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FXPro Review

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About it

FXPro is a leading company in the world of Forex and it is one of the main brokers behind the development of the Forex industry. After ten years of experience, they present an excellent client-focused product and are scored on a range of issues including ease of contact, commissions and charges, administration, financial security, the quality of its research and the range of services offered.

They allow clients to trade a comprehensive set of currency pairs – over 70, as well as selected stocks, indices and precious metals. Their headquarters in London and their associate office in Cyprus. They are regulated by CySEC in Cyprus and by the FCA in London. In 2012, FxPro moved away from being a market maker in favor of a no dealing desk (NDD) or agency model. This means that trades are now passed straight through to liquidity providers.

Review Overview

Compliance to Different Authorities
Speed and Ease of Procedures
Platform Execution
Technology and Facilities
Client Support and Offers

Acceptable

One of the oldest most respected broker in the FX industry

How does it help me learn?

FXPro‘s educational section is diversified and focused on offering its’ clients the best trading tools available on the internet in addition to others developed by the company itself. This includes:

  • Demo Account and Account Managers – As with all brokers, FXPro offers a demo account and an account manager who’s on hand to answer questions, to advice or help with any difficulties.
  • Training Videos – It is called “Watch and learn” and the library is big. They are available on the website as weekly briefings, webinars and videos that are specific to training on Forex or the platforms.
  • Forex Articles and Academy – They are a limited number of articles discussing technical and fundamental indicators and the workings of the Forex market.
  • How To – This is the main thread of FXPro’s education facility and mainly covers the use and functions of its trading platforms as well as how to use Expert Advisers. The articles are very detailed but a little heavy to wade through despite having illustrations.
  • Glossary – FXPro offers a comprehensive glossary of terms which is excellent as a quick reference to the definitions of terms he is unfamiliar with.
  • Trading Academy – This is a short but comprehensive series of articles that FXPro offers to the novice trader to teach him how Forex trading works, again a bit heavy, but it covers all the basics a new trader needs.
  • AutoChartist and Trading Central– Invaluable to all traders, FXPro offers the industry leading intra-day charting tool AutoChartist free of charge. It also offers the award winning Forex trading signals providers, Trading Central, but only to funded live accounts.

How is the client support service in general?

FXPro has a full range of ways for a client to get in touch. Clients can choose from 20 different languages and can do so via live chat, phone, email and call back. Response times to emails and live chat are good. Phone call queries are answered satisfactorily.

What does the industry say?

FXPro has won a number of award, many of them are from big institutions in the industry. Among these awards is the Best Forex Trading Platform, Best Forex Broker and Best STP / ECN Broker. Feedback from traders is positive and the company’s reputation is strong.

How safe is my money?

FXPro is registered with and regulated by CySEC as well as the FCA in London. Membership of these regulatory bodies ensures that the company also complies with the (MiFID) in Europe and is a member in both the Financial Services Compensation Scheme (FSCS) and The Investor Compensation Fund. All clients funds deposited with FxPro banks are fully segregated from the company’s own funds and are kept in separate bank accounts.

What platforms does FXPro offer?

The company provides traders a choice between the MetaTrader4 and cTrader trading platforms. Clients using the MT4 platform have several mobile trading versions to choose from. The company’s cTrader platform provides ECN trading. cTrader is compatible with cAlgo, an algorithmic trading platform that allows clients to create trading robots and run them in cTrader to fully automate the trading process.
FXPro also launched Quant, a web-based strategy-building solution for the MT4 platform that allows users to create their own expert advisors using a drag and drop interface, or to download them from the company’s EA library.
FXPro also offers access to two of the most useful tools available online for the Forex community, the AutoChartist, free of charge, and the Trading Central for all live, funded accounts. Both systems has won a host of awards for the service they provide.

What about its trading conditions?

Leverage varies according to the type of account which starts from 1:1 and goes up to 1:500. The MT4 and MT5 platforms offer dynamic leverage which automatically adapts to the client’s size of his trading positions, which is a disadvantage and a limitation on big volume trading. The stop out level is set at 20% for MT4 accounts and 40% for cTrader.
FXPro’s cannot guarantee that slippage won’t occur but the No Dealing Desk (NDD) system makes re-quotes less likely. Expert Advisers are compatible with both of the trading platforms. Islamic Sharia compliant accounts are offered by FXPro but for a cost. Swaps are covered by a pip mark up or a commission fee to cover the overnight interest.

How much will it cost me?

Average variable spreads start at 1.4 up to 2.6 pips for the majors on FXPro’s MT4 and MT5, whilst on cTrader spreads are from 0.4 to 2.6. Fixed spreads are offered only on nine pairs, from 1.9 to 3.3 pips spread. There is still abnormal market conditions where spreads are not less than 2.7 and up to 5 pips on the majors.
Funds are accepted from a variety of sources including bank wires, credit cards and ewallets. Funds transfers in and out of the account are managed through a desktop called the FXPro Vault whereas withdrawals are sent using the same method used when funding. There is no fee applicable on deposits nor withdrawals of funds and they are usually processed on the same business day.

Any special deals?

FXPro doesn’t offer any special deals or competitions. It’s product is sufficiently good not to need to undertake marketing giveaways.

The bottom line

FXPro is huge and its’ package seems excellent for both the novice and the experienced trader. It is very professional and well-regulated broker whose aim is to provide clients with all the knowledge and tools they need. The product the company presents in combination to its’ size and reputation of the company makes it is definitely one of the best brokers out there.

Do you like this broker?

If you like this broker and want to open a live account, send us a request by filling the form below and we will reimburse you the full rebate generated from your trading.

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About Razi Hammoudeh

Razi’s professional experience was gained over the course of more than a decade working with leading Forex market makers in the Middle East, Asia and Europe where he learned about trading, financial instruments and global markets. Being exposed to the wide range of skills he acquired along the years, he continued to develop his trading strategies and further improving his track record in Forex trading. He used innovative business development strategies to find FXLORDS, helping it to rapidly become a major provider of education and trading tools to the successful trader. He is an enthusiastic individual, motivated by challenge and renowned for pushing the limits, always looking to gain some more experience and help as much as possible along the way.

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