FXPro is a UK-based Forex and CFD broker. It was founded in 2006. In 2010 FxPro UK Limited became regulated by the FCA (UK Financial Conduct Authority; registration 509956). FxPro Financial Services Limited are also regulated by CySEC (license number 078/07), MiFID, which allows them to offer their services anywhere within the EU, and the FSB (the Financial Services Board) which allows them to accept clients from South Africa.
FXPro is quite a popular Forex broker in the UK, Japan, South Africa and Europe.
Support and Contact Information
FXPro’s headquarters in the UK are in 13/14 Basinghall Street, City of London, EC2V 5BQ. Their phone number is +44 (0) 20 7776 9720. Email: email@example.com.
Their operational headquarters are in Cyprus: Karyatidon 1, Ypsonas 4180. Telephone: +357 25 969 200. Email: firstname.lastname@example.org.
They also have an administrative office in 26, Boulevard des Moulins, Monaco, 98000. Telephone: +44 (0) 203 151 5550.
Support is available via email, telephone and a live chat.
FXPro Platform and FREE Demo
The trading platform used by FXPro is the MetaTrader4 (or MetaTrader5), although people can choose to use the cTrader trading platform, which is compatible with cAlgo. This allows traders, who are looking to automate the trading process, to create trading robots. MT4 users may use FXPro Quant to create expert advisors using technical indicators or to download ready made trading robots from FXPro’s library of EAs. A third available platform is the relatively new FxPro Markets which offers tight spreads and single-tap order execution. You can test FXPro’s platforms by signing up with their free demo account.
One person asked us: “FX Pro any good, regulated, recommended? I really like using their CTRADER.” To answer this question and determine whether FXPro is a legitimate Forex broker or a SCAM, we need to take a look at some of the reviews written by FXPro clients.
Well, let me start by saying that this is a serious broker. This is not some white label binary options website which was set up in 1-2 weeks for the sole purpose of scamming people. However, the fact that FXPro is a serious and long established broker doesn’t mean it’s necessarily the best choice as for a Forex broker. And it doesn’t mean everyone is satisfied with FXPro.
Now, before we dive into what is offered by FXPro, let’s go over some of their reviews. They do have a lot of positive reviews, however, there are some who claim that FX Pro are paying non-clients to leave fake positive reviews for them. Whether this is true or false doesn’t really matter to us as we always give more weight when writing a review to the negative reviews than the positive ones.
Here is a partial list of complaints real traders have left about FXPro:
On April 2017, one person wrote: “Those guys are thieves with the mask of a reputable broker. During the night before the Turkish referendum, they widened the spread of USD/TRY from 12 units, to 20, 50,80, 150, 200 and finally 350 units (!!!) causing a fake movement even 4 hours BEFORE market close!! I am client on more than TEN other brokers and the maximum offset between BUY and SELL prices was 25 up to 115 units the same time for the same pair. Same thing is happening with many more instruments. And when they receive mails about this, they Block your accounts.”
Another person left the following comment: “1) Their servers (maybe intentionally) got slower and slower during critical times for trading (like news or near market close), inflicting huge slippages with silly requotes, leading the trades to a catastrophe.
2) They use a very sinister spread widening strategy (BEYOND any logic), inflicting fake movements to specific trading instruments on certain times (I can present very analytical evidence). One example: they widen the SELL and BUY prices of natural gas, from 7 units -which is already a relatively high spread – to 10,20 or even 30 (!), every night, making it to go up AND down by almost 0,40 %, with no other broker doing the same thing!
3) They are lowering the leverage or even block the accounts of the clients who are profitable finding ridiculous excuses like night trading, NBP abuses etc.
4) when they notice that one client understand all the above, they block his accounts and stop responding to emails.
DON’T trust Fxpro.”
Back in February 2017, someone gave them two stars and wrote that “they so slow. at the terns they say your job is done at 1 workday. it is a big lie. i am waiting for nothing. the live chat has nothing to do. they just say hello’ we will work on it but nothings happens.”
Another interesting comment was published in December 2016: “A lot of times I missed perfect opportunities to enter trade in fast moving price because of re-quote. They don’t charge commission but their spread is so high as compared to ECN/STP brokers that they actually charge a lot more. I moved to an ECN broker who charges commission but I’m paying half in spread+commission than what I paid to Fxpro just in spread. Also, after reading a lot of horror stories about Fxpro not paying up profits, I’m glad I left this bucket shop.”
Let’s take a look at one more comment from 2016:
“I will never trust in FXPro, I traded with FxPro for long time, I have fixed account, after long time of traiding, I found that, the positions closing not in the same price which I requested, specially in SL, if the price was near of SL, don’t be surprise if you see the price move up/down or the spread move wider more just to close your positions, and if you ask the company by chat or send email about the reason, the answers always same, there was some news or abnormal moving in the market and the spread is coming more wide. NO way to return anything from their side. I informed them that the account is Fixed spread, they answer that the fixed spread is working only in normal condition of the market, and anywhere / anytime, if you see the spread is wider, they have answer, the market was in abnormal condition. (they only do copy/paste of the answer). Also, if I opened many orders during news, all orders closed in negative side, even if my orders was LONG and the price moved up, it closed because I put SL, and they make the spread MORE wider just to close the orders with HUGE loses. It was really bad for me to trust in that broker. My advice for everyone, be carful from FxPro.”
As you can see, many people are really unhappy with FXPro. Most complaints are about price manipulations which cause client losses. This serves as a reminder that you should never sign up if there’s a conflict of interest between you and the broker. This conflict of interest exists with most non-exchange binary options brokers as well as with non-ECN Forex Brokers.
FXPro Review Conclusion
At this point, we have no interest in reviewing the specific features offered by FXPro. Even if this is not a full-fledged scam, this broker doesn’t seem to be legitimate so we wouldn’t recommend them to anyone. Please sign up only with trustworthy Forex brokers.