Our research team identified eight major types of accounts in the FxPro platform that range from novice traders with a small amount of money to invest to professional investors with hundreds of thousands of dollars, yens, or euros or even pesos.
With these several options to choose from, the variety of platforms are vast and one should fit most of your trading needs. Not many brokers offer this array of platform selection so ensure you take the time to find the one that fits best for you.
A timeless demo account is offered to traders who are just getting started or for those who wish to practice a new trade strategy and make perfect before trading with a live account putting real money at risk as money, losses and earnings are virtual.
For beginners, trading at first can seem daunting, but luckily there is the FxPro demo account to get you started, test the waters, and let yourself get comfortable with the platform before you start investing. The demo account will allow you to test out your potential investments in a risk-free environment, so you can feel confident whatever you choose to invest in.
However, it can be slightly confusing when you start to visit the FxPro demo account setup process on the company’s website, listing both MT4 and MT5 platforms, as well as cTrader. For the uninitiated, this kind of jargon can seem complex and intimidating.
However, they have a live chat facility where all of your questions can be answered in real-time and instantly. You can contact the broker by phone number or by email as well.
The MetaTrader accounts require a minimum deposit of $100 with standard spreads starting from 1 pip which is a competitive level, considered the average in the industry. The key difference between MT4 and MT5 trading mechanisms is that MT5 is considered a newer platform and handles more complex trading. While MT4 is focused on the trading of Forex and CFD, MT5 goes beyond that as it adds real shares, futures, and other types of assets.
Again, for a minimum $100 deposit, for a slightly lower spread and faster execution, FxPro’s cTrader could be for you. This platform allows you to trade with access to the full depth of the market, as well as to volume information per instrument. For those seeking Market Execution and an added level of market resolution, cTrader has everything you need from a forex trading platform, and more. You can start trading over 260 CFDs including over 70 forex pairs.
Spread Betting Account
Lastly, there is the Spread Betting platform, again with a £100 minimum deposit, which is called FxPro Edge. It is only available in the UK and Ireland though. With this account, you can trade Forex, shares, spot indices, spot metals, and spot energies while enjoying a fast order execution. Also, you have access to limited risk accounts at no additional cost, no commission, and tight spreads.
MAM (Multi-Account Manager) and PAMM (Percentage Allocation Management Module) accounts allow fund managers to manage multiple accounts from a single account without having to create an investment fund. The performance (profits and losses) of a PAMM or MAM account manager is distributed among the managed accounts. This account is only available to experienced hedge funders or people with deep knowledge of economics. EAs are allowed. The accounts earn rebates and the money manager can set individual commissions, mark-ups and performance fees.
FxPro VIP Account
The FxPro VIP Premium Accounts are offered to selected individuals with high deposits (typically $50k or equivalent) and those actively trading large volumes. VIP clients benefit from free VPS service and the possibility of decreased spreads/commissions.
As a VIP client, you get up to 30% discount on market spreads – Available on the direct Market execution accounts. Access to VPS with no restrictions – Virtual Private Server enables to run trading Expert advisors remotely, 24/5. Up to 30% lower commission on cTrader accounts.
In observance of the Shariah Law, FxPro offers swap-free accounts to clients of the Muslim faith. The FxPro swap-free account will ensure you are in compliance with everything you need to have a proper Islamic account. This can be made available by emailing the back office department of FxPro after you have completed your FxPro account opening. They will help you complete each step. Islamic accounts have a minimum deposit of $100 and since it is swap-free, FxPro may apply additional fees to your positions.
For a pro account, in order to be eligible, you have to match at least 2 of these requirements: An average of 10 transactions of significant size per quarter in the past year. Financial instrument portfolio of over €500,000 (in your bank or into the trading account). Relevant experience in the financial services sector. Under the professional account scheme, the leverage allowed to your trading will be increased up to 500:1.
Account Base Currency
As an international broker, FxPro has different conditions and possibilities as base currencies for its accounts. However, everything depends on your country and the affiliate that you used to open your account.
The base currency is the currency of your trading account. That being said, FxPro offers major currencies such as the Euro, the US dollar, the Japanese yen, the Australian dollar, and the British Pound for almost all its customers.
Other exotic currencies are available on a country by country basis. For example, you can open an account with South African Rands if your country of residence is South Africa. When the base currency matches the currency you will make deposits with, you won’t pay any currency conversion fee.
Once you are ready to take the plunge, you will be required to make a deposit, starting small if you are a beginner is encouraged and ensuring that you have your percentage that you are prepared to lose on each trade, but a percentage that if lost will enable you to stay in the game for another day.
The company operates in 173 countries and has more than 870,000 client accounts and €100 million of Tier 1 capital and FxPro has developed reliable deposit and withdrawal schemes.
For instance, FxPro minimum deposit is $100 or equivalent depending on the currency you deposit with. Deposits generally take 10 minutes, but the first deposit may take longer.
There are a number of ways in which you can deposit and generally all are free-fee. You can make deposits via bank transfers which are available worldwide, or by credit cards, such as with a Visa or MasterCard. E-wallets are also available, but not within the UK. Paypal can be used if you are in the EU. There is Skrill and Neteller available worldwide as well. UnionPay available worldwide, but not the UK.
There are the same ways to withdraw, again, starting with a bank transfer, or by credit cards, such as with a Visa or MasterCard. E-wallets are also available, but not within the UK. Paypal can be used if you are in the EU. There is Skrill and Neteller available worldwide as well. UnionPay available worldwide, but not the UK.
FxPro operates a standard withdrawal fee range. The range is between a zero cost and 2/2.6%.
A fee will be charged if the customer deposits money and withdraws it right away without trading.
Spreads & Commissions
As far as Spreads & Commissions go, the spreads with FxPro differ depending on the account you have chosen, the market hour, the execution, and on the platform.
Floating spreads: There are a number of different types of spreads, a spread being where the broker makes money and the difference between ask and bid. For instance, the FxPro account attracts a floating spread for market and instant execution. MetaTrader Accounts spreads on forex start from 1 pip. For cTrader accounts spreads start from 0 pips although a commission of $9/lot is applied to round turn trading.
Fixed Spreads: For fixed spreads, where the spread stays the same no matter what size you trade, these are made available only on MT4 for forex trading and will depend on the time of day and volatility of the markets. Typically, spreads are lower during the most popular market hours. These are increased outside these hours or they can widen during highly volatile trading to enable you to get your fill. The fixed spreads are offered with the FxPro Instant Execution.
Here are the FxPro spreads on some of the most traded assets:
- EUR/USD – 0.1 pips (1.6 fixed).
- Gold – 0.25 pips.
- S&P 500 – 0.700 pips.
- Bitcoin – $10/unit.
Now it’s time to look into the types of fees that you will be expected to face in trading with FxPro. There are not anything out of the ordinary, so let’s go through them here.
Overnight fees will be applied and displayed on both MetaTrader and cTrader platforms and come in the form of rollover fees. A rollover fee, in Forex, for example, is the interest that is either appied or charged according to the buy or sell of a currency against another, it comes from the difference between their overnight interest rates.
Head to the website for more information on these fees and be sure to know the spreads and factor those into your trading plan if you intend to hold positions for more than a day. You can check the FxPro Swap fee calculator to understand fees and now how much exactly you are paying.
It is important to know that while FxPro does not charge inactivity fees and that your account after 6 months of inactivity will be set to a “dormant state”, there is still the risk that every position left open may be closed. Be sure to stay on top of your open trades and manage them accordingly.