FxPro Review: this is the name of a Forex broker that claims to be based in the United Kingdom. Is this broker legit or an online scammer?
FxPro mentions that it is owned by the FxPro Group Limited that owns: FxPro Financial Services Ltd, FxPro UK Limited, FxPro Global Markets MENA Limited and FxPro Global Markets Ltd.
The parent company is said to be licensed and regulated by the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC). The address linked with this broker is:
13-14 Basinghall str., City of London, EC2V 5BQ, United Kingdom.
It claims that it is the world’s number 1 broker and holds more than 50 international and UK Awards. Clients are invited to “invest in #UK100 (FTSE100), EURUSD, Gold and Facebook”.
There is also promise of giving negative balance protection to traders and up to 250+ trading instruments.
FxPro Trading Platform
This broker offers the latest trading platforms such as MetaTrader 4, MetaTrader 5 and cTrader.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Like was mentioned earlier, traders can select from about 70+ currencies, 5 cryptocurrencies and CFDs on 195+ commodities including Gold, Silver, Stocks, Oil and so on.
There is a maximum leverage of 1:500 offered but we could not find information on the spreads.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods on FxPro
Deposits and withdrawals can be carried out via the following: Bank Wire, Visa, Neteller, PayPal, Transfer from Existing Broker, UnionPay.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is so for FxPro and this is a good sign.
Minimum deposit requirements as seen on the page is 500 USD/EUR/GBP. Refunds do not come with a fee if it is done within 6 months of funding. A fee of between 2% and 2.6% is charged if withdrawal is requested by an account that has not traded.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is FxPro Licensed?
Yes. Asides holding license from the Financial Conduct Authority (FCA) and Cyprus Securities and Exchange Commission (CySEC), it is regulated also by FSCA and SCB.
However, researching the FxPro broker, we found that there have been evidences of non-clients receiving money to leave false positive reviews. This reports did not get an encouraging response from representatives of the broker, further implicating it.
The other reviews found on FxPro are not positive with clients reporting frozen accounts and naming them “sharks & scam artists”.
To reach a customer representative of the brokerage, clients should call +44 (0) 203 151 5550 or email: firstname.lastname@example.org
Conclusion on FxPro
The broker holds licenses from top European commissions and is regulated by them. Information on the page seems professional and encouraging. The minimum deposit requirement is quite high.
FxPro offers good trading platforms but the negative reviews along with the fake positive ones should be looked into by the representatives to assure traders.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website