FXPro

FxPro was established in 2003 and is a well-known CFD and FX provider. FxPro holds licences in the UK, Cyprus, Monaco, South Africa, the Bahamas, the UAE, and the Seychelles.

FxPro is an MT4 and MT5 broker, but they also offer cTrader, which helps FxPro stand out in a crowded broker market.

This review is based on FxPro's MT5 Pro account, which offers variable spreads starting from “zero”, however, you are required to pay commission on trades. This is documented in the supporting evidence.

FxPro is a large and reputable company with representation and licences across numerous jurisdictions worldwide. Their website is highly polished, and the company takes considerable care to explain its operations.

Like many brokers, FxPro is eager to highlight its strengths. However, when you dig a little deeper, there are aspects of its business model that appear somewhat misleading, which raises concerns about FxPro.

FxPro offers several types of trading accounts. You can trade using a Standard account, where there is no commission but spreads are wider. Alternatively, you can use a Raw account, which offers spreads starting from “zero”, but you must pay commission.

FxPro also provides preferential treatment for clients who deposit larger sums of money. Their Elite account requires a minimum deposit of $15,000, which will exclude most beginner traders.

During our review of FxPro, we observed extreme variability in the Bid-Ask spreads. When you examine the documentation, you will notice significant fluctuations in spreads. However, it is crucial to note: you still have to add commission on top of the spreads!

For example, while it may seem attractive to trade GBP/USD on a zero spread, you still need to account for a $7 commission per lot. This means the effective spread is 0.70. Moreover, if GBP/USD fluctuates from zero to 0.80, you could end up trading at 0.80 plus $7 commission, effectively paying a 1.50 spread.

Considering that other brokers offer GBP/USD with a fixed spread of 0.70, FxPro’s pricing is less appealing than its marketing suggests.

FxPro has an overall score of 37.95, placing it on the expensive side of the brokers we have reviewed.

If you choose FxPro, you will benefit from robust regulatory oversight. However, you will also be working with a broker that is average in terms of platform offerings and expensive when it comes to pricing.