Is FxPro a Reliable Brokerage Firm That We Can Trust?
Much of what has been said online about FxPro is positive in that the brokerage has been given a number of awards over the course of 15 years.
The firm has more than 70 awards, 10 of which had been for being recognized as being the best brokerage of the year. The number of FxPro’s awards is no joke; to the opinion of the review team based on the body of reviews it had done for other brokerages in the past, FxPro lives up to its claims within its website. If one is to look at it, the firm gets an average of 5 awards a year and that could be seen as a testament to good service.
As this is the case, this review is being launched with the aim of looking at why FxPro enjoys the recognition that it had received and the positive industry image. The review team had focused on the following facets for this review:
1. The regulatory bodies that sanctions all FxPro’s trading activities
2. The trading instruments that the firm gives access to
3. The trading accounts that it offers to clients
4. The trading platforms available to the client’s usage
5. The fees that FxPro charges its clients
The first thing that should be noted about FxPro is that it is duly regulated, leaving no question regarding its legality.
Cyprus Securities and Exchange Commission (CySec) is the first of the financial regulators that takes FxPro’s operations into account in Cyprus.
Alongside CySEC, the firm is also being sanctioned by the Financial Conduct Authority (FCA) and the Financial Sector Conduct Authority (FSCS). It is noteworthy that all these regulators are Tier-1 regulators. Adding to their credibility, the firm had also received the “Most reliable broker award in 2019, accounting for its reliability and trustworthiness.
Offers and Services
The first thing that has to be looked at with regard to FxPro’s services are the assets or financial instruments that the firms gives access to.
Much like its many contemporaries and competitors, the brokerage trades Foreign Currency Pairs. The currencies that the firm allows to trade total to 65 pairs, including key players like the EUR/USD, GBP/USD, and the USD/JPY.
FxPro also offers Energies with concentration to Oil and Natural Gas, Metals, specifically Gold, Silver, and Platinum, Equities with the most notable public companies like Apple, Tesla, and Facebook, and Major and Minor global indices such as DJ30, GER30, and S&P500.
The Trading Accounts that are available to the clients are tied to the trading platforms the firm offers. These accounts include the following:
- MT4 Account
This account gives its users low spreads and low prices through a highly-intuitive and therefore easy to use platform.
- MT5 Account
This account allows for more customized features from its previous version.
- cTrader Account
This account gives access to competitive prices through low spreads and spread-betting.
- Edge Account
Featuring FxPro own-developed platform, Spread-betting is this account’s main offering. While it is still at its Beta phase, the account already has notable offerings such as no-commission trades and low all-around prices.
- VIP Account
This company features VIP features such as discounts of 30% on Spreads, 30% lower commissions upon the use of cTrader, account managers, and a highly-responsive customer support system.
- Joint Account
FxPro’s Joint Account allows its holders to have trading partners. In addition, the user is given the benefit of having his or her own professional manager.
On top of these accounts, FxPro also offers an Islamic Account. Following the stringent provisions of Sharia Law, the account is Swap-Free, meaning clients are not charged with interests for the overnight positions.
As already mentioned through the previous segment, most of the trades FxPro come with no commission charges. The following figures show the firm’s Spread offerings:
|Asset||Market Spreads from|
|EUR/USD||1.5 pips on average|
|Crude Oil||5 pips on average|
|Gold||27 pips on average|
No middlemen are involved, effectively lowering the costs.
Traders who are based in the United Kingdom trade through FxPro Ltd. UK and they are privy to 1:30 leverage for Forex Majors pairs. On the other hand, other clients from the other parts of the globe can get leverage of up to 1:500. This is actually the highest leverage.
With cryptocurrencies, the leverage can range from 1:20 to 1:2.
Clients are allowed to make transactions through the currencies, USD, KWD, EUR, AED, RMB, and SAR.
Deposits and Withdrawals require no transfer fees and could be done through Credit Cards, Bank wire transfers, PayPal, Skrill, UnionPay or Neteller.
The initial minimum deposit for new users is only at $100.
What users need to watch out for is the charge of $15 as a dormant account fee should the trader fail to make trades within a span of 3 months. This is followed by a $5 fee should the account be inactive.
Trade with FxPro Today!
The things outlined and discussed at length in this review do illustrate a positive image for the firm. Noteworthy among the services that FxPro offers are:
- The selection of financial instruments
- The 7 types of accounts that allow for many gratuitous features including low costs for spreads and commissions
- The competitive fees charged to clients for inactivity, dormant accounts, and initial minimum deposit
The third item is completely understandable and even necessary.
It is to the opinion of the review team that trading with FxPro will render handsome profits and greater trading opportunities.