Go through this article to learn everything we have to offer to you. This article will take you through FXPro Review.
Since the time of its incorporation back in 2006, FXPro has been bagging awards. Besides, the platform has a vast clientele, and it is enhancing at an exponential rate.
Currently, the platform is said to be having a vast clientele from all over the world, and in the forex world, it is said to be one of the top dogs.
You might be thinking obviously that a platform with such a vast clientele must be worth trusting, but you should know one thing that not all that shines is gold always.
No doubt, FXPro has been one of the best trading platforms offering low prices, but in the past half-decade, the platform’s reputation has been sued, thanks to its shady business practices royally.
Besides this, FXPro is one of the best trading platforms, and you will understand a lot of factors that you need to consider while trading here.
About FXPro and Accepted Countries
FXPro was incorporated back in 2006, and since then, it has been established as one of the best brokers, and there is nothing surprising to know that the global broker is here to stay now.
The platform experiences remarkable success globally, and it serves both retail and institutional clients from at least 170 countries.
Back in 2017, the company was voted as U.K.’s most trusted Forex brand by Global Brands Magazine.
The company is currently known to serve at least 870,000 client accounts and €100 million of Tier 1 capital.
Additionally, the broker holds an excellent reputation throughout the industry, and it is both a trustworthy and reliable broker.
Cyprus-based FxPro Group Limited owns the platform, and FxPro UK Limited is its subsidiary company.
Above all, the company is well known for its competitive services and fantastic service. Traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries can trade here.
Traders from Iran, the United States, Canada, Zimbabwe, Myanmar, New Zealand, Iraq are not allowed to trade here.
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FXPro Trading Platform
FXPro is most likely to offer a complete suite on both MT4 and MT5. It includes both the desktop and mobile versions in addition to a web trader version.
One of the most popular trading platforms is MT4; it is mainly because a plethora of people have been invested in creating personalized solutions, which is most likely to promote the trading experience.
E.A. or expert advisors are said to be a comprehensive suite of automated trading solutions. Lastly, MT4 has established itself as the market leader with regards to forex trading.
On the other hand, MT5 is the failed successor of MT4, mainly because of its inability to hedge positions. Thus, MT4 is most likely to dominate the trading platform.
FXPro Mobile App
The trading platform ensures that traders can trade using iOS and Android trading apps for mobiles and tablets.
You can simply head to the apps once you have signed up. The traders have access to three mobile apps, including MT4 for Mobile, MT5 for Mobile, and FxProcTrader for Mobile.
The best part is that apps are reliable and offer you access to nearly all similar features and functionality of the desktop-based platforms.
With the mobile apps, you can set up signals and alerts, interpret, and historical data and also browse the E.A. library.
FXPro Commission or Brokerage or Fees
FXPro is known to generate revenues from commission free trading on its MT4, MT5, and FxPro Trading Platforms.
The trading platform users are charged a commission at $45 per $1 million. Additionally, the spreads offered on the platform are ideally way lower than the commissions payable.
If a trade is kept open overnight, then the swap or rollover charges tend to be applied. It can be easily calculated using the broker’s swap calculator.
Though spreads are competitive, they are most likely dependent on the trading account type and the type of asset traded.
FXPro Exposure or Leverage
The margin trading option is also given to the traders, and the requirements of the same are based on the account type.
For example, if you trade with the gold leverage, then it allows you to enhance the position size and capitalize based typically on potential opportunities in gold prices.
But the risks just cannot be overlooked. Leveraged trading and margin calls could see you lose more than your first deposit if you don’t have any money in your account. 1:500 is the maximum leverage available to you.
Payment methods provided by FXPro
You will have to fund your account after your registration is completed. Thankfully, there are a plethora of deposit methods, including :
- mPay (Chinese clients)
- MonetaRU (Russian clients)
- broker to broker transfer
- Debit, credit, and prepaid cards (Visa, Mastercard)
- Bank wire transfer
You will have to pay a deposit fee if you choose to pay through credit and debit cards and Paypal.
There are no fees charged for withdrawals. Furthermore, you have to pay some fees if you have not used your capital to trade.
The withdrawal time is one business day. All you need to do is log into FxPro Direct and raisea withdrawal request.
If you face any issues during the withdrawal process, you can contact the trading platform’s team through their live chat or telephone service.
Investment in Asset Classes or Market by FXPro
At the FXPro, traders can trade-in:
- Stocks – over 150 types
- Futures – 20 contracts
- Spot Metals – 2 precious metals
- Spot Energies – 3 energy commodities
- CFDs for Currency Pairs – 70 F.X. pairs
- Market Indices – 29 spot market indices
Traders cannot trade in binary options at FXPro trading platform, and also spread betting is available only for U.K. based traders.
FXPro Virtual Trading or Demo Account
One of the best ways to get started on this platform is through the demo account.
It is mainly because it gives the users a realistic and simulated trading experience with virtual trading money so they can understand the market without facing the actual risk.
The best part is that you can choose how much virtual money you would like to have, and the traders would put between $500 and $100,000 into your account.
The demo account is quite similar to the real trading account. But you can use the account only for 30 days, and if you think you need more time to practice, you can indeed create a new account as many times as you wish to.
FXPro Regulation or Licensing
As the scams are most likely to be increasing every now and then, customers currently tend to look for brokers who are not only trustworthy but also well regulated.
Thankfully, FxPro Financial Services Ltd. takes regulation and licensing seriously, and they have a vast clientele today. The broker’s regulatory bodies comprise of:
- K. – FCA
- Dubai – DFSA
- Cyprus – CySEC
- Eurozone– MiFID
- South Africa – FSB
- The Bahamas – SCB
Additionally, the brokers have ensured that FxPro UK Ltd customers are protected by the U.K.’s Financial Services Compensation Scheme.
All it means that traders are most likely to receive at least £50,000 compensation in some cases, including bankruptcy.
Similarly, the E.U. customers are also given the protection of €20,000 under the Investor Compensation Fund from CySEC.
One of the most notable features of the trading platform is FxPro Trading Academy. It has been specially designed to educate users on forex trading.
It features avast video library, seminars, and ebooks. You can also find a trading glossary besides guidance on trading robots and the global market.
Additionally, the website offers information on Quant forums, manuals, examples, and user guides.
The trading platform also has its own newsletter and blog that can benefit traders through everything, including E.A. builders, profit, and lot calculators.
Another valuable resource is the help center. Additionally, you can easily avail of access to Economic reports, Consensus forecasts, Volatility predictions, and Previous financial results.
FXPro Account Types
The trading platform gives a choice of trading on four different accounts:
FXPro MT4– Under this account, the traders can trade on currency pairs, equities, market indices, metals, and energies. Additionally, E.A.s are also supported. The benefits here are fixed and floating spreads. The maximum leverage available is 1:500.
FXPro MT5– the account is most likely to be similar to MT4, but the only difference is that they use a different platform. You can get the same market instruments too.
FxProcTrader– All the instruments under this platform are more or less the same as MT4. The only difference is equities and futures. Additionally, you can also have algorithmic trading through cAlgo.
FXPro Markets– Under this market, you can trade on currency pairs, market indices, metals, and energies. The maximum leverage available is 1:500.
If you want a fixed spread only, then your best bet is MT4.
FXPro Account Opening Process
You can easily open the account through the online application, which is most likely to be a standard operating procedure in the current market place.
Additionally, after the accounting opening process is done, users need to submit a copy of their I.D. and proof of residence as mandated by regulators to address AML/KYC compliance.
Entity traders can choose the operating subsidiaries they prefer, and it is based on location.
Here are the major benefits of this forex broker –
- The broker offers a free demo account where traders can practice trading.
- Traders are most likely to benefit from tight spreads, high liquidity, and zero slippage.
- Traders can use a wide range of advanced tools and indicators.
- Users can also get tips and guidance from traders who hold years of experience.
- The trading platform promises various customer support channels in at least 20 different languages.
- Traders can hold the account with almost every widely-used currency, including EUR, USD, GBP, CHF, JPY, PLN, AUD, ZAR (FxPro Financial Services Limited); EUR, USD, GBP, CHF, JPY, PLN, AUD (FxPro UK Limited); USD, EUR, GBP (FxPro Global Markets MENA Limited); EUR, USD, GBP, JPY, AUD (FxPro Global Markets Limited).
FXPro Cons or Drawbacks
- The trading process is relatively slow on this trading platform.
- Relatively high fees
- No anonymous demo account
- Poor educational platform
- Though traders from various countries are allowed to trade, traders from countries like the USA and Canada are not allowed to trade currently.
FXPro Trading Hours
The traders can trade on this platform for 24 hours. It begins at 22:00 Sunday and closes at 22:00 Friday (GMT). It is only applicable for forex trading.
If you want to deal with other products, then the timing is as per industry standard market hours. When you log in to the MT4 server time zone, you can see the opening hours.
FXPro Contact Details or Customer Support:
The customer support is most likely to be available in 20 dozen languages. Traders can use Email, Live Chat, and Telephone.
The support hours are most likely to run 24 hours a day from Sunday 23:00 until Friday at 12:00. The support office can also help users with MT4 issues.
FXPro Safety and security
FXPro is most likely to take their safety and security quite seriously, and mainly due to this, all the customer’s accounts are segregated through Tier-1 accounts with a number of significant banks.
Additionally, Denis Sukhotin has strived hard to ensure user security remains a top priority besides global expansion.
Also, liquidity providers don’t have any access to trade details as such.
FXPro Verdict or Conclusion
As FXPro claims to be “No. 1 forex broker in the world”, it is doing a commendable job as such by living up to its name.
Additionally, the no-commission trades are most likely to be combined with minimum fees overall, which is the reason why the company is quite competitive with other top forex brokers not only in the U.K. but also elsewhere.
Furthermore, almost all traders agree that the broker provides all the resources required to build a highly profitable system.
We can conclude by saying the trading platform is perfect for all traders irrespective of their experience levels. Thanks to its excellent trading conditions, FxPro has enjoyed phenomenal growth over the past few years.
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