FXPro Review - UK Crypto Broker
FXPro CopyTrade is one of the most reliable platforms for Forex trading in the United Kingdom, according to FXPro review articles. It offers unique investment instruments like CFD and spread betting, making trade more accessible for everyone.
The platform extends its services for digital assets as well. It is the reason it has also gained popularity among crypto investors. With its variety of financial products and support for numerous cryptocurrencies, it promises to be a complete platform.
If you are unsure whether this crypto broker would be an ideal choice in the UK, read this FXPro review. Here we have discussed its strong points and some trade-offs to help you make an informed decision.
FXPro review: The upsides of using the platform
- It is an FCA-approved broker
Crypto regulations in the UK are pretty strict for virtual asset service providers. Even so, FXPro has secured the approval of Britain’s regulatory authority. The Financial Conduct Authority (FCA) has authorised a subsidiary of this platform known as FXPro UK Ltd. This ensures crypto traders the security of their funds.
Meanwhile, the broker is also part of the Financial Services Compensation Scheme (FSCS). This allows traders to get compensation in case the platform goes bankrupt.
Moreover, it has the authorisation of the regulators of the Republic of Cyprus, CySEC. Other regulators with which it is registered are SCB and FSCA. Besides, it has earned several awards for its transparency and performance, which speaks for its credibility.
- Account choices
On this brokerage, you will find four major options for your account. It can support accounts of the following automated trading platforms:
• MetaTrader 4.
• MetaTrader 5.
On these platforms, you can enjoy spread betting and contract for difference (CFD). The least amount you can deposit in these accounts is $100. Meanwhile, the tightest spread is available on cTrader. However, you have to pay an additional fee of $9 per lot. In comparison, other platforms include the trading costs within the spreads.
- Payment options and supported currencies
FXPro also offers you plenty of payment options, which allow easy deposits and withdrawals. It ensures that the deposits are swift and instant via most options. However, bank transfers may take longer processing time. For withdrawals, it usually takes one day. But there might be delays in payment reaching your account.
The available payment options are:
• Bank transfer.
You can also deal with up to eight fiat currencies on these platforms, including USD, GBP, EUR, JPY, AUD, ZAR, CHF, and PLN. Other than Mastercard, all other options support all eight currencies. The withdrawal fees range for most of these payment methods is 2% to 2.6%. Besides, the platform supports more than 30 cryptocurrencies, on which you can gain a 2:1 leverage.
- Trading tools
The brokerage also offers a suite packed with various helpful trading tools. Firstly, there is a Trading Central through which you can get in-depth technical analysis. Its professional guidance can help you gain better knowledge of the trends and put you in a position to make better profits.
Secondly, there is an economic calendar through which you can schedule trades, mark important events, and forecast. Apart from that, there is a virtual private server (VPS) and trading calculator to estimate your gains and losses. However, it is quite limited compared to some of the top-rated brokers like eToro, PepperStone, or AvaTrade.
- Ease of use and interactivity
An FXPro review also shows that it is an easy-to-operate platform, allowing its clients convenience. You can manage its accounts either online, on your desktop, or on your smartphone. So, you can carry on with your trades without any limitations.
The ProEdge app is particularly impressive in this regard. It offers various CFD asset classes, more than 50 indicators, charts, and other widgets. Also, you can choose from six types of charts along with some level of layout customisability.
- Beginner-friendly platform
You can easily get started with this broker if you are a beginner. It offers a demo account, allowing beginners to understand the working of its tools. Also, you can learn to make actual trades. Besides, there is appropriate guidance on FXPro CopyTrader. It has introductory courses for understanding the concepts of spread betting and CFD.
Additionally, there is customer support available in multiple languages. You can ask your queries via a toll-free number if you are from the UK, Germany, UAE, Russia, or France. Support is accessible from Monday to Friday throughout the day.
FXPro review: The drawbacks
Below are a few drawbacks we found while doing the FXPro review.
- Trading fees
Its trading fee is one of the most significant trade-offs. The deposit and withdrawal fees on FXPro CopyTrade are comparatively higher than other brokerages. The fee on deposits usually depends on the platform the sender uses. It is the same for withdrawals too.
However, some payment options like Skrill and Neteller may charge an additional fee of up to 2.6%. According to the criteria, if you have not traded before requesting the withdrawal, you will be charged 2% on Neteller and 2.6% on Skrill.
- No crypto CFD trades for UK retail clients
Another drawback of the FXPro is the lack of support for trading cryptocurrency CFDs in the UK. Currently, it does not extend support for CFD trading for UK retail customers.
- Lack of advanced educational material
It is a beginner-friendly platform that offers good basics of trading. But it does not provide advanced content to help the traders grow. There are no blogs or other educational sources which explain the concepts of CFD and forex.
FXPro review: Final verdict
Our review of the FXPro found that it is indeed one of the most credible brokers in the UK. It has secured the approval of several regulators, including the FCA. Meanwhile, it offers a range of financial products, analytical tools, and account choices which gives it an edge. However, its trading fee is comparatively higher and does not allow UK retailers to make CFD trades.
Author: Wasay Ali
Wasay Ali is a versatile professional writer with global experience and a background in mechanical engineering and social science. He is adept at crafting news and informational content for the crypto space and has experience writing for other niches. He is a professional SEO content writer who has worked with several digital marketing agencies and clients in the US, UK, Pakistan, and Europe. He is a dedicated volunteer and enjoys reading, writing, poetry, and going to the gym. He is an INFJ-A personality type dedicated to positively impacting the world. Wasay has a passion for writing as it allows him to express his creativity, share his knowledge, and connect with people worldwide.