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FXPro is among the leading broker firms that exist to date. It is a CFD and spread betting Uk company in over 170 countries. It was founded in 2006 and has executed over 400 million orders and over a million retail and institutional client accounts.
It has established itself as a safe broker and offers many features that make it a better broker company than most.
While a lot has been said about the company, we go deeper and try to see if it’s all as good as it has been.
Is FXPro a Scam or Legit?
This is an easy-to-answer question since FXPro has been around since 2006, and most forex traders have heard of it at one point. It is definitely not a scam.
It has been branded as the leading broker in the UK. Also, it is regulated by some of the best institutions in the UK, such as the Financial Conduct Authority (FCA) since 2010, FSCA since 2015, CySEC since 2007, and the SCB. They bare a part of the Financial Service Compensation Scheme (FSCS) that ensures clients can claim compensation if they become insolvent.
Every move, policy, and regulation placed by FXPro advertises it as a trustworthy broker that people can deal with. It also has a great reputation and tracks record to back it up.
Opening an account with them is fairly easy. It is a fast and fully digital process requiring the trader to go to their official website and set up an account with them in a few steps. Opening an account with them and getting verified was a process that took less than 2 hours, making it fairly fast.
They require details such as your:
- Country of residence
- Phone number
- Residential address
- Employment information
- Some financial information as well
- Understanding of your trading knowledge.
As easy as that, and boom, you have your account.
Costs, Fees, Commissions, and Spreads
FXPro does not use a dealing desk, making it a low-cost broker. They have no deposit or withdrawal fees that they charge their client. However, one may be subject to ban transfer charges.
The spreads offered by FXPro are fair. The spreads they offer are determined by the account types that the trader chooses. MetaTrader 4 and 5 accounts have mark-ups and no commissions charged on them. Their spread will vary between the instrument traded and the market conditions.
Commissions offered by FXPro are average as they charge a commission of $3.50 on FX and metals. Also, they charge a commission of $45 for every million dollar trade executed on the cTrader platform for FX and metals.
As far as this forex broker review is concerned, there are no hidden costs, fees, or commissions. They even encourage their clients to look at the instruments to understand their spreads better.
The good thing with FXPro is that they offer a variety of account types that their client can choose from. The account types that they offer include the following:
- MetaTrader 4 and 5 Accounts
- cTrader Account
- Edge Account
- Joint Account
- Islamic Account
- Demo Account
- VIP Account
These accounts come with different spreads, commissions, and fees, but they are all average, as described above. For example, MT4 accounts can come with fixed or floating spreads, but all allow for instant execution of orders.
Instruments and Features
FXPro offers a variety of instruments that its traders can trade with, including metals, oil, currencies, cryptocurrency, shares, indices, energies, and futures. However, cryptocurrencies and CFDs are not made available to retail clients.
At the same time, they allow for trading on the MT4, MT5, cTrader, and their FXPro EDGE platform. These platforms are offered in various languages, with over 20 languages. They offer their clients search functions that allow them to look for an asset manually and work wonderfully.
They allow traders to use trailing stops and offer other order types, including the market, limit, and stop orders.
They have research and educational materials that are much better than most of the brokers out there. Their long operations have gathered some of the best materials and resources to help their traders better themselves.
FXPro has a great reputation and has established itself as some of the best in the game. They are more focused on delivering quality services. However, it is not a broker that would be advised for beginning traders but is the best for experienced traders. There are a lot of features that have been provided that make it better for experienced traders than beginners.
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