FxPro Broker Review

SCB regulation: Ugandan traders will be onboarded through FxPro’s global entity, regulated by the Securities Commission of Bahamas (SCB).

Safety Features: Although the SCB’s rules are not as strict as regulators in the EU or Australia, we still consider FxPro a safe broker to trade with. It is regulated by multiple top-tier regulators from around the world, it segregates client money at top-tier banks, and offers negative balance protection to all clients so that traders cannot lose more than is in their trading account. 

We found that FxPro excels in its account opening process. It is straightforward and hassle-free, and accounts are generally ready for trading within two hours.

As a trader from Uganda, you can open an FxPro account but will be assessed to ensure you have sufficient trading knowledge and/or experience to understand the risks associated with trading leveraged products. Although this may seem like a hassle, it is a responsible move on the part of the broker to ensure customer protection.

The account-opening process is as follows:

1. FxPro’s intake form requires clients to fill in their email address, name, telephone number, country of residence, and date of birth. A confirmation pin will be sent to the listed email address.
2. FxPro then requires prospective traders to answer questions regarding their financial knowledge and level of trading experience. 
3. Traders will then select a trading platform (MT4, MT5, FxPro Edge, or cTrader), default leverage, base currency, and their preferred language of communication.
4. In order to verify their identity, individuals are required to submit a copy of their National ID or Passport with the signature page, and a copy of a recent utility bill or bank statement displaying the customer’s name and address that is not older than three months.
5. Following the “Account Opening Application Form,” FxPro will use the information to conduct further inquiries about prospective traders to determine their suitability. FxPro reserves the right to conduct an assessment at any stage of the relationship with its clients.

Compared to other similar brokers, FxPro’s account opening process is fast and generally hassle-free and accounts are generally available for trading within two hours.

FxPro offers a limited selection of financial assets compared to other similar brokers, but it excels in its Forex offering.

Leverage: Because Ugandan traders are onboarded through the SCB, leverage is limited to 200:1. Many other brokers offer leverage of up to 500:1 for Forex trading.

FxPro offers eight live account types and trading fees vary depending on the platform chosen. The Standard, MT4, MT5, and FxPro Edge accounts have trading costs included in the spread, while the cTrader, Raw, and Elite Accounts offer tight spreads in exchange for a commission.

The trading costs on the commission-based accounts are lower than the commission-free accounts, which all have spreads of 1 pip (EUR/USD). More competitive brokers tend to have trading costs that average around 9 USD on their commission-free accounts, and around 8 USD on accounts on which commissions are charged. 

We opened and tested several of FxPro’s accounts:

MT4 Account

The MT4 account is a market execution account that allows trading on forex, metals, shares, indices, energies, and futures. Fees are included in the spreads, averaging at 1.40 pips on the EUR/USD, which is significantly wider than other brokers.

MT4 Fixed Account

The MT4 Fixed Account is similar to the MT4 Account, except that it employs instant execution. Fees are included in the spread, which average at 1.84 pips on the EUR/USD, and trading is offered in micro-lots. These fees are high for the industry. 

MT5 Account

The MetaTrader 5 account is for those who want to use the popular trading platform’s latest generation. This account offers market execution, and variable spreads starting at 1.20 pips, which is wider than other similar brokers. All fees are included in the spreads, and no commissions are charged. 

cTrader Account

A market execution account, spreads average at 0.2 pips on the EUR/USD, and a commission of 7 USD round turn per lot traded is charged. These trading costs are lower than those found on other accounts. Trading is offered on Forex, metals, indices, and energies.

FxPro (EDGE)

The FXPro Edge Account is also a market execution account that allows for trading on all instruments (Forex, metals, indices, cryptos, energies, equities, and shares). Spreads are the same as for the MT4 market execution account, averaging at 1.40 pips on the EUR/USD, and no commissions are charged. As this account is only available on FxPro’s proprietary platform, algorithmic trading is not available.

Standard Account

This account is very similar to the MT5 account. The minimum deposit is 100 USD, spreads start at 1.2 pips (EUR/USD), and no commissions are charged.

Raw Account

This account has a minimum deposit of 500 USD, which is higher than other similar brokers. Spreads start at 0 pips (EUR/USD) – averaging at around 0.2 pips, and a commission of 7 USD (round turn) is charged. These fees are low for the industry.

Elite Account

This account requires a balance of 30,000 USD over 2 months, which is high for the industry. Trading fees are the same as the Raw account, with spreads down to 0 pips (EUR/USD) in exchange for a commission of 7 USD (round turn), but traders get a rebate of around 1.5 USD per lot traded. 

Islamic Swap-Free Accounts

FxPro only offers Swap-free accounts for religious purposes as per the Shariah law. In order to open an account, traders will need to provide an official document such as a Birth or Marriage certificate or an official letter from the leader of their local Muslim community. In lieu of the interest charged on overnight positions, Islamic traders will be charged a commission of 7.50 USD per lot, but this only applies after the 8th night of trading.

A well-regulated broker, FxPro ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all non-profit withdrawals are returned to the deposit source.

Accepted Deposit Currencies: When we opened our account, we noticed that the FxPro client portal allows traders to choose between eight base currencies, including USD, EUR, GBP, CHF, PLN, AUD, JPY, and ZAR. Ugandan traders will, therefore, have to pay currency conversion fees on both deposits and withdrawals.

Funding Methods: We were pleased to find that FxPro offers a good range of payment methods and it does not charge fees for deposits or withdrawals.

Available on both Android and iOS, FxPro’s mobile platform support is excellent compared to other similar brokers.

FxPro Mobile Trading

User-friendly: We found that the app was very easy to set up and use. It uses a biometric login, which is convenient, and we could easily search for and monitor our assets and trades, and create watchlists. The app comes with an interactive economic calendar, and we could also transfer, deposit, and withdraw funds. 

Drawbacks: Disappointingly, unlike the web trader version of the platform, there are no technical indicators or graphical objects, a reduced number of timeframes, and only four chart types as opposed to six. Additionally, the FxPro mobile trading app does not support automated trading, but FxPro offers MT4, MT5, and cTrader for these purposes. 

MetaTrader Mobile Trading

The MT4 and MT5 apps allow traders to work from anywhere, with nine timeframes, 30 indicators, and interactive currency charts. Functionality to close and modify existing orders, calculate profit/loss in real-time, and tick chart trading further assists traders while on the move. 

cTrader Mobile Trading

The cTrader mobile app carries over most of the best parts from the desktop version, including the complete range of order types, price alerts, trade analysis, and symbol watchlists. Chart types have been reduced to 4 however.

With support for MT4, MT5, cTrader, and the FX Pro Edge, FxPro has more desktop trading platforms than most other brokers.

FxPro Edge

We think that the FxPro Platform is a great option for those who wish to conveniently manage their funds and trade the full range of CFD asset classes directly from the FxPro App, without having to install any other applications. It offers 50+ technical indicators and charting tools, detachable chart windows, useful trading widgets, a customisable layout, and 6 chart types with 15 timeframes. We found that the FxPro platform is also generally easier to use and set up than the Metatrader platforms, but unlike the other platforms, it does not integrate with Trading Central, lacks algorithmic trading and doesn’t have the execution speeds of MT4/5. Additionally, unlike cTrader, the FxPro trading platform does not offer access to full market depth.

MT4, MT5, and cTrader

MT4, MT5, and cTrader are considered some of the best trading platforms in the industry. While MT5 is a newer and upgraded version of the MT4 platform, the MT4 platform remains the industry standard. For beginners, MT4 and MT5 can be tricky to set up, but there are numerous guides in both text and video format to guide you through this process. cTrader is more beginner-friendly and needs fewer tweaks to optimise it for Forex trading, but there is less guidance freely available on the internet.

FxPro’s suite of trading tools includes access to Trading Central, a VPS service at an extra cost, an Economic Calendar, and various calculators.

Trading Central

Trading Central is provided free of charge to all FxPro clients. A third-party tool, Trading Central’s professional analysts use the most advanced technical analysis tools in the industry to gather all of the comprehensive and in-depth information. Their decisions are based on building price corridors and resistance levels, digital and graphical indicators for various classes, as well as recognizing candlestick patterns. This tool essentially supports traders without the technical know-how in making trading decisions. This dynamic product suite is available to traders through the MT4/MT5 platforms. Trading Central is considered one of the best trading tools in the industry, and FxPro does well to offer this tool to its clients.

VPS

The FxPro Virtual Private Server (Forex VPS) enables you to upload and run your MT4 Expert Advisors and cAlgo Robots 24 hours a day, without needing to keep your trading terminal running. Available at 30 USD per month, FxPro’s VPS services are provided by a third-party, Beeks FX VPS. VPS services have the advantage of never suffering connectivity issues and have extremely low latency due to their proximity to major international exchanges.

Economic Calendar

FxPro provides a good economic calendar, which helps traders plan their trading based on economic reports due to be released, previous economic events, consensus forecasts, and estimated volatility.

Trading Calculators

FxPro offers various calculators which help traders to calculate commissions, the margin required, and the total costs of their trades.

FxPro offers a limited selection of market analysis materials compared to other similar brokers.

FxPro offers a variety of news resources, including a market overview curated by its in-house team of analysts. Materials are updated daily, and the news blog supports readers with commentary, analysis, and daily stories related to future market movements and trading opportunities. However, other large international brokers offer regular commentary in video format, which is not available at FxPro.

FxPro also provides extensive technical analysis available in written format. The technical analysis section is updated multiple times per day, and these are short articles. Additionally, FxPro offers an economic calendar and a bank calendar so that traders can plan their trades.

FxPro offers a publicly available education library, including Forex education, technical analysis, fundamental analysis, and trading psychology. While there is little structure or depth to the material, the information is accurate. 

Educational resources include a series of articles covering the basics of forex trading, which is limited, but helpful for beginners. It also offers a few resources for advanced traders, such as Fundamental Analysis 2.0. Its videos cover topics such as Trade Habits, Currency Pairs, and Market Players.

FxPro online webinars take place several times a week and can be attended live by registering an account. Webinars will also be uploaded to its YouTube channel to be watched at a later time. The webinar subjects vary from trading strategies to technical and fundamental analyses.

Demo Accounts

Prospective traders can open an FxPro demo account on any of the platforms supported. Loaded with 500,000 USD in virtual funds, demo accounts are available for all platforms. Demo accounts are a great way to familiarise oneself with markets and practice trading strategies.

Global support is available 24/7, from a multilingual team at FxPro offices worldwide. This is exceptional for an industry where the norm is 24/5. Support teams at FxPro are available to help with technical and account-related questions but, as with all regulated brokers, cannot offer investment advice. 

We found the live chat support responsive, polite, and quick to provide relevant answers.