FxPro Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
Traders prefer to conduct business with brokers who are honest, provide a
trading experience that is both enjoyable and profitable, and are able to
process withdrawal requests rapidly. They also want brokers that have a customer
care desk that treats them like actual people rather than just another client
statistic and can relate with them on that level. FxPro's high ratings are
well-deserved because the company excels in each of these categories. Since
2006, when it first opened its doors in Cyprus, FxPro has been in the financial
services industry. They are currently well known all over the world and have
their headquarters in the UK. Customer help is accessible in 24 different
languages. Visit FxPro Website.
FxPro is the brand name used in the financial industry by FxPro Group Ltd., which started out as a Cypriot investment firm and then expanded into the FX brokerage sector (CIF). In 2006, the year the firm was founded, it began operations by acquiring the foreign exchange (FX) brand known as NorthFinance. Both the former NorthFinance brand and the FxPro have its beginnings in Cyprus when they were first established. However, during the years, the FxPro brand has expanded to a number of other forex hubs in an effort to bring the product into closer proximity to its customers. The following departments can now be found within FxPro:
The main office of the organization is located within FxPro UK Limited. It provides service to the United Kingdom as well as the majority of the world. The Financial Conduct Authority has granted it authorization and regulation, and it has given it the registration number 509956.
The name of the building that serves as the company's operating headquarters in Cyprus is FxPro Financial Services Limited. This is the location from which the European market is serviced. The Cyprus Securities and Exchange Commission has granted it a license, and the number of that license is 078/07. This is also the brand name used by the firm's South African branch, which is the location where the Financial Sector Conduct Authority (also known as FSCA) grants the company its licenses and authorizations (FSCA no. 45052).
FxPro's Foreign Exchange (FX) brokerage services are available in a wide variety of languages, including Arabic, Chinese, Czech, English, French, German, Greek, Hungarian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Vietnamese, Hindi, Urdu, Indonesian, Malay, Swiss, Australian, and Argentinean.
During the Shares Awards that took place in the United Kingdom in 2017, the accolade of "Best FX broker" was bestowed upon FxPro. The prize was given in large part due to the firm's multiple trading software's user-friendliness, which was one of the reasons why the company received the award.
Caution: The following table lists the percentage of retail investor accounts that experience a loss of capital while trading CFDs with the aforementioned groups. Before you trade, you should carefully evaluate the dangers.
Tweets by FxProArabic
FxPro Financial Services Ltd 71.58 percent
73.56 percent of the company FxPro UK Limited
85.32 percent of the shares were held by FxPro Global Markets Ltd.
Over the years, FxPro has expanded its product offering to include items that are not related to FX. Other items available for trading, provided by FxPro, including the following:
CFDs on a variety of assets including equities, indices, and commodities.
Futures, indexes, metals, energy assets.
All of these materials are made available through a solitary platform. More than two thousand new contracts for difference (CFDs) are available through FxPro. These CFDs cover a wide range of industries, including but not limited to banking and investment services, food and beverage, industrial goods, and renewable energy. This encompasses close to 200 shares from over 30 different businesses and 8 different countries all together.
Tweets by FxProGlobal
What kinds of market circumstances should traders on FxPro anticipate encountering? The author of this post has been trading on FxPro for the past ten years, and throughout that time he has encountered the market circumstances that are described in the following paragraphs.
Speed of the Execution On FxPro, the execution time is typically around 30 milliseconds on average. Slippage does not happen very often, although it has happened on occasion. One of the benefits that FxPro offers as a retail broker is a very low rate of slippage, which the company reports.
Traders have access to a maximum leverage of 1:500 on their accounts.
Spreads: Spreads are kept narrow and consistent, which lowers the overall cost of trading.
Bonuses: FxPro does not provide bonuses, which is in line with the recent prohibition on the issuing of bonuses that was implemented by CySEC and the FCA.
Traders should prepare themselves for the possibility of encountering a situation in which first spikes on currencies occur while the news is being disseminated. This would make it extremely difficult, if not impossible, to trade the initial spike during news trades.
As a matter of company policy, FxPro does not offer any way to differentiate between different types of accounts. Everyone receives accounts with the exact identical terms and conditions for trading. However, in order to accommodate both micro-lot positions and large-lot traders, the trade order sizes have been changed.
What kinds of charges and fees are associated with trading using FxPro's product? FxPro provides clients with a spread structure that is highly competitive, and spreads are not variable. For the EUR/USD currency pair, for instance, spreads might be as little as 1.1 pips. Additionally, FxPro uses a 5-digit pricing scheme, in which the last number is a tenth of the previous digit in the price.
When news that has a very significant market impact occurs, traders can anticipate substantial widening of spreads (e.g. Non-Farm Payrolls, UK Inflation Letter, etc).
Trading in the manner of an ECN is available on FxPro and may be done using the cTrader interface.
In addition to the spread, some assets, such as energy futures, attract additional fees in the form of commissions.
The firm offers access to the world's financial markets on four of the most widely used trading platforms currently available. On the following platforms, clients may register trading accounts in addition to a Demo account in currencies with a leverage of up to 1: 500:
MetaTrader 4, MetaTrader 5, FxPro cTrader, FxPro Edge
MT4 blends a user interface that is easy to understand with an environment that is rich in features that can be customized. It gives the trader with everything they require, including the ability to chart assets, make orders, manage positions, and create algorithmic or manual trading:
Foreign Exchange, Metals, Shares, Indices, and Energy Futures are the Assets.
No partial fills
Facilities for trade within the EEA
MT5 is available in a number of different versions, including a web-based platform that enables trading without the need for any software installation, additional technical indicators, an extended line of 21 timeframes, and the capacity to have up to 100 charts open at the same time. MT5 also supports the ability to trade without any software being installed.
Due to the fact that it possesses the following attributes, FxPro was given the title of "Best MT5 Broker" not once, but twice (in 2015 and 2016 by the UK Forex Awards), as is only fitting.
A minimum deposit of $100
Items that can be traded: EAs that allow Instant Execution and Market Execution are available for Forex, Futures, Energies, and Metals.
The cTrader platform is the one that our institutional customers like to use. You are able to access detailed information about the market, optimize your trade, there are no requotes on the platform, and it makes use of the most up-to-date algorithmic tactics. This is our most cutting-edge platform to date; in addition to being incredibly quick and easy to use, it also provides spreads that begin at zero pips.
Spreads beginning at 0 pips
In-depth information about the industry
There are no limits placed on the stop or limit levels.
Comprehensive Market Execution
The most recent addition to our lineup of platform options is called FxPro Edge. Investors are given access to a novel kind of trading on the markets known as spread betting as a result of this. Traders are able to place their orders on the platform without having to download and install any additional software because it is a web-based application that offers a high level of personalization.
Spread betting is only offered to customers who live in the United Kingdom and who are clients of FxPro UK Limited. All demo users now have access to the FxPro Edge (Beta) version:
Limited Risk Accounts are available for Forex, Shares, Spot Indices, Spot Metals, and Spot Energies at no additional cost.
Slim margins for error
All platforms are also available in the form of applications for the Android and iOS operating systems. In addition to this, FxPro provides its customers with a variety of mobile features that make trading more efficient. We have developed tools that place the customer at the center of the activity using just their mobile device by paring away elements that are not necessary and concentrating on those that are absolutely vital. Traders may keep existing accounts active or establish new ones using these mobile applications, as well as keep up with the latest economic news and position themselves in the market. Trading may now be done on a mobile device without the need for a laptop, thanks to FxPro's innovation that made it feasible to do so.
Is FxPro Compatible with Mobile Devices? The FxPro brand is optimized for use on mobile devices. Mobile users will have no trouble navigating the brand website, mobile platforms, or webtrader. Trading clients are able to carry out trades utilizing their mobile devices. Both the MetaTrader 4 and MetaTrader 5 mobile trading applications are available through FxPro. In addition to it, they developed FxPro Tools. It provides real-time quotations, an economic calendar, daily insights and analysis, as well as FxPro Calculators, which enable users to execute live currency conversions in addition to calculating the needed margin, pip value, and swaps. On mobile devices, you are also able to make use of the webtrader as a URL.
The charts that are available on the mobile apps have been simplified and optimized for usage on mobile devices. On mobile devices, utilizing technical indicators and other features can be challenging, and the apps' overall usefulness suffers as a result.
FxPro does not provide any form of incentives or promotional offers since doing so would violate the rules that are already in place.
How can traders on FxPro add funds to their accounts and remove cash when they no longer need them? The following methods are available to traders for conducting business:
The minimum deposit required to use a card is $100, whereas the minimum deposit required to use a wire transfer is $500. There are no costs associated with making deposits. However, depending on the pricing system that each bank use, the banks may assess a commission fee. Each and every customer's cash are safeguarded by two different types of compensation plans.
Withdrawals made using credit/debit cards and digital payment methods are processed from the platform to the wallets in the trader's area the same day. Withdrawals made using the trader's preferred receiving channel are credited to the trader's account within two business days. The processing time for bank wires is between two and seven days. FxPro is very swift in processing withdrawal requests.
Support for customers is accessible around the clock, seven days a week through the following channels:
The live chat feature is conveniently located on the homepage.
Phone: +44 (0) 203 151 5550
Support is offered in a total of 24 languages and is, on the whole, extremely quick to respond and helpful.
The purposes of teaching and research are supported by a substantial amount of content. Traders have access to a variety of resources, including downloadable books and articles, as well as seminars, market research, and actionable analysis delivered via email newsletters. Even if you do not have an account, you may still access this. Use the instructional package that is offered by FxPro if you are just starting out in the foreign exchange market and want to get off to a strong start.
Live account members at FxPro may take advantage of the Forex VPS and the Quant Strategy Builder that the company provides. Traders who have a live account are given unrestricted access to the Autochartist plug-in at no additional cost. Watford FC, a team competing in the highest level of football in the United Kingdom, is one of the teams that FxPro supports.
You can easily anticipate that a significant amount of expenditure goes into brand exposure and affiliate agreements given that FxPro has spent over 121,000,000 USD on sports partnerships and a variety of sporting events.
FxPro is an excellent choice for novice traders, as well as those with intermediate and expert skill levels. FxPro is a licensed company that provides an open and honest service. Because of this, trading with them is a risk-free endeavor. There are very few reports that are unfavorable about them, and the author has found that working with FxPro to be a positive experience. FxPro is a fantastic retail broker to collaborate with.
FxPro is a reputable international broker that serves retail and
institutional customers in more than 170 countries across the world. It would
appear that they have everything one could want in a trading environment,
including robust regulation and extensive experience with financial markets, a
number of prestigious industry awards, deep liquidity, lightning-fast execution
speeds, a pure no-dealing-desk (NDD) trading environment, a wide selection of
trading accounts, platforms, and assets, and much more. In this exhaustive
review of FxPro, we will cover all there is to know about their offering.
The fact that the broker is licensed by some of the most prestigious financial regulators in the world, such as the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), and the Dubai Financial Services Authority, is the factor that matters the most (DFSA). So, let's get started with that shall we?
Because of the interconnected nature of the forex market, finding a forex broker that complies with all applicable financial regulations should be your first priority. In addition, FxPro is an outstanding company that offers financial services. As was said before, all of the organizations that make up the FxPro Group hold valid licenses to conduct business in the countries in which they do business. To be more exact, the following businesses are members of the group:
The FxPro UK Limited Company UK, FCA
FxPro Financial Services Ltd. Cyprus CySEC
FxPro Financial Services Limited, South Africa, FSCA
The MENA Division of FxPro Global Markets Limited, UAE DFSA
FxPro Global Markets Ltd., which is regulated by the Bahamas SCB
Since 2007, the Cyprus Securities and Exchange Commission has been the body that has authorized FxPro Financial Services Ltd to operate. The regulatory environment in Cyprus is extremely robust because to the fact that the country is a member of the European Union. And because of the United Kingdom's decision to leave the union, Cyprus is becoming an even more attractive location for FX brokerages.
The Cyprus Securities and Exchange Commission has requirements for brokers that are both liberal and reasonable while at the same time being quite stringent. These requirements are intended to guarantee the delivery of honest and open-book financial services and give significant assurance regarding the safety of traders' funds. For instance, in order to obtain a CySEC license, a broker must demonstrate that they have adequate capital (in the amount of EUR 730,000), which ensures that the business is in a secure financial position. In addition to this, they are required to hold the money of their customers in separate accounts, to submit to frequent audits by an independent party, and more.
In order to provide an additional layer of protection for their clients, all brokers that are registered by CySEC are required to be members of the Cyprus Investor Compensation Fund (ICF). This is the fund of last choice for traders whose brokers have gone bankrupt. Therefore, as a participant in the ICF, FxPro Cyprus protects the trading capital of each customer for a maximum of 20,000 Euros.
In addition, Cypriot brokers are obligated to comply with any standards that have been established on an EU level. These are included in a piece of legislation known as the Markets in Financial Instruments Directive (MiFID), the primary objective of which is to strengthen consumer protections applicable to investing services.
In addition to this, the directive is intended to provide a standardized regulatory framework for suppliers of financial services throughout all 30 countries that make up the European Economic Area (the 27 EU countries, plus Iceland, Norway and Liechtenstein).
Therefore, the following is a list of some of the most important standards that must be met by forex brokers in order to obtain a license in the EU or EEA:
● Minimum Capital Requirement
● Coverage Under the Compensation Scheme
We have already provided an explanation on these criteria and the reason behind them.
When customers put money into their trading accounts, the money needs to be kept separate from the money that the broker uses to run their business. This practice is known as "segregation of client funds." Because of this, the money belonging to customers is protected in the event that something unfortunate occurs, such as the bankruptcy of a broker.
The provision of negative balance protection: This implies that the broker ensures that its customers' accounts may never turn negative, which means that they can never lose more than they have placed. Provision of negative balance protection:
Reporting of Transactions: Forex brokers operating inside the EU are required to record the transactions of their clients on a regular basis. This provision, along with a number of other far-reaching MiFID rules, is meant to strengthen investor protection while also promoting market integrity and openness.
a maximum leverage ratio of 1:30
a prohibition on trading incentives such as bonuses; a requirement that the number of customers whose investments are lost be reported.
The European Securities and Markets Authority (ESMA) is responsible for the introduction of the three most recent rules in 2018. However, with regard to trading incentives, ESMA restricted them because of its belief that brokers utilize bonuses to attract ordinary traders into high-risk transactions. We will examine the restriction on leverage later on in this lesson.
In addition, the reporting of lost customers is obviously done with openness in mind.
The Financial Conduct Authority (FCA) in the United Kingdom granted FxPro a
license in the year 2009. And acquiring an FCA license is a challenging
endeavor, to say the least, because the authority places stringent demands on
the businesses it approves.
Brokers who wish to obtain a license from the FCA are required to comply with a set of regulations that covers a minimum amount of capital, the handling of funds belonging to customers, the reporting of transactions, the prevention of money laundering, financial promotions, and payment services, among other topics. And if they don't satisfy the conditions that have been imposed, the financial authority in the UK will hit them with some fairly hefty fines.
The protection against negative balances, in addition to the fact that traders are covered by the Financial Services Compensation Scheme, is an additional facet of FCA regulation that, from the perspective of traders, is of the utmost significance (FSCS).
If you have a negative balance protection on your account, the broker will not attempt to recoup the loss but will instead credit your account so that it has a zero balance. This means that if your account falls into the red as a consequence of trading activity, you will still have access to your funds. The Financial Services Compensation Scheme (FSCS) is a compensation system that is designed to safeguard traders in the event that their broker falls bankrupt. To be more precise, traders who transact business with a broker regulated in the UK are eligible to claim compensation from the Financial Services Compensation Scheme (FSCS) of up to £85 000.
FxPro is also licensed to conduct business in South Africa, a nation that possesses enormous untapped demand for foreign exchange and other associated services.
All monies belonging to clients are required to be held in separate trust accounts at South African banks that have been approved for business operations in the nation. The Financial Sector Conduct Authority (FSCA), which is the successor to the Financial Services Board, is in charge of their regulation and supervision (FSB).
Having said that, the regulations under the FSCA are not as stringent as those in the United Kingdom, Cyprus, or the United States. This results in significant drawbacks in terms of the protection of investors, but on the positive side, it affords brokerages and traders a greater degree of autonomy. Consequently, investors who do business with FxPro South Africa are permitted to utilize leverage ratios of up to 1:500 and may be eligible to get promotional incentives.
In 2017, FxPro received another license, this time from the Dubai Financial Services Authority (commonly known as the "DFSA"). Regrettably, the UAE branch of the broker's company is going through the liquidation process at the moment.
Not only in the Middle East, but all across the world, Dubai has emerged as a prominent center of global financial activity. The Dubai Financial Services Authority (DFSA) was established in 2004 and works in conjunction with the Dubai International Financial Center (DIFC), which serves as an exclusive economic zone with the goal of luring businesses that are involved in the financial industry.
In addition, FxPro possesses an offshore company known as Global Markets Ltd., which holds a license issued by the Securities Commission of the Bahamas (SCB). In general, a license of this kind confers onto the broker a great deal more flexibility than the licenses that are available in Europe.
Having stated that, it is important to bring to your attention the fact that the SCB has made a significant step toward the implementation of new regulations that are far more stringent than those in most other offshore zones. For instance, the commission intends to set a limit on the leverage at 1:200, to prohibit trading incentives such as bonuses, and to impose negative balance protection from brokerages. These are just some of the items that are on their agenda.
FxPro provides clients with a choice between three fundamental account types: MT4, MT5, and cTrader, which correspond to different trading platforms (NDD). Dynamic leverage of up to 1:500 is available across all three types of account types, as are micro tradeable quantities. Micro stakes are ideal for novice traders as well as anyone who just does not want to take on a significant amount of risk.
In addition, the brokerage firm offers customers of the Muslim religion swap-free (Islamic) accounts as well as VIP services to high-net-worth people and those who actively trade in big quantities.
In addition to receiving trading suggestions, exclusive news reports, and margin level warnings by email and SMS, VIP customers enjoy free Virtual Private Server (VPS) service and do not incur any deposit costs. In addition, clients have the opportunity to receive a market spread discount of up to 30 percent or a commission reduction on cTrader accounts of up to 30 percent.
The procedure for creating an account with FxPro is quite simple and uncomplicated. To confirm your identity, all that is required of you is to complete out the registration form and upload a copy of an official document proving your citizenship, such as a passport, national identification card, or driver's license.
Additionally, the broker could ask for a recent proof of residency document that includes your name and address and was issued within the last half year. You just need to make a deposit using one of the ways accepted by FxPro, and then everything will be OK.
Trading may be done in a diverse range of instruments across a variety of asset classes, and FxPro even provides spread betting in the United Kingdom. Over 250 different kinds of financial instruments are accessible for trading, including cryptocurrencies, commodities, energies, indices, stocks, and futures. These financial products include:
Foreign Exchange (Forex) more than 70 currency pairs; Shares of some of the largest companies in the United States, the United Kingdom, France, and Germany, including Apple, BMW, Bayer, Google, IBM, Goldman Sachs, etc.; Indices AUS200, ChineA50, ChinaHStar, Euro50, France120, France40, GerTech30, Germany30, Germany50, Holland25; Futures EUR50, FRA40,
Bear in mind, however, that not all of these items may be purchased through any of the platforms offered by the brokers. The MT4 platform allows you to open positions on all six of the different asset classes, in contrast to the MT5 platform, which does not support shares, and the cTrader platform, which does not offer shares or futures.
Spreads can be either fixed or variable when trading with FxPro. On the
MetaTrader4 platform, fixed spreads can be chosen, however floating spreads are
the sole option on the MetaTrader5 and cTrader platforms.
Because it has such a big customer base, FxPro is able to match a significant portion of its order flow internally. This allows the company to minimize its expenses and risks while providing its customers with competitive trading charges.
The variable spreads on MT4 and MT5 come out to an average of 1.4 pips on the EUR/USD currency pair, which is considered to be competitive pricing. Having said that, the spreads that are offered on cTrader accounts are the lowest possible, averaging 0.3 pips on the EUR/USD pair. When we include in the commission that is required, the total cost of trading this pair comes to around 1.2 pips for each standard lot.
FxPro has leverage levels that are rather high, going as high as 1:500. However, before you use ratios that are this high, we strongly suggest that you familiarize yourself with all of the hazards that are associated with trading on leverage and that you have a comprehensive risk management strategy in place. In such case, you run the risk of having your account wiped out in a matter of seconds, just like the majority of beginning traders. Due to the fact that a leverage of 1:500 might increase your earnings by 500, but it can also increase your losses by the same amount.
It is also important to remember that FxProUK and FxPro Cyprus do not provide leverages higher than 1:30 to its customers. We would like to remind readers that the European Securities and Markets Authority (ESMA) imposed a limit of 1:30 on the amount of leverage that could be used by individual investors in 2018. Restrictions of a like nature are enforced in the United States of America, Canada, Japan, Hong Kong, and other nations.
On the MT4 and MT5 platforms, the broker uses a dynamic forex leverage model that dynamically adjusts to customers' open trading positions in order to control the risk that is associated with leverage:
When clients want to participate in live trading, FxPro needs a minimum commitment of $100 from them. This is essentially a quantity that may be invested by anybody, and it is comparable to the typical minimum deposit amount required by businesses in this sector. In light of this, it is advised to novice users that they begin with at least $500 so that they may experience the full array of trading features without having to resort to using an excessive amount of leverage ratios.
Demo accounts often allow users to test out the functionality of a broker's services without incurring any financial risk. Because of this, you would be able to participate in a realistic simulated trading experience without having to risk any real money.
You are free to make use of your demo account for as long as you see fit, and when you are confident that you have acquired sufficient knowledge to begin trading with actual funds, you may make the transition to a live account.
FxPro provides traders with access to all of MetaQuotes' trading platforms, including MetaTrader4 (MT4) and MetaTrader5 (MT5), as well as cTrader from Spotware and the broker's in-house creation, FxPro Edge. We'll give a quick overview of each of these trading terminals in this section.
Forex traders have traditionally relied on MetaTrader4 as their primary trading platform of choice. This platform has been shown to be dependable over the course of many years, and it is also highly appreciated for the convenience with which it can be utilized and the advanced features that it possesses. These include, but are not limited to, an excellent charting package, a selection of technical indicators, an extensive back-testing environment, and a large choice of Expert Advisors (EA) for automated trading.
Aside from that, the MT4 platform is quite easy to customize, which means that traders who are proficient in coding may quickly design their own EAs and indicators using the platform. Those who are able to code or just don't have the desire to do so can use the enormous library of the platform to get expert advisors, scripts, and indicators; in fact, some of these can be obtained at no cost.
Users of MT4 have access to additional alternatives in addition to automated trading through the use of EAs. These options are designed for users who are either unable or unwilling to trade on their own. TradingSignals is the name of the platform that enables users to imitate the trades made by signal providers in exchange for a fee.
The majority of MT4's features have been carried over to the most recent version of the MetaQuotes trading platform, including the excellent charting and market analysis tools, the ability to use automated trading bots known as Expert Advisors, and the extensive personalization possibilities. On the other hand, the majority of MT4's indicators and Expert Advisors (EA) are not supported on the MT5 platform, therefore the latter is still behind its forerunner.
Users of the newest version of the program, MT5, have the ability to trade in over-the-counter (OTC) items as well as exchange-traded instruments like as futures, options, stocks, and bonds all from the same account, which is a significant improvement over the previous version, MT4. You should be able to find further information about the MetaTarder5 here, in addition to a comprehensive list of brokers who support it.
cTrader is a multi-asset trading platform that was developed by Spotware. It was developed specifically with ECN trading environments in mind. It shouldn't come as a surprise that most expert traders choose it over other options.
Direct order entry through charts, lightning-fast order entry and execution speeds, and access to the industry's top bid and ask prices are all features offered by cTrader. In addition, the platform provides automated trading software known as cAlgo, which includes market indicators, as well as cBots, which are automated trading systems that may be used in conjunction with cTrader Desktop.
Any web browser may be used to access the platform, and mobile apps for both
iOS and Android are also accessible. Desktop versions of the platform are
available for both Windows and Mac operating systems.
Spread betting is offered through the broker on a platform known as FxPro Edge, which is exclusive to customers in the UK. It provides professional trading conditions and an industry-leading No Dealing Desk Execution service for foreign exchange, shares, spot indices, spot metals, and spot energies, as well as futures trading. The desktop download, web version, and mobile app versions of FxPro Edge are all available to users.
Additionally, FXPro provides its clients with a selection of exclusive trading tools that are intended to assist clients in making the most profitable trading choices possible. The following are some of the most practical ones among them:
-The Trader's Dashboard is a wonderful addition to the currency charts on your trading platform, and it will provide you with a comprehensive understanding of the current state of the foreign exchange market;
-Technical analysis by Trading Central, which is accessible through FxPro's MT4 and MT5 platforms and will supply you with expert in-depth graphical analysis, intraday trading suggestions, long-term forecasts, and other relevant information;
-Economic Calendar, which will enable you to plan your trade down to the minute based on economic developments, consensus expectations, and expected volatility; -Volatility Estimator.
-An All-In-One Foreign Exchange Calculator that will assist you in calculating all aspects of foreign exchange, including fees, pip value, swaps, necessary margin, and more;
-Recent market news from FxPro.
In general, FxPro supports a number of different payment options, and the vast majority of deposits and withdrawals are processed at no additional cost.
The many modes of payment that are made available to customers of the broker vary according to the nation in which they are based. All of the companies that make up the FxPro group accept deposits and withdrawals made with bank wires and credit / debit cards (Maestro, MasterCard, and Visa). There is no fee associated with using these payment methods for either making deposits or withdrawals.
In addition, Skrill, Neteller, and China UnionPay are accepted payment methods at FxPro Cyprus and FxPro Bahamas. The Cyprus operation also supports PayPal transactions.
Keep in mind that FxPro will charge certain fees for withdrawals made with Skrill and Neteller, but these fees will only be applied in situations in which a client's account has not been used for any trading at all. These fees will equal 2.6 percent and 2 percent of the withdrawal amount, respectively.
Skrill and Neteller are forms of electronic payment that are accepted all around the world but are particularly well-liked in Europe. They provide a quicker and more reliable alternative to payments made using cards. In addition, we would like to bring to your attention the fact that Skrill has recently implemented an anti-scam policy, and thus, they only work with legitimate brokers.
ECN, STP/NDD, and Deal Desk are the three primary execution methods that are utilized in forex trading. FxPro is a true No Dealing Desk (NDD) brokerage, and it was even awarded as such, in contrast to the great majority of forex brokers, which employ a dealing desk strategy and function as market makers. This ensures that there is no potential for a conflict of interest between the broker and its customers because all trades made by FXPro customers are carried out without any participation from the company's Dealing Desk.
In addition, the broker boasts that the majority of deals are completed in less than 10 milliseconds, and that they can carry out up to 2,000 trades each second. Therefore, the pace of the execution is really good.
In addition, in order to offer its customers with access to a substantial liquidity pool and lightning-fast transaction execution, FxPro makes use of an in-house spot aggregator and powerful order-matching technology.
The transactions are carried out at one of the Equinix data centers located in LD5 London or Amsterdam, depending on the broker. Trading servers used by FxPro are cross-fiber linked and co-located with Tier 1 banks. These institutions are responsible for providing liquidity.
In addition, the broker has a long-term commitment to openness, since it releases execution statistics on a consistent basis (slippage & requotes data).
For instance, according to the statistics for 2019, 82 percent of all market orders were executed at the price that was asked, while just 9 percent of market orders were completed with positive slippage (which means better pricing for clients). Regarding quick orders, just 0.68 percent of those placed in 2019 were given a requote, and only 0.32 percent of orders were given an even better price.
In addition, the FxPro website features a comprehensive Education section that is loaded with a great deal of material that is applicable to new traders. There are free online courses available that cover the fundamentals of forex trading, as well as advanced topics such as trading tips, exams, and video lessons.
The customer support services offered by the broker are renowned for their quality and are available in more than 17 different languages. The customer service provided by FxPro is kind and helpful, and it responds to inquiries in a timely and expert manner. They are available around the clock, and you may get in touch with them via phone, e-mail, or live chat.
To say that FxPro is a forex broker that has received awards would be something of an understatement. With more than 70 honors from the industry, the brokerage firm has established itself as a world leader in online trading. The following are some of the more recent ones:
-WINNER of the Online Personal Wealth Award for Best Foreign Exchange Provider, 2020;
-WINNER OF THE FINANCIAL TIMES AND INVESTORS CHRONICLES AWARD FOR BEST BROKER 2018;
-WINNER of the Online Personal Wealth Awards for Best Foreign Exchange Provider, 2018;
-WINNER of the City of London Wealth Management Awards for Best Foreign Exchange Service Provider, 2018;
-Global Brands Magazine's Best Execution Broker of the Year Award for 2017;
-Winner of the CFI.Co Award for Best FX Execution Worldwide in both 2016 and 2017
In addition to this, FXPro is well-known for its sponsorship partnerships with other notable sports clubs and teams. At the present time, the broker serves as an official partner of the McLaren Formula One team and as the primary sponsor of the Yacht Club de Monaco. Through the years, FxPro has maintained sponsorship relationships with several professional soccer teams, including Watford FC, Fulham FC, Aston Villa FC, and AS Monaco FC.
FxPro was a key sponsor of the FxPro Cyprus Rally in 2010, in addition to serving as the Official Forex Trading Partner of the FIA World Rally Championship (WRC) from the beginning of 2012 until the conclusion of 2011.
FxPro is a global broker that specializes in foreign exchange and contracts for difference. They have more than 15 years of expertise working in the financial markets. It provides online trading services of the highest caliber in a pure NDD environment, as well as a wide variety of trading platforms and financial products to choose from. In addition, the broker offers its customers access to top-tier liquidity, exceptional trading conditions, and the maximum level of consumer safety that is humanly conceivable, which includes protection against negative balances.
When it comes to the foreign exchange trading sector, FxPro offers a product
that is quite competitive. They have been licensed by both the Financial Conduct
Authority in the United Kingdom and the Cyprus Securities and Exchange
Commission, so it is safe to say that you may put your faith in them. In
addition, there is a no-cost demo account that you may use to familiarize
yourself with the system before making a financial commitment. FxPro provides
everything a trader could possibly need, regardless of whether they are just
starting out or have years of expertise under their belts.
FxPro is a foreign exchange broker that was established in 2006 and currently has offices in the United Kingdom and Cyprus. The company has continued to expand and develop, and it now provides its services in 150 countries. They are dedicated to the satisfaction of their customers as well as the quality of the service that they deliver, and they make consistent efforts to improve the quality of the forex trading service that they give. Its website conveys their purpose statement, which is to be innovative and open.
Their service is technically complex, and it is available to both new consumers and high net worth individuals. It is structured around various accounts that are centered on the trading platforms that they provide. The mobile trading experience is ideal for people who want to trade while they are on the go, and there are a number of different trading options that can be utilized.
On the surface, it would appear that FxPro fulfills all of the requirements for a good broker; however, how can you be sure that this is the appropriate broker for you? Our staff will supply you with all of the information you want with regard to this particular broker. We investigate every facet of trading with FxPro so that we can give you with a comprehensive review that covers everything from the trading experience to the incentives and bonuses that are made available.
When you go to the website and look at the range of trading accounts, you will find that they provide three various formats: trading accounts, a demo account, and a Premium Account. You will discover this when you get at the website and look at the variety of trading accounts. Because trading accounts are based on trading platforms, the trading accounts have names that correspond to the platform on which you will trade:
Since it is called an MT4 Account, you may probably guess that it uses the MT4 platform. A minimum deposit of $500 is required for all of the trading accounts offered by FxPro, with the exception of the VIP account. In exchange for this, you will receive spreads of 1.4 pips and a maximum leverage of 1:500.
Traders that conduct their business on the MT5 platform are eligible for an MT5 Account. With spreads of 1.4 pips and a maximum leverage of 1:500, it is suggested that you make an initial deposit of $500.
The cTrader Account uses the cTrader platform to conduct its business. With an average spread of 0.3 pips and up to 1:500 leverage, the MetaTrader 4 (MT4) version recommends a deposit of $500, the same as the MetaTrader 5 (MT5) version.
There are certain distinctions between the Market Account and the other accounts; nevertheless, you may still take advantage of excellent spreads and leverage of up to 1:500 with a minimum suggested deposit of $500.
The establishment of a VIP Account comes with a number of substantial advantages. They are intended for those with high net worth and need a deposit of $50,000 to open an account. You will enjoy highly competitive spreads and leverage, a dedicated account manager, free deposits and withdrawals, daily market research, and access to special events as a result of this investment.
FxPro, much like other brokers who strive to give their customers with the best possible service, makes available a risk-free practice account that may be used before investing real money. You will be able to gain a feel for trading before you start trading for real on the live platform because it is based on a simulated version of the actual platform.
Aside from the simplicity of the interface and the quality of the overall trading experience, the two aspects that the vast majority of traders are most concerned with are the amount of profit they can expect to make on their trades and whether or not the broker is competitive with regard to other brokers.
The amount of available leverage might be very different between different brokers. While some brokers provide a leverage of 1:50, others, such as FxPro, provide a leverage of up to 1:500 for its clients. This should be seen as the most that you are capable of doing, and you should use caution while putting your investment at risk. However, FxPro does offer protection against having a negative balance.
The spreads are variable and are dependent on the currency pairings that are being traded as well as the amount of money that is being traded. If you have a VIP Premium Account, your spreads will be significantly better than those of other traders who only have a Standard Account. As a general rule, the spread between trading accounts is anywhere from 0.3 to 1.4 pips.
The Stop Loss function is a helpful tool that gives you the ability to get out of the transaction once the position has been achieved. You won't need to be online to close your deals if your broker provides this convenient option, which is offered by most brokerage firms. If you pick the Stop Loss option, it will automatically shut for you, and if there is a Take Profit option, you may choose it as well if there is one.
There are many different kinds of trading platforms accessible, each of which is detailed in the Account Types section. They are as follows:
FxPro MT4, FxPro MT5, FxPro cTrader, FxPro Edge.
Pick the one that caters to your trading needs the most, and then download the version you desire. There is a wide variety of options available to you whether you want to utilize MT4, MT5, cTrader, or Edge.
Although we were unable to locate any proof of incentives and promotions provided by FxPro, this does not necessarily imply that they do not give these things on occasion. In general, Forex brokers will make some sort of promotion available, whether it be a welcome bonus that does not need a deposit, a deposit bonus, or a loyalty reward program.
This is an important consideration for the majority of you. You have to be able to do their business while on the go in order to keep up with the times, given how much activity is now taking place on mobile devices. If you are seeking for a superior experience when using your mobile device, then FxPro has what you want. You have the option of using MT4 or MT5 regardless of whether you access the website through the mobile app or the mobile website itself.
The trading platform that you have access to will be dependent on the account that you decide to use. Before settling on the solution that is right for you, it is in your best interest to investigate all of the available alternatives.
FxPro has continued to expand, and its services are now available in 150 countries across the world.
FxPro is compatible with the majority of the major credit and debit cards, in addition to other means of electronic payment. Among these are Neteller, Skrill, PayPal, and UnionPay, in addition to wire transfers. In most circumstances, you will be able to make your deposit, and then instantly begin trading. Clearing certain types of payments, such as a wire transfer, may take more time than others.
In the event that a withdrawal is processed, the monies will be returned to the original deposit method. In most cases, one day of actual labor is required. There are no costs associated with the processing of withdrawals; however, there are fees associated with deposits made using credit cards that were not issued in the UK.
There are a few unique characteristics that need a note, and they are as follows: Not to mention the many accounts and trading platforms at your disposal, which are as follows:
The auto-trading tool for traders who want to automate their foreign exchange transactions
Any money that you deposit is protected by an insurance policy, so you need not worry about losing it.
You get access to the FxPro EA library, which contains a wide variety of different tools.
The knowledgeable customer support team at FxPro is available all day, every day of the week, around the clock. In addition to its offices in London and Cyprus, which each have a significant number of employees, they also have locations in Dubai, Monaco, and the Bahamas. You may get in touch with the customer service staff by sending an e-mail, calling the local number shown on the website, or using the "live chat" icon on the website's sidebar. You can also ask to be called back in order to avoid wasting time waiting in a line.
In the event that you do find yourself in need of the customer support services, you can have peace of mind knowing that they are available in a variety of languages. Additionally, FxPro assures customers that it is not a problem to provide them with a support agent who can fully understand their requests and needs in their native language.
Although we do all in our power to be of assistance to our readers, there are instances when it is in your best interest to get in touch with the investment website you use directly in order to obtain the information you want. For instance, if you have a particular question regarding your account, you will be required to make direct contact with them in order to ensure your safety.
Alternately, if you discover that getting in touch with your business partner isn't working, you may get in touch with us, and we would be more than pleased to attempt to do so on your behalf. Many of the websites that we mention and encourage are ones with which we have fruitful business connections.
The number to call is +44 0203 151 5550.
Karyatidon 1, Ypsonas 4180, Cyprus Ypsonas CY 4180, Karyatidon, Limassol, Cyprus Address: FX Group Ltd., Karyatidon 1, Ypsonas 4180, Cyprus
When it comes to the foreign exchange trading sector, FxPro offers a product that is quite competitive. In addition to holding licenses to do business from the FCA (United Kingdom) and the CySEC (Cyprus), the Dubai Financial Services Authority and the SCB have also granted them permission to engage in commercial activity. Their trading systems have a high level of technological sophistication, and they are dedicated to their ongoing development. You have a wide variety of trading account options available to you, and you can also select the mobile experience that best suits your needs.
Despite the fact that there are no incentives or promotions to speak of, you may still take advantage of favorable spreads and leverage. In addition, there is a no-cost demo account that you may use to familiarize yourself with the system before making a financial commitment. There are several different ways in which you may get in contact with a member of their customer support staff in the event that you have any questions or concerns. FxPro provides everything a trader could possibly need, regardless of whether they are just starting out or have years of expertise under their belts.
Is FxPro a legitimate company, and will they steal my money? FxPro has been in business for a number of years now, and its services are offered in a great number of nations all over the world. In this amount of time, they have established a good name and reputation for themselves.
Do they provide a good app for mobile devices or tablets? When it comes to trading via mobile device, you have a few different possibilities. The customer has the ability to select their preferred trading platform and account while using programs that are included in both MT4 and MT5.
What kind of welcome bonus do they provide for first-time traders? After conducting exhaustive investigation, there is no evidence to suggest that the broker currently provides any bonuses to its clients. That is not to imply that there aren't ever any pleasant surprises in the form of bonuses.
Is it possible to begin trading with a free demo account? Demo accounts are available to each and every trader. This essentially implies that you are free to practice trading on the platform of your choice without being required to first deposit any money.
What is the minimum deposit amount, as well as the recommended amount for trading? The suggested amount for the minimum deposit is $500. If you are a really important person with a high net worth, then you should anticipate having to make a deposit of $50,000 in order to take advantage of everything a Premium Account has to offer.
FxPro is a registered online broker that provides you with access to more
than 260 tradable assets across 4 advanced trading platforms, including cTrader,
MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the company's own FxPro Edge
platform. In addition to this, they provide traders with access to a wide range
of helpful trading tools, independent market research, and instructional
materials. Despite this, I discovered that the spreads and fees were
significantly greater in comparison to those of other brokers. According to my
observations, the support crew is not very helpful and takes a long time to
respond to even the most fundamental inquiries.
FxPro is an online FX and CFD broker that was established in 2006. They provide you with a wide variety of trading instruments to choose from on cutting-edge platforms. The United Kingdom serves as the headquarters, while further offices may be found in Cyprus, Monaco, the Bahamas, and the United Arab Emirates. FxPro is proud to say that they have millions of client accounts from over 173 different countries. I enjoy that the website has been translated into over 25 different languages so that it may serve people from all around the world.
You have access to a respectable variety of over 260 instruments across six asset classes on four trading platforms, including MT4, MT5, cTrader, and Edge. These platforms allow you to trade. Spread betting is also available to traders based in the United Kingdom. As for myself, I would have wanted to have this choice made available in a greater number of regions.
The broker makes it quite clear that it does not operate as either an ECN or a STP broker. Instead, it provides executions that comply with the standards of the No Dealing Desk (NDD) model. FxPro makes the claim that it does not interfere in the price or execution of customer orders. FxPro has developed a proprietary aggregator known as "Quotix" that compiles prices from more than 12 different liquidity suppliers. The Equinix data centers in either LD5 London or Amsterdam are where the trading servers may be found. This location is in close proximity to Tier 1 banks, which are essential for providing liquidity. As a direct consequence of this, you will have access to high levels of liquidity as well as execution times measured in milliseconds. This feature is one of the reasons why I appreciate it so much since it also improves the safety of customer monies.
All of the FxPro regional locations are subsidiaries of FxPro Group Limited, which serves as the parent firm. The following is a list of the five jurisdictions in which FxPro is regulated:
The Financial Conduct Authority has granted FxPro UK Limited both its authorization to operate and its regulation (FCA). The number assigned to this registration is 509956.
The Cyprus Securities and Exchange Commission has granted FxPro Financial Services Limited authorization and regulates the company's activities (CySEC). The number for the license is 078/07.
The Financial Sector Conduct Authority has granted FxPro Financial Services Limited permission to operate in the market (FSCA). The number assigned to this registration is 45052.
The Securities Commission of the Bahamas has granted FxPro Global Markets Limited authorization and oversees the company's operations (SCB). The number assigned to this license is SIA-F184.
The broker is also registered with BaFin, having been given the registration number 121095, ACPR, having been given the registration number 72430, CNMV, having been given the registration number 1722, and with 25 additional regulatory agencies.
FxPro guarantees that the cash deposited by customers are kept entirely separate from the company's operating capital. Knowing that the money are being managed by some of the highest-rated financial institutions in the world gives me a sense of relief.
The Anti-Money-Laundering (AML) policy mandates that each and every customer undergo a thorough verification process. This is done to discourage those who help finance terrorist organizations or money launderers. During the registration process, I had to provide a scanned photo of both my driver's license and my most recent energy bill.
Investor Compensation Fund is one of the organizations that FxPro Financial Services Ltd. is a member of (ICF). In the event that the broker is unable to meet its financial responsibilities, the Investor Compensation Fund (ICF) may reimburse qualifying client deposits of up to 20,000 per customer.
Since FxPro UK Limited is a member of the Financial Services Compensation Scheme (FSCS), qualified customers' deposits are protected by the FSCS up to a maximum of £85,000 per customer. Despite this, I would strongly suggest reading the terms and conditions, since they are very detailed about who is eligible to get this reimbursement.
Clients from some countries, like the United States of America, Iraq, Canada, and others, are unable to make use of FxPro's services. If FxPro is not available in your country, you may use our broker comparison tool to look for an alternative broker that operates in your region.
For trading foreign currency and contracts for difference (CFDs), FxPro gives you access to the following trading platforms:
Because of its accessibility, features, and scalability, the MT4 platform has emerged as the de facto standard in the industry. The fact that MT4 comes pre-loaded with functionality for trading and analytics is something that really appeals to me. Additionally, it is compatible with the FxPro NDD brokerage model.
You will have access to the following versions of MT4 thanks to FxPro:
WebTrader is a platform that may be accessed through the FxPro website. It is compatible with the vast majority of today's web browsers and eliminates the need to download or install any supplementary software.
This is a desktop program for MAC computers that is known as MT4 for MAC.
This is the desktop application for Windows PCs that runs MT4, known as MT4 for Windows.
MT4 smartphone apps: This is formatted for use on mobile devices running the iOS and Android operating systems. Those of you who want to trade even while you're not at your desk might benefit from using the mobile trading app.
The following is a list of some of the most important characteristics of the MT4 platform:
It offers a straightforward and user-friendly interface that can be reorganized and customized to meet the specific requirements of each individual customer.
Accessible in more than 35 different languages.
Charting and analysis using thirty different technical indicators and twenty-four different drawing tools.
Expert advisors (EAs) are used to automate forex and CFD trading. MT4 allows the scripting and deployment of expert advisors (EAs), which are used to automate trading.
It provides direct access to the MetaTrader market, which is a place where various platform tools like as applications, signals, EAs, and indicators may be purchased or obtained for free.
Notifications of price changes sent by text message, email, and pop-up windows.
In order to further enhance the existing highly strong MT4 platform, the MT5
trading environment was developed in the year 2010. It was built using layouts,
features, and tools that were quite comparable to one another, with the
exception that I discovered that the MT5 had greater possibilities and
usefulness. In the same way as MT4 is accessible through WebTrader, desktop
software for MAC and Windows, and mobile trading apps for Android and iOS
devices, FxPro MT5 is also accessible in these ways.
The following is a list of some of its features:
It features level 2 pricing for the depth of the market.
There is support for simultaneously opening up to one hundred different charts.
Charts may be seen in a maximum of 21 different periods at once.
It supports up to 6 different kinds of pending orders.
Access to the MQL5 community, market, and signal providers, as well as a forum in which traders may learn various skills.
The economic calendar is used to monitor the publication of financial news.
Evaluation of a multi-currency scheme
Notifications of price alerts sent out by SMS, email, and platform alerts
Trading platforms don't get much more robust than cTrader. The fact that it comes with built-in comprehensive charting and trading capabilities as well as the ability to execute trades quickly is something that appeals to me. It was created by a financial technology company known as "Spotware Systems Ltd," which has its headquarters in Cyprus.
The following options are available for the FxPro cTrader platform:
Web Platform: This version may be accessed using any operating system's web browser and offers universal compatibility.
cTrader for Windows is a downloadable desktop program that was developed specifically for use on machines that run the Windows operating system.
cTrader Mobile is the version of cTrader that was built for use on mobile devices running Android and iOS.
If you are interested in day trading, I believe that you will find the following fundamental elements of the cTrader platform to be among the most useful:
There are many different kinds of orders, such as stop limit order, market order, and many more.
'cTrader automate,' which is used to construct indicators and software robots that automate forex and CFD trading, has been integrated into this platform.
It offers six different types of charts, including the popular candlestick charts as well as dot charts, heikin-ashi charts, HLC charts, line charts, and bar charts.
Over twenty different periods may be presented on the charts.
The platform has more than 60 built-in technical indicators, which can be used to do in-depth chart analysis.
Spread betting is the primary purpose for which FxPro's platform was developed. You will have access to hundreds of different instruments to trade. The fact that this platform is totally customizable and web-based, so doing away with the requirement for software downloads and installations, is without a doubt my favorite element about it. The platform is also accessible on mobile devices with apps designed for both Android and iOS. The following is a list of some of the platform's features:
User-friendly and extensively modifiable in many aspects.
There are no commissions, and the spreads are competitive.
Trading opportunities in foreign exchange, stocks, spot metals and energies, as well as spot indices.
Account with less risk that does not incur any additional fees.
The FxPro Direct App is a mobile application that was developed by FxPro and serves as the client's area as well as their wallet. It can be obtained via the app stores for both iOS and Android devices. The following is a list of the things that the app may be used to do:
Make new accounts, upload documents to verify your identity, and manage existing ones.
You are able to make deposits, transfers, and withdrawals using the FxPro Wallet. You won't be charged any fees when you use the FxPro wallet to move money into trading accounts. Deposit funds into your FxPro Wallet using any of the following: Neteller, Skrill, PayPal, or Cards.
The mobile app provides access to the most recent market news as well as analytical data.
The software includes a calendar for keeping track of economic events.
This software is meant to provide you real time market information on a range of instruments, and it is compatible with both Android and iOS. This helps me tremendously in both analyzing the market and putting together deals.
The following are some of its capabilities:
Notifications and alerts on prices for trading instruments that are of interest to the trader.
Calculators used in trading, such as a swap calculator and currency converter, among others
Traders' activity may be monitored using this dashboard, which is provided by FxPro.
FxPro offers a virtual private server (VPS) to traders who are looking for a consistent and dependable connection to the trade servers. BeeksFx, a well-known company that is famous for delivering effective VPS solutions to retail and institutional traders, is the company that is powering this platform. The Virtual Private Server may be rented for $30 per month. Blueberry Markets is a good option to look at if you want a broker that gives out virtual private servers (VPS) for free. Those who want to run their trading platforms around the clock but are unable to keep their computer turned on all the time or do not have a signal that is consistent enough might benefit from using a virtual private server (VPS). Traders that automate their trading using expert advisers frequently set up their platform on a virtual private server (VPS). On my virtual private server, I am able to continue running many platforms at once, each with their own unique strategy.
This tool includes the dates, times, currencies, events, and the analysts' collective opinion of the percentage impact that each event will have on its related currency. You may access further information, analysis, and history on an event of interest by clicking on the event itself. The trader may personalize the calendar so that it only shows the upcoming events that are relevant to them. Since I have begun incorporating tactics from fundamental analysis into my trading approach, I have discovered that the economic calendar is a really useful tool for me to use.
This calendar lists the days that publicly traded firms will issue their quarterly reports or other corporate events that may have an impact on the share prices. The margin requirements for shares and spot indices may climb as early as five business days before the corporate event and continue to rise long after the event has passed.
This is the portion of the website where Traders may receive the latest news and analysis regarding the market from FxPro. The FxPro news team is the one responsible for its preparation, and they publish an average of three updates every business day. The news is sometimes compiled from many other sources, such as Bloomberg and CNBC, amongst others. Every day, before I get started trading, I will frequently check over the news.
In order to provide its customers with insightful technical analysis at no additional cost, FxPro has formed a partnership with Trading Central. Trading Central is a worldwide financial research organization that provides information and analysis on a variety of financial markets, including currency, equities, commodities, and more. I enjoy how the research takes into account somewhere around 8,000 different assets. FxPro customers have the ability to subscribe to daily newsletters, download MT4 indicators, and also immediately access analysis on the MT4 and MT5 trading platforms.
This is a tool that displays a comprehensive overview of the markets for you to peruse on a screen. It displays what it calls the "currency movers," which illustrates the movement of various currencies. It was possible for me to choose the moving currency in comparison to EUR, USD, GBP, and other currencies in order to view the movement %.
This application also displays the "positions" of the clients at various times throughout the day. This depicts the percentage of FxPro customers who are buying or selling an asset at any given time, which is sometimes referred to as the market sentiment. The 'Price ticker' displays the current prices of the assets as well as the percentage change in those values in real time. The fact that it also displays charts of the selected assets' volatility is the aspect that I like the best. In my perspective, each of these tools is quite useful for making improvements to market analysis.
This calculator determines the cTrader commission for the traders' position, together with the needed margin and expected swap prices. In order for me to carry out the computation, I was given the opportunity to input the currency pair of my choosing, the base currency, the leverage, and the lot size. This can assist you in arranging deals and managing your money more effectively.
Within the education area, you will find a free forex fundamental course that is broken up into 9 separate courses. There are training cards and "check yourself" quizzes associated with each lesson. Financial markets, trading sessions, chart kinds, pips, lots, leverage, margin, and CFDs are some of the subjects that are discussed in this course. Other types of educational programs include classes on fundamental analysis, technical analysis, trading psychology, and so on.
There are a few video tutorials available that will walk you through the steps of creating an account, verifying your profile, downloading trading platforms, and adding money to your account.
The fact that FxPro hosts sporadic online seminars is one of the things I appreciate most about the company. On the organization's YouTube account, users may watch previously recorded presentations of seminars. Both English and Italian are available for the webinars. It would have been helpful if they provided these webinars in a wider variety of languages.
The following financial instruments may be traded using the FxPro trading platforms:
70 Foreign Exchange Currency Pairs (major, minor & exotic crosses)
24 Future Contracts
7 Spot Metals
There are 19 spot indices.
The trading circumstances and the type of platform you use will determine the sort of account you need. The broker suggests a deposit of $500, despite the fact that the minimum deposit is just $100. If you are just starting out as a trader and want to gauge your abilities, I believe $100 is a good amount to start with. If you want to trade without taking any risks while you build up your confidence, you may begin by using a demo account until you feel ready to convert to a live account.
The following categories of accounts are open to new customers:
Spreads are always the same using MT4 Fixed Spreads, and transactions are completed in an instant.
Spreads in MT4 change depending on how market executions are carried out.
Floating spreads with instant execution are included in the account along with MT4's variable spread.
cTrader Account: This account includes market execution and variable spreads as standard features.
MT5 Account: Market execution and floating spreads are both included in this account type.
Accounts with no exchange fees: These are accessible upon request, and the request must be emailed to the support desk in order to be processed.
Demo Accounts: One feature that really appeals to me about the demo accounts is that they are completely free to use and come loaded with virtual cash that can be used to practice different trading methods and test out the various trading platforms.
According to my observations, the customer service department at FxPro is adequate, but it is not the finest in the industry. I admire how they can communicate with a wider number of people by speaking over 20 different languages. You may find a form to "request a call back" on the page that is labeled "contact us." You have the option of filling out this form with your name, phone number, email address, desired calling time, and language of choice. After that, the customer service staff will call you at the appointed time. The "Frequently Asked Questions" (FAQs) portion of the assistance section also includes thorough explanations of each response. It's great that the customer care staff provides over 25 different phone numbers in a variety of countries that may be utilized to get in touch with them if you need assistance. Email and real-time online chat are two other ways to get in touch with them. They have a presence on Facebook, Instagram, LinkedIn, Twitter, YouTube, and Telegram when it comes to social media. My interactions with customer support were marked by long wait times and a lack of useful information; nevertheless, I have high hopes that your interactions will be different.
The FxPro wallet serves as the client's entry point to their respective bank and trading accounts. First, your cash will be placed in the FxPro wallet, and then they will be transferred to the trading account of your choosing. Withdrawals are still routed through the FxPro wallet first, rather than directly to a user's bank account or electronic wallet. This helps me maintain many accounts in a variety of currencies, which is quite convenient for me.
In most cases, FxPro does not impose fees associated with deposits or withdrawals, however certain third-party services could. The costs are often extremely reasonable, and there are a variety of straightforward ways to support the operation.
The following are the forms of payment that are accepted by FxPro:
Deposits made through bank transfers take between three and five business days to reach FxPro accounts. The processing of any and all transfer withdrawals is completed within one business day, however it may take additional time for the funds to be deposited into the customer's account. There are no withdrawal fees assessed by FxPro, however the banks it uses assess costs of between £14£25 every withdrawal, depending on the bank. The fees for this service are charged to the customer.
Bank cards such as Visa, Maestro, and Mastercard are the types of credit and debit cards that are accepted here. I enjoy that the processing time for the deposit is often less than ten minutes. When it comes to withdrawals, FxPro takes care of the request within one business day. Cards are the only acceptable means of withdrawal for any monies that were first placed using those same cards. The daily maximum deposit is capped at $50,000, although the minimum required is only $100.
Skrill and Neteller are not accepted as payment options in any territory administered by the United Kingdom or the United Arab Emirates. The greatest amount that may be deposited or withdrawn is $10,000, while the least amount that can be deposited is $100. I enjoy that each transaction doesn't cost anything, and that it only takes around ten minutes, on average, to complete.
Customers who do business within the areas administered by Cyprus are the only ones who can use the PayPal payment option. The highest amount allowed is $10,000, while the minimum deposit is $100. The highest amount that may be withdrawn is $10,000, however there is no minimum withdrawal amount. Using PayPal does not cost you anything more.
UnionPay is a type of payment that may be utilized in restricted jurisdictions such as those found in the Bahamas and Cyprus. The greatest amount that may be deposited is $7,200, while the minimum is $100.
In order to begin trading with FxPro, I needed to go to their website and click on the "Register" button, which can be found in the upper right-hand corner of every page. The following form was shown to the user.
It was necessary for me to fill out the form and then click the "Register" button. When I got to the third page of the form, it asked for my address and personal information, as well as information about my work and finances, and it also asked me some questions about my trading skills and experience. This was done to guarantee that their internet trading services would meet my needs in the best possible way. The following step is to select the kind of account, currency, and leverage. The uploading of the KYC papers constitutes the very last step in the registration process. Upon completion, a notice stating that you are welcome is displayed, and you are then instantly logged onto the client section known as "FxPro Direct." This is the area where accounts are maintained. I was able to open an online trading account and make deposits from this location.
An electronic communication network (ECN) broker with no trading desk, FxPro
Financial Services Limited is licensed by the Financial Conduct Authority (FCA)
in the United Kingdom. Additionally, it has been granted authorization by the
Bank of France (ACP and AMF) to conduct brokerage activities in the foreign
exchange and stock markets for traders located in France.
Trading is available on a variety of financial assets through FxPro, including currencies, futures, indices, metals, and stock CFDs, among others (Contracts for Differences). FxPro has customers in over 120 countries, and it gives them the opportunity to trade 24 hours a day, five days a week.
The founders of FxPro Financial Services Limited and the management team have extensive experience in online trading, commercial trading, and bank trading; as a result, the company is able to successfully carry out its primary mission, which is to provide traders with respectable trading technology, acceptable NDD/STP execution, standard brokerage fees and spreads, and exceptional customer service.
FxPro Quant is an innovative new tool that enables traders to build expert advisors (EAs) without needing any prior understanding of programming!
Users of FxPro Quant have the ability to create their own expert advisors without having to have any prior knowledge of the MQL4 programming language by utilizing the fundamental "drag and drop" interface and a multitude of functions including mathematical functions, technical indicators, account information, and market data.
SuperTrader is a software that enables social trading as well as mirror trading.
Investors have the ability to automatically duplicate the trading tactics of signal providers. These signal providers are hand-picked by the staff at the FxPro brokerage based on their performances as well as the standards of the trading network.
The choice of strategy and the determination of the appropriate amount of risk can be made using one of several different approaches.
FXPro is a well-known name in the business, not the least of which is owing to the fact that it supports both the Premiere League and Formula 1. FXPro is a CFD and FX broker based in the United Kingdom. The broker's offering offers straight-through-processing (STP) trading on a commission-only basis, with no markups. In addition, the service offering includes more types of markets and accounts to choose from. Trading is done via platforms such as MetaTrader and cTrader. The underlying assets include of foreign exchange (FX), precious metals, commodities, equities, indexes, and futures contracts. Algo Trading is a sort of automated trading that may be executed with the assistance of professional advisers, cBots, or the social trading platform SuperTrader, which operates out of Cyprus.
Customers of FXPro have the option of trading on the MetaTrader4, MetaTrader5, and cTrader platforms. The trading platform that a client choose will determine the account type and market model that they use. Our assessment of FXPro is influenced favorably by the trading circumstances available on the cTrader platform for foreign exchange: A STP market model that does not include markups is now being utilized.
Traders who are getting their first experience working with an over-the-counter (OTC) broker like FXPro are reminded of the two available STP trading variations, which are as follows: The coverage contributions of brokers can be leveraged in one of two ways: either via mark-ups on the spreads of the liquidity pool or through commissions. The second option, in which the broker's position is restricted to that of a service provider rather than an intermediary, is unquestionably the superior choice since it makes it possible to avoid conflicts of interest.
Therefore, 0.00 pip spreads are required as the very minimum for cTrader trading. When trading a standard-lot position, the average spread on the EUR/USD currency pair is 0.40 pips, which results in a cost of $4. The cost of the commission is $45 thousand dollars per million (half-turn, when opening and closing a position).
The MT4 Booster Package comprises a variety of supplementary programs that may be used with the MetaTrader4 trading platform.
The MT4 Booster Package comprises a variety of supplementary programs that may be used with the MetaTrader4 trading platform.
When trading with MT4 and MT5, there are no commissions charged. Instead, the broker makes their money by adding a markup to the spreads (MT5) or by acting as a market maker (MT4). Because the minimum spread is $0.60 per standard lot, the minimum costs of the broker spread significantly exceed the costs of the fee, which is a configuration that is typical for foreign exchange trading.
While trading precious metals using cTrader, you will be subject to the same commission fees as you would be when trading foreign exchange; spread markups are reserved for MT accounts. No commissions are required to be paid when trading futures, shares, or indices (which is only available through MetaTrader). As an example, the spreads in the most important leading indexes are 1.2 points for the DAX and 1.5 points for the EuroStoxx50.
The chosen account or market model will determine the extent to which the catalogue of underlying assets may be searched. Trading is possible in 69 different currency pairings, as well as indices, commodities, futures, and shares, when using an MT4 account. A total of 54 currency pairings, indices, commodities, and futures are available for trading with MT5. On the spot market, 69 foreign exchange pairs, as well as energy and precious metals, can be traded using the rates provided by CTrader.
Aside from the foreign exchange market, the underlying assets include more than 150 shares, 20 indices, 30 indices, gold and silver, and three different spot energies. There are also financial indices, energy indices, and agricultural commodity indices. Gold and silver may be traded with multiple contract sizes and on both a EUR and USD basis, which is a big positive aspect of the FXPro test, particularly for traders who deal in precious metals. In the case of gold, it is possible to enter into contracts for quantities as small as 100 grams and 100 ounces. To this day, there are still many brokers who will not accept tiny contracts, and when they do so, they frequently put their customers' risk management at jeopardy.
The margin requirements for the vast majority of the underlying assets are designed to reflect the typical conditions of the market. The initial margin for most indices is set at 1 percent, while the margin for most precious metals is set at 0.50 percent. Trading in foreign exchange often makes extensive use of leverage, which may go up to 500 times the amount of equity on each of the three platforms.
The choice of strategic order choices is another aspect of the broker that has to be taken into consideration: The strategic potential of both discretionary and automatic trading systems is expanded by the availability of a diverse set of order types. The particular order types that can be placed are determined by the trading platform that is being utilized.
When trading with MT4, traders have the option of placing either instant orders or pending orders. Orders such as limit buy, limit sell, stop buy, stop sell, take profit, and stop loss are all examples of pending orders. When trading with cTrader and MT5, traders have access to the same sorts of order options. Having said that, the sequence in which instructions are carried out can be carried out in a few different ways. MT4 is the only platform that supports requotes, whereas MT5 is the only platform that supports partial executions. It is conceivable for one's position to shift across all three platforms, both positively and negatively. In MT4 and MT5, the minimum distance between stop and limit orders for foreign exchange main currency pairings is 1-2 pips.
MetaTrader 4 - up to 1:400 leverage for FX
MetaTrader 4 - up to 1:400 leverage for FX
One of the most beneficial aspects of our analysis of FXPro is the thorough information on the market models. This information is available in a variety of locations, but very few of their rivals provide it. The broker gives the client an explanation of the operations that take place behind the scenes of the trading platform. As a result, parties interested in learning how orders are communicated to the liquidity pool can do so as follows:
You will receive the best price that is currently available thanks to a feature called "Smart Transaction Routing," and greater liquidity will make it such that 99.9 percent of the time, your order will be executed automatically. cTrader will automatically gather all available liquidities at the best feasible price in the event that there are numerous partial executions, and it will execute them at the VWAP (volume-weighted average price).
There is a client version, a web-based version, and a smartphone version of each of the three trading platforms that are now accessible. Users have access to basic sketching tools (trend lines, Fibonacci retracements, and other such tools) and indicators in cTrader, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). The user interface may be customized in some way for each of the three platforms. For instance, cTrader enables users to change the line width, background color, and other aspects of the user interface.
The AutoChartist feature, which is supplied to all clients with a minimum credit of 200, is a huge positive in the FXPro test. This tool is not just for novices, but it can be used by anybody. AutoChart is a type of market scanner that allows users to search for particular constellations (chart formations, resistances, etc.).
It is feasible to do a targeted search for particular constellations that have a high quality forecast. Many traders utilize the tool less for the goal of making decisions and more for the purpose of generating ideas. In addition, clients can get trading signals from Trading Central's service, which includes the following: On the basis of the chart analysis, many specific entry ideas are explored inside the report.
Whoever is not working with a broker like FXPro that is specialized in off-market CFD and FX trading for the first time will know that the structuring of such firms can sometimes be pretty intricate. FXPro is an example of a broker that specializes in off-market CFD and FX trading. When creating an account, traders are required to make a choice between entering into a contract with FXPro UK Limited or with FXPro Financial Services Limited. Both of these companies are owned and operated by the same company, FXPro.
FXPro Financial Services Limited is subject to the authority of the Cypriot Financial Supervisory Authority, but FXPro UK Limited is within the purview of the British Financial Supervisory Authority (FCA). This is comparable to the responsible deposit-guarantee and investor-indemnity agencies, the Financial Services Compensation Scheme (UK) and the Investor Compensation Fund (ICF) (Cyprus).
However, the obligation of FSCS and ICF should not be important for the protection of money in and of itself; rather, it should be applicable for claims that arise from open transactions. The funds that are placed by customers are put into separate accounts at reputable financial institutions located outside of Cyprus. These institutions include the Barclays Bank, the Royal Bank of Scotland, and the Bank of America.
When it comes to the services and terms that are provided, FXPro UK Limited and FXPro Financial Services Limited are almost indistinguishable from one another in any meaningful way. Both the FXPro SuperTrader platform and a portfolio management service are available to the latter.
One of the most significant positive aspects of the FXPro test results is that margin-call commitments above and above the account balance are excluded by default. This eliminates the possibility of having a negative trading account balance, which is a significant risk, particularly in relation to gaps, which stop loss orders cannot otherwise close.
Trading software that executes trades based on predetermined rules and saves the user time and effort is becoming increasingly popular. Traders of all experience levels, from beginners to veterans, are drawn to this type of trading. With FXPro, Algo Traders have the opportunity to broaden their experiences: Expert Advisors can be used with MetaTrader 4 and MetaTrader 5, while cBots may be used with cTrader and the "SuperTrader" platform.
The application possibilities of Expert Advisors are widely recognized; this is due to the fact that MT4 and MT5 are used by a number of different rivals as front ends. cAlgo is the tool that is used to build CBots. This is reportedly a "expanded algorithmic and technical indicator-coding program," as stated by the broker. Because of this, it is now feasible to develop algorithmic trading methods as well as individual indicators. The application comes with its very own code editor, which allows users to create their very own cBots and evaluate whether or not they are suitable for usage within the context of back-testing. The use of an optimization function makes it easier to find the optimal values for the parameters, but it also introduces the possibility of doing unintended over-optimization.
Investing in trading techniques offered by the SuperTrader platform is a possibility and can serve as a replacement for the usage of expert advisors and cBots. Here, investors select a certain strategy and determine where they want their money to be invested, with FXPro offering a credit worth up to 80 percent of the total trading capital. Each and every one of the strategies is an algorithmic strategy. The platform supports social trading, which means that signal providers may publish their trading techniques on the site and get paid based on the volume of trades they generate.
You have to show that you have FXPro's knowledge and quality if you want to be the one who comes up with the trade plan. There are a variety of characteristics that are considered acceptable, such as profit per position, length, strategy, leverage, etc.
Regardless of the kind of account that is selected, the minimum deposit amount that is necessary in order to create an account is $500 or an amount that is equal in another currency. The process of opening an account is quite easy: New clients are required to indicate early on in the application process whether they want their accounts to be created with the British or Cypriot subsidiary of the company.
In order to comply with the rules of the law, a person is obliged to provide information on their current financial situation as well as their prior experience in the trade industry. The final round of the application procedure consists of defining the account settings, which may include the currency, leverage, and other variables. Both bank transfers and credit card payments are accepted as deposit options for UK accounts. It is possible to use services such as Netteller and Paypal to make deposits into accounts held in Cyprus.
Along with the account type, new clients also have the option of selecting one of the market models. The market models include market making (MT4), straight-through processing (MT5) with markups, and straight-through processing on a commission basis but without a broker spread. Additionally, the size of the catalogue of underlying assets is determined by the model that is chosen. Even if you don't get in touch with the customer care staff initially, it is feasible to create a demo account for use with the platform.
There are a lot of relatively new brokers on the market that have a (partial) regulation in Cyprus, and some of them even operate as white labels from a legal standpoint. In the case of FXPro, however, the circumstance is distinct: To begin, the broker is mostly from the United Kingdom and has a significant amount of experience working in the market. Introducing Brokers and asset managers can take use of the broker's range of products.
For straight-through-processing (STP) brokers, a strong market position is very necessary since both reach and financial power are what ensure access to high-quality liquidity networks. These networks are often distinguished by high access restrictions. The broker, like to many of its rivals, advertises its financial prowess by sponsoring events that are extremely expensive. FC Fulham, AS Monaco, and Aston Villa have all competed in the past. On the broker's reference list, you may find Formula 1 sponsorships (Virgin Racing Team and BMW Sauber F1) in addition to sponsorships for rugby, sailing, and volleyball. When it comes to the FXPro exam, having a good market position is an enormous bonus, particularly for traders who like STP trading.
Webinars are available for clients and others interested in becoming customers on the broker's YouTube channel. Regularly addressed topics include technical analysis (TA) and fundamental analysis (FA), the utilization of trading platforms, risk and money management, stock market psychology, the creation of trading techniques, and so on. In addition to online webinars, in-person seminars are often organized and presented. The broker also takes part in a variety of financial fairs, trade days, and other events on a regular basis.
There are a few helpful tools, such as the calculator tools and calendars with economic data in particular. One of these helpful tools is the trader dashboard. The dashboard provides an overview of overall market conditions in addition to details on the cumulative positioning of the broker's clients. It is possible to see the proportion of traders who have initiated long or short positions on an underlying asset as a result of this.
In most cases, you may contact the customer service department through telephone, e-mail, or live chat. A representative portion of the service was evaluated in order to carry out this evaluation. As a consequence of this, a live-chat agent who was knowledgeable about the distinctions between MT4 and cTrader accounts was immediately located and recruited.
There is not a traditional program for referring customers: You are only eligible to collect incentives for your recommendation under an IB agreement if you are able to persuade your friends or acquaintances to create an account with FXPro through a personal, first-hand experience report that you have provided. The size of the incentive is determined by the total amount of business done by the clients who were recommended.
In recent years, deposit incentives have played a much less role as part of the broker's strategy towards new customers. You should take into consideration that FXPro provides numerous different market models. Deposit incentives are common for market makers, but they are less common for STP brokers. However, one-time incentives should not be the deciding element in any comparison of brokers, regardless of the circumstances.
The internet presentation of the broker has been improved to include a great deal more information than what the majority of the other brokers offer. In particular, information on the execution of orders and the characteristics of the liquidity pool may be found in this section. The abundance of content on some pages of the website results in a layout that is difficult to understand. On the website of the broker, there are just a few translation problems that may be identified.
The cTrader account that the broker provides is very convincing: STO. In foreign exchange trading, the ideal practice is to conduct business with no markups on the spreads. The market concept guarantees both transparency and reasonable trading costs, with charges of $4.50 per lot and average pool spreads of 0.4 pips in EUR/USD. Alternately, you may choose between market making on MT4 or STP with mark-ups on MT5. Both options are accessible. FXPro is an excellent location for algorithmic trading due to the presence of both expert advisers and cBots, in addition to the social trading platform known as SuperTrader. Not only is the background of the broker and the efforts that the broker makes in the field of knowledge transfer big pluses, but also the outstanding customer service that is provided, the underlying assets, and the different trading platforms that are available. Another advantage is the regulatory climate in the UK, but in order to take advantage of it, prospective clients have to make a conscious decision.
FxPro is a retail foreign exchange and contract for difference (CFD)
brokerage that has been active in the sector since 2006. The company is perhaps
best known for its sponsorship of football clubs such as Watford and Fulham. The
firm asserts that it has more than 100,000 customers all over the world, and its
headquarters are located in London. The broker caters to customers all around
the world, with the exception of citizens of Iran, Canada, and the United
The FxPro brokerage conducts its business around the globe through the companies FxPro Global Markets Limited and FxPro Financial Services Limited. These two companies, in turn, control four separate entities that are fully regulated in the United Kingdom, Cyprus, South Africa, and The Bahamas, respectively.
Order execution at FxPro is handled using a no-dealing desk (NDD) approach, the same one used by the vast majority of other forex brokers. It was awarded the title of best global forex broker for FX execution by Capital Finance International. This achievement was made possible by the presence of the company's very own in-house spot aggregator. This reveals that order execution at this broker is something that even major players in the industry keep an eye on.
FxPro provides its traders with the standard range of trading instruments, including forex pairs and CFDs based on commodity futures, stock indices, equities, precious metals, and other types of energy, such as oil and natural gas. Traders can also choose to trade CFDs based on precious metals. In addition, the broker has included the cryptocurrencies Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple (XRP) in its offering. However, this is only accessible to customers who are legally able to trade under the broker's licensed businesses in the United Kingdom or the Bahamas.
In addition, FxPro gives its customers the option of trading on any one of four different platforms: the MetaTrader 4 (MT4), the MetaTrader 5 (MT5), the cTrader platform, which is widely used for trading CFDs, or FxPro's very own customized platform, which is also referred to as FxPro Direct. As is customary, FxPro has also made these trading platforms available via mobile applications for mobile cellphones running the Apple iOS or the Android operating system.
"Expert advisors" (EAs) and automatic trading are still available through the MetaTrader platforms, despite the fact that FxPro does not provide the "social trading" experience that some other brokers have offered in recent years. These platforms also enable back-testing of trading techniques for traders that want to utilize systematic, programmed trading tactics, which is something that a good number of experienced traders are aware of.
When it comes to the several ways that customers may fund their accounts, FxPro gives them the option of using bank wire transfers, well-known credit and debit cards like Visa, MasterCard, American Express (AmEx), and UnionPay, and the electronic wallet services Skrill and Neteller. In addition to those options, funding through PayPal is also available to customers who have joined up with the branch that is registered in Cyprus.
When it comes to this aspect, one of the things that we appreciate about FxPro is that the company processes deposits and withdrawals at no cost for all financing ways, as long as the customer has executed at least one trade. The minimum first deposit is also very much in accordance with the norm set by the industry, which is set at either 100 United States Dollars or an equivalent amount in another currency. However, in order to get the most out of the trading experience, the broker suggests making a deposit of at least one thousand United States dollars.
When it comes to trading leverage, FxPro offers accessible leverage all the way up to 1:500 for worldwide clients, however clients residing in the EU are limited to a 1:30 leverage as is customary in order to remain compliance with the more stringent ESMA laws that were established in 2018.
FxPro gives traders the option of having their trading accounts denominated in US Dollars (USD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), Japanese Yen (JPY), Polish Zloty (PLN), Australian Dollars (AUD), or South African Rand (ZAR), although the specific currencies that are available depend on the trader's jurisdiction.
FX Pro's customer service hours are aligned with market hours, which means that support is available around the clock on all trading days. The customer service staff may be reached through a variety of channels, including e-mail, live chat, a selection of local phone numbers, and the opportunity to request a callback. No major complaints have been found in internet discussion boards regarding the level of customer support provided by FxPro, which is widely regarded as being fairly excellent overall.
In conclusion, one other aspect of FxPro that differentiates out from the competition is the extensive online library of instructional resources and cost-free trading tools that the company makes available to its customers. Spread comparison tables and economic calendars are two examples of the kinds of items that traders may always benefit from having. In addition, the broker makes available for free usage a broad variety of calculators, including as a stop-loss calculator, a pip calculator, and a commission calculator for their cTrader platform. These calculators may be accessed through the broker's website. All of these distinctive characteristics of this broker contribute, in our opinion, to FxPro's growing reputation for trustworthiness and openness.
Since foreign exchange (Forex) is one of the most actively traded markets, you have the opportunity to trade virtually any currency pair you choose. Along with this comes the requirement for dependable platforms and perks that can assist in providing you an advantage over others. FxPro is a Forex trading platform that enables traders to access well-known currency pairings, as well as a significant number of exotic currency pairs, by making use of a wide variety of trading instruments. In addition to forex, you may trade contracts for difference (CFDs) on a wide variety of assets, giving you the opportunity to diversify your holdings.
FxPro began operations in 2006 and has since grown to become one of the most successful companies in the foreign exchange (Forex) market. As a result of having received the "Finest Broker" award from the Financial Times for the years 20152017, you can feel certain that you are collaborating with some of the very best professionals in the sector. Contracts for Difference are available on six different asset classes, as was previously mentioned, allowing you the flexibility to choose the product that best meets your needs.
FxPro is able to provide customers an additional advantage in the shape of the provision of four distinct trading platforms. FxPro MetaTrader 4, FxPro MetaTrader 5, FxPro cTrader, and FxPro Edge are among them. Many of our competitors are unable to provide you with the option to choose the platform that caters to your requirements the most effectively. As a result of this, FxPro has maintained its status as a reliable broker in over 170 countries over its more than 10 years in business. Over 250 different financial products are available for trading, and these instruments include markets as diverse as Forex, Spot Metals, and Futures. When you are trading, you want to make sure that you have quick execution and plenty of liquidity. FxPro is able to process the majority of orders in just 13 milliseconds. Last but not least, the fact that FxPro has been honored with several honors places the company's brand among the most prestigious in the sector.
The following is a collection of the most recent information that can be found on the About page of FxPro.com:
Expanded to over 170 countries with great success and is still expanding.
Authorized and regulated by the Financial Conduct Authority (FCA), CySEC, the Financial Services Commission of Canada (FSCA), and SCB Global Brands Magazine's Most Trusted Forex Brand, UK (2017)
Company capital is 100,000,000
Over seventy honors from across the world
15+ years' worth of experience in the business
7 worldwide patronage organizations
There are a total of four trading platforms, six asset classes, and a trade execution time of less than 11.06 milliseconds.
7000+ orders processed each and every second 200+ staff members
Over 370,000,000 orders have been carried out so far by the hundreds of thousands of dealers.
Is FxPro Reliable? When considering whether or not to join a platform or broker, one of the numerous concerns that traders ask is whether or not the firm can be trusted. This is a topic that absolutely has to be answered in regard to binary option platforms, as there are many different platforms available, many of which are less than perfect. It would appear that FxPro has made it one of their primary goals to establish itself as a market leader. The website provides access to a variety of data elements, the first of which is the company's credit rating. When compared to the average in the industry, which is 66, their overall credit rating is 95.
In addition to this, they have a credit rating with Creditsafe in addition to a credit rating with DueDil. According to certain sources, Creditsafe is the most popular provider of business credit reports in the whole world. "provides authoritative data and rich context on over 40 million companies..." is how DueDil describes what it does. When compared to comparable firms like Forex.com and ETX Capital, FxPro has one of the top rankings.
It is possible for us to spend the entire day discussing the data points, but it would appear that the dependability is present. On the other hand, it is impossible to evaluate a book by its cover, so the decision is ultimately up to you. For what it's worth, the corporation is the official sponsor of both a team competing in Formula 1 racing and a side competing in the English Premier League. It is quite unlikely that a fraudulent organization would go to such great extent in order to have their name known.
Tweets by FXStreetNews
Tweets by financemagnates
Tweets by CoinMarketCap
Transparency is one of FxPro.com's major priorities, and the company maintains the highest possible levels of protection for its customers' money. The online broker stores the money belonging to customers in separate bank accounts that are kept entirely separate from the money belonging to the firm. In addition to this, the Global Brands Magazine has acknowledged it as the Most Trusted Forex Brand in the United Kingdom (2017).
This is a list of licensing for FxPro, which includes:
The Financial Conduct Authority has granted FxPro UK Limited both its regulation and its authorization (FCA).
The Cyprus Securities and Exchange Commission has granted FxPro Financial Services Limited both its authorization and regulatory oversight.
The Financial Sector Conduct Authority has granted an operating license to FxPro Financial Services Limited (FSCA).
The Dubai Financial Services Authority has granted an operating license to FxPro Global Markets MENA Limited.
The Securities Commission of the Bahamas has granted FxPro Global Markets Limited a license to operate in the country.
When looking for the ideal platform, it is essential to become familiar with the many kinds of accounts that are available. Finding the correct account will guarantee that your requirements are met without requiring you to expend any more effort or money. According to their website, they appear to provide three distinct accounts, any one of which ought to satisfy the requirements of most traders.
The very first account is what's known as a "live trading account." If you have a live trading account, you will have a personal account manager assigned to you. MetaTrader 5 is one of the four main platforms that FxPro is compatible with, and you have the option to chose whichever one you like to use. Free trading tools and analysis with a deposit of at least one hundred dollars.
The retail live account may be upgraded to the more advanced professional trading account for people who are interested in taking their trading to the next level. You will have the ability to gain larger leverage if you trade using the professional trading account, which in turn will allow you to potentially profit more. There is protection against negative balances, and there is no dealing desk interference. In addition to this, you will have your savings prudently segregated, and you will have the option to move to retail.
Last but not least, you have the option of opening a VVIP trading account if you are someone with a high net worth who is interested in gaining access to the Forex markets or other marketplaces. According to the website, this account is not only for people who have a high net worth but also for people who trade huge amounts of currency. This account comes with a free virtual private server (VPS), a dedicated account manager, and there are no fees for making deposits or withdrawals. Additionally, you will be invited to special events and given daily market analysis by Trading Central.
There appears to be a plan available that meets the requirements of the vast majority of users. With this degree of service, there is a good chance that FxPro will be able to assist you with whatever it is that you require.
Trading Platforms: When determining what to trade on, you have the option of selecting from one of four distinct trading platforms, as was previously indicated. In this part of the guide, we will discuss the various accounts and some of the features that come with each of them so that you can make an informed decision about which one is best for you.
The first platform is called FxPro MetaTrader 4, and it is widely considered to be one of the most well-known Forex trading platforms currently available. You are able to trade across a variety of marketplaces when you use this platform, including futures, Forex, and spot metals, among others. You will then have access to fixed and variable spreads, dynamic leverage, and an EA back-testing tool after you have reached that point.
Next up is FxPro MetaTrader 5, which has won the award for Best MT5 Broker not once but twice. When you use the MetaTrader 5 platform, you will have access to tick chart trading as well as additional timeframes, indicators, and sketching tools. You will also have access to information on market depth, an integrated development environment for EAs, and protection against negative balances. Each platform provides a unique set of tools and advantages, and it is up to you to choose which one is most suitable for your needs. A lot of traders have a propensity to gravitate toward the trading platform known as MetaTrader, which has been in business for quite some time.
The FxPro cTrader comes in at number three on their list of recognized platforms. This trader gives you access to the full depth of the market. Spreads on key pairs start at 0 pips, there are no requirements to join, and you may engage in algorithmic trading with cAlgo. These are just some of the characteristics of this product. Trading based on algorithms has the potential to be quite beneficial; nevertheless, before to implementation, it is essential to have a solid understanding of how the algorithm in question operates.
Last but not least, there is a platform known as the breakthrough Spread Betting platform, which is dubbed the FxPro Edge platform. You are able to trade foreign exchange (Forex), equities, spot indices, spot metals, and spot energy using this account. You will not be charged any additional fees to access limited risk accounts, and there will be no commissions or spreads added to your trades.
There are many different trading platforms available to pick from, and one of them ought to meet the majority of your requirements for successful trading. Because there aren't that many brokers that have such a wide variety of platform options, you need to make sure that you take the time to choose the one that works best for you.
Trading with FxPro gives you access to a variety of goods, the most well-known of which is the foreign exchange, or forex, market. You are able to trade contracts for difference (CFDs) on the foreign exchange market using FxPro. Trading Forex with FxPro is comparable to trading with other platforms because of the company's capacity to trade 70 currency pairs, its adjustable leverage, and both its fixed and variable spreads.
You will have access to the CFDs on the futures market, where you may trade indices, energy, and agricultural commodities, among other things, from that location. Access to the futures market is made simpler by the provision of a total of 20 trading instruments, the absence of any transaction fees, and the availability of dynamic leverage.
You'll see that a common denominator among these markets is the use of CFDs in trading. This is a derivative that gives you access to both rising and falling markets and allows you to profit from either situation. Keep in mind that engaging in the trading of derivatives can be fraught with danger and is not suitable for everyone. If it is utilized properly, it has the potential to be an efficient method for gaining access to new markets.
How to Get Started with Trading and Open an Account: There is a button to register for an account in the top right-hand corner of the webpage, so beginning the process of setting up your account is quick and easy. After that, they will proceed to ask the standard questions in order to get the process started. The first thing you need to do is open a live trading account and make yourself ready to start trading. After reaching that page, you will be prompted to upload the necessary papers to validate your account. After that, you may begin the process of financing and making deposits into your account by logging into your account. At this point, you are finally able to start making withdrawals, trading, and doing everything else required to start establishing a lucrative account.
Opening a demo account is a good place to start when learning how to trade because it simulates real-world conditions. Not only does this provide you the opportunity to put the platform through its paces before committing to using it, but it also enables you to experiment with different methods without putting your own money at danger. Creating a demo account is as easy as selecting the "demo account" option and providing the required information when prompted to do so. You will then be able to fine-tune the platform to meet your requirements and specify the options you have chosen. After you've had some experience with the platform through testing, you may move on to the next step, which is to create a real account.
Your online trading experience will be completely transformed the moment you sign up for an account with FxPro since you will have access to a broad variety of trading tools, market research, and news. Examine the items in the following list:
The greatest education for trading online can be found at FxPro.com, where there are two different levels available: beginner and advanced. You may begin started with the fundamentals, and then on to more complex subjects like psychological research, technical analysis, and others later on. You may take trade exams or attend seminars and trading events.
This program offers you adequate knowledge to perform effective trades. It features an economic calendar, earnings calendar, market holidays, technical analysis by Trading Central, FxPro market headlines, and much more.
You can also gain the benefits of trading tools such as FxPro Direct App, which allows you to manage your trading accounts on the move; FxPro Calculators; Traders Dashboard, where you can access all the trading widgets; FxPro VPS, a virtual round-the-clock server for Expert Advisors (EA); and a download center from where you can select and download trading platforms.
To obtain a comprehensive list of the deposit and withdraw information you may visit their homepage. However, typical timeframes and turn around appear to be in line with market standards. For those under CySec supervision, you can utilize payment options that include bank to broker transfers, Visa, PayPal, and Skrill among others. Withdraws are nearly one business day across the board, which is important for those of you needing to live off of your trading revenue.
Overall FxPro appears to be one of the more robust brokers out there and offers a variety of platforms to choose from. With their market experience and proven data, it seems there isnt much to hide. They are also a main sponsor for an English Premier Team and seem to be a leader in the industry. The only draw back is everything appears to be traded as a CFD, which can be risky. Take the time to learn the platforms and brokers by opening a demo account. After, there are a few accounts to choose from and one is bound to fit your needs.
What are the benefits of signing up at FxPro? Here are some of the advantages of trading on FxPro's online trading platform: CFDs on a variety of instruments such as indices, futures, energies, shares, and metals Free educational material Trading tools and demo trading accounts Customer support in 20+ languages
Is my personal information safe at FxPro? FxPro takes all the required steps to protect your personal information. The online broker encrypts your passwords and stores your personal data on secure servers. Nobody, except authorized and trusted employees of FxPro, can access your data.
How many accounts can I open at FxPro? FxPro allows traders to open up to five accounts. You can open extra accounts through FxPro Direct.
Are swap-free accounts available at FxPro? Yes, FxPro offers swap-free accounts, but the online broker may apply fees on trades involving certain instruments, which are open for a specific number of days. If you want to open a swap-free account, send an email to firstname.lastname@example.org.
What is the FxPro App? The FxPro App is a mobile account management feature that enables you to trade on a multiplatform account. Here are the main features of FxPro App: Trade six CFD asset classes. Complete the verification procedure, create new accounts, withdraw funds, change passwords, and top-up accounts with multiple funding options via the app. If you have questions, contact the 24/5 customer support via the app. Keep updated on the latest economic news through the economic calendar. Use push notifications to track market events.
What is FxPro VPS? FxPro VPS is a feature that gives you access to BeekFX's virtual private server (VPS) (VPS). BeekFX is among the largest providers of VPS solutions in the world, operating in data centres in London Equinix. You can load your cBots and MT4 EAs on the server and make them trade for you even when your computer is not running.
Should You Sign Up at FxPro? We found FxPro to be the ideal online FX broker for beginners, intermediates, as well as advanced traders. FxPro welcomes all with open arms and teaches them all that they need to know about trading. You can then use the trading tools to take your online trading to a completely new level. We recommend getting started with a demo account and move on to a live account once you have learned the basics.
Sites like FxPro in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.