Is FxPro Truly a Viable Brokerage to Do Trades With?
Seen by online trading as a low-risk brokerage, it is made apparent that pinning one’s trust on FX Pro would be easy, leaving little room for criticism and doubt. This online reputation is backed up by the following findings outlined by different reviewers:
- Its regulation under five notable financial authorities:
- The Financial Conduct Authority (FCA) FCA
- The Cyprus Securities and Exchange Commission (CySEC)
- The Financial Sector Conduct Authority (FSCA)
- The Dubai Financial Services Authority (DFSA)
- The Security Commission of the Bahamas (SCB)
- The range of pricing options, which includes multiple methods of transaction execution.
- Its offering of MetaTrader, cTrader, and FxPro Edge, (the firm’s proprietary trading software) across all platforms.
By face value, these appear to validate the positive claims made by online parties, making the prospect of trading through the firm wholly attractive.
But of course these only constitute a small portion of what FxPro actually offers. In this review, we will look into the services of the brokerage to get a holistic idea of the firm’s capabilities. The exhaustive tests included a look into the following:
- The accessible assets through the firm
- The trading accounts that the firm offers
- The trading platforms provided to clients
- The fees charged for aspects such as leverage, commissions, and spreads
About FX Pro
FxPro is an international brokerage that was established back in 2006. Since its founding, the firm had already recorded over 455 Million orders in 173 countries.
As already made evident earlier, FxPro legally operates across multiple territories namely, the United Kingdom, Cyprus, South Africa, and the Bahamas.
FxPro continues to acquire clients internationally, with the recent number amounting to over 1.3 Million clients.
FX Pro’s Offers and Services
Accessible Trading Assets
FxPro opens a number of markets to its clients. They enjoy multiple trading instruments such as Forex with 69 pairs, CFDs with 187, and Cryptocurrency CFDs. With the latter however, it must be noted that the firm does not allow access for it within the United Kingdom due to territorial restrictions.
No actual cryptocurrencies can be traded through FxPro.
Through the cTrader platform, which had been engineered to be commission-based, the spread is at 1.27 pips for the EUR/USD pair.
On the other hand, through MetaTrader 4 and MetaTrader 5, the EUR/USD spreads are at 1.58. For Instant Execution accounts, the spreads are at 1.27 pips based on 0.37 spreads including a 0.9 commission through cTrader.
The minimum initial deposit to open an account is pegged only at $100.00. While this is already a decent enough amount, the fact of the matter is, it would be desirable if the deposit would be higher given that preliminary trading losses are inevitable. Fund allowance would be able to cover for these losses, thus protecting the account holder.
Trading Platforms and Trading Accounts
The firm’s trading platforms are reliant on the type of account that the client would choose to open. To this cause, the firm offers a selection of account types which includes the MT4 account with Fixed Spreads and instant execution, another with floating spreads with Instant Execution and one with Floating Spreads with Market Execution.
Both the cTrader and MT5 Accounts offer floating spreads and Market Execution.
Based on the accounts, it is apparent that Fx Pro provides 3 types of trading platforms:
This platform is available both through web and desktop. cTrader also allows for algorithmic trading through its cAlgo platform.
The Metarader Suite
Both the MetaTrader 4 and MetaTrader 5 are provided through the MetaTrader suite in Fx Pro. Given this provision, clients are able to use the many trading tools that the platform offers such as the Expert Advisors add-on and a number of technical indicators. The user interfaces are highly-intuitive and therefore easy to navigate.
The FxPro Edge platform is FxPro’s proprietary trading software which has a highly-responsive design and multiple charts. The modules within the platform may be rearranged through simple drag and drop.
In addition to these platforms, FxPro also provides a Demo Account for traders wanting to do simulations first prior to diving into actual transactions.
Trading with FX Pro
While it had been fore grounded that FxPro has a good online reputation, the fact of the matter is, its offers and services are not entirely impressive. These are decent to say the least, but of course can be improved further.
The review team would seek to recommend the firm to novice traders only in light of its regulatory status, pricing options, and the selection of trading platforms.
But with the asset offerings, the firm could do better. Should the firm address this concern, it may turn out to be a formidable brokerage in the industry.