UK based broker FxPro is another popular Great Forex Broker that offers online trading services. Founded in Cyprus the company expanded into the other European countries and is regulated by the Financial Conduct Authority (FCA) and the Cyprus Securities & Exchange Commission (CySEC). The broker claims to have clients in more than 150 countries and offices in the UK and Cyprus.
FxPro gives clients the possibility of trading forex, shares, indices, futures, spot metals and spot energies.
Trade can be done with the most popular platforms MetaTrader 4 and 5 (MT4 and MT5), cTrader (desktop and web-based), FxPro Markets (web version of cTrader-based) and their mobile versions. Currency pairs and metals can be traded from all platforms but all instruments (including shares) are available on MT4 only.
MetaTrader platforms provide trade with fixed and floating spreads, automated trade with expert advisors, and instant market execution. The web-based cTrade gives information of market depth, no re-quotes trading and algorithmic trading through cAlgo. FxPro Markets allows accounts managing, single tap order execution and instruments volume information.
- Standard – it requires a minimum deposit of USD500;
- Premium – it requires a minimum deposit amount of USD50,000 and offers no transaction fees, dedicated account manager and daily market analysis.
FxPro offers 1:500 maximum leverage applicable in forex trading and this could increase the risk of loss. However, there is negative balance protection and clients cannot lose more money than they have in their account.
Market Maker or STP ?
Although the broker offers No Dealing Desk (NDD) execution and claims there are no re-quoted market orders, the company’s order execution policy shows that FxPro will re-quote ‘instant orders’ if the requested price originally specified by the client is not available. It is also written that during the low liquidity and high volatility, the order will be executed ‘close to or a number of pips away from the client’s requested price’, which means slippage exists. Clients must be aware of the lack of guaranteed stop loss orders. That means customer’s orders are executed at the first available price, especially during important news announcement. This could lead to greater than expected losses.
FxPro doesn’t act as a market maker and forwards client orders directly through to the dealing desks of the institutional dealers where it gets its liquidity from (Straight-Through Processing or STP).
The company’s site provides some trading tools such as forex calculators, economic and earnings calendars and technical analysis.