FXPro

Added on September 19, 2011 01:48 PM
(3.5 / 5)
Spread: 0.8 Min. lot: 0.1 Execution: ECN,STP
Leverage: 1:500 Country: Cyprus, UK Regulated by: CySEC
Min. deposit: $500 Platforms: Metatrader, FxPro cTrader ECN, FxPro Web Trader, iTrader (iPhone), bTrader (Blackberry) Payment methods: Bank Wire, Credit card, PayPal, MoneyBookers, Neteller
Headquarters: Karyatidon 1, Ypsonas 4180, Cyprus

Before beginning the review, it is very important to clarify that FX Pro should not be mistaken for a Forex broker only meant for experienced traders; even though the name is FX Pro, it is meant for both experienced as well as beginner traders. One of the major advantages of this Forex broker is that it allows setting their own leverage – beginning with 1:1 and extending up to 1:500. Utilizing this leverage, traders can capitalize on their risks of Forex market, or even minimize tem, based on the individual preferences of traders. Similarly, the demo account of  FX Pro with real trading environment helps you in determining whether you would like to invest with this Forex trader or not.

Trading Platforms and Features

The best thing about FX Pro is that there are 8 different trading platforms. However, that shouldn’t overwhelm you because out of these 8 platforms, 4 are mobile trading platforms that have been designed for specific mobile phone systems. Of course it is advantageous; since you will not be trading on multiple phones at a time, it will not be difficult for you to find a suitable mobile application for your trades.

When the choice of desktop trading platform is concerned, you have the choice of standard MetaTrader 4 platforms and the FX Pro WebTrader platforms, or you can use a combination of two platforms. We have tested these platforms during out review, and we found that the FX Pro WebTrader platforms is more suitable for novice traders, as it offers larger buttons for buying and selling and focuses lesser on the other aspects like charting tools – the characteristic trait of MetaTrader 4.

The most appreciable thing that we found in this Forex broker is the ease of use – users can switch from one platform to another platform very swiftly. So, that increases the efficiency of trading and makes sure that you can trade from any of the computers, not just the one on which you have downloaded the FX Pro platforms. Paradoxically, the WebTrader platform of FX Pro is intuitive, but quite crowded. Even though all trading platform offer a lot of informative details to traders, in fact more than they can digest, the WebTrader platform of FX Pro had some overlapping frames that weren’t quite the best size for information that was shared on the website. Nonetheless, we could resize each frame to see the most of it and find out exactly what we were looking for.

Features

Speaking of the features offered by FX Pro, there are quite a few interesting things to note. The features have been aimed at simplifying the trading experience. We were more intrigued in the wide-ranging video library they have created, which included short and insightful videos about the basic topics. All these videos include in the library were loaded in an organized way, timely, and in contrast to other Forex videos that we saw on similar broker websites, which were more of general Forex trading tips and strategies, not just about how the trading platform is to be used.

During the review, we really liked the fact that FX Pro listed its spreads clearly, making an effort to present competitive spreads to traders. MetaTrader4 traders can normally take the pleasure of EUR/USD starting with 0.8 pips and up to 1:500 levered, with a commission-free trading whereas ECN traders can take the benefit of similar competitive spreads and the leverage up to 1:100. For the MetaTrader4 traders, there are fractional prices and use of some expert advisor that can streamline more of a profitable experience in trading.

FX Pro offers all standard tools for trading, which includes Forex news and technical analysis, and most f these are within the respective platforms, rather than on the website. Last but not the least, the FX Pro brokerage also presents classic calculators like margin calculator, currency convertor and pip calculator.

On the whole, we found the FX Pro features to be simple and straightforward with nothing unique about it. However they were offered in professional and useful manners that will definitely serve different trader types adequately to exceed their expectations.

Help and Support

 FX Pro has its customer support services in 22 countries. Therefore, FX Pro traders can be sure that assistance will not be a problem. Help is just a phone call away – toll free. Traders located in various other countries or the ones who prefer to go with alternate methods of service can also request a return call or callback at the any specific time of the day. Like other brokers, FX Pro also offers support to traders 24/5 – Sunday 11pm through Friday midnight in most of the time zones.

In addition, we found the Contact Us page of FX Pro to be one of the best we have seen till date, with various boxes containing phone numbers and emails of all the respective departments. This seemed to be really useful information for traders as well as traders who would like to inquire about the trading platform. Visitors coming to the site will know that they have arrived at the right place.

Email response was fantastic; in fact, a quick response received within 20 minutes was truly appreciable. It is the fastest response time we have ever received from any of the Forex brokers online.

We appreciate the live chat feature included in FX Pro, and it was a pleasure to find that their service was reliable. On inquiring through live chart, we found that the representative was not really well versed about the technical difficulties we were facing; however, even after some delay, their response was good and we could diagnose as well as correct the problem timely and accurately. That’s just a technical hitch.

Summary

Although the customer service of FX Pro was one among the best of all the Forex brokers we have reviewed till date, we did have difficulties in handling their trading services. But we appreciate the help we received from the competent custom service team of FX Pro, which helped us in getting most of the problems resolved.

The process of registration for both demo as well as love FX Pro accounts was straightforward. We were elated to see that if any information was types incorrectly or omitted during the registration process, the form would immediately jump to the exact place; it prevented searching here and there. But the process that seemed frustrating was the confirming the demo and real account; it involved a series of steps, which was unusually frustrating. It could have been simpler.

Another troublesome area was the email confirmation, which includes both Profile ID and Account Number. It was difficult to understand which code was to be provided.

On the brighter side, we really liked that when we opened a demo account we could choose over leverage, currency and amount in the account – the mimic of real trading. For money deposit, options include PayPal, wire transfer, Neteller and Moneybrookers.


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