Established in 2006, FxPro is an online forex broker that has enhanced its service with a client-centric approach. FxPro serves both retail and institutional clients from around 170 countries across the world. It is a leading CFD trading service provider that offers contracts for difference (CFD) on six asset classes.
Here is a brief FxPro India review so Indian clients can understand the use of this platform better.
Is FxPro legal?
FxPro is an established broker in several jurisdictions. Hence, the brokerage firm is authorised and regulated by more than one financial body, which makes it legal with extra layers of security. When it comes to trading in India, you must keep in mind that according to FEMA Act 1999, you cannot trade with an offshore broker. However, FxPro accepts Indian clients, and you can still trade with it cautiously, taking all rules in consideration. Binary trading is strictly prohibited, but FxPro does not offer binary trading, so the broker is on a comparatively safer side.
Regulations
The company FxPro Group Limited consists of several entities. The group headquarter is in the UK, and it has other offices in the UK, Monaco, Bahamas, and Cyprus. FxPro UK Limited is regulated by FCA (UK). FxPro Financial Services Limited is authorised by CySEC (Cyprus). FxPro Financial Services Ltd in South Africa is licensed by FSCA, and FxPro Global Markets Ltd in Bahamas is registered under SCB. As a licensed broker, it follows strict European laws, providing its services assured by legal top-tier legal regulatory agencies like FCA and CySEC.
Trading Platforms on FxPro
FxPro is a CFD forex broker that offers the following trading platforms to its clients –
- FxPro Trading Platforms
- MetaTrader 4
- MetaTrader 5
- cTrader
Trading Tools
Traders are provided with advanced trading tools by FxPro to make trading easier, such as –
- Education: Basics, fundamental analysis, technical analysis, psychology, trading tests, and video tutorials
- News and analytics: Economic calendar, earnings calendar, market holidays, FxPro market news, and technical analysis by trading central
- Trading tools: Trader’s dashboard, FxPro calculators, FxPro direct app, FxPro VPS, and download centre
Tradable markets on FxPro
FxPro offers CFD trading on the following assets:
Forex
The forex market consists of several markets, including spot FX, forward derivatives, future derivatives, and CFD derivatives market. All transactions in forex trading combine and make up the largest and most liquid financial market with an average daily volume of more than $5 trillion.
Forex is quoted in pairs, each representing a global currency. The first currency is known as the base currency. It stands for the volume the trader wants to trade. The second currency is called the term currency. It represents the current exchange rate.
Futures
Futures refer to financial contracts for a particular instrument that is to be sold or bought at a predetermined time in the future. Both the buyer and seller decide on the final price level, which is known as the forward price. The particular date of the future payment is known as the expiration date.
CFDs on futures allow traders to trade on the price fluctuations of a vast collection of assets. When traders make a prediction of the price increasing, they open a buy position. On the contrary, a sell position is opened if they predict that the price will move down.
Indices
Indices stand of indicators for price changes for a specific group of securities. You can explain the stock exchange index as a ‘basket’ or shares that are united by a common basis. Index trading is compared to opening positions on the courses of numerous stocks at the same time.
Trading indices is preferred by many FxPro traders because of its comprehensive terms, versatile analytics, and precise quotes from various supplies. You need to focus on the relevant corporate news and events to understand the logic of the index behaviour.
Shares
A share is a kind of security. It allows an investor to own a part of a company where they can vote on management issues and receive profit according to the results of the corporate functions. There are two main types of shares.
One is ordinary share, where the owner gets the right to take part in management and participate in the distribution of dividends. Another one is preferred share that guarantees holders a benefit in the distribution of the corporate profits.
Spot metals
By trading spot metals, investors are allowed to expand their portfolio by opening short or long positions on spot gold or silver. Spot gold is more valuable than spot silver. However, both metals have strong price movements.
Spot metal trading is considered as a safe haven investment, especially during the times of financial uncertainty. You may practice spot metal trading on a demo account on FxPro before trading on your real account.
Spot energies
FxPro offers clients to trade on spot energies, like Brent oil, WTI, and natural gas. These are considered the most essential raw material resources on earth. CFDs on energies are a great choice for short-term trading, especially during the surge in energy consumption, as well as during the periods of active growth and demand increases. Prices are decided by global supply and demand for the physical product.
Types of accounts
There is no choice for FxPro accounts. It is a one account feature that offers a full package of advantages claimed by the broker. However, swap-free accounts and micro accounts are available. Each of it provides leverage up to 1:200 with the initial deposit of $100 and fixed or variable spreads.
If you are a beginner, it would be better to open a demo account so you can test the trading strategies before using real money. You can switch between the demo and live account from the trading platform easily. Visit FxPro to open a demo account.
Deposits and Withdrawals
There are various ways to fund the trading account of FxPro through fast digital deposits. The broker does not charge an internal deposit fee or withdrawal fees for money transfer. At present, the broker support six payment methods, such as bank wire transfer, credit cards, PayPal, Neteller, Skrill, and UnionPay. FxPro allows multiple account base currencies, including EUR, USD, GBP, AUD, PLN, JPY, ZAR, and CHF. In addition to these popular base currencies, you can also deposit using KWD, AED, SAR, and RMB. It means that the conversion will not be charged. However, every entity of the broker supports different deposit methods. So, you should double check the official source before initiating money transfer.
The minimum deposit for FxPro trading account is $100. However, the broker recommends depositing at least $500 if you want to enjoy all features to their full potential on the trading platform. FxPro withdrawals also do not have any charge through any of the payment methods. The withdrawals are generally processed within one day if you use the same payment method that you used for deposit.
Fees and Commissions
Before you start trading with FxPro, you need to know its fees structure –
- Execution: FxPro MT4 offers variables or fixed spreads. The two types of execution-based pricing for the variable spread pricing are instant and market. Instant execution has the potential for requotes without slippage, and market execution is subject to slippage but no requotes.
- Spreads: FxPro’s variable spread is available on both MT4 and MT5. EUR/USD spreads are 1.58 for market execution and 1.71 for instant execution on MT4. On MT5, the spreads are 1.51 pips for market execution. Fixed spread is only available on MT4. Instant execution is not available on MT5.
- Commissions: The most competitive spreads are offered by FxPro on its cTrader platform that uses commission-based pricing. Spread on this broker to trade EUR/USD is approximately 1.27 pips, according to the 0.37 average spread along with 0.9 pip commission equivalent on cTrader.
You also need to know that FxPro charges an overnight fee in addition to the spread. The cost is calculated as the interest rate for forex pairs.
Now you know what can expect from FxPro forex trading in India. Visit the FxPro platform to know more about its features. However, always be cautious to avoid any illegal act of trade in India.