The site slogan proclaiming FxPro the “World’s #1 Online Forex Broker” is definitely not without basis in reality. As a matter of fact, the brokerage has more than 50 industry awards backing up its bold claim. On top of that, its global reach, coupled with a superb selection of trading platforms, not to mention attractive trading conditions, lends additional credence to that ambitious statement.
With FxPro, it is clear from the get-go that one is not dealing with a small-time operation, founded a couple of months ago. FxPro are indeed among the veterans of the industry.
Founded back in 2006, FxPro is headquartered in the UK, more precisely at 13/14 Basinghall Street, City of London, EC2V 5BQ. The operation is focused on legal compliance and its regulatory status is living testimony to that.
The FxPro website has made all the legal documentation required for the proper and authorized functioning of the brokerage available at a single click. The site’s Privacy-, KYC- and AML policies are also there for all to see.
FxPro Regulation
As already mentioned, FxPro’s regulatory profile is a very solid one. Nowhere is the truly global reach of the brokerage more obviously displayed than in this regulatory profile.
Given that the UK is the “home turf” of the broker (a state of affairs also made obvious by the availability of extra services and trading platforms for UK traders), it is only natural that it should be licensed and regulated in the country. The FCA registration number of the company behind the UK branch of the brokerage – FxPro UK Limited – is 509956.
In addition to that – FxPro is also authorized and regulated by Cyprus’ CySEC. In possession of license #078/07, the brokerage has proof regarding its MiFID compliance. The broker is also registered with Cyprus’ Financial Service Board, under registration number 45052.
While the above said two licenses are more than sufficient to allow the brokerage to legally offer its services all through the EEA (with the exception of jurisdictions where expressly forbidden, of course), it has to offer a regulatory umbrella to traders accessing its trading platforms from outside this area as well.
This feat is achieved through FxPro Global Markets MENA Limited, which is licensed in Dubai, by the local Financial Services Authority. FxPro’s FSA registration number is F003333.
All those not covered by the above listed regulators, are backed by the Security Commission of the Bahamas, with which the operation is also registered. Its SIA license number is F184.
From August 1st 2018 new ESMA rules regarding stop levels and leverage will come into effect. You can read more about the stop levels and leverage here.
FxPro Trading Platforms
As said above, FxPro are keen on bringing a number of cutting-edge trading platforms to bear for the benefit of their clients. In this regard, they have more or less gone overboard in fact.
In addition to the well-know and popular MT4, they have also added MT5 to the mix, together with cTrader. What’s more, FxPro Edge is also available, but only to users residing in the UK.
All of the above mentioned trading platforms are available in several different versions. MT4 for instance comes in its “regular”, downloadable, desktop-based version, a web trader version, as well as in multi terminal and mobile versions. The same goes for the other platforms.
The advantages offered by a trading platform as powerful as MT4, are quite obvious. Besides the charting and drawing options, as well as the scores of supported technical indicators, the platform also features EA support. What’s more, users can create and add their own EAs, and the brokerage offers a generous VPS service as well, to allow users to run EAs the way they are meant to be run.
Through MT5, the coding and addition of new technical indicators and EAs is even easier.
The cTrader platform is aimed at those looking to trade with raw spreads. Set up for ECN trading, cTrader offers access to interbank rates and it supports algorithmic trading.
For every one of the above said platforms, demo accounts are available. Unlike with other brokers, these demo accounts are completely free, unlimited and they can be recharged with virtual funds any time.
Account Types
In addition to the above mentioned demo accounts, FxPro feature no fewer than 6 account types for real money trading.
These account types are defined by the trading platform used, by the spread type as well as by the order-execution type.
There is an FxPro MT4 Floating Spreads with Instant Execution account for instance. Also, there’s an MT4 account, featuring Fixed Spreads and Instant Execution, as well as one with Floating Spreads and Market Execution.
As far as MT5 goes, there’s an account with Floating Spreads and Market Execution. The cTrader account features Floating Spreads and Market Execution as well.
In regards to FxPro Edge: the platform is for Spread Betting, which means that only UK-based traders can use the account type based on this product/platform.
In addition to everything listed above, FxPro also offer an Islamic account, which is fully Sharia-compliant.
MT4 and MT5-based accounts do not feature commissions. The broker applies a small markup to the spread, and that’s about it. These spreads start from 0.6 pips on popular currency pairs.
As far as cTrader is concerned, accounts based on this platform are subject to commission. $90 is charged on the opening and closing of positions per every $1 million traded.
Scalping and hedging is supported.
The minimum required deposit for a real money account is $100, which is indeed a steal.
Trading Tools
Besides going the extra mile to educate their traders, FxPro also feature a set of rather impressive advanced trading tools to lend yet another helping hand.
The most impressive piece of this advanced trading tool offer is FxPro Tools, an app available for most mobile devices as well as for desktop computers as a browser extension that plugs into most of the major browsers seamlessly.
Through this app, traders can monitor the markets, they can set price alerts and they can use their FxPro dashboard. Daily market analysis is delivered as well and there are calculators available to help traders make informed and mathematically sound decisions.
FxPro Quant is another masterpiece in the FxPro trading tool department. It is a strategy builder, with a graphical user interface, that lets traders build up algorithmic strategies without the need to do any actual coding. The resulting strategies can then be put to use on MT4 as well as on cTrader.
With a brokerage of FxPro’s caliber, it almost goes without saying that there is a superb VPS service included among these trading tools.
The FxPro Vault and Wallet is a rather unique money- and risk-management solution from the brokerage. It is a sort of central account, where clients can keep their monies protected, yet available at a moment’s notice for whatever trading opportunities arise.
The Bottom Line
Everything considered, FxPro is indeed a more than decent destination for the trading of Forex/CFDs. It offers a superb selection of trading platforms, coupled with some truly innovative trading tools – as described above. The trading account types supported are great as well and the $100 minimum deposit is sort of a cherry on top of the cake, that makes the FxPro offer available to all.
Nothing bad can be said about the operation from a regulatory perspective either.
Perhaps the only area where the broker falls a bit short, is that of promotions.