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Choosing a reliable forex broker increases the likelihood of successful trades. However, the market is flooded with many fraudulent forex brokers.
ForexBrokers.com maintains the largest independent database, utilizing 28 customizable tools, ... . To gain a comprehensive understanding of FxPro, its credibility as a trading platform, readers can continue reading the article below by Mytour.
Comprehensive Review of FxPro
Established in 2006, FxPro is currently a leading online forex and CFD trading platform. With over 150 million executed trades, it provides CFD trading through forex, stocks, indices, metals, energy contracts, and futures contracts.
Trading on FxPro is conducted on various trading platforms, including third-party trading platforms, specifically MetaTrader4 (MT4) and MetaTrader5 (MT5) developed by MetaQuotes Software Corporation, FxPro Markets - the branded version of the cTrader platform developed by Spotware Systems, and the SuperTrader platform for investors with managed accounts.
Overview of FxPro
Here are some key details about the FxPro forex trading platform:
- Minimum initial deposit: 0.00 USD.
- Currency pairs (total forex pairs): 70.
- Contracts for Difference (CFD): 215.
- Trading US stocks: No.
- Trading international stocks: No.
- Trading cryptocurrencies as physical currency: No.
- Trading cryptocurrencies as CFDs: Yes.
Commission and Fees
FxPro offers the most competitive spreads on the cTrader platform, with a commission fee of 4.5 USD per trade (total commission fee of 9 USD per trade, including opening and closing trades), with an average spread of 0.45 for the EUR/USD pair.
FxPro's floating spread model is available on MT4 and MT5, with the EUR/USD exchange rate spread at 1.39 for market execution accounts and 1.55 for instant execution accounts.
For all trades executed on FxPro, the commission fee is calculated at 1.25 pips (0.45 spread + 0.9 commission fee).
This commission fee can be compared with the standard commission fees of competitive rivals such as OANDA, forex.com, FXCM, IG, and Saxo Bank. However, traders conducting large transactions or holding significant deposits may receive more competitive fees through Active Trader programs available at FXCM, IG, FOREX.com, and Saxo Bank.
Spreads on MT4 and MT5 can be compared with prices on OANDA, CMC Markets, and Plus500, although account types and execution models may vary.
Overall, with market execution and instant execution accounts available, traders have more options to execute trades on FxPro.
Customer Support Services
- Average connection time to support team: approximately 1 minute.
- Average Net Promoter Score: 7.33 out of 10.
- Professionalism rating score: 6.2 out of 10.
- Overall evaluation score: 7.3 out of 10
- Ranking: 12th (out of a total of 43 brokerage platforms).
Information Updates
FxPro consistently updates and provides daily information on its blog, including online news on all company platforms as well as market analysis articles from experts.
Additionally, FxPro collaborates with Trading Central, a leading provider of technical financial analysis, offering services in the form of plugins available on FxPro cTrader (web) and MT4 platforms. Previously, the trading platform also offered Auto Chartist, but this service was discontinued in 2017.
Fundamentally, FxPro provides and updates news continuously, including news, expert analysis content, and news from partner providers on trading platforms.
Platforms and Tools
FxPro offers a balanced overall range of options regarding fees, market scope, and tradable assets, providing trading guidance for both beginners and experienced individuals, and utilizing automated trading systems on the MT4, MT5, and/or cTrader platforms.
Traders on the MT4 or MT5 platforms using automated trading systems and Expert Advisors (EAs) can choose between desktop and mobile versions on both platforms with either variable or fixed spread, and instant execution.
Additionally, FxPro also provides a web-based MT4 version, a lighter version than the desktop version, users can access the platform through any Java-enabled web browser.
The cTrader platform on FxPro includes advanced charting tools and features allocated based on commission fees.
The web-based cTrader version applies HTML5 technology to help users navigate easily, display sub-portfolios, important details, and enhance user experience.
Last year, FxPro also launched FX Pro Markets, a different version of the cTrader platform. Essentially, FX Pro Markets integrates nearly all features found on the cTrader platform, except for automated trading functionality.
The cTrader version for desktop platforms runs smoother on Windows 10, adding trading algorithms through cBots, as well as other trading options.
FxPro Quant tool allows traders to build automated trading strategies using drag and drop functionality.
Lastly, for traders interested in Bitcoin, trading Bitcoin as a CFD for the BTC/USD pair is available on both MT4 and cTrader, along with several other cryptocurrency pairs. However, Bitcoin CFD trading is currently available for FxPro account holders in the UK or Bahamas.
Overall, a comprehensive evaluation of FxPro shows that this trading platform offers multiple platforms, allowing traders to have various options.
Mobile Trading Experience
Trading on FxPro's mobile platform is similar to trading on the desktop and web platforms, all developed by third-party developers including MetaQuotes Software Corporation and Spotware Systems. However, depending on the region and country, some features may or may not be available due to broker customization.
Key Considerations for FxPro Trading
Margin requirements vary across different account types on FxPro, as do order placement procedures and liquidity adherence, with volume-weighted average price (VWAP) compliance when placing and executing orders. Traders should therefore verify relevant margin requirements as these vary by account type and trading platform.
Regarding liquidity and order execution, specific accounts, such as instant execution accounts, must adhere to certain requirements, whereas market execution accounts may not, although market execution accounts may experience price slippage.
Above are some comprehensive reviews of FxPro. In summary, FxPro is currently one of the leading online forex and CFD trading platforms not only in Cyprus but worldwide, offering a diverse trading platform for customers, with a customer network spanning over 150 countries and holding additional licenses.
In general, this trading platform can meet various trading requirements, order placements, and different account types, offering both instant execution and market execution. Additionally, if you're ready to engage with this trading platform, readers can refer to the content How to Open an FxPro Account and explore other articles available on Mytour for more information.
