FxPro Spread Betting Review

Spreads and Broker Costs

FxPro offers only its FxPro Edge standard account, which is a spread-only pricing model with no commissions. To get a better picture of what to expect when spread betting with FxPro, I tested the spreads on my FxPro account.

Spread Betting Account Spreads

In my tests, FxPro offered surprisingly wider spreads than its competitors, with a minimum spread of 1.40 pips on EUR/USD, but averaged around 1.47 pips in the tests. The average spread seemed to stabilise around the minimum, which I like to see, so you’re less likely to experience much wider spreads than 1.40 pips.

However, I found that FxPro is more competitive when it comes to its indices, offering a 1.35-point spread on the FTSE 100, which is more in line with the industry. Gold was also much more competitive at 0.37c, one of the lowest spreads I’ve tested, as most brokers offer spreads higher than 0.4c.

My tests show that FxPro offers better indices and commodities spreads than its forex range. So, if you don’t focus on FX, you’ll likely benefit more from FxPro’s spreads than other brokers.

Verdict on FxPro’s Spreads

FxPro’s spreads are competitive, especially with indices and commodities that outperform most brokers I’ve tested. The forex spreads are a slight letdown, posting spreads above the industry average in my tests, but they didn’t deviate too much from its minimum spread, which is a plus.

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Execution Speed and Trading Conditions

When it comes to choosing a forex broker, order execution speed and trading conditions are critical factors to consider. In my testing of FxPro, I found their execution to be quite decent.

Execution Type

While testing the broker, I had a smooth betting experience. FxPro achieves this through straight-through processing (STP), which allows trades to be executed quickly. According to the broker, they average an impressive market execution speed of just 12 milliseconds, proving the account can be attractive for scalping the markets with speeds this fast. I’m inclined to agree with this as I didn’t encounter any requotes or slippage, and the execution speed felt instant.

I think this, combined with a no-dealing desk (NDD) execution policy, helps the broker provide excellent trading conditions. This STP/NDD approach enables some of the fastest execution speeds in the industry, which can be especially beneficial if you’re a scalper or bet on economic data release traders.

Low Stop Loss Thresholds

Another functionality I found useful with FxPro is that it allows very tight stop-loss levels, as close as one pip, to the market price on its platforms. This is much better than the 15+ pip minimums many other brokers require, which can leave you open to slippage. The ability to place stops so near the current price lets you manage risk aggressively or closely lock in profits. In addition to tighter stop losses, the broker allows hedging your trades so you can reduce your downside risks against your open positions without closing them.

Verdict on FxPro’ s Trading Conditions

I think FxPro’s best selling points come from its trading conditions, thanks to its STP/NDD setup, which gives you fast execution speeds and stable fill rates on your bets. Advanced traders will appreciate the ability to set tighter stop losses, giving you more control over your risk management.

Is FxPro Safe?

Yes, FxPro is one of the largest spread betting brokers I’ve tested, with over 7 million traders, and is fully regulated by the Financial Conduct Authority, so your funds will be secure.

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Financial Regulation

I think FxPro’s regulation situation with the FCA provides great protection and trust for spread betting. Being regulated by the FCA means client funds are segregated, negative balance protection is provided, and the broker must maintain adequate capital levels, ensuring they do not go bankrupt. Should anything drastic happen, the Financial Services Compensation Scheme (FSCS) is available to protect your funds.

The fact that FxPro has multiple tier-1 regulators overseeing its operations is a huge trust signal, in my opinion. The full list of regulators includes:

• Financial Conduct Authority (FCA – UK)
• Cyprus Securities And Exchange Commission (CySEC – Cyprus)
• Financial Sector Conduct Authority (FSCA – South Africa)
• Securities Commission of The Bahamas (SCB – Bahamas)

Reputation

Doing my research into the broker, I found that FxPro has over 7,800,000 clients, which is one of the largest client bases I’ve seen. According to the broker, they’ve just passed a milestone of processing over 614,300,000 trades since they started in 2006, which highlights that FxPro has been a trusted broker for almost 30 years.

Verdict on FxPro’s Trustworthiness

FxPro certainly is a large broker, and with an impressive 7,000,000 clients, I think this is a good enough signal to validate the broker’s trustworthiness for spread betting. Combined with the company’s experience and scale, I believe FxPro is one of the most trusted and reliable brokers I’ve reviewed.

Range of Markets

Although the broker offers over 2,100 financial instruments, I found that the range was restricted for spread betting, which is cut down to 100 products. Essentially, the broker doesn’t offer spread betting on stock markets, which is disappointing, but you can still take advantage of stock markets through its range of stock indices.

Forex

I found that FxPro’s selection of 69+ currency pairs is on par with other top spread betting brokers for forex trading. From what I saw, they cover all the major, minor, and even exotic forex pairs, giving you the choice of trading high liquidity markets like GBP/USD or chasing volatility with currencies like USD/ZAR.

Commodities

While FxPro’s commodity offering isn’t the widest, with three energy markets and eight metal markets (including gold and silver), it does cover the most popular trading instruments.

Stock Indices

FxPro provides access to over 19 stock indices markets, which is more than most brokers I’ve tested. With top options like FTSE 100 and S&P 500 to spread bet on, you can get exposure to the major global indices with FxPros low spreads.

Verdict On FxPro Trading Products

FxPro offers a strong selection of forex and stock indices markets, surpassing most brokers I’ve tested. However, I did notice that they lack multiple asset classes like shares, bonds, and ETF markets, which some other spread betting brokers do offer. Despite this, I believe FxPro’s range will suit most traders’ needs when it comes to spread betting markets.

Trading Platforms

Like many spread betting brokers, FxPro only provides its proprietary trading platform called FxPro EDGE for spread betting.

FxPro EDGE Web Platform

l enjoyed using FxPro’s proprietary EDGE web platform for spread betting. It’s a well-designed platform that I found visually appealing, nothing retro like an MT4 platform.

The broker has done an excellent job with its charting package, with over 50 technical indicators, including moving averages and Bollinger Bands, and 15 time frames to trade from. As a result, you’ll find it easy to implement your trading strategies with the platform.

One feature I appreciated is the ability to customise the watch lists easily, allowing me to declutter the screen and focus only on the markets I care about. As an active trader, I also like that they offer one-click trading, which many other proprietary web platforms seem to neglect.\

Another useful feature I liked is the ability to track your overall trading performance over time, using graphs to represent the performance. I found this helpful for keeping tabs on my realised PnL and looking at the data to see where I could improve my trading.

One thing to highlight is I also couldn’t find a way to automate spread bets or add custom indicators on the FxPro platform, which was a bit disappointing. So, if you use MetaTrader 4/MetaTrader 5 with expert advisors (EAs) or the cTrader platform, you won’t be able to access spread betting at the moment. But overall, it’s a very capable platform for manual spread betting.

Mobile Trading Apps

In addition to the web platform, FxPro offers the Edge platform as a mobile trading app for spread betting on the go, available for iOS and Android devices.

I found that the mobile apps include the same features and tools as the desktop platform, including the same indicators, watch lists, and economic calendar tools. Plus, you can receive push notifications through the app, allowing you to react to market movements, manage your positions or execute your trade on the move.

Free Trading Tools

Trading Central

FxPro doesn’t offer many tools, but it does offer an excellent service called Trading Central, which offers real-time trading signals based on its pattern recognition software.

I found Trading Central helpful for getting additional trade ideas, especially when my strategy was in a dry spell. The software scans the markets to identify high-probability trade setups based on technical and fundamental analysis, with each signal giving you an analyst’s commentary on the reasons behind the signal.

Another nice touch was receiving the Trading Central newsletter in my inbox every morning. It provides an overview of potential opportunities to watch for that day and general market updates. I find it useful for staying in the loop on what’s happening in the markets.

Verdict On FxPro Trading Platforms

FxPro limits your choice to the FxPro EDGE platform, which would normally be a negative in my books. However, I found that this platform covered all the tools (and more) you’d need from a platform with 50+ indicators, one-click trading and performance tracking tools. As a bonus, having access to Trading Central provides additional value for supplementing your market analysis with different trading ideas.

Funding and Withdrawals

FxPro provides multiple options to fund and withdraw your trading account with no additional costs.

What Is The Minimum Deposit At FxPro?

I found that the minimum deposit at FxPro is a reasonable £100, which makes the broker accessible even if you are just starting with spread betting.

Deposit Methods and Fees

When I opened my live account, the minimum deposit process was simple and fast, and FxPro did not charge fees. You can fund your account via bank transfer, which takes one business day for the money to appear, or a debit card for nearly instant deposits. I used a bank transfer and deposited a test of £1,000, which was credited to my account the next morning, which I think is a quick turnaround.

As an option, it would be nice to have the option to use electronic wallets like PayPal, skrill, or Neteller to fund the account, as I appreciate some traders prefer these methods.

Withdrawal Methods and Fees

FxPro offers fee-free withdrawals via the same methods as deposits: bank transfer or debit card. The withdrawal will be processed within two business days, though in my experience, it was faster.

I made a withdrawal, and it was approved the same day. The funds hit my bank account about 20 hours later. However, your withdrawal speed may vary a bit based on your specific deposit method. Debit card withdrawals could potentially be quicker than my bank transfer.

Account Opening

Opening my spread betting account at FxPro was easy thanks to its step-by-step instructions, and the whole process was done online. I should mention that you must choose to open a FxPro Edge account, as the other accounts do not offer spread betting.

As with any regulated forex broker, you must answer some standard personal questions about your financial status and trading experience to gauge whether the spread betting account is appropriate.

It took me just a few minutes to complete the questionnaire and upload the necessary documents to verify my account. After being verified, my account was activated, which allowed me to deposit my funds. Overall, I was able to get my account set up and funded within 20 hours, which isn’t too bad.

Verdict On FxPro Funding

FxPro offers a straightforward way to fund and withdraw money from your spread betting account. With reasonable minimum deposit, fast processing times for all funding methods, and no added fees, I think FxPro does an excellent job in this category.

Customer Service

FxPro offers 24/7 customer support, which is something I look for in a brokerage, as you never know when you need immediate help.

I was able to contact them with questions through multiple channels, including live chat, phone, and email, with a decent help centre that hosts answers to commonly asked questions. However, I found that I had to be specific with my queries when searching the help centre; otherwise, relevant information would be difficult to find.

When I connected with customer service through live chat, I was instantly connected with a real person, which is a big positive in my book. One unique and convenient feature FxPro offers is a “request call back” option, allowing you to have them call you rather than waiting on hold. I haven’t seen many other brokers provide this, so it’s a nice touch that saves time.

My one complaint about FxPro’s customer service is that they ask for a lot of personal information, like your full name, email, and phone number, before you can even ask a simple question. I find this annoying, especially if you’re not logged into your account. It feels excessive just to get a quick answer.

Verdict On FxPro Customer Service

I was impressed with FxPro’s customer service; they were prompt and polite while using the live chat feature. Having a callback request service (saving you time) and operating 24/7 are two excellent features that make the broker stand out in this category.

Research and Education

FxPro provides a solid selection of educational materials through its Knowledge Hub, which includes webinars, videos, and trading courses covering various aspects of trading.

Research by Trading Central

I like that FxPro gives you access to Trading Central’s popular technical analysis research service. It’s a great tool for generating new trade ideas while staying on top of market data through the daily newsletter, which you can subscribe to. I find it to be a valuable complement to my trading strategy, as it helps me consider markets I may have overlooked or avoid trades based on data I wasn’t aware of.

FxPro Webinars

When it comes to webinars, I found that FxPro mainly focuses on technical analysis topics like support and resistance levels or swing reversal patterns. What I appreciated is that they don’t gatekeep the webinars—you can view all the past recordings without any restrictions on the broker’s YouTube channel.

FxPro Trading Courses

One thing that stood out to me about FxPro’s educational offerings is that they provide courses targeting both beginners and more advanced traders. It’s a refreshing change, as most brokers seem to only cater to newbies.

The beginner’s course covers four key areas:

• trading basics,
• fundamental analysis,
• technical analysis, and
• trading psychology.

I thought the course was well-structured, interactive, and concise, making it easy to digest in one sitting. Given the level of detail FxPro goes into for each topic, you can tell it’s been put together by experienced traders.

The advanced course digs deeper into using economic data for fundamental analysis. However, I have to be honest—I didn’t find the information all that useful. It felt a bit too generalised to be considered “advanced” level material.

Verdict On FxPro Research and Education

FxPro offers a great selection of educational resources for beginners, with its online trading course and webinars being the most comprehensive resources I’ve used from a broker. With access to Trading Central, you get access to professional-grade technical analysis for free, which is a bonus.

Final Verdict On FxPro

After spending some time with my FxPro UK account, I think the broker has exceptional trading conditions, which is my top priority when choosing a spread betting broker. The service is supported by the FxPro EDGE platform with its range of tools and indicators that are ideal for technical analysis. While the range of markets is small, the broker doesn’t fall short when it comes to its forex, indices, and commodity market selection, offering more markets than most other brokers.

All in all, after using the broker’s services, I believe FxPro is a top spread betting broker worth considering.