FXPRO : BROKER REVIEW
FXPRO BROKER REVIEW
Forex Trading Africa annually reviews forex brokers regarded as the best in the world who accept South African traders. We provide valuable information on the platforms, analysis and tools as well as pricing for you to base your decision on when choosing the right broker for your trading needs.
To trade forex in South Africa, you need to open an account with a regulated broker. Forex is traded over-the-counter through a network of brokers and financial institutions as opposed to a centralised exchange. Forex is a risky instrument to trade. You can minimise the risk by trading through a regulated forex broker who you can trust.
FxPro is a London-based retail broker that offers a high quality trading environment for forex and CFD trading. The brokerage offers CFDs in 6 asset classes which includes forex, shares, indices, futures, metals and energies. These are accessed via the MetaTrader platforms and a proprietory platform called FxPro EDGE.
FxPro has a representative office in Cyprus and is regulated by several top-tier regulatory authorities, including the Financial Conduct Authority (FCA) in the UK and Cyprus Securities and Exchange Commission (CySEC). FxPro was voted the most trusted forex brand in the United Kingdom by Global Brands Magazine in 2017 and is considered a safe and reliable online retail broker.
Founded in 2006, the retail forex and CFDs broker operates in 173 countries and has over 1 million clients. FxPro is a true No Dealing Desk (NDD) broker which means clients orders are executed with no dealing desk intervention.
FxPro moved away from being a market maker in favour of the no dealing desk (NDD) model. It has concentrated on making algorithmic trading available to retail traders and has launched its own web-based strategy-building solution called Quant for the MetaTrader platforms. This means FxPro clients can create automated strategies using technical indicators and logical operators without any prior coding experience.
FxPro SuperTrader is the company’s proprietary investment platform. It provides retail traders and institutional investors with the ability to allocate funds to a number of strictly-vetted and performance-rated forex trading strategies.
FXPRO FAST FACTS
London, United Kingdom
Regulation and license
CySEC : Cyprus Securities and Exchange Commission
FCA : Financial Conduct Authority UK
In 2007, the European Markets in Financial Instruments Directive (MiFID) came into effect. This allows firms that are regulated in Cyprus to provide investment services anywhere within the European Union.
FxPro UK Limited is a wholly-owned subsidiary of FxPro Group Ltd. It is licensed and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
Does FxPro accept forex traders in South Africa?
Best forex broker for
FxPro is recommended for beginners, intermediate and advanced forex and CFDs traders who are interested in trading multiple financial assets via the popular MetaTrader platforms or a proprietory platform.
No Dealing Desk (NDD)
All client trades are executed with no dealing desk intervention with up to 2 000 trades executed per second
Web-based trading platform
Mobile trading app
Minimum deposit US$100 (R1 500)*
* Conversion rate at January 2020
Maximum leverage up to 500:1 on major forex pairs
Competitive floating spreads on all platforms.
Only charged the spread on any instrument on the MetaTrader platforms and there is no commission.
Spreads are much lower on the cTrader accounts, starting from 0 on major FX pairs. A commission is charged for each trade ($45 per $1 million US$ traded).
MT4 fixed spread account on the 7 major forex pairs.
Scalping and hedging
VISA or Mastercard debit/credit card
Log in to your FxPro Direct and select ‘Withdraw’ or ‘Wallet’.
For the withdrawal to be successful, you should transfer your funds to your FxPro Wallet.
Clients must withdraw using the same method used to deposit, unless that method has been fully refunded or refund limits have expired. In this case, you may use bank wire method or an e-wallet previously used to fund (as long as it can accept payments) to withdraw profits.
1.3 million registered clients (2020)
Most recent awards
Over 70 international awards since it was launched in 2006
- Best Broker as voted by the Financial Times: 2015-2020
- Best FX Provider, Online Personal Wealth Awards 2018
- Most Trusted Forex Brand in the United Kingdom by Global Brands Magazine in 2017
- Forex Provider of the Year, Financial Times Investor Chronicle Investment Awards 2010
Multilingual 24-hour, Monday to Friday
Live phone support operates in several locations on a toll-free number
Live chat available on the FxPro app
IS FXPRO SAFE TO USE?
FxPro has been in business for 15 years and has a reputation for being a safe and reliable retail broker for forex and CFDs traders. FxPro is licensed and regulated by two top-tier regulatory authorities: FCA in the UK and CySEC in Cyprus.
FxPro UK Limited is a member of the Financial Services Compensation Scheme (FSCS) and FxPro Financial Services Limited is a member of the Investor Compensation Fund (ICF).
FSCS protects customers when authorised financial services firms fail. You could be entitled to compensation of up to £85 000.
Segregation of funds
All client funds are fully segregated from the company’s own funds and kept in separate bank accounts in major European banks. This ensures that FxPro client funds cannot be used for any other purpose.
Negative balance protection
FxPro offers Negative Balance Protection (NBP) for all clients, regardless of their categorisation and jurisdiction. This ensures you cannot lose more than your total deposits.
WHAT DOES FXPRO OFFERS ITS CLIENTS?
FxPro offers leverage up to 500:1 on major forex pairs.
Leverage refers to how much of a position a trader can control with funds allocated to it by the broker. A leverage of up to 500:1 means a FxPro client can control a position of US$50 000 with only US$100 of his or her own funds.
Competitive spreads and fees
Spreads of 1.4 pips on EUR/USD
Spreads of 0.6 pips on USD/JPY
Spreads of 0.7 pips on EUR/GBP
All accounts offered by FxPro are spread only, meaning they are commission-free.
FxPro uses the no dealing desk (NDD) model which means it can pass on cost savings to clients.
FxPro’s fees are higher than average and the brokerage doesn’t offer any discounts for higher volume traders. Traders can pay up to 2.6 percent to withdraw funds if a withdrawal is made without trading.
US$ 15 dormant account fee applies after 12 months without trading activity, followed by a $ 5 monthly fee.
Web-based and mobile trading
FxPro offers clients four trading platforms: MT4, MT5, cTrader and the FxPro proprietory trading platform.
The popular electronic trading platforms can be accessed via desktop or a mobile device.
FxPro mobile app is available in both iOS and Android.
Derivative trading instruments
FxPro offers multiple derivative trading instruments with a focus on forex, indices and CFDs. A derivative is a contract between two or more parties where the value of the underlying asset is agreed upon and settled when the contract is closed. Parties do not take ownership of the financial asset, they merely speculate on price changes.
The most common derivatives are Futures, Forwards, Options and Swaps. Most derivative instruments are traded over-the-counter (OTC) meaning trading bypasses a central exchange.
FxPro product portfolio
|Forex||70 plus : majors, minors and exotics|
|Futures||Including cocoa, coffee, corn and gas|
|Indices||Trade CFDs on popular Indices from across Europe, Asia and America|
|Shares||Trade CFDs on the Shares of 150+ global companies|
|Commodities||Including cocoa, coffee, copper, cotton and sugar|
|Metals||Including platinum, gold and silver|
|Energies||Including Brent oil and natural gas|
Note: Cryptocurrencies are no longer available to trade by clients of FxPro UK as per the new FCA regulation which prohibits investment firms from offering Crypto CFDs to retail clients.
Free demo account
FxPro offers beginner forex traders a free Demo account that they can use to hone their trading skills before trading on a live account with real money. Demo accounts are opened via FxPro Direct.
There is zero risk trading forex with a demo account because clients only use ‘fake’ money to open positions. FxPro clients then progress to a Mini trading account when they feel confident trading with their own money.
MetaTrader trading platforms
FxPro is a MetaTrader broker which means its clients have access to one of the world’s most popular electronic trading platforms. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) offer virtually all the charting, analysis and indicators a forex broker in South Africa needs, regardless of level of expertise.
MT4 and MT5 are available for desktop, web trading, multi-terminal trading and trading on mobile devices. This includes Android, iPhone and iPad.
FxPro EDGE is the company’s proprietory trading platform. It provides convenient access to the markets from a browser with a highly customisable interface and advanced trading widgets. FxPro EDGE is highly customisable and allows FxPro clients to place their orders without needing to download and install any software.
FxPro EDGE has robust charts and a responsive design with a few default layouts. While FxPro EDGE lags somewhat behind other proprietory trading platforms, it does offer FxPro clients a good foundation for trading forex and CFDs.
FxPro Quant is a user-friendly algorithmic strategy builder that allows FxPro clients to turn their trading style into an algorithmic trading strategy without using coding languages.
FxPro Quant features an easy-to-use web-based interface as well as a library of technical indicators, mathematical functions and logical operators which you can drag and drop onto your workspace area before connecting them to create complex strategies for MT4 and/or cTrader.
Multiple analysis and trading tools
FxPro offers clients a wide choice of analysis and trading tools.
The most popular are:
- Fundamental analysis
- Technical analysis
- Sentimental analysis
- Forex daily signals
- Support resistance
- Expert Advisors
- Free education series
- Guardian Angel
- Social Trading
- Economic Calendar
- Daily forex news
FxPro offers traders algorithmic trading though cTrader which is an advanced algo and technical indicator coding application. cTrader allows traders to create and built algorithmic trading strategies and custom indicators.
Virtual Private Server (VPS)
FxPro offers a VPS that allows clients to upload and run MT4 Expert Advisors (EAs) and algo bots 24-hours a day without needed to keep a trading terminal running.
VPS is used to create applications for backtesting trading strategies.
The FxPro Wallet allows clients to transfer funds between their Wallet and trading accounts at any time.
FxPro provides quality daily market updates and analysis on its Blog webpage. FxPro has its own YouTube channel for webinars, platform tutorials and promotional videos.
Multiple articles are published on the FxPro website for up-to-date research and market analysis. This includes the Market Snapshots series which provides a daily outlook on forex trading conditions.
FxPro produces a great selection of educational videos and webinars. Webinars and training videos offer clients valuable industry tips on trading strategies and market insights. These are designed to improve clients’ trading knowledge and help them hone their trading strategies.
In observance of the Shariah Law, FxPro offers swap-free accounts to clients of the Muslim faith.
TYPES OF FXPRO ACCOUNTS
MT4 account with fixed spreads and instant execution
MT4 account with floating spreads and instant execution
MT4 account with floating spreads and market execution
cTrader account with floating spreads and market execution
MT5 account with floating spreads and market execution
FxPro is a well-established online retail forex and CFDs broker with a solid reputation for being reliable and safe to use. FxPro is regulated in one tier-1 jurisdiction and two tier-2 jurisdictions.
The London-based brokerage is represented in 173 countries and is a true global NDD brokerage, offering clients access to a four trading platforms and six asset classes. The company has earned multiple awards and is consistently recognised as one of the top 10 retail brokers in the world.
FxPro launched a strategy builder platform called Quant which was revolutionary when it first came to market. It allows users to create their own auto-trading strategies without using complex coding language. Quant and its proprietory trading platform, FxPro EDGE, shows that FxPro is determined to break out of the mold of a regular forex and CFDs broker.
The only drawback to an otherwise excellent offering is FxPro’s pricing is higher than the industry average. To open and close 1 lot of EUR/USD costs almost US$10. This makes FxPro less appealing to scalpers. FxPro offers its most competitive spreads on its cTrader platform which uses commission-based pricing.
FOREX TRADING AFRICA DISCLAIMER
Trading foreign currencies on margin carries a high level of risk and it may not be suitable for all traders and investors. Forex is a highly leveraged financial instrument and these high risk stakes can result in you losing a substantial amount of money. Consider your appetite for risk before trading forex using real money on a live account.