A Variety of Tools Available with FxPro Trading Accounts
FxPro offers a variety of useful tools to support their clients trading needs. By providing extra features to clients, forex brokers are able to add value. This is especially important considering that most brokers offer pretty much the same experience. Most brokers offer the same platform, the same trading instruments and same deposit methods. Only by offering additional trading tools are they really able to differentiate themselves. Let’s explore what advantages FxPro trading tools can offer to traders.
Trading Central is a popular tool that forex brokers can offer to clients. In the case of cTrader, Trading Central (where it’s supported by the broker) comes pre-installed. Unlike MT4, where you need to install a plugin to use the feature. This can be quite a bit inconvenient for new traders who will probably have the most to gain for this tool. The biggest benefit of this tool in cTrader is that it’s fully actionable, with a single click you can place a market order with a Take Profit and Stop Loss according to the trade prediction and support and resistance levels from Trading Central.
While most forex brokers do offer a free VPS service (if certain conditions are met), FxPro charges $30 per month to use theirs. However, it does come from the very well known provider, BeeksFX, whose servers are located in the same Equinix data center as cTrader. This makes it a natural choice for cTrader Automate (previously known as cAlgo) traders. According to the BeeksFX website, the same specification package is £27, so there is a small saving if going through FxPro to get this service.
FxPro Quant Strategy Builder
This is a very, very cool tool that a lot of brokers don’t offer and it certainly impresses us! In short, this is a drag and drop trading robot creator. Think Wix or Squarespace but instead of building a website you are connecting trading conditions and ideas. Without going into too much technical detail, here is what you need to know:
- There is a mode specifically for creating cBots for cTrader.
- There are several examples to help you get started
- It works in your web browser, so the strategy builder is platform-neutral
- There are videos, user guides and an FAQ section about the tool
- You can start using the tool without signing up
Various FxPro Trading Tools
FxPro Trading Dashboard
FxPro’s Trading Dashboard is a pretty nice tool if you would like to get a good overview of the currency markets at any given time. This dashboard combination gives a nice insight to the market sentiment using both volume and number of positions as separate indicators (cTrader’s native indicator only uses the number of open positions), volatility chart and movers and shakers, all with some different options to select a time period to calculate the information.
The calculators offered by FxPro are useful and cover a wide range of trading calculations, while some are easy enough to do in your head, the Swap calculator is definitely very helpful as it’s one of the more complex trading calculations to do, they include the formulas which also helps to understand. The other calculators are in context to risk management so kudos to FxPro for helping out with that. Finally, they have a specific cTrader Commissions calculator which will help users new to cTrader to understand how commissions are charged in the platform.
On the FxPro website they show all events which affect the markets, where you can set your preferred time zone and customize which events are shown by using a variety of different filters, including date range, country, category and expected volatility, most useful of all, you can save your selected filters for your next visit. It’s also worth noting that this feature is available in an iOS and Android App, which have high ratings in both marketplaces.
This tool does exactly what it says it does. It compares FxPro’s spreads on major currency pairs against Oanda, XM and Forex.com in the form of a useful chart.