IS FXPRO A SCAM FOREX BROKER?
If you are fed up with fraudulent brokers and want excellent support for your investments, FxPro is the broker you need. With more than ten years of experience and coverage in 150 countries, FxPro is the safest option to invest in forex and CFD. Its more than 40 awards show that and the guarantee of having the regulatory entities that give us security in our operations.
FxPro is one of the most significant brokers on the planet and has been the preferred broker for thousands of traders in the currency market. Because of that, the broker has facilitated thousands and thousands of transactions in thousands of accounts.
The company is regulated in several countries, so it adheres to the strictest principles; but, before deciding on whether it is a good broker or not, it is necessary to do the relevant research before making a decision.
FxPro is regulated by the primary financial organizations such as the Cypriot CySEC, the British FCA, and the Spanish CNMV. The significant advantage of a broker that’s controlled by the FCA is that user deposits are guaranteed up to € 50,000 in case the broker has a financial problem or breakdown.
It has rained a lot since FxPro has been operating, and it is to be expected that during all that time we may have seen some opinion of its users being more positive than another regarding the service they can offer.
What we haven’t seen is an opinion about it being a scam or that they are going to keep the money of the users. In this sense, this regulated by the FCA is a substantial seal of quality.
FxPro's trading conditions
According to the opinions of its users, an experienced person who knows the stock market well can earn enough.
As an investment platform, FxPro is quite professional, very reliable and with complete statistics that are updated continuously. It can be adapted perfectly to a novice user since it gives the possibility of copying investment strategies of other people and establishing control of how much we are willing to risk.
A priori, if we look at the general atmosphere that is breathed in forums about FxPro gives the feeling that there is a general climate of satisfaction between traders and FxPro.
It can be said that FxPro is a right and legitimate broker of FOREX and CFDs based on the opinions of its users. Also, FxPro is a broker that has received numerous awards naming him the best FOREX broker in several consecutive years.
FxPro is a broker that has been awarded the prize of “Best FOREX broker” in 2008 and 2009 by different financial magazines.
One of the things that may be a disadvantage is that to open an FxPro account the minimum deposit is a little high (500 USD) and they do not have any bonus available for new users.
But in any case this does not mean that they are not severe or reliable, it is not important if we want to look for a broker with guarantees like FxPro.
FxPro offers us more than 10 different platforms to trade. In this sense, it may be the broker that provides more platforms to its users. Its best-known platform is known as “cTrader”, which is a web-based platform that does not need any software installation to be able to operate. FxPro also offers us the great Metatrader trading platform.
Like most brokers, FxPro offers us the possibility of operating through platforms for mobile phones and tablets (Android and Apple).
FxPro affords us a wide range of financial underlying to work, precisely more than 140 among which are: FOREX, Commodities, Stock indices, Metals.
FxPro's customer service
The commercial policy of the broker is to attract clients by their trading conditions and their transparency and not by aggressive promotions or promotions that often have hidden states.
FxPro also has a small educational section, composed of several webinars and online seminars. They usually offer several per week and even and, in some of them, large economic events and live fairs are analyzed.
Within this training center, we have two subsections; one’s for novices and another’s for expert traders, where initiation guides and other more advanced ones are presented so that we carry out our FOREX operations and with CFDs.
Likewise, it is important to talk about one of the main advantages offered by this broker, and that’s the technical support it has. If we have any problem or doubt, we can solve them quickly by sending an email or by calling a telephone number
The trading tools, the variety of accounts or the media with which you count on for your negotiations, are critical elements that must be taken into account when choosing a broker for your investments. However, all this would not make sense if the said broker was fraudulent or illegal. With FxPro this will not be a problem since on its homepage you can see the stamp of many institutions that are responsible for regulating the proper use of this economic activity.
This is a broker that can also be used for beginners but is especially suitable for experienced traders, especially for those who use automatic trading systems or scalpers. In FxPro any trading strategy is allowed without restrictions (hedging, expert advisors, scalping…)
After having analyzed the trading platform in FOREX FxPro, we can conclude that it is highly recommended to operate in the market and be able to invest according to your experience.
Among the main advantages you can find liquidity with Tier 1 suppliers, you can operate with prices from suppliers, orders are executed before 50 ms in 99.9%. Investments are in complete anonymity, there are higher orders, the account has a demo, there are different trading platforms, and it has a mobile application.
If you are thinking of investing in FOREX or would like to learn to work with CFD, do not hesitate and choose this broker to carry out these actions. With everything it offers, what else can you ask for?
Is FxPro the best?
Now that we know FxPro is definitely not a scam broker, we should move on to "Is FxPro the best forex brokers for you?" Well, let's compare FxPro with the top brokers in the market right now to find the answer.
As of credibility, yes, FxPro is reliable, but there are other brokers who have acquired the same regulations as FxPro. Exness has acquired CySEC and FCA forex regulations, which is the same as FxPro. XM is one of the best regulated brokers as it has a regulation from UK, which is FCA. It also obtains CySEC from Cyprus and ASIC from Australia. Hotforex currently have acquired three trusted and famous regulations, which are CySEC, FSCA, and FSC. Therefore, in terms of reliability, Exness, XM, and HotForex is just no more and no less than FxPro.
Moreover, those 3 brokers are even better, because they are one of the biggest forex brokers in the world, judging by the trading volume. Trading volume can imply how many people choose to trade with them. The trading volume of Exness, XM, and HotForex are more superior than that of FxPro, specifically as following:
Exness: $395 billions
XM: $320 billions
Hotforex: $300 billions
Exness, XM, and HotForex all have tighter spreads. I'll take the most common currency pair, EURUSD, as an example.
- Exness has Classic account, whose spreads are only around 0.7 pip.
Check Exness spreads.
- In the past, XM was one of the brokers that have really high spread. However, in December 2018, XM introduced the Ultra Low account. This account offers a very competitive spread rate, at about 0.8 pip. So now, XM can confidently claim that they are among the top lowest spread brokers.
Check XM Ultra Low account.
- HotForex’s spread has always stayed at an acceptable rate, at around 1.1 pips. Yet, it is still surely lower than that of FxPro.
Check HotForex spreads.
And finally, when it comes to customer service, Exness, XM, and HotForex all do a better job than FxPro. While FxPro supports customers 24/5, the others have service as following: