FxPro Nigeria Review

Reputation & Trust - 9/10

FxPro Global Markets LTD. is a legal entity registered in the Bahamas. FxPro activities in Nigeria are regulated/overseen by the Securities Commission Bahamas (SCB).

FxPro also operates in the United Kingdom where we have the strictest rules governing forex brokerages. FxPro was able to get approval for/obtain an FCA UK operating license, which is a great fit.

We rate brokers with licenses from tier-1 regulators like the FCA UK and ASIC Australia, higher for reputation/trust. This is why FxPro was rated 9/10 in this category.

Payment Channels - 8.5/10

For Nigeria, FxPro has lowered their minimum deposit to N 5,000 to accommodate traders of different income brackets.

With the N5,000 FxPro minimum deposit, you can access some account types namely the cTrader Raw Spread Account and the Standard Account.

Supported payment methods for Nigeria are local bank transfer, visa/Mastercard, skrill/neteller, and crypto.

FxPro also allows a minimum withdrawal of N 100 for the local bank withdrawal method only.

The fastest FxPro withdrawal method as per our testing was the local Nigerian bank, our withdrawal was instant.

Withdrawals via cards were delayed by almost 2 weeks, because FxPro card withdrawals are treated as refunds.

FxPro's N5,000 minimum deposit only applies to local Nigerian bank deposit methods, if you are depositing by card, the minimum is $15. FxPro payment methods lack diversity as we expected to see more local payment methods like USSD, mobile money, etc.

Account Types - 6/10

Standard Account (N5,000 FxPro Minimum Deposit)

The FxPro Standard Account's spread-only fee structure is simple & easy to work with for beginners.

Raw+ Account (N835,000 FxPro Minimum Deposit)

The Raw+ Account pricing structure is more advanced with spreads kept low but you pay a flat commission per trade.

Elite Account (USD 30,000 FxPro Minimum Deposit)

This account is a great option if you're planning to deposit $30k or more. It gives you all the benefits of the Raw+ Account, but with an extra bonus, you can earn rebates of up to 21% on your trades.

cTrader Account (N5,000 FxPro Minimum Deposit)

To trade on the FxPro cTrader Platform (mobile and web), you must open a cTrader Account with a N5,000 starting deposit.

The cTrader Account pricing requires you to pay a commission per trade plus low spreads.

Account Currency

FxPro has Naira base currency so when opening your account, you can select Naira as your preferred FxPro wallet currency

Number of FxPro Accounts You Can Open

FxPro allows you to open a maximum of 5 trading accounts on one user profile.

FxPro Wallet

Your FxPro Wallet is an online savings account where all your deposits are held. When you want to trade, you must perform an internal transfer from your FxPro Wallet to your Trading Account.

Any money held in your FxPro Wallet is not allocated for trading and so cannot be affected my margin calls or any trading related activity.

Account Opening Procedure

Step 1: Register & Create Account

Go to the FxPro website and click on register, then enter your personal information such as name, phone number, DoB, etc.

After submitting your personal information, FxPro will automatically create an MT5 account for you as well as an online wallet which will all be attached to your user profile.

Your newly created MT5 account will be inactive until you complete step 2.

Step 2: Verify Your Account

After completing step 1, you will be automatically redirected to your personal area where you will be required to supply your BVN Number, NIN Number or Drivers License Number for identity verification.

You will also be required to undergo a liveness check which is basically taking a video of your face and uploading to the FxPro portal.

Once FxPro can authenticate the information you supplied, your trading account will be activated and you can make your first deposit and start trading.

We like that FxPro has simplified the account opening process by accepting BVN & NIN numbers without traders needing to upload any documents.

FxPro Fees - 6/10

1. Spread

The Standard Account has variable spread starting from 1.2 pips. The Raw+ Account has a variable spread starting from 0.4 pips and the Elite Account has a spread starting from 0.0 pips.

2. Commission

FxPro commission is $3.5 per side per 100,000 units of any Forex & Gold pairs traded using the MetaTrader Raw+ or Elite Accounts.

For cTrader Account users, commission is compulsory at $3.5 per side per 100,000 units traded.

Some FxPro instruments such as Bitcoin are traded commission-free irrespective of the account type you’re using.

3. Swaps

All FxPro instruments attract overnight swap fees when you leave trades open till the next day.

However, swap-free trading can be activated upon request if you are of Islamic faith.

4. Inactivity fee

Inactive accounts (6 months and above) at FxPro are charged a $10 penalty for inactivity.

Risk Management - 10/10

FxPro Leverage for retail clients is now 1:Unlimited so when trading forex pairs you can access unlimited leverage but for other asset classes the leverage is limited.

FxPro Margin Call will come when your Margin Level falls to 100% and you will be Stopped Out of all your trades when your Margin Level falls to 0%.

FxPro Nigeria offers Negative Balance Protection so that you don't lose more than you deposited.

Even if your FxPro account balance goes into negative due to stop loss not being triggered etc., FxPro will refund the negative balance and make your account balance zero again.

Range of Markets - 9/10

1. Forex CFDs

FxPro traders in Nigeria can trade CFDs on all major forex pairs such as EUR/USD. USD/JPY, etc. Minor & Exotics are also available.

The USD/NGN forex pair is also available at FxPro Nigeria, thus enabling you to speculate on the rise/fall of the Naira.

2. Spot Indices CFDs

FxPro traders in Nigeria can trade CFDs on Nasdaq & other popular indices. In total FxPro offers about 18 popular indices but there's no Nigerian indices available.

3. Spot Metal CFDs

You can trade CFDs on Gold & other precious metals at FxPro Nigeria. These metals are paired against the USD & Euro; none of them is paired against the Naira

3. Share CFDs

At FxPro Nigeria you can trade CFDs on shares of companies like Airtel Africa, Safran South Africa, other international companies.

4. Spot Energy CFDs

Brent Uk Oil, WTI Oil & NAT GAS are the only Energy CFDs you can trade at FxPro Nigeria.

5. Futures CFDs

At FxPro Nigeria, you can trade CFDs on Futures contracts with Agricultural commodities, Energies & Equity indices as some of the underlying assets.

6. Crypto CFDs

FxPro users in Nigeria can speculate on the crypto market using CFDs.

AAVE, BAT, Binance Coin, Bit Coin, Cardano, Chain Link, Dash, Doge, EOS, Ethereum, File Coin, IOTA, Lite Coin, Monero, NEO, Polka Dot, Solana, Stellar, are all available as CFDS.

FxPro Platforms - 9/10

1. MT4/MT5

MT4 and MT5 give you access to trading central tools, technical indicators, analytical charting tools, and customized chart layouts.

You can have access to MT4 multiterminal to manage multiple accounts.

You can download the MT4/MT5 on the FxPro website, available on iOS, android, windows, Mac OS, and web platforms.

2. TradingView

FxPro has TradingView as one of its platforms but you can only access it when you open a cTrader raw account type.

3. FxPro Proprietary Platforms

FxPro has its own home-developed platforms unique to it, & that can be used by only FxPro members.

These proprietary platforms are the FxPro mobile app & the FxPro Edge Web Trader.

The mobile app works with android & apple devices, while the FxPro Web Trader can be launched through FxPro’s website from any popular browser.

4. cTrader

The cTrader offers another level of depth of market analysis.

The cTrader gives you access to detachable charts, order protection, customized charts and interface, etc.

You can download the cTrader on the FxPro website. It is available on iOS, android, windows, Mac OS, and web platforms.

FxPro Trading Tools - 8/10

1. Calculator

FxPro provides a trading calculator which helps you calculate the commission, margin, pip value & swaps on a transaction.

2. Virtual Private Server (VPS)

FxPro also provides a VPS server so you can run your trading robot on it, and get uninterrupted data connection & faster execution speed.

The cost of the FxPro VPS is $30 per month but Premium Account holders can use it for free.

3. Economic Calendar

FxPro has provided an economic calendar so you can track the exact dates when important economic data such as Non Farm Payroll, PCE, CPI etc. will be released.

4. Earnings Calendar

This calendar shows you dates when companies will release their earnings reports so you can trade accordingly.

5. Live Price Ticker

This tool shows you how much the price of a particular instrument has risen or fallen as at the current time. This information will act as a guide as to whether you should buy, sell or close your existing trade on that instrument.

6. Global Stock Exchange Session Time

This tool shows you when different stock exchanges around the world are open or close for business. it is a useful tool if you are trading stock indices.

Customer Support - 7/10

1. Telephone Support

FxPro clients in Nigeria dont have to spend their airtime calling FxPro, they simply have to logon to their personal area and Request A Call-Back. This feature will prompt FxPro customer support teams in the UK to call you at the time you specified.

2. Live Chat Support

From your personal area, you can initiate a real-time chat with FxPro agents & they respond to you almost immediately. Live chat is open 24/7 but during weekends a bot does the responding.

3. Email Support

FxPro clients in Nigeria can also reach out to them via email & get a response within 24 hours.

4. Educational Support

FxPro offers educational resources such as webinars, articles, traders glossary, and YouTube.

These educational resources cover FxPro CME Group Education course, basics of trading, fundamental analysis, and trader psychology.

There's also the FxPro unlimited Demo Account (which does not expire) for experimenting with the markets using virtual funds.

Final Verdict - 7.8/10

FxPro is the best forex broker in Nigeria for beginners because they offer Naira accounts, you can trade the USD/NGN pair & there is sufficient education.

FxPro has a final score of 8/10 because their trading tools are not as advanced as what competition offers, the spread on their Standard Account is higher than industry averages & there is no copy trading.