FxPro: Review, Analysis and Complete Guide
FxPro is a UK-based online trading platform with over a decade of experience and a user base of over one million people from 173 countries across the globe.
It is one of the most prestigious brokers in the world, where clients can invest in the Forex market, cryptosystems such as Bitcoin, currency pairs, futures, indices and commodities such as oil and some precious metals.
In this article you will find out all the information you need to decide whether FxPro is the right trading platform for you to invest your money in. You will also learn how to create a secure trading account and get feedback from users.
FxPro Pros and Cons
- There is no minimum for deposits.
- Allows you to trade Forex.
- 5 Crypto currencies including Bitcoin.
- Some negative opinions.
- Not available in some countries.
FxPro Financial Products
FxPro offers its users the ability to safely invest in over 250 financial instruments of all types. These include the world’s most popular instruments such as Bitcoin, Ethereum, gold, oil, Apple and indices such as the Dow Jones.
In addition, all forex market options are accessible from FxPro through the most prestigious trading platforms such as MT4, MT5 and cTrader. They also have their own trading platform called FxPro Edge.
Stocks and financial products
As with many other online brokers, the bulk of FxPro‘s trading is in the Forex market, where it is possible to trade over 70 currency pairs. The full list can be seen below:
The indices at which you can invest in FxPro are as follows:
At FxPro you can also invest in shares of over 150 companies worldwide. The most popular of these are Amazon, Apple, CocaCola, Ebay, Facebook, Microsoft, Netflix, Nvidia, Sony, TeslaMotor and Twitter.
To the list are added the metals gold, gold/euro, gold gram, gold ounce, platinum, silver and silver/euro, and the energy indices BRENT, NAT.GAS and WTI.
You can choose from Bitcoin, Bitcoin Cash, Ripple, Ethereum and Litecoin, all of which are US dollar-related CFDs.
How to Open an FxPro Account
The process of opening a brokerage account with FxPro is very simple and can be summarized in four simple steps: register, verify the data, deposit money and start investing.
The first step is to complete a form with personal and financial information. To be honest, the level of some questions may seem a little excessive. However, we would like to make it clear that all our information will be kept absolutely confidential.
We understand that certain financial information is necessary for brokers like FxPro, such as annual income, which determines the maximum amount of deposits.
However, some questions such as net worth, trading experience or the amount you expect to deposit in the first year of the account are somewhat invasive.
If the user declares that he has previous experience as a broker in the Forex market, for example, he will be given a short extra questionnaire to test his knowledge.
Finally, it is necessary to choose the base currency of our account. The options are USD, EUR, GBP, AUD, CHF, JPY and PLN. For some clients it is also possible to select the option of ZAR, i.e. South African Rand.
It is important to choose a currency that matches the currency of the account from which the deposits will be made, in order to avoid conversion fees. You will also need to choose a leverage, with many options ranging from 1:1 to 1:500.
The types of real trading accounts available are:
- FxPro Edge CFD
- MT4 Snapshot
- MT4 Fixed Spreads
It is also possible to make the switch from a live trading account to a VIP Trading Account, exclusively for individuals with high net worth who trade in large volumes.
These accounts offer benefits such as unrestricted VPS access, up to 30% discount on market spreads and up to 30% less commission on cTrader accounts.
Another option is the Professional Trading Accounts, which offer greater leverage and negative balance protection, among other benefits. Two of the following three criteria must be met to access them:
- Have carried out transactions (on the Forex, Bitcoin or any other market) with an average frequency of 10 shares per quarter during the last four periods.
- Have a financial portfolio, including the sum of money deposits and investment instruments, that exceeds 500,000 euros.
- Work or have worked in the financial sector, occupying a professional position, which requires advanced knowledge of transactions and services, for at least one year in a verifiable manner.
It is necessary to clarify that with Professional Trading Accounts the protection offered by the Investor Compensation Fund (ICF) and the Financial Services Compensation Scheme (FSCS) is lost.
In addition, the possibility of applying to the leverage restrictions of the European Union’s financial control bodies, which serve as protection when investing safely, is abandoned.
FxPro offers the possibility of creating corporate accounts. To do this it is necessary to provide the name of the authorised officer, the name, location and the business sector of the company.
Joint accounts are also allowed. You must first create both accounts separately and then create a request to merge them. There are also swap-free that conform to certain religious standards.
FxPro allows you to open more than one account per person, including both live and demo accounts. To perform any of these actions, please contact us by email at email@example.com, where you will be provided with the necessary assistance.
Requirements and Verification
To verify the information provided by the user it is necessary to send photographs or scans that prove the identity and postal address.
The first step is accomplished with an identity card (ID), passport or driver’s license. The second is with a utility bill issued within the last six months. Documents must be uploaded to the site through FxPro Direct.
As with any trading platform that complies with international financial regulations, FxPro needs to assess the suitability of its clients.
If FxPro determines that you do not meet the necessary conditions, you should create a demo account and access educational materials until you are familiar with the Forex market and the general rules governing trading practices.
Demo accounts are a valuable tool for gaining knowledge of the trading market and understanding how many of the variables involved in trading work.
By this means it is possible to safely invest in all financial instruments that are available for real stock market accounts, such as Forex shares, currencies, commodities or crypto-currencies like Bitcoin.
The Demo account may be your only option if you do not meet FxPro’s requirements to create a live account. Experienced clients are also welcome to try out new trading strategies.
It should be noted that while demo accounts generally function in the same way as live accounts, this may not be the case during periods of high market volatility or low liquidity, such as during openings or when important news is announced.
While FxPro claims to have a client base that spans over 170 countries worldwide, we were unable to find an updated country list.
What we do know, since this is public information, are the places where he has regional offices. These are Great Britain, Cyprus, South Africa, the Bahamas, Dubai, the United Arab Emirates and Monaco.
FxPro cannot be used by residents of the United States of America, Canada, India and Israel.
How to Use FxPro
When a client first logs into FxPro they will be assigned a unique and unrepeatable EWN number.
The user’s assets will be held there until he or she decides to transfer them to the trading account to invest in Bitcoin, Forex or any other financial instrument.
From the user’s profile it is possible to review the transaction history and even download it as a CSV file. The desktop version of FxPro has an option to enable ‘night mode’, which adjusts the brightness and changes the background colour.
Users’ opinions agree that the platform from which you choose to trade is one of the main parameters to take into account when choosing a broker over another.
All the brokers reviewed by Wallet Adviser allow their users to trade in b, and almost all of them have, among their options, Bitcoin trading.
FxPro lets you choose between MT4, MT5 and cTrader. They also have their own platform called FxPro Edge. Both demo accounts and VIP services are available on all of them.
Only MT4 allows fixed spreads. The average market execution of each is 1.58, 1.51 and 0.37 respectively.
As for financial instruments, it is possible to safely invest in Forex, indices, energies and metals in all of them. MT4 and MT5 allow for futures, while only MT4 enables the option to invest in stocks.
FxPro can also be enjoyed from mobile devices such as smartphones and tablets. On the website you will find a QR code that will automatically redirect you to the official stores, or you can enter the Apple Store and Google Play.
There are also separate applications for using FxPro with cTrader and for viewing economic news.
Research and Visualization Tools
FxPro is known for providing great educational materials to its clients, as well as visualisation tools that help to better understand the Forex markets and the world of trading.
These include many customizable widgets, online calculators, a live Squawk news feed and up-to-date technical analysis from Trading Central.
FxPro Deposits, Withdrawals, Rates and Limits
Deposit Methods and Minimum Deposit
The company uses the FxPro Wallet system to house each customer’s money. The user receives a unique wallet code. Deposits are received into this wallet and from there they can be immediately transferred to the trading account.
Payment methods accepted for money deposits include bank transfers, credit and debit cards (Visa, Visa Electron, Visa Delta, MasterCard, Maestro International and Maestro UK) and digital purses such as PayPal, Neteller and Skrill.
International bank transfers take between 3 and 5 working days to be made. All other payment methods are immediate.
Withdrawals from the FxPro account are accepted in the same manner as deposits. All withdrawal methods take approximately one business day to become effective.
FxPro may ask you for some documentation when you make a withdrawal.
Rates and Commissions
FxPro does not charge any fees or commissions for withdrawals and deposits. However, it is likely that banks or digital wallet companies will do so. Please check with your provider prior to making these transactions to ensure that you will not be charged a fee.
The company does not set any minimum or maximum limits on its transactions, although they recommend that b’s be at least $500, whether euros or U.S. dollars.
Is FxPro Safe?
FxPro is a completely secure trading site for investing. Users’ personal and financial data is encrypted and hosted on servers to which only a few people in the company are authorised to access.
In addition, FxPro protects clients’ money by housing assets in segregated accounts, different to those where the company’s money is held, which keeps it safe in the event of a lack of liquidity or a call on creditors.
As indicated on the official website, the FxPro group of companies operates through three companies.
The former, called FxPro Financial Services Ltd., is regulated by both the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Authority of South Africa (FSCA).
The second company, FxPro UK Limited, is regulated by the UK Financial Conduct Authority (FCA).
Finally, the Bahamas Security Commission (BSC) authorises and supervises the trading activities of FxPro Global Markets Limited.
FxPro is registered under the regulations of both the Investor Compensation Fund (ICF) and the Financial Services Compensation Scheme (FSCS) in the UK.
As discussed above, the benefits of both plans may be lost if you choose to switch from a Live Trading Account to a Professional Trading Account.
Experts agree that a good compensation scheme is essential when choosing a broker, due to the high risk of the markets.
FxPro’s customer support is one of the features that has generated the best customer feedback. The company has a wide variety of communication channels, all with a short response time and good average conflict resolution.
One of the main differences between FxPro and other online trading platforms is the ability to visit their offices five days a week. Unfortunately this option is only available to Londoners.
In the rest of the world, however, it is possible to communicate with FxPro by telephone in many languages using a free service.
The live chat system also works excellently and is available to anyone who has any questions or concerns, regardless of whether they have an account with FxPro. The company has a strong presence on social networks such as Facebook and Twitter.
In addition, FxPro’s website offers a range of ongoing help tools such as a multi-lingual FAQ section, PDF trading instruction guides and video tutorials on the world of trading and the Forex markets.
If you’ve come this far you already know how FxPro works and the investment possibilities it offers.
However, it is often more useful to pay attention to the opinions and comments of users who have invested in FxPro. That’s why here are some experiences:
Jordi G.: ‘Before I safely invested real money in FxPro I created a demo account. This allowed me to learn everything I needed to double and even triple my money with minimum risk’.
Gabriela M.: ‘The feedback I received from FxPro was not entirely positive. However, I have never had any problems with this broker, who I trust completely’.
Santiago B.: ‘FxPro offers a wide range of investment options. At the moment I have my money split between Bitcoins, gold and Forex shares’.
FxPro Alternatives and Competitors
If you have read this review about FxPro, you may have been convinced by this broker and want to hurry up and create an account and start investing. But there is also a chance that you may want to broaden your horizon of possibilities.
For this reason we offer you a list of trading platforms that serve as alternatives to FxPro. In each of these reviews you will find user reviews and extensive explanations of their financial products such as Bitcoin and CFDs.
Our Selection Best Broker Forex - 2020
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Our final assessment of FxPro is average. While it appears to be a reliable broker, in the past it has had legal problems that have caused it to lose a significant part of its client base.
Fortunately, recent opinions are generally positive, especially those regarding your customer service. This is clearly one of its strengths.
It also stands out for offering a wide variety of financial instruments to invest in, such as Bitcoin, metals and indices, unlike other brokers who are exclusively dedicated to Forex.
Another benefit is that it does not require a minimum amount in your money deposits. We recommend that inexperienced brokers create a demo account with FxPro and study the markets in detail before investing real money.
FxPro Data Sheet and Features
|Countries where it is regulated||173|
|Time to open account||1 day|
|Bank card deposit|
|Deposit with electronic wallet|
|Demo account available?|
|Easy to use platform?|
FxPro Frequently Asked Questions
FxPro is an online trading platform that allows you to become your own broker by securely investing in crypto currencies such as Bitcoin, currency pairs, commodities and shares on the Forex market.
FxPro works primarily with CFDs, or contracts for difference. With this tool it is possible to trade futures by taking advantage of rising or falling prices of any financial instrument.
Selling shares in FxPro does not offer any complications. To do this you need to log into your account, view your portfolio and choose to close the desired trade, whether it be in Bitcoin, Forex or commodities.
In order to know the exact moment when it is convenient to sell, it is necessary to pay attention to the users’ opinions, the economic news and also to resort to intuition.
The safest method of gaining insurance at FxPro is to invest in contract combos. These combos are made by the company based on the performance of the best brokers to imitate. They allow you to set limits on losses.
Investing in FxPro is totally safe. The company is registered under the regulations of global financial agencies and has compensation schemes, which is the standard legal insurance for this type of site.
Yes, the company is regulated in the Bahamas, South Africa, Cyprus and the United Kingdom. In this article you will be able to consult the number of licenses and the control agencies that issue them.
Be sure to visit our homepage to learn all about Forex and Bitcoin web brokers, the markets and user reviews. Good luck!