FxPro Review explained by professional Forex trading experts the “ForexSQ” FX trading team
FxPro Review
Depending on the trading platform used, FxPro offers three basic account types – MT4, MT5, and cTrader (NDD). All three account types offer dynamic leverage up to 1:500 and micro tradeable lots.
Besides, FxPro offers its in-house built FxPro Markets platform.
In addition, the brokerage provides swap-free (Islamic) accounts to clients of the Muslim faith, as well as VIP services to high-net-worth individuals and those actively trading large volumes.
VIP clients benefit from free VPS service, no deposit fees, and receive trade recommendations, exclusive news reports and margin level alerts via email and SMS.
Trading Conditions
Minimum initial deposit
In order to open an account with FxPro, one has to invest $100, however the recommended minimum initial deposit is $500.
Spreads & Commission
FxPro offers a choice of fixed and variable spreads, commission-free (MT4 & MT5) and commission-involving (cTrader) accounts on an array of platforms.
In fact, the broker’s fixed spreads are quite good – 1.6 pips on EUR/USD, while most fixed-spread brokers provide such of 2 pips. FxPro’s variable spreads, on the other hand, are average – typical ones are around 1.4 (MT4 & MT5) or 1.2 pips (FxPro Markets) for the EUR/USD pair on commission-free accounts. The tightest spreads with this broker are available on cTrader accounts – 0.3 pips, however if we add the commission of $9 round trip, average trading costs per standard lot traded amount to around 1.2 pips.
In comparison, another major UK broker, IG, offers average spreads of 0.2 pips on its DMA accounts, where a commission of $5 per side per standard lot applies. For further information, you can check out the real-time spreads of 15 leading brokers here.
Maximum leverage
FxPro offers comparatively high leverage levels – up to 1:500. Despite the fact that such leverage levels are considered high, many other brokers offer leverage up to 1:500 or higher. In comparison, IG offers leverage up to 1:200.
In order to control the risk associated with it, the broker utilizes a dynamic forex leverage model on the MT4 and MT5 platforms, which automatically adapts to clients trading positions:
The Company
FxPro is an award-winning pure NDD broker that offers trading in on a range of instruments, including currency pairs, shares, spot indices, futures, spot metals and spot energies, on a selection of trading platforms. It provides its clients with access to top-tier liquidity, excellent trading conditions and the highest level of customer protection possible, including negative balance protection.
What is more, FxPro demonstrates a long-term commitment to transparency, as it regularly publishes trades execution statistics (slippage & requotes data). This brokerage is excellent choice for both savvy and novice traders. Beginners can take advantage of the broker’s educational resources – video tutorials, webinars, live hangouts, etc. For more advanced traders, there are additional analytical tools like Trading Central and Autochartist.
FxPro is the collective brand name of FxPro UK Ltd., an entity regulated by the UK Financial Conduct Authority (FCA), and FxPro Financial Services Ltd., which is licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Board (FSB) of South Africa. In October, 2017 the broker was granted a license to operate in the UAE from the Dubai Financial Services Authority (DFSA).
Both FCA and CySEC apply certain rules and requirements to regulated firms, thus ensuring a good level of credibility. Cypriot and UK brokers must hold at least €730 000 in order to prove their good financial standing, and are required to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all companies regulated in UK and Cyprus are covered by compensation schemes as additional guarantee to clients’ funds. All deposits with a UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) – UK’s statutory compensation scheme for clients of authorized financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.
What is more, FxPro Financial Services Limited is also licensed by the Financial Services Board (FSB) as a Financial Services Provider. South Africa is lately gaining popularity as a forex broker destination.
Trading platforms
FxPro Markets is the latest addition to the broker’s suite of trading platforms, available for web and mobile devices. It is a comprehensive, all-in-one trading solution, enabling clients to create and manage their trading accounts, deposit funds, and trade the markets, etc.
In spite of the number of improvements made to MT5 lately (and most importantly the hedging option added to it), MetaTrader 4 is still preferred by most brokers and experienced traders. That is why most brokers support it. MT4 provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).
MT4’s successor, MetaTrader 5, allows the execution of orders in several financial markets and stock exchanges through a single trading account. This platform also features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators.
Last but not least, FxPro offers access to cTrader platform, which is custom-made for use in NDD environment. cTrader is fast, easy to use and provides pricing transparency and tight spreads. The cTrader suite includes a PC, web and mobile versions, as well as automated trading software cAlgo.
FxPro provides ultrafast execution: 99.9% of orders executed within 50ms. In addition, its clients may run their MT4 Expert Advisors or cAlgo robots on the Virtual Private Server, without even needing to keep their trading terminal running.
Payment methods
Clients of FxPro Financial Services Limited are offered a wide range of payment methods: Bank transfer, Credit/Debit Card (including Visa, Visa Electron, Visa Delta, MasterCard, Maestro International, Maestro UK), PayPal, Skrill, Neteller, China UnionPay, mPay, FasaPay (for Indonesian clients), Webmoney (for Russian clients), Moneta, Boleto (for Brazilian customers), Netbanx (for Chinese customers), eProtections (for Japanese customers).
Clients of FxPro UK Limited may use only Bank transfer and Credit/Debit Card.
Withdrawals are proceeded by the broker’s Client Accounting Department within 1 working day.
FxPro Review Conclusion
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