As you know, CFD trading is quite tricky. It has a high failure rate which is why major names like FxPro are your best bet. Although they’re known for CFD trading, you can make money off multiple assets with them.
Compared to its competitors, FxPro offers many things they don’t, though the opposite is true as well. However, one thing’s for sure, you’ll love trading with FxPro.
If you’re interested, keep reading. We’ll be running through everything you should know about the broker.
FxPro At A Glance
They’re an online broker located in the UK, founded in 2006. Since then, they’ve excelled at CFD and Forex brokering. Throughout the years, FxPro has become highly recognized in the country. In fact, it was voted the UK’s most trusted Forex brand in 2017.
Its popularity can be seen by how many users it has. There are over 870,000 active accounts on the platform. You’d think a good chunk of them would be British but most of their users are Australian.
|Type of Trading:||Forex|
|Regulation:||FCA, CySEC, FSCA, DFSA and SCB|
|Contact – Phone||+44 (0) 203 151 5550|
|Contact – Email||Click here|
Since it’s so popular, they’re highly acclaimed. They’re regulated by major federations. This ensures users that they are as safe as possible to use. Some of their regulators are FSCA, FCA, SCB, DFSA.
It has users across the globe. Because of this, FxPro has countless offices in many countries.
If you make a FxPro account, you can expect the following:
- Great security
- Ease of use
- Multiple trading tools
- Multiple assets to trade with
- Great customer support
- Multiple account types
What Do You Want To Trade With?
If you want to trade with FxPro, you should know there are countless assets to choose from. You’ll have major assets like Equities, Indices, Forex, Cryptocurrencies, ETFs and stocks.
In terms of each, they have an abundance of different types. For example, over 70 Forex stocks are available along with 150 Equities and 24 Market Indices.
Many are fans of trading cryptocurrencies. Fortunately, FxPro offers major cryptocurrencies for you to trade with. This includes Bitcoin, Etheruem and Spectrocoin.
Security And Regulations
It’s safe to say that FxPro is one of the most regulated brokers online. They’re known to be governed by a lot of regulatory bodies. This includes CySec, Dubai Financial Services Authority, Securities Commission of the Bahamas and the FCA of the UK.
Although they have a huge Australian userbase, the company is primarily regulated in the UK. Because of this, they protect customers according to the EU guidelines. This is great as you’re safeguarded from a negative balance.
You’re safe trading with FxPro because they have a high counterparty credit rating. This means they’re very unlikely to go bankrupt.
If they do go insolvent, they’re protected with 20,000 euros by the EU. This is because they’re a part of the Investor Compensation Fund Scheme due to CySec.
It’s Easy To Set Up
You can easily set up an account with FxPro. All you have to do is fill in their registration form and add in identification. This can take up to a day to get approved. With this done, you’ll have to select what type of account you’re interested in.
There are 4 main types. There is an MT4 account, an MT5 account, a cTrader account, and a special account. The FxPro Edge is only available to British traders. It allows them to invest in the market in the form of spread betting.
Are You Depositing Cash?
To deposit cash to trade with, you can use any method. FxPro supports all forms of money transfer. The most common form is depositing cash into an account through a debit or credit card. If not for this, you can use any form of electronic fund transfer.
There aren’t any fees that get cut when you deposit cash on FxPros’ end. However, the bank you have an account with may cut a certain amount.
In terms of the types of electronic fund transfers at your disposal, you have all the major names. This includes:
You can deposit cash straight out of your bank account as well. However, this takes time as the above methods are prompt. This can take up to 1 business day.
Are You Withdrawing Cash?
Withdrawing cash is extremely easy with FxPro. They have a feature called the ‘Fx Wallet’. Essentially it’s a digital safe where you can keep your funds.
Whenever you want to withdraw, you can transfer cash from it to your withdrawal means. The wallet feature is known to be heavily encrypted so your cash isn’t going anywhere.
What’s more, you won’t be penalized for withdrawing cash. Many online brokers charge a fee for withdrawals. This isn’t the case with FxPro. However, if you’re transferring the cash to your bank account they may take a fee.
If you’re transferring the funds to your bank account, it’ll take a while. It takes up to 1 business day for this to take place. This is similar to depositing cash from the account to FxPro.
Are You Inactive?
Certain online brokers charge inactivity fees. This is a shame as inactivity fees keep users away from the platform. If they ever miss a week, they’ll be penalized so they’ll look for a broker that doesn’t do such an unfair thing.
Thankfully, FxPro is a broker that doesn’t charge such a fee. So you can use this service whenever you want without having to pay a fee for not being active.
This is great as brokers that do charge an inactivity fee take a lot of cash. They can charge up to $20 AUD.
Learn To Trade
To be the best trader, you need many educational resources. The resources would help you learn as much about trading as possible. Because of this, you’ll see major brokers offering many lessons and resources.
The better you are as a trader, the more money you will make, thus the broker makes more. Many of FxPro’s competitors offer comprehensive resources. Unfortunately, this isn’t the case with FxPro.
If you go through their educational library, you’ll be very disappointed. All you’ll see is a few videos. The videos themselves are disjointed and the video library hasn’t been organized for a long time.
Therefore, you’re better off using another site to learn about trading, not FxPro.
That being said, they offer an extensive tab on CFD terms. Although commendable, the list is useless. This is because users won’t need to know the many terms available.
Be A Better Trader
To be a better trader, you don’t just need extensive resources. You also need to practice as much as possible. As you can imagine, it would be hard to practice while trading, as if you don’t know what you’re doing, you can lose money. That’s why you need to get hold of a practice account.
Major brokers offer their users demo accounts. FxPro is no different in terms of this.
To get a demo account, you’ll have to fill out a registration form. Unfortunately, the registration form is quite lengthy. You’ll have to wait until it gets approved which can take time.
However, once you get the account, it will be yours for a long time. It has unlimited usage.
You have $100,000 USD at your disposal to trade with. Unfortunately, more cash can’t be topped up.
Stay Up To Date
Online brokers give you news of stocks. With this news at your disposal, you can trade and make enough money.
In terms of this, FxPro is great. They offer comprehensive insights into the latest news reports. Their reports are known to be thorough so you’ll be well informed.
Their news comes in quick too. You’ll see reports immediately show up on FxPro’s webpage.
This isn’t the only thing that keeps you up to date. With a FxPro membership, you have access to a worldwide macroeconomic calendar. The calendar helps you track releases.
What’s best about this is that these features are free. You have access to them even without a FxPro membership.
7 Base Currencies
You need to select a base currency on your account. If you don’t select a proper currency, you may get less cash.
The currency you choose should match the currency that is in your bank account. This will let you withdraw the cash without having to convert it from FxPro.
There are 7 base currencies for you to choose from. You’ll have to select the one that’s applicable to you when you register.
The base currencies available are the standard:
Unfortunately, if the currency you use isn’t one of their base currencies, you’re forced to pay conversion fees. This isn’t the case with Fxpro. Instead, the cash would be converted according to exchange rates. However, this can cause you to get less than what you’ve earned.
Where Do You Live?
Depending on where you live, you may not be able to trade online. This is the case with many of FxPro’s competitors.
Fortunately, there are limited restrictions on traders with FxPro. Thus, you can access the site from over 170 countries across the world. This number is considerably large, especially if you compare it to FxPros’ competitors. The countries they’re not available in are due to licensing reasons.
Although available around the world, their platform is extremely popular with Australians.
FxPro has a spectacular interface. It comes with multiple features on their easy-to-use website. Their ease of use is translated into their mobile app as well. You can get hold of it on the Appstore.
However, the features offered on the app are limited compared to the web version. With the web version, you have access to 30 charting tools. With the charting tools at your disposal, you can come up with numerous trading strategies.
You also have access to notifications on stocks. When a notification comes in, you’ll get an alert. This is only applicable to the web version.
Whether you’re on the mobile version or not, you can customize charts to your liking. This lets you adjust its size and color.
FxPro is available in a number of languages. So you can still trade if your English isn’t as good.
Several things can go wrong when trading, especially if you’re trading large sums of cash. That’s why brokers need to offer great customer service. You can expect this FxPro.
If you have a question, you can get support at any time of the day. This is because the call center runs all day from Monday to Friday.
What’s best isn’t that it runs all day. They have representatives across the world. So whatever language you speak, you’re bound to get help.
The languages their representatives speak is immense. You can get help in 27 different languages. These include:
- Bahasa Indonesia
- Bahasa Melayu
There are various ways you could contact them. They have a phone number, email , fax, and an online chat. Below are some of their call centres:
- Global Support (English): +44 (0) 203 151 5550
- UK: 08000 463 050
- Cyprus: +357 25 969 200
- Monaco: +44 (0) 203 151 5550
- Dubai Office: 8000 440 316
- Bahamas: +1 242 603 2224
Unfortunately, their email support isn’t known to be the best. They offer answers to emails quite slowly. And the answers they do send are vague. Hence your best bet is their online chat.
Once you’ve entered the chat, you can expect a representative to join in less than 30 seconds. Thankfully, the representatives that work on their online chats work throughout the day as well. However, they don’t work all week long, only Monday to Friday.
Many brokers offer their customers added benefits. This isn’t the case with FxPro, unfortunately. They strictly abide by CySec’s guidelines. Hence, you shouldn’t expect any promotions in the near future.
If they lose their CySec regulation, then promotions may take place. However, a VPS is available that countless users can enjoy.