There are hundreds of online Forex & CFD brokers.

If you are looking to invest your money to Forex or some CFDs(as in Stocks, Commodities, Precious Metals, Indices etc), you will need to choose one of them as your investment partner.

And it is really important to choose the right one(there may be not actual the right one though), otherwise you will be losing time and effort, and even sometimes your funds and profits you made.

Out of these hundreds of brokers, about 10 largest Forex brokers are dominating the world Forex market, and mainly these are the ones you hear and see on the web often.

“FxPro” is one of these 10 dominant brokers.

It maybe hard to find the best broker in the world, but you can find a better one among them.

FxPro is fully regulated and authorized to provide financial services, and for over 10 years of its service, FxPro has barely given negative reviews or complains.

Who is FxPro?

FxPro is an online Forex and CFD brokerage company based in Cyprus.

The broker is regulated by CySEC in Cyprus(where they are based in) and FCA in UK(this is known to be the hardest financial license to acquire).

As the company is regulated and authorized by two different financial regulations, you can choose one of them to be your regulator, as in you can choose and open your trading account either under CySEC or FCA.

This Regulatory Authority difference also makes a huge difference for traders side, and we will get into the details of it later in this article.

FxPro is founded in the year 2006, and has been active for about 10 years, which is relatively old among Forex brokers.

Their service is really stable and almost the broker never has got issues with any regulatory authorities, nor closed one of their services suddenly by some reasons.

There is not so much big movement from FxPro towards Forex Market, but the broker is acquiring the market stably and gradually.

FxPro can be categorized as the most trustworthy broker.

Everything is set with the broker

Just like it is in the name, FxPro’s customer service is also professional. At any moment, you can see that their staffs are always educated and well-prepared.

Other than that, the broker has got everything you may need or maybe interested in, while trading Forex.

Starting with the trading platforms, which are MetaTrader4 & 5, and cTrader. FxPro has got two different spread types, Variable and Fixed.

Copy Trading system is also specifically built by their own team.

All educational tools are helpful for novice traders, and you can really start your Forex investment with that.

Other than that, PAMM/MAM system, Swap free account, API, multilingual support, number of deposit/withdrawal methods etc. It is hard to find something FxPro does not have which other brokers have.

It may be a bit complicated to see all of these options first, but with FxPro, you have got more opportunities to customize your trading environment as you want.

If you are trading with some other brokers which offers you with only one option in terms of trading environment, then this maybe the chance to think of a better option with FxPro.

MT4 with spread 0.6 pips(fixed and variable)

MetaTrader4 is the most popular trading platform, and no one would doubt that fact.

With FxPro, you can choose from variable and fixed spread for MT4.

The variable spread starts from 0.6 pips, and the fixed spread starts from 1.7 pips.

Fixed spread is always set to wider than the variable ones, as the brokers need to cover the fees/risks in case their liquidity providers(where brokers receive price quotes) wider the original spread.

Although the variable spread is much tighter than the fixed one, so the trading condition is suitable for scalping traders especially, as you can get the tighter spread at any moment.

The trading accounts are available in number of currencies which are USD, EUR, GBP, CHF, JPY, AUD, PLN.

To start trading with this popular trading platform with FxPro, then you are only required to deposit $500.

MetaTrader4 is always provided with many technical indicators, MQL4 community where you can communicate with other traders and also install free EAs(expert advisers).

With MT4, you can trade through Windows PC, MAC, Android&iOS devices and on the WEB.

MT5 with variable spread 0.6 pips

MetaTrader5 is also developed by the same company, MetaQuotes.

The trading platform is basically the new version of MT4 though, it hasn’t been acquiring much popularity like MT4.

It may have been because MT5 didn’t have Hedging Option, Technical Indicators like MT4 and multiple bugs/errors occurring often.

But now that MetaQuotes has been updating the platform, and MT5 has got almost same options/conditions as MT4. DGCX, The exchange in Dubai, has now more than 10 online Forex brokers registered, which offers MT5 to its clients.

MT5 is not so an useless trading platform after all comparing to MT4.

Among the major dominant Forex brokers, only a few brokers have adopted the MT5 system to their services so far in 2016, and FxPro is one of the few brokers.

In fact the broker has been offering MT5 for years already, with tightest spread among other brokers.

The trading conditions are the same as the “MT4 variable spread” account, you can start trading from $500 with FxPro MT5.

In case you are not sure to choose MT4 or MT5, then you can open multiple accounts for both of the platforms with FxPro.

Opening additional account with FxPro doesn’t take more than a few minutes, you can also transfer funds from your other trading accounts, so you can start trading immediately.

cTrader with true ECN & 0 pip spread

cTrader is another popular trading platform in the world, or it may be the second most popular trading platform in the world as MT4 is the first one.

What makes cTrader popular?

Well, the answer is:

• True ECN trading environment where “Market Making” is not allowed&
• Easy graphical user-interface on the platform

Think of them like, MT4 is an original trading program which you can customize yourself everything, but cTrader is already customized by the company which you may not need to customize it because everything is set for traders.

But this doesn’t mean that cTrader restrict some options available in MetaTrader and you will find it more closed, because cTrader basically has all tools MT4 has.

Long story short, cTrader is easy to use. MT4 is customizable.

Well, that is the advantage for many traders though, the real advantage of using cTrader is hidden in the “Execution Quality”. Because cTrader only allows “ECN execution” and does not allow brokers to interfere nor counter order clients’ positions.

MT4 is capable of anything that is favor of brokers’ side, such as virtual dealer plugin, hedging(counter ordering) and slippage options(positive or negative).

These are the things that many traders hate and it is even hard to confirm if the brokers are utilizing the system on their favor.

So basically, no one can trust MT4/MT5 and no one really knows if they trading in a fair & honest trading environment.

But cTrader will become the solution to the problem, as the trading platform eliminates all the possibilities of these actions that may cause negative impact to traders.

As this is the reason, cTrader doesn’t have many CFD instruments listed in the platform. Because CFD financial instruments are “OTC derivatives”, that means that CFD products require the brokers to hedge clients’ positions for trading, and this is generally called as a “market making”.

*OTC derivatives – Over the Counter derivatives

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So what is ECN trading environment? We have already gone through the whole advantages of the cTrader trading platform though, you may be wondering how exactly ECN works?

ECN stands for “Electronic Communication Network”, and this trading environment is also referred as STP(straight through processing) and NDD.

The opposite word for the ECN would be, DD(Dealing Desk) or “Market Maker”.

Technically all Forex brokers can be categorized as a “Market Maker” in the concept, as they are acting as a middleman between markets and traders and adding spread and some other order restrictions to take risks. Anyway this is not about the concept, but the advantages of cTrader on traders’ side.

MT4 can also adopt ECN/STP environment and some brokers really do offer the trading environment through MT4. But cTrader eliminates any possibilities that the broker maybe acting as a market maker against your orders.

As much as it is hard to confirm if the MT4 brokers are market makers or ECN/STP brokers, cTrader makes sure that the trading environment is transparent and fair.

By using this ECN environment, your orders will be directly sent to the original Forex market(the liquidity providers, banks) and possibly your orders can match with other traders’ orders and execute at more favorable price(with less commissions) for you.

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FxPro is also known as a broker which has quite being a market maker about 5 years ago though, this cTrader trading platform really makes sure that it is a true story.

If you are looking for a fair and transparent trading environment, cTrader may be the best trading platform for you.

FxPro offers you cTrader with “Raw Spread”. This “Raw Spread” means that FxPro does not add any markup spread on the financial product, but only trading commissions depending on your trading volume.

Thus, in some occasions, you can see 0 pip spread in FxPro cTrader. But please remember that there is always 4.5 dollars of commissions per 1 lot(100,000 units/dollars) of trade which is charged by FxPro.

FxPro cTrader is not just suitable for Scalping traders, but any kinds of traders as there is no restrictions on the trading platform.

FxPro in Cyprus and United Kingdom

FxPro is regulated and authorized to provide financial services by two different “Regulatory Authorities” which are:

• CySEC in Cyprus
• FCA in United Kingdom

But two of them have got different investor compensation fund and other fund security difference.

For example, ICF in Cyprus may compensate up to 20,000 EUR in case a member broker(like FxPro) fails to meet its obligation with the client financially.

On the other hand, IFSC in United Kingdom may compensates up to 75,000 GBP per investor in the same occasion.

FxPro is a member of two of these entities, so which compensation plan will be applied to your trading account?

The answer is, it depends on the website where you have registered with FxPro.

So FxPro has two difference its official websites which are:

www.fxpro.co.uk – FCA regulated, the name of the company is FxPro UK Ltd, a member of IFSC

www.fxpro.com – CySEC regulated, the name of the company is FxPro Group Ltd, a member of ICF

Both of the websites are officially managed by FxPro groups, and these are actually really look alike.

If you care about the difference of the regulatory authorities, you may want to check the address where you are going to sign up, and the company name specified in the terms and conditions which you will be provided in the process of account opening.

All trading accounts opened under them are managed by the same management/support team though, it might make a difference in some occasions in the future.

FxPro UK Official Website