FxPro Broker Review
Foundation Year : 2006
FxPro Broker Review – Listing All the Details: Brokers are an integral part of a trader’s life, and that’s why it is vital to choose a regulated, genuine one. In this article, we would present you with a FxPro broker review in detail.
FxPro is a 1999 broker which was established in the UK and is listed on London Stock Exchange. Their emphasis is on providing the best trading services and not trying to attract the customers in unethical ways like bonus and offers. Also, they are a global service provider with offering their services in more than 50+ countries in the world. They offer a wide range of financial instruments for trading but with low fee and charges.
Let us try to know them in more detail!
Detailed FxPro Broker Review
FxPro broker is among one of the best-regulated brokers in the world. They regulate under many financial bodies, and almost all of them are top tier authorities. It includes the UK’s Financial Conduct Authority (FCA), Cyprus Securities & Exchange Commission (CySEC), Securities Commission of Bahamas (SCB), and Dubai Financial Service Authority.
Also, a trader of FxPro protect under the Investor’s Compensation Fund (CIF), Financial Instrument Directive, and many more bodies.
All these directives & regulations from top bodies ensure that the interests of the clients prioritize, and their funds are secure without any hassle.
Types of Accounts
There are two account types available for a trader with FxPro, i.e. standard and professional account. While the simple account is accessible for all users, you need to fulfill some eligibility to trade in the professional one. The types of services offered in both of them vary greatly and work as required by industry.
The critical difference between the two is – While the maximum standard account leverage is 1:30, the max limit for a pro account is up to 1:300.
There is not much to offer from FxPro for their novice traders. While many argue that advanced traders do not need the material, we understand that not every user is the same. Although there is an education section on their website named as – ‘Trader’s Guide’, it only has some essential videos in it.
However, there is a reasonable risk management section which teaches traders how to minimize risk, explained in detail. But, indeed they need to work on their educating portal more.
FxPro is a top broker but still doesn’t have the option of phone support for their clients. But, users can contact them via email or live chat, which works hard 24/5 every week. The support team is multi-lingual and can resolve issues in more than 32 languages. Also, for common queries, there is a detail FAQ section for their clients too.
But the importance of phone support still cannot underrate.
Note: Their support service is rated high by over 8100+ users.
Spread & Other Charges
The spread charges of FxPro are among the lowest in the industry, and there is certainly no fee for any executed trade. They majorly earn from their spreads, but some other expenses are charged too. It includes an inactivity fee of $10/month after three months of no trading and an overnight swap rate on leveraged positions.
They offer spread on 2500+ financial instruments with as low as 0.6 on currency pairs. Also, a 0.3% currency conversion fee is levied on users but other benefits like dividend, splits, mergers, etc. does not keep and pass to the client.
The trading platform of FxPro broker is at par with the top industry traders and supports web, desktop, and mobile trading easily. The user interface is smooth and straightforward to understand for new traders and is not customizable as per client’s needs and requirements.
But the disadvantage is they don’t offer the top trading platform Meta Trader, which is widely used by most brokers now.
The impact is one can use only necessary tools for trading, and no charts, signals, or indicators would be in the first place.
Range of Assets
The range of financial instrument offerings on FxPro exceeds 2000 but includes only currency pairs and CFDs. There are around 50 forex pairs available to trade for users, and it doesn’t matter whether you buy one or 1000 lots, the spread charge will not change, which is a plus point for small users. The CFD supports stocks, indices, commodities, and equities.
Also, it was the first broker to list Bitcoin in 2013, for trading. Overall, the broker emphasizes more on their target customers only and is designed for them.
The Final Say
FxPro is a top and trusted broker that operates globally. The regulatory bodies are among the top ones, and the broker is utterly safe and secure for trading. The broker has also won a number of awards and recognition. The list includes –
- Most Reliable Broker of the Year 2019 – By International Investor
- Best Trading Experience
- Best Broker
- and many more
Still, the improvements can make in customer support and educational pages.
The broker is suitable for both beginners and professionals because of their easy website design and transparent policies. But the final decision is on the client.
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