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FxPro Broker Review

” FxPro, a forex broker with a long supporter of the English premier league football clubs “

Is FX Pro reliable and good?

FX Pro, has all the required license such as CySec, FCA, South African Financial Sector Conduct Authority and Dubai Financial Authority and they are in market for more than 14 years now. FX Pro is providing their services across the globe and are known as one of the reliable brokers.

Pros

Cons

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.

Which Account type you recommend and why?

The best account type in my point of view is standard with no commission and best services amongst the other account types.

“It is always better to explore and read to get to know about the broker you want to choose, for details of this broker read the full article”

Web and Desktop platform FX Pro Offers

MT4

This is the most common platform which is used by many of the traders throughout the world. This platform is considered best for the beginners but there is no restriction for the same even professional traders use this platform to trade. This Platform itself provide several plus points which are as follows:

1. Easy to use and Understand

2.Many types of indicators are in this platform which makes easy to analyze the market trend.

3.Access to various currency pairs, CFDs and cryptocurrency.

4.Can be used on any operating systems such as windows, mac, Linux etc.

5.Allows you to trade any time in 5 days (Monday to Friday).

MT5

This platform provides everything needed for flexible trading operations. The platform offers powerful tools such as flexible trading system, technical and fundamental analysis, multi-currency tester, professional MQL5 development environment and alerts. The platform can be translated to 31 different language for the convenience of the people who only know one language. You can subscribe to signals, use technical indicators, run trading robots and rent a virtual server. Professional people prefer to use this platform for the better experience of the analysis and results.

cTrader

This platform is introduced by FxPro and after that few more ECN brokers started using this platform. It is designed to fulfil two functions: firstly, execution of trades, and secondly, charting. The platform visuals are really attractive, its designed by keeping in mind that the platform is intuitive to use. The platform has visuals of web-based platforms. Even beginners can use this account for the better understanding of forex market.

Mobile Platform to trade with FX pro

MT4 Mobile Trading App

This application is the most wanted application among traders as it is the only one application that can be traded with different brokers account, instead of downloading particular broker app to trade with people use this because even if they hold account with two brokers this single application can work well. The image of this application is shown below.

FX Pro Trading App

FX pro does offer their own trading platform in which MT4, MT5 and c trader all accounts can be managed. The app can help you out in doing mostly all the trading functions along with deposit and withdrawal as well. The application is shown in the below image.

Account Type Comparison

FxPro offers, 3 types of account named as MT4 Instant, Standard and Raw Spread. They post their monthly slippage statistics right on the website. Traders can choose between instant execution and marker execution a feature not available by many other brokers.

Account TypeDescriptionMT4 InstantStandardRaw Spread
Trading InstrumentsThe instruments in which you can trade.Forex, Metals, Indices, Energies, Futures, SharesForex, Metals, Indices, Energies, Futures, SharesForex, Metals, Indices, Energies, Futures, Shares
Platform’s availabilityThe platforms which can be used to trade with FX proMetatrader 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 sizeThe minimum size of the lot required to open trade with0.010.010.01
Order Execution SpeedThe speed of opening and closing of trade.Fraction of secondFraction of secondFraction of second.
HedgingThis is the strategy used to balance loss and earn more profitYesYesYes

Opening Account Procedure

2. Click on register option, which is on the top right corner of the page. The new page will be opened as follows:

2. Click on register option, which is on the top right corner of the page. The new page will be opened as follows:

3. After filling up the form, click on register. Next you will be asked will be your education qualification.

4. Then they check about your trading knowledge with the help of a small test.

5. Verify yourself by uploading required documents.

6. You will receive an email with your login credentials.

7. Deposit and you are good to go for trading.

8. The dashboard of Fxpro is below:

What are deposit and withdrawal channel?

Well, as I have mentioned before the feature they have in deposit and withdrawal is their own wallet system, when you will fund your account the money will be transferred to the automatically generated wallet from that wallet you can transfer the funds to any of the account you want to.

Let’s see the deposit methods Fxpro offers:

The amount is credited in wallet within few minutes of transaction. When you transfer money from wallet to any of the accounts it is credited within few seconds and this way is quite easy. There are no charges on deposit and withdrawal which makes the broker cost less.

Withdrawal methods are also same as the deposit one, they have only 4 methods which are mostly used by people to fund account. Overall procedure of funding is easy, secure and fast.

The internal transfer window has two steps:

First visit to Wallet and the screen would be as follows:

Now click on the transfer option, in which the window will ask you the following details:

Enter the required details and your transfer is done.

One thing to note is that for making internal transfer first you have to transfer the funds from account to wallet and then from wallet you can transfer the fund to another account.

Comparison on the basis of Spread, Commission and Swap

Spread:

The average spread value of a week of data analysis is as follows:

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.

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.

Swap:

Well, we all know there is an interest charged if the bid remains open for more than a day which is known as swap.

There are two types of swap values, swap long and swap short

Swap short values are as follows:

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)

EUJPY

(-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:

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 along with the swap short and long values are same in every account type but is different for every currency.

Chat Support

We all know 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 broker. The window looks like below:

So the first issue I faced was that I was unable to login into the account, so getting in support was not easy at first I was stuck where to find chat option and after searching the chat option when I clicked on the same it took a lot of time for the chat box to open so that i can fill u[pp my details and get in touch with them. So after i reached to 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 dont know why broker didnt 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 support she told me the steps to withdraw funds than 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 other account. After that the withdrawal was quite easy you first have to transfer fund to the wallet and then make the transfer.

Support service agent has best of the knowledge to help you out, it doesn’t seems like they are not interested or are just sending robotic replies. Whenever I have faced issues they had help me out so that I don’t face any issue further.

Research and Education

When you open Fxpro website click on the tools options and the screen will be shown as follows.

There are several trading tools Fxpro provide such as education, economic calendar, forex news, calculators etc. To open any of the option you just have to click on that option for example, if I have to see what they provide in education then when I click on that option the below screen opens.

There are several free courses to learn about forex in this category, you can learn and earn. If I want to know about recent news, then all I have to do is to click on forex news options and the new page will be shown which is as follows:

In this section, you will find analysis reports, calendars, quotes and tools. Similarly, for checking other tools you can click on the required option.

Trading Experience

Before trading with real money, it is suggested to use Demo account and learn at start, once you understand all the concept related to forex trading it is easy to do then. Though, there is no restriction that beginners can’t use this platform. Anyone can use this platform as it doesn’t depend on them but make sure to be aware of concept so that you don’t loose much. Along with that FxPro also offers free courses which can help you out in learning about this market and concepts.

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 license FxPro UK Limited; FCA, registration no. 509956, FxPro Financial Services Ltd; CySec, licence no. 078/07, FxPro Financial Services Ltd; FSCA, authorization no. 45052, FxPro Global Markets Ltd; SCB, license no. SIA-F184. They serve retails traders as well as institutional clients for over 170 countries. FxPro appears to be a true NDD (no dealing desk broker) which 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 account to account in just few minutes, by using their wallet feature which is really hassle free. For an example, if I am currently using standard and micro account and my standard account is requires more fund, and I have extra amount in the micro account then, only by doing 2 steps the money can be transferred to standard account.

Firstly, in your account transfer funds from micro account to the wallet and then transfer funds from wallet to standard account and the most amazing part is that as soon as you transfer funds it will be reflected into your account.

FxPro broker is providing low spread along with that there are no commission charges on any of the account which makes the overall cost of the broker less as compared to other brokers.

Overall, experience with this broker has went quite well and this broker is cheaper than FBS.