Fx Pro Review

Almost every forex broker claims that they’re committed to offering traders with a comprehensive range of online trading products and services. However, only a few manage to deliver what they actually claim or say. Hence, it’s important that traders  choose their forex broker wisely. Typically, a broker should provide the traders with multiple trading instruments and assets such as commodities, futures, stocks, forex and indices. Apart from this, the broker must also offer a sophisticated and easy to use trading platform that allows investors to trade smoothly and efficiently. In fact, opening an account with a regulated and reliable online forex broker allows traders to enjoy safe and hassle-free trading.

 

It is vital that you choose a broker only after weighing the pros and cons. However, in order to do this, you will need sufficient time, understanding of the forex market and knowledge around online trading. As a trader, especially when you’re new to online forex trading, you may not have enough time to analyze different brokers. Neither can you gather much information about the broker unless you’ve created an account with them. This is exactly where you’ll require the support and guidance of a truly experienced and professional trader. A trustworthy and efficient trader can provide you with a transparent and honest picture about your preferred broker. This would further assist you in making the right trading and investment decisions.

Here, we have reviewed Fx Pro, which happens to be UK’s premier financial services provider. Based in Cyprus, the broker provides an array of trading services and solutions to beginner and advanced traders. During the review process, we found that the broker offers a gamut of trading options as well as features to its clients, allowing them to trade safely and profitably. Our review experts also discovered that the broker is regulated and monitored by the FCA, FSB and CSEC. The minimum deposit required for opening an account with the FX Pro is $100 and the broker offers both web and mobile based trading platform to traders around the globe. Read on to find a comprehensive review about the broker.

Trading Platforms

Choosing a broker has a lot to do with the kind of trading platform they offer. In fact, if the broker you’re planning to trade with does not offer an effective, speedy and feature rich trading platform, then it’s better that you pick another one. Remember, as a trader, you’ll be carrying out a number of trading activities throughout the day and thus you cannot afford to partner with an online broker that fails to offer a quick, reliable and efficient trading platform. As far as Fx Pro is concerned, the broker offers a highly advanced, sophisticated and easy to use trading platform. The broker basically offers 9 different platforms for trading. However, 4 of them are mobile based platforms that are designed to offer a great deal of comfort and convenience to the traders. The other trading platforms include the immensely popular MT4, MT5, Fx Pro Markets and Fx Pro cTrader. Each of these trading platforms is easy to comprehend and offer some of the most sought-after trading features, tools and options.

MetaTrader 4

MetaTrader 4 is basically a desktop based platform for trading. Also referred to as the FxPro Client Terminal or the FxPro WebTrader, the platform is excellent for traders who’re new to the world of trading. However, our review experts noticed that the Fx Pro MT4 offers less number of trading tools and charts in comparison to the other platforms. So, if you’re a beginner trader, then the MT4 platform will definitely appeal to you.

Metatrader 5

In 2015, Fx Pro expanded its offerings and included the MetaTrader 5 platform, which offers some of the most advanced and unique trading features to its clients. The MT5 platform offers an in-built economic calendar, technical indicators and trading through tick charts. The platform is ideal for intermediate and advanced level traders who wish to customize their platform’s appearance and layout in accordance with their trading strategy and style. Apart from placing orders, it also helps raders in analyzing the financial markets using their highly advanced and efficient technical charts, indicators and graphics.

FxPro Markets

The Fx Pro Markets is another unique platform that allows traders to trade comfortably. It basically offers a combination of effortless trading, multi-asset offerings, superior execution and competitive prices. It is an innovative web based platform that allows traders to access the market from anywhere, without the need for installing any application. From one click order execution to tight spreads to advanced technical charting and indicators, the platform is tailor-made for traders who’re looking to earn profits through online trading.

cTrader

cTrader is yet another exciting platform offered by the broker, which is an ideal combination of excellent and easy to use trading features, charts and tools. The cTrader platform is essentially an ECN or Electronic Communication Network platform that has been specifically designed for forex and CFD trading. It is an extremely potent, user-friendly and sophisticated platform that is perfect for advanced or professional traders.

Mobile Trading

We’re living in an era where we’re heavily dependent on mobile phones and devices for carrying out our day to day work and communication. This is also one of the major reasons why, more and more traders are now looking to trade through their mobile phones and other gadgets such as tablets and smartphones. Mobile trading not only offers the much needed convenience of trading anytime, anywhere but is excellent for traders who’re always on the go and do not have sufficient time for keeping a track of their trading activities via a personal computer. As far as Fx Pro is concerned, the broker definitely does a good job here. Fx Pro offers MT4, MT5, cTrader and the Fx Pro Markets mobile platforms to its clients. The mobile apps are readily available for iOs and Android based smartphones and gadgets and provides traders with comprehensive trading tools and features such as the economic calendar, real time charts and quotes, forex calculators and forex signals among other exciting features.

Algorithmic Trading

In addition to the above mentioned trading platforms, the broker also provides algorithmic trading platform to traders who prefer algorithmic trading. As part of this platform, the broker offers its clients with cAlgo Algorithmic trading capabilities, FxPro library, FxPro Quant Strategy Builder and FxPro VPS. Fx Pro’s cAlgo trading platform essentially provides traders with algo and technical indicator coding app that further helps them in creating and building algorithmic strategies for trading.

Trading Conditions

Trading conditions are also crucial for selecting a broker. In simple terms, trading conditions depends on the kind of spreads, leverage and speed of execution provided by a broker. Hence, if the trading conditions are not in accordance with your requirements, then search for another broker that is capable of providing you with appropriate trading environment and services. In the case of Fx Pro, we found that the broker offers low and consistent spreads to its clients. The default leverage for traders who create an account with the broker is set at 1:50 and it goes up as high as 1: 500, depending upon the trader’s experience and knowledge around CFD trading. Apart from this, Fx Pro offers quick, efficient and hassle-free order execution services to its clients around the globe. Below, discover more about their spreads, leverage and speed of execution.

Spreads

FxPro offers low and fixed spreads to its clients. The broker uses highly sophisticated algorithms that further allow them to pass excellent ask and bid prices to their clients. Their spreads are always consistent, especially during forex news, updates and volatile market conditions. While spreads on their cTrader platform starts at 0 pips, the same for MT4 platform is 0.6 pips.

Leverage

As already stated above, Fx Pro has set the default leverage at 1:50 for traders who open their accounts with the broker for the first time. Thereafter, the broker assesses a trader’s knowledge and efficiency to provide them with leverage in accordance with their experience and understanding of the markets and CFD trading. Also, the maximum leverage offered by the broker is 1: 500 and if a client opens positions across different instruments, then the leverage is calculated separately for each one of them. Thus, the maximum leverage for trading 100-200 lots is 1:200, whereas the same for trading 200-300 lots is 1:100.

Speed of Execution

When it comes to executing orders, Fx Pro offers unparalleled services to its clients from diverse backgrounds and industries. The broker has a record of executing as many as 199,397 orders in a single day, which clearly demonstrates that Fx Pro offers ultra-fast and reliable order/transaction execution services. In fact, most of their client orders are filled and executed within thirteen milliseconds.

Deposits and Withdrawals

Before selecting a broker, traders must find out whether they have a simple and quick deposit and withdrawal mechanism in place or not. While, most of the brokers accept money readily, they take a lot of time in releasing funds. In the case of Fx Pro, traders won’t face much of an issue. The broker offers fast and convenient deposit and withdrawal procedures. As a result, withdrawals are processed within one day, whereas deposits are accepted instantly (typically ten minutes). Hecne, traders can initiate trading immediately after the funds have been credited into their accounts and their account details have been duly verified by the broker. Below, learn more about Fx Pro’s deposit and withdrawal procedures and requirements.

Deposit/Withdrawal Methods

Clients can deposit funds through bank transfer, debit/credit card, Skrill, Neteller, FasaPay, Webmoney, CashU and Netbank. Apart from this, they also offer MonetaRU for traders from Russian countries and mPay for those from China. Also, clients who choose to deposit money through PayPal are required to pay an additional fee of 2.7%. In order to withdraw funds, traders need to log into FxPro Direct and further place their requests for withdrawals.

Speed of Deposits/Withdrawals

The speed of depositing and withdrawal of funds is another important point that should be borne in mind at the time of selecting a broker. A broker should be capable of providing its clients with speedy, timely and straight and simple deposit and withdrawal procedures and systems. As far as Fx Pro is concerned, the broker provides its clients with quick, simple and efficient deposit and withdrawals methods as well as  procedures. The broker also offers fast and hassle-free withdrawal services and in most cases the time taken to transfer the funds back into the client’s account isn’t more than one day. Remember, as a trader you may need funds for various purposes such as during emergency situations or to raise enough capital for your business etc. Thus, when you choose a broker that offers smooth and less complex withdrawal procedure, you’ll be able to access your funds conveniently.

Regulation

It goes without saying that your broker should be regulated and monitored by appropriate regulatory bodies and authorities. Remember, a broker that isn’t regulated cannot be relied upon, as they can vanish from the market after accepting deposits and funds from you as well as other clients. On the contrary, a regulated broker adheres and complies with appropriate regulatory procedures as well as trading guidelines. Such brokers can be held accountable in case of any financial disputes. While reviewing Fx Pro’s regulations and licenses, we found that the broker is adequately governed and regulated by numerous regulatory authorities including FCA, CySEC, SCB, DFSA and FSB. Below, find out more about their regulations and licenses.

FCA, CySEC, SCB and more

Fx Pro UK Limited is regulated and authorized by the FCA or the Financial Conduct Authority that further requires the broker to protect their traders, improve the integrity levels within the market and promote competition keeping their consumers’ interests in mind. Apart from this, the broker is also regulated by the Cyprus Securities and Exchange Commission (CySEC), which is the regulatory and supervisory body for investment solutions providing companies in Cyprus. As a result, the broker needs to comply with the European Union and other local rules and regulations like the MiFID (European Markets in Financial Instruments Directive) as well as the Cyprus Investment Services and Activities and Regulated Markets Law of 2007. In addition to the above, Fx Pro is also monitored and governed by the Dubai Financial Services Authority (DFSA) and Securities Commission of The Bahamas (SCB) as well as the Financial Services Board (FSB). The broker is also a member of the Financial Services Compensation Scheme (FSCS) and the Investor Compensation Fund, which are responsible for resolving clients’ financial disputes in the event of any financial malfunction or claims.

Segregation of Funds

It is vital that you choose a broker that segregates client funds and does not use the same for personal gain and growth. Fx Pro is renowned for offering transparent and trusted services, especially when it comes to handling and segregating client funds. Thus, all the funds deposited by the clients are held separately in a different bank accounts and not co-mingled with the company’s funds. As a result, client funds are never utilized for company’s growth or personal use. Fx Pros has collaborations and partnerships with some of the leading banks across the globe. Hence, all client funds are kept in these banking institutions. Some of the banks that the broker has partnered with include Bank of America, Royal Bank of Scotland and Barclays Bank PLC.

Customer Support

The customer support team plays a crucial role when it comes to resolving client issues and queries. Customer support professionals not only provide appropriate answers to client queries but also have abundant information around the functioning and processes of a company, which is precisely why one must always opt for a broker that has an advanced, strong, reliable and prompt customer support team in place. When we reviewed Fx Pro’s performance with regard to their customer support services, we found that the broker has an extremely active and sharp customer support team in place. Their customer support representatives had answers to all our queries pertaining to trading, order placement, spreads, liquidity and more. Apart from this, the broker also has several other customer support options such as phone, chat and email for its traders, which definitely implies that the broker is committed to providing its clients with best in class trading services and solutions. Below, discover more about their customer support services.

Live Chat

One of the best things about the broker is that they have a 24×7 live chat feature in place for their clients. Thus, traders who may have multiple queries regarding online trading, order executions, margins etc. can easily get in touch with the broker and find answers to each one of them as and when desired. When our review team tried to contact the broker through their live chat feature, we got an instant response from their representative. In fact, their customer support team provided us with appropriate answers to our queries and also offered clarification regarding the broker’s deposit and withdrawal methods and procedures.

Contact Mediums

In addition to the live chat feature, the broker also provides its clients with other contact options such as phone and email. In fact, Fx Pro offers multilingual support services, which means that clients can safely get in touch with Fx Pro support team and acquire answers to their queries in desired languages. In the case of Fx Pro, support is available in multiple languages including French, Chinese, Arabic, Hungarian, Japanese, English, Czech, Romanian, Spanish and Polish among others.

Apart from this, the broker also offers a call back feature/service to its clients who would like to receive a call back from their support team. Our review specialists also found that Fx Pro has customer support centers in twenty three different countries.

Trading Education

Trading education is increasingly gaining a lot of prominence among all types of traders including beginners, intermediate and advanced level traders. This is one of the primary reasons why more and more brokers are looking to provide their clients with in-depth and a wide variety of trading materials, information and resources. During our review, we found that Fx Pro does an amazing job when it comes to guiding and educating its clients around online trading, forex trading strategies and other relevant data and resources.

Through the Fx Pro Trading Academy, the broker offers its clients with adequate information around the basics of forex trading. The Trading Academy also has ample information for beginner traders and it helps them in learning more about online trading.  The broker also provides traders with an innovative video library that further offers meaningful and appropriate videos around forex trading and the financial markets in general.

News & Analysis

Fx Pro’s also offers technical analysis through the Trading Central feature on its portal. Hence, traders can acquire accurate, high-quality and advanced technical analysis as well as information around the financial and trading markets as and when required. Apart from this, trading central also offers information around Japanese Candlesticks, mathematical indicators and chartist approach and covers trading strategies for different asset classes such as Forex, Metals, Equities, Indices and Commodities.

To sum up, Fx Pro is one of the best brokers in the business. The broker offers advanced and unique trading features, tools and services to its clients enabling them in making the most of their trading time and money. The fact that Fx Pro has won several awards and recognitions including Best Forex Trading Platform 2013, Best FX Service Provider 2014 and Best Forex Broker 2015 from some of the leading media organizations such as Financial Times, Investors Chronicle and Share Magazine among others, goes a long way in demonstrating that the broker is a well known name in the world of online forex trading. Fx Pro has a comprehensive range of forex trading tools and multiple trading platforms for its clients, which definitely makes them one of the finest brokers in the industry.