FXBrokerPro Review by professional crypto currency trading experts the “ForexSQ” FX trading team, Everything you need to know about the broker is in this FXBrokerPro Review.
FX Broker Pro offers the account types listed above, plus an Islamic (swap-free) one.
FX Broker Pro Financial Advantages
MT4 platform offered
One of the few strong sides of FX Broker Pro Financial is the fact that it supports the MetaTrader4 (MT4) platform. However, we did not test it, as this broker does not offer demo accounts.
The MT4 is a top-rated trading platform, which provides great charting package and a lot of advanced features, such as custom technical indicators and automated trading systems, a.k.a. Expert Advisors, and signal-following.
Reasonable leverage ratios
Although in the current day and age many companies offer higher leverage levels, a ratio of 1:200 should be enough for most traders. Yet, it is not dangerously high, as levels of 1:1000 make it more difficult to manage the risks of margin forex trading.
FX Broker Pro Financial Disadvantages
FX Broker Pro Financial is one of the many forex and CFD brokerages that are registered offshore. It also claims to be regulated in New Zealand, but in fact it is only registered there as a company engaged in Mortgage broking and is not overseen by the Financial Markets Authority (FMA).
Poor corporate presentation, not regulated
Apart from mentioning it is powered by PTA MARKETS LTD and incorporation in Saint Vincent and the Grenadines, FX Broker Pro Financial doesn’t share any information regarding the company that operates it. This is unacceptable and immediately lowers the credibility level of this broker, which, obviously, is not regulated by any financial authority.
In IFSC’s warning list
What is worse, Belize’s financial regulator the International Financial Services Commission (IFSC) has issued a warning against FX Broker Pro. According to the commission, FXBrokerPro is showing a fraudulent IFSC license number IFSC/60/256/TS/17, which, however, is no longer present on its website.
FX Broker Pro Financial indicates that it provides spreads of “3 – 4 pips on most majors”. First of all, such wording is highly inappropriate, as most brokers quote the fractions of pips and also specify whether the spreads are fixed or floating. Second, a spread of 3 pips on EUR/USD is very wide. By comparison, major forex broker FxPro offers a spread of 1.4 pips for the EUR/USD pair on its commission-free accounts.
For further information and comparison of spreads, check out our dedicated page.
No demo accounts
All reliable brokers provide demo accounts so that everyone can try out their services for free. This is not the case with FX Broker Pro, however, which raises yet another red flag.
Comparatively high initial deposit
In order to open an account with FX Broker Pro, one has to invest a minimum of $250, which is not advisable considering all the disadvantages of this broker listed above. Furthermore, many tightly-regulated brokers require less as a start. For example, you can open an account with FxPro by depositing $100.
This broker does not share many important details of its offering: what financial instruments are available for trade; what kind of spreads it offers. What is worse, it does not provide free demo accounts.
FX Broker Pro Financial is a forex broker that seems to be based in the UK, but is not regulated by any financial authority. It does not provide much information about the company that operates it, which makes us think it might be a scam broker. What is worse, the Belize’s International Financial Services Commission has issued a warning against it.
That is why we would advise our readers to stay away from it and select among FCA-regulated brokerages instead.
UK brokers have to comply with a lot of regulations and are subjected to strict supervision by the FCA. They must report transactions regularly, to keep client funds in segregated accounts and to meet capital adequacy reqirements. On top of that participation in the Financial Services Compensation Scheme (FSCS) is mandatory. So, all brokers must contribute periodically to a collective fund. This is then used to compensate clients, in case one of the companies goes bankrupt. The compensation is up to £50,000 per person.
FXBrokerPro Review Conclusion
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