FxPro Review: The broker FxPro has been in the market since 2006. After almost 15 years of being in the market, the broker hasn’t evolved much. The broker claims to offer more than 260 CFD traded instruments but acts on the contrary. These instruments together have a paltry variety but miss out on cryptocurrencies.
The broker does not allow the trading of cryptocurrencies, even after being in the market for so long. FxPro broker is an NDD (non-dealing desk) broker. In layman terms, an NDD entitlement gives the broker the power to change spreads as the market becomes more volatile in times of economic events.
If a trader decides to trade and has based his decision on the spreads solely, he can get out of the trade unsatisfied.
FxPro Scam or safe?
The broker is regulated by different authorities, making it a legitimate broker. However, so many loopholes make the broker fishy. The profitable returns are not given to the trader that easily. The correct broker is an essential key to the trader to unlock money that the market offers.
FxPro Review: History
The broker was registered in 2006 and has been in the business ever since. As a matter of fact, the broker does not accept any clients from the USA, thus, barring it from being a worldwide broker.
Surprisingly, more than 45% of Americans trade, making it one of the most active countries in terms of market involvement. A non-participation clause for the residents from such a country is not new, but an experienced broker is expected to understand what revenues such a population can generate.
The broker does not offer a lot of information about its origins on the home page. If the user looks more, he can stumble upon the information about the firm’s UK subsidiary whose regulation began in 2010, much later than that of the parent company. The broker’s Home Page also mentions that FSCA walked in as a regulatory agency much later in 2015.
Sudden involvements of regulatory authorities somewhere question the integrity of the firm. Not that we say it is obvious, but something had to be out of order in the firm since another regulatory body had to be added in the picture.
FxPro Review: Account types
Most of the brokers a trader will come across will at most have three accounts, and those accounts will be easily definable in terms of the services they provide and the level of expertise they have.
The FxPro broker has no such metrics for the accounts it provides. Rather than grouping them in such a way that a novice can understand, each account is differentiated on the basis of the trading platform that the broker supports and the spreads that can be useful more to the broker and less to the novice.
Some accounts offer “floating spreads”, and some provide fixed spreads.
Similarly, some of them offer “instant” execution, and some offer market execution. Now, one has to sit back and wonder the difference in both the execution types. The broker makes it look like the website, and the broker itself is suited for everyone. However, a deeper look will reveal the broker is suited for people who’ve already been trading for a while.
FxPro Review: Trading platform
The broker provides trading platforms like MetaTrader and C trader to one of their own trading platforms and maybe four more. Such varieties make sense of confusion in the head of the trader. Imagine, if you don’t know what a platform is and you just have an adequate idea of their existence. What would you do if you get to choose from all of them?
Confused? Yes, that’s the general trivia they hold.
As a trader, if I have access to one of the best platforms that could ever be created, why would I look at anything else? It’s like asking a Tesla owner to choose from a range of Chevys.
FxPro Review: Markets and tradable products
The broker offers a restricted range of trading products in most of the categories of instruments. The broker does not offer a trade in cryptocurrencies.
The crypto market has seen a huge hike in the past few months, with Bitcoin reaching $39,133 as we write this. What is the point of not allowing the crypto-traders to enjoy the offered services? The market is volatile, but isn’t trading as a whole volatile?
Why does the broker not entertain cryptocurrencies as a tradable asset is still a debatable question but in the end, it is one less tradable asset for a diversified trader.
FxPro broker offers to trade in forex, indices, energies, and a couple of assets more. Out of these, forex is remarkably expensive to trade and most volatile. Indices, on the other hand, requires an experienced trader to make profits out of the market. The broker also offers CFD trading which, as we know, is hazardous and is not at all advised for novice traders.
On the contrary, the broker highlights CFD trading and the tradable instruments. It also mentions that CFD trading is risky, and this particular piece of information has to be dugout. We are pointing this because, at one end, the broker says that it is risky, and on the other hand, promotes CFD trading. The trading strategy’s warning content is put out in such a way that it hardly gets noticed.
The account opening process seems pretty chaotic and complicated. There are numerous steps involved, that can take up to 4 to 5 hours to get done with. A simple and straightforward account opening process is not a forte of FxPro.
Commission and fee
The broker earns from commissioned trades and spreads as well. Spread based transactions are suitable for day traders because the volume of trades is high. In such a situation giving a specific amount to the broker on each exchange makes it extremely difficult to make a decent profit.
Apart from this, the broker claims to be an NDD(non-dealing desk) broker. Such brokers move spreads at their will. The broker also claims that it is not an STP broker. In simpler terms, non-STP brokers do not have computerized transactions and will intervene between direct contact of the trader and the market. The financial service provider also claims that it is not an ECN broker. Non-ECN brokers fail to show real-time orders and rarely help in improving the market situation.
Such discrepancies are unacceptable and can prove to be a major drawback for clients.
Deposit and Withdrawal
The broker doesn’t let the money in and out of the trader’s hand that quickly, it introduces an online wallet called the FxPro wallet through which deposits and withdrawals can “easily” happen, making itself another third party in transactions. Wallets are good if they’re kept online, especially in the case of crypto-trading. But, the broker doesn’t offer crypto trading in the first place.
The broker’s whole involvement in the profit a trader makes creates an uncanny feeling in the gut. It offers maximum leverage of 1:500. Leveraged trading is risky and should only be done when the trader understands the trading tool’s consequences.
Education and research material
The broker offers sparse educational material for traders. It fails to depict how the market works in a real-life situation. Trading is all about making the right move at the right time. And if brokers want to imbibe knowledge among traders, they need to render better educational supplements. The big numbers-game that lies behind the whole picture is not explained by the broker anywhere.
FxPro Review: Bottom line
FxPro broker is tricky. It gets hard to choose the right broker sometimes.
The broker does not allow crypto trading. Potential traders should look out for brokers who are evolving with the market.
We recommend the broker HFTrading, TradeATF, ROinvesting, and several, which allow cryptocurrency trading in not just bitcoin, but much more than that. The account types are neatly sorted and there is not much that the trader cannot contemplate properly.
Frequently asked questions:
Can I lose money while trading with FxPro?
It will, for sure, happen to you. If not at the beginning then maybe sometime later, but it WILL happen. Better brace yourself.
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