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FxPro is one of the biggest and most awarded forex & CFDs brokers on the planet. To sum up what is this broker about is not easy since we have not found a service customers may expect that FxPro does not offer. In this review we will try to describe the most important aspects of the FxPro offer, while for the advanced features we recommend traders to contact their very helpful customer support.
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As we already mentioned, it is hard to cover all the services FxPro offers. They have a very broad list of trading accounts that new customers can sign up to in order to receive various benefits. All trading accounts with FxPro have negative balance protection, which means that customers cannot lose more than they have invested. This is a very important feature when it comes to trading with leveraged products, and the goal is to help traders have a more symmetrical risk management.
The accounts themselves are tied to the type of the platform. This highlights the strong trachnological underpinnings of FxPro – one that values reliability and safety in executing transactions. The accounts offered are
Both MT accounts include dynamic leverage and expert advisors, along with market exectution.
As it is usual, all traders can try using the demo account which comes in several flavors – 3 MT4 platforms (MT4 Instant, MT4, MT4 Fixed spreads, MT5, cTrader). In this respect demos can mirror the trading live accounts with FxPro. Other than the platform, the trader also needs to select the leverage (from 1:100 – 1:500) and the amount of virtual money she will use to trade with the FxPro Demo account – up to 500.000 of selected currency, with unlimited recharging.
After registering for the demo account, FxPro will deliver platform login info in the trader’s inbox. This is the data you need to log in into the platform which can be either launched/downloaded from the email links of from your control panel in web browser.
Regarding the trading terms and conditions, as already noticed, the maximum leverage is 1:500 which is very good, considering many other licensed competitors manage up to 1:300. The spread is floating unless the MT4 fixed spreads is selected. Average spread for cTrader account is 0.3 pips and 1.3 for FxPro Markets and MetaTrader accounts for EURUSD pair.
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There is really a wide range of trading software available for FxPro traders. Its hard to find such a versatile lineup for forex and CFDs trading anywhere. We already listed all the platforms available and most traders are already well used to MT4 and MT4 platforms. Not only that these are available for download, but there is also web trader access and the EAs we will describe in more detail below.
The alternative is the cTrader which may not be that popular but offers some nice perks too. We really like the back-testing feature which allows traders to test strategies on previous data. This can be really handy when designing the cbots.
As mentioned, FxPro offers algo trading too. The setup will naturally depend on the type of the platform used. The FxPro Quant is a very user friendly aglo bot – a strategy builder that uses fast drag and drop system to enable trader to set it up efficiently. Algorithms set by FxQuant will track market moves and act when they spot that market conditions are in line with the strategy. It works bot on MT4 (EAs) and cTrader (cBots).
The FxPro Quant app uses Adobe Flash, so Safari users where this plugin is blocked may need to enable it on request. Strategies are easily set up by selecting various nodes that can be inputs, market conditions, indicators and other elements leading to an output. The algorithm is defined by setting up all the nodes and connecting them in a way that when certain conditions are satisfied the action (buy, sell…) is executed and strategy implemented. With MT4 the strategy file is saved into MetaTrader4 experts folder. By using the strategy tester, you can also check if your algorithm works. Its that easy – not programming and coding knowledge is needed. Everyone can create their own robot.
Traders can also use cAlgo, which works with cTrader.
Traders can take advantage of the FxPro Dashboard where in one glance one can se the most important moves of the day and get the idea in which way the market is swaying. They also offer FxPro tools, as an addone one can install in the browser. They even have a Safari extension, which for us who use Mac computers and love Safari is really good news.
For trading any asset CFDs as well as forex CFDs there is a huge selection of underlying assets and currencies. 70 currencies are available for forex trading. When it comes to futures markets, 20 underlying assets are offered. Stock traders will love the fact there are more than 150 stocks to be used for CFD trading and spot indices are included too – 29 of them. Commodities are offered as well.
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The customer support of FxPro is really helpful and can be reached through several channels. One good way, if you are not in a hurry, is to schedule a call back. Simply fill in the call request from the FxPro website and a customer support representative will give you a call back to help you with your problem.
Naturally there is always the good old email correspondence and the fast live chat where customers can come in contact with the broker directly.
The company lists contacts and addresses for all its offices, which greatly increases trust with clients who sometimes do not trust the data published on the website. We have seen this with unregulated binary options brokers often, but not in this case.
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FxPro deposit and withdrawal system is user friendly and offers many mwthods that will please internatonal traders. Almost any country’s popular payment method is there so this part of the experience is really good.
While the broker recommends minimum 500 USD deposit for MetaTrader accounts, the minimum deposit is only $100. This is pretty low, but we do recommend higher amounts as well. If you are afraid to risk real money, don’t forget about the demo account.
Other currencies that can be used as the standard one for the account are GBP, EUR, PLN, JPY, ZAR.
There are no deposit and withdrawal fees charged by the broker for bank wire, however, the banks may charge fees and this depends on your bank. Credit card fees are 1.6% and about 0.35% for debit cards. Minimum withdrawal amount with FxPro is $20.
PayPal fee is 2.7% for deposits, Skrill charges 2.6% for withdrawals and Moneta charges 4% for deposits.
We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10!
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