FXPro MT4 is one of four platforms the broker offers, alongside MT5, cTrader (NDD) and its own brand FXPro Markets platform. All of these platforms would score highly in any forex broker comparison, but FXPro remains the platform of choice for experienced traders and brokers. It includes over 50 different technical indicators, an advanced charting package, and the option to create custom expert advisors for automated trading. With a standard FXPro MT4 account, the minimum deposit is $100, although the firm recommends depositing at least $500.
There is a swap-free Islamic account available on request, as well as a demo account to let you get the hang of MT4 trading with FXPro before committing to live funds. Signing up as an FXPro VIP client gives you a host of additional bonus features, including exclusive news reports and trade recommendations plus margin level alerts that you can sign up to via either email or SMS. There are also no deposit fees for VIP clients and a free VPS service. When signing up with FXPro however, be aware that it may take several days before you can start trading. You’ll need to provide a colour scan of your passport, national ID or driving license, and then be able to answer a series of compliance questions to establish your level of trading experience. This can take up to 15 minutes, and then you may have to wait a few days to be approved, although equally you may be approved straight away.
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Spreads and Leverage
Spreads are clearly and comprehensively listed, and FXPro MT4 users can choose between fixed and variable (floating) spreads. The fixed spread account is 1.6 pips on euros to USD, which compares impressively with the industry standard of 2 pips common to most fixed spread brokers. Variable spreads at FXPro average out at around 1.4 pips for euros to USD which is similar to the spread you would get with other comparable brokers. The maximum leverage on an FXPro MetaTrader account is higher than most at 1:500. A dynamic forex leverage model is used to reduce the risk levels of high leverage, automatically adjusting according to your trading position. With a minimum trade size of 0.01 lots, a position of up to 100 lots can achieve the full maximum leverage of 1:500, but 100-200 lots have a maximum leverage of 1:200. This drops to 1:100 for 200-300 lots, 1:50 for 300-500 lots and 1:33 for over 500 open lots. You can set your own leverage, from 1:1 to 1:500, putting you in control of your own risk management. Trading is possible on forex currency pairs, futures, spot indices, energies and metals, and shares. A range of instruments are available as well as the highest level of liquidity and superlative trading conditions.
- Fixed spread account compares favourably to industry standards
- Maximum leverage is higher than other options at 1:500
- Flexibility to set your own leverage
- Excellent trading conditions available
Security, Reliability and Customer Protection
FXPro is regulated by the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus and the Financial Services Board of South Africa. It has also been licensed to operate in the UAE since October 2017 under the Dubai Financial Services Authority. Under the FCA and CySEC’s rules, companies including FXPro must keep a minimum of €730,000 in funds to prove their solid financial standing. They are also required to keep client funds in segregated accounts, clearly separate from company funds. This means that in the highly unlikely event of FXPro getting into serious financial trouble, any money you have invested with them will be protected. Additionally, the Financial Services Compensation Scheme (FSCS) protects customer deposits up to £50,000 in the UK. CySEC similarly protects investors for up to €20,000 under Cyprus’s Investor Compensation Fund. FXPro has a commitment to full transparency and trade execution statistics, in the form of slippage and requotes data, are published by the company regularly. Client accounts are fully segregated and protected by the rules of its regulators and are held with major banks including Barclays and the Royal Bank of Scotland. FXPro operates a policy of negative balance protection, which should stop you from going into the red on your forex account. Although it is always possible that you could lose the money you have invested, appropriate margin calls will stop you from losing any more than your initial investment.
Multi-format Trading Platforms
Appropriately for our modern age, each FXPro trading platform comes in different formats appropriate to different devices. The standard FXPro MetaTrader model is FXPro MT4 for Desktop, but there are is also an MT4 WebTrader version, MT4 MultiTerminal and MT4 for Mobile. All include the standard features that have made MT4 the preferred industry choice of trading platform, including three different chart types, nine different time frames, over 50 pre-installed technical indicators and a fully customisable user interface, allowing for precision monitoring and timing. With the WebTrader version, users can log on to all of their MT4 accounts from any web-connected browser, simply by entering their FXPro Direct credentials. This is useful if you aren’t able to access your own trading terminal for whatever reason. This web-based version of MT4 is optimised for online use, with improvements including a redesigned layout and real-time risk statistics. Available in 38 different languages, and including full access to your account along with simple and easy one-click trading, this extremely functional WebTrader is one area where FXPro scores highly in a broker comparison, as many do not offer a web-based version of MT4.The MT4 MultiTerminal is designed for clients who want simultaneous access to more than one MT4 account, and funds from multiple accounts can be managed under a single master account, using three supported methods of allocation. MT4 for Mobile comes in Android, iOS and web-based versions and includes rapid trade execution and a user-friendly interface optimised for mobile devices.
Account Types Available
FXPro clients using MT4 can choose from a fixed spread account with instant execution, a floating spread account with instant execution, and a floating spread account with market execution. With instant execution, the client can specify both volume and price, and can reject the execution if the price changes; with market execution, the client only specifies volume, with the price generated by the market. As previously mentioned, it is also possible to open a demo account and “try before you buy” with a virtual balance of $500,000. FXPro also offers a VIP premium account for high net worth clients and/or those who are actively trading in large volumes. The premium account requires a minimum deposit of $50,000, and in addition to the benefits previously mentioned, VIP account holders also get a free FXPro MasterCard. A swap-free Islamic account is available on request via email. Corporate and joint accounts are available, and a client can hold up to five different trading accounts simultaneously. Subject to approval, clients can also open a PAMM account with FXPro. This is an investing tool for fund managers and investors who work together. It uses the innovative multi-account manager (MAM) software along with letting you trade in the superior trading environment of MetaTrader 4.
- Fixed spread account gives trader full control over investment
- Practice with a demo account
- Premium account minimum deposit is $50,000
- MAM software allows you to monitor all your accounts
FXPro is a pure NDD (no-dealing desk) broker, so you can trade faster and anonymously in forex, commodities, shares, indices and cryptocurrencies using this broker, a feature which will appeal to experienced traders. The FXPro trading platform includes the usual custom tools and backtesting, but FXPro also brings several unique add-ons of their own to the table. These include the FXPro Vault, which allows you to keep an amount of your funds separate in a secure virtual vault, to be used for future trading.
- Follow other traders’ moves
- Trade in numerous products and currencies
- Protect funds for future trading
- No bonuses or promotions
The FXPro dashboard allows you to follow other traders’ moves, among other features, while FXPro Quant is a brilliant proprietary visual strategy builder that allows you to easily create your own expert advisors. This trading tool lets you turn your strategies into trading algorithms that will run on the MT4 platform, with no coding knowledge required. Upload the algorithms to FXPro’s low latency virtual private server and begin automatically trading according to your preferred strategy, 24 hours a day, even when your computer is switched off. Classic calculators include a pip calculator, a margin calculator and a currency converter. On the down side, there are no bonuses or promotional offers with FXPro, in accordance with its licensing regulations. There are also no guaranteed stops and no vanilla or binary options, meaning that as with all trading platforms you buy and sell with FXPro at your own risk.
A full range of educational resources are available in the FXPro Trading Academy, including webinars, video tutorials and live forums. These take trading beginners all the way through the basics of how to trade, up to advanced strategies for successful trading on a variety of markets. The library of video tutorials is very extensive, and many give general trading advice and tips as well as lessons on using the FXPro trading platform. Again, this sets FXPro apart from many other online brokers which often only explain how to use their platform. FXPro actually tries to help you to become a better trader as well. Webinars take place several times a week and need to be registered for in advance. As a major broker, FXPro also organises face-to-face seminars from time to time at locations around the world, and frequently sends representatives to trading expos where clients can meet and discuss issues with the team. The economic calendar is another useful educational feature, as this gives traders all the information they need to plan their year, month, week and day, with information available on economic reports ahead of publication, previous results and aggregated forecasts. Analytical tools available include Trading Central and Autochartist.
- A range of educational resources for first-time investors
- Learn the basics of trading as well as investment strategies
- The app is designed to help users to improve
- Make long-term plans with the economic calendar
Customer Support and Payment Options
FXPro has full customer support available in 23 countries, via toll-free phone calls as well as email. Outside of those regions you can request a call back at a time of your choosing, meaning that getting in touch with FXPro shouldn’t cost you more than the price of a single phone call. Support is available 24 hours a day, five days a week, closing at midnight on Friday and reopening at 11 pm on Sunday night. Although the lack of weekend support may be frustrating, this is common practice among similar companies. The contact page on the FXPro website lists details of each department, email and phone number, so that you can be sure of getting through to the right person. The FXPro website can be accessed in 20 languages, a testament to this company’s truly international presence. When depositing funds, payment can be made by using bank transfer or credit and debit cards, including Visa, Visa Electron, Visa Delta, MasterCard, Maestro International and Maestro UK. PayPal, Skrill, Neteller, MPay, China UnionPay, FasaPay (Indonesia), WebMoney (Russia), Moneta, Boleto (Brazil), Netbanx (China) and eprotections (Japan) are also all accepted, though for FXPro UK Ltd clients, options are limited to credit card, debit card or bank transfer. Withdrawals need to be made using FXPro Direct and typically take one working day.
Is FXPro the Best Forex Broker?
FXPro is a pure NDD broker and a Hybrid Agency Model Broker, with rapid execution speeds and very competitive spreads and pricing. High maximum leverage and excellent customer protection make it an ideal choice of forex broker for investors of all experience levels. FXPro has an average 4 stars out of 5 on Trustpilot, and a 7.9/10 score. 63% of those making an FXPro review rated it as excellent and gave it the maximum of five stars. In some cases, the spreads FXPro offers on MetaTrader are only average and could be beaten by traders willing to shop around, especially for those trading in larger amounts. However, its fixed spread accounts are very competitive and may be among the best available on the market. If FXPro isn’t necessarily the very best, its level of support, reliability and additional features certainly makes it an excellent option.
- Is FxPro forex legit? FxPro is one of the scandal-free FX brokers in the market today, making it one of the best forex brokers in the retail FX sector.
- The FxProGroup Ltd is the holding company which administers the various subsidiaries of FxPro in Cyprus (EU), United Kingdom, the MENA region, Africa and Asia.
- FxPro Forex Trading - Review 2018 shows that FxPro offers a range of trading platforms.