Set up by a team of former traders in 2006, FX Pro is a feature-rich forex broker that seeks to level the playing field and give retail traders the tools needed to trade as professionals.
It does this in a number of ways, most notably its STP broker platform, where trades are sent direct to the institution. This typically results in tighter spreads and conditions that are closer to professional trading.
Regulated by the CySEC, and with a number of safeguards in place for traders money, FxPro recently won best STP broker at the World Finance Foreign Exchange Awards.
The minimum deposit on FxPro is $500 which is higher than average for the industry although leverage of 500:1 can be applied to trades. The setup process on FxPro is fairly straightforward although applications can sometimes take a couple of days in order to get the proper documents registered and approved.
FxPro offers no less than 9 different trading platforms, four for ECN trading and five for MT4 trading, which as you can imagine, offer a wealth of functionality. The ECN platform aims to give level II direct access to markets with 0.1 pip spreads during normal market conditions. According to FxPro it does this by routing orders direct to institutions instead of taking the other side of the trade.
The MT4 platforms are designed to fit seamlessly with Metatrader 4 and offer, amongst other things, the functionality for automated trading.
As well as these, FxPro offers Algorithmic capability, web platforms and trading for smartphone and tablet devices.
Charts on FxPro contain all of the features you would expect from a good broker and more, with capability for C# programming for the expert trader.
Charts can be customized, detached, overlaid and templates can be set up. Custom indicators can be designed and Metatrader compatibility means strategies and ideas can be tested using back data.
With the level II direct access capability provided by the ECN trading platform, spreads on some forex pairs can be as low as 0.1 pip, whilst with the MT4 platform, spreads start from 1.2 pips. This is amongst the tightest spreads in the industry meaning it is a good choice for scalpers – The no dealer intervention model creates trading conditions that are much closer to professional trading.
More than 60 forex pairs are covered as well as commodities, indices and hundreds of CFD shares.
Support on FxPro is good with 24/7 telephone, email and chat support, five days a week. Telephone dealing is also available. As well as this, there is a wealth of information within the help pages, breaking news stories and trading advice. There is also a free demo account without any loss in functionality for beginners to trial the software and their strategies.
Level II market access for tight spreads
Advanced trading platforms
C# and Metatrader 4 functionality
Interface can be overly complicated
Large minimum trade size
No deposit bonus
Web trader sometimes slow
There is no doubt that with its larger trade minimums and powerful platforms FxPro caters mostly for the more advanced trader. For some, the level of functionality that is possible at FxPro can be overwhelming.
However, FxPro deserves credit for striving to do what a good brokers should. Namely, to pursue the lowest spreads and level the playing field for all those who want to trade, not just for fun, but for those seeking to make a living out of the game.