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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

CoinSpot

CoinSpot Review
Trader's rating 1
Editor's rating 3.8

Trading Accounts

Account type Daily Limit Leverage Bitcoin Fee Altcoin fee
Standard $2,000/$10,000 None 2%  3% 

 

CoinSpot is one of the leading Australian cryptocurrency "gateway" companies i.e. a service which allows the purchase of crypto with fiat money. They put a lot of emphasis on domestic clients.

 

The company, security of funds

Company

Country Regulation
Casey Block Services Pty Ltd  Australia N/A

 

CoinSpot was founded in Melbourne in 2013. At the time of writing of this review they are not registered with a relevant Australian body, simply because the legislative process in the country is still in progress. You can read a brief summary of the current situation, as well as find reviews on the other major players in the space in the link below. 

 

>>Australian cryptocurrency exchanges<<

 

That being said, CoinSpot is a member of ADCA - the Australian Digital Commerce Association. This may not be a regulatory body, but it shows a long term commitment to the adoption of blockchain technology and it is viewed as a major player by its peers.

 

The company offers traders multiple wallet support, which is not the case with one of their direct counterparts CointTree. On top of that there is a mobile app which allows you to send crypto-payments on the go.

 

There aren't any reports of a massive hack, like the one experienced at Bitfinex, for CoinSpot. This is no guarantee of future security, but is still a nice sign.

 

The user reviews for CoinSpot are very mixed. Some people enjoy their service, while others are dissatisfied with the verification process, the speed of bank transfers (when selling coins) and the fees. Their service is definitely not cheaper than trading coins on some of the other exchanges, but at least they are very transparent when it comes to fees.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Over 30 coins are provided by CoinSpot. This is a very wide array, especially for a company which specializes in accepting fiat currencies. As a comparison, Coinbase offers only Bitcoin, Ethereum and Litecoin. 

 

Maximum daily volume

The initial maximum daily purchase volume at CoinSpot is $2,000. This can be increased to $10,000 a week after you have hit the first cap. While the company does not exclusively mention it, these levels are probably in Australian dollars.

 

Leverage

Leveraged trading is not supported at CoinSpot, which is quite understandable, given their targeted customers. This is simply a place from which one buys cryptocurrencies with Australian dollars. 

 

>>Forex brokers providing Bitcoin trading<<

 

It is worth mentioning, that if you are only looking to speculatively trade Bitcoin, instead of use it four transfers, another type of service may be better for you. We are talking about forever brokers, who offer cryptocurrency trading, like the industry leaders at IG. We must mention there are a few specifics to this kind of service and you should read our guide.

 

 

Fees

The fee structure at CoinSpot Is very clear, which is not the case with all companies who offer direct purchases of coins with fiat currencies. For instance the similar Dutch company Bitonic provides little information about its markups, which many users dislike.

 

CoinSpot charges between 2% (for Bitcoin) and 3% (for altcoins), when trading against the AUD and 1% for crypto to crypto trading. While the direct trading commission may be considered reasonable, 1% is high for digital asset trading. Other exchanges typically charge 0.20-0.25% for this activity.

 

>>List of all cryptocurrency exchanges we have reviewed<<

 

Additionally, the company charges fees on some AUD deposits. This varies by payment method and we will cover the details below.

 

 

Trading platform

 

CoinSpot does not provide what one would typically call a trading platform. The service has a convenient dashboard, which allows you to monitor your different wallets. It looks like this:

 

 

When buying a cryptocurrency one is greeted by a simple order-entry form, which gives you an estimate of the AUD you would have to pay for the given amount of coins. Here is a preview:

 

 

If you want to convert one coin for another, you would have to go through the sell menu. This felt very counter-intuitive, but then again you can find much better exchanges to do this (check the fees section for more information).

 

Additionally, a very simple form of charting is provided, as seen here:

 

 

The overall summary of this “platform” is that it does the job. Experienced traders will not enjoy this, but newbies will enjoy the simplicity.

 

Methods of payment

 

When depositing fiat currencies to CoinSpot, one can choose between POLi Payments, Bpay and a “cash” option, which features going to a newsagent and using Blueshyft. The fees for making a deposit are as follows:

 

POLi payments – free. 

BPAY payments – 2% fee. 

Cash payments – 3% fee. 

 

If you were to sell coins at CoinSpot, you would be funded via Bank Transfer. The company will not charge you anything for that, but the bank may. The actual cost and speed of the transfer will depend on the bank you use.

 

Conclusion

 

CoinSpot is an Australian cryptocurrency exchange, which allows trading against the AUD. They are a well known company, which is respected in the local Bitcoin community. The entire service is very beginner-friendly, but this comes at a cost. While the fees for fiat to crypto trading are acceptable, trading one coin for another comes at much higher rate than with other exchanges. This feels like a solid Australian entry level company, but active traders will prefer dealing with another exchange. Here is a summary: 

 

Pros   Cons
No major hacks yet Slow bank withdrawal times
Multiple payment methods (for AU clients) High crypto to crypto fees
A lot of altcoins supported Focused on Australia (only a con if you are non-AU)
Easy to use interface  

 

Forex
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