FxPro Review
There are many options in trading markets
FxPro was founded in 2006 and is a participant in the market for betting on price difference/spread in the UK. FxPro was founded in 2006 and has processed more than 455,000,000 orders. Global Brands magazine recognized it as the most reliable Forex brand in the UK in 2017.
Broker: FxPro
Minimum deposit: $100
Regulator: FCA CySEC, FSCA, FSCA and SCB
Year: 2006
Fees - EUR/USD 0.5 - 1.5 pips
Best For: There are many currency pairs you can choose from
Financial instruments:
Has processed more than 455,000,000 orders
The company is present in 173 countries
Has over 1,866,000 clients accounts
EUR100,000,000 of Tier 1 capital
Global Brands Magazine voted it the most trusted Forex brand in the U.K. in 2017.
Overview
This gives you the chance to work in the major global markets and execute high-speed orders.
Pros
Actual-time news
Offerings above average
Transparent pricing
Cons
High fees
No anonymous demo account
A weak educational platform
Rating of the company overall
Reliability ⭐⭐⭐⭐
Platform ⭐⭐⭐⭐
Commissions ⭐⭐⭐
Support ⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐
RATING: 3.8
Trust
FxPro scores well in trustworthiness and reputation. FxPro is also regulated in the United Kingdom which is considered safer than many EU regulators. FxPro boasts that they have the highest counterparty credit ratings, with a score of 95 on a 100 point scale. A high score means that there is a lower chance of default or bankruptcy. FxPro is also a member of the Financial Services Compensation System (FSCS), which allows clients to claim damages in the event that FxPro becomes insolvent. They provide clients with negative balance protection in accordance to new EU guidelines. This protects clients against losing more money than what they have deposited.
FxPro's lack of guaranteed stop-loss orders is a negative. FxPro does not offer this service. Some brokers charge a fee for this option.
Desktop Experience
FxPro provides clients with a variety of desktop trading platforms including MetaTrader 4, MetaTrader 5 and cTrader. FxPro Edge is also available. Desktop browsers are comparable to the industry standard and allow traders to execute trades with transparent pricing. Charting can also be done with various studies and indicators. Traders have the option to create customized watchlists or leave conditional orders. However, hedging on MT 5 is not possible and will cancel any offsetting orders.
FxPro lets traders see the positioning of other clients, giving them a better understanding of market positioning. Simulated demo-account trades are possible, but only after providing identification documents. FxPro offers traders a real-time audio chat box that alerts them of market movements. This is a big advantage. A news feed provides the most recent market headlines, as well as a link to Trading Central WebTV.
Mobile Experience
FxPro offers a great mobile experience with both iOS and Android apps. Standard security features include the ability to replace the login with Apple's Touch ID. You can easily customize watchlists and you can have multiple lists.
Mobile price alerts can be accessed via mobile devices. The trader simply needs to choose the instrument and decide the price at which to alert (bid or inquire). Once that decision is made, the trader can then choose to notify when the price drops below or above a certain level. A customized pop-up message can be created by the trader to be delivered.
FxPro provides streaming mobile news, which is different from other brokers. It includes major news headlines that could impact markets. This allows traders to monitor market developments in real time. It is easy to create conditional orders with a variety of types available. You have the option to choose from market, limit, stop and stop-limit orders. Another level of control is provided by traders who can specify when an order will expire.
FxPro also offers acceptable mobile charting. FxPro allows traders to choose different time frames and add multiple trading indicators such as moving averages. The mobile app lets traders trade directly from the chart by setting up trade sizes and buy/sell directional orders.
Research Tools and Insights
FxPro's insights and research tools are better than average in the industry. FxPro, like many brokers, offers a macroeconomic calendar that tracks important releases that could impact markets. FxPro also offers basic fundamental research and works with Trading Central for technical analysis. FxPro's multilingual webinars on YouTube and its quality real-time news offerings are two areas that give it an edge over other brokers. FxPro seems to have these tools available for traders even if they don't have an account.
Education
FxPro's performance in educational products is one of the lowest. It seems that there is a lack of information on basic concepts of forex trading and CFD trading. FxPro does not have an education center. This is unlike other websites. They have instead a YouTube channel that contains some educational videos, which are difficult to find and disorganized. Some videos are also quite old and need to be updated. FxPro provides a glossary of CFD terms which is something that not all brokers provide.
Extra Features
FxPro allows traders algorithmic trading via cTrader. This is an advanced technical indicator coding and algo coding application that allows traders create and modify custom indicators and strategies. FxPro offers a Virtual Private Server (VPS), which allows clients to upload and execute MT4 Expert advisors and algobots 24 hours a days, without the need to have a trading terminal open. Backtesting of trading strategies is possible with these applications.
Investment Products
FxPro has more investment products than average. FxPro offers more than 70 forex pairs, plus 180 equity shares, cryptocurrencies and futures, which is quite unusual, as well as stock indices, commodities, and cryptocurrencies. This broker claims that they have over 430 instruments to trade. Clients will have ample opportunities to trade different markets that interest them. Spread betting and CFD trading are also available. Spread betting may offer tax benefits to U.K. clients.
Commissions & Fees
FxPro, like many brokers, does not charge commissions for most trades. FxPro boasts that they don't have a costly dealing desk which allows them to pass cost savings on to clients. FxPro claims that they can match large amounts of their client's order flows internally due to their high volume trades. This allows them to reduce risk and cost without interfering in order processing. FxPro doesn't seem to offer discounts for traders with higher volumes. Other fees can be more costly, but they are less burdensome. If a withdrawal is needed without trading, traders may have to pay as much as 2.6%. After 12 months of no trading activity, there is a $15 account dormancy fee and a $5 monthly fee.
Customer Support
FxPro prides itself on its "five-star customer service," specifically its multilingual, 24-hour Monday-through-Friday (24/5) customer service team. They offer live chat in many locations and a toll-free number for the U.K, France, Germany UAE, Russia. Both clients and potential clients can chat live. They have a physical office located in London, with a desk open from 7:30 a.m. until 4:30 p.m. Twitter offers some social media support, but it is more news-related than for customer support.
What you need to know
FxPro is the best choice for CFD and forex traders who want to have a wide range of trading options. FxPro's wide range of forex pairs, as well as the ability to trade commodities, futures, cryptocurrency, and equity indices, sets them apart from other competitors. However, professional traders and those who trade frequently may find that the fees reduce their profits.