Introduction to FxPro Review
This FxPro cTrader review has been written to be digestible and informative for anyone to quickly gain insight into the past and present of a cTrader broker. We look at what makes them one of the best cTrader brokers out there and if it’s worth your time to consider opening an account with them. When we review forex brokers, we don’t just look at spreads. We also consider sentimental factors which do ultimately add to the overall experience you will have when trading with any forex broker. These factors include the history and heritage of the company, which are often overlooked and all importantly, in the context of the cTrader platform.
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Pros and Cons of FxPro
FxPro is one of our favourite cTrader brokers, for a variety of reasons, mainly because they were the first broker to offer the cTrader platform. This makes them true forward thinkers. They were ready to pilot a new platform in order to test and then offer products that are in the interest of their clients. Let’s firstly explore the positives of FxPro.
- FxPro was the first broker to recognise the potential of cTrader, the vision of the company (Spotware) and it’s Traders First approach. As traders, we like that approach.
- FxPro’s customer support team are well qualified when it comes to dealing with cTrader related enquiries. That’s natural since they have the most experience in offering the platform.
- They upsell cTrader by prioritising it in their banners and ads (makes sense, it looks a hell of a lot better than MT4). They also give cTrader equal presence on their website to other platforms that they offer.
- FxPro’s client area (FxPro Direct) is well designed and easy to use once you understand the concept of the vault. It’s one of the better client zones we have seen.
Here are some of the negatives of trading with FxPro.
- FxPro is expensive. To open and close 1 Lot of EURUSD, it will cost almost $10. This is terrible for scalping and such a shame considering cTrader is a great platform for scalping and building bots.
- After FxPro’s big website update, finding information has proven difficult. Yes, the website looks minimalist, artistic and super cool, but it was almost impossible to find out how much their commissions are or what account types they offer. Imagine if Amazon didn’t have any prices.
- They are really unhelpful and unresponsive to partners and affiliates. This is a shame. Especially since there are probably many affiliates that are interested in partnering with a well established and reputable brand like FxPro.
This section provides some insight into the stature of FxPro and it’s level of good standing. One thing that stands out about FxPro is their wide range of regulatory jurisdictions. This highlights that the company has a global presence and takes compliance and regulation seriously. Whether these licenses are maintained simply to flaunt in marketing and PR alongside their huge number of awards as well as their past and present sponsorships is something we will never find out. However, that doesn’t change the fact that the company is able to meet and maintain the obligations associated with those licenses is impressive.
|Year Established||2006 (12 Years Active)|
|Year Started Offering cTrader||2011|
|Regulation||Cyprus (CySEC) – Since 2007|
UK (FCA) – Since 2010
South Africa (FSB) – Since 2015
Bahamas (SCB) – Since
United Arab Emirates (DFSA) – Since 2017
|Number of Employees||200+|
|Active Sponsorships||Watford Football Club (2017/18 Season)|
McLaren F1™ Team
|Previous Sponsorships||Fulham FC Official Main Team Sponsor|
Aston Villa FC Official Main Team Sponsor
|Banking Partners||Barclays, RBS, Bank of America, Emirates NBD|
More about FxPro
FxPro Trading Conditions
This section explains the trading conditions offered by FxPro specifically for the cTrader platform. While FxPro does charge commissions in cTrader, their spreads are much more competitive than inside their MetaTrader 4 offering. All in all, FxPro has 4 trading platforms, cTrader, MetaTrader 4, MetaTrader 5 and FxPro Edge. The FxPro Edge platform is their spread betting platform, which at the moment is only in beta mode.
|Maximum Leverage*:||Up to 1:500|
|Asset Classes*:||Forex, Metals, Energies, Indices|
|Total Number of Trading Pairs*:||103|
|Trading Commissions:||$45 per $1million traded|
|Minimum Deposit:||There is no minimum deposit, but $500 is recommended.|
|Spreads:||0.3 Pips Average|
|Stop Out Level:||30% to 50%|
Accessibility to FxPro Services
Since FxPro is regulated in 5 jurisdictions, each with high standards, their accessibility to users around the world is quite broad. It’s worth noting some of their entities have limited deposit options, we suggest double checking those before you sign up. For example, FxPro UK only offers methods to fund your trading account via bank transfer of bank cards. Whereas FxPro Cyprus also offers Skrill, Neteller, PayPal and Union Pay. Also, FxPro offers a huge number of languages on their website.
|Countries Excluded:||USA, Canada, Iran|
|Deposit Options*:||Wire Transfer, Visa, Mastercard, PayPal, Skrill, Neteller, UnionPay|
|Withdrawal Fees:||No (unless you deposit and do no trade)|
|Social Trading (cTrader Copy):||Not Available|
FxPro Edge for Spread Betting
Despite the fact that cTrader support Spread Betting, FxPro has decided to use another trading platform to offer spread bets. It’s not clear if they developed it themselves or outsourced it, however, it looks like they followed the style of cTrader as they designed it. The platform is only available to clients of FxPro’s FCA regulated entity in the UK and exclusively available for residents of the United Kingdom. However, anyone can try out the platform in Beta mode.
Opening an Account with FxPro
Opening an account with FxPro was a very smooth experience. It looks like the company has invested a lot of time, money and attention to make the onboarding process as streamlined as possible. There was no point when we were confused about what to do or how to do it. Every instruction is well explained. After uploading a passport and a bank statement on a Saturday evening, our account was approved after approximately 12 hours, on the following Sunday morning. This was very impressive.
FxPro Direct Client Zone
FxPro’s client zone is called FxPro Direct. Just like their website, the client zone is very minimalist. Not a lot of buttons or controls, a lot of white space and the bare minimum needed to let you do what you need to do. This area lets you upload documents, create live and demo trading accounts, make deposits, withdrawals and transfers and manage your language settings, change your password
FxPro Trading Tools
When you are logged into FxPro Direct, there is a section called Tools. Here you can access a bunch of tools which FxPro has arranged for their clients. These tools include a dashboard, Trading Central, Squawk, Economic Calendar and a variety of trading calculators.