The currency trade is expanding on a parallel line with escalating human needs. With a highly globalised society, the currency trade cannot afford to stay stagnant. That’s where foreign exchange – shortened as Forex – fits in.
That being said, most people tend to bank on Forex for the long-term convenience. Yet, the trading is not as easy as it seems. You cannot engage in this trade alone. To actively engage in Forex, you need to be in alliance with a broker agency. And choosing the right broker agency is not easy either.
You should have some financial know-how to read the reviews and choose the proper agent. FxPro is a foremost online broker with experience of 10 years in the industry earning reputation in currency trading.
Founded in 2006, FxPro is based in the UK and Cyprus. The UK FCA granted authorisation to the broker in 2010. Plus, its Financial Services Limited obtained the CySEC licence in 2007. Its FSB authorisation is in force since 2015. With these types of membership, you can rest assured that you are safe from fraud, abusive practices and manipulation – a common factor prevalent in the online forex industry. Most other forex agents without these assurances can easily manipulate the sensitive data of your financial profiles. The regulatory compliance is the first and foremost examination you should carry out before placing the seal of trust on any forex agent body.
FxPro offers three major types of accounts: trading, demo and premium. This variety is healthy especially if you are new to the field. For instance the Demo trading account is offered for the beginners to be familiar with the trading platform. The familiarisation is essential if you are new to forex. You can register for an FxPro Demo account which gives access to various trading tools and services. Trading account is useful if you need to remain unanimous. As a trading account holder, you will not be interfered by a dealing desk. The story is different with premium accounts. You are entitled to a wide range of benefits which will boost your trading strategy, but you should have $ 50,000 minimum in the account. In fact, this account is designed for personalities with a huge net worth who can afford to trade large amounts. The details of all these account types are extensively elaborated on the FxPro website. Reading the comprehensive passages of the account types, you can easily decide on which account to choose.
This is important because you need to be familiar. If you are not familiar, you should not opt for a premium account right away even if you have a huge net worth. The best option is to be familiar with the system first.
On the other hand, account details offer a picture of your data associated with the broker. A proper, genuine, forex broker should not only keep the account information updated, but should also display account balances and history reports. In this backdrop, FxPro allocates ample space to elaborate account details.
You should be able to check the account history reports. You should also be able to download statements, export data, obtain a report on gains and losses and real-time updates.
FxPro deals with numerous currency pairs such as Australian Dollar Vs US Dollars, Euro Vs Sterling Pound, Euro Vs Japanese Yen, Sterling Pound Vs Japanese Yen and US Dollars Vs Japanese Yen. FxPro introduces you to a wide range of currency pairs. Naturally, it offers a wide competitive range. Although most forex brokers are willing to offer a good range of currency pairs, the traders are comfortable with only a certain cluster which includes Japanese Yen, Euro, US Dollars and Sterling Pound. On the contrary, your idea might be to own currency pairs as much as possible. Catering to that need, the FxPro has a bigger volume of currency pairs.
The currency pairs are very much interdependent. For instance, if you trade the British Pound with the Japanese Yen, you practically deal with a kind of an imitation of a GBP Vs USD and USD Vs JPY pair. Some currency pairs will move alongside each other, while others on different tracks. The currency pair, though seems to be simple, is actually a complex affair. This could be probably why most traders have a restricted choice of currency pairs.
What matters most is the major currency pairs. These pairs come from the countries of developed economic systems such as Canada, Japan, Australia and China in addition to the UK. A currency pair formulated after analysing how it could be traded against the US Dollar. The currency pair plays a pivotal role in the forex industry as it consists of heavily traded and liquid currency.
Although FxPro agents are not usually present over the weekend, they have left space for any customer inquiry. The inquiries will be responded at the earliest possibility once the weekend is over. During the weekdays, however, the customer service is active throughout the day. If you are in the UK, the calls are toll-free. Importantly the customer service is available in many languages.
The customer service is essential in maintaining a steady monitoring process. The best of the forex broker bodies should have agents who can attend to the client’s inquiries at any time.
FxPro is equipped with many trading tools. The economic forex calendar gives you access to all the upcoming economic events of the FxPro. You can view the previous economic events as well. The events are presented meticulously. Click on any of the events, and you will be able to get a thorough idea.
The Earnings Calendar provides a breakdown of all the existing and new trades.
Online money transfer service
FxPro is enabled with many online platforms to transfer money. They includes,
- China UnionPay
- FasaPay (for Indonesian clients)
- Webmoney (for Russian clients)
- Moneta, Boleto (for Brazilian customers)
- Netbanx (for Chinese customers), and
- eProtections (for Japanese customers).
It is simply a matter of using a Visa, Visa Electron, Visa Delta, MasterCard, Maestro International or Maestro UK through the above online money transfer platforms.
Be mindful, however, that the online payments are subject to fees. Although the FxPro does not charge any commission from you for bank transfers, the respective bank may charge you a certain sum. That varies from bank to bank as well as the amount. For Credit or Debit Cards, FxPro charges a 1.6 percent commission. For Maestro Cards and the European Union Debit Cards, the commission is 0.35 percent. No commission is charged for Debit Cards issued in the UK.
The charge is a little higher for online platforms. The breakdown is as follows.
- PayPal: 2.7% fee for deposits
- Skrill: 2.6% fee for withdrawals
- Moneta: 4% fee for deposits
The VIP clients using the premium accounts are not charged for the deposit or withdrawal.
The FxPro caters to a widening market. As a well-grounded broker in the industry, FxPro offers a stable guarantee in security as well as customer service. With its regulation compliance in place, the security is well guaranteed. That assurance is an essential factor since the world is full of fake forex broker agents. Its website is designed in a user-friendly format. You can roam across the website without much disturbance of the adverts or any other distractions. The availability of many trading tools has paved the way for a comprehensive platform. The multilingual customer service has ensured ease of access for traders from many countries especially Indonesia and Japan. The overall assessment for FxPro is that it is a safe platform for traders interested in forex.
FxPro is one of the most secured and trusted Forex agent for sure and thus we recommend to use their service with full confidence. However, you may face some difficulty related to research, customer service and platform due to server lag. Overall FxPro is one of the few choices you can consider to choose as your service provider.