When choosing a broker, one of the most important variables you should look at is spread level. In this article, we take a closer look at the spreads, fees, and commissions offered by FxPro, one of the most popular brokers in the world. We’re going to tell you more about the broker itself and find out whether its fees and spreads are indeed favorable for novice traders.
FxPro has been operating since 2006. Registered in Cyprus, the company operates in about 170 countries all over the world. The broker is heavily regulated: in addition to CySEC, the main regulatory authority of Cyprus, FxPro is closely monitored by FCA from the UK as well as a couple of others. That means your funds won’t go missing one day, and the broker claims to keep its clients’ money in major international banks to make things even more secure.
The broker is especially renowned for its wide variety of available trading tools. Here you can trade just about anything: all kinds of CFDs (based on shares, indices, even cryptocurrencies), more than 70 currency pairs, and so on. The trading conditions FxPro offers are another great thing about it: the leverage goes from 1:1 all the way up to 1:200, and the minimum deposit is $100. But what’s really important is how narrow the spreads are, and we’re about to cover that in detail.
Spreads and fees
FxPro spread levels are considered quite decent, but there are still plenty of other brokers out there which offer much narrower spreads. Of course, the exact spread depends on the currency pair you’re trading and a couple of other aspects, but you can just take the most popular pairs and compare them. For example, FxPro (MT4) offers 1.61 pips on average for the EURUSD pair while IC Markets (Standard) has 0.62 pips for the same pair.
However, the spreads for CFDs are pretty competitive. And when it comes to fees, FxPro seems to be an average broker. There are trading fees: there’s a commission of $3.50 for opening and closing a position for Forex and metals on the MT4 account, and if you’re trading them on a cTrader account, there’s a $45 commission for every million USD traded.
Don’t forget about non-trading fees, too. FxPro has an inactivity fee of $5 monthly after half a year of inactivity. The broker does not charge any other non-trading fees, but your bank can still charge its own fee when you withdraw money. The complete list of fees and their conditions can be found on the official website of the broker.