A lot of my trading friends were urging me to review FxPro spread and commission for them since a lot of its advertisements appear when they’re on the Internet. They saw that FxPro advertised itself as one of the brokers who offer the lowest spread rate. So, are FxPro spreads really low? How much is its commission? Can you trust FxPro? Today I will answer all those questions and also compare FxPro to other brokers such as Exness, XM, and HotForex to see how good it actually is. For more information, you can check my FxPro reviews here.
FxPro is founded in 2006. It has acquired the regulations of FCA (UK), CySEC (Cyprus), and FSCA (South Africa). So it can be considered as one of the most reliable brokers.
FxPro is proud of itself by claiming it has the tightest spread, a point which I don’t agree. The average spread of FxPro for the most common currency pair, EUR/USD, is 1.7 pips. This spread rate is relatively high compared to the spread of other brokers. One reason is because FxPro is an European broker, and most European brokers have high spreads.
Moreover, FxPro is said to have bad customer service in Asia, or Southeast Asia to be specific. They don’t support traders very well in these regions because they don’t target these areas. Customer service is very important. Forex trading is very complicated, so we of course want the best support from brokers whenever we encounter problems while trading. It is a huge minus for FxPro when they don’t support customers well.
As a result, we shouldn’t choose FxPro. When it comes to spread, we can choose from my list of lowest spread brokers.
Exness, XM, and HotForex all have tighter spreads
I’ll take the most common currency pair, EURUSD, as an example.
- Exness has Classic account, whose spreads are only around 0.7 pip. Check Exness spreads.
- In the past, XM was one of the brokers that have really high spread. However, in December 2018, XM introduced the Ultra Low account. This account offers a very competitive spread rate, at about 0.8 pip. So now, XM can confidently claim that they are among the top lowest spread brokers. Check XM Ultra Low account.
- HotForex’s spread has always stayed at an acceptable rate, at around 1.1 pips. Yet, it is still surely lower than that of FxPro. Check HotForex spreads.
Why should we choose these 3 brokers?
As of credibility, they are just as reliable as FxPro. Exness has acquired CySEC and FCA forex regulations, which is the same as FxPro. XM is one of the best regulated brokers as it has a regulation from UK, which is FCA. It also obtains CySEC from Cyprus and ASIC from Australia. Hotforex currently have acquired three trusted and famous regulations, which are CySEC, FSCA, and FSC. Therefore, in terms of reliability, Exness, XM, and HotForex is just no more and no less than FxPro.
Moreover, those 3 brokers are even better, because they are one of the biggest forex brokers in the world, judging by the trading volume. Trading volume can imply how many people choose to trade with them. The trading volume of Exness, XM, and HotForex are more superior than that of FxPro, specifically as following:
Exness: $395 billions Learn more
XM: $320 billions Learn more
Hotforex: $300 billions Learn more
And finally, when it comes to customer service, Exness, XM, and HotForex all do a better job than FxPro. While FxPro supports customers 24/5, the others have service as following:
- Exness supports 18 languages 24/7 CHECK DETAILS
- XM supports 23 languages 24/7 CHECK DETAILS
- HotForex support 27 languages CHECK DETAILS
Types of spread in FxPro
- Variable spread: changes in correlation with the market conditions. This type of spread is generally low in times of market inactivity, but during volatile market, this spread can expand to 40 or 50 pips (having in mind that when there is market inactivity the spreads are in 1 or 2 pips).
- Fixed spread: this spread is set by some dealings companies for automatically traded accounts.
How does FxPro spreads work?
Let’s say we have an EUR/USD bid price of 1.12345 (the price in USD at which the broker is willing to BUY the EUR) and ask of 1.12356 (that is the price in USD at which the broker is willing to SELL the EUR). In that case, the spread is equal to 0.00011, or 1.1 pips, and that is the money that goes straight into the broker’s pockets. That is the money that the broker wins.
It is pretty clear that the two principal costs of trading are spreads and commissions, and this trader should establish from their broker what the spreads are if some tradable instrument offered by their firm.
When you trade with regular accounts, you’re paying the brokers with spread. When you trade with ECN accounts, the spread is really low, almost zero, so the brokers will now charge you commission. So obviously, it is better to have a broker who charges the least. When you trade FxPro ECN account, the commission charged is 90 USD per a million traded.
And the $90 rate for commission is quite high. Exness only charge you $50 when you open an Exness ECN account. Check Exness ECN account.
HotForex offers you a reasonable commission rate, which is $60 for every million traded, when you trade with its Zero Spread account. Check HotForex Zero Spread account.
XM doesn’t have a true ECN account so I will not mention it here.
Overall, FxPro provides the full suite of MetaTrader and cTrader platforms, giving traders a diverse selection of trading options depending on their trading style. FxPro platforms have many advantages, such as:
- FxPro offers all MetaTrader platforms, including web and desktop, for MT4 and MT5.
- Traders on the MT4 or MT5 platforms who use automated trading systems and are known as “expert advisors” (EAs), can choose between the desktop or mobile versions of both platforms with either floating or fixed spreads, and instant execution.
- The cTrader HTML5 web-based platform at FxPro packs advanced charting tools within a smooth design layout that is easy to navigate and features narrows spreads with commission-based pricing.
- For traders interested in cryptocurrency, bitcoin trading as a CFD under the cryptocurrency pair BTC/USD is available on both MT4 and cTrader, along with several other cryptocurrency pairs, such as BCH/USD, ETH/USD, and XRP/USD. This cryptocurrency CFDs offering is initially available to clients who hold an account with FxPro’s UK and/or Bahamas entity.
In my opinion, you shouldn’t trade with FxPro if you really care about FxPro spreads. There are brokers that are just as reliable as FxPro but offer lower spreads. Moreover, they have better customer support . My top 3 forex brokers are:
Exness Check reviews.
XM Check reviews.
HotForex Check reviews.