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.
I'll take the most common currency pair, EURUSD, as an example.
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
XM: $320 billions
Hotforex: $300 billions
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:
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.
HotForex offers you a reasonable commission rate, which is $60 for every million traded, when you trade with its Zero Spread account.
XM doesn’t have a true ECN account so I will not mention it here.
So if you still want to trade with FxPro and cut down your trading cost, you should use FxPro bonus.
Actually, on their website, FxPro doesn't call it a bonus. They named the program "SuperTrader" which give you 400% deposit bonus. This bonus cannot be withdrawn and can only be used for trading only. The program applied for this bonus is the copy trade program. When you deposit any amount of money into your copy trading account, it will be multiplied by 4 and then you can choose a strategy to copy.
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:
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: