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FxPro

FxPro Review
Trader's rating 3.6
Editor's rating 4.5

Trading Accounts

 

Account type/Platform Minimum deposit Minimum trade size Maximum leverage Average Spreads Execution type
MT4
 
$100
 
0.01
 
1:500
 
fixed 1.6 pips
variable 1.4 pips
Instant
market
MT5 $100 0.01 1:500 1.4 pips  Market
cTrader $100 0.01 1:500 0.3 pips +$4.5* Market

 

*Commission is calculated per standard lot of 100 000 currency base units (per side).

 

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 VPS service, no deposit fees, and receive trade recommendations, exclusive news reports and margin level alerts via email and SMS.

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with FxPro, one has to invest $100, however the recommended minimum initial deposit is $500.

 

Spreads & Commission

FxPro offers a choice of fixed and variable spreads, commission-free (MT4 & MT5) and commission-involving (cTrader) accounts on an array of platforms.

 

In fact, the broker’s fixed spreads are quite good - 1.6 pips on EUR/USD, while most fixed-spread brokers provide such of 2 pips. FxPro’s variable spreads, on the other hand, are average – typical ones are around 1.4 (MT4 & MT5) or 1.2 pips (FxPro Markets) for the EUR/USD pair on commission-free accounts. The tightest spreads with this broker are available on cTrader accounts - 0.3 pips, however if we add the commission of $9 round trip, average trading costs per standard lot traded amount to around 1.2 pips.

 

In comparison, another major UK broker, IG, offers average spreads of 0.2 pips on its DMA accounts, where a commission of $5 per side per standard lot applies. For further information, you can check out the real-time spreads of 15 leading brokers here.

 

Maximum leverage

FxPro offers comparatively high leverage levels – up to 1:500. Despite the fact that such leverage levels are considered high, many other brokers offer leverage up to 1:500 or higher. In comparison, IG offers leverage up to 1:200.

 

In order to control the risk associated with it, the broker utilizes a dynamic forex leverage model on the MT4 and MT5 platforms, which automatically adapts to clients trading positions:

 

 

The Company

 

FxPro is an award-winning pure NDD broker that offers trading in on a range of instruments, including currency pairs, shares, spot indices, futures, spot metals and spot energies, on a selection of trading platforms. It provides its clients with access to top-tier liquidity, excellent trading conditions and the highest level of customer protection possible, including negative balance protection.  

 

What is more, FxPro demonstrates a long-term commitment to transparency, as it regularly publishes trades execution statistics (slippage & requotes data). This brokerage is excellent choice for both savvy and novice traders. Beginners can take advantage of the broker's educational resources – video tutorials, webinars, live hangouts, etc. For more advanced traders, there are additional analytical tools like Trading Central and Autochartist. 

 

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).

 

Company

Country

Regulation

FxPro UK Limited

UK

FCA

FxPro Financial Services Ltd

Cyprus

CySEC

FxPro Financial Services Limited

South Africa

FSB

 

Security of funds

 

Both FCA and CySEC apply certain rules and requirements to regulated firms, thus ensuring a good level of credibility. Cypriot and UK brokers must hold at least €730 000 in order to prove their good financial standing, and are required to keep customer funds in segregated accounts, separated from the company’s operating funds. 

 

As a further guarantee to clients’ funds, all companies regulated in UK and Cyprus are covered by compensation schemes as additional guarantee to clients’ funds. All deposits with a UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) - UK’s statutory compensation scheme for clients of authorized financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. 

 

What is more, FxPro Financial Services Limited is also licensed by the Financial Services Board (FSB) as a Financial Services Provider. South Africa is lately gaining popularity as a forex broker destination.

 

Trading platforms

 

FxPro supports MT4, MT5, cTrader and proprietary FxPro Markets platform.

 

FxPro Markets is the latest addition to the broker’s suite of trading platforms, available for web and mobile devices. It is a comprehensive, all-in-one trading solution, enabling clients to create and manage their trading accounts, deposit funds, and trade the markets, etc.

 

In spite of the number of improvements made to MT5 lately (and most importantly the hedging option added to it), MetaTrader 4 is still preferred by most brokers and experienced traders. That is why most brokers support it. MT4 provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).

 

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 advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. 

 

Last but not least, FxPro offers access to cTrader platform, which is custom-made for use in 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 provides ultrafast execution: 99.9% of orders executed within 50ms. In addition, its clients may run their MT4 Expert Advisors or cAlgo robots on the Virtual Private Server, without even needing to keep their trading terminal running.

 

Payment methods

 

Clients of FxPro Financial Services Limited are offered a wide range of payment methods: Bank transfer, Credit/Debit Card (including Visa, Visa Electron, Visa Delta, MasterCard, Maestro International, Maestro UK), PayPal, Skrill, Neteller, China UnionPay, mPay, FasaPay (for Indonesian clients), Webmoney (for Russian clients), Moneta, Boleto (for Brazilian customers), Netbanx (for Chinese customers), eProtections (for Japanese customers).

 

Clients of FxPro UK Limited may use only Bank transfer and Credit/Debit Card.

 

Withdrawals are proceeded by the broker’s Client Accounting Department within 1 working day.

 

Conclusion

 

FxPro is one of the most prominent names in the forex industry. The broker operates as a Hybrid Agency Model broker, offering Negative Balance Protection and enabling clients to access top-tier liquidity, wide range of trading platforms and financial instruments with lightning-fast execution. It is well-regulated and extremely reliable with its long-term commitment to transparence. Here are, in a nutshell, the advantages and disadvantages with regards to this broker:

 

Pros Cons
Strong regulation  No major disadvantages
Negative balance protection  
Multiple trading platforms offered  
Competitive spreads & pricing  
High leverage levels offered  
Pure NDD brokerage  
Fast execution speed  

 

 

Headquarters: Karyatidon 1, Ypsonas 4180, Cyprus

Tel: +357 25 969 222; Fax: +357 25 969 269; 
Email: [email protected];

Country: Cyprus, UK

Regulated by: FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission under the license number 078/07

FxPro UK Ltd (a subsidiary of FxPro Financial Services Limited) is authorised and regulated by the FSA (Registration No 509956) 

Website: FxPro.co.uk

EXNESS

EXNESS Review
Trader's rating 3.8
Editor's rating 4

Account types

 

Trading account Min. deposit Max. leverage Spread
Mini  $1  1:30  0.2-1.1 pips
Classic  $2 000 1:30  0.1-0.9 pips
ECN  $300 1:30  0.1-0.4 pips + $ 2.5 per standard lot


This broker offers a choice of three basic account types: Mini, Classic and ECN accounts. The Mini account is targeted at inexperienced traders, as well as such who do not wish to trade in large volumes. The Classic account is targeted at regular and professional traders and offers full range of tools and trading facilities. As its name suggests, the ECN account is designed for clients who wish to trade in Electronic Communication Network environment, which involves a commission fee.

 

Another important thing worth mentioning is that the Mini and Classic account offer market and instant execution option. Most traders prefer instant execution, since it allows greater control on slippage and traders are offered requotes, instead of executing the order at the next best price.

 

Keep in mind that Exness does not provide it services to residents and citizens of the USA and Japan.


The Company. Security of Funds

 

Company

Country

Regulation

Exness (Cy) Limited 

Cyprus

CySEC

Exness (UK) Limited 

UK

FCA

 

The EXNESS group is a global ECN broker, consisting of companies regulated by reputable authorities such as UK's FCA and Cyprus' CySEC a. The broker offers trading in more than 120 forex currency pairs under fairly good conditions through the popular MetaTrader 4 and MetaTrader 5 platforms.

 

EXNESS is the trading name of the EXNESS group, set up in 2008 and consisting several companies: Cyprus-based EXNESS (CY) Ltd., (which operates the website www.exness.eu), and EXNESS LTD., (which operates the website www.exness.com) - an International business company in Saint Vincent and the Grenadines. It also has set up a UK unit, which is licensed by the Financial Conduct Authority.

 

CySEC applies certain rules and procedures to brokerage firms, one of them being the requirement for a minimum capital. Cypriot financial watchdog requires forex brokers to hold at least €730 000 in order to operate legitimately. The same minimum capital requirement applies to brokers licensed in UK.

 

Furthermore, all CySEC-regulated companies are members of the Investor Compensation Fund, which serves to protect and secure the claims of covered clients and provide them with compensation of up to 20,000 EUR per person, where broker is at default. Similar compensation schemes apply in UK: FCA-regulated brokers fall under the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person. Such compensation schemes serve as additional guarantee to clients’ funds.
     

Trading Conditions


Minimum initial deposit
Most brokers require a certain amount of money to be deposited in order the client to start trading. Exness, however, requires none (for the Mini account). Cyprus-based XM, for instance, requires a minimum initial deposit, amounting to $5, while FxPro, also CySEC-regulated, demands $ 500 from its clients.


Average Spreads & Commissions
EXNESS offers trading with variable spreads, which are attractively low. Average spreads on the commission-free accounts amount to 0.9 pips on EUR/USD, while ECN account holders are offered average spreads of 0.4 pips on EUR/USD, however a commission amounting to $2.5 per standard lot is charged.

 
You may look up real-time spreads of 15 leading brokers here.

 

Leverage
Leverage levels offered by EXNESS are in line with current ESMA guidelines, up to a maximum of 1:30.

 

 

Leverage may both multiply their profits and lead to heavy losses. Due to investor protection concerns, limitations on leverage rates are set in many jurisdictions: 1:50 in the USA, 1:25 in Japan, and 1:30 throughout the EU and the EEA.


Trading Platform


EXNESS offers its services on two of the most popular platforms among traders - MetaTrader 4 and MetaTrader 5. The industry standard MT4 is available as desktop version, mobile apps and there is also a web-based version offered, called MT4 Web terminal. More brokers using the MT4 can be viewed here.

The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and what is more, MT4’s indicators and Expert Advisors (EA) are not supported on the MT5 platform.


More brokers offering the MT5 can be viewed here.

 

Promotions

EXNESS has partnered with forex rebate web site PayBackFX, and now offers its clients an option to receive cash back for each trade they make in the amount of 30% of the spread if they use Mini or Classic trading accounts, or $0.75 for each round-turn lot.

 

Methods of Payment


The broker accepts customer deposits and allows withdrawals via Wire Transfer, Neteller, Credit card and Internal transfer (available for withdrawals).


Skrill and PayPal are the only major e-payment systems missing.


Conclusion


EXNESS is a reliable broker with solid regulation, offering its clients a variety of tradeable instruments on two platforms under attractive trading conditions. To sum up the above, here are the advantages and drawbacks in relation to this broker:
 

Pros Cons
Solid regulation No proprietary platform
MT5 and MT4 both available Leverage capped at 1:30 (as required by law)
Attractive spreads  
No initial deposit required  
   

 

Headquarters: 46, Ayiou Athanasiou Avenue, Interlink Hermes Plaza, Office: 301 A, 3rd Floor, 4102, Limassol

Country: Cyprus

Regulated by: Cyprus Securities and Exchange Commission (Cyprus); Center for regulating OTC financial instruments and technologies (Russia). 

The EXNESS brand covers three companies:

 - EXNESS LIMITED (VC), registered in St. Vincent and the Grenadines

 - EXNESS LLC – a member of Russia's self-regulatory organization CRFIN

 - EXNESS (CY) LIMITED,  Cyprus-regulated, started operations in August 2013.  

The clients of the broker may count on 24/7 support in 23 languages.

 
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