FxPro Broker Review: Pros and Cons

FxPro broker is a very popular online broker that offers a wide variety of trading instruments, including forex, CFDs, and commodities. This broker has a reputation for reliability and advanced trading platforms. It is no surprise that FxPro has been able to attract a significant number of followers among traders worldwide.

In this article, we will be offering a comprehensive review of this broker. We will extensively highlight its pros and cons so as to help you determine if it’s the right broker for your trading needs.

Overview of FxPro Broker

Founded in 2006, FxPro is a London based online broker specialized in providing a wide range of CFDs across various asset classes. The broker already has a strong presence in the world of trading, and is also committed to excellence. As a result, it is considered a viable choice for retail traders seeking a dynamic trading experience.

FxPro operates under multiple regulatory licenses in different regions, which  provides its clients with a safe and transparent trading environment. Some of the regulatory authorities under which the broker operates include  the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySec). 

This gives an added layer of security to its clients given that these regulatory authorities are well reputable in the financial environment.

Haven gotten an overview of the broker, we shall now delve into highlighting the pros and cons of the FxPro broker.

Pros of FxPro Broker

Variety of Trading Instruments 

The broker provides a variety of trading instruments which include forex, CFDs on indices, cryptocurrencies, shares and commodities. Given this diversity they provide, traders are better able to diversify their portfolios and make the most of different opportunities in the market. FxPro has something to meet the needs and interests of different types of traders. Those interested in trading major currency pairs, volatile indices or emerging markets, the broker has offers to meet their interests. However, the range of instruments available to traders with FxPro to a large extent depends on the chosen trading platforms.

Advanced Trading Platforms

The broker also supports and offers advanced platforms for trading activities which caters to different trading preferences and styles. It offers the cTrader, MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms which are currently rated as the best in the industry. This is because of the advanced charting tools and user friendly interface of these platforms. The broker also has its own proprietary web platform known as FxPro Edge. This further gives a level of customization to traders. 

Competitive Spreads and Commissions

The broker is also known for  its offerings of competitive spreads and commissions, especially for popular currency pairs. Their spreads may however vary depending on market conditions and the specific trading instrument in question. Relative to some other brokers, FxPro is considered to have a more favourable pricing structure, which is an advantage for traders seeking to maximize profits.

Impressive Customer Support System

FxPro is renowned for having a friendly and accommodating customer support system. Traders have multiple options for accessing support from the broker. This includes phone, email, and live chat. In general, the support team is competent and able to help with queries about accounts, technical difficulties, and trading.

Educational Resources

To assist traders in developing their abilities and expertise, FxPro provides a range of insightful educational resources. These materials consist of trading manuals, articles, webinars, and market analysis. With these resources, traders can get useful information to improve their trading strategies. Moreso, these resources are beneficial to both beginners and even expert traders alike.

Regulatory Compliance

FxPro is compliant to regulations from multiple financial authorities from different regions. Some of these financial authorities include the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySec), Financial Services Board and the Dubai Financial Services Authority (DFSA). This regulatory framework ensures that the broker carries out its operations within a well regulated environment. It further guarantees the safety of clients’ funds and adherence to industry standards.  

Haven looked at the pros of this broker, we shall now consider some of the cons associated with the broker.  

Cons  of FxPro Broker

Highlighted below are some of the cons of FxPro Broker:

Negative Slippage

As a result of certain market conditions, the broker may experience negative slippage. This implies that trades are being executed at a price that is less favourable compared to the quoted price when the order was placed. This has the potential of reducing trading profits and may even result in losses.

Minimum Deposit Requirements

The broker specifies a minimum deposit requirement for certain account types as well as for certain trading instruments. This can be a major drawback for traders having limited capital to start. 

Inactivity Fees

FxPro charges an inactivity fee on accounts with no trading activity for a specified period. This can negatively affect less frequent traders. Also, there may be some fees charged for withdrawing funds. This however depends on the withdrawal method and the account type.

Limited Educational Resources

Although FxPro offers some educational resources,they, however, may not be as comprehensive or advanced as other brokers that focus heavily on trader education. This may force its traders who depend heavily on in depth analysis may need other options to supplement the resources offered by FxPro. 

In conclusion, FxPro broker is a reputable online firm and offers a variety of competitive trading instruments. It is also a good option for traders that seek brokers with a strong regulatory framework. However, it is also important to consider some of the drawbacks associated with this broker before committing to it.  

Frequently Asked Questions

In which country is FxPro based?

• The is a London based online broker.

What is the broker’s minimum deposit requirement?

• The minimum amount required to fund an account at FxPro is USD 100. This means that with at least a minimum of USD 100 in your account, you can begin trading with this broker.

Is FxPro a trusted broker?

• The broker operates under the regulatory framework of both FCA and CySec. This gives an added layer of trust to the broker.