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Online Brokers
An online broker works as an agent between the buyer and seller in investment transactions involving stocks, futures contracts, forex, and cryptocurrency. Most online services offer brokerage services to earn transaction fees, commissions, or both. Before advanced trading technology, all these trades were executed through physical brokers and exchanges. Most of these exchanges now offer their online transactions services through their brokerages.
Benefits of Investing Through Online Brokers
Online brokers are the preferred trading option as they help the experienced trader make balanced and independent decisions. Traditionally, brokers and their agents encourage users to invest in the investment option that will help them earn the most commissions. This leads to a bias when advising investment plans to users. This bias is why most users now prefer to do their trading online, as traders can make trades without excessive influence, oversee their portfolios, and perform transactions without geographic limits.
Online trading is also suitable for handling assets in unstable markets and rapid price changes. As a rule, trades are implemented faster and cheaper in online trading. This is because most online platforms have lower fees than traditional brokerage houses. However, this is where FxPro loses points as its pricing is higher among the online platforms.
Highlights
| Demo Account | Yes |
| Leverage | 1:500 Max |
| Available Assets | forex, indices, futures, stocks, cryptocurrencies, and commodities like energy and metals |
| Deposit Methods | Deposit to FxPro Wallet |
| Base Currencies | USD, GBP, Eur |
| Min Deposit | $50 for Standard, $1000 (pro), $100 (RAW+) and $30K iin 2 months (Elite) |
| Regulation | Financial Conduct Authority (UK), Cyprus Securities and Exchange Commission (EU) and he South African Financial Sector Conduct Authority |
| Account Type | Standard, Pro, Raw, Elite |
| Trading Platform | MetaTrader4, MetaTrader5 |
Trading Platform
FxPro is a platform for forex and cryptocurrency traders. The platform offers web-based and mobile trading services from its MetaTrader 4 and 5 platforms.
Fees & commission
FxPro pricing is above the industry average, and its pricing options include fixed and variable spreads. The variable spread pricing works on an execution basis and falls under instant and market pricing. The cTrader platform applies commission-based pricing on transactions.
The floating or variable spread is applied on both MT4 and MT5. The rates are EUR/USD spreads of 1.58 for users with market execution and 1.71 for accounts with instant execution
Leverage
The leverage options on FxPro vary across the different FxPro trader platforms. Leverage rates are automatically calculated according to the user’s trades. However, as trading volume increases, the maximum leverage possible also declines. Leverage ranges from 500 for forex, spot indices, and precious metals, 200 for precious metal futures, e.g., gold futures, and 40 for spot rates for base metals.
Platforms & tools
FxPro offers trading in forex, indices, futures, stocks, cryptocurrencies, and commodities like energy and metals. Users can use the Metatrader 4 and 5 trading platforms or the proprietary FxPro platform.
Account opening & deposit/withdrawal experience
FxPro allows its clients to open accounts and place their deposits in the FxPro Wallet, which then enables users to fund their different trading accounts. There are some negative views about fund withdrawal from the platform, and the Trustpilot page mentions multiple fake reviews for the platform.
Customer service & support
The customer support seems adequate as a user can get in touch with customer support by requesting a call back, live chat, and online tutorials and guides.
Education & learning resources
There are multiple educational resources on the FxPro website under the resources head. There is an investment blog, guides for all stages of the investment process, and a tutorials section for using the platform.
Research & analysis
The FxPro website has an extensive section of feature articles and write-ups that range from essential to advances and cover fundamental and technical analysis. The psychology of trading is also covered. Some video tutorials are also available for using the platform and carrying out basic transactions.
Regulatory compliance & security
The FxPro platform operates multiple subagencies, divided into FxPro UK Limited, which is regulated by the Financial Conduct Authority (UK). Similarly,
FxPro Financial Services Ltd is regulated by the Cyprus-based Cyprus Securities and Exchange Commission. This is indirectly governed by the EU and local regulations in European Markets.
The South African Financial Sector Conduct Authority regulates FxPro Financial Services Limited.
Mobile trading
The FxPro Metatrader 4 and 5 platforms are mobile-enabled and will run on all mobile phones.
Overview of the FxPro platform
Fees and Commission
FxPro pricing is above the industry average. The pricing options include fixed and variable spreads. The variable spread pricing is based on an execution basis and is divided into instant and market pricing. The cTrader platform applies commission-based pricing on transactions.
The floating or variable spread is applied on both MT4 and MT5. The rates are EUR/USD spreads of 1.58 for users with market execution and 1.71 for accounts with instant execution
Range of Investment Opportunities
FxPro offers trading in forex, indices, futures, stocks, cryptocurrencies, and commodities like energy and metals. Users can use the Metatrader 4 and 5 trading platforms or the proprietary FxPro platform.
Overall Ratings
There is a lot of general and academic information about forex and cryptocurrency trading on the FxPro website. The website is registered in the UK, Cyprus, Bahamas, and South Africa. The regulatory licensing details are also disclosed. The company is headquartered in London, and all its applicable licenses and regulations are listed on the website.
Investing money through this platform seems somewhat risky despite there being recourse to the relevant controlling body (depending on which geographical area you are in). There is muted feedback on well-known consumer sites. There are some negative views about fund withdrawal from the platform, and the Trustpilot page mentions multiple fake reviews for the platform.
In-Depth Review of FxPro
Trading Platform
FxPro offers trading in forex, indices, futures, stocks, cryptocurrencies, and commodities like energy and metals. Users can use the Metatrader 4 and 5 trading platforms or the proprietary FxPro platform.
The website has a lot of advanced and essential trading guides and introductory information about the forex and cryptocurrency asset group. In forex, users can trade in both major and minor currency pairs. In cryptocurrency, users can trade in multiple crypto coins.
Platforms and Tools
One of the significant features of the FxPro website is its multiple trading platforms. The FxPro has more than 400 CFDs to pick from for people opting for the MetaTrader platforms. There are forex pairs, indices, metals, and cryptocurrencies. Under the cTrader platform, there are about 100 options. Under the FxPro BnkPro app, thousands of shares are available, even though its international rollout is not complete.
Most of these platforms are usable in both browser and mobile versions. The platforms are simple-to-use trading systems with technical support and single-click trading. The simple interface supports both new and practiced traders to trade efficiently. The trading platform has several customizable features, like customizable technical indicators, automated trading, live price monitoring, and charting options.
Account opening & deposit/withdrawal experience
FxPro allows its clients to start trading by registering through an online form and placing their deposits, withdrawing funds, and settling their trades through payment options like Bank wire transfers, credit and debit cards, and crypto-wallets.
FxPro clients open accounts and place their deposits in the FxPro Wallet, which then allows users to fund their different trading accounts. There are some negative views about fund withdrawal from the platform, and the Trustpilot page mentions multiple fake reviews for the platform.
This is a serious red flag and a reason for double-checking before registering for a FxPro account.
Customer service & support
The customer support seems adequate as traders can get in touch with customer support 24/7 through different avenues like requesting a call back, live chat, and online tutorials and guides.
Education & learning resources
There are multiple educational resources on the FxPro website under the resources head. There are guides for all stages of the transaction process, a blog, a glossary of terms, and a tutorials section for using the platform.
Research & Analysis
The FxPro trading platform offers its users a demo account. This is useful as demo accounts are helpful for novice traders to get the chance to assess their skills and the platform before they invest funds. Demo accounts allow users to try their trading strategies and examine their investment potential before staking their funds. The platform also offers generic educational tools for its users.
Regulatory Compliance & Security
The FxPro platform operates multiple subagencies, divided into FxPro UK Limited, which is controlled by the Financial Conduct Authority (UK). Similarly, FxPro Financial Services Ltd is over seen by the Cyprus-based Cyprus Securities and Exchange Commission. This is indirectly run on EU and applicable local regulations in European Markets. The South African Financial Sector Conduct Authority regulates FxPro Financial Services Limited.
Mobile trading
FxPro does have a mobile trading option that allows its members to trade through their mobile interface. This app is offered for both Android and iOS devices for free downloads. However, this is just for the FxPro MetaTrader 4 and 5 platforms.
The apps are similar to the website’s Metatrader 4 and 5 trading platforms, supporting easy, smooth trading. Most features are available on the mobile app, like interactive charts and the range o trading orders, to allow for easy and rapid order management.
Wrap-up
Summary of Key Features
The FxPro website details all its legal registrations and regulatory oversight for its multiple investment platforms. Different relevant regulatory bodies regulate all its registered platforms.
Pros and Cons of FxPro
Membership to the FxPro platform requires a minimum deposit of $100, which is on the higher side. There is some helpful information on the educational content with simple trading tips. There is, however, a demo tab for beginner traders to practice trading before starting trading. Demo accounts are helpful for people as they can familiarize themselves with the FxPro user interface.
The FxPro platform offers a lot of information about forex and crypto trading. However, the poor feedback about the platform’s reimbursement and the vagueness about the team behind it is a big red flag against the platform.
Final Considerations
The platform offers comprehensive resources and services for traders. But its pricing is on the higher side, and there are some terrible reviews about reimbursement of earnings, which can be an issue. Similarly, review sites report finding paid positive reviews, which are a significant cause for concern. Since the pricing is not too attractive, it is better to give this platform a skip in favor of other more favorable options.
Conclusion
FxPro is an offshore brokerage agency with numerous regulatory oversights and is headquartered in the UK. The company offers multiple options like forex, commodities, cryptocurrencies, and futures trading in most other regions of the world.
It seems to run these operations with some regulatory control and oversight. The company does not share any information about its team and their expertise or background. It just lists chat options, social media links, and email addresses for users to use in case they need support using the platform and its services.
Compared to many other less regulated or unregulated websites, FxPro seems slightly more regulated and provides some information about its operations. A cause for concern is the almost constant level of positive reviews, which have been identified as fake or paid. In addition, some online reviews complain about fund withdrawal and repayment behavior which should be a warning against investing with the platform.
There is some information to indicate that the FxPro platform is a legal broker with some certifications from multiple regulatory bodies. However, it should still be treated with caution as the more stringent platform offers fewer trading options (due to stricter trading requirements).
There is no use for such insecure brokerage sites, especially when there are other better options for online trading.
Fintech-Insight is dedicated to delivering unbiased and dependable insights into cryptocurrency, finance, trading, and stocks. However, we must clarify that we don't offer financial advice, and we strongly recommend users to perform their own research and due diligence.