Founded in 2006 and operating out of Limassol, Cyprus, FXpro is a Forex broker relatively new to the game but already making a big impression. In 2010, the company had a huge year for its size, earning over $80 million. This means that traders are making money with this brokerage firm, and that puts FXpro near the top of a lot of lists.
Since FXpro has two main platforms available, we’ll touch on the main type of account you can have under each platform, MT4 and ECN. The broker does offer you a demo account, regardless of the type of account you open, and you can always open an account on each platform if you wish.
- MT4 Account: With the MetaTrader 4 platform account, you have to deposit a minimum of $500 to become active. However, there are a lot of features to take advantage of here, like hedging, trailing stop, pending orders, OCO orders (one-cancels-others), one-click trading, mobile trading, automated trading, and much more. Plus you’ll receive high leverage – 1:500 on Forex and Futures. You’ll also receive expert advice and daily reports and analysis.
- ECN Account: With an account on this platform, you have entered the equivalent of “high-rollers” territory on FXpro. With this account, you’ll receive pretty much all of the features of an MT4 account, plus you can trade via API, receive overnight interest rates, track orders better, and you get to trade with 54 currency pairs. However, the spreads here are variable instead of fixed, and only currencies are available.
Unique Selling Points
- Spreads available from 0 Pips (EUR/USD)
- Multiple platforms available
- Streamlined Trader Dashboard feature
- Incredible support options across the board
- A total of 10 trading platforms
- Funds insured by ICF
Pros and Cons
- MetaTrader 4 platform offers 8 individual trading platforms
- Negative balance protection
- No requotes
- No dealing desk execution
- Full market depth level II pricing
- Team of expert traders to advise you
- Zero-commission trading
- Very secure deposit and withdrawal features
- Affiliate program available
- Segregated accounts
- Phone trading available
- Mobile platform version
- Hedging allowed
- The “platforms within a platform” features can be complicated for beginners
- Occasional platform freezes reported
- Only one main platform offers the no requote feature (cTrader)
- No US traders accepted
- Higher minimum investment ($500/1000 respectively) to start
One of the more popular brokers out there, FXpro seems to take trading a little more seriously than some. They offer two quality platforms for investors and traders, giving you far more options to play with. Their website is also overflowing with valuable information on the market, links to quality Forex-specific sites, and along with their quality support, FXpro has received numerous awards as a broker.
When it’s all said and done, FXpro seems more geared toward traders who already have a little experience with the MT4 and cTrader platforms, but in terms of a feature-rich package offered by a broker, it’s one of the most thorough out there.