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FxPro

FxPro Review
Trader's rating 3.5
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

Ethfinex

Ethfinex Review
Trader's rating 4.7
Editor's rating 3.8

Trading Accounts & Conditions

 

Account type Leverage Maker Fee* Taker Fee* Deposit Fee Withdrawal Fee**
Standard 1:3.3 0.0% - 0.1% 0.1% - 0.2% 0.1% for Bank Wire only 0.01 ETH

 

* Trading fees depend on users’ trading volume.

**Withdrawals in Status (SNT) & Golem (GNT) are free of charge.

 

As it name suggests, Ethfinex is a cryptocurrency exchange, which is heavily connected to Ethereum. Another thing one could tell by this venue’s name is that it belongs to a group of companies around one of the oldest and most popular exchanges, Bitfinex. Its parent company also runs the Tether.to platform.

 

Trading is live on Ethfinex for all existing Bitfinex users since December 29th. New signups will be available from January 15th. Currently still in beta, Ethfinex platform allows for trading in ERC-20 compatible tokens and Ethereum-based crowd sales with options for margin trading, as well as access to a peer-to-peer funding market. By the time of writing of the present review, the exchange is in the top 15 by trading volume at CoinMarketCap.


In addition, it offers a token of its own, called the Nectar token (or NEC). It is given for free to token market makers in proportion to the volume of trades they participate in on the exchange.

Ethfinex’s security is based on the expertise gained by Bitfinex’s team. The majority of system funds are stored in offline, in ‘cold’ wallets. Only around 0.5% of all crypto assets are accessible in ‘hot’ wallets for day-to-day platform operations. 

 

Ethfinex Advantages

 

Hybrid decentralized exchange, part of a trusted group

Ethfinex is planned as a hybrid decentralized exchange. In the long term, the company plans to move towards a completely trustless exchange, steadily decentralizing ownership of the platform to its community of users. The company’s team has learned the hard way that running an exchange on a centralized server is dangerous. Bitfinex was hacked in 2016, and approximately US$72 million was stolen in the form of Bitcoin. Eventually, the company managed to pay back the money to all its clients.

 

On the other hand, decentralized exchanges do not store coins, funds, private keys or user information on centralized servers, thereby making it very difficult for hackers to compromise sensitive information.

 

Competitive fees

At Ethfinex market makers are charged up to 0.1% per trade, and market takers – up to 0.2%, which is in line with the average pricing in the crypto world these days. Those users who trade in large volume get discounts. By the way, Bitfinex has exactly the same trading fee structure.

 

Deposit and withdrawal fees by Ethfinex are also competitive. Deposits in digital assets are free of charge, while those in USD are charged with 0.1%. Withdrawal fees of this exchange are also in line with the average in the industry.

 

 

Leveraged trading available

Similarly to its older brother Bitfinex, Ethfinex provides margin trading. The maximum leverage level available at both exchanges is 1:3.3. If you want to speculate aggressively with the price of Bitcoin or Ethereum, there are some forex brokers that offer higher leverage ratios.

 

>>Forex brokers offering leveraged Ethereum trading<< 

 

We must mention that trading in volatile assets such as cryptocurrencies involves risk of loss, which are multiplied if you use leverage. So, be careful when trading on margin.

 

Many Ethereum-based coins available

Ethfinex offers trading in decent amount of Ethereum-based tokens, such as Ethereum, OmiseGO, EOS, Aventus, Status, Golem, and more. Although its crypto portfolio cannot be compared to the one offered by EtherDelta, the trading volumes at Ethfinex appear higher on most instruments.

 

Fiat accepted, bank wire transfers supported

This exchange accepts US dollars, one of the most popular “traditional” currencies.   This makes the services offered by Ethfinex more accessible to beginner traders, as it accepts cash payments via bank wire transfer.

 

Community vote for listing tokens

One of the biggest problems with most centralized exchanges is their reluctance to list tokens with a large community backing. That is why we consider Ethfinex’ decision to list new tokens after rounds of voting by the crypto-community as an advantage.

 

Ethfinex Disadvantages

 

No Bitcoin

As this platform is dedicated to Ethereum and ERC-20 tokens, you canot trade in Bitcoin on Ethfinex. However, you can always do that on the group’s Bitfinex platform. 

 

Registered offshore

While Bitfinex is operated by Hong Kong based iFinex Inc., the company operating this exchange, Ethfinex Inc., is registered offshore. According to its Terms of Service, the governing law is the one of the British Virgin Islands. Companies registered offshore generally do not inspire a lot of trust.

 

Dependent on the Ethereum network 

If there is serious backlog on the Ethereum network, the activity at Ethfinex will also become slow, as trading is done mostly against ETH.

 

Conclusion

 

Launched by an established group in the cryptocurrency world, Ethfinex seems like an attractive exchange, especially to fans of Ethereum and Ethereum-based coins. It is planned like a platform based on a hybrid decentralized architecture, that will allow decentralized exchanges to plug into it and trade with Ethfinex customers, as well as each other.

 

Now in beta, Ethfinex is accessible to Bitfinex account holders with competitive trading and transfer fees. There is a decent amount of altcoins available to trade at the exchange, and besides, cash is accepted. Similarly to Bitfinex, Ethfinex provides leverage up to 1:3.3, which is a nice extra feature that most exchanges do not offer.

 

Although little to no regulation is applied to the crypto-exchanges in most jurisdictions, we don’t like the fact that Ethfinex Inc. is registered offshore. As we mentioned above, some forex brokers offer CFDs on digital assets. For those ofyou who prefer to invest in regulated entities, we have prepared a list of well-regulated ones.

 

>> Regulated Bitcoin forex brokers<<

 

Here is our summary of this exchange:

 

 Pros

 Cons

 Hybrid decentralized exchange, part of a trusted group

 No Bitcoin

 Competitive fees

 Dependent on the Ethereum network

 Leveraged trading available

 Still in Beta

 Many Ethereum-based coins available

 Registered offshore

 Fiat accepted, bank wire transfers supported

 

 

 

Forex
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