FxPro Review

Review

FxPro, domiciled in Cyprus, is a Forex broker that caters to both experienced and beginner traders. Founded in 2006, FxPro has established itself as one of the leading Forex brokers in the industry. It offers a wide range of options and features and their landing page is chock full of useful information. Navigation throughout the site moves along at a rapid clip and opening either a real or demo account is quick and easy.

Accounts

There are several accounts at FxPro: FxPro MT4 Floating Spread, FxPro MT4 Fixed Spread, FxPro MT5 Floating spread with market execution, FxPro trader Floating spread with market execution and FxPro SuperTrader Investment account which offers investors the opportunity to access the FX market without having to trade manually.

FxPro Account Types

The recommended minimum initial amount is $500 for MT4 traders and $1000 for cTrader accounts, however, you may deposit as little as $100 at a time.

The PAMM account is ideal for professional traders who manage multiple accounts for other traders. The PAMM accounts provide traders with everything they need to easily manage their clients' funds under a master account.

The VIP package is for selected high net worth clients and those actively trading large volumes. VIP clients benefit from no deposit Fees, free VPS service, a free FxPro Mastercard as well as trade recommendations, exclusive news reports and margin level alerts via email and SMS.

Demo accounts are available for MT4, MT5 and cTrader accounts with a maximum demo balance of 500,000. Leverage is from 1:1 to 1:500.

FxPro Trade Execution

Features

FxPro offers a range of features that are aimed at streamlining the trading experience.

During our FxPro review it was a relief to find that the company lists its spreads very clearly, and that the company makes an effort to offer competitive spreads. MT4 traders can enjoy trading EUR/USD from 0.8 pips with up to 1:500 leverage and commission-free trading, while ECN traders can enjoy similarly competitive spreads and leverage up to 1:100. MT4 traders can also enjoy fractional prices and the use of expert advisors which can streamline a more profitable trading experience.

A distinct advantage of FxPro is that traders can set their leverage from 1:1 to 1:500, to capitalize on the risks of the market, or to minimize them, depending on each trader’s individual preferences.

FxPro offers several other unique trading tools. For traders interested in developing their own EA, the FxPro Quant provides an easy technology for doing so. The FxPro Vault enables traders to keep a certain amount of money in a ‘vault’ ready to be used for future trades. And the FxPro Dashboard can be used to view the trades of other traders.

FxPro Dashboard

FxPro also offers standard trading tools such as technical analysis and Forex news. Lastly, this Forex brokerage offers classic calculators such as a pip calculator, margin calculator and currency converter.

FxPro Calculators

Other tools include their revolutionary visual strategy builder, FxPro Quant which gives traders the opportunity to turn their own strategies into trading algorithms that automatically run on the MT4 and cTrader platforms. This powerful tool opens up algorithmic strategy development to everyone without requiring any coding knowledge. These trading algorithms can be uploaded to FxPro’s low latency Virtual Private Server so traders can trade around the clock with no down time and without even needing to turn on your PC.

FxPro Quant Strategy Builder

Education

The FxPro Trading Academy has been designed to teach the basics about Forex trading to beginners and to prepare them for the challenges of trading on the world’s currency markets.

FxPro has an extensive video library, which offers short, insightful videos about basic topics, all of which are aimed at enhancing your overall trading performance. The videos loaded in a timely fashion and, in contrast to many of the Forex videos we saw on other broker websites, they were about general trading strategies and tips, not only about how to use the trading platform.

Videos on the FxPro Help Center

The economic calendar lets traders plan their trading day down to the minute. They can view all the economic reports due to be released, their previous results, consensus forecasts and the volatility likely to be generated.

Deposits/Withdrawals

Deposits can be made via bank transfer, credit/debit Card, PayPal, Neteller, Skrill, Webmoney, FasaPay and MonetaRU (for Russian-speaking countries), CashU, Netbanx and mPay (for Chinese clients).

To withdraw funds, a trader must log into FxPro Direct and make a withdrawal request.

Customer Service

With customer support bases in 23 countries, traders using FxPro can rest assured that assistance is only a toll-free phone call away. Traders in other countries or those who prefer alternative methods of service can request a callback at a time that they select. Like most brokers, FxPro offers support 24/5, from Sunday night at 11pm in most time zones through Friday night at midnight.

In addition, FxPro’s Contact Us page is among the best we’ve seen, with different boxes that contain the phone number and email of each department, so that you can rest assured that your inquiry will arrive at the right place.

The platform and customer support is available in close to twenty different languages.

Conclusion

All in all, FxPro has something for everyone and makes it easy to trade Forex. We found that FxPro’s features weren’t especially unique, but they were presented in a useful, professional way that can serve all types of traders more than adequately.

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Features

FxPro, is a full-service company with a six-member management team that has earned top awards from World Finance magazine. Despite its small size, it offers the same features and services as larger trading companies and even more. FxPro prides itself on its transparency and attention to details, making it a favorite among traders of all sizes. Their excellent customer service with telephones to over 20 different locations adds to the ease which traders experience when trading with FxPro.

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Platforms

FxPro offers 9 trading platforms - but don’t let that overwhelm you. Four of these platforms are mobile trading platforms which are designed for different mobile phone systems, and since you’ll likely be trading on only one mobile phone at a time, you won’t have a hard time finding which mobile application is for you.

MetaTrader 4

When it comes to choosing a desktop trading platform, you can choose the standard MetaTrader 4 platform (dubbed FxPro Client Terminal), or the FxPro WebTrader, or a combination of both. We tested both platforms during the course of our FxPro review, and found that the WebTrader was more suited for new traders, as it has larger buy/sell buttons and less of a focus on the charting tools that are the hallmark of the MetaTrader 4 platform.

FxPro MetaTrader 4 Platform

Metatrader 5

In the first quarter of 2015 FxPro expanded its platform offerings to include the MetaTrader 5 platform which allows for some advanced features not offered by the MetaTrader 4, including a built-in economic calendar, trading from tick charts and extra built-in indicators. MetaTrader5 allows traders to customize its layout to suit their trading style, analyze the markets with a large selection of pre-installed technical indicators and graphical objects and place orders.

FxPro WebTrader

When doing the FxPro review we especially appreciated the ease with which traders can switch between platforms, so that trading can be done from any computer, not only the one with the downloaded platform. We found the WebTrader platform to be both intuitive and laden with useful data.

FxPro WebTrader Platform

We were pleased to see that FxPro offers traders a demo account that can help determine if trading with FxPro is the right choice for you to make.

FxPro also offers an ECN platform for those who prefer this form of Forex trading.

cTrader

FxPro uses the cTrader, which is an innovative ECN (Electronic Communication Network) platform, designed specifically for FX trading and CFDs on spot gold and silver. FxPro cTrader is powerful and user-friendly using proven technology that will enable you to trade at a higher level.

FxPro cTrader Platform

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Mobile

Besides the mobile app for cTrader and MetaTrader4 platforms, FXPro offers several other tools that can be downloaded to IOS and Android devices. There is an economic calendar that provides traders with all the economic indicators that are due to be released, as well as information regarding what impact they will have and how they are likely to affect the currencies traded.

FxPro Tools for Mobile - Economic Calendar

Real-time quotes on FX pairs, Metals, CFDs, Futures with charts, news, daily high, daily low and change are also available in addition to market insight and analysis from their team of FX professionals.

FxPro Tools for Mobile - Real Time Quotes

Traders can make use of several Forex calculators that calculate margins, pip and swap values and can perform live currency conversions. Even FxPro cTrader commissions can be calculated.

FX - Forex Signals

All the above apps are free of charge. For those wishing to pay for an additional application, the FX - Forex Signals application helps you to be a more profitable trader. This app uses the MQL4 program which runs on VPS and monitors the Forex market, sending real-time signals based on the FXPro strategy.

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Transparency

FxPro has always been a keen supporter of transparency and fairness in the Forex industry, and it has made every effort to hard to eradicate conflicts of interest between broker and client.

According to FxPro CEO, Charalambos Psimolophitis, “We provide our clients with not only superior educational resources and trading tools but also with a guarantee of their funds’ safety. In an industry where it is taken for granted that slippage almost always goes against the client, we are pleased to demonstrate that this is not in fact the case.”

FxPro is committed to providing its clients with full trade reporting and support. In this regard, it posts its monthly slippage statistics right on the website. Traders can choose between instant execution and market execution a feature not made available by many other Forex brokers. They also offer advanced order-matching and execution technologies that are continuously upgraded.

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User Reviews

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