Page 4 of FxPro UK Limited's financial statements for 2025, filed at Companies House on 17 April 2026, describes the FCA-licensed company in one plain sentence: it "acts as the principal and market maker to its customers" in CFDs and spread bets. Two clicks away, on fxpro.com, the same group calls itself "a No Dealing Desk (NDD) broker" and promises execution "without intervention." This FxPro review starts from that gap because it is the one finding that decides how a retail account here should be read. Both statements can be true at once. The filing tells you who sits on the other side of the trade; the website tells you how orders are routed inside the firm. The trouble is that most new clients only ever see the second one, and the fee pages that follow it describe the cTrader commission three different ways.
The information most reviews miss sits in FxPro's own FAQ, not in the marketing copy. Asked "What is FxPro's model of execution?", the broker answers that it will "internally match a great deal of our order flow and residual exposure remains in house up to our market risk limit," with only the excess hedged outside. That is a market-making book with an aggregator in front of it, and the UK accounts add the other half of the picture: FxPro UK's entire revenue is a 10% cost-plus service fee paid by FxPro Global Markets Limited, the group's Bahamas-regulated arm. The UK licence, in other words, is a cost centre with five employees, and the economics of client trading appear to sit elsewhere in the group. On price, the per-notional cTrader commission works out to $4.01 per side on a standard EUR/USD lot at today's reference rate, 15% above the $3.50-per-lot figure the same website prints in its FAQ.
Key facts
- FxPro UK Limited reported 2025 revenue of £1,779,197, down 8.4% from £1,941,559, and profit of £326,863 — FxPro UK Limited financial statements, filed 17 Apr 2026
- Notional volume through the UK company rose 8% to $87 billion in 2025, handled by 5 employees at year end — same filing, strategic and directors' reports
- cTrader commission is $35 per USD 1 million traded per side, or $4.01 per side on 100,000 EUR/USD at 1.1460 — fxpro.com commissions page, read 21 Sep 2026
- EUR/USD average spread shown on 21 Sep 2026: 0.45 pips on cTrader, 1.46 pips on the MT4/5 Standard account — fxpro.com EURUSD specification, read 06:57 UTC
- 75% of retail investor accounts lose money trading CFDs with this provider — fxpro.com risk banner (CySEC entity site), 21 Sep 2026
- FxPro Financial Services Ltd holds CySEC licence 078/07, dated 5 March 2007 — CySEC register of Cypriot investment firms, read 21 Sep 2026
One licence book, three regulators and a Bahamas engine
FxPro runs three regulated entities that matter to retail clients, and which one you land with changes almost everything else in this review. FxPro Financial Services Ltd is the Cypriot investment firm, licence 078/07, and the CySEC register lists it with a licence date of 5 March 2007 and company registration number 181344. FxPro UK Limited, company number 06925128, operates under FCA registration 509956. FxPro Global Markets Ltd is authorised by the Securities Commission of The Bahamas under licence SIA-F184, according to FxPro's own general information sheet for that entity.
We could not read two of those three registers directly. The FCA register is a Salesforce application that does not return content to a scripted request, so the UK authorisation here is corroborated through the Companies House filing, whose directors' report states that the company "operates under the license no. 509956" granted by the FSA, now the FCA. We could not reach a Securities Commission of The Bahamas register page on 21 September. SIA-F184 therefore rests on FxPro's own documents, and it should be treated that way.
The Bahamas entity is where the leverage is. Its information sheet lists retail leverage of up to 1:200, professional leverage of up to 1:10000, a recommended minimum deposit of $1,000, and an "Elite account with Raw+ Conditions" that the European site does not show. Clients of the Cyprus entity sit under ESMA product rules, which cap retail leverage on major currency pairs at 30:1.
Then there is the money flow. The UK directors' report says the company's revenue "is derived from FXPro Global Markets Limited and is based entirely on a 10% cost plus service agreement between the two entities." A regulated London company that books $87 billion of notional volume but is paid on cost-plus by an offshore sister is not unusual in this industry. It does mean the UK profit line, £326,863 for 2025, tells you almost nothing about how profitable client flow is to the group. The group-level figure that would answer that question is not on the public record we could reach.
Several numbers on fxpro.com also fail to agree with each other. The About page lists Tier 1 capital of $120,000,000 while the Pro Conditions page says "$100m+". The same About page advertises "4 industry regulations" and then names three: the FCA, CySEC and the SCB. The licences page says financial reports "are audited by PWC"; the auditor named on FxPro UK's 2025 statements is Sumer Auditco Limited. Each gap has an innocent reading, since group accounts may well be PwC-audited, but a broker that sells transparency ought to reconcile its own pages.
One more register detail is worth a trader's attention. A search for "FXPRO" at Companies House returns, alongside FxPro UK Limited, a company called FXPRO & SAXO & PLUS INVESTMENT BROKERS UK LTD, number 16591655, incorporated on 18 July 2025. Nothing on the public record links it to FxPro. A Companies House entry confers no authorisation to deal in investments, and a name that stitches three broker brands together is the pattern clone-firm warnings are written about.
What a lot of EUR/USD actually costs, by page
FxPro sells two account families on the CySEC-entity site we were served on 21 September (fxpro.co.uk redirected to fxpro.com from our location). The MT4/5 Standard account prices everything into the spread with zero commission. The cTrader account, also reachable through TradingView, pairs a thinner spread with a commission on FX and spot metals only.
The commission is where the site contradicts itself. The Commissions and Swap Charges page says "FxPro charges $35 per million USD traded," with a worked example that converts 100,000 EUR at 1.1685 into $116,850 and charges $4.09. The EURUSD specification agrees in different units: "Spreads + 0.35$ per 10K traded." Then the Order Execution Explained page gives the rate as "$3.50 per side per 1,000,000 USD traded," which is ten times cheaper and almost certainly a typo. Finally the FAQ on the execution page says the Raw Spread account charges "$3.50 per lot of USD, per side" and that "the same applies to our cTrader account type."
Per lot and per notional are not the same thing on a euro pair. At the ECB reference rate of 1.1460 for 18 September, pulled from frankfurter.dev at 06:57 UTC on 21 September, a 100,000 EUR lot is $114,600 of notional. At $35 per million that is $4.01 per side and $8.02 round turn. FxPro's own live quote at the same minute, 1.14771 on the offer, gives $4.02. The per-lot reading would be $3.50. The gap is small per ticket and large per year for anyone running size: 200 round-turn lots a month is $204 a month of difference between the two readings.
Against peers read the same morning, FxPro's cTrader fee is the highest in the set. IC Markets' spreads page (Raw Trading Ltd, Seychelles FSA) charges cTrader and TradingView users "$3 USD per 100,000 USD traded," or $3.44 per side on the same lot, and $3.50 per lot on MetaTrader Raw. Pepperstone's Australian pricing page (Pepperstone Group Limited, ASIC) quotes Razor commission "from USD$3.50 per lot, per side" on MT4/5 and "6 USD roundtrip fixed per unit" on cTrader. Tickmill's Raw account page on tickmill.com says a lot of EUR/USD costs "3 USD" per side. Our earlier IC Markets review covered the per-notional mechanism in detail; FxPro applies the same mechanism at a rate 17% higher.
| Broker, account, entity | Stated rate (read 21 Sep 2026) | USD per side, 1 lot EUR/USD at 1.1460 | vs FxPro cTrader |
|---|---|---|---|
| FxPro cTrader, CySEC-entity site | $35 per USD 1m traded | $4.01 | n/a |
| IC Markets cTrader, Raw Trading Ltd | $3 per USD 100k traded | $3.44 | 14% cheaper |
| IC Markets MT4/5 Raw, Raw Trading Ltd | $3.50 per lot | $3.50 | 13% cheaper |
| Pepperstone Razor MT4/5, ASIC | from $3.50 per lot | $3.50 | 13% cheaper |
| Pepperstone cTrader, ASIC | $6 round turn per lot | $3.00 | 25% cheaper |
| Tickmill Raw, tickmill.com | $3 per lot | $3.00 | 25% cheaper |
The commission is only half of the bill. FxPro's EURUSD page showed a previous-day average spread of 0.45 pips on cTrader and 1.46 pips (minimum 0.7) on Standard. With a $10 pip on a USD-quoted lot, cTrader costs roughly $4.50 in spread plus $8.02 in commission, or $12.52 round turn, against $14.60 all-in on Standard. The commission account saves about $2.08 per lot at those averages. That is a thinner edge than the marketing implies, and it narrows further on a day when cTrader spreads widen. For the rate backdrop that drives those spreads, see our EUR/USD forecast.
Swaps are charged at 21:59 UK time with a triple roll on Wednesday for FX and metals, and FxPro says it adds "its own commission" to the tom-next differential, which is why both sides of some pairs can be negative. On 21 September the EURUSD page showed a long swap of -8.9 points and a short swap of +1.9 points. Crypto CFDs carry a flat 20% annual financing charge on both sides.
Who is on the other side of your ticket
The pricing model page sets out the mechanism in five short headings. FxPro matches client orders internally, keeps "residual exposure" within "predefined market risk limits," and hedges externally only "in cases of excess exposure." The page also says "not all client positions are hedged." That is a disclosure of market-making, written in NDD vocabulary.
Does it matter to a retail trader? Mostly through slippage and conflict. FxPro publishes execution statistics it says it is "not required" to publish. Its execution page claims 91% of orders were filled "at requested price or better," and the pricing model page says the figures cover all FxPro Group orders from 1 January to 31 December 2025. Its execution tables also commit to filling limit orders at the requested price or better. Those are useful commitments. What the page does not give is a split by entity, by account type or by order size, which is where internalisation usually shows up.
The company's own executives frame the product around cost. "By bringing spreads down to zero on our flagship Raw+ account, we are directly responding to the trading community's demand for ultra-low-cost market access," said Jakub Soltys, Head of Execution at FxPro, in a 29 June 2026 press release announcing zero spreads on major crypto and index CFDs. The Raw+ account he describes is not on the account comparison page the CySEC-entity site served us, and the release itself says availability is "depending on their jurisdiction."
That fits a pattern. The Raw+ "Elite" account appears on the Bahamas entity's account list, while the CySEC-entity site we were served offers only the Standard and cTrader menus.
Peter Aust, Chief of Operations at FxPro, put the award tally at the centre of the firm's pitch after the Online Money Awards on 6 July 2026: "These latest accolades reflect the work our teams put into improving our products and services." The awards in that release were decided by public vote. None of them measures execution quality or cost, and the 145-award count repeats across the press pages while the About page says "150+".
What the glossy numbers leave out
FxPro's headline figures are big and mostly unverifiable: 17,200,000 client accounts, service in 173 countries, more than 1,000,000,000 orders executed, most filled in under 8 milliseconds. The one audited set of numbers we could reach is small by comparison. FxPro UK Limited ended 2025 with total assets of £4,916,780, net assets of £4,043,447 and cash of £3,289,472, and those net assets are also its regulatory capital resources. Its revenue fell 8.4% while notional volume rose 8%, which is consistent with a cost-plus contract: the fee tracks the UK company's costs, not the volume it handles.
The reason this matters for a review is counterparty selection. A UK client dealing with the FCA entity deals with a member of the FSCS, which FxPro's licences page confirms. A client routed to the Bahamas entity gets higher leverage and the Raw+ price list, without FSCS cover, and with an entity whose register entry we could not open. Our HFM review ran into the same question from a different direction, and it is the first one to settle with any multi-entity broker: which company signs your client agreement.
Negative balance protection is offered "to all clients as part of the Client Agreement," with the qualifier that it applies where trading "is not manipulated and is accepted in good faith." The stop-out level is 50% on every account type.
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Verdict: who FxPro suits, and who it does not
We rate FxPro 3.6 out of 5. It is a long-established group with a Cypriot licence dating to March 2007, an FCA-authorised UK company that files clean, audited accounts, a genuine choice of four platform families, and published execution statistics that most competitors never release. The cTrader product is sound: no minimum stop distance, depth of market, limit orders filled at the requested price or better, and a TradingView connection.
The deductions are specific. The firm's execution language says NDD while its UK filing says principal and market maker, and its own FAQ confirms that "a great deal" of flow is matched in house. Its cTrader commission is stated three different ways across four pages, and the rate that the worked example actually applies, $4.01 per side on a EUR/USD lot at 1.1460, is the highest of the six account lines we checked on 21 September. The cheapest Raw+ pricing sits with the Bahamas entity. Several corporate figures on the website disagree with each other.
FxPro fits a trader who values platform range and a regulated European or UK counterparty over the last dollar of commission, and who trades in lot sizes where a $0.50 to $1.00 per-side difference is noise. It fits less well for high-frequency EUR/USD traders on cTrader, who can find a $3.00 per-side cTrader lot at Pepperstone or a flat $3.00 per lot at Tickmill. It is a poor fit for anyone who reads "No Dealing Desk" as a promise that the broker never takes the other side.
What would change this rating: a single, consistent commission statement across the site; execution statistics split by entity and account type; and a published group-level financial statement showing how much revenue comes from client trading losses. Any two of those would move the score above 4.
FAQ
Is FxPro regulated?
Yes, through separate companies. FxPro Financial Services Ltd holds CySEC licence 078/07 on the CySEC register, dated 5 March 2007. FxPro UK Limited is authorised by the FCA under registration 509956, corroborated through its Companies House accounts because the FCA register could not be fetched. FxPro Global Markets Ltd cites SCB licence SIA-F184 in the Bahamas, which we could only confirm through FxPro's own documents.
Is FxPro a market maker or an NDD broker?
Both labels appear in FxPro's own documents. The website says orders are executed with no dealing desk intervention, while the FAQ says FxPro internally matches "a great deal" of order flow and keeps residual exposure up to its risk limit. FxPro UK Limited's 2025 accounts state that it acts as principal and market maker to its customers in CFDs and spread bets.
How much does FxPro charge on cTrader?
The commissions page and the EURUSD specification both put it at $35 per USD 1 million traded per side, which is $4.01 per side on one lot of EUR/USD at 1.1460. The FAQ separately says $3.50 per lot per side, and one execution page says $3.50 per million, which looks like a typo. Commission applies to FX and spot metals only.
What spreads does the FxPro Standard account show?
On 21 September 2026 FxPro's EURUSD page showed a previous-day average of 1.46 pips on the MT4/5 Standard account, with a minimum of 0.7 pips, and 0.45 pips on cTrader. The comparison page advertises Standard majors "from 1.2 pips." FxPro updates the average daily and notes that spreads can widen around news releases.
What is the FXPRO & SAXO & PLUS company at Companies House?
It is a separate UK company, number 16591655, incorporated on 18 July 2025. Nothing on the public record connects it to FxPro, and registration at Companies House gives no permission to offer investments. Anyone contacted under that name should check the FCA register for the exact firm reference before sending money.
Disclaimer
This review is analysis, not investment advice. CFDs and spread bets are complex, leveraged instruments and you can lose money rapidly; 75% of retail investor accounts lose money when trading CFDs with this provider, according to its own risk warning. Your capital is at risk. Fees, spreads and entity terms change; check the broker's current documents for the entity you would be contracting with.