Fxpro review
FxPro Review
FxPro is one of the world’s top online brokerage firms, with a capital base of €100 million. They have executed 370 million orders and are CySec licensed to serve clients globally from their headquarters in Nicosia, Cyprus.
FxPro Group is a world-known and award-winning forexes broker that has been running for a long time. However, there are about 150 other companies in Cyprus trying to catch up with FxPro’s status so far none have made any ground on it.
One of its subsidiaries is Fx Pro London branch which was created to help improve how they deal with their clients living in the UK. Although highly acclaimed by UK natives, this company does have an international presence as well; over one million global customers from 170 different countries around the world! The reason for this? It’s not just because it offers CFDs on Forex and shares but also spot metals and energies. This brokerage service is praised because of its excellent service, competitive prices – what more could you want?
Is FxPro a Good Broker?
FxPro is so much more than just an award-winning broker. The company has won over 70 awards in the UK and internationally, including 10 for being named the best forex broker of the year – it’s quite impressive!
Imagine how many international or UK awards they have obtained since 2000: it would be about 5 per year on average without exception because their founding date was in the year 2000! They also proclaim themselves to be number one as a world-leading online forex broker, which is why there are so many advertisements about them everywhere.
FXPro is an ECN broker, which means it uses electronic communication networks to trade outside the market. It offers clients direct access to other participants in the forex markets. Sometimes, using this system can offer users better prices than would otherwise be available on their own!
Can You Trust FxPro?
Like many other Cyprus-based forex brokers, FxPro was only regulated by CySec in the beginning. However as it expanded worldwide and came under the influence of a more robust suite of regulatory bodies which includes CySEC, The Financial Conduct Authority (FCA) and The Financial Sector Conduct Authority (FSCS). Customers have rated this company highly for being one of the most reliable companies providing financial services.
FxPro is a safe brokerage that provides its users with negative balance protection, which ensures your account cannot drop below zero in value. FxPro accounts can only be accessed by the funds you put in to them. You cannot lose any other money due to FxPro trading losses. As a result, many accusations appear on various forums of fraud and false promises that come from clients who accuse the company of being fraudulent as well as refusing requests for withdrawal.
Some customers are also complaining about delayed customer service – sometimes up until hours after they have been contacted with a query, or even worse, by email instead of phone call when it would be much more appreciated.
Conflict of Interest?
FxPro has a lot of active clients, which means they can offer prices given by other FxPro users. This is because the company is able to route orders internally, so it provides great prices for Fx Pro trader in theory. Some traders have accused FxPros of abusing their power by doing this on online forums.
The FxPro company is regulated and large, with numerous accusations of fraud to make this story believable. More importantly, the trading firm does its best to serve clients when it routes orders according to their conflict of interest policy. FxPro is a reputable company. However, some people have their concerns over your money if you happen to be a client of theirs. Though these accusations may turn out false in the end, there are still certain things that need consideration before throwing caution into wind and starting trading with this broker – like FxPro’s ability take all funds from clients who haven’t been active on an account for quite some time according to the new client agreement when signing up for an account. Better safe than sorry!
CFDs are very risky because more than 70% of all trades on average result in traders losing money. You need to know what you’re doing and keep your account active so that you don’t lose any money from the trade.
What FxPro is Great At
FxPro is an online broker that offers a large variety of trading products. They do this with no commissions, which means you risk as little and pay the lowest prices as possible when making trades.
| MARKET | SPREADS FROM |
|---|---|
|
EUR/USD |
1.5 pips on average |
|
Crude Oil |
5 pips on average |
|
Gold |
27 pips on average |
There are different options for FxPro’s pricing depending on what option you pick and the FXpro trading platform. It would be best to check out the company’s website if you want an in-depth look at their pricing schedule, but they have a no dealing desk broker which should lower your costs of trading because there is not middleman between fxpro traders and markets.
FxPro Leverage
The leverage you’ll get will depend on which subsidiary company manages your account. FxPro works as a unit of multiple subsidiaries, and each one offers different levels of leverage- for example, clients in the UK are with FxPro Ltd. UK, and they can access up to 1:30 leverage for forex majors; other international clients have access to up to 1:500 leverage.
The highest level of available FxPro leverages is 1:500 for forex majors and minors, but cryptocurrencies range from 1:20 to just over. There’s really good information on brokerages’ websites about what’s offered in terms of cryptocurrency trading or Forexes (foreign exchange).
Fees & Withdrawal
You don’t have to worry about hidden transfer fees when you transfer funds with FxPro, which has $0 transfers for depositing and withdrawing. There are six different methods available including Credit Card, Bank wire transfer, PayPal and more! Another handy feature is that deposits can be made in a variety of currencies – USD (United States Dollar), KWD (Kuwaiti Dinar), EUR (Euro) AED (UAE Dirham), and RMB (~Renminbi Yuan ) or SAR(Saudi Riyal).
The only case where there will be a charge is if your account hasn’t traded at all. In this situation, the fee would vary depending on whether Skrill was used or Neteller- up to 2% using Skrill and as little as 1%.
The minimum initial deposit at FxPro is $100 but it is recommended for new users to start with $500 or more so they can enjoy the full array of trading features.
One thing you should watch out for is the inactivity fee. If an account has not traded anything over a 3-month period, then it will be charged a dormant fee of $15 and then another monthly inactive balance fee of about 5$ as long as that particular account remains inactive for 3 years (client agreement). It’s better not to neglect your account either: if there are still funds on an abandoned one after three years, according to their client agreement, FxPro has the right to take them away.
Deposits and Withdrawals
There are several ways to fund the trading account and enjoy 0$ fee for transfers, but make sure you verify all conditions according to the FxPro entity you will trade through.
Deposit Options
We currently offer 6 different payment methods
- Bank wire transfer
- Credit Cards
- PayPal
- Skrill
- Neteller
- UnionPay
In addition to popular account base currencies, clients can deposit money using several other currencies including USD, Euro KWD, AED and SAR This means you won’t be charged for converting currency. However, each entity has various deposit methods that are detailed on the official source FxPro website.
What is the FxPro minimum deposit?
Fx Pro minimum deposit is $100, but the broker recommends depositing at least 500$ in order to enjoy full features.
Withdrawals
FxPro offers 0 fees on withdrawals and deposits. The withdrawal normally takes less than a day, while it’s the same payment method as you use for a deposit.
Account Types
FxPro offers a variety of account types depending on your trading preferences. Let’s take a look at the different account types and the characteristics that they provide.
Demo Account
To get started on any new platform, it is best to try out the demo account. For those who don’t want to risk their actual money, this account allows a user enjoys a realistic simulated trading experience with virtual money.
One very interesting feature of FXPRO’s demo accounts is that you can create and request how much virtual funds you would like in your balance. You could get anywhere from $500-$100,000 for practice!
The simulator does as good of a job as possible at recreating reality so users have access to all features for a limited time period-30 days after it has been created. If needed more time practising or creating an expired account again and again until there’s no need anymore-you can do that too.
How to Open a FxPro Demo Account?
To open a FxPro demo account, you just need to go to their homepage and scroll down until the blue button with “Try demo account” is written on it. Unlike a real trading account, this one doesn’t require any documentation.
The process of creating a demo account takes only a few minutes and you can start using it immediately; this is about as quick as it gets. If you like the demo account and decide to open a live account, some identification documents will be required alongside the personal data that were provided when making your first contact with FxPro.
cTrader Account
This account is based on FxPro’s proprietary cTrader. If you ever decide to change brokers, know that this platform has many benefits as well like a handy platform and low fxpro spreads starting at 0 pips.
Edge Account
The FxPro Edge is a new platform that is currently only available in the UK. It’s still in its beta stages, so it’s not yet open to all customers. Like all other FxPro accounts, there are no commissions and low prices across the board with this one too.
VIP Account
Getting an exclusive membership with a broker that calls itself the No. 1 in the world sounds great, but it’s not easy. FxPro will only give you their VIP account benefits if they like you very much, and what’s a better way to make them like you than by treating them with $50K?
The company will not give those benefits immediately after your deposit- rather, one of its agents will contact you to negotiate terms for your VIP membership. This process takes quite some time as well as money but at least FxPro takes good care of its “very” active clients who trade large volumes!
As a VIP member, there is up to 30% discount on FxPro spreads and up to 30% less commissions when using fxpro cTrader which helps traders be more competitive in high volume markets.
Of course, when it comes to customer support and care, they want the best for their premium customers. It is not enough just to provide a service; should also be providing excellent customer service with VIP traders getting access to account managers and dedicated customer support.
This was created specially for very devoted and experienced traders who are looking to trade at high volumes in an extremely cost-effective manner.
Joint Account
If you want to share the joy of online forex trading with someone else, there are two options: opening a joint account together (in which case it can be for you and your partner, as well as your company) or having FxPro Broker manage their money.
Advantages of trading with FxPro:
Negative Balance Protection is a unique fxpro broker service. It has an automated transaction monitoring and risk management system as well, guaranteeing that the client’s capital never goes into a negative balance;
Brokers are now required to place client funds in an investor compensation fund, reducing the broker’s participation.
For beginner traders, they will provide advisors that have already been tested.
For beginner traders, access to tested advisors will be available.
VIP account holders are offered a personal manager and get their own VPS for free.
The company has capital exceeding 100 million euros.
Islamic traders are allowed to open a swap-free account without swapping into it.
the reliable trading environment provided by the competent and knowledgeable research department.
Disadvantages of FxPro:
it is not the best choice for beginner traders who are looking for their first broker as the $100 starting deposit requirement is considered high.
difficulties registering in affiliate programs.
FxPro Trading Platform
There are many forex trading platforms from FxPro Broker that offer 4 options, MetaTrader 4, MetaTrader 5, cTrader and FxPro Edge.
MetaTrader 4
FxPro MT4 is the industry-standard platform used by most brokers for its reliability and recognizability. This platform has a basic set of features and is usually slower than cTrader, but it’s considered to be a better option for new traders because of its user-friendly UI.
Investors looking for an even more comprehensive suite of features or faster order execution might want to go with MT4’s younger sibling, cTrader, which also offers handier and customizable options as well as speedy executions thanks to their proprietary technology.
MetaTrader 5
Here are some of the impressive features that MetaTrader 5 has: a set of technical indicators, segregated into five categories (including custom), which will make it easier to do your analysis. There is also something for traders who like auto-trading as FxPro MT5 offers powerful trading scripts and expert advisors.
If you want to place conditional orders or hedge risk on FxPro MT5, however, this won’t be possible because hedging isn’t an option on MT5 – offsetting orders will just be cancelled. Aside from this drawback though, there are many appealing aspects about upgrading from version 4 in order to use version 5 such as faster speeds and more features with the same user interface style so that users can transition seamlessly between versions four and five.
cTrader
cTrader is a more complex, feature-rich platform that has been custom-made to be used by ECN brokers like FxPro. The charting tools are great and you can look at multiple charts on the customizable user interface.
Auto-trading is one of cTrader’s special features. Tech-savvy investors can build their own trading algorithm to put their account on autopilot, while other users can use some of cTrader’s default algorithms for any needs they might have.
Mobile Platforms
FxPro Broker offers mobile trading platforms that are similar to the desktop version of FxPro MT4 and MT5. The mobile versions offer a clean, user-friendly experience that mirrors the desktop versions in design and usability. cTrader also has a great deal with its wide range of traders as it is easy to use for all types of traders by mirroring web-based software designs.
Conclusion
You can trust FxPro for a variety of reasons. Not only is it reliable, but due to heavy regulation in the industry, it offers an advantage over other brokers. Trading conditions are good and its cost-effective features will help you grow your trading skills. Their analytical tools and educational resources are organized well which makes everything simple for beginners too.
