Should You Trade with FXPro? Read This Broker Review First?
FxPro is a UK-based trader focusing on CFDs, It has received praise from the media for its reputation as a safe, reliable online trader. But does FxPro live up to its positive reputation? It is important always to look beyond a broker’s reputation and discover if it is safe, regulated, and right for you. Researching a broker before signing a contract or putting money in a trading account is essential.
Broker Complaint Registry has done much of the necessary research for you so you can make sound trading decisions. Our experts understand what questions need to be asked when investigating brokers. This broker review should be a solid starting point that will assist you in choosing financial services. BCR provides guidance to countless clients whether they are choosing brokers or want to file a broker complaint.
FXPro was founded in the UK in 2006. It has 1 and 2 tier licenses, including from the FCA. It has close to 2 million clients in 170 countries and was voted by Global Brands Magazine in 2017 as the UK’s most trusted Forex brand. It charges no commissions and has reasonable spreads, but some clients find FXPro’s fees higher than average and have noted that it lacks trader education resources. However, it is known to have excellent customer service and product offerings, including futures.
The first item in any checklist when looking for a broker is that it is regulated. FXPro, with four licenses, definitely fits this requirement. It holds licenses from FCA, CySEC, FSCA and SCB. FCA is particularly worthy of note, because the Financial Conduct Authority, based in the UK is known for its rigorous requirements for providing a license to brokers and its regular oversight and inspections.
Not only should any broker you consider working with be licensed, but you should also look carefully at the type of license provided. Avoid brokers who have 3 and 4 tier licenses. Some of these regulators will give even mediocre brokers licenses and will not be quick to ask for regular paperwork or deal with customer complaints.
Accounts, Fees, Spreads, Commissions
FXPro highlights the fact it does not charge commissions and has reasonable spreads. On their website, they say that their inexpensive trading desk and the high volumes clients trade allow them to keep trading costs for clients low. The spread on the EUR/USD ranges from 0.5 to 1.5 pips which is a reasonable rate.
However, its fees, while at low levels, multiply. There is a $5 account fee per month, a $15 inactivity fee after 12 months, a 2.6% withdrawal fee if the client wishes to retrieve funds without trading first, and there are no discounts for those who make many trades with high amounts. Although these fees may not seem like such a big deal because they are low, by industry standards, they are a bit higher than what many brokers require.
FXPro features 70 forex pairs and 180 types of shares traded through CFDs and spread betting. Many UK traders find that spead betting has tax advantages. Compared to competitors, FXPro’s offerings are about average, but sufficient for most traders. One advantage that sets FXPro apart is that it offers futures trading, which is unusual.
Technology and Platforms
Traders who like a variety of trading styles are impressed by FXPro’s selection of platforms, which include MetaTrader 4,5, cTrader, FXPro Edge. FXPro offers advanced mobile trading. These platforms offer numerous features such as watchlists, customizable charting, and automated trading.
However, for the demo account, the user must provide full identification first. The lack of anonymity in the demo account is a drawback for traders who want to observe how others are trading without being identified.
Educational and Research
FXPro offers very little in the way of trader educational resources. It has some useful research tools, such as the macroeconomic calendar to remind traders of upcoming events, analysis and market alerts, Trading Central technical analysis, and webinars in multiple languages.
FXPro is known for its stellar customer service with a range of communication methods, including text, live chat, phone (including toll-free international numbers), social media support on Twitter. Unlike many online brokers, FXPro has a reception center based in London.
Pros and Cons of FXPro
To sum up, the following are pros and cons of FXPro
- Top tier licenses, including from the FCA
- Low spreads
- Outstanding customer service
- Above-average on platforms and research
- Negative balance protection
- Futures trading
- Demo account not anonymous
- Almost no educational tools
- No stop-loss protection
Should You Trade with FXPro?
After conducting thorough research on FXPro, Broker Complaint Registry has concluded that FXPro is a safe and legitimate broker, with four licenses one from the FCA. In addition, it has several advantages, including is low spreads, great customer service, solid platforms, availability of futures trading, and research features. However, some clients are unhappy with its numerous fees and lack of educational tools.
So, should you sign up with FXPro? At BCR, we adhere to the principle of Safety First. We have found FXPro to be safe. We have provided information so you can make up your own mind.
For instance, you may be an experienced broker who doesn’t mind the lack of educational resources, but you love the idea of trading futures, which are not available with many brokers. However, other consumers may feel differently. Fortunately, you now have the information to help you investigate further if you wish.
It is important to remember that even though FXPro is a legitimate, regulated broker, that does not mean that problems can’t arise. You may have a complaint with FXPro at some point that could turn into a dispute. This is true of any broker. If this happens, contact Broker Complaint Registry right away.
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