FxPro Nigeria Review
Everything you didn't know about FxPro in Nigeria
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
I like that FxPro offers Promo Accounts with almost zero minimum deposit, I tried their services using the promo account and now I think I am ready to open a main account
fxPro now allows access to unlimited leverage which is quite an upgrade so I'm loving this. I also enjoy using the FxPro Wallet to keep monies I am not using for trading.
If you want to trade crypto FxPro is the best. Their spreads are tight and there's a lot of digital currencies on offer. I also enjoy their mobile app with the newly upgraded 24/7 support from within the app
I love FxPro because of their newly introduced naira account, the fact that they are very organized, and the fact that I can speculate on the Naira with USD/NGN currency pair. Keep it up fxPro
FxPro has some of the best education and the best trading software out there. They are also quite honest with their spreads.
FxPro closed my account for no reason and they never bothered to inform me. While trading with them their spreads were always too high on the standard account.
FxPro is a good forex broker but they should improve on their customer support and lower their spread. For me I like that they have a lot of tradable instruments and support cTrader
I'm about to start my FxPro trading journey & so far, I'm loving their trading platforms especially the Web Trader- it looks so cool!! I opened a Naira trading account so it displays everything in Naira which is nice. I am also loving the support I'm getting from their customer service, although they are stationed abroad they are so nice and patient and they call me whenever I request a call back. Thanks for the review it really opened my eyes to FxPro and made me want to trade with them.!!
FxPro is the perfect gentleman broker. Their platforms are almost ''alien like'' in terms of technology, especially their FxPro Edge Web Trader & their MT5. Their execution speed is great and although their spreads are wide (1.4 pips EUR/USD) they don't play tricks of increasing the spread during a trade.' Their leverage is also pegged to 1:500 which is good because it makes you a responsible trader. They dont throw high leverage at you and then widen their spreads so you blow your account
FxPro Accepts Nigerian Traders, Offering a N5,000 Minimum Deposit & Naira Trading Accounts
| 👨 Broker | FxPro |
| 👨 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2006 |
| ⚖ Regulators | Securities Commission of the Bahamas (SCB), FCA UK |
| 📋Account currency | Naira, USD |
| 💰 Minimum Deposit | N5,000 |
| 💰 Minimum Withdrawal | N100 |
| 📈 CFDs | Forex, Crypto, Shares, Energies, Indices, Futures, Metals |
| 🚀Max. Leverage | Unlimited |
| 🔎Auditors | PricewaterhouseCoopers |
| 💻 Platforms | MT4, MT5, cTrader, FxPro Mobile App, FxPro Web Terminal |
| 📋Account Types | Standard, Raw, Elite |
| 📞Live Support | 24/5 |
| 🏖️ Inactivity Fee | $10 after 6 months of inactivity |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation & Safety - 10/10
Is FXPro Legal in Nigeria?
Yes, it is legal to use fxpro in Nigeria. Fxpro activities in Nigeria are regulated/supervised by the Securities Commission of the Bahamas (SCB).
FxPro is also regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. However they are not an authorized Over the Counter Derivative Provider (ODP)
FxPro is also regulated by the Financial Conduct Authority (FCA) in the United Kingdom & they have Firm reference Number (FRN) 509956, making them legal in the UK.
FxPro is also regulated by the Cyprus Securities & Exchange Commission (CySEC).
Invemonde LTD Trading as FxPro is also regulated by the Financial Services Authority (FSA) in Seychelles.
FxPro Regulation Summary
| 📍Country | ⚖️Regulator | #️⃣License No. | 📅Date License Issued | 🔒Trust |
| South Africa | FSCA | 45052 | 2015 | Medium |
| United Kingdom | FCA | 509956 | 2010 | High |
| Cyprus | CySEC | 078/07 | 2007 | Medium |
| Bahamas | SCB | SIA- F184 | Low | |
| Seychelles | FSA | SD 120 | Low |
Deposit & Withdrawals - 10/10
What is the FxPro Minimum Deposit in Naira?
The FxPro minimum deposit is N5,000 on the Standard Account, N835,000 on the Raw+ Account and $30k on the Elite Account.
Deposit Methods at FxPro Nigeria
1. Local Bank Transfer
Local bank transfer has the lowest minimum deposit of NGN 5,000 and all Nigerian banks are supported.
2. Broker to Broker Transfer
FxPro Nigeria supports broker to broker transfers. So, if you close your account with one broker, you can simply ask the broker to transfer your funds to FxPro & vice versa.
3. Cards (Visa, MasterCard, & Maestro)
Master/Visa cards have a minimum deposit of $15 and dollar deposits will be converted into naira..
4. Skrill & Neteller
FxPro accepts deposits from Skrill & Neteller at no cost. Processing time can take up to 10 minutes.
5. Crypto
FxPro Nigeria allows you deposit/withdraw via cryptocurrency such as USDT, Ethereum, Bitcoin, TON, ADA, LTC, SOL, USDC ERC20, XLM & XRP.
How Much is FxPro Minimum Withdrawal?
The FxPro minimum withdrawal is N100 when you are using the online bank transfer withdrawal method.
Account Management - 10/10
Does FxPro Have Naira Base Currency?
Yes, 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.
FxPro Leverage
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.
- Forex 1:unlimited
- Gold 1:10000
- Indices 1:500
- Energy 1:200
- Crypto 1:500
- Stocks & ETFs 1:25
Margin Call & Stop Out
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%.
Negative Balance Protection
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.
How Do I Open an FxPro Account?
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.
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.
| 🛒CFD | #️⃣Number | 🚀Leverage | 🌙Swap Free Trading | 📅Trading Hours |
| Forex | 70+ | 1:2000 | No | Sunday 23:00 to Friday 23:00 GMT+1 |
| Indices | 18 | 1:500 | No | Between Monday 00:00 and Friday 22:59 GMT+1 |
| Metals | 12 | 1:500 | No | Between Monday 00:00 and Friday 22:59 GMT+1 |
| Energy | 3 | 1:500 | No | Between Monday 00:00 and Friday 22:59 GMT+1 |
| Shares | 1,900 | 1:10 | No | Between Monday 09:01 and Friday 17:30 GMT+1 |
| Futures | 30+ | 1:10 | No | Between Monday 10:45 and Friday 19:29 GMT+1 |
| Crypto | 15+ | 1:100 | No | Sunday 23:00 to Saturday 23:00 GMT+1 |
| Bonds | Unavailable | Unavailable | Unavailable | Unavailable |
| ETFs | Unavailable | Unavailable | Unavailable | Unavailable |
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 pips and the Elite Account has a spread starting from 0 pips.
What average spread should you expect?
MetaTrader Standard Account users can expect EUR/USD, GBP/USD, & USD.JPY spreads to average at 1.5 pips.
cTrader Account users should expect an average EUR/USD spread of 0.44 pips. Also expect GBP/USD at 0.58 pips on average, and USD/JPY at 0.36 pips average.FxPro also gives you the option of choosing fixed spreads which don’t change, but the fixed spreads are higher.
For example, EUR/USD fixed spread is 1.72 pips for MetaTrader Standard Accounts which is higher than the variable spread option of 1.5 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.
Is FxPro A Market Maker?
Yes, FxPro is a Market Maker; their client agreement/order execution policy implies that FxPro will act as Principal at all times & be a counterparty to all your trades.
Range of Accounts - 6/10
Demo Account
The Demo account helps you practice your trading strategies and skills, using the platform’s features and virtual funds to have a real market experience.
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.
PAMM Accounts
PAMM Accounts at FxPro are for you to pool resources from other traders then trade on their behalf and share profits with them according to an agreed percentage allocation formula.
However, note that depending on your jurisdiction you may need government approval to make investment decisions for others.
| Pros | Cons |
| ✅Naira base currency | ❌No Cent Account |
| ✅MT5 Accounts can be exclusively setup for Netting or Hedging strategies | |
| ✅No restriction on number of accounts you can open | |
| ✅Demo Account |
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.
| 🎧 Live Chat Support | Yes |
| 📧 Email Support | Yes |
| 📞 Telephone Support | Yes |
| 📖 Help Center | Yes |
| 👨 Personal Account Manager | No |
| 👩🏫 Academy | Yes |
Final Verdict - 7.8/10
| 🏛️ Broker | ⚖️ Regulation | 💰Deposit & Withdrawals | 💱Account Types | 🧹Account Management | 🛒Range of Markets | ✂️Fees | 💻Platforms | 🛠️Tools | 🚑Support | 🏆Score |
| HFM | 10 | 10 | 10 | 10 | 8 | 7 | 5 | 8 | 9 | 8.4 |
| Tickmill | 10 | 7 | 7 | 9 | 9 | 8 | 7.5 | 10 | 6 | 8.2 |
| Pepperstone | 10 | 10 | 6 | 6 | 9 | 6 | 10 | 9 | 7 | 8.1 |
| FxPro | 10 | 10 | 6 | 10 | 9 | 6 | 9 | 5 | 7 | 7.8 |
| Exness | 10 | 10 | 10 | 6 | 5 | 7 | 8 | 5 | 8 | 7.8 |
| Trade Nation | 9 | 10 | 5 | 6 | 5 | 9.6 | 7.5 | 5.5 | 6 | 7.3 |
| Deriv | 5 | 8 | 9 | 6 | 10 | 6 | 7 | 6 | 9 | 7.3 |
| XM | 10 | 10 | 6 | 6 | 8 | 8 | 6 | 6 | 6 | 7 |
| XTB | 10 | 8 | 5 | 6 | 5 | 6 | 5 | 5 | 7 | 6 |
| AvaTrade | 10 | 5 | 4 | 5 | 10 | 4 | 7 | 8 | 9 | 6 |
| FBS | 8 | 7 | 5 | 6 | 6 | 7 | 6 | 7 | 10 | 6 |
| Headway | 5 | 7 | 8.5 | 8 | 5 | 6 | 6 | 3 | 7 | 6 |
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.