FXCM vs FxPro: Comparison and Analysis

FXCM vs FxPro: A Comparison of Two Popular Brokers

When it comes to trading, selecting the right broker is crucial. In this comparison, we will take a closer look at two well-known brokers, FXCM and FxPro, and assess their features, fees, and customer service.

Security and Regulations:

FxPro has a higher security rating of 95 and is regulated by four major financial authorities, including the FCA, CySEC, FSCA, and SCB (Bahamas). On the other hand, FXCM is regulated by six authorities, including the FCA, ASIC, FSCA, CySEC, ISA, and IIROC, and has a security rating of 94. Both brokers are highly regulated and can be considered safe and secure.

Demo Account:

FxPro offers a 180-day demo account with virtual funds of $100,000, while FXCM offers an unlimited demo account with virtual funds of $50,000. However, FXCM allows traders to open multiple demo accounts with the same email address, giving traders more flexibility.

Account Opening:

FxPro has a minimum deposit requirement of $100, and offers various account types such as MT4, MT5, cTrader, Spread Betting, Islamic, and VIP accounts. FXCM, on the other hand, has a minimum deposit requirement of $50 for non-EU clients, and $300 for UK and EU clients, and offers standard, Islamic, Spread Betting, Corporate, and Professional accounts. Both brokers offer multiple account types, currencies, and payment methods.

Social and Copy Trading:

FxPro does not offer social or copy trading features, while FXCM provides traders with the option to engage in copy and social trading through third-party platforms such as ZuluTrade and Tradingview.

Markets and Assets:

FxPro offers over 70 forex pairs, 15 commodities, 18 indices, 28 crypto assets, 2000+ stocks, and 22 futures and options. In contrast, FXCM offers 39 forex pairs, 9 commodities, 13 indices, 7 crypto assets, and 15 stocks. Both brokers provide CFDs only, making them more suitable for short-term traders.

Trading Fees:

FxPro offers variable and fixed spreads, with variable spreads starting from 0.1 pips on forex (lower than the market average), and fixed spreads starting from 1.6 pips on forex (higher than the market average). On the other hand, FXCM offers variable spreads starting from 1.3 pips on forex (above the market average), and charges no commission for shares, only the spread. Overall, FxPro’s spread options appear more favourable.

Platforms:

FxPro offers a proprietary platform, FxPro EDGE via WebTrader, and FxPro Mobile App, as well as MT4, MT5, and cTrader. Meanwhile, FXCM offers its proprietary platform, Trading Station, which is available via desktop, web, and mobile, and MT4. Both brokers offer a wide range of trading platforms for traders to choose from.

Education and Customer Service:

FxPro provides basic video tutorials and PDF guides for beginners and limited resources for professionals, but has multilingual customer support that can be reached via phone, email, and live chat. Meanwhile, FXCM provides FAQs, trading guides, and research sections, with customer support available through phone, email, and live chat.

Conclusion:

In conclusion, both FXCM and FxPro are highly regulated and secure brokers, offering various account types, currencies, and payment methods. FxPro offers a more extensive selection of markets and assets, better spread options, and multilingual customer support. On the other hand, FXCM offers an unlimited demo account, social and copy trading features, and a proprietary platform, Trading Station.

Overall, the choice between the two brokers may depend on the trader’s preference for specific features and trading needs. Traders who prioritise market and asset variety, better spread options, and multilingual customer support may prefer FxPro, while traders who prioritise unlimited demo accounts, social and copy trading features, and a proprietary platform may prefer FXCM. Regardless, both brokers offer a robust selection of trading platforms, and traders can benefit from their competitive fees and reliable customer service.