Overview of FxPro

Founded in 2006, FxPro is a reputable UK-based forex broker that provides online trading services to a global audience. With over 70 financial instruments available for trading, FxPro offers its clients a diverse range of products, including forex, shares, indices, futures, and spot metals. The broker provides clients with access to multiple trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as its proprietary platform, FxPro trading platform, FxPro trading App, and cTrader.

In addition to its trading services, FxPro provides clients with a range of educational resources, including webinars, video tutorials, and market analysis tools. The broker offers 24/5 customer support in over 20 languages, ensuring that clients can receive assistance in their preferred language at any time of the day or night. FxPro also provides its clients with a range of payment options, including credit/debit cards, bank transfers, and various e-wallets, making it easy to deposit and withdraw funds from their trading accounts.

Is Fxpro Legit？

Yes, FxPro is regulated by several reputable financial regulatory bodies in different jurisdictions where it operates. These regulatory bodies ensure that FxPro adheres to strict standards of financial stability, security, transparency, and fair trading practices.

FxPro UK Limited is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom, with registration number 509956.

FxPro Financial Services Limited is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), with license number 078/07.

Pros and Cons

Market Intruments

FXPro offers a diverse range of trading instruments to its clients, including Forex currency pairs, indices, commodities, shares, and futures. The broker offers over 70 currency pairs, including majors, minors, and exotic pairs, with competitive spreads starting from 0 pips. In addition, FXPro provides traders with access to a variety of indices, such as S&P 500, NASDAQ, DAX, and FTSE 100, among others. The broker also offers commodities such as gold, silver, oil, and gas, along with futures contracts on indices, energies, and metals. Lastly, FXPro provides traders with access to more than 150 stocks of some of the largest companies globally, such as Apple, Amazon, Google, and Facebook, among others. Overall, FXPro offers its clients a broad range of instruments to trade with, making it a suitable broker for traders of all levels and preferences.

Account Types

FXPRO offers two types of accounts: a live trading account and a demo account. The live trading account offers instant execution with no requotes, negative balance protection, and a variety of trading platforms to choose from.

FXPro offers a free and 180-day life span demo account that enables traders to test their trading strategies and get a feel for the platform's features and functionality without risking any real money. The demo account comes with virtual funds that can be used to trade various financial instruments, including forex, commodities, indices, and shares.

With FXPro's demo account, traders can familiarize themselves with the platform's trading tools and resources, such as the advanced charting package, market news and analysis, and risk management tools. Traders can also practice their trading skills and test out new trading strategies in a risk-free environment.

How to Open an Account？

The process of opening an account with FXPro is a streamlined and uncomplicated endeavor, which aims to provide a smooth onboarding experience for traders.

• First, you need to visit the broker's website and click on the 'Register' button.

• Then, you will then be directed to a page where you need to fill out a registration form with your personal information, including your full name, email address, phone number, and country of residence. You will also need to create a unique username and password.

• Once you have submitted your registration form, you will be prompted to verify your email address by clicking on a verification link that will be sent to your inbox. After verifying your email, you can then proceed to complete the verification process by providing additional information, such as your ID and proof of address.

• Once your account has been verified, you can then proceed to fund it with the minimum required deposit. FXPro offers a variety of payment methods, including bank transfers, credit/debit cards, and e-wallets. You can choose the payment method that best suits your needs and preferences.

• After funding your account, you can then start trading by logging into the FXPro trading platform with your account credentials. If you are new to trading, it is recommended that you first practice on the demo account to get a feel of how the platform works before risking your real money.

Leverage

FXPro offers competitive leverage ratios for different trading instruments to help traders maximize their trading potential. For forex majors, gold, and futures spot, as well as futures of energy (UK Oil, Natural Oil), the broker offers a high leverage of up to 1:200. This means that traders can control a large amount of capital with a relatively small deposit. However, traders should be aware that high leverage also increases the risk of potential losses.

For other instruments such as indices and shares, the leverage ranges from 1:20 to 1:50, depending on the specific instrument.

Here's a table comparing the maximum leverage offered by FXPro, IC Markets, Exness, FP Markets, and FBS across various asset classes:

Spreads & Commissions (Trading Fees)

FXPRO offers variable spreads that can vary depending on the market conditions and the asset being traded. The spreads offered by FXPRO may appear to be on the higher side, with the EUR/USD pair starting from 1.5 pips, GBP/USD from 2.1 pips, WTI spreads from 60 pips, Gold from 36 pips, and BTC from 6251 pips. However, it's important to note that different brokers may offer different spreads depending on their business model, and it's always essential to compare the spreads of different brokers before deciding on one.

In terms of commissions, FXPRO offers commission-free trading for most instruments, except for share CFDs, which are subject to a commission of 0.05% of the transaction value.

Here's a table that compares the spread on some of the most popular trading instruments provided by FXPRO with other well-known brokers in the market.

Non-Trading Fees

In addition to trading fees, FXPRO also charges non-trading fees that traders should be aware of. These fees include overnight interest fees, inactivity fees, and withdrawal fees.

Overnight interest fee, also known as swap rates. This fee is charged when traders hold positions overnight and can be either positive or negative, depending on the currency pair and the direction of the trade.

The inactivity fee is charged when a trader does not place any trades for a certain period of time. This fee is typically charged on a monthly basis and is deducted from the trader's account balance.

FXPRO also charges withdrawal fees, which vary depending on the withdrawal method used. Withdrawals via bank transfer are typically subject to a fee, while withdrawals via e-wallets may be free of charge.

Overall, while the non-trading fees of FXPRO are not excessive, traders should be aware of them and factor them into their trading costs.

Trading Platform

FXPro provides traders with a variety of robust and user-friendly trading platforms to choose from, including the popular MetaTrader 4 and 5 (MT4 and MT5) platforms, as well as their proprietary FXPro Trading Platform and the advanced cTrader platform. Each platform offers different features and advantages, allowing traders to choose the platform that best suits their individual trading needs and preferences.

MT4 and MT5 are widely recognized as the industry standard in forex trading platforms, providing traders with a comprehensive range of analytical tools, customizable indicators, and automated trading capabilities. FXPro's proprietary trading platform, on the other hand, offers a user-friendly interface with advanced charting capabilities and built-in risk management tools.

For traders looking for a more advanced trading experience, cTrader offers a range of sophisticated features such as level 2 pricing, advanced order types, and algorithmic trading capabilities.

Deposit & Withdrawal

The minimum deposit is $100. FXPro UK Ltd provides its clients with a diverse range of deposit and withdrawal options to facilitate seamless transactions. Clients can deposit funds through various methods, including bank transfer, broker-to-broker transfer, VISA, MasterCard, Maestro, and MasterCard Secure Code. Withdrawals can also be made using the same methods.

It is important to note that while deposits are free of charge, some withdrawal methods may incur fees. For instance, bank transfers may attract fees from the bank or intermediary bank, and credit card withdrawals may incur a 2% fee on the withdrawal amount.

FXPro Financial Services Ltd accepts the payment methods mentioned previously, such as Bank Transfer, Broker to Broker, VISA, MasterCard, and Maestro. Additionally, FXPro Financial Services Ltd also supports e-wallet payment methods including PayPal, Neteller, and Skrill.

Customer Support

FXPRO offers customer support to its clients through various channels, including email, phone, and live chat. The customer support team is available 24/5 and can assist clients with any questions or issues they may have regarding their trading accounts, trading platforms, or other services offered by the broker.

Clients can contact the customer support team via email, and they can expect to receive a response within 24 hours. Phone support is available in multiple languages, and clients can find phone numbers for their respective countries on the broker's website.

FXPRO also offers a live chat feature on its website, which allows clients to connect with a customer support representative in real-time. Live chat is available in multiple languages and is a quick and convenient way for clients to get their questions answered or issues resolved.

In addition to the above channels, FXPRO has an extensive FAQ section on its website that covers a wide range of topics related to trading, account management, and other services provided by the broker. Clients can access the FAQ section by clicking on the “Support” tab on the broker's website.

Educational Resources

• Video tutorials: FXPro offers a wide range of video tutorials covering various topics such as trading strategies, technical analysis, and market news.

• Webinars: The broker hosts webinars featuring expert traders, covering a wide range of topics and providing clients with the opportunity to ask questions and interact with other traders.

• Trading tools: FXPro provides its clients with a range of trading tools, including economic calendars, market analysis, and trading calculators.

• Ebooks: The broker offers a range of ebooks covering topics such as trading psychology, technical analysis, and trading strategies.

• Glossary: FXPro has a comprehensive glossary of trading terms, providing clients with definitions of commonly used terms and concepts.

• Trading academy: The broker has a trading academy that offers a range of courses covering beginner, intermediate, and advanced topics. These courses are designed to help traders improve their skills and knowledge.

• Market insights: FXPro provides clients with daily market insights, covering the latest market news, analysis, and commentary.

Conclusion

Overall, FXPro is a well-regulated and reputable online forex broker with several advantages and disadvantages. The broker offers a wide range of trading instruments and allows trading on multiple platforms, including MT4, MT5, cTrader, and its proprietary platform.

While the broker's leverage is relatively high, its trading fees, including spreads and commissions, may be considered somewhat expensive. The broker also offers a variety of deposit and withdrawal options, with a minimum deposit of $100.

FXPro's customer support is reliable and efficient, with several contact options, including email, phone, and live chat. Additionally, the broker offers various educational resources, including webinars, articles, and tutorials, to help traders enhance their trading skills and knowledge.

FAQs

Question: Is FXPro a regulated broker？

Answer: Yes, FXPro is a regulated broker. It is authorized and regulated by several top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.

Question: What trading instruments are available at FXPro？

Answer: FXPro offers a wide range of trading instruments, including forex, commodities, indices, futures, and shares. Clients can trade over 70 currency pairs, as well as gold, silver, crude oil, and other popular commodities.

Question: Does FXPro offer a demo account？

Answer: Yes, FXPro offers a demo account that allows clients to practice trading in a risk-free environment with virtual funds.

Question: What payment methods does FXPro accept？

Answer: FXPro accepts a wide range of payment methods, including bank transfers, credit/debit cards, and e-wallets such as PayPal, Skrill, and Neteller.

Question: What trading platforms does FXPro offer？

Answer: FXPro offers several trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and its own proprietary trading platform. Clients can choose the platform that best suits their trading needs and preferences.

Question: Does FXPro offer educational resources for traders？

Answer: Yes, FXPro offers a range of educational resources for traders, including video tutorials, webinars, and articles.

Overview of USGFX

Union Standard Group (USG) is an Australian investment firm that provides access to trade forex and CFDs under the brand name ‘USGFX’. The brand began operations in 2005 and is headquartered in Sydney, Australia with subsidiaries in London and Asia. This broker offers a wide range of financial instruments, including forex, indices, commodities, and cryptocurrencies, which can be traded on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.

USGFX prides itself on its commitment to customer service, with a 24/5 customer support team available to assist traders with their queries. The broker also offers educational resources such as webinars, ebooks, and video tutorials, as well as a free demo account for traders to practice their strategies. In addition, USGFX offers a range of account types to cater to the needs of different traders, including Standard, Pro, and VIP accounts.

Is USGFX legit or a scam？

USGFX has received mixed reviews and there have been reports of some traders experiencing issues with withdrawals and customer support. USGFX had their ASIC and FSC licenses suspended and VFSC license revoked in 2020 due to concerns over their compliance with regulatory requirements, particularly in regards to client money handling and risk management procedures. The Australian Securities and Investments Commission (ASIC) and the Financial Services Commission (FSC) of the British Virgin Islands suspended USGFX's licenses for six months, while the Vanuatu Financial Services Commission (VFSC) permanently revoked their licenses.

Regulated brokers are required to adhere to strict rules and regulations regarding client funds, transparency, and risk management. In the event of any dispute or issue, traders have recourse through the regulatory body. With an unregulated broker, there is no such protection, and traders may be at a higher risk of fraud or other unethical practices

Pros & Cons

Here let's take a closer look at the good and bad things about USGFX. On the plus side, they offer a wide range of financial instruments to trade, including Forex, commodities, and indices. Their trading platforms are also pretty user-friendly and easy to navigate. On the downside, their regulatory status is questionable, which could be a red flag for some traders. Plus, they don't accept clients from certain countries, so you'll want to make sure you're eligible before signing up.

Market Instruments

USGFX offers a range of financial instruments for trading, including forex currency pairs, commodities, indices, and shares of popular companies. Some examples of the instruments offered by USGFX are:

• Forex currency pairs such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD

• Precious metals like gold, silver, and platinum

• Energy commodities such as crude oil and natural gas

• Indices such as S&P 500, NASDAQ, FTSE 100, and Nikkei 225

• Shares of popular companies like Apple, Amazon, Facebook, and Microsoft

Account Types

USGFX offers four different types of trading accounts to cater to the needs of different traders:

• MINI Account: This is the entry-level account with a minimum deposit requirement of $100. Traders with this account type can trade a wide range of instruments with low trading costs, access to educational resources, and 24/5 customer support. However, this account type comes with limited features, such as lower leverage and limited trading tools.

• Standard Account: The standard account requires a minimum deposit of $10,000 and comes with additional features such as higher leverage, access to more trading tools, and a dedicated account manager. Traders with this account type can also enjoy free VPS hosting and regular market analysis.

• VIP Account: This account type is designed for high-volume traders with a minimum deposit requirement of $50,000. In addition to the features of the standard account, VIP account holders can enjoy custom trading strategies, priority customer support, and exclusive market insights.

• Pro-ECN Account: The Pro-ECN account is designed for experienced traders and institutions with a minimum deposit requirement of $50,000. This account type offers ECN trading with no dealing desk, ultra-low spreads, and high execution speeds. Traders with this account type can also access premium research tools and institutional-grade liquidity.

How to open an account with USGFX？

Opening an account with USGFX is pretty straightforward and you need to follow these steps:

1. First, you need to go to their website and click on the “Open Account” button.

1. Then, you'll need to fill in some personal details, like your name, email address, and phone number. After that, you'll need to choose the type of account you want to open and provide some additional information, like your date of birth and proof of identity.

1. Once you've completed the registration process, you'll be able to deposit funds into your account and start trading. Just keep in mind that depending on the type of account you've chosen, there may be different deposit and withdrawal requirements.

Leverage

USGFX offers flexible leverage options ranging from 1:1 to 500:1, depending on the account type and instrument traded. It is important for traders to understand the risks involved with using high leverage and to use it judiciously. Additionally, some instruments may have lower leverage options due to market conditions or regulatory requirements. Traders should check with the broker regarding the available leverage options for specific instruments.

Spreads and Commissions (Trading Fees)

USGFX offers variable spreads, which means that the spread can widen or narrow depending on market conditions. The average spread for major currency pairs such as EUR/USD, USD/JPY, and GBP/USD is around 2-3 pips. Commissions are not charged for forex trading, but there are swap fees for holding positions overnight.

For trading other instruments like commodities, indices, and cryptocurrencies, USGFX charges a fixed spread. The size of the spread varies depending on the instrument traded. For example, the spread for gold is typically around $0.50 per ounce, while the spread for Bitcoin is around $60 per lot.

Non Trading Fees

Apart from spreads and commissions, USGFX also charges several non-trading fees. These fees can add up and affect your overall trading experience, so it's important to be aware of them.

One such fee is the inactivity fee. This fee is charged to your account if you haven't made any trades or withdrawals for a specified period of time. The fee amount varies depending on the type of account you have and how long you've been inactive.

Another fee to be aware of is the withdrawal fee. While USGFX doesn't charge a deposit fee, they do charge a fee for each withdrawal you make from your account. This fee is a fixed amount and varies depending on the payment method you choose for your withdrawal.

USGFX also charges a swap fee, which is a fee charged for holding positions overnight. This fee can be a credit or debit depending on the direction of your position and the interest rates of the currencies you are trading.

Lastly, USGFX may charge a conversion fee if you deposit or withdraw funds in a currency that is different from the base currency of your trading account. The conversion fee is a percentage of the amount being converted and can add up if you frequently deposit or withdraw in different currencies.

Trading Platforms

USGFX offers its clients the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are highly popular among traders worldwide. These platforms are equipped with a range of trading tools, including charting tools, technical analysis indicators, and trading robots, making them suitable for traders of all levels.

MT4 is a well-established platform that has been around for over 15 years. It is known for its user-friendly interface, ease of use, and a wide range of trading tools. MT5, on the other hand, is the latest version of the platform, which was introduced in 2010. It offers several advanced features, such as more technical analysis tools, a multi-threaded strategy tester, and an economic calendar.

One of the significant advantages of MT4 and MT5 is that they are compatible with a range of devices, including desktop computers, laptops, smartphones, and tablets. This allows traders to access their accounts and trade from anywhere at any time.

Here's how USGFX's trading platform stacks up against other brokers' platforms:

Deposits and Withdrawals

Minimum Deposit

USGFX has a minimum deposit requirement of $100, which is pretty reasonable compared to some other brokers out there. It means that even if you're just starting out with trading and don't have a lot of money to invest, you can still give it a go with USGFX. Of course, you won't be able to make huge trades for just $100, but it's a good starting point to get your feet wet and learn the ropes of trading.

USGFX offers a variety of deposit and withdrawal options to its clients. Deposits can be made through bank wire transfer, credit/debit cards, and various e-wallets such as Skrill, Neteller, and FasaPay. The processing time and fees for each method may vary.

Withdrawals can also be made through bank wire transfer, credit/debit cards, and e-wallets. However, it is important to note that there may be fees associated with withdrawals, depending on the method chosen. Withdrawal requests are typically processed within 1-2 business days.

Also, USGFX may apply internal fees to withdrawals that are not actively traded. For example, if you make a deposit and then withdraw it without trading, USGFX may apply a fee of up to 3% of the deposit amount.

Customer Support

USGFX offers customer support through various channels, including email, phone, and live chat. The broker has dedicated support teams in different regions to cater to clients' needs. Customer support is available 24/5, and clients can contact the broker through the website's contact form or through the provided phone numbers and email addresses.

USGFX also has an extensive FAQ section on its website that covers different aspects of trading, including account management, deposit and withdrawal, and trading platforms.

Educational Resources

USGFX offers a variety of educational resources to help traders improve their knowledge and skills in trading. The broker provides free webinars, video tutorials, e-books, and other resources to help traders learn about various topics such as technical analysis, risk management, trading strategies, and more. Additionally, USGFX offers a demo account, which traders can use to practice trading in a risk-free environment.

The educational resources provided by USGFX can be accessed through the broker's website or the trading platform. The resources are available in multiple languages, making them accessible to traders from different countries. Traders can also interact with the broker's experts and other traders through online forums and social media channels.

Conclusion

USGFX is a forex broker that offers trading services in a variety of markets, including forex, commodities, and cryptocurrencies. The broker offers several account types with varying minimum deposit requirements, allowing traders to choose an account that suits their trading needs. However, the broker's regulation has been a point of concern, with its licenses revoked by various regulatory authorities. This, coupled with negative reviews from clients and the low ranking score, raises questions about the broker's trustworthiness.

FAQs

• Q: Is USGFX a regulated broker？

A: USGFX was previously regulated by ASIC, FSC, and VFSC, but their licenses have been revoked due to regulatory violations.

• Q: What trading platforms does USGFX offer？

A: USGFX offers the popular MetaTrader 4 (MT4) platform for desktop, web, and mobile devices.

• Q: What is the minimum deposit requirement to open an account with USGFX？

A: USGFX offers a MINI account with a minimum deposit requirement of $100.

• Q: What is the maximum leverage offered by USGFX？

A: USGFX offers a maximum leverage of up to 500:1 for forex trading.

• Q: What are the available payment methods for deposits and withdrawals with USGFX？

A: USGFX offers various payment methods, including bank transfer, credit/debit card, and electronic payment systems such as Neteller and Skrill.

• Q: Does USGFX offer educational resources for traders？

A: Yes, USGFX provides a range of educational resources for traders, including webinars, e-books, and trading tutorials.