FXFinPro FX Broker Review
FXFINPRO Capital is a provider of investment services, located in Limassol, Cyprus. It received its licence from CySEC in 2013, and is authorised to offer investment services in Cyprus and to provide cross border services to other countries including the UK, Germany, France, Algeria, Bolivia, and a host of other countries worldwide So what are the advantages of working with this broker?
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Forex, indicies, commodities, shares
The benefits of working with FXFINPRO Capital?
- Access to thousands of contracts in a range of assets including goods, currencies, indices, fuels, and metals
- Access to tens of thousands of stocks issued by some well known manufacturers
- A multimarket trading platform called FXFIN Protrader
- MetaTrader 4 trading platform
FXFINPRO have some very favourable trading conditions, and we’ll spend some time giving you some of the details.
Deposits, spreads and commissions with FXFINPRO
There is a very good minimum deposit with FXFINPRO. Initial deposits have to be at least $50, which is very reasonable when compared with some of the other brokers offering their services. Spreads are very tight, with major currency pairs starting at 0.3 pips. There is also an ECN option which charges commission ranging from $2-$3.5 per lot per side, but it depends on individual trading volume. If we look at spreads on an average basis it is around 1 pip, with commission included.
Leverage is around 500:1, and we should mention that this is around the average, but traders should appreciate that such a high leverage figure has the potential to bring in big profits, but it could also result in considerable losses.
FXFINPRO Capital offers its own trading platform as well as MT4
We’re pleased that FXFINPRO offer the popular MetaTrader 4. MetaTrader 4 is an award-winning platform and is preferred by many different traders. Everything a trader could possibly need is there for the taking such as a number of technical indicators, advanced charting package, an extensive back-testing environment, and a wide range of Expert Advisors. Traders can choose between downloading a ready-made strategy or devising their own. And it’s available in mobile, web, and desktop versions. But there is also a proprietary platform known as FXFIN Protrader. It is a very functional platform that is suitable for a wide range of traders. There are a number of tools and features worthy of a mention.
Open Book Panel – Displays level II quotes
Matrix Panel – An impressive order management console enabling one-click trading
Trading by charts and The Trades Table – A professional analytical tool that gives details of level I quotes
Algostudio – A module that includes a toolkit for developing user strategies with MQL4 and C# languages
Built in indicators – More than 60 are available
MAM (multi-account management) is available, but this is an option that is designed more for the professional asset manager. Also available is FXFINPRO JForex which is an automated Forex trading software, allowing exchange rates and transaction sizes in the global markets to be easily tracked. It also shows bids that have been posted by other traders and market makers. JForex is a platform that is perfect for both automated and manual trading.
Opening an account is relatively simple
There are two different accounts to choose from, and the one we feel the need to mention is the demo account. As always, we would advise anyone looking for a broker to try out the demo account first. It provides everything you’d need to learn more about a broker’s trading experience, and without risking any real money. You can read reviews for hours and hours on end, but nothing will compare to your own personal experience. No documentation needs to be provided and you get to know about the service provided by FXFINPRO as well as the features of the trading platform. For a real account there is a registration process that has to be gone through, along with the submission of various documentation. These include a copy of your passport, and proof of residency. If you want to open a company trading account then the process is a little more complex.
So what did we think of FXFINPRO? On the whole it is a well-regulated broker that offers some very low spreads. A range of trading platforms are offered, including MT4, and leverage is relatively high. There is a demo account, which is always good news, especially for beginners. The website itself was not on a par with some of the bigger brokers, but that won’t put everyone off. After all, not everyone likes all the bells and whistles, and prefer to get on with the simple matter of trading. The educational section was pretty good, and included a good explanation of the various markets, the basics of trading and investment management, as well as free 10 day Forex trading lectures. If you like the sound so far, then open a demo account and experience it all for yourself.