FXPRO

Charges

FxPro does not charge clients trading via MetaTrader commission fees, although users of the firm’s cTrader platform incur a cost of £4 per lot. No charges are levelled for withdrawals or deposits.

For clients with MetaTrader accounts, an initial deposit of £300 is levied; for those with cTrader accounts, this rate rises to £600. All clients are obligated to make subsequent minimum deposits of at least £60, although users are recommended to deposit between £300 – £600.

Margins

FxPro does not impose a standard margin rate. Rather, clients are obligated to formulate their own margins using the company’s in-house margin calculator.

History

FxPro is an online broker, providing users with access to FX, shares, futures and commodities (precious metals) markets. Based in Cyprus, the firm primarily cater to retail clients – although the platform is increasingly used by institutional clients too.

Whilst initially a ‘market maker’, FxPro moved towards an agency model in 2012, and is now a fully-fledged broker, affording traders direct access to liquidity providers.

FxPro is regulated in Cyprus by the Cypriot Securities & Exchanges Commission, and in the UK by the Financial Conduct Authority.

Financials

FxPro has not published recent financial figures, but in 2010 reported an average revenue of £600 per client (with a client base of 17,000), and a monthly trade volume of £32B.

Platform Features

FxPro offers clients the choice of using either the MetaTrader 4 interface, or their own cTrader platform. cTrader is a comprehensive trading platform which allows users to perform trades based on algorithms they themselves create and/or modify.

Furthermore, cTrader users can engage in automatic trading, by creating virtual trading profiles.

Mobile Dealing

FxPro allows clients to access, monitor and trade on international currency markets with a branded smartphone app that uses the MetaTrader 4 operating system.

Educational Material

FxPro does not offer clients a formal training infrastructure, although 75 videos offering insight on FX trading, concepts and best practice, and instructional presentations on how to use FxPro are maintained on the FxPro website.

Pros

FxPro offer all clients a combination of high leverage and low spreads, meaning they are popular with traders of every aptitude and experience level. Customer service and support is available 24 hours a day, 5 days a week, in 14 languages. FxPro also has a reputation for fairness and transparency. As FxPro do not profit from client losses, and does not trade against clients, they have a vested interest in the continuing and sizeable success of their traders – this also means they negotiate highly competitive prices for all clients. Furthermore, transactions can be executed, and profits withdrawn, speedily and without trouble.

Cons

FxPro impose high minimum transaction rates on all clients, meaning traders who cannot or will not engage at such levels can be excluded from using the broker. Further, due to the popularity of FxPro, occasional slowdown and outright freezing on their website and apps have been reported by users.

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