FxPro Review 2019 | Is FxPro a Scam or Legit Forex Broker?
Rating breakdown
FxPro Overview
Founded in 2006, FxPro has executed more than 370 million orders since inception. With retail and institutional clients in over 170 countries, the FxPro brand holds regulatory licenses in the United Kingdom (UK) under FxPro UK Limited, Cyprus under FxPro Financial Services Limited, South Africa, the Bahamas, Dubai, and the United Arab Emirates.
| # | Broker's Features | FXPRO Availability |
|---|---|---|
| # | Commissions | ✔ |
| # | Hedging | ✔ |
| # | PAMM | ❌ |
| # | Scalping | ✔ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ✔ |
| # | Swaps | ✔ |
| # | Demo account | ✔ |
| # | Daily analysis | ❌ |
| # | Automated trading | ✔ |
| # | Mobile trading | ✔ |
| # | Trading by phone | ✔ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ❌ |
| # | Bonuses Promotions | ✔ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review FxPro.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. FxPro offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Stocks, Cryptocurrency, Futures.
Tradable Products: As a global broker, FxPro offers its clients a diverse range of financial instruments to trade with. These instruments covers 6 different asset classes namely 70+ forex pairs, 20+ futures, 150+ stocks, 7 metals, 24+ indices and 3 energies.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. FxPro is No Dealing Desk.
Features: FxPro on the whole has been able to provide its traders with a streamlined trading experience. The broker offers a range of reliable trading platforms and competitive spreads for them to benefit from.
FxPro allows you to execute a minimum trade of 0.1. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As a market maker, FxPro may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades. FxPro also offers a number of useful risk management features, such as Negative Balance Protection, price alerts and much more.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. FxPro recommended minimum capital is $100.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FxPro is regulated by CySEC, FCA, FSB, DFSA, SCB. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: FxPro is one of the most extensively regulated forex and CFDs broker in the industry. The broker in its quest to offer clients a safe and secured trading environment has subjected itself through its various subsidiaries to regulatory oversights in 5 different jurisdictions.
Account currencies: Next lets consider the Account currencies each broker offers. FxPro offers EUR, USD, GBP, CHF, JPY, PLN, AUD, ZAR different account currencies for each account types.
Account Openning: FxPro has several types of trading accounts available for its clients. They consist of 3 different accounts designed for each different of trading platforms that FxPro have. These include the MT4 Account, the MT5 account and the cTrader account with spreads at 1.2, 1.5 and 0.5 respectively
FxPro offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. FxPro offers Arabic, Chinese, English, French, German, Hungarian, Romanian, Turkish, Czech, Slovak, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Vietnamese..
Payment methods: Next lets have a look at each broker's payment options. FxPro offers Credit/Debit Cards, Bank Wire Transfer, PayPal, Neteller, Moneybookers different payment methods for each account types.
Deposit and withdrawal: There are several payment options which traders at FxPro can use to fund or withdraw from their trading accounts at FxPro. Funds can be transferred by bank transfer, credit cards or ewallets. FxPro does not charge fees
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, FxPro makes MT4, MT5, cTrader, FxPro Edge available to clients.
Web & Desktop Trading Platforms: There are 3 main types of trading platforms available at FxPro. They comprise of the MT4 & MT5, cTrader and FxPro Edge trading platforms. The platforms also have different versions to suit different operating systems.
Mobile Trading Platforms: Traders at FxPro can also enjoy the popular MT4 wherever they are, by downloading and installing the MT4 mobile trading app and onto their mobile devices. This app allows them to monitor markets and trade with charts.
Trader Education
Despite the wide range of tools offered by FxPro, we noted that the broker is lacking in the trader’s education section on tit’s website. Educational resources are only available in the form of short video and articles.
Promotions
FxPro does not have any form of deposit bonuses or promotional offers at the current moment. The CySEC and FCA branches of the firm are not able to offer any forms of bonus.
Support
Customer support at FxPro is available around the clock on a 24/5 basis. There are multiple ways to connect with the support team. In addition, the support services are available in various languages.
Recup
Overall with the products and tools provided by FxPro, most traders will find that this broker has adequately met all their trading need no matter what level of trading they find themselves.
Final Thoughts
Overall, FxPro caters to the needs of a diverse range of traders due to its various orders and account types, as well as its execution and pricing models, which offer instant execution, and floating or fixed spreads.
Trading Experience
The broker offers an outstanding selection of platforms, tools and assets to suit every trader’s appetite.
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