FxPro – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
FxPro - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://fxpro.com
Founded: 2006 – 2022
Regulations: None
Languages: English, Spanish, French, German, Italian, Polish, Czech, Hungarian, Dutch, Swedish, Bulgarian, Finnish, Lithuanian, Danish, Croatian, Estonian, Norwegian, Romanian, Russian, Portuguese, Arabic, Bahasa Indonesia, Bahasa Malaysia, Korean, Cantonese, Mandarin, Vietnamese, Japanese
Deposit Methods: Visa, MasterCard, Maestro, Bank Transfer, PayPal, UnionPay, Neteller, Skrill,
Minimum Deposit: $0
Free Demo Account: Yes
Number of Assets: 2100+
Types of Assets: Oil, Gold, Currencies, Futures, Indices, Shares, Metals, Energies, Cryptocurrencies
Trading Accounts and Conditions
FxPro offers their clients a variety of trading accounts, however, the type of trading account you can use depends on the trading platform you choose to use. Once you register with this broker, you have the option of creating multiple accounts of various types. Here are the different types of accounts that they have, based on the trading platform you choose: FxPro MT4 Instant, FxPro MT4, FxPro MT5, FxPro cTrader and FxPro Platform.
All of the above accounts offer the following base currencies for trading: USD, EUR, JPY, AUD, ZAR, PLN, GBP and SHF. You also have the choice of fixed instead of floating spreads for a limited number of major currency pairs.
Spreads are relatively competitive. For example, on the MT4 account, the EURUSD pair has a spread of 1.5 pips. While the other platforms do not have any commissions, the cTrader account has a $45 commission (only for currencies and metals) for every $1 million traded (for opening and closing positions). However, this commission means that spreads are much lower at 0.3 pips.
The leverage also depends on which branch of FxPro you have chosen to deal with. The Cyprus branch follows the EU restrictions of a maximum leverage of 1:30, as does the UK branch (based on restrictions by the FCA). If a trader opts to use the offshore branch (FxPro Global Markets Ltd), then the maximum leverage is 1:200. And if a trader has open positions in more than 100 lots, then the maximum leverage that they are allowed to take is 1:20; this is a restriction imposed by the broker. For offshore traders, that limit goes down to 1:100 (for 200 lots) and 1:33 for 500 lots.
While this broker has not imposed any minimum deposit requirement, they do recommend that you start you account with at least $1,000 (or its equivalent in the currency of choice).
FxPro – Advantages
Here are all the advantages that we found with FxPro:
-
Strongly Regulated
FxPro’s parent company is FxPro Group Limited, which is also the holding company of FxPro Financial Service Ltd, FxPro Global Markets Ltd and FxPro UK Limited. The company’s UK branch, FxPro UK Limited is regulated by the FCA (and the broker provides all the licensing information on their website; we verified it). The second branch, FxPro Financial Services Ltd is regulated by the CySEC (Cyprus Securities and Exchange Commission) and the South African FSCA (Financial Sector Conduct Authority). And the international, offshore branch, based in the Bahamas, is regulated by the SCB (Securities Commission of the Bahamas).
While the Bahamas regulatory oversight is not too strong, it does allow for the broker to compete better in the unregulated markets in various jurisdictions, especially in Asia. And the company relies on its brand image to ensure that good business practices are followed even in their offshore branch.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
Excellent Trading Platforms
FxPro ensures that their clients have a wide range of trading platforms to choose from. Traders can opt for the MetaTrader 4, MetaTrader 5 or even the cTrader platform. The MT4 is available in desktop (both for Windows as well as Mac), web and mobile (for both iOS and Android) versions, as is the MT5.
The cTrader, while offering an even wider range of technical indicators than both the MT4 and MT5 platforms, is limited by it different trading conditions and fewer asset classes. Even this platform is available in desktop, web and mobile versions.
Few brokers offer so many options to their clients so this is definitely a big plus.
-
Multiple Trading Options
One of the biggest positives about this broker is that you have so many trading options. You can choose the trading platform you want, and then choose the trading account. And you also have the option of switching between any one of the three branches that this company owns from the same website. Plus, all services are available in more than 30 languages.
-
Competitive Trading Conditions
While FxPro’s trading conditions may not be the best in the world, they are definitely competitive. Spreads on the MT4 may be slightly high, but then the broker does not charge any commissions, thereby balancing out the cost there. And where there are commissions (cTrader), the spreads are seriously low at just 0.3 pips.
Leverages abide by regulators’ requirements, so no issues there either.
-
Wide Range of Payment Options
FxPro also offers their clients a wide range of payment options – Visa, MasterCard, Maestro, Skrill, Neteller, PayPal and UnionPay.
FxPro – Disadvantages
There are only two disadvantages that we could find with this broker:
-
High Deposit Recommendation
While FxPro does not enforce a minimum deposit requirement, the broker does state that the recommended minimum deposit is $1,000 (or its equivalent in any one of the currencies available). This is rather high, especial when you see that most brokers will allow traders to open accounts with them for $100 to $250. And there also many very highly reputed brokers who will ask for only a $5 deposit.
-
Slightly Confusion Options
While the positive is that FxPro offers their clients a massive range of options, wading through those options and figuring out which would be the best fit for you can be rather confusing.
Conclusion
FxPro is a good broker if you are in the market for a new broker that offers a large number of trading options.
FxPro
Pros
- Strongly Regulated
- Excellent Trading Platforms
- Multiple Trading Options
- Competitive Trading Conditions
- Wide Range of Payment Options
Cons
- High Deposit Recommendation
- Slightly Confusing Options
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.