FXPro Review – Online Forex Brokers Review

FXPro Review

FXPro is one of the largest Forex brokerages on the planet. They offer a multitude of different types of accounts, and even the ability to trade swap free if you will have religious restrictions. The brokerage even offers a free VPS service if you are a VIP client. Margin level alerts via email and SMS are also possible.

FXPro Account types

FXPro offers three different account types, the MetaTrader4 account, the MetaTrader 5 account, and the cTrader account. The MT accounts offer the ability to trade micro lots with 1:500 leverage. The MT accounts are also available in both fixed and variable spreads. The cTrader account features variable spreads with a nine dollar around turn per full lot commission, equaling to $4.50 per side. All accounts offer dynamic leverage with the ability to trade as high as the previously mentioned 1:500 level.

Besides those types of accounts, they also offer the proprietary FXPro Markets platform.

Trading conditions and deposits

Initial deposit

To open up an account with FXPro, one has to only invest $100, although the recommended minimum initial deposit is at least $500 due to the leverage involved. You can make your initial deposit with a wide range of methods including bank transfer, credit/debit card, PayPal, Skrill, Neteller, China Union Pay, mPay, FasaPay, Webmoney, Moneta, Boleto, Netbanx, and eProtections. However, be aware that clients of FXPro UK Limited may only use bank transfer and credit/debit cards. Withdrawals are processed within one working day.

Spreads and commissions

They offer a choice of fixed or variable spreads, commission free for the MT accounts, and commission based fees involving the cTrader accounts. Spreads are quite tight, with the fixed spread on EUR/USD being 1.6, and the floating spread being roughly 1.2 for the same pair. On the cTrader account, spreads can be as low as 0.3 pips, but once you add the nine dollar round-trip commission fee, it turns out to be the same as paying 1.2 pips.

Leverage

FXPro offers rather high leverage levels, up to and including 1:500. This is an extreme amount of leverage, but also offers a world of opportunity. The broker offers a dynamic Forex leverage model on its MT accounts, depending on how many lot you have open. For example, if you have less than 100 open lots, the maximum leverage of 1:500 is applicable. However, once you get above the 100 lots level, then the maximum leverage is 1:200. It extends all the way to having over 500 full lots, which the max leverage at that point is 1:33, something that a retail trader will almost undoubtedly never find themselves doing.

Security of funds and Company Information

FXPro is an award-winning no dealing desk broker that offers trading in a range of instruments, including currencies, shares, spot indices, futures, spot metals and energies, all on a host of different trading platforms. Its main goal is to provide its clients with access to top-tier liquidity and offers excellent trading conditions as a result. Negative balance protection is included in your risk management, avoiding a nasty surprise such as the one that happened when the Swiss National Bank abandon its currency peg against the Euro.

The broker also regularly publishes trade execution statistics, which increases its transparency. This of course is an extraordinarily important part of the equation, going right along with the FCA regulation. Market participants depositing money in an FCA regulated Forex broker account are protected up to 50,000 British pounds via the Financial Services Compensation Scheme. They are also licensed by the FSB in South Africa, and the CySEC in Cyprus.

FXPro was founded in 2006 in the United Kingdom. They serve clients from 150 countries with offices in the United Kingdom, Cyprus, Dubai, and the Bahamas.

Range of markets

FXPro offers Forex pairs, cryptocurrency pairs, indices, futures, metals, shares, and energies. This gives traders the ability to trade in individual stocks such as Verizon, while going long the US dollar against the Swiss franc. The shares are from the US, the United Kingdom, France, and Germany. Spot metals can also be traded at the same time in grams and ounces, denominated in both euros and dollars. The index trading that’s available at FXPro is pretty impressive, including all of the usual suspects such as the Japan 225 and the UK 100, but also the candida 60, Greece 25, Swiss 20, and many other less offered markets.

Extras

This broker offers a Trading Academy, webinars, and various videos. While not necessarily the most extensive offerings, it does offer the basics that you would need.

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