FxPro is a well-known global Forex broker based in the UK.
Servicing over 150 countries, Aussies can open accounts with FxPro Australia.
Lets learn more about the broker in this FXPro review and see which are the advantages and disadvantages of this Australian friendly broker.
What is FxPro Australia?
FxPro is possibly the best known Forex broker in the world. The company first launched in 2006, and since its popularity, has only grown. FxPro also claims to be one of the leading Forex brokers in the world. The company has executed over quarter billion orders globally so far including orders from Australia.
FxPro offers financial instruments for both casual and professional traders. The main product offered is Contract for Difference (CFD) trading. CFDs are available for a variety of assets, including foreign currency exchanges, shares, precious metals, indices, energy, and futures.
Users won’t be able to directly trade with FxPro. Rather, it acts as an arbiter between traders and third-party trading platforms. The broker offers MetaTrader4 and MetaTrader5 as options for users. FxPro has its own branded platform called cTrader.
- FxPro is based in the UK, but its reach is global, including Australia and New Zealand.
- The company caters to a massive international clientele via subsidiaries in several countries.
- FxPro has several licenses, being regulated by several entities.
Can Traders Register on FxPro Australia?
FxPro came to Australia in 2011. The company is licensed locally under FxPro Australia Pty Ltd in Sydney. This subsidiary services Australian clients under local regulations.
The Sydney subsidiary also acts as the headquarters for FxPro’s Asian operations. Nearly half of FxPro Australia clients are from Asian countries.
FxPro in Australia offers clients investment options not related to property or shares. The latter is traditionally popular among locals. Australians are also increasingly becoming interested in Forex trading. FxPro aims to offer reliable services on local terms.
FxPro Australia is open 24 hours, 7 days a week. The local subsidiary offers Aussie clients complete access to FxPro’s online, mobile, and desktop trading platforms. Aussies can also get fast and easy access to the broker’s 60 top trading currencies. The subsidiary also offers Aussies access to MT4 and cTrader software (with the Electronic Communication Network solution).
Australian Regulations and Licenses
FxPro is licensed under several state jurisdictions. In Australia, it’s authorised by the Australian Securities and Investment Commission (ASIC) under the license number of 405750. The ASIC allows FxPro to advise and cooperate with clients:
“in relation to foreign exchange contracts and derivatives.”
In addition, FX is licensed in the UK under the FCA and in UAE under the Dubai Financial Services Authority. The governments of Cyprus, the Bahamas, and South Africa have authorised the broker to operate in their nations as well.
FxPro is not CFTC regulated in the US or IIROC licensed in Canada. FxPro is not a listed publicly traded company.
Features of FXPro
The broker FxPro offers CFDs for 6 primary assets. These are:
- spot indices
- spot energies.
CFD brokers allow investors to speculate on price changes for a certain financial instrument. Investors can thus profit without actually owning the profits. An alternative to FXpro is Xtrade Australia.
The broker promises high levels of liquidity and trade execution without intervention to clients. Moreover, the broker insures all client funds in major international banks. Client money is kept separate from company money to ensure trustworthiness and assurance.
FxPro offers several different types of account to clients depending on the trading platform. Users can start trading with a minimum of $1,000 on the cTrader platform. On MT4, the minimal is $500. The minimal deposit amounts are much lower: just $100.
Professional traders have a unique account option called PAMM. It allows a single trader to manage several accounts for other traders. High-rollers can choose VIP packages that charge zero deposit fees. VIP accounts also get a free VPS service and margin level alerts.
FXPro Commission Fees
FxPro’s spreads are considerably competitive. However, this depends on the platform. The spreads are better on the cTrader compared to other platforms it provides. On cTrader, a standard lot transaction incurs a $4.5 commission fee.
The broker offers a floating rate model for MT4 and MT5 trading platforms. Spreads here depend on the type of execution, though they can be roughly the same for both market and instant execution. On average, commissions for all-in spreads average around 1.53 pips. The pricing follows the standard trend compared to other brokers like Forex.com and Saxo Bank.
FxPro has dynamic and innovative trading platforms. The MT4, MT5, and cTrader platforms are highly user-friendly. The platforms are designed to be simple and efficient for both professionals and beginner traders.
The automated trading systems offer a diverse array of asset classes and pricing options. The platforms are available in desktop, mobile, and web-based versions. Trading platforms allow users to choose between the type of spread and the type of execution.
It should be noted that not all platforms are available on multiple versions. MT5 is only available on desktop and mobile. MT4 has a “light” web version of the desktop version. cTrader is available in all three versions.
Overall, FxPro trading software is highly responsive and versatile. The mobile trading platforms are particularly convenient and are highly regarded. The mobile apps are available from third-party developers, however.
It should be noted that some features are not in-built to the trading platforms. For example, pricing and reporting features are not native and have to be customized by the user. New users may struggle in this regard.
Clients can try any of the trading platforms in a demo version. This doesn’t require making real trades.
FX Pro Australia Pros and Cons
FxPro doesn’t face major criticisms. However, some have pointed out that the type of platform in use affects trades. For example, how a margin call is handled differs on cTrader from MT4.
The type of account can also trigger different margin requirements. An account with high leverage options could suddenly stop on cTrader (but not MT4). Some accounts may be subjected to re-quotes without warning. But this type of problem is not unknown among other trading platforms that follow similar execution.
Pros and Cons
These are the main overall benefits of FxPro:
- Highly trustworthy and regulated in Australia
- Variety of CFD options
- Client funds segregated and insured at major banks
- Dynamic trading platforms
- Highly regarded mobile apps
- Demo of trading platforms available
- Competitive spreads
The biggest downsides of FxPro:
- Trades may occur differently depending on the platform in use
- Account type may affect trade execution
Should Australian Traders Register on FXPro?
All in all, FxPro is a highly reliable and trustworthy CFD broker for Australians. FXPro has an Australian license and local clients can enjoy the offers uniquely tailored to them.
The broker offers an excellent trading platform with corresponding mobile apps. Leverages are competitive and options are many. It looks like FxPro does deserve the hype of being the best Forex broker in the world.