FXPro Broker Review For Africa In 2023

FXPro Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	CySEC, FCA, FSCA
💰 Minimum Deposit	$100 (40,000 Naira)
💳 Deposit Options	VISA, MasterCard, Bank Wire, AdvCash, Neteller, Skrill, GenialBanco, & more.
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, AdvCash, Neteller, Skrill, GenialBanco, & more.
📌Open an account	Start Trading With FXPro

Disclaimer: Trading Contracts for Difference (CFDs) with FXPro carries a substantial level of risk and may not be suitable for all investors. Approximately 72.99% of retail investor accounts lose money when trading CFDs with this provider. It is crucial to fully understand the mechanics of CFDs, including the associated risks and potential rewards, before engaging in trading activities.

Our Opinion About FXPro

FXPro is a top online forex broker. They were first launched in 2006 and have since grown to be one of the best-known brands in the forex industry. They are a regulated company with licences from CySEC, the FCA, and the FSCA. FXPro provides a secure trading experience and good client fund protection. They are also an award-winning company that has won more than 50 awards in recognition of their online trading services.

When it comes to trading, FXPro has a great choice of trading accounts. They offer traders in Africa access to a wide range of financial markets – including forex, stocks, and indices. FXPro also offers traders in Africa the chance to trade with tight spreads, low minimum deposits, low spreads, and high leverage. These are optimal trading conditions for both new and more experienced traders.

When it comes to trading technology. FXPro has an excellent selection of free and paid tools. They offer you access to all of the top online trading platforms – including MetaTrader4 and MetaTrader5. They also have plenty of other tools – including chart indicators, economic calendars, market research, and trading calculators. This means that, if you choose to trade with FXPro, then you should have all the resources you need to analyse the markets and spot good trading opportunities.

Regulation And Safety

The regulatory framework for FXPro can vary depending on the specific African country you’re trading from. Here are some key points:

• Some African traders may register under the FxPro Global Markets Ltd subsidiary, which is regulated by the SCB.
• In certain African countries, traders might use the Saint Kitts and Nevis (KNN) entity.
• FXPro ensures various protections for traders, such as ensuring that your net equity never falls below 50 percent and providing negative balance protection.

It’s crucial to check the specific regulatory details for your country when opening an account with FXPro.

Fund Safety

As a regulated forex broker, FXPro ensures it has extensive client fund safety measures in place at all times. They implement a strict segregated account policy. This means that they keep client funds in segregated accounts, separate from their own operational funds, to ensure that client money is not used for business purposes.

As a trustworthy broker, FXPro also aims to provide additional client fund protection where possible. For example, FxPro UK Limited is a member of the Financial Services Compensation Scheme (FSCS) and FxPro Financial Services Limited is a member of the Investor Compensation Fund (ICF). This means that, if FXPro ever needs to close down unexpectedly due to bankruptcy, then many traders will be able to claim money back through these two compensation schemes.

FXPro Forex Awards

FXPro has an excellent reputation within the forex industry. They are well-regarded by their peers and have won more than 50 industry awards . They have won prizes for best forex provider, best forex broker, best forex trading tools, best forex platform, and more. Some of their recent awards include:

• Best Broker 2021 UK (Ultimate Fintech Awards)
• Best Forex Provider 2021 (Online Personal Wealth Awards)
• Best Trading Platform 2020 (Investors Chronicle & Financial Times).

FXPro: Legit Or Scam?

In our opinion, they are a legit broker. This is for a few reasons. Firstly, because they have been providing forex trading services for many years. This shows that they have a sustainable business model and that they treat their clients well. Secondly, because they are licensed by the relevant regulatory authorities and have the necessary client measures in place. This shows that they are serious about their responsibilities and about taking care of the clients. Finally, because they offer great trading accounts, fair trading conditions, and reasonable trading costs. They also have convenient payment options and a good level of client fund protection. In our opinion, this shows that they are a legit broker and that they are serious about offering competitive services.

FXPro Trading Assets

FxPro gives you access to a wide range of financial markets. They have over 2000 trading instruments for you to choose from, which is more than enough for any trader, regardless of their experience. You can pick from any of their main asset classes which include forex, shares, indices, futures, metals, and energies.

FXPro Trading Instruments

• Forex: They have 70+ forex instruments including major, minor, and exotic pairs.
• Shares: They have 1000+ CFD shares including Meta, Twitter, Google, and Tesla.
• Futures: They have futures on commodities, indices and energies.
• Indices: They have S&P500, the Nasdaq100, the FTSE100, and the Dow Jones 30.
• Spot Metals: FXPro provides access to gold, silver, and platinum.
• Spot Energies: FXPro offers access to spot energies such as Brent and WTI.,

FXPro Account Types

FXPro offers a range of account types to suit different trading styles and experience levels. Here are the main account types available:

Standard Account

The Standard Account is perfect for beginners. It features fixed spreads and no commission. This setup makes it easier to calculate costs. Traders can focus on learning without worrying about fluctuating spreads.

Pro Account

Pro Accounts suit more experienced traders. They offer variable spreads that can get tighter during high liquidity. There’s no commission, but spreads might widen in volatile markets. It’s a good middle ground between Standard and Raw+ accounts.

Raw + Account

Raw+ Accounts are for serious traders who want the lowest possible spreads. These accounts charge a commission but offer raw interbank spreads. It’s ideal for high-volume traders who can benefit from minimal price differences.

Elite Account

Elite Accounts are FXPro’s top-tier offering. They provide the best trading conditions, including ultra-low spreads and commissions. These accounts often come with additional perks like dedicated support. They’re designed for professional and institutional traders.

FXPro Leverage

FXPro offers fairly high leverage. The maximum leverage available at FXPro is 1:200. This is slightly lower than the leverage available with other forex brokers in Africa. However, it is still more than enough for most forex traders to use and to trade profitably with.

FXPro Spreads

FXPro is one of the best forex brokers in Africa when it comes to spreads. The MT4, MT5, and FxPro Edge accounts have very competitive spreads. For example, the minimum spread is 1.4 pips on the MT4 account, 1.52 pips on the MT5 account, 1.41 on the Edge account. The cTrader account has slightly better spreads. This is because it has commission fees too. The minimum spread is around 0.31 on the cTrader account.

FXPro Commission

FXPro is also one of the best forex brokers in Africa when it comes to commission. The MT4, MT5, and FxPro Edge accounts all come with tight spreads and zero commission trading. The cTrader account does have a small commission fee of $9 commission per lot.

FXPro Registration: How To Open An Account

As part of our FXPro broker review, we had a look at their online registration process. The account registration process is quite straightforward for African traders. Here’s a general step-by-step guide:

1. Go to the FXPro website and fill in the registration form with your personal details.
2. Provide an email address and password. These will be your account login details.
3. Complete a short forex trading quiz. This is so that FXPro can assess your trading knowledge and determine if their services are suitable for you.
4. If you pass the quiz, you can proceed with your account application.
5. Complete the KYC (Know Your Customer) process by submitting the required documents.
6. Select your preferred account type.
7. Once FXPro completes their regulatory checks and approves your account, you can add funds using your chosen payment method and start trading.
   The specific requirements and process might vary slightly depending on your country of residence within Africa.

FXPro Deposits

As part of our FXPro broker review, we checked what payment methods you can use to deposit money into your account.. They have a few different deposit options, which makes the funding process much easier. You can choose from debit card, credit card, and bank wire transfer. You can also choose from PayPal, Neteller, Skrill, depending on where you live. There are also no deposit fees, which makes the funding process cheaper.

FXPro Minimum Deposit

FXPro has fairly low minimum deposits. The FXPro minimum deposit is $100 or the equivalent amount in other accepted currencies. The minimum deposit is the same across all of their trading accounts. This means you can choose your trading account based on the features you want and the trading conditions that best meet your needs.

Deposit Times – How Long Does It Take

FXPro is quite good at processing transactions. The average deposit time for debit card , credit card, Neteller, and Skrill is around 10 minutes. However, the average deposit time for bank wire transfers is slightly longer, depending on the banks involved.

FXPro Withdrawals

As part of our FXPro withdrawal review, we checked what payment methods can be used for withdrawals. In our opinion, FXPro has a good choice of withdrawal methods, as well as low withdrawal fees, and fast processing times. They offer withdrawals via debit card, credit card, and bank wire transfer. It also offers withdrawals via PayPal, Neteller, and Skrill.

Withdrawal Times

The FXPro withdrawal times are generally quite good. The average withdrawal time for debit card, credit card, Neteller, and Skrill is around 10 minutes. However, the deposit time for bank wire transfers may be longer, depending on the banks involved.

Withdrawal Fees

FXPro does not usually charge withdrawal fees. However, there are a few circumstances in which they might charge additional rates. For example, if you deposit money but don’t trade, then there is sometimes a charge for withdrawals.

Maximum Withdrawal

The maximum withdrawal amount is $10,000.

Trading Platforms

FxPro offers a variety of trading platforms to suit different trader preferences:

MetaTrader4 (MT4)

• Ideal for beginners
• User-friendly interface
• Access to forex, stocks, and indices
• Features: 4 order execution types, 30 technical indicators, 23 analytical objects

MetaTrader5 (MT5)

• Suitable for intermediate traders
• Enhanced functionality over MT4
• Trade forex, metals, and energies
• Features: 6 order execution types, 38 indicators, 37 analytical objects

cTrader

• Powerful alternative to MetaTrader
• Clean, user-friendly interface
• Wide range of CFD instruments
• Features: 6 order types, 55 technical indicators, economic calendar, market sentiment tools

FXPro Edge

• FxPro’s proprietary platform
• Customizable layout with two design options
• Features: 6 order types, 50+ technical indicators, detachable chart windows
• Accessible across all devices

Each platform offers unique features to cater to different trading styles and experience levels, from beginners to advanced traders.

Trading Tools

FxPro has plenty of free trading tools. On the FXPro trading dashboard, you will find a currency movers chart, a price ticker chart, and a client position chart.. You will also find a positions volume chart, a price volatility chart, and an economic calendar. On their trading calculator page, you can also access a free ‘all-in-one’ calculator.

FXPro VPS Services

FXPro provides a VPS (Virtual Private Server) service, which is particularly helpful for more experienced forex traders. Their FxPro Virtual Private Server lets you upload and run your MT4 Expert Advisors and cAlgo Robots 24/7. This means you can benefit from more uptime and better overall connectivity.
The FXPro VPS service is provided in partnership with BeeksFX, ensuring a good service and better overall trading experience. Here are the key points about the VPS service:

• The service is free for Premium Account holders.
• For non-Premium Account holders, it costs $30 per month.
• The availability of the VPS service may depend on your account type and trading volume.
• Availability and pricing may vary depending on your specific location within Africa.

Forex Education

As part of our FXPro review, we had a look to see what educational resources they can offer new traders. FxPro has several free online courses. The courses cover basic topics and are designed to help traders improve their online trading skills. FxPro also has several helpful video tutorials that show you how to open a trading account and how to verify an account. They also show you how to use a trading platform, and how to add funds.

FXPro Trading Hours

FXPro operates during standard market hours. You can open trades with FXPro whenever the financial markets are open. Trading hours might be different on public holidays.

FXPro Customer Support

FXPro has a great customer service team. They are quick to respond to requests and offer good, accurate advice about your accounts. You can contact them 24/5, Monday to Friday. They are usually available via email, phone and live chat.

Our Verdict

FXPro is a regulated forex broker. They offer good account options, good trading conditions, and transparent trading costs. They give you access to a large number of trading instruments, as well as high leverage, and top trading platforms. As such, they offer one of the best online trading services in Africa. When it comes to trading, they ensure you have a safe online trading environment and a high level of client fund protection. They also place a high value on trading support. They offer both educational resources and great trading tools. FXPro also provide a wealth of market research and good customer service.. As such, they are a great option for both new and experienced forex traders.

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