Reviews of the best Forex brokers on the market.

FxPro

FxPro Review

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Review of: FxPro

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Rating:
5

Summary:

FxPro Group Limited, a Forex and CFD broker, which is based in Cyprus and is regulated by CySEC, ASIC and FSA UK. The main client base of FxPro consist of retail clients, traders like me and you, however currently FxPro aims to grow in the institutional Forex market. The broker was established in 2006 in Limassol, Cyprus and it is currently headquartered there. In addition to Cyprus, FxPro offices are located in Australia, Austria, France, Spain, Russia and UK.

FxPro Group Limited, a Forex and CFD broker, which is based in Cyprus and is regulated by CySEC, ASIC and FSA UK. The main client base of FxPro consist of retail clients, traders like me and you, however currently FxPro aims to grow in the institutional Forex market. The broker was established in 2006 in Limassol, Cyprus and it is currently headquartered there. In addition to Cyprus, FxPro offices are located in Australia, Austria, France, Spain, Russia and UK.
  • MetaTrader 4
  • cTrader
  • Live Support
  • Islamic Account
  • US Traders

FxPro Review

Please note that traders from the US and Canada are not accepted, thus if you are a resident of these countries, it is recommended to look at other top brokers.

FxPro Key Fetaures

FxPro is extremely innovative and a trustworthy online broker. It is considered to be one of the best Forex brokers due to the outstanding services, great trading conditions and  wide selections of the trading platforms.

Trading currencies online with FxPro is a great experience due to the following reasons:

  • Wide range of trading platforms available, including MetaTrader4 and cTrader
  • Live chat and support in more than 15 languages
  • No limitations; Forex scalping, high frequency trading and expert advisers are allowed
  • Direct market orders
  • Full market depth
  • Numerous downloadable books and trading tools
  • Extensive range of deposit and withdrawal methods

These items make FxPro one of the best forex brokers on the market. Nevertheless, we are strongly aiming for telling you the truth, thus the negative points will be also covered.

FxPro Weak Points

In general, beginners are looking for deposit bonuses to boost their trading balance and unfortunately deposit bonuses are not applicable with FxPro. The main reason for this is that FxPro tries to attract high volume traders by providing superior trading conditions. However, it is also understandable that the bonuses can be of a primary importance for beginners in the world of financial instruments trading.

Trading accounts

FxPro has a relatively simple range of the trading accounts, but the trading conditions of these accounts will suit anyone.

  • Demo Account

When you are just beginning your trading activities and you are still not sure if this broker is right for you, click here to open your free practice account with FxPro and preview all of the available platforms and account set ups.

The registration process is rather easy, you only have to disclose your name and e-mail address. Also, at this stage you are allowed to select a trading platform, account balance and currency, as an example below:

FxPro Review Demo Account Options

The good thing about FxPro Demo account registration is that you have a chance to remove yourself from their mailing lists straight away and you receive extensive amount of services even as a demo user:

FxPro Review Email Options

This account will give you an overview of trading conditions, introduce you to trading platforms and will allow you to start trading with zero risk involved.

If you open a practice account, you will always have an option to upgrade to a real trading account.

  • FxPro Real Account

This type of account is will provide you with an access to MT4 and cTrader trading platforms, as well as numerous mobile trading applications and web traders.

Registering a real account would be rather more time consuming, since the regulators require a broker to collect quite some personal information from you, including you address, employment data, trading experience, investment knowledge, copy of your ID and the proof of residence.

Do not be afraid when you see such a bulky registration form, it generally means that you are dealing with a financial organisation rather than a scam.

After you have completed the registration, you will be able to choose from one of two following accounts:

  • MetaTrader 4 Account

The minimum deposit for MT4 trading account is 500 USD or equivalent in any accepted currency.

It is possible to trade Spot Forex, CFDs on spot gold and silver, futures contract for oil, gas, wheat, soya beans and corn, as well as CFDs on indices.

Forex spreads at MT4 account are quite lucrative, starting from 1.2 pips.

The leverage can be set manually, up to 1:500.

FxPro MetaTrader 4

A minimum size of an order is 0.1 lots, which is rather large, since most of the brokers offer a minimum of 0.01 lots.

There are numerous currency pairs offered at FxPro with extremely attractive spread. Also you can trade with some exotic pairs like USD/ZAR, but the average spread for exotic pairs can be rather large.

When it comes to CFDs on stocks trading, FxPro also does a great job as for the trading conditions, a spread as low as 0.04 is offered while an additional 0.1% commission is charged on the of the deal. These CFDs can be traded anytime between 16-30 and 23-00 server time, from Monday to Friday.

FxPro offers a great variety of the most popular trading indices, like S&P 500, DJ, Nikkei 225, Dax and much more. All of the trades are executed with a fixed commission of 15 USD per one standard lot. A required margin to open 1 lot size deal starts from 500 USD.

In addition to the desktop version, FxPro offers MT4 Multi terminal, MT4 WebTrader and MT4 available at any mobile device.

  • cTrader Account

If it is your first hearing about cTrader, you should just go ahead and check out the demo now. Trading with cTrader becomes very comfortable, intuitive and efficient.

cTrader accounts is ECN based, meaning it provides you with the fastest speed of execution as well as with assurance of never receiving a requite.

One of the best thing about cTrader is the offered spread, which can be so low as 0 and is averaged to 1 on the major currency pairs. However, to compensate such an attractive spread, FxPro charges a small commission, around 6.5 USD per opening and closing a position.

FxPro cTrader

There are numerous currency pairs available for trading with cTrader and spot metals are also offered. If you are looking to trade indices and CFDs for stocks, then you would rather look at FxPro MT4 account, however if you execute fx trades, then cTrader will be your paradise.

There are numerous powerful charting tools available at this platform, possibility to make screenshots of your charts and even stream them! Moreover, cTrader is available for as a web version, so if you are always on a go or you simply have an Apple computer, then cTrader is right for you.

Besides that, an analogue of MT4 Expert Advisors – cAlgo is offered. Generally saying, cAlgo provides traders with enormous possibilities for making trading robots and custom indicators using a programming language c#. Also, there numerous developers sharing their code, so one can easily apply the ready-made robots and indicators and even back test them.

To apply for a real cTrader account a minimum deposit of 1000 USD is required.

FxPro Bonus Conditions

Generally, FxPro does not offer any bonuses. However, if you are looking to make a reasonably large deposit, it would make sense to contact their sales or even a support chat and ask for a bonus. If you are planning to deposit more than 10,000 USD, then you can easily get 10% bonus upon the completion of a certain trading volume.

FxPro Trading Software

In general, FxPro offers two types of trading software – MT4 and cTrader, however if we calculate all of the versions, we will come to the result that 10 trading platforms are offered.
Let’s examine these trading platforms below:

FxPro Trading Software Review

FxPro Deposits and Withdrawals

FxPro does a great job providing its clients with the most flexible ways of placing the money on the trading account and getting them back.

Following Deposit/Withdrawal methods are available:

  • Credit/Debit cards – Visa, MasterCard, processing time is up to 1 hour
  • Neteller – E-wallet system, usually processed within one hour
  • PayPal – very common E-wallet system, processing time up to 1 hour
  • Skrill – previously known as Moneybookers, processed within an hour
  • Wire Transfer – a simple transfer from one bank account to another takes 3-5 days

FxPro Support

All of the clients of FxPro are provided with excellent customer service via e-mail, live chat and call back options. Also, FxPro provides access to the knowledge center, where you can find answers to the questions on your own. According to our research, FxPro live support response time and waiting time is one of the best in the industry. As for the level of support friendliness, FxPro scored the first!

FxPro Review Summary

FxPro is a broker for professional high volume traders and it provides superior trading condition. As for the licenses, it is authorized by numerous authorities, CySec (Cyprus) and FSA (UK), as well as AISIC (Australia). Besides that, FxPro is one of the most awarded broker, which has been elected as a most innovative Cyprus broker, best institutional broker and many more!

The practice accounts are available for free and the minimum deposit required for real account trading is 500 USD. FxPro supplies the tightest spreads starting from 0, stable trading environment and greatest support.

As for the trading conditions and software, FxPro currently has the most innovative trading platform – cTrader. Also, MT4 trading via desktop and web applications is possible. Besides that, mobile trading on any device is supported.

It can be said that this forex broker is highly recommended for experienced traders. However, new traders are also advised to try FxPro, even if your deposit is small, you can still benefit by trading with the best. So sign up for a free demo account here and check out one of the most outstanding foreign exchange broker!

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