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FxPro

FxPro Review
Trader's rating 3.6
Editor's rating 4.5

Trading Accounts

 

Account type/Platform Minimum deposit Minimum trade size Maximum leverage Average Spreads Execution type
MT4
 
$100
 
0.01
 
1:500
 
fixed 1.6 pips
variable 1.4 pips
Instant
market
MT5 $100 0.01 1:500 1.4 pips  Market
cTrader $100 0.01 1:500 0.3 pips +$4.5* Market

 

*Commission is calculated per standard lot of 100 000 currency base units (per side).

 

Depending on the trading platform used, FxPro offers three basic account types – MT4, MT5, and cTrader (NDD). All three account types offer dynamic leverage up to 1:500 and micro tradeable lots.

 

Besides, FxPro offers its in-house built FxPro Markets platform.

 

In addition, the brokerage provides swap-free (Islamic) accounts to clients of the Muslim faith, as well as VIP services to high-net-worth individuals and those actively trading large volumes.

 

VIP clients benefit from free VPS service, no deposit fees, and receive trade recommendations, exclusive news reports and margin level alerts via email and SMS.

 

Trading Conditions

 

Minimum initial deposit

In order to open an account with FxPro, one has to invest $100, however the recommended minimum initial deposit is $500.

 

Spreads & Commission

FxPro offers a choice of fixed and variable spreads, commission-free (MT4 & MT5) and commission-involving (cTrader) accounts on an array of platforms.

 

In fact, the broker’s fixed spreads are quite good - 1.6 pips on EUR/USD, while most fixed-spread brokers provide such of 2 pips. FxPro’s variable spreads, on the other hand, are average – typical ones are around 1.4 (MT4 & MT5) or 1.2 pips (FxPro Markets) for the EUR/USD pair on commission-free accounts. The tightest spreads with this broker are available on cTrader accounts - 0.3 pips, however if we add the commission of $9 round trip, average trading costs per standard lot traded amount to around 1.2 pips.

 

In comparison, another major UK broker, IG, offers average spreads of 0.2 pips on its DMA accounts, where a commission of $5 per side per standard lot applies. For further information, you can check out the real-time spreads of 15 leading brokers here.

 

Maximum leverage

FxPro offers comparatively high leverage levels – up to 1:500. Despite the fact that such leverage levels are considered high, many other brokers offer leverage up to 1:500 or higher. In comparison, IG offers leverage up to 1:200.

 

In order to control the risk associated with it, the broker utilizes a dynamic forex leverage model on the MT4 and MT5 platforms, which automatically adapts to clients trading positions:

 

 

The Company

 

FxPro is an award-winning pure NDD broker that offers trading in on a range of instruments, including currency pairs, shares, spot indices, futures, spot metals and spot energies, on a selection of trading platforms. It provides its clients with access to top-tier liquidity, excellent trading conditions and the highest level of customer protection possible, including negative balance protection.  

 

What is more, FxPro demonstrates a long-term commitment to transparency, as it regularly publishes trades execution statistics (slippage & requotes data). This brokerage is excellent choice for both savvy and novice traders. Beginners can take advantage of the broker's educational resources – video tutorials, webinars, live hangouts, etc. For more advanced traders, there are additional analytical tools like Trading Central and Autochartist. 

 

FxPro is the collective brand name of FxPro UK Ltd., an entity regulated by the UK Financial Conduct Authority (FCA), and FxPro Financial Services Ltd., which is licensed by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Board (FSB) of South Africa. In October, 2017 the broker was granted a license to operate in the UAE from the Dubai Financial Services Authority (DFSA).

 

Company

Country

Regulation

FxPro UK Limited

UK

FCA

FxPro Financial Services Ltd

Cyprus

CySEC

FxPro Financial Services Limited

South Africa

FSB

 

Security of funds

 

Both FCA and CySEC apply certain rules and requirements to regulated firms, thus ensuring a good level of credibility. Cypriot and UK brokers must hold at least €730 000 in order to prove their good financial standing, and are required to keep customer funds in segregated accounts, separated from the company’s operating funds. 

 

As a further guarantee to clients’ funds, all companies regulated in UK and Cyprus are covered by compensation schemes as additional guarantee to clients’ funds. All deposits with a UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) - UK’s statutory compensation scheme for clients of authorized financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default. 

 

What is more, FxPro Financial Services Limited is also licensed by the Financial Services Board (FSB) as a Financial Services Provider. South Africa is lately gaining popularity as a forex broker destination.

 

Trading platforms

 

FxPro supports MT4, MT5, cTrader and proprietary FxPro Markets platform.

 

FxPro Markets is the latest addition to the broker’s suite of trading platforms, available for web and mobile devices. It is a comprehensive, all-in-one trading solution, enabling clients to create and manage their trading accounts, deposit funds, and trade the markets, etc.

 

In spite of the number of improvements made to MT5 lately (and most importantly the hedging option added to it), MetaTrader 4 is still preferred by most brokers and experienced traders. That is why most brokers support it. MT4 provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).

 

MT4’s successor, MetaTrader 5, allows the execution of orders in several financial markets and stock exchanges through a single trading account. This platform also features advanced charting package, trading and analysis tools, alerts, signals, and customizable indicators. 

 

Last but not least, FxPro offers access to cTrader platform, which is custom-made for use in NDD environment.  cTrader is fast, easy to use and provides pricing transparency and tight spreads.  The cTrader suite includes a PC, web and mobile versions, as well as automated trading software cAlgo.

 

FxPro provides ultrafast execution: 99.9% of orders executed within 50ms. In addition, its clients may run their MT4 Expert Advisors or cAlgo robots on the Virtual Private Server, without even needing to keep their trading terminal running.

 

Payment methods

 

Clients of FxPro Financial Services Limited are offered a wide range of payment methods: Bank transfer, Credit/Debit Card (including Visa, Visa Electron, Visa Delta, MasterCard, Maestro International, Maestro UK), PayPal, Skrill, Neteller, China UnionPay, mPay, FasaPay (for Indonesian clients), Webmoney (for Russian clients), Moneta, Boleto (for Brazilian customers), Netbanx (for Chinese customers), eProtections (for Japanese customers).

 

Clients of FxPro UK Limited may use only Bank transfer and Credit/Debit Card.

 

Withdrawals are proceeded by the broker’s Client Accounting Department within 1 working day.

 

Conclusion

 

FxPro is one of the most prominent names in the forex industry. The broker operates as a Hybrid Agency Model broker, offering Negative Balance Protection and enabling clients to access top-tier liquidity, wide range of trading platforms and financial instruments with lightning-fast execution. It is well-regulated and extremely reliable with its long-term commitment to transparence. Here are, in a nutshell, the advantages and disadvantages with regards to this broker:

 

Pros Cons
Strong regulation  No major disadvantages
Negative balance protection  
Multiple trading platforms offered  
Competitive spreads & pricing  
High leverage levels offered  
Pure NDD brokerage  
Fast execution speed  

 

 

Headquarters: Karyatidon 1, Ypsonas 4180, Cyprus

Tel: +357 25 969 222; Fax: +357 25 969 269; 
Email: [email protected];

Country: Cyprus, UK

Regulated by: FxPro Financial Services Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission under the license number 078/07

FxPro UK Ltd (a subsidiary of FxPro Financial Services Limited) is authorised and regulated by the FSA (Registration No 509956) 

Website: FxPro.co.uk

Binance

Binance Review
Trader's rating 1.8
Editor's rating 4

Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed Not available 0.10%

 

Binance is a crypto currency exchange, focused mainly on the Chinese market. Of course, you could still use it, if you are based elsewhere.

 

The company, security of funds

 

Company Country Regulation
Binance China N/A

 

Binance is a relatively new Chinese company, created by experienced professionals in the cryptocurrency space. The most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin.

 

Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project). The BNB tokens can now be traded on the exchange, or used as a method of paying your trading fees, which will reduce them by 50%. Additionally a small portion of the coin has to be paid to the company to cast your vote in the community poll, which determines which altcoin will be added to the exchange next.

 

That being said, whenever a new coin is added, Binance holds some kind of promotional distribution to existing clients. Usually it involves tracking the biggest holders of the new asset and rewarding them with extra coins. While these can not be taken as a guaranteed means of attaining more altcoins, they do raise attention towards the new tradign product.

 

Given its brief history, it is not surprising that Binance has not yet been hacked. That being said, the most obvious issue with this exchange is the fact it operates in China. Given the recent moves by the local authorities, it wouldn’t be surprising to see them register in a different country.

 

The English user reviews on Binance, while few, are fairly positive. Again, we must reiterate this is still a very new company, at the time of writing of this review.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Binance offers a substantial number of coins, which are traded mostly against Bitcoin and Ethereum. On the other side the two major coins are also paird with USDT (US Dollar Tether a digital asset, backed by US dollars, which aims to keep a 1:1 price ratio). The list of coins available at Bitnancie includes, but is not limited to (especially since new ones are added frequently): BTC, ETH, LTC, BCC, OMG, IOTA, ICN, MCO, SALT, KNC, CTRm SNLS, FUN, BQX, XVG, ZRX and BQX.

 

Minimum initial deposit

Binance does not provide information on the minimum deposit amount. As we cover mostly forex brokers, we are used to companies stating this information openly. The need for a minimum deposit level is associated with the legal costs of opening an account, which may exceed the potential commissions you will make with a broker, if you are trading too small. That being said several companies don’t have a required minimum, like the FCA-regulated industry leaders at IG

 

Leverage

Margin trading is not available at Binance. For those of you who are not familiar with the trading world – this is a system which allows you to trade with more money than you actually have in your account. Your balance is then used as a guarantee to maintain your position open. As an example, forex brokers require very little in collateral, in order to maintain massive positions. The so called leverage ratios can go as high as 1:500 or more. For instance, XM offers 1:888 in leverage.

 

That being said the cryptocurrency space is a lot more volatile, hence the need for lower ratios. Exchanges and forex brokers alike, rarely offer more than 1:20 in leverage.

 

Fees

The fee structure at Binance is simple to understand, but more importantly very competitive in the current environment. There is a flat 0.10% fee on all trading. Other exchanges often separate clients based on their trading volume and the way they enter/exit a transaction (traders who provide liquidity to the exchange usually get some benefits).

On the other hand forex brokers incorporate the costs of trading in the spread. While comparing them is a bit like comparing apples to oranges, we have made a side-by-side review of both services here.

 

Trading platform

 

Binance’s trading platform is web-based. Furthermore it offers two distinct trading layouts, a more simple one and a “Pro” version. Visually it reminds us a lot of the platform provided by Bitstamp. Here is how the “standard platform” looks:

 

 

The order book is placed on the left and more interestingly is arranged vertically. While being a bit avant-garde, this is by no means unique. The tape is on the bottom right, with a news feed placed directly above it. Overall, the presentation seems enjoyable. The “Pro” version, on the other hand looks like this:

 

 

This reminds us a lot of Bitstamp’s platform. The positioning of the order book and tape is a bit more convenient, with them being grouped up. The charting package also seems a bit more sophisticated, but it’s not even close to the forex industry standard which we have grown accustomed to, MetaTrader4 (MT4)

 

Methods of payment

 

Binance is one of the exchanges which doesn't accepts fiat currency payments and focuses only on the digital side of things. Clients can deposit and withdraw the coins supported at the exchange.

 

Conclusion

 

Binance is a cryptocurrency exchange, created by a former key member of OKCoin. While the company mostly focuses on the Chinese market, everybody is welcome. That being said, they do not accept fiat money deposits. The amount of coins available for trading is relatively high and still growing, but there are other exchanges offering the more exotic ones. The major issue we have with Binance is that the project hasn’t been around long enough to actually prove itself. Here are the pros and cons of this exchange:

 

Pros  Cons
Founded by industry veterans New company
Some altcoins included  Based in China (may have issues with regulators)
More assets being added constantly Does not accept (fiat) money transfers
Competitive commissions  
Relatively nice trading platform  

 

Forex
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