSA).
FxPro competes among the top MetaTrader brokers, offering the full suite of MT4 and MT5 platforms with multiple account pricing options. FxPro offers a variety of pricing options, including multiple execution methods. However, pricing wasn’t quite competitive enough to challenge industry leaders.
Drawbacks to FxPro include a small range of trading products and limited market research. Read a complete FX Pro review before opening an account.
Table of contents
Many traders shop for a forex broker to work with and find endless reviews on the web, and not all are genuine. There are lots of forex websites that specialize in broker reviews and lots of talk about brokers in various forums, social media channels, and groups. While some information comes from a real trading experience of people that have used brokers’ services, some have a hidden agenda of promoting the broker(s). Promoting a forex broker is a legitimate and normal practice, as long as it’s done in a transparent way.
As of today, there are very few websites with trusted brokers’ reviews. One of the most trusted is forexpiecearmy.com, due to its security level which filters fake reviews. Anyway, use your intuition when you read FxPro reviews.
FxPro’s overall rating on the largest portal for broker reviews is average to poor. What do FxPro’ disgruntled traders complain about?
Alleged spread manipulation is always an issue with online trading operations, as is the apparently unfounded denial of profits from traders. Some of the clients are not happy with the execution, complaining about widening spreads, freezing platform, or “off-quote” response. Others are complaining FxPro blocks the accounts of the clients who are profitable finding excuses like night trading, NBP abuses, and so on.
Here are just 2 examples:
Fxpro is now an untrustworthy broker. Stay awayOnce I thought that Fxpro is a reputable and trustworthy broker.
I had even left a five star review.
This broker turned to one of the most tricky and BAD brokers ever.
1) Their servers (maybe intentionally) got slower and slower during critical times for trading (like news or near market close), inflicting huge slippages with silly requotes, leading the trades to a catastrophe.
2) They use a very sinister spread widening strategy (BEYOND any logic), inflicting fake movements to specific trading instruments on certain times (I can present very analytical evidence). One example: they widen the SELL and BUY prices of natural gas, from 7 units -which is already a relatively high spread – to 10,20 or even 30 (!), every night, making it to go up AND down by almost 0,40 %, with no other broker doing the same thing!
3) They are lowering the leverage or even block the accounts of the clients who are profitable finding ridiculous excuses like night trading, NBP abuses etc.
4) when they notice that one client understand all the above, they block his accounts and stop responding to emails.
DON’T trust Fxpro.
From a client who someday trusted this company!
– BlackViper, Athens, Greece
FX Pro is a scam broker, plain & simple.If you see anyone defending this scam broker, you should know that they probably work there.
No winning trader wastes their time & energy defending their broker online.
What does a trader have to lose if other traders complain about their broker??
I make money with some brokers but I dont defend them or even try to, simply because its not my problem.
I am a very profitable good trader with multiple brokers.
One of them is FX Pro which I have used for the last 3 years.
I have seen & experienced all their scams.
One test I have done on several occasions is to open similar small positions with FX Pro & two other brokers at the same open. The FX Pro trades usually result in losses while those with other brokers make profits.
I have seen Re-quotes, Platform freezing & I have seen “No Connection” windows popping up when I try to close winning positions or make a winning entry.
Spreads can sometimes be 3 times my profit target. I have seen 3500 pip spreads on my winning trades meaning some trades never move far enough for both the “ask & bid line” to cross the profit target.
Remember that it is the “bid line” which hits the Stop Loss & Take Profit lines. The bid & ask line difference is the spread but the bid line comes hidden on their platform’s default setting.
So you dont see it until you actually go into the platform’s settings to enable it.
This is actually a good way to identify Market Makers because their platforms usually do not show the bid line on the charts & you have to manually enable it.
I finally stopped trading with them when they started playing games with my withdraw requests.
At first I did not have any problem withdrawing my money but as I became more consistently profitable, I started seeing delays in my money getting to my bank account.
The last request was never processed for almost a month & they kept telling me that they had a problem with their card processing company.
So I asked them why they were not sending emails to all their clients about this problem as they usually send out emails about any little changes.
Considering not being able to withdraw money was a big issue, I would’ve seen other clients complaining & panicking about it on forums.
I told them they were clearly lying to me & I got my money the very next day.
Traders need to be aware that FX Pro pretend to be a real broker but they are not.
They are a Market Maker & they are not connected to any external exchange.
They admit in their contract.
The problem is, most traders dont read contracts from brokers.
I SUGGEST YOU READ THE FX PRO CONTRACT WHICH THEY EMAIL TO YOU WHEN YOU OPEN A LIVE ACCOUNT.
YOU WILL FIND THAT IT IS THERE IN BLACK & WHITE WHERE THEY BASICALLY CONFESS ABOUT NOT BEING A REAL BROKER & HOW THEY INTEND TO RIP YOU OFF.
And remember again that anyone you see defending this scam broker, is probably employed by them.
They have a huge marketing & PR department which employs people to make them look genuine & legit.
It is all a big professional scam.
– King, Leeds, United Kingdom
WARNING: The Forex Peace Army has seen evidence indicating that non-clients are being paid to leave fake positive reviews for FxPro.
FxPro seems unsuccessful in Europe, where it has a proper license to operate. Their main markets are South Africa and Vietnam, according to the number of brand searches (source: ahrefs.com). It looks like FxPro has a business in Japan, although it is not locally regulated to onboard Japanese fx traders.
Is FxPro Trusted?
- Forex Brokers: 89/99
FxPro is considered low-risk, with an overall Trust Score of 89 out of 99 according to forexbrokers.com experts opinion on FxPro. FxPro is not publicly traded and does not operate a bank. FxPro is authorized by one tier-1 regulator (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust). FxPro is authorized by the following tier-1 regulators: Financial Conduct Authority (FCA).
FxPro Trading Conditions
Depending on the trading platform used, FxPro offers three basic account types – MT4, MT5, and cTrader (NDD). All three account types offer dynamic leverage up to 1:500 and micro-tradeable lots.
Besides, FxPro offers its in-house built FxPro Markets platform.
In addition, the brokerage provides swap-free (Islamic) accounts to clients of the Muslim faith, as well as VIP services to high-net-worth individuals and those actively trading large volumes.
VIP clients benefit from free forex VPS service, no deposit fees, and receive trade recommendations, exclusive news reports, and margin level alerts via email and SMS.
Spreads and Commissions
On FxPro MT4, you can choose variable or fixed spreads. For the variable spread pricing, there are two types of execution-based pricing: instant and market.
FxPro offers its most competitive spreads on its cTrader platform. Comparing commission-based pricing, FxPro’s all-in spreads (total cost of trade) are roughly 1.27 pips (0.37 spread + 0.9 commission) using EUR/USD as an example.
FxPro’s floating rate model (variable spread) is available on MT4 and MT5, with EUR/USD spreads of 1.58 for accounts on market execution (1.51pips on MT5) and 1.71 for accounts with instant execution. In comparison, Admiral Markets offers a typical spread of 0.5 pips for EUR/USD.
Minimum initial deposit
In order to open an account with FxPro, one has to invest $100, however, the recommended minimum capital to start forex trading is $500.
FxPro Platforms and Research
Overall, FxPro provides the full MetaTrader suite (MT4 and MT5 for both desktop and web), as well as the cTrader platform, giving traders a diverse selection of trading options depending on their trading style.
In spite of the number of improvements made to MT5 lately (and most importantly the hedging option added to it), MetaTrader 4 is used by FxPro’s traders. MT4 provides an advanced charting package, lots of technical indicators, an extensive back-testing environment, and a variety of Expert Advisors (EAs). See how to use MetaTrader 4.
MT4’s successor, MetaTrader 5, allows the execution of orders in several financial markets and stock exchanges through a single trading account. This platform also features an advanced charting package, trading and analysis tools, alerts, trading signals, and customizable MT5 indicators. See how to use MetaTrader 5.
>> Read also MT4 vs MT5
Last but not least, FxPro offers access to the cTrader platform, which is custom-made for use in the NDD environment. cTrader is fast, easy to use, and provides pricing transparency and tight spreads. The cTrader suite includes a PC, web, and mobile versions, as well as automated trading software cAlgo.
FxPro has a respectable base of market research but lacks depth in key areas to compete with industry leaders. Daily market updates and analysis via its blog, streaming Dow Jones news, Trading Central (cTrader only), and an economic calendar (see here how to use ForexFactory in trading) mostly sum up the research features from FxPro.
FXPro Quant helps you get started & create Forex trading strategies for you. FxPro Quant, a user-friendly algorithmic strategy builder.
Expert Advisors (Forex EAs or Trading Robots) and cBots are programs that are designed to automate trading on the MT4 and cTrader platforms, respectively. EAs/cBots use predefined money management rules and trade execution protocols to monitor price action in real-time and identify when a market meets the conditions that have been predetermined by the user. EAs and cBots can be configured to provide trading signals when these market conditions are present, or they can be fully automated to open and close positions on the user’s behalf.
FxPro Quant is designed to be simple and user-friendly so that traders can create forex strategies without the use of complex coding language.
To create a new strategy, all you have to do is browse through nodes in the ‘Library’ and drag and drop your selections onto the Workspace Area. Click on the outer circle of a node and drag it to another node to link the two.
Overall, FxPro caters to the needs of a diverse range of traders. For example, the broker offers various orders and account types, as well as execution and pricing models, which provide instant execution and floating or fixed spreads.
Drawbacks to FxPro are two-fold. First, FxPro offers very little market research. Second, FxPro provides only a narrow selection of tradeable products. Plus too many negative reviews.
GET A FOREX PRO ON YOUR SIDETo trade forex and CFDs, you need a well-regulated broker, where your money is safe, one that features a user-friendly trading platform with ultra-light execution, tight spreads, and fees. Trading with a trusted forex broker is crucial for success in international currency markets.
Here’s the Overall rankings for the best online brokers who participated in our 2021 Broker Review, sorted by Overall ranking.
While FxPro does not stand out for its pricing, FxPro is a well-capitalized, trustworthy broker that offers multiple platform options, multiple execution methods, and, for professionals, can cleanly execute large orders. Read more…
The minimum deposit at FxPro is $100. For a proper risk and money management strategy the minimum amount should be $500. Read more…
Withdrawal requests are processed by our Client Accounting Department within 1 working day. However, the time needed for the funds to be transferred will vary, depending on your payment method. International Bank Wire withdrawals may take 3-5 working days. SEPA and local bank transfers may take up to 2 working days. Read more…
FxPro Financial Services Limited is authorized and regulated by the South Africa Financial Sector Conduct Authority (authorization number 45052). The FSCA is the independent supervisory and regulatory authority for the non-banking services industry in South Africa.
FxPro is considered low-risk, with an overall Trust Score of 89 out of 99. FxPro is not publicly traded and does not operate a bank. FxPro is authorised by one tier-1 regulator (high trust), two tier-2 regulators (average trust), and one tier-3 regulator (low trust).