FxPro Full Review- Is It Safe to Invest?

FxPro is one of the leading forex brokers that has been around since 2006. They offer trading in forex, indices, commodities, shares, and cryptocurrencies. With a solid reputation, competitive fees, and over 70 FX pairs to choose from, FxPro deserves a spot on your broker shortlist. If you want to know more about this platform, just keep reading this article.

A Detailed Table on FxPro

How Does FXPro Work?

FXPro operates as a market maker which means they set their prices for the instruments they offer rather than matching buyers and sellers. They make money through the spread – the difference between the buy and sell price.

Spreads are variable at FXPro and depend on market conditions. In general, you’ll find lower spreads for major currency pairs like EUR/USD during the most active trading hours. Wider spreads apply for less liquid or more exotic markets.

FXPro requires an initial deposit to open an account, and they offer leverage up to 1:500 for forex trading. Higher leverage means higher risk, so choose a level you’re comfortable with.

FXPro’s trading platforms include MT4, MT5, cTrader, FXPro Direct, and mobile apps. You can choose a platform based on your needs and experience level. Customer service is available 24/5 via phone, email, or live chat to help you get started.

What are the Key Features of FXPro?

FXPro is one of the world’s leading brokers, offering a wide range of tools for traders of all experience levels. Here are some of its key features:

Spreads as Low as 1.61 pips

FXPro offers ultra-competitive spreads, with typical spreads on major currency pairs as low as 1.61 pips. For high-volume traders, EXPro’s low spreads can help maximize profits.

Excellent Platforms

FXPro provides access to the popular MT4, MT5, Trader, and Edge platforms so you can choose what works for your trading style. EXPro’s platforms have won numerous industry awards and offer advanced charting, analytics, and automation options.

200+ Financial Instruments

FXPro allows you to diversify your portfolio with over 200 financial instruments, including forex, shares, indices, metals, and cryptocurrencies. With so many options, you have tremendous flexibility to trade the markets that interest you most.

Exceptional Execution

FXPro is renowned for its fast and reliable trade execution, with no re-quotes or rejections and 99.9% of trades executed in under 60 milliseconds.

24/5 Support

FXPro’s customer support team is available 24 hours a day, 5 days a week to quickly answer your questions via phone, email, or live chat. Support is offered in over 15 languages so you can get help in your native tongue.

What are the Spreads Offered by FXPro?

FXPro is popular for offering tight spreads, even during news releases or periods of high volatility. Their spreads are highly competitive, with pricing as low as 1.61 pips on EUR/USD for Micro accounts.

For standard accounts, FXPro’s average spread on the major currency pairs like EUR/USD and GBP/USD is 1.3 pips. Spreads are even lower for VIP accounts, starting at 0.8 pips. FXPro makes their money through the small markup they add to the spreads, instead of charging high commissions. This means lower costs for you when opening and closing trades.

Spreads at FXPro remain low regardless of account balance or trade volume. They do not widen spreads during news announcements or when the market is moving fast. FXPro can offer tight spreads because they have access to deep liquidity from top-tier liquidity providers. They also do not take the opposite side of client trades like some brokers.

Does FXPro Require KYC?

To trade with FXPro, you’ll need to provide some personal information to verify your identity. This is known as “Know Your Customer” or KYC. EXPro requires basic KYC to ensure they comply with anti-money laundering regulations and reduce fraud.

When you sign up for an FXPro account, you’ll be asked to provide personal details like your full name, address, date of birth, and phone number. You’ll also need to upload a copy of a government-issued photo ID, like a passport or driver’s license, as well as a utility bill or bank statement as proof of residence.

Providing this information helps legitimize FXPro as a regulated broker and gives their clients confidence in the security of their funds and personal data. KYC is standard practice in the brokerage industry, so any reputable forex broker will require similar verification.

The KYC process only takes a few minutes to complete with FXPro. They aim to validate new clients swiftly while still thoroughly checking identities. Once your information is verified, you’ll receive an email confirming your account is open and ready to fund and start trading.

If you have any issues providing the necessary KYC or your verification is denied for some reason, FXPro’s customer service team can help resolve the problem. They’re available 24/5 via phone, email, and live chat to assist you with the onboarding process or any questions you may have about their KYC policy.

FXPro Customer Support

FXPro’s customer service is available 24 hours a day, 5 days a week. You can contact them through live chat, email, or telephone. Their support infrastructure is complemented by an extensive knowledge base and FAQs, empowering clients to find quick solutions independently. Moreover, the broker emphasizes transparency, offering real-time updates on service status and system maintenance.

What Are the Fees of FxPro?

The fees charged by FxPro are relatively competitive compared to other brokers. Their business model is based on spreads, commissions, and financing charges. Let’s break down the specifics:

Spreads

ExPro’s spreads start from 1.61 pips for major currency pairs like EUR/USD which is below the industry average. The spread is the difference between the buy and sell price of a currency pair. Fixed spreads are available on all account types.

Commissions

ExPro charges a commission of $3 per standard lot for FX pairs and $1 per lot for gold trading. For cTrader ECN accounts, the commission is $2 per lot. Commission fees are deducted from your account when you close a trade.

Overnight Financing

If you hold a position open overnight, FxPro will charge you a small financing fee. For long positions, you pay the interest rate differential between the two currencies. For short positions, you get paid the interest rate differential. Rates are based on market interest rates.

Inactivity Fees

FxPro charges a monthly inactivity fee of $15 if you don’t log in for 6 months. To avoid this, simply log into your ExPro account once every 6 months.

Deposit and Withdrawal Fees

FxPro does not charge any deposit fees. For withdrawals, ExPro covers the first two withdrawals each month. After that, there is a $25 fee per bank wire withdrawal. Credit card withdrawals have a 2% fee.

FxPro VS Other Exchange Platform

While deciding to invest in FxPro, you also need to check the alternatives of it. It will help you to make sure you’re investing on the right platform. So, check out the comparison between FxPro with some of its alternatives.

Is FxPro Legit or Scam?

The most important question is, is FxPro legit or a scam? Based on its long-standing reputation and numerous awards, FxPro is a legitimate forex broker. Founded in 2006, FxPro is one of the oldest and most trusted forex brokers. 

It is considered a market maker which means they provide their bid and ask prices for forex pairs and some CFDs. However, they do not trade against clients or take the other side of your trade.

While no broker is perfect, FxPro is transparent in its business practices and responsive to clients. They provide an array of resources for new and experienced traders alike to improve their skills. FxPro’s trading platforms are well-designed and intuitive, and provide the tools and charting features most traders need.

Final Thought

FxPro seems like a solid choice if you’re looking for a reputable broker to trade forex and CFDs. They’re well-regulated, offer competitive spreads, and have a long history of responsible operations.

The choice of trading platforms means you can find an interface suited to your needs and skill level. While their deposit and withdrawal fees are on the higher end of the average, the actual trading fees are low.

So if you’ve read through all the details in this review and are still interested in giving FxPro a shot, go ahead and sign up for a demo account to get a feel for their systems.