FXPro Overview
What I'll cover:
- FxPro trading platforms
- FxPro Service
- FxPro Regulation
- Conclusion
In this article we are going to analyze the positive and negative opinions that we have collected about the FxPro broker.
As we have previously done with other brokers, we have combined our own opinion, based on the experience we have working with this intermediary, to the opinions of the most relevant real clients that we have found in forums, blogs and web pages where users comment on their impressions. and the advantages and disadvantages of operating with this company.
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FXPro Review Reddit
What is FxPro?
FxPro is a financial intermediary, an online broker that gives us access to the Forex currency market and other financial instruments through CFDs. Its origins date back to 2006. We can affirm that it is an experienced broker in dealing with clients and the commercialization of financial services.
Regarding the execution of orders , we could call this broker NDD (Non Dealing Desk). At first, FxPro attended to the trading orders of its clients through its own trading desk, in other words, it was a Market Maker-type broker, being, therefore, the counterpart of the trader in the buy and sell orders.
In 2012, it changed its way of executing orders to a trading model itself, in which the broker only transmits the trader's orders to the market. This mode of execution avoids possible conflicts of interest between the client and the intermediary.
In general, the opinions we have found on the net about FxPro are positive. Throughout this article we will take a closer look at how it is valued in all its aspects. For the moment, I can refer to what is found on the Trustpilot portal which I think sums up well the entiment of the trading community about FxPro services:
FxPro trading platforms
The platforms with which we can operate when opening an account with FxPro are various. Let's review them and observe the differences and opinions about each of them:
MetaTrader 4
FxPro offers its clients the leading trading platform on the market today , when it comes to trading on the Forex and CFD markets: MetaTrader 4.
About this platform we have not found any specific comment to FxPro, because it is widely known and used. Presumably some detractor will have it, but as a general rule it is widely accepted and esteemed in the world of trading .
MetaTrader 4 is available both to download to our computer and we also have the option of using it completely online (WebTrader version) without having to download or install anything. We also have the version of MetaTrader 4 for mobile devices which is a downloadable app, available for both Android and iOS operating systems.
MetaTrader 4 is considered a good all-in-one tool, versatile for traders of all levels and strategies. It offers powerful price charts, technical analysis tools, a customizable interface, the possibility of using automatic trading systems (known as EAs or Expert Advisors).
MetaTrader 5
It is a post-MetaTrader 4 version, although, to be fair, it has yet to unseat its predecessor as the industry leader. However, he also has a large following.
The options for trading with MetaTrader 5 are practically the same: A downloadable version for Windows computers (there is also a Mac compatible version), a WebTrader and an app for mobile devices (for Android and iOS operating systems).
As with MetaTrader 4, it is a widely known platform offered for free by a large number of online brokers, such as FxPro.
Also valid for all types of traders with any level of experience and strategies, it has not reached the popularity of MT4 mainly because there are still many users who use indicators, scripts or automatic trading tools designed for MT4 that are not compatible with MT5. The opinions that are usually found about Metatrader 5 are usually positive.
cTrader
cTrader is not as popular as MetaTrader, yet it is a very powerful and fast platform. Special for intraday trading (and specifically scalping), it is usually more used by experienced traders.
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FxPro services
- Available instruments:
Through a trading account with FxPro, we can trade with the following financial instruments:
- Forex (currency market): More than 60 currency pairs.
- Cryptocurrencies: Bitcoin, Ethereum and Litecoin.
- Futures: These are CFDs on futures, the main stock indices (Dow Jones, Eurostoxx, Dax, etc.) and raw materials; both agricultural (cocoa, cotton, soybeans, etc.) and energy (crude oil and natural gas). In total there are 20 CFDs on futures.
- Indices: More than 20 stock indices from the stock markets around the globe.
- Shares: In total there are more than 150 CFDs on the main shares of all world exchanges, available to trade.
- Metals: Gold and Silver, mainly.
- Energies: CFDs on Brent Crude, West Texas Crude and Natural Gas.
There are no relevant opinions on the number of financial instruments , neither positive nor negative. We can interpret this fact as that FxPro clients do not miss any particular financial instrument too much.
FxPro offers the main markets, although we can point out it as a broker mainly specialized in Forex . Its offer of assets is not as complete as that of other online brokers although we believe that it is not insufficient either.
- Trading accounts:
FxPro offers its clients a specific type of account according to the trading platform they are going to choose:
In Metatrader 4 we have 2 options:
- MetaTrader 4 account with fixed spreads and instant execution , the most basic account in which the spreads (the commissions applied for trading through the spread between the buy price and the sell price) are fixed for each financial instrument.
- MetaTrader 4 account with variable spreads and market execution where the spreads applied are not fixed, they can vary in the same financial instrument depending on liquidity and market conditions. In any case, the average spread is usually lower when they are variable instead of fixed. It is usually an account more used for daytrading, scalping or by traders with more experience.
MetaTrader 5 account: In this account the orders are executed at the market and the spreads are floating. It is practically like the previous account, with the only exception that the trading platform to use is MetaTrader 5.
CTrader account: This type of account offers a number of advantages over the previous ones. On the basis that the execution of the orders is market and the spreads are floating. The main advantage is that the average spread is lower than in the previous accounts. Replacing the difference by a fixed commission per operation.
The above would be the real trading accounts suitable for retail clients.
Additionally, FxPro offers a Premium Account with special conditions for clients who manage balances greater than $50,000 or its equivalent in eurosand pounds. This type of account offers certain advantages such as a free VPS (private server) server to execute operations with the highest possible speed and lowest latency; Service daily market analysis, executive assigned accounts...
Demo account
FxPro also offers a demo account (demo account ), as a trading simulator. A demo account is always useful , both for inexperienced traders who want to complete their training period in a trading simulator and for veterans who want to try new strategies.
The FxPro demo account is free and can be used for an unlimited time. The virtual balance of this account is variable, to be chosen by the user, with a maximum of 500,000 units of chosen currency (dollars, euros, yen, pounds and other types of currencies supported by FxPro). The balance is rechargeable in cases where it runs out.
It is a good way to familiarize yourself with the trading platform and test the FxPro services without putting your money at risk.
The opinions on the FxPro demo account are positive. Nowadays, most brokers offer this type of trial accounts but some limit their use to 15 or 30 days so there is hardly time to do tests and most come with a default virtual balance that cannot be modified.
In the FxPro demo account, in addition to not having a time limitation (they are only deactivated if they do not reflect any activity for 30 days), you can choose the balance so that it resembles the amount with which you are going to operate in a real account.
This way you can have a much more realistic experiencethat if the balance with which you operate in the demo was much higher than the one you will handle in real.
Imagine the difference of doing an internship in a demo with $500,000 if in the real account you will manage, for example, a balance of $1,000. The result can be totally different and risk management too.
- Customer service:
It should be noted that, according to various sources of opinions and comments consulted, customer service is one of the most highly valued aspects of FxPro.
Actually, FxPro has a complete customer service , which is made up of different alternative means:
- Live online chat to answer the most immediate questions.
- Telephone line for cases in which the connection or equipment fails.
- Email to address more complex and in-depth matters; keeping record of what is written.
- The service to the customer is operating 24 hours of the day, Monday through Friday.
There are several opinions that point in the positive direction regarding this factor of FxPro.
FXPro Regulations
Investigating a little about the company data we can see that FxPro is the brand operated by a group of international companies whose parent is FxPro Group Limited.
In turn, said holding is made up of different subsidiaries, each one located in a different part of the planet in order to be able to market its services in different geographical areas.
The subsidiaries of FxPro Group Limited are the following:
- FxPro UK Limited: London registered company.
- FxPro Financial Services Ltd: Company registered in Cyprus.
- FxPro Global Markets Limited: Company registered in the Bahamas.
- FxPro Global Markets MENA Limited: Company registered in Dubai.
Focusing on the two subsidiary companies located in Europe, I have verified that both have the corresponding authorization:
In the case of FxPro Financial Services Ltd, it is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) , with license number 078/07. As we can see in the following image:
If we serve FxPro UK Limited, it is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom with registration number 509956.
Both companies have the so-called "European passport" and can market their services here in Spain or in any other country in the European Union.
Both companies are also registered with the CNMV - National Securities Market Commission (Spanish supervisory body) as Investment Services Companies of the European Economic Area, which reinforces their position in terms of regulatory and reliability aspects.
When opening an account with this online broker, we can choose to contract with the company based in Cyprus, supervised by CySEC or with the company supervised by the FCA (one of the most rigorous regulatory bodies in the world). The differences between one or the other regulator today are minimal, both are guided by the precepts set out in European regulations (MiFID Directive).
- Security of funds:
Current European regulations impose on the broker the need to keep client funds segregated and guarded by a bank outside and independent of the company itself. The intermediary can only have the funds to fulfill the client's trading orders.
The banks that FxPro works with are some of the most important in the world such as Barclays Bank, Bank of America or Royal Bank of Scotland (RBS).
In addition, the broker is required to be attached to a guarantee fund . This fund aims to compensate the client in the event that the financial intermediary suspends its payments as a result of bankruptcy proceedings (insolvency, so we understand each other).
For clients of FxPro UK Limited, whose supervisory body is the London FCA, the guarantee fund is the Financial Services Compensation Scheme (FSCS), with a maximum of £50,000 (per client, not per account).
On the other hand, FxPro Financial Services, regulated by CySEC, is attached to the Investor Comensation Fund (ICF) , with a maximum limit of 20,000 euros per client.
Which may also be sufficient, because we are talking about maximum amounts.
In any case, both companies have the guarantees regarding the security of the funds imposed by the regulations of the supervisory body and the European MiFID Directive as a last resort.
- Deposit and withdrawal policy:
The deposit and withdrawal policy at FxPro is a factor that is in line with what other companies in the sector offer. Now, here there is another difference when hiring the services with FxPro Financial Services and FxPro UK. The means of payment accepted to carry out cash operations (deposits and withdrawals of money in the trading account) are not the same for the two companies.
Specifically, the trader has the following means at his disposal when contracting with FxPro Financial Services:
- Wire transfer
- Credit or debit card
- PayPal
- Skrill
- Neteller
- China UnionPay
- mPay
- Moneta
However, when contracting with FxPro UK Limited, the means of payment are reduced to bank transfer and credit or debit card (as reported from FxPro's own website).
For the rest, depending on the chosen means of payment, some commissions may be applied (they are commissions applied by the means of payment, not the broker) and the process will take more or less time to complete (being electronic means of payment such as Paypal or Skrill and credit / debit cards the fastest and bank transfer the slowest).
The opinions we have found on these issues have been positive . Deposits and withdrawals of funds in FxPro are processed in a short time and we have not found any incidents in this regard.
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Final Words -FxPro Review
As a summary we can point out that the opinions about the FxPro broker are mostly positive .
The highlights of FxPro would be the following:
It is a properly regulated, safe and reliable broker . It is even possible to choose a contracting company and regulatory body.
It offers a multitude of trading platforms . The most experienced traders offer a good valuation of the cTrader platform . For beginners and traders of all skill levels, both MetaTrader 4 and MetaTrader 5 are freely available .
FxPro executes market orders, offering its services as an NDD broker without a money table .
You have a sufficient number of financial instruments available. Above all, in the Forex market, although it is a little shorter in stocks, raw materials...
The service to the customer, in general, is well valued.
FxPro, with its wide range of trading accounts available, is suitable for traders of all levels and experience . Its free and unlimited demo account is a tremendously useful service for those who wish to start an internship.
This is where this compilation article of opinions about the FxPro broker ends. If you have experience working with this online broker, you can send us your own opinions using the comment form at the bottom of the page.
Also, as always, you can freely share this article on social networks so that it can be useful to other traders who may be interested. Thank you!
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