FxPro web trading review - Table of contents
Forex trading is best with a reliable and popular broker. FX Pro is a leading trading provider of forex trading services since 2006. By now the brokerage has offered online trading opportunities to brokers from more than 160 countries.
The brokerage facilitates trading with a large variety of financial instruments (260 in 6 asset classes). Read on to learn more about forex trading with this online broker.
What is Web Trading
But first, let's talk about web trading and what it means. Web trading is when users are using a dedicated forex web trading platform online for their trade. It is provided by the broker and is accessible through mobile, web, or both.
Web Trading Platform
The forex broker offers its service through 3 platforms along with a forex web trading platform optimized for faster trading. The web trading broker is prioritizing the improvement of their platforms and trading conditions in an ambitious move to remain one of the world’s most elite and trusted online forex trading providers.
With the innovative web trading software, FX Pro clients can invest in some of the most profitable financial instruments on the globe and benefit from great usability and conditions.
Institutional, beginner, and experienced traders can all benefit from the great services of this online broker. Traders can rest assured that with this broker both their data and funds are safe.
MT4 & MT5
Once you open your account with the broker you can choose among different trading platforms to trade on. FX Pro offers access to the industry leaders MT4 and MT5 platforms which can be downloaded directly from the trading website.
Both systems are praised for their features, reliability, and security as well as automated trading. With MT4 users can log in to all accounts no matter the location.
This system was designed for CFD traders and also gets fairly positive reviews. The forex web trading platform works on both MAC and Windows systems with high execution speeds.
FxPro Edge is the latest addition to the web trading platforms and it offers an innovative approach to online trading. It is a highly customized web-based solution, that doesn’t require any download or installation.
With this broker, web traders will find Android and iOS apps for tablets and mobiles. They are easily accessible in the app store.
There are three mobile apps available the MT4 and MT5 mobile, FxPro and FcPro c Trader mobile which make foreign currency trading fast and easy.
The apps give access to almost all of the functionality and features in desktop-based platforms.
Markets and Products
The breadth of products on offer is impressive. At FX Pro traders will find over 150 types of stocks, 20 futures contracts, 3 energy commodities, 29 spot market indices, 2 metal spots, 70 pairs of CFDs for foreign currency trading pairs.
Binary options are not available and spread betting is only accessible to UK web traders.
Spreads and Fees
Spreads with this broker are competitive but depend on the type of forex account and assets traded. There is also a $45 commission charged for big volume trading (million USD traded).
However, there are some changes to keep in mind for example rollover and overnight rates of around $8 for popular forex long positions and a little more than $2 for short positions.
Traders can also expect an inactivity fee. The good news is that there is no withdrawal fee.
In general, the fees and spreads are competitive and of good value. However, the broker could improve by introducing a welcome promotion or online forex bonus.
With this broker traders can opt for margin trading, the requirements depend on the account type. The gold leverage trading allows an increased position size and capitalization on potential opportunities in prices.
It’s always good to keep in mind that leverage trading can accelerate gains but also losses.
With this broker, a web trader can also take advantage of the negative balance protection, so their losses cannot exceed the initial funds deposited.
The maximum leverage is 1:500 (Global Markets Limited only). Use the leverage calculator on the trading website for more details.
Traders can choose between four different live trading accounts with this broker –MT4, MT5, and cTrader.
With this account, traders can access indices, equities, energies, metals, and currency pairs. EAs are also supported. Floating and fixed fees come with this account.
These accounts are similar but on a different platform. Traders get access to the same instruments and markets, as well as market execution and floating spreads.
This account offers nearly the same instruments as the previous accounts, apart from futures and equities.
MT4 is the best choice for traders who would like fixed spread accounts. The account ownership and management are quite straightforward.
FXPro doesn’t offer micro accounts with ECN management. In comparison with other brokers, this one offers many forex account options. The minimum deposit is $100; however, the minimum recommended deposit is $1000.
Deposits and Withdrawals
Fortunately, with FX Pro there is a long list of deposit options available. Among them traders can use PayPal, eWallets, Bank wire transfer, Skrill, CasauU, FasaPay, Neteller, Webmoney, Netbanx, mPay, MonetaRu, broker to broker transfers as well as cards (including prepaid).
There are deposit fees for debit/credit cards and PayPal. Keep in mind that banks may also charge additional fees.
When it comes to withdrawal, there is no charge for any of the listed payment methods. However, there is a fee for capital that hasn’t been used to trade. Withdrawal times are usually one business day.
With this broker, traders can also open a demo account with virtual $500,000 for practicing. There are various demo platforms to download like MT4, 5, and cTrader.
The demo account is a good place to gain some confidence and then upgrade to a live account. The demo contests are an exciting way to test your practice against other traders.
Deals & Promotions
Currently (in early 2022), there are no bonuses or promotions on offer (including a forex bonus). However, this is not to say that they don’t have them from time to time. Typically a forex broker offers a loyalty reward scheme or a forex bonus.
Cryptocurrency trading (through CFDs) is available with this broker. With this broker, traders can choose between Bitcoin, Ethereum, and Litecoin. Cryptocurrency trading is not available in the UK.
Fx Pro used to offer the FxPro SuperTrader a platform created for both experienced and beginner web traders. It was an automated online trading platform that was discontinued in 2013.
The broker has a rich educational section with different visual, video, and written materials. It is easily accessible through the trading website. There is a good amount of educational content that traders can enjoy and learn from. The collection of learning cards is a good way to help beginners make progress in the field.
Regulation and Licensing
Working with a trustworthy and regulated broker is a must. Fortunately, FXPro is seriously regulated. The broker has oversight from the Financial authorities in UK, Cyprus, FSCA, SCB.
The FXPro UK customers are well protected. According to the compensation scheme, traders could get up to £50,000 compensation in scenarios such as bankruptcy. European traders also have this protection up to €20,000.
FX Pro is a truly global broker offering support in many different languages. Traders can contact the customer care team through phone, email, chat, or request a callback.
According to user reviews, customer support is very good. The agents are knowledgeable and can help with most questions.
The FAQ page is impressive; there is information on lots of topics.