FXPro is an online broker dedicated to the needs of new and advance Forex traders. For long time Forex traders in South Africa the name will be familiar as it’s been around since 2006. It has experience going for it yes, but a lot of other Forex brokers have appeared since then, so is FXPro still as good as they say?
Types of Accounts Available with FXPro
There are many accounts to choose from.
- 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
The minimum deposit amount is 100 USD, the first minimum recommended amount it is however 500 USD.
There are also accounts for professional traders and investors who have to manage the account of their clients.
FXPro also has VIP accounts, but these are reserved for high net worth clients and also those involved in large trading volumes. If you’re a VIP client you don’t have to pay any deposit fees. You are also entitled to margin level reports, news reports and trade analysis. All of these notifications are sent via SMS or text so you’ll always be updated. You also get a free VPS (Vistual Private Server) as part of their service.
There is a demo account for the cTrader, MT4 and MT5 accounts, ideal if you’re new to forex or FXPro and want to assess their service. The balance in demo accounts max out at 500,000 and the leverage ranges from 1:1 to 1:500.
Deposits and Withdrawals with FXPro
Some of the payment options are country specific, so this is why the following options should be mentioned: Bank transfers, credit or debit cards, Neteller, Skrill and PayPal. Withdrawals can be done the same way as the deposits were made.
FXPro makes forex online trading in South Africa easier by providing all the essential features. The website does an excellent job of explaining the features on each account so you know exactly what you’re getting.
FXPro also does a good job of detailing the spreads, and its leverages and spreads are among the most competitive in its range. If you have an MT4 account you can trade Eur/USD with up to 1:500 leverage and 0.8 pips. These are also commission free.
The leverage does not depends from the account type. No matter what account you’ve opened, you can avail of the educational materials as well support when it comes to our FXPro’s services and products.
One of the benefits of FXPro is you’re allowed to make full use of the available leverage. From 1:1 to 1:500, you can choose the one you’re most comfortable with. Traders have different risk preferences, so it’s good to see that FXPro took this into account.
FXPro has a lot of features and options to satisfy the needs of both new and seasoned traders. The website is full of useful information and all the information is organized making it easy to find what you’re looking for.
FXPro Trading Tools
FXPro provides you with the tools necessary for online trading in South Africa. You also get a vault for quick access to funds you’ll use for trading. All account holders also have a dashboard where you can assess all the trades you’ve gone through and planning.
In addition to these you also get tools for technical analysis, the latest Forex news and updates. As an account holder you also get to use a number of different financial calculators for currency conversion, pips and margins so you’ll know your costs.
You can upload these trading algorithms onto the desktop version of your trading platform. The FXPro Virtual Private Server is a low latency server that lets you trade whenever you want. The VPS available at FxPro is offered from BeeksFx for a monthly fee of 30 USD, or free for VIP clients.
The features and benefits don’t end there however, as FXPro also offers a vast array of educational tools. These are helpful for beginners as it will teach you basic concepts about trading, how the market works, strategies and how to overcome challenges.
FXPro also has a comprehensive library that covers a vast array off topics that will help improve your performance and skills. The videos are feature packed yet easy to understand. Unlike those on other platforms, each video has been carefully made and doesn’t use any technical jargon.
You also get an economic calendar which will allow you to make plans for your future trades. With the calendar you will know when important economic data will be released, consensus reports, signs of market trends, volatility and so on.
FX Pro Customer Support and Service
FXPro offers solid customer support 24/5. Custommer support can be contacted by live chat through their website, or by phone or by email at firstname.lastname@example.org. If there is a problem you can get in touch with technical support and they will provide the necessary assistance. While the system’s performance is reliable, it is good to know tech support is available.
Customer support is also available in 20 languages, and there is a lot of info about specific help departments on the website which goes to show how dedicated the company is.
FX Pro Awards:
FxPro wins awards every few months. Some of the recent ones include:
- Best FX Service Provider 2018 – City of London Wealth Management Awards
- Best FX Provider 2018 – Online Personal Wealth Awards
- Best Forex Provider 2017 – Investors Chronicle & Financial Times Investment and Wealth Management Awards
- Best MT5 Broker, 2017 – UK Forex Awards
- Up to 7000 orders executed per second
- 99.9% of orders executed within 42ms
- No restrictions on trading styles/strategies
- Negative Balance Protection
- Low spreads on 6 asset classes
- Powerful trading tools
- Demo account available
- Multi-step Confirmation Process
- No Bonuses or Promotions (Regulated brokers are not allowed to offer bonuses)
- The “platforms within a platform” features can be complicated for beginners
FXPro is overall it is an excellent broker for fx trading. Once you have completed the sign up and confirmation process, you will see the difference when it comes to reliability and the number of tools provided. For Forex traders in South Africa and elsewhere, this is the kind of service you can depend on.