Evaluating A Segment Leader In The Financial Markets Through This FXPro Review
FXPro is an incredibly popular and a leading Forex broker that has consistently outperformed its rivals by acquiring a significant share of the retail FX trading market. FXPro was conceived by a group of financial experts whose top priority was to bring Forex trading to the masses. FXPro is very consistent when it comes to investing in new platforms and developing innovative technologies that aim to create a safe and secure trading environment.
FXPro began its operations in 2006 and had initially based its operations out of Russia. However, there is a widespread misconception in the markets about the reliability of brokers situated in Russia, which forced the company to move into new geographic locations to improve trader trust. Over the past few years, FXPro expanded its presence to different parts of the world and is currently an established FX broker in several regions including mainland Europe, Africa, and Asia.
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Essential Facts About FXPro Regulation & Security Of Funds
FXPro is a properly regulated Forex broker, and owing to their global presence, FXPro regulation is presided over by regulatory organizations such as the FCA, the CySEC, and the FSB. FXPro was also a part of the ASIC regulation until recent times. However, newer regulatory protocols enforced by the ASIC on retail FX trading has prompted the broker to wind up its Australian operations. Nevertheless, FXPro does accept clients from Australia, New Zealand, and all parts of the world, except traders from US and Iran. Therefore, if you are a trader from the US, you will not be able to open an account at FXPro or any of its white label subsidiaries.
Since FXPro is a regulated member of the FCA, the broker is required to become a compulsory participant under the FSCS scheme, which oversees the security and protection of client funds if the broker declares bankruptcy or faces liquidation. FXPro keeps all customer funds in segregated accounts, and the funds are split up between some of the big banks in the industry, including Bank of America, Barclays Bank, and Royal Bank of Scotland. FCA and CySEC regulation also requires the broker to submit period financial reports through certified independent third party auditors. Therefore, FXPro has covered all eventualities to ensure that traders are offered complete peace of mind and security while investing their hard earned money with FXPro.
Opening An Account & Choosing The Best FXPro Trading Platform
Traders are offered the option of opening an account at FXPro by choosing a preferred FXPro platform. The broker has several FXPro platforms that are oriented for different types of traders and investors. FXPro accounts start from a minimum initial deposit of $500, which is the broker recommended amount. Nevertheless, traders can make a smaller deposit of $250 or even $100 under exceptional circumstances. To make a smaller deposit than the recommended $500, traders should contact customer support to facilitate the discounted payment.
As an FXPro client, you are offered the choice between three different types of accounts. The standard FXPro MT4 and FXPro MT5 accounts are STP accounts that have a variable spread structure with no commissions. The MT4 account offers access to a wide range of financial instruments including currency pairs, metals, shares, and indices, while the MT5 account only provides access to FX and futures. The maximum FXPro leverage for both accounts is 1:500; therefore, traders must be careful about preserving their equity while using the maximum available margin. The FXPro spreads for these basic accounts are available from 1.4 pips, but re-quotes and market volatility can affect the spreads for each instrument.
The third type of account is the FXPro cTrader account, which is an ECN platform with low spreads and better execution standards. All cTrader accounts come with a commission per traded lot, and there are restrictions on the available leverage as well. Both the MT5 as well as cTrader accounts guarantee no re-quotes, which can induce slippage, which is less in the case of the cTrader ECN account. cTrader is another third party platform similar to the MT4 and MT5, but cTrader is considered to offer more features and advanced charting functionalities than the Meta Trader platform.
There is also an investment option known as the FXPro SuperTrader account, which is essentially a social copy trader account that helps traders to invest their money in the market by copying other professional and successful traders. SuperTrader is an excellent option if you are not prepared to tackle the risk of on-hand Forex trading.
FXPro mobile traders can download the respective mobile apps for cTrader, MT4, and MT5 platforms for both iOS as well as Android devices. Since the broker offers two different platforms for their traders, the company hasn’t developed any proprietary trading platform. Even the FXPro mobile trading platforms are excellent tools for trading on the move, which helps FXPro to channel their resources towards improving the overall trading experience.
The $500 minimum deposit is the standard across all types of accounts, which is a great feature, considering that even ECN account holders can open an account for a relatively smaller investment capital. One-price rule for all trading accounts does have some inherent drawbacks such as the unavailability of a micro account, which is incredibly popular among smaller retail traders. FXPro should consider granting access for smaller traders by designing a micro account option with lower initial investment barrier, which should help the company cater to a significantly large number of retail traders.
Is The FXPro Customer Service Department Effective?
FXPro has managed to ensure a high level of customer satisfaction by dedicating a responsible team of customer service representatives towards addressing customer complaints in a friendly and professional manner. FXPro understands the need for catering to their clients’ exact requirements, especially because FX trading and brokerage services involve the transaction of one of the most precious commodities in the world, money.
FXPro is a trusted and reliable broker that always goes beyond their ways to ensure that their traders are treated fairly and with respect. Open an FXPro demo account to get familiar with the inner workings of the company, before opening a live account and investing your money in the markets.