A little about FX Pro
FX Pro, regulated by the FCA, were founded in 2006 with offices in the UK and Cyprus. They offer CFD’s on six different asset classes;
- Spot Indices
- Spot Metals
- Spot Energies
FX Pro claim to have won numerous awards for best broker and best provider.
FX Pro are a market maker, meaning they are the ones that take the other side of your trade.
Does being a market maker mean they are likely to cheat so as not to lose money?
No, it does not mean that. They simply hedge clients bets off against each other. So essentially you are betting against another client. They have no reason to want to rip you off. Despite what all the conspiracy theorist and sore losers say.
FX Pro offer integration with MetaTrader 4/5 and cTrader.
My review of FX Pro
I have been using FX Pro or around a year now, so here I am sharing my experience and giving an honest review of what I think of them.
First off, a little about myself; I am a forex trader with around eight years’ experience trading live markets with different brokers under my belt.
I relocated to Thailand in 2015 and had to find a new broker that would accept payments from my Thai credit card.
I came across FX Pro because they have quite a large online presence. I’m a new age kind of guy so I get all my information from Google.
I set up the live account which was accepted quickly. Now I am set up, deposit made and ready to trade.
Multiple payment options
Because I relocated to Thailand I was unable to pay direct with my Thai credit card. The financial authorities in Thailand have banned the use of credit cards for any of these kind of financial investment institutions or anything deemed to be gambling.
Luckily, FX Pro also accepted payment via PayPal and Neteller. Meaning I could deposit money in to one of those accounts form my credit card and then deposit from there to my FX Pro account.
Other payment options include;
- Web Money
- Bank Transfer
excellent Customer service
This was a huge benefit for me. There is nothing I hate more than having to send an email and wait hours or even days for a response to one of my queries.
FX Pro offer a chat function which is manned Monday to Fridays. The customer service agents are very helpful and can usually answer your questions or help fix your issues there and then.
They’re also available to call or email if you need to.
Withdrawal of funds
Another area where I think FX Pro does very well is getting your money back out and in to your bank. I have traded with brokers in the past where it’s been difficult of a lengthy process to get the money back out. With FX Pro it takes a maximum of one day, depending on when I put in the request.
Filling positions and the spread
I personally have never experienced it, but I know some traders can experience troubles with other brokers getting positions filled or getting positions filled at the wrong price.
I have never had any issues with FX Pro regarding this. I also trade intraday so getting in and out at the right prices is quite important for me. The spread is never too large that it takes away too much from my profits (although at the same time, they aren’t the lowest spreads I have ever seen)
Free Tools and Learning Materials
When you sign up for an account with FX Pro it comes with tonnes of free tools and learning materials like;
Autochartist – A software that identifies chart patterns (image below).
FX Pro Quant – A tool used to create your own trading algorithms for MT4.
FX Pro Trading central – Providing insight, research and independent trading signals (image below)…..
And many more including an economic calendar and up to date market news.
It would be unfair of me not to mention any negatives, after all, no broker is perfect.
Online Trading Platform
I did not like the MetaTrader Online platform. I found it to be quite slow to use and just nowhere near as seamless as using MT4 software.
This is not a shot at just FX Pro, this is my issue with any brokers that offer online platforms. I have never enjoyed the user experience of anything that relies on your internet bandwidth to work properly. Especially when I live in a place like Thailand. The net connection isn’t always the best and trying to draw my trend lines and set up my indicators for my trading strategies can become quite frustrating.
However, it is not just the internet connection that bothers me.
The FX Pro web trader is difficult and awkward to use, and restricts the number of chart windows you can have open at one time.
would i recommend fx pro to others?
I really enjoy trading with FX Pro. I would recommend them to anyone looking to find the right broker.
I never have issues fulfilling orders, depositing or withdrawing money which, in my opinion, are the most important factors to look at in a broker. Along with competitive spreads so that you are not losing too much of your profit margin.
I would just tell them to make sure they integrate it with their MT4 software instead of using their online portal.