Are you interested in becoming a member of FxPro? Refer to the comprehensive and impartial FxPro review on the benefits and drawbacks shared by Betomon in the article below directly.
What is the FxPro platform?
FxPro is a forex trading platform established in 2006, located at 13/14 Basinghall, City of London, EC2V 5BQ, United Kingdom. With +2100 products available, FxPro gives clients access to instruments that offer high liquidity, attractive spreads, no commissions and transparent order execution speed without dealing desk interference.
Having been developed continuously for over 15 years, FxPro has succeeded in many admirable goals, such as: more than 2,188,592 accounts opened in 173 countries, up to 7000 orders executed per second, providing 4 strong trading platforms, 95+ international awards, 7 global sponsorships, 12+ deposit and withdrawal methods, 4 main offices based in England, Monaco, Cyprus, Bahamas and more than 200 employees globally. FxPro has raised a total of €100,000,000 toward the company’s capital thus far.
Operating license
FxPro is authorized to operate by the world’s most prestigious financial institutions, including:
- FxPro UK Limited was granted by the FCA in 2010 with the registration number of 509956.
- FxPro Financial Services Limited was issued by CySEC in 2007 with license number 078/07.
- FxPro Financial Services Limited was issued by FSCA in 2015 with license number 45052.
- FxPro Global Markets Limited was issued by SCB with license number SIA-F184.
- Prime Ash Capital Limited (FxPro) was authorized under license number GB21026568.
Awards achieved
During more than 16 years of operation, Forex trading platform FxPro has received many prestigious honors, involving:
- 27 Best Forex Provider awards
- 17 Best Tool/Service awards
- 39 Best Forex Broker awards
- 15 Best Forex trading platform awards
Services
Over 2,100 trading products are accessible from FxPro. They are divided into seven distinct groups of assets for traders to select from, consisting of:
- Forex: More than 70 major, minor, and rare currency pairs.
- Shares: more than 2,122 codes of stocks of 275 leading reputable companies in the US, UK, France, Germany,…
- Metals: 8 rare metal codes
- Futures contracts: More than 21 futures contracts are offered.
- Market index: 19 indexes from major corporations around the world
- Cryptocurrency: A list of 29 popular cryptocurrencies
- Energy: Engage in trading popular energy sources like natural gas, Brent oil,…
FxPro Trading Platform
The diversity of trading platforms offered by FxPro is one of the benefits of trading with FxPro; it not only provides popular platforms such as MetaTrader 4, MetaTrader 5 and cTrader but also has its exclusive platform FxPro. With more options available, investors will be able to individualize their experiences based on individual preferences.
MT4/MT5 platform
Because of its user-friendly, intuitive interface, MT4 is a preferred forex trading platform among traders. MT4 has the advantage of integrating more than 50 indicators and 24 chart analysis tools, supporting 3 chart types and 9 time frames.
MT5 is an upgraded version of the MT4 platform. This trading platform has many additional features in addition to all the features of MT4, including 38 indicators, 44 chart analysis tools, 3 chart types, and 21 time frames, support for all order types and optimized for EA trading.
Both of these platforms have dedicated apps for mobile phones and tablets running iOS and Android operating systems. Investors can trade directly on the web platform or download the application to trade at any time and from any location.
cTraders Trading Platform
Developed by Spotware, the cTrader trading platform by FxPro offers many innovative features and the capacity to access and analyze market depth, shown on an impressive completely customizable transaction.
Some outstanding features of cTrader can be mentioned as:
- Integrates more than 55 technical indicators
- 6 chart types & 28 timeframes
- Level 2 DoM (Depth of Market)
- There are no stop/limit restrictions.
- Adds 2 types of pending orders: (sell stop limit and buy stop limit).
- Includes separable charts and linked charts.
- More advanced order protection
FxPro EDGE trading platform
FxPro is an exclusive platform researched and developed by FxPro. Without installing additional apps, investors are able to trade multiple assets on this platform.
- Over 50 technical indicators and chart analysis tools
- Separable charts
- Customizable layout
- 6 chart types with 15 timeframes
- Dark/light theme, 2-layer security…
Types of accounts
There are 4 trading account types available on the FxPro Forex trading platform as follows:
Standard Account: Intended for newcomers with no trading experience. With trading orders starting at 0.01 lot, the minimum deposit is $100.
- Pro account: For experienced traders and large investment capital. The minimum deposit is $1000.
- Raw+ account: Suitable for experienced traders and high trading frequency. The minimum deposit is $100 and the Spread fee is 0.0 pip.
- Elite account: Exclusive to VIP traders, this account requires a minimum deposit of $50,000 within two months.
Trading fees, leverage
The majority of FxPro accounts do not charge commissions. Commissions are added to Elite and Raw+ accounts when trading gold and foreign exchange. The commission is $3.5 for each way.
Depending on the trading product, leverage can differ, particularly:
- Forex currency pairs: 1:200
- Futures contract: 1:200
- Energy: 1:200
- Stock: 1:25
- Metals: Gold, silver 1:200 and Platinum 1:50
- Cryptocurrency: 1:20
- Deposit/withdrawal
- Diverse methods of deposit/withdrawal
The FxPro platform accepts a wide range of deposit and withdrawal options, including bank transfers, credit cards (Visa and Mastercard), e-wallets (Neteller and Skrill),… Traders won’t be required to pay any additional fees when deposit or withdraw. Depending on the deposit and withdrawal method, it may range from a few minutes to several hours.
Customer Service
FxPro currently supports customers in 17 different languages, serving 24/7. It’s very easy and friendly, especially for Vietnamese traders who will receive support from Vietnamese people. The customer service staff is proficient, committed, and always available to all investors.
Analyze the FxPro platform objectively, taking into consideration its advantages and disadvantages. Details are as follows:
Benefits
FxPro is licensed to operate by reputable financial agencies and organizations worldwide.
Provides a variety of trading products and platforms for Traders to have the most suitable choice.
There are almost no commission fees and low spread fees.
Offers multiple account kinds to serve all types of investors.
Professional, dedicated customer service team, available 24/7.
Drawbacks
The minimum deposit level is quite high, supporting lower leverage than many other Forex exchanges.
No promotional programs for customers.
The steps to register an account are complicated and time-consuming.
The deposit and withdrawal procedure is complex although the deposit and withdrawal times are fairly fast.
Leverage, trading fees on FxPro platform
Apart from reputation, investors also consider factors such as leverage and transaction fees when selecting an appropriate forex trading platform. Let’s find out with Betomon whether the leverage and fees of FxPro are special.
FxPro platform leverage
The maximum leverage available on FxPro is 1:500, each trading product will have different regulations.
For major and minor FX pairs, the maximum leverage is 1:200
Precious metals such as gold, silver maximum leverage 1:200, Platinum – 1:50
Energy, maximum leverage 1:200
The main index is 1:200, and the secondary index is 1:100
Stocks 1:25, Cryptocurrencies: 1:20
Although this exchange’s leverage ratio is lower than other competitors, traders will benefit from its ability to reduce risks and prevent accounts from running out.
FxPro commission fees
For Standard and Pro accounts, FxPro does not charge a commission; however, for Raw+ and Elite accounts, the commission is 3.5 USD per lot/way. This commission fee is regarded as relatively low in comparison to the general level of forex exchange in the market.
Below is the formula that FxPro uses for calculating commission fees:
Commission = Trade volume x $3.5/1 million traded x Account exchange rate
FxPro spreads
FxPro provides many options for traders with floating spreads based on the market. Every account type has a different spread, with Elite and Raw+ accounts having a starting spread of 0.0 pip. There will also be variations in the spread regulations of different products.
FxPro overnight fees
At FxPro, overnight fees are automatically determined and converted to the account currency at 21:59 (UK time). This fee is charged once a week. Except for Friday, it will be charged 3 times (Friday – Monday). For futures trading, overnight fees will be waived.
Deposit – withdraw money at FxPro trading platform
There are numerous deposit and withdrawal options offered by FxPro, making it incredibly simple and speedy to deposit and withdraw money from FxPro. Specifically, traders can choose the following trading methods:
- Internet Banking
- Visa/Mastercard, Paypal
- E-wallets: Skrill, Neteller, UnionPay…
Nonetheless, a lot of traders have commented that it’s still fairly challenging to deposit and withdraw money from FxPro as you have to convert to FxPro wallet. Investors should also be aware that money must be taken out and deposited via a payment gateway. When transferring funds on FxPro, it is the best idea to use the Nganluong payment gateway.
Processing time for deposit and withdrawal orders:
Deposits via international bank transfer will take about 3-5 business days, depending on your bank. All other methods will only take about 10 minutes. The funds will be automatically transferred to your FxPro wallet, which you can later send to your trading account.
Withdrawals will be processed within 1 business day though the money may take 5-7 days to arrive in your bank account. The withdrawal order will be processed the following working day if it is placed on a holiday or a day off.
Deposit and withdrawal fees:
There are no fees related to deposits or withdrawals made through Fx Pro. However, the participating banks might charge you fees.
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