FXPro

Should You Trade with FXPro? Read This Broker Review First?

FXPro was founded in 2007 and was called the UK’s Most Trusted Forex Brand by Global Brands Magazine in 2017. There is a lot of news worldwide about forex scams and identifying brokers that are trustworthy and those that are not is a useful service to consumers. However, does FxPro deserve this praise? Is it the real deal or are there significant issues with this broker? 

It is important to take a deep dive and analyze every financial service carefully before signing up. Fortunately, Broker Complaint Registry has created this broker review to inform your decision. 

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Year Founded 2006
Regulation FCA, CySEC, FSCA and SCB.
Minimum Deposit $100
Product Types CFD, forex, spread betting
Products Offered Cryptocurrencies, stocks, indices, forex, futures

About FXPro

FXPro was founded in 2006 and has top-tier licenses, including the FCA or the Financial Conduct Authority. It was voted in 2017 as the most reliable forex broker in the United Kingdom according to Global Brands Magazine. Many traders noted FXPro’s competitive spreads, but there are some extra fees that may bother some traders. FXPro serves 2 million traders in 170 countries. 

FXPro looks like a reliable broker, but is it the real deal? What should you know before trading with FXPro? Of course, it is important for all traders to do research before choosing any financial services, particularly brokers. The best way to avoid forex trading scams and crypto scams is by checking out the service first and comparing options before signing up.

Regulation

The first thing traders should look for before selecting a broker is the quality of the license. It is important never to trade with an unlicensed broker. Without a regulator providing oversight, clients are not given sufficient protection against forex trading scams and crypto fraud. A regulator can take action on broker complaints more quickly and effectively and can take actions against a broker who is behaving unethically. 

FXPro has a first-tier license from the FCA, the Financial Conduct Authority in the United Kingdom. The FCA has exacting standards among its licensees and does regular inspections to ensure that they comply on an ongoing basis with regulations. FXPro also has a license from CySec which is a tier 2 regulator from Cyprus. In addition, it is regulated by FSCA and SCB. 

FXPro fulfills the requirement as a regulated broker. With licenses from Tier 1 and Tier 2 regulators, clients have recourse if there are issues and can file a broker complaint. Those who work with unregulated brokers have to rely only on law enforcement, which is usually overburdened with crypto complaints and broker complaints.

Accounts and Payment

FXPro charges clients through spreads and not through commissions. On the website, the broker highlights the lack of commissions as a major advantage and says that the high volume of trades makes commissions unnecessary. Clients pay for the service through spreads. The spread on the EUR/USD ranges from 0.5 to 1.5 

One drawback to FXPro’s service for many traders is the fee structure. Although the total amount traders pay in these fees may not be high, many consumers object to the principle of certain fees when they can sign up with a broker that does not have such fees. For instance. FXPro charges its clients a $5 monthly fee for keeping an account open and a $15 inactivity fee if there has not been any action on the account in 12 months. For those who want to withdraw funds without trading the money first, there is a 2.6% fee. This may not amount to very much in terms of the total amount paid, but some would view the existence of these fees as a disadvantage. 

Like many other brokers, FXPro provides a demo account, but FXPro’s require all who participate in a demo account must identify themselves. Those who want to try the demo account anonymously can be a drawback.

Trading Products and Trading Platforms

FXPro offers a decent variety of trading products with 70 forex pairs and 180 types of shares that are traded through CFDs. Although some brokers offer hundreds or even close to a thousand trading products, 180 different shares may be enough for many traders. It should be noted that 70 forex pairs are a good number. 

One thing that sets FXPro apart from other brokers is that it offers spread betting. Many traders in the UK prefer spread betting because there are some tax advantages to this trading type. 

FXPro has a variety of trading platforms, including MetaTrader 4 and 5 as well as cTrader, FXPro Edge, and FXPro. These platforms and tools provide mobile trading and other features as well as customizable charting, watchlists, and market analysis.  

Education and Resources

FXPro provides less in the way of educational and research resources than some other brokers. However, it does have a macroeconomic calendar with some analysis. However, those who use MetaTrader can find technical and fundamental analysis tools as part of those platforms. It also provides webinars in many languages.

FXPro Pros and Cons

Here are some advantages and disadvantages of FXPro’s service:

Pros

  • Top tier licensing
  • Large Selection of trading platforms
  • Offers spread betting

Cons

  • Extra fees
  • Not very much research and educational tools

Should You Trade with FXPro?

After examining FXPro thoroughly and evaluating its services, we have concluded that FXPro is regulated and seems like a legitimate broker. It has licenses from the FCA and CySec and offers a wide selection of trading platforms and services. 

However, even if a broker is regulated, there still may be issues that can arise and the need for a broker complaint. If you need to deal with problems such as forex withdrawal problems and fund recovery, contact Broker Complaint Registry.

Do You Have a Complaint with a Broker? Broker Complaint Registry Will Help

 Contact Broker Complaint Registry experts if you need assistance with a broker complaint.  We deal with a variety of issues, including data theft, forex trading scams, and crypto complaints. Our team will refer you to experts who have vast experience dealing with regulators, banks, and law enforcement. We will provide advice and give you valuable guidance to help you resolve the issue.