The U.K.-based Forex broker FxPro has been operating in the Contracts for Difference and Spread Betting markets since 2006. Today, the firm serves customers with more than 1,866,000 accounts in 173 countries, and its Tier 1 capital stands at €100 million.
FxPro claims widespread recognition as a dependable broker. Several agencies including the FCA, CySEC, FSCA, and SCB oversee them.
But is FxPro all its cut out to be? Here, we take a closer look at how this broker operates.
Is FxPro safe? Pros and cons
When it comes to reliability and credibility, FxPro gets high marks according to our FXPro Review South Africa. In particular, they are governed by the UK’s regulatory body, which is widely believed to be more stringent than that of certain other EU member states.
FxPro also brags that they have a high counterparty credit rating, advertising a 95 out of 100 on a scale where a higher number suggests a lesser likelihood of default or insolvency.
Furthermore, in the case of FxPro’s insolvency, clients will be able to seek compensation under the Financial Services Compensation Scheme (FSCS), in which they participate. According to the new EU regulations, they protect their customers from incurring losses greater than their initial deposits.
FxPro’s lack of guaranteed stop-loss orders is a drawback. FxPro does not offer this service, which is provided by some other brokers for a price.
FxPro asset offering
In terms of available investment products, FxPro is above par. More than seventy foreign exchange (FX) pairings are available through the broker, and they also provide access to more than 180 equities shares, cryptocurrency futures (which is quite rare), commodities, and stock indices.
FxPro promises to offer trading on more than 430 different instruments. This should provide traders a lot of room to ply their trades in whichever markets pique their attention. In addition, they facilitate CFD and spread trading.
FxPro pricing
FxPro, like many brokers, offers commission-free trading for the most part. They claim to pass savings on to customers because they don’t have to pay for a dealing desk. FxPro claims that they are able to internally match a large portion of their order flow due to the huge trading volumes of their clients.
They may reduce risk and costs in this way without affecting customer orders. However, there are other, more burdensome costs, and it appears that FxPro does not provide volume discounts.
FxPro trading platforms
Many different desktop and mobile trading platforms are available to FxPro customers. The desktop browser experience is standard for the industry and provides traders with a simple and straightforward means of executing trades with transparent pricing.
Several indicators and analyses may be used on these charts. While MT 5 allows users to leave conditional orders and construct personalised watchlists, it does not support hedging and instead cancels offsetting trades.
Final Thoughts
For the most market options in FX and CFD trading, FxPro is your best bet. They stand out from the competition because of the variety of currency pairs they offer and the fact that clients may also trade equities, cryptocurrencies, commodities, and futures on reliable trading platforms with solid regulation.