Best Forex Brokers：FxPro Review
FxPro, domiciled in Cyprus, is a Forex broker that caters to both experienced and beginner traders. Founded in 2007, FxPro has established itself as one of the leading Forex brokers in the industry. It offers a wide range of options and features and their landing page is chock full of useful information. Navigation throughout the site moves along at a rapid clip and opening either a real or demo account is quick and easy.
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FxPro Trade Execution
Accounts
There are several accounts at FxPro: FxPro MT4 Floating Spread, FxPro MT4 Fixed Spread, FxPro MT5 Floating spread with market execution, FxPro trader Floating spread with market execution and FxPro SuperTrader Investment account which offers investors the opportunity to access the FX market without having to trade manually.
FxPro Account Types
The recommended minimum initial amount is $500 for MT4 traders and $1000 for cTrader accounts, however, you may deposit as little as $100 at a time.
The PAMM account is ideal for professional traders who manage multiple accounts for other traders. The PAMM accounts provide traders with everything they need to easily manage their clients' funds under a master account.
The VIP package is for selected high net worth clients and those actively trading large volumes. VIP clients benefit from no deposit Fees, free VPS service, a free FxPro Mastercard as well as trade recommendations, exclusive news reports and margin level alerts via email and SMS.
Demo accounts are available for MT4, MT5 and cTrader accounts with a maximum demo balance of 500,000. Leverage is from 1:1 to 1:500.
Features
FxPro offers a range of features that are aimed at streamlining the trading experience.
During our FxPro review it was a relief to find that the company lists its spreads very clearly, and that the company makes an effort to offer competitive spreads. MT4 traders can enjoy trading EUR/USD from 0.8 pips with up to 1:500 leverage and commission-free trading, while ECN traders can enjoy similarly competitive spreads and leverage up to 1:100. MT4 traders can also enjoy fractional prices and the use of expert advisors which can streamline a more profitable trading experience.
A distinct advantage of FxPro is that traders can set their leverage from 1:1 to 1:500, to capitalize on the risks of the market, or to minimize them, depending on each trader’s individual preferences.
FxPro offers several other unique trading tools. For traders interested in developing their own EA, the FxPro Quant provides an easy technology for doing so. The FxPro Vault enables traders to keep a certain amount of money in a ‘vault’ ready to be used for future trades. And the FxPro Dashboard can be used to view the trades of other traders.
FxPro Dashboard
FxPro also offers standard trading tools such as technical analysis and Forex news. Lastly, this Forex brokerage offers classic calculators such as a pip calculator, margin calculator and currency converter.
FxPro Calculators
Other tools include their revolutionary visual strategy builder, FxPro Quant which gives traders the opportunity to turn their own strategies into trading algorithms that automatically run on the MT4 and cTrader platforms. This powerful tool opens up algorithmic strategy development to everyone without requiring any coding knowledge. These trading algorithms can be uploaded to FxPro’s low latency Virtual Private Server so traders can trade around the clock with no down time and without even needing to turn on your PC.
FxPro Quant Strategy Builder
Education
The FxPro Trading Academy has been designed to teach the basics about Forex trading to beginners and to prepare them for the challenges of trading on the world’s currency markets.
FxPro has an extensive video library, which offers short, insightful videos about basic topics, all of which are aimed at enhancing your overall trading performance. The videos loaded in a timely fashion and, in contrast to many of the Forex videos we saw on other broker websites, they were about general trading strategies and tips, not only about how to use the trading platform.
Videos on the FxPro Help Center
The economic calendar lets traders plan their trading day down to the minute. They can view all the economic reports due to be released, their previous results, consensus forecasts and the volatility likely to be generated.
Deposits/Withdrawals
Deposits can be made via bank transfer, credit/debit Card, PayPal, Neteller, Skrill, Webmoney, FasaPay and MonetaRU (for Russian-speaking countries), CashU, Netbanx and mPay (for Chinese clients).
To withdraw funds, a trader must log into FxPro Direct and make a withdrawal request.
Customer Service
With customer support bases in 23 countries, traders using FxPro can rest assured that assistance is only a toll-free phone call away. Traders in other countries or those who prefer alternative methods of service can request a callback at a time that they select. Like most brokers, FxPro offers support 24/5, from Sunday night at 11pm in most time zones through Friday night at midnight.
In addition, FxPro’s Contact Us page is among the best we’ve seen, with different boxes that contain the phone number and email of each department, so that you can rest assured that your inquiry will arrive at the right place.
The platform and customer support is available in close to twenty different languages.
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Conclusion
All in all, FxPro has something for everyone and makes it easy to trade Forex. We found that FxPro’s features weren’t especially unique, but they were presented in a useful, professional way that can serve all types of traders more than adequately.
