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FxPro Broker Review
” FxPro, a forex broker with a long supporter of the English premier league football clubs “
FX Pro is a trustworthy and well-capitalized broker that provides various trading platforms for trade-in. Offering more than 2100 trading instruments with clear execution they stand out.
They have a total of 70+ forex pairs in which users can easily trade. FX Pro also has low forex fees which makes them a cost-efficient broker.
Is FX Pro Broker Legal in India?
Yes, for a matter-of-fact FX Pro is considered a safe broker even to Indians. They hold licenses from top-tier license regulators.
Is FX Pro good enough? / Are they Reliable?
FX Pro has all the required licenses such as CySec, FCA, South African Financial Sector Conduct Authority, and Dubai Financial Authority and they are in the market for more than 14 years now. FX Pro provides its services across the globe and is known as one of the reliable brokers.
Which licenses does FX Pro hold?
FX Pro has the below mentioned licenses:
Pros and Cons of FX Pro
Pros
- Globally regulated: FCA, CySec, FSCA, SCB
- Commission-free trading available.
- No Dealing desk and fast execution.
- Wide range of trading platforms available.
- Support services are good.
- Hassle free deposit and withdraw
Cons
- Order execution speed differs if there is volatility in the market, platform asks to readjust the pricing again and again.
- Inactivity charges are there.
- Only CFD and Forex are Available.
- CFD fees are high.
- Support is not available 24*7.
- FxPro charges a fee of $15 one-off account maintenance fee and a $5 monthly fee after 6 months of inactivity.
What is the maximum leverage FX Pro offers?
The maximum leverage FX Pro offers is 1:200
What is the best thing about FX Pro?
The best thing about this broker is that the broker is globally regulated and has hassle-free deposit and withdrawal services and they charge no commission on any of their account type along with that support services are quite good.
FX Pro Headquarters is located at?
FX Pro headquarters is located at 13/14 Basinghall Street, City of London, EC2V 5BQ, United Kingdom.
Does FX Pro offer a no-deposit bonus?
Fx Pro doesn’t offer any kind of bonus services at the moment. Though, many traders provide bonus offers to their new traders so that they can attract more customers but I think FX Pro doesn’t believe in this strategy.
FX Pro Account type and Account Type Comparison
FxPro offers 3 types of accounts named MT4 Instant, Standard, and Raw Spread. They post their monthly slippage statistics right on the website. Traders can choose between instant execution and market execution a feature not available by many other brokers.
Let’s see the features of the account FX Pro offer:
Account Comparison
| Account Type | Description | MT4 Instant | Standard | Raw Spread |
|---|---|---|---|---|
| Trading Instruments | The instruments in which you can trade. | Forex, Metals, Indices, Energies, Futures, Shares | Forex, Metals, Indices, Energies, Futures, Shares | Forex, Metals, Indices, Energies, Futures, Shares |
| Platform’s availability | The platforms which can be used to trade with FX pro | Metatrader 4 desktop MT4 Webtrader MT4 mobile app for iOS / Android | Metatrader 4 desktop MT4 Webtrader MT4 mobile app for iOS / Android | Metatrader 4 desktop MT4 Webtrader MT4 mobile app for iOS / Android |
| Minimum lot size | The minimum size of the lot required to open trade with | 0.01 | 0.01 | 0.01 |
| Order Execution Speed | The speed of opening and closing of trade. | Fraction of second | Fraction of second | Fraction of second. |
| Hedging | This is the strategy used to balance loss and earn more profit | Yes | Yes | Yes |
| Spread | Difference between bid and ask price | Variable | Variable | Same |
| Commission | Fees are charged on the opening and closing of bids. | No Commission | No Commission | No Commission |
| Minimum Deposit | The amount which is required to be deposited to start trading. | USD 100 | USD 100 | USD 100 |
| Maximum Leverage | The ratio of the amount which can be borrowed by a broker to trade a huge number of lots. | 1:200 | 1:200 | 1:200 |
FX Pro Trading Platforms
FX pro provides MT4, MT5, and cTrader platforms on which users can trade with them using a laptop or pc. These platforms have their own specialty they are basically made with many features which help in analyzing the market as well as in making better decisions.
As I have mentioned in other articles as well mostly used platform is MT4 reason being it works pretty well with beginners as well as professionals. Here, we also came to know about another trading platform which is cTrader, in this platform the visuals are really attractive, the execution of trades is good, and at last charting. Charting is really attractive and with the cTrader platform, you can trade ECN account types only. Click here to know more.
Comparison on the basis of Spread, Commission and Swap
FX Pro Spread:
The average spread value of a week of data analysis is as follows:
Spread Comparison
|
Account type |
Standard |
MT4 Instant |
Raw Spread |
|
XAUUSD |
33.7 |
36.3 |
36.2 |
|
EURUSD |
15 |
17 |
17 |
|
GBPUSD |
18.3 |
19.3 |
20.2 |
|
AUDUSD |
16.5 |
18.4 |
18 |
|
USDCAD |
16.8 |
18 |
18 |
|
USDCHF |
21.8 |
23.3 |
26.1 |
|
USDJPY |
13.2 |
15 |
15 |
|
GBPJPY |
30.4 |
30.4 |
29.8 |
|
EURJPY |
19.2 |
20 |
20.2 |
|
NZDUSD |
25.6 |
29.1 |
27.4 |
I find the standard account to be the most suitable of all, as the spread is low as well as there is no commission with that account.
FX Pro Commission:
As I have mentioned in summary also, the broker doesn’t charge any commission on any of the accounts. This automatically makes the cost of the broker lower as compared to other brokers.
FX Pro Swap:
Well, we all know there is an interest charged if the bid remains open for more than a day which is known as a swap.
There are two types of swap values, swap long and swap short
Swap short values are as follows:
Swap Short
|
Currencies |
Standard |
MT4 Instant |
Fixed Spread |
|
XAUUSD |
(-0.5109) |
(-0.5109) |
(-0.5109) |
|
EURUSD |
(-.9272) |
(-.9272) |
(-.9272) |
|
GBPUSD |
(-2.9358) |
(-2.9358) |
(-2.9358) |
|
AUDUSD |
(-2.5357) |
(-2.5357) |
(-2.5357) |
|
USDCAD |
(-3.1465) |
(-3.1465) |
(-3.1465) |
|
USDCHF |
(-4.3136) |
(-4.3136) |
(-4.3136) |
|
USDJPY |
(-3.088) |
(-3.088) |
(-3.088) |
|
EURJPY |
(-1.8862) |
(-1.8862) |
(-1.8862) |
|
NZDUSD |
(-2.2099) |
(-2.2099) |
(-2.2099) |
|
GBPJPY |
(-4.0867) |
(-4.0867) |
(-4.0867) |
Swap long values are as follows:
Swap Long
|
Currencies |
Standard |
Mt4 instant |
Fixed Spread |
|
XAUUSD |
(-7.4919) |
(-7.4919) |
(-7.4919) |
|
EURUSD |
(-4.764) |
(-4.764) |
(-4.764) |
|
GBPUSD |
(-2.8659) |
(-2.8659) |
(-2.8659) |
|
AUDUSD |
(-2.7099) |
(-2.7099) |
(-2.7099) |
|
USDCAD |
(-3.4392) |
(-3.4392) |
(-3.4392) |
|
USDCHF |
(-.3299) |
(-.3299) |
(-.3299) |
|
USDJPY |
(-2.049) |
(-2.049) |
(-2.049) |
|
EURJPY |
(-4.7155) |
(-4.7155) |
(-4.7155) |
|
NZDUSD |
(-2.731) |
(-2.731) |
(-2.731) |
|
GBPJPY |
(-2.6877) |
(-2.6877) |
(-2.6877) |
As mentioned in my previous articles as well that the swap is only charged if your trade is open over midnight with the swap short and long values are the same in every account type but are different for every currency.
Are there any inactivity charges with FxPro Broker?
FxPro charges a fee of $15 one-off account maintenance fee and $5 monthly fee after 6 months of inactivity.
FX Pro Account Opening Procedure
The opening account procedure with FX Pro is simple, the steps are similar to another broker. And there is a necessity to verify yourself in order to trade with a real account. The documents required to verify yourself are identity proof and address proof.
Click the below button to know the whole procedure.
Deposit and Withdrawal Options
FX Pro offers some options for deposit and withdrawal. There are only 4 methods that they offer and I used Neteller to transfer my funds to their account. It is always suggested to use the same method for deposit and withdrawal. And they don’t charge any fees on deposits and withdrawals.
To know in more detail, click the below button.
FX Pro Bonus
While trading with FX Pro, I couldn’t find any option for bonuses therefore, I am not sure if they provide bonuses or not. There could be a chance that occasionally they do provide a bonus facility but at the moment I haven’t seen any.
Chat Support
We all know that whenever we face any difficulty while trading, the best way to resolve the issue is to get in touch with live chat support. This is the most convenient way to get in touch with a broker. The window looks like the below:
So the first issue I faced was that I was unable to login into the account, so getting in touch with support was not easy at first I was stuck on where to find the chat option and after searching the chat option when I clicked on the same it took a lot of time for the chatbox to open so that I can fill up my details and get in touch with them. So after I reached support, he cleared my doubt which was that I was not able to login into my account and also I wasn’t verified I uploaded my identity card and ask them to let me know in how much time will I be getting verified, well verification was done within an hour but I don’t know why broker didn’t ask for residence proof document but the process was hassle-free and easily understandable.
The second issue I faced was how to withdraw funds so that I can fund my other accounts, for which when I got In touch with the support she told me the steps to withdraw funds then I got to know that internal transfer is so much easy so I flipped my one deposit into all the accounts and did few trades to save my time and understand how the trading works with another account. After that the withdrawal was quite easy you first have to transfer funds to the wallet and then make the transfer.
Support service agent has the best of the knowledge to help you out, it doesn’t seem like they are not interested or are just sending robotic replies. Whenever I faced issues they had help me out so that I don’t face any issues further.
Conclusion
FxPro was founded in 2006 and their HQ is located in 13-14 Basinghall str., City of London, EC2V 5BQ, U. They are in market for 14 years.
FxPro holds various licenses FxPro UK Limited; FCA, registration no. 509956, FxPro Financial Services Ltd; CySec, license no. 078/07, FxPro Financial Services Ltd; FSCA, authorization no. 45052, FxPro Global Markets Ltd; SCB, license no. SIA-F184. They serve retail traders as well as institutional clients from over 170 countries. FxPro appears to be a true NDD (no dealing desk broker) that offers excellent market access to all types of traders.
The broker indeed is flexible and easy to use, with this broker one more feature is provided if you have multiple accounts with the broker you can transfer money from account to account in just a few minutes, by using their wallet feature which is really hassle-free. For example, if I am currently using a standard and micro account and my standard account requires more funds, and I have an extra amount in the micro account then, only by doing 2 steps the money can be transferred to a standard account.
Firstly, in your account transfer funds from micro account to the wallet and then transfer funds from the wallet to the standard account and the most amazing part is that as soon as you transfer funds they will be reflected in your account.
FxPro broker provides a low spread with that there are no commission charges on any of the accounts which makes the overall cost of the broker less as compared to other brokers.
Overall, my experience with this broker has gone quite well and this broker is cheaper than FBS.