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FxPro Broker Review

FxPro was first formed by a team of experts in the financial field in 2006 and has since then expanded to more than 150 countries globally to become a leader in the forex industry. Aside from the UK and Cyprus, FxPro is available in Greece, Russia, France, and Austria. Since then, FxPro has only cemented its reputation as an industry leader, with awards and recognitions including Best Trading Platform, Best FX Tools, and Best FX Broker to name just a few.

FxPro is primarily a broker catering to both experienced and newbie traders. What puts it at the top of the industry is how trustworthy the firm is. Ensuring that full transparency is part of its standard business operations, FxPro is regulated both in the UK and Cyprus while being compliant in the Eurozone with the requirements set forth by the Markets in Financial Instruments Directive (MiFID).

When it comes to trading online, the big question in everyone’s mind is how secure are my funds going to be? Well, with FxPro, clients can be rest assured that their funds are in good hands. Being a member of the Investor Compensation Fund (ICF), and the firm has their accounts audited by PricewaterhouseCoopers, a reputable accounting agency. FxPro UK is also a member of the Financial Services Compensation Scheme (FSCS).

Cyprus Investment Firms (CIFs) are required to take part in the ICF, and this is one of the regulatory requirements that must be fulfilled. The purpose of the fund is to provide security to the claims made by clients against firms who are members of the fund. The ICF also provides clients with a compensation for claims made if a member of the fund is unable to acquiesce to their set forth obligations, or in the event, a member of the fund has committed an offense.

Trading on FxPro

For the convenience of its clientele, FxPro allows the clients to choose which operating platform environment they would prefer best. Several accounts are offered which include:

  • FxPro MetaTrader 4 – This account type is available in both floating and fixed spread.

  • FxPro MetaTrader 5 – Floating spread with market execution is the available option with this account type.

  • FxPro cTrader – Floating spread with market execution is the available option for this account type.

  • FxPro Super Trader – Investors have the opportunity to access the FX market without the need to trade manually to do so. This account type is focused on investment.

For the MT4 account, clients would be required to deposit a minimum of $500 to get started, while the cTrader account requires a deposit of $1000 to get things going. To make things easier for new traders especially, demo accounts are available for the MT4, MT5 and cTrader accounts for the clients to get a feel for things before getting started live.

FxPro’s demo accounts are easily accessible even if the client has not registered with the firm. All the hassle of filling up those registration and signup forms can be saved for another time when the client is really ready to start actively trading. The demo accounts are great tools for novices to take advantage of, and FxPro provides $100 in what is known as play money for the user to take a test run with. However, users are not allowed to keep the $100, as once they leave the platform, the $100 amount goes along with them.

Clients will also find that FxPro is supported on iOS and Android devices for even more convenience.

Deposit & Withdrawal Options

When it comes to making deposits, FxPro has made things easy for clients, with the option of making deposits through bank transfers, credit cards, and debit cards. Clients are also able to make deposits through the likes of PayPal, Skrill, WebMoney, Neteller, FasaPay, CashU and Netbanx. For the Russian-speaking clientele, Moneta.RU is the available option for making deposits, while the Chinese-speaking clientele can turn to mPay to make their deposits with ease.

Withdrawals with FxPro are a more straightforward process. Clients simply need to make a withdrawal request by logging into FxPro Direct and wait for their money to be credited.

FxPro Advantages & Disadvantages

FxPro’s advantages include:

  • A wide range of trading platforms and tools which make it easy for clients to implement trading strategies

  • High levels of regulation (firm is regulated in the UK and EU), placing emphasis on security

  • A broker with a reputation, as proven by the numerous awards the company has acquired throughout its years of service

  • Customers are protected and insured

  • Commitment to transparency in operations by the firm

  • Easy registration process

  • Offers clients a choice of fixed and variable spreads

  • Comparatively high levels of leverage of up to 1:500

  • Multiple trading platforms available

  • Customer support available through phone, email, and live chats

  • Customer support is available in 23 countries and in over 14 languages

  • No restrictions imposed on strategies and trading styles for clients

  • Clients are protected against a negative balance sheet

FxPro’s disadvantages include:

  • A lack of bonus promotions despite being in the Forex business for more than 10 years

  • Initial deposits for accounts are considered on the high side

  • The website could potentially be unstable, especially when there is a high volume of user traffic

Conclusion

FxPro is an international broker and one of the most reliable financial companies that are in existence today, as evident by how clearly the pros outweigh the cons when it comes to this trading platform. FxPro has made it easy for traders of all levels to trade the Forex with ease. Sure, the firm has its pros and cons, but then again, which company doesn’t? With over 10 years of experience in the trading industry and several award winnings under its belt, it is safe to say that FxPro has proven to be a broker that is both credible and reliable, one that clients can trust.

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