FXPro BITcoin review
This broker was not featured in our 2020 Broker Review Audit. This is because, in the past 12 months, it has failed to pass our initial screening process and is not recommended by our team of experts. As such some of the information found here may be out of date.
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FX Pro BITcoin is a Forex trading company that does not have any affiliation with the FXPro broker. It is possible for traders to get confused with the broker’s brand name, especially due to the immense popularity of FXPro among international Forex traders. It is also strange that the broker uses BITcoin in its brand name, which might indicate a partnership with the popular online peer-to-peer payment platform. Once again, FX Pro BITcoin is not related to Bitcoins in any way either. The company merely claims to be an FX broker that accepts Bitcoins as a valid payment and withdrawal option. Although the company has an unusual name, the broker seems to be initially registered as First National Innovation Brokers, which was launched back in 2011. However, 2016 saw a management change, which would signify the change in the broker’s brand name to FX Pro BITcoin, which appears to be a part of a global group of companies.
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A Brief Look Into FX Pro BITCoin & Its Allied Firms
FX Pro BITcoin is owned by First National Bnak (not to be confused as First National Bank), which operates other businesses such as FX Boss and SwiftCoins. FX Boss is a Forex news and analytics website that provides financial research services to individuals, hedge fund managers, investors, and institutions. SwiftCoins, on the contrary, is a peer-2-peer payment that is built along the same lines of Bitcoins. However, Swiftcoins have not enjoyed the same popularity and market exposure as its competitor, which does affect the long-term security and safety of client funds. It is also strange to note that FX Pro BITcoin and its associated websites are not maintained according to the modern standards. All of these websites have more or less incomplete pages with limited information on the different products and services. The website also has a lot of broken links that severely affect the user experience. Nevertheless, in this FX Pro BITcoin broker review, we will attempt to find out whether it is safe to invest in the FX market using this broker.
How Is FX Pro BITcoin Regulated?
FX Pro BITCoin has not listed a contact address, office location, phone number, or any other identifying information on their website, which does spell disaster for the broker at the outset. A Forex dealer should offer all the vital information about its location and regulatory status on their website to help prospective clients to learn more about the security aspect of trading with FX Pro BITcoin. Upon further investigation, it has come to our notice that FX Pro BITcoin is a non-regulated Forex broker that offers a regular market maker account. The broker also seems to be lacking in its customer service department, with the company only providing a web contact form for its clients. Sure, you can send emails to the concerned departments, but the lack of direct phone access or a live chat feature can be a hindrance for real-time support. The lack of a proper regulatory license and the absence of efficient customer support channels may prevent the broker from achieving its full potential in the market.
So, What Is The Primary FX Pro BITcoin Account Option?
An FX Pro BITcoin Forex account is available for a minimum deposit of $1000, which is too high for an unregulated Forex broker. We are not sure why the company has specified such a significant amount of deposit, but the company clarifies that a trader will need at least $1000 to open a meaningful position in the markets. We would have understood this aspect if the maximum FX Pro BITcoin leverage is limited to 1:100 or anything lower, but the broker offers a maximum leverage of 1:1000. If a trader uses the entire 1:1000 margin on his account, a small 10 pip movement can wipe out his equity entirely. Therefore, it is not advisable to use the large amount of leverage, which should be reduced as soon as you open your trading account. The broker is not open about its FX Pro BITcoin spreads, but we have witnessed the spreads to be on the higher side, with most market conditions quoting 3 to 5 pips spread for the EUR/USD pair. The lack of an ECN account also prevents traders from enjoying competitive spreads or direct market access trading, which are further drawbacks of trading with the company. However, the broker does provide a handsome bonus of up to $10,000 as trading credits, which can help in enjoying more equity to invest in the markets. It is the duty of every trader to read through all the FX Pro BITcoin bonus terms and conditions before accepting their bonus, as it is vital to understand that almost all bonuses in the FX market have pretty stringent trading conditions imposed on their respective trading accounts. Traders can make a deposit or withdrawal using credit cards, bank wire, or through Bitcoins and Swiftcoins. The broker primarily promotes Bitcoins as a valid payment option and also facilitates the exchange of bitcoins into any other major currency in the world. Bitcoin payments are safe, secure, and anonymous, but you should consider the security aspects of the broker before depositing funds into their trading accounts. Other trading features include access to third-party services such as Trading Central and AutoChartist, which are considered as some of the excellent market research software in the market. The broker also provides its own version of live market commentary known as the FX Pro BITCoin Squawk, along with other market research oriented services through its proprietary FX Boss platform. Overall, the broker does provide some interesting account features that are pretty advanced for a regular Forex broker, which should justify the high $1000 initial deposit. Traders can use all the tools at his disposal to make impressive predictions of the market without losing a significant chunk of their trading capital.
What Is The Standard FX Pro BITcoin Trading Platform?
FX Pro BITcoin offers a platform known as the FX Pro BITcoin Trader 1.0, which is a modified version of the MT4 terminal. The interface is also available as a mobile app, which should help mobile traders to access their accounts on the go. The MT4 terminal is a great platform, which should provide stability and reliability for your trading ventures. The broker is also keen to point out the trading risks associated with Forex trading through their accounts, which are divided into two specific categories. The first type of risk is the slippages, which are normal in every trading account due to the volatility in the currency markets. However, market maker brokers have little instances of slippages due to requotes and order cancellations, which does help traders to combat any amount of excessive slippages. The very fact that the broker warns about excessive slippages may send warning signals to established traders. The second type of risk is the weekend trading aspect, which also includes rollover SWAP. While SWAP is an integral component of FX trading, the broker does warn about the impact of higher margin requirements and holding on to weekend trades through their trading platform. The broker is free to edit/modify the trades according to their internal policies, which may close out clients’ orders, irrespective of their account margin. You should choose FX Pro BITcoin only after carefully considering all the options in your market. There are several discrepancies with the broker that prevents us from recommending the broker wholeheartedly, but there are other advantages to opening an account that may help the average trader.
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