How much does it cost to trade with FxPro? – Spreads & fees explained
When you check the list of the top online CFD and forex brokers, you will definitely find the name of FxPro. Through different trading accounts, the broker offers trading opportunities across six different types of assets and more than 250 financial instruments.
The broker is regulated and authorized by FCA, CySEC, SCB, and more. Besides, the traders who are from the EEA and the UK are protected under the FSCS- Financial Services Compensation Scheme along with the Investors Compensation scheme.
The broker’s impressive selection of different global stock CFDs and commodities attracts a lot of traders to try out this platform. With just a minimum deposit of USD 100, one can begin trading at FxPro.
If you are planning to trade with this broker, then there is no doubt that you are in the right direction. But before that, you should understand the FxPro fees to make an informed decision. So, let’s discuss this in detail.
Understand the broker fees before opening an account
In general, a trading broker works as a bridge between the seller and the buyer and provides the facilities to both parties to carry out trading effectively. This is what FxPro does. The broker allows you to enter into the forex and CFD markets and to earn profits.
But have you ever wondered how they make money? Well, the answer is quite simple. Traders who are using the platform pay a certain percentage or amount of money to FxPro to perform trading.
This can be a percentage of the transaction or a flat fee based on the policy of the broker. While the investors and traders use the services and tools that the brokers offer to manage their investment and attain their trading goals, for this, they charge fees or commissions.
List of fees that can occur when you trade with FxPro
There are various types of brokerage fees that can be charged by FxPro, and it is crucial to understand each of the fees properly so that you can properly manage your funds. Some of these fees are:
In simple words, spreads are the difference between the assets’ ask price and bid price. If the buy price of the share is USD 60 and you and the selling price of that particular share is USD 40, then you will suffer a loss of USD 20. This is the spread cost. The spread is wider; you will face more loss. In most cases, spreads are used as a commission.
FxPro brokers charge a certain amount of commission. Sometimes it can be flat per trade, or sometimes it can be calculated based on trade volume. Well, the methods for calculating a commission will vary from one broker to another.
Does FxPro offer a margin trading facility? Well, the answer is yes. However, the broker also charges a margin rate for this. Speaking about margin trading, here, you can borrow a certain amount of funds from the broker for trading.
For example, if you have USD 500 in your trading account, by borrowing extra funds, you can make a trade worth USD 600 and more. However, in return, your broker will charge a certain percentage as interest on that fund, and it can range from one to five percent.
The best thing about forex trading is you can trade different instruments in different currencies. But for that, your broker will charge a certain currency conversion fee. It will vary from one broker to another.
Account inactivity fee
Most of the brokers have a policy where you may need to pay an amount of monthly fee if you don’t use your account for 12 months. FxPro charges an account inactivity fee. For one-off account maintenance, the fee is USD 15, and after six months of inactivity, you will be charged a USD 5 monthly fee.
That means you will have to be very strategic about the trading activity and use it regularly.
Spreads of FxPro
FxPro claims to offer the tightest spread compared to other brokers. With zero commission, they provide the traders with competitive spreads across different platforms. On the cTrader, spreads on metals and FX are quite lower.
However, the traders will be charged with a commission when they enter or exit a trade. Currently, the broker charges USD 45 for each USD 1 million USD traded. To know more about the average and minimum spreads for every account type, you can go through the specification of every instrument.
For that, you need to choose the Markets option, and then you can click on the particular instrument to check the spread. The spreads can be floating or fixed. You will know about this in the below-written sections.
Only the MT4 Fixed account offered by FxPro has fixed spreads, and it is applicable on 7 different pairs. These are USD/CAD, EUR/JPY, EUR/GBP, GBP/JPY, USD/JPY, EUR/USD, and GBP/USD. As the name suggests, it will not vary during the day.
Under the fixed spreads, you will find a night rate and a day rate for fixed spreads. If the market is extremely volatile, then an abnormal rate will be used by the broker. Spreads on some forex majors are:
- EURGBP- 0.84373 Buy and 0.84386 sell= the change is 0.352
- EURUSD- 1.14515 buy and 1.14530 sell= the change is 0.143
- GBPJPY- 156.113 buy and 156.134 sell= the change is 0.089
These will vary during the day, based on the available liquidity and market volatility. These spreads will represent the best buy and sell prices. One of the major benefits of floating spreads is that the traders will enjoy the best market price during the trading time. With FxPro, you can enjoy good floating spreads that can increase your chances of making more profits.
Spreads on different accounts
The first thing that you should consider is that FxPro is well-known as a “No Dealing Desk Broker” and sometimes functions as a market maker. That’s why they offer very competitive spreads to the traders. However, the spreads will vary based on your account type.
As per the reports, the average spread of a FxPro MT4 account can attract 1.6 pips. In the case of floating spreads, it can be around 1.4 pips. Well, spreads can also change based on time, like from 8 am to pm, it would be 1.6 pips. During the rollover hour, i.e., from 9.15 pm to 10.50 pm, it can be 2.5 pips.
FxPro allows market as well as instant execution through the FxPro MT4 account.
MT5 trading accounts support only floating spreads. As per the information mentioned on the official website, the average floating spread will be around 1.4 pips. On the other hand, market execution is available with MT5, but the traders may deal with slippage.
It has variable spreads. Speaking about the average floating spread, it is only 0.3 pips. This can be low for metals and forex. However, before using the Ctrader account, you should know that this account attracts a commission of USD 4.50 for a round-turn.
How does spreads work?
Let’s assume you have a EURUSD where the bid price is 1.123456, and the asking price is 1.12356. In this case, the spread will be 0.00011 or 1.1 pips. This is the amount that will go straight to the FxPro’s account.
FxPro commission and swap charges
When you trade through a normal account, you will pay the brokers with a spread. When the traders trade with their ECN account or a special account, then the spread will be very low. As a result, the broker will charge the traders a commission.
So, it is better to choose a broker who charges less. When you choose FxPro, the commission is USD 45 per million USD traded. Well, this is comparatively lower than the commission charged by other popular brokers.
The commission fees are evaluated using the following formula:
Trade size in the base currency/ Conversion rate of USD x USD 45 per million traded / rate of account currency exchange= Total commission.
Let’s understand this with some examples. Suppose the trading value is 100,000 GBPJPY. The trading account will be denominated in EUR currency,
First, you need to convert the traded size to USD from the base currency. 100.000 GBP x 1.3110 (rate of GBPUSD) = 131,100 USD.
Once done, you can charge the commission in USD. FxPro charges USD 45 per million traded. So, the commission in USD will be, 131,100 x 0.000045= USD 5.90.
Now, you need the commission to the based currency, i.e., EUR. 5.90 / 1.1685 (rate of EURUSD) = 5.05 EUR.
Rollover charges or swap charges will be charged when a trade remains open overnight. As per the rule, FxPro charges a swap at 21:59 to the traders’ account, and then the amount is then converted into the respective currency. Some rules to keep in mind are:
- On FxPro, the swap rate is reviewed and updated weekly.
- On CTrader, MT4, and FxPro platforms, the swap fees will be calculated once every weekday.
- If you are using MT5, you will have to pay swap charges every day for all types of instruments.
Steps to calculate swap charges
The formula to evaluate swap charge will greatly depend on the CFDs you are currently trading. For example:
- In the case of cryptocurrencies- the number of cryptocurrencies x closing price at the end of the day x 20 percent / 360.
- Forex- For this, the formula is Pip value x number of nights x swap rate / 10.
- Indices, Energies, and Spot Metals- Swap rate x number of nights x lot size
- Shares- Yearly percentage charge x last price x share number / 360
If you are using a FxPro trading account and want to trade on margin while holding your trader for a long time, then the financing costs can be more. For example, the financing rate for Apple CFD, FxPro, charges 2.9 percent. For EURUSD, it is 1.5 percent. In the case of Vodafone CFD, you will have to pay 2.8 percent.
Deposit and withdrawal fees
If you think the fees and commissions charged by the broker are reasonable, then you can open an account and deposit a minimum amount of USD 100 to begin trading. However, the broker suggests depositing USD 500 to USD 1000 to enjoy all the features of the platform while trading.
Speaking about deposits with FxPro, you will find different methods. The available deposit methods are:
- Bank wire transfer
- Credit or Debit cards (American Express, Maestro, Visa, and Mastercard)
- MonetaRY (Only Available for Russian traders)
Does FxPro charge fees on the depositing and withdrawal process? Well, there are no such fees charged from the side of FxPro. However, your bank may charge a certain amount for the transactions.
In the case of withdrawal, FxPro also doesn’t charge anything, no matter what type of withdrawal method you choose. Well, the broker may charge some fees if the fund has not been used for trading.
The broker offers faster withdrawal times, and all the requests are processed within one to two business days. You can raise a withdrawal request easily through your trading account. If you face any deposit or withdrawal issues, you can get in touch with the customer support team.
Tables of fees & spreads
|Types of Commission Plans of FxPro|
|Account Type||Ctrader ECN||FxPro MT4||FxPro MT5||Standard MT|
In general, all the possible costs and fees that the broker can charge can be found listed on the official site under the trading conditions. Every trader should properly review that section as sometimes the costs can go up if you make a wrong trade.
If the information related to fees, commission, and spreads is not there on the site, then it will be better for you to avoid that broker. The customer support team can also be reached. But always keep in mind that a trustworthy and transparent forex trading broker will never hide the costs.
Different costs, like swaps and spreads, are best evaluated directly from the broker’s platform as such fees can frequently change as forex and CFDs market conditions change rapidly.
Having reviewed all the fees, charges, spreads, and commissions, it is likely that you have made a good decision by choosing FxPro as your forex trading broker. The most important thing is FxPro is a well-regulated European broker, and they are also known as a good scalping broker.
What’s more? FxPro fees, commissions, and spreads at FxPro are comparatively lower than other European brokers. If you can make enough profits, then you can easily cover the costs.
Well, all brokers charge different fees. But it is up to you to choose the right broker who is regulated and trustworthy, and you will never go wrong with FxPro. Go through the information on FxPro fees mentioned above, create an investment plan accordingly and start trading.
FAQ – The most asked questions about cost to trade with FxPro:
Does FxPro charge commission?
Yes, just like other regular forex and CFDs trading brokers, FxPro also charges a commission for different transactions. However, the official FxPro site says the broker only charges commissions on Spot Metals and FX pairs that are available on the FxPro cTrader platform.
Speaking about the fees, the traders may need to pay around USD 45 per million USD traded. Well, the commission fees may vary. So, before trading, prefer to go through the commission’s details available on the official site.
Is FxPro free?
As a trusted and reputed online forex trading broker, FxPro doesn’t charge anything for withdrawing and depositing funds. However, you will have to maintain minimum funds to do trading.
Speaking about other fees, FxPro may ask the traders for commission and swap charges. Besides, it also has spread. So, it can be concluded that FxPro is not completely free.
How much does the broker charge brokerage?
The information mentioned on the official site suggests the brokerage scheme offered by the FxPro is quite different from others. The commission and spreads will be charged based on the type of trading platform you are using.
For example, you may have to pay a floating spread if you are using Standard MT, Ctrader ECN, and FxPro MT5. However, in the case of FxPro MT4, the spreads will be fixed. Apart from this, there is no need to pay any additional commission.
What about FxPro’s leverage?
FxPro is currently offering four different types of trading platforms. These are FxPro MT4, MT5, Standard MT, and Ctrader ECN. Even though the platforms are different, the leverage for all the platforms is the same, i.e., 1:200.
Are there any hidden charges?
In general, FxPro doesn’t have any hidden charges as it follows all the rules and regulations. However, it is advisable to consult with the FxPro support team to know more about the platform and to avoid any possible conflicts.
Are there any FxPro fees for inactivity?
Most brokers charge a monthly fee if you don’t use your account for 12 months. Just like that, FxPro fees for inactive accounts exist. The broker charges you a certain amount as an inactivity fee. For one-off account supervision, the fee is USD 15, but after six months of inactivity, you will have to pay a charge of USD 5 monthly. If you want to invest in FxPro, keep this in mind. As it charges an inactivity fee, you must be very tactical about the trading activity. And make sure to use your account regularly.
How can a trader skip paying FxPro fees?
A broker earns from fees and commissions that it charges from traders. So, there is no way a trader can avoid FxPro fees and commissions. If you still wish to trade on FxPro without paying any fee or commission, you have a demo account at your disposal. Besides, the broker has a very genuine trading fee. So, it is highly affordable for most traders.
Are FxPro fees very high?
No, FxPro fees are very genuine and affordable. Any trader can manage well by paying a low fee to the broker. They can enjoy trading at a low cost. Besides, there are several other features that traders can enjoy on this trading platform.
See more articles about forex trading:
Last Updated on January 27, 2023 by Arkady Müller