FxPro is one of the most popular MetaTrader brokers, offering a variety of account types and execution techniques. It offers access to its own customized FxPro Edge app (which isn’t currently accessible for mobile) and the BnkPro app (which isn’t currently available in all areas). In this FxPro review, we will share the pros and cons and more things that you need to know about it.
However, the main drawback of FxPro is its above-average price, which simply cannot compare with the lowest-cost forex traders.
Pro and cons of FxPro
Pros:
- FxPro was founded in 2006 and is licensed in one tier-1 and two tier-2 jurisdictions, making it the perfect (low-risk) forex and CFDs trader.
- FxPro comes with various pricing plans, both fixed and variable spreads, across all account types.
- FxPro’s MetaTrader and cTrader platforms, which are available on desktop, online, and mobile, are the company’s most well-known products.
- With fewer than 1% of customer orders requoted in 2020, FxPro offers completely transparent processing techniques that differ by account type.
Cons:
- FxPro’s price is still not cheap enough to compete with industry leaders like IG and CMC Markets.
- FxPro Edge, FxPro’s unique platform, has provided a strong foundation for a future web-based platform but still falls short of the greatest proprietary trading systems (and is not yet available as a mobile app).
- For FX and CFD traders, FxPro has lower symbols than the main multi-asset brokers.
- The BnkPro banking and payments app allows users to trade thousands of worldwide stocks, although it is unavailable in other regions, including Europe and Asia.
Is FxPro a secure platform?
When we see its total Trust Score which is 89 out of 99, it means FxPro is rated low-risk. FxPro is not traded publicly, somehow doesn’t run a bank, and is regulated by one tier-1 (high trust), two tier-2 (medium trust), and one tier-3 (low believe) regulator (low trust). The following tier-1 regulators have approved FxPro: Financial Conduct Authority (FCA).
● Investment opportunities
The number of indicators available at FxPro is mostly dependent on the trading platform you choose. FxPro provides over 400 CFDs, covering forex, stocks, indices, metals, and cryptocurrencies, to investors who use MetaTrader’s range of platforms. However, it has compared to about 100 for its cTrader service. Thousands of stocks are also traded on FxPro’s BnkPro app, which isn’t yet openly accessible worldwide.
Cryptocurrency: Cryptocurrency trading is offered at FxPro through CFDs, not just through direct trading of the underlying value (e.g., buying Bitcoin). Retail brokers from any broker’s U.K. corporation, as well as U.K. residents, are still not permitted to trade crypto CFDs.
Fees and commissions: FxPro’s price is more than the average industry, placing it at a disadvantage when competing with others like Pepperstone and IC Markets. They have both supplied the complete MetaTrader and cTrader suites.
Commissions: FxPro’s cTrader system offers commission-based trading with the most competitive spreads. On cTrader, FxPro’s average margin for trading the EUR/USD pair is approximately 1.27 pips. This number is based on FxPro’s average difference of 0.37 pips (as of August 2020) and a 0.9 pip commission-equivalent.
Spreads: FxPro’s floating-rate (variable spread) strategy is offered on MT4 and MT5, with EUR/USD spreads of 1.58 for market processing (1.51 pips on MT5) and 1.71 for rapid action.
