Our Review of FxPro Financial Services ltd
FxPro Financial Services Ltd
FxPro Financial Services Ltd is a Forex broker company in the UK. The company was founded in 2006 and in 2012 switched to the agency model. The agency model allows for brokers to make money without a conflict of interest as they do not make money based off the trade outcome. FxPro won several awards over the years including "Best STP/ECN Broker" in 2012.
FxPro Financial Services offers up to three different accounts for investors. The basic account is the trading account. This account provides access to nine trading platforms as well as the ability to trade in seven currencies.
For those who would like to get a feel for the platform and learn how to trade there is a demo account. The demo account gives new investors the ability to make trades based on real markets without putting money at risk. This allows investors to see the outcome of a trade so they can learn effective trading strategies.
The third type of account is a PAMM account and is the latest account type. PAMM accounts are for professional traders. This account allows traders with clients to manage all the client accounts simultaneously. PAMM accounts are unlimited in both the amount of trades made as well as the amount of money allowed on the account.
Commissions and Spreads
FxPro brokers earn commission based on trade volume instead of whether or not a trade is profitable. This allows investors to feel comfortable knowing that brokers truly have their best interest. FxPro's website has a chart showing the latest spreads for all types of investments currently available to users. The chart also shows price fluctuations and minimum and average spreads so that investors can make informed decisions.
FxPro Financial Services is available on up to nine platforms. Their software is available as a desktop download. The software is also available on the App Store and Google Play which gives investors much needed convenience. Trades can also of course be made on the website. The trading software is fully customizable allowing users to access information and make trades quickly without having to look through multiple pages and links.
Deposits and Withdrawals
The minimum deposit for FxPro Financial Services is 500 of whatever currency you wish to trade with. Withdrawals are processed the same day they are requested. The following methods are used for deposits and withdrawals:
Debit or credit cards
FxPro customer service is excellent and easily accessible. The FxPro website even offers a Trading Academy for new investors that helps them make a trade step by step. Customer service can be contacted by email or phone. Users can also chat live with a representative or request a phone call. Help is available 24 hours a day on business days.
Regulators and Safety
FxPro Financial Services Ltd is regulated by Financial Contact Authority as well as Cyprus Securities and Exchange Commission. Users of FxPro can breathe easy knowing that all client funds are segregated. FxPro is part of the Investors Compensation Fund. FxPro funds are deposited in investment banks. Clients who use FxPro will never have their balance drop below 0.
FxPro has a 500:1 leverage. The leverage decreases as volume increases.