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The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.
At FxScouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.
To compare IG and FxPro, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.
Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.
In our comparison, we found that IG holds six Tier 1 and four Tier 2 licences, and FxPro holds two Tier 1 and one Tier 2 licences.
Based on these findings, IG earned a higher trust rating than FxPro.
Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged.
Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that IG has overall lower trading costs than FxPro.
Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms.
In this case, FxPro offers support for MT4, MT5, cTrader and FxProEdge and IG offers support for MT4, L2 Dealer and ProRealTime.
In this case both FxPro and IG offer copy trading.
A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that IG offers a greater range and depth of instruments to trade than FxPro. IG offers 80 Forex pairs to trade and FxPro offers 70 Forex pairs to trade.
In this case, FxPro offers 30 cryptocurrencies while IG offers 10 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with FxPro.
Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals.
We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that neither FxPro nor IG charges a withdrawal fee. Overall, IG has better deposit and withdrawal processes than FxPro.
We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas.
IG has better educational support than FxPro. Both FxPro and IG offer educational support for more experienced traders.
To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field.
We found that IG offers better research analysis than FxPro and that both FxPro and IG offer frequent webinars.
Founded in 1974 and listed on the London Stock Exchange, IG has a long history of providing safe and secure trading, low trading fees, and a vast range of trading instruments.
Our research found that IG has over 320,000 clients worldwide and has been the largest CFD broker globally by revenue for the last few years. It has two low-cost trading accounts with no minimum deposit requirements and offers trading on over 17,000 instruments, all of which can be accessed on its award-winning app and web trader platform.
For more traditional investors, IG also runs a fully licenced stock brokerage on the side. And in addition to a wide range of trading tools, IG has a world-class selection of educational and market analysis materials to get new traders started.
FxPro is a low-risk, well-regulated broker with a wide range of accounts, reasonable minimum deposits, and an excellent selection of trading platforms. Although Malaysians are onboarded through FxPro's global entity, regulated by the SCB of Bahamas, all client money is held in segregated accounts and all traders are offered negative balance protection, which means they cannot lose more than their initial deposit.
Some issues we found with FxPro are that its trading costs are generally much higher than other brokers and that its education and market analysis materials are limited. But we were impressed with how easy-to-use FxPro’s mobile trading app was and the quality of customer support we received. Support is available in a range of languages, including Malay, 24 hours a day, seven days a week. Malaysians will also be pleased to note that FxPro offers Islamic swap-free accounts.
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