20 Jun 2020

admin

Overall score: 97

Official Site

Available in Colombia?

Yes

Average Spread for EUR/USD

1.71 pips.

Founded in

2006

Maximum leverage

1:500.

Regulation

CySec, FSCA, SCB, FCA.

Platforms

MT4, MT5, cTrader, FxPro Edge.

Minimum deposit

100 USD.

Instruments

Forex market, stock indices, stocks, metals, cryptocurrencies, energy market, futures.

FxPro is an online trading platform with activities on the international market. This broker has extensive experience, a diverse portfolio of instruments and multiple options for trading operations.

FxPro Overview

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FxPro - Reviews & Summaries

FxPro is a London-based broker offering brokerage services in the foreign exchange market and other asset classes.

The firm serves individuals and institutional clients in the following countries more than 170 countriesamong which are Colombia. Throughout its existence, it has received more than 80 awards and recognitions for its outstanding work in the trading industry.

FxPro's software processes an average of 7,000 commands per second and the firm has a capital of more than 1,000,000 euros (class 1). Although the company is not well known in Colombia, it is well known in other places, especially in Europe and the United States.

FxPro Regulation and Operating Licenses

FxPro_flag

As for the security issue, we have accessed the licensing section to verify that it has all the necessary permissions. In fact, FxPro has licenses from the FCA, CYSEC, FSCA, and SCB.

In addition, the firm is a member of the Investor Compensation Fund (ICF) and maintains a separate form deposits of its users and its own funds to protect people in the event of any eventuality.

In short, this broker does everything necessary to operate legally and fairly. If you decide to use their services, rest assured that you will be in the hands of a solid company with a strong sense of responsibility towards their clients.

This intermediary is fully regulated and its operations are legal in Colombia.

How to open an FxPro account from Colombia?

If you would like to use FxPro's services, here is a guide for you step by step to open your account:

  1. Log in to the FxPro website and click on "Register".
  2. Select "Colombia" in the "Country of Residence" option.
  3. Enter your first name, last name and email information.
  4. Choose a password for your account and click "Register".
  5. Confirm additional options for nationality, employment information, financial information, etc.
  6. Take the "Trading Experience" survey.
  7. Finally, verify your identity by means of your citizenship card, driver's license or passport.

The confirmation of identityAlthough it may seem like an annoying requirement, it is an indispensable step in the registration process. By confirming your details, you help to combat crimes such as identity theft, while complying with the laws of brokers to be able to provide their services legally.

FxPro Account Types

FxPro's platform offers up to five account types with different spread characteristics, instruments and trading modes. In a nutshell, the most important aspects are:

Demo Account FxPro MT4 (standard) FxPro MT5 FxPro cTrader
Minimum deposit It does not require 100 USD  100 USD 100 USD
Average Spreads for EUR/USD Depends on chosen platform 1,71 1,65 0,31
Commissions No commission No commission No commission 45 USD per 1 million traded (buy and sell)
Maximum leverage 1:30 1:500 1:500 1:500
Platforms MT4, MT5, cTrader, FxPro (Edge) MT4 for desktop and web, MT4 app MT5 for desktop and web, MT5 app cTrader
Minimum volume per order 0.01 (one microlot) 0.01 (one micro lot) for FX, metals, indices, futures and energies. For stocks 1 standard lot. 0.01 (one microlot) for FX, Metals, indices and energies. FX, Metals, indices and energies: 0.01 (one microlot)
Recommended for Beginner traders. Beginner traders. Traders with knowledge of trading instruments. Experienced traders, scalpers, long term traders.

In addition to the above list, on the platform you can also find accounts for MT4 Instantideal for trading in the short term, and FxPro (Edge).

Before deciding which type of account to use, it is a good idea to make use of a demo account. In this way, you will be able to learn about the different tools provided by the broker and become familiar with the application of technical or fundamental analysis elements.

FxPro MT4 Demo Account Features

The demo account is the perfect learning element for those taking their first steps into the world of trading.

At FxPro, this account provides a accurate simulation of the actual market behavior and you can choose any of the platforms to execute orders.

Finally, the test accounts are completely free of chargeIt is therefore an excellent idea to make use of this tool, before doing any activity with real money.

FxPro MT4 (standard) account features

This type of account offers a set of basic tools for those who are just entering the world of trading, or who already have knowledge, but wish to continue learning.

By means of a standard account you can make trades of metals, indices, energy, futures and stocks. They provide a leverage level of up to 1:500, one of the highest offered by brokers, so it is necessary to be careful when investing funds.

Finally, this type of account offers fixed and variable rate spreads, which is extremely beneficial if you are starting to trade and are risk averse, or if you want to acquire a new instrument and are not very familiar with its market behaviour.

FxPro MT5 Account Features

The MT5 account offers almost the same features as the MT4. However, this platform is newer and is part of the next generation of MetaQuotes.

FxPro's MT5 has commission-free operationshighly competitive spreads and agile order execution. If you already know some trading and have a good command of MT4 options and functionalities, you will find it comfortable to create such an account.

If, on the other hand, you feel that you need more knowledge when trading forex, it is better to use another type of platform.

FxPro cTrader Account Features

A cTrader account offers really low spreads, while allowing you to use a large number of instruments.

For the case of metals and the Forex market, some of the spreads start from the 0.45 pip. However, it should be noted that there are opening and closing fees associated with the use of this type of account.

On the other hand, there are no minimum limits for stop loss orders. If you have good market prediction skills, you can take advantage of the profit taking or the loss reduction.

Exchange platforms

This broker offers four types of platforms for trading activities. These include MT4, MT5, cTrader and FxPro Edge. You can find more information about each of them below:

FxPro Edge MetaTrader 4 MetaTrader 5 cTrader
Desk
Website
Mobile
Economic calendar
AE Operations
Indicators More than 50 More than 50 More than 35 More than 55
Coding language N/A MQL4 MQL5 C#

MetaTrader 4

FxPro_MetaTrader4

MT4 is a trading platform widely known and widespread worldwide. It was one of the first software specially dedicated to forex trading and provides fast order execution, different charting instruments and various technical indicators.

A large part of Forex courses and guides are conducted using MT4 as a platformIt is therefore a good idea to adopt the use of this tool as soon as possible.

As for its weaknesses, MT4's age works as a double-edged sword. It has been more than 15 years since its launch, and while that has helped its popularity, it has also started to leave it lagging behind other types of programs.

MetaTrader 5

FxPro_MetaTrader5

The MT5 platform is a continuation highly innovative compared to its predecessor. Among its main advantages are more analytical charts, modification tools and more order types.

However, MT5 does not enjoy the popularity of its predecessor, although it is an excellent program for buying and selling currencies.

If you want to make use of one of the latest trading software, you can start using this platform. However, there may be times when you need help with plugins or other instruments, and these are not available for MT5.

cTrader

FxPro_cTrader

Another of the tools to highlight is cTrader, a trading program developed by the company Spotware. It has a lot of advanced technical elements and has many customization features.

At the infrastructure level, cTrader has a highly optimized interface and has depth of market measures to analyze the liquidity of a given instrument in real time.

Although cTrader is not yet widely used, due to its various advantages it is not impossible that this situation will change in the future.

FxPro Edge

FxPro_FxPro_Edge

Finally, there is the trading software developed by the broker itself. FxPro Edge, brings together some of the most important features of other platforms and offers other additional services, focused on providing an excellent service to its customers.

If you want to use FxPro as your trusted broker, it might be best to make use of their trading software. It provides access to account management, deposits, transfers and withdrawals, among other options.

FxPro Trading Instruments

The portfolio of instruments of this company enjoys a great diversity and includes trading currencies, stocks, precious metals, energy, futures and indices. Compared to other brokers, its offer is wide and varied. Generally speaking, it is:

💵 Forex
Instrument Average Spread Leverage
EUR/USD 1.71 pips 1:200
GBP/USD 2.40 pips 1:200
USD/JPY 2.22 pips 1:200

At FxPro you will find all the traditional currency pairs. In the major category you can trade with the EUR/USD, EUR/CAD y USD/CAD. The minor section includes other instruments with fewer transfers such as the Australian-Canadian dollar pair, or the pound sterling and the Singapore dollar. 

🗠 Actions
Instrument Average Spread Leverage
Microsoft 0.22 pip 1:25
Shell 0.29 pip 1:25
Renault 0.22 pip 1:25
Adidas 0.35 pip 1:25

The equity segment offers assets from the following markets American, French, American and British. At the company level, you can find some of the most recognized firms around the globe (such as the ones you find in the table).

Unfortunately, the level of leverage offered by Fxpro is not very high, so other intermediaries can be found that lend more capital.

📈 Indexes
Instrument Average Spread Leverage
USD30 2.7 pip 1:200
Germany30 4.87 pip 1:200
Euro50 3.26 pip 1:200

In FxPro you can find some of the most important indexes like Dow Jones, Nasdaq o Euro Stoxx. However, the spread for this section is somewhat high by market standards.

Cryptocurrencies
Instrument Average Spread Leverage
BTH/USD 75 pips 1:20
ETH/USD 8.25 pips 1:20
DOG/USD 0.0008 pips 1:20

Cryptocurrencies have gained tremendous popularity in recent times thanks to the rise of the Bitcoin, Ethereum and the Doge. If you are interested in this type of instrument, you can invest reliably through FxPro.

However, you should consider that some of these assets have a high price tag for the average person's pocket in Colombia.

💠 Precious metals
Instrument Average Spread Leverage
Gold 0.62 pip 1:200
Silver 0.04 pip 1:200
Platinum 7.78 pip 1:200
GOLD/EUR 2.12 pip 1:200

At FxPro you can trade different metals in spot, precious metals and currencies. It is worth noting the high level of leverage offered by the broker and the low level of spreads.

Payment methods for Colombia

International bank transfer Debit and credit cards Skrill and Neteller
Minimum deposit 100 USD (370.000 COP) 100 USD

(370.000 COP)

100 USD

(370.000 COP)

Average deposit time One business day On average, 10 minutes On average, 10 minutes
Average withdrawal time One business day One business day One business day
Commissions N/A N/A N/A
Comments The service is not available for Colombian banks such as Bancolombia or Davivienda. One of the easiest options for depositing or topping up funds. A simple method to recharge through Efecty and PSE.

International bank transfer

Through this method, you can deposit through a bank at the broker. Unfortunately, the site does not offer its services to Colombian banks and even though it is possible to make a international transfer from a national bankis not recommended due to the high costs associated with the transaction.

Credit or debit cards

If you have a Visa, Maestro or Mastercard, this is a good option for this trading platform. In Colombia, you can use your card Nequi or through the integrated service of Paypal to make deposits.

However, you should consider that you may need a bank account to withdraw money, and in the Colombian case, national banks are not yet supported.

Skrill and Neteller

Virtual wallets are a fast, effective and commission-free payment method. After opening your Skrill or Neteller account, you can top up your funds through Efecty, PSE, AstroPayor account Bancolombia o Davivienda.

One of FxPro's best payment methods for Colombia are Skrill and Neteller virtual wallets.

FxPro Customer Service for Colombia

FxPro_cliente

The customer service of this trading platform has several methods of contact. Although there is an international hotline, it is only available in English. However, you can request help through email and live chat.

In addition, this broker has an interesting option to apply for a call to our personal number. Out of curiosity, we tried this alternative and indeed within a few minutes we received a call from a consultant, with a clear Spanish accent, who was very friendly and excited to assist us. This last method of help really caused us a pleasant surprise.

FxPro Final Rating

Advantages and disadvantages
️Large number of instruments  High initial deposit values
️Different trading platforms Does not directly support Colombian banks
️Provides high leverage Swap charges

Thanks to its varied offer, the option to use different platforms and its outstanding level of leverage, this is one of the best brokers for trading activities in large volumes, whether in the short or long term.

If you are just starting your activities in the foreign exchange market or in a derivatives segment, this company also constitutes a good choiceIt has good learning tools and one of the most comprehensive test accounts in the industry.

However, the initial deposit is a significant barrier to entry if you do not have a high investment capital.

Frequently Asked Questions

Can I join FxPro from Colombia?

Yes, the entire website is available for our country. Additionally, you can register and make use of all the services of this broker using your citizenship card to confirm your identity.

Is it legal to use the FxPro website?

Yes, the site is regulated by international authorities such as the FSCA, SCB, FCA and CySec,

What is the minimum deposit at FxPro?

The minimum deposit is 100 USD or about 370,000 COP. However, the recommended amount is 1,000 USD. Unfortunately, this is extremely high considering the average purchasing power of a Colombian citizen. You can access other trading options with a lower deposit. For example, the broker IQ Option allows trading starting at 10 USD or about 37,000 COP.

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