FXPro Review To Investigate The Company’s Claims Of Being The Worlds’ No.1 Broker
FXPro makes some bold claims as being the top-ranked Forex broker in the world. While the company substantiates its claims through financial data of its client revenue and the overall volumes transacted through its brokerage, the broker does not list any specific figures that may be compared with the data provided by brokers dealing with institutional Forex traders. Nevertheless, FXPro does have some amazing Forex products and an intriguing brokerage service that does command a great deal of attention in the crowded FX broker marketplace. FXPro is primarily a Russian company that switched its headquarters to Cyprus to wear off its Russian broker tag. Several broker scams and financial malpractices from companies based out of Russia had diminished the overall trust investors had in these enterprises. Therefore, FXPro is now a proud member regulated by some of the top regulatory agencies in the world, namely, the FCA of the UK, the CySEC of Cyprus, and the FSB of South Africa.
Recommended Forex Brokers
- Website: www.fxpro.co.uk
- Support: +44 (0) 203 151 5550
- 13/14 Basinghall Street
- EC2V 5BQ
The FCA and the CySEC are considered to some of the top regulators in the EU and give the broker access to the entire European Union under the MiFID derivatives and the European Economic Area (EEA) agreement. The broker does not accept traders from the U, and it has also published a list of countries from the UN sanctions list that are banned from opening an account with the company. Although FXPro had its representative office in Australia under the ASIC, several legal hassles and the subsequent falling out with the ASIC regulators had forced the company to exit the Australian markets. Although it is illegal for any brokers to cater to traders from Australia without an ASIC license, the broker still offers its services to Australian Forex traders through online platforms, introducing brokers, and affiliates. Both FCA, as well as the CySEC, has several guidelines that are intended to protect investors against broker inconsistencies. Both regulatory organizations have investor protection schemes in place that provides compensation for traders in case a broker winds up its business due to insolvency or bankruptcy procedures. All client funds are also kept in top banks such as Bank of America, Royal Bank of Scotland, and Barclays Bank, where trader funds are maintained in segregated accounts, away from the broker’s core operating account. Keeping funds in separate accounts not only help in preventing financial malpractice, but it can also assist in meeting financial obligations and sustaining market volatilities without facing severe financial turmoil.
How Does FXPro Categorize Its Account Offerings?
FXPro does not support small sized accounts, as the minimum investment required to open an account is $500. On the flipside, $500 is the standard for all four different types of FXPro accounts, which are categorized according to the choice of platforms. Instead of just designing and offering a proprietary FXPro trading platform, the broker had also decided to rope in the services of the most established third-party FX trading platforms in the retail market. FXPro provides access to the MT4, the MT5, the cTrader, and FXPro’s proprietary Markets platform that grants access to over 69 currency pairs, indices, energies, metals, futures, and shares. FXPro mobile traders can also download and use all of the different platforms on their mobile devices, and are offered the option of choosing their preferred trading platform at the time of signing up for an account. The MT4, MT5, and Markets platform are all market maker accounts that have variable spreads starting from 1.4 pips and no commissions. The FXPro spreads do reduce on the cTrader account, which is an ECN account that has spreads starting from 0 pips and a commission of $45 per $1 million traded. The maximum FXPro leverage on all accounts are limited to 1:500, which does induce a bit of anxiety for traders, especially while making a large deposit of $500 or greater. Forex brokers that offer micro accounts allow traders to make nominal deposits ranging from $1 to $50, but FXPro seems to have made a mistake in not catering to the smaller players in the market. Nevertheless, $500 is not a significant amount of trading capital, especially for the ECN cTrader account. Traders will find the cTrader account to offer the best trading conditions of all trading accounts combined. The great liquidity and the direct market access is a great way of trading the markets, especially when one considers the competitive spreads and the absence of requotes. The broker also provides a VIP option for traders for larger deposits, which have added benefits such as dedicated account manager, free VPS, no fees on withdrawals/deposits, and more access to news and trading resources.
Does FXPro Offer A Good Customer Service Experience?
FXPro has been in the industry for more than ten years, and have executed close to 150 million orders in the Forex market. While this is a considerable achievement, it would be impossible without providing an excellent customer support channel that dedicates itself to the welfare of clients. FCA and CySEC regulation requires the broker to put the consumer’s interest as a priority while dealing with their complaints, which is enacted in part through several Financial Ombudsman services and other consumer advocates. However, if you are looking for an FXPro bonus, you should get in touch with the company representative to receive a customized quote that is tailored according to your deposit amount. It will be tough to negotiate for a better deal; however, there have been instances where traders have received excellent rewards and benefits from FXPro to increase the account equity even before trading. FXPro does have several advantages for a trader, but the broker cannot be just classified as the best in the industry. In fact, several other brokers offer lower entry costs, better trading conditions, ECN conditions, higher leverage, deposit bonuses, and a safe regulatory environment, which should provide better peace of mind to the traders. Therefore, browse through different options before making a choice to invest your funds with FXPro.