Running strong since 2006, FxPro is one of the world leading brokers in the forex trading market. Offering direct trading to clients in over 150 countries, FxPro has managed to win 50 prominent international awards. This broker has earned their place in the industry, through hard work, and a growing selection of assets and instruments. Trading in 6 different asset classes and 250 different financial instruments, you can work your trade magic with FxPro 5 days a week, 24 hours a day.
In this review we will go over several different aspects of FxPro ranging from the banking information and fees and spreads to the accounts, and trading platforms. Let’s dive in to our review with getting set up with FxPro. Remember when you are getting started, there are two choices you must make, your account type, and trading platform.
FxPro provides its clients with 4 different types of live trading accounts you can choose from. 4 accounts offered are: FxPro MT4, FxProMT5, FxPro cTrader, and FxPro Markets.
- FxPro MT4: trade currency pairs, market indices, equities, metals, and energies. Your maximum leverage will be capped at 500:1 and you can take advantage of fixed and floating spreads and the choice to have an instant marker execution. EAs are also supported.
- FxPro MT5: MT5 has the same offerings and assets as MT4, major difference between the two is the platform you use. With MT5 you will be able to trade the same spreads and leverages.
- FxPro cTrader: Providing traders with the choice of algorithmic trading through cAlgo, this account offers many of the assets, and instruments available in the earlier accounts.
- FxPro Markets: in this account you will be able to trade in currency pairs, market indices, metals and energies. With a maximum leverage cap of 1:500, EA support, and floating spreads.
If you are getting started in forex, then you can try out the Demo Account, this account will let you play around with $500,000 of virtual cash and become comfortable with your trading skills and strategies.
There are 4 separate trading platforms you can choose from once your account is set up.
MT4 & MT5 – These 2 platforms have earned raving reviews and are one of the most well renowned choices out there. Providing EA or Expert Advisors support lets traders make automated trades. MT4 recently released MT4 WebTrader, which lets you log in wherever you have computer access. This platform works on Mac and Windows.
FxPro cTrader – this platform was created with CFD trading in mind. Some examples of this is the rapid execution speeds, and the ability to place orders while preserving a clear view of market depth. This platform also works on Mac and Windows systems.
FxPro Markets – this platform is a web-based software, that lets you trade at will without the hassle of having to download software and be chained to one computer. With offerings of interactive advanced online charts, and one-click trading to go along with cAlgo and FxPro Quant Strategy Builder for the strategy needs of the automated traders, this platform is geared for the veterans of online trading.
Once you set up your account, you can choose from 3 mobile apps available to you on IOS and Android app stores. These apps will work on your mobile and your tablet and they are: MT4 for Mobile, MT5 for Mobile, and FxPro cTrader for Mobile. On top of being able to trade, some great features allow you to get commentary on the US Dollar Index, conduct daily tech. analysis of the market and manage your positions.
FxPro is stocked with a big list of options for depositing funds into your account. You can choose from: Debit, Credit and Prepaid Cards, wire transfers, PayPal, eWallets (Skrill, FasaPay, Neteller), mPay (Chinese clients), MonetaRU (Russian clients), and broker to broker transfers.
Some of these options such as credit & debit cards and PayPal are charged deposit fees, but when you are withdrawing your funds, you will not be charged a fee on any of the payment methods. Your withdrawal request, which you can fill out online, is usually handled within 1 business day.
Spreads & Commissions
FxPro has an asset and account based spread system. With an MT4 account, your minimum fixed spread quotes are around 1.2 pips, while the MT5 and FxPro cTrader accounts offers minimum live spreads of 1.4 and 0.3 pips. The Markets account users will have spreads starting at 1.2pips. When it comes to forex the spreads are competitive, sitting at 1.9 pips for GBP/USD Spread, 1.3 pips for EUR/USD spread and 1.7 pips for GBP/EUR spread. With over 69 offerings you have many choices in your currency pairings.
When it comes to commissions and fees, FxPro does not require a minimum initial deposit, which is a great starting position for most traders. There is a commission charge on top of each spread, which sits at $45 per million USD traded. When trading forex there are some charges traders need to be aware of. One example would be the overnight and rollover rates such as $8.13 for EUR/USD for long positions, and $2.23 charge for short positions.
As a user of FxPro, you are given the option of trading on a margin, the margin you have, will depend on your account type. Leveraged trading allows you to trade with more money than you invested, increasing your chances for gains, but it is important to remember, you can multiply your losses just as fast as you can your winnings. The highest leverage offered by FxPro is 500:1.
Regulations and Security
When it comes to your safety, you want to feel taken care of, no questions asked. With FxPro being regulated in FCA in USA, MiFiD in Eurozone, DFSA in Dubai, CySEC in Cyprus, FSB in South Africa, and SCB in the Bahamas, you know you are in good hands no matter where you are in the world.
As more people try to take advantage of the growing number of online traders, FxPro does not take it easy when it comes to keeping their traders safe. All customer funds are isolated in Tier-1 accounts with several major banks. Since security is a priority of the company, they use high-level encryption technologies and security protocols to keep your information safe. You don’t get this big, if people don’t trust you.