FXFINPRO Capital Review
FXFINPRO Capital Review
Like most forex brokers, FXFINPRO Capital offers its clients a choice of several basic account types. The main differences between them are not the spreads offered or the commissions, but the available trading platforms and the liquidity providers (as well as leverage).
In addition, PAMM accounts are also available with this broker, a service which combines successful traders with investors, who want to receive passive income from the Forex market. It allows management of several individual customer trading accounts through bunched orders.
The Company. Security of Funds
Update: PFX Financial Professionals Limited’s license is currently suspended by CySEC (as of 24 November 2016). The Commission did not provide any details or reasons for the suspension, and there is no information on any violations or warnings against the company.
FXFINPRO Capital is a ECN/STP broker, offering a broad spectrum of investment products and tools, such as the ability to trade in stocks, futures, forex, Contracts for Difference (‘CFDs’), indices, options and/or other financial derivatives.
FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a Cyprus-based company, which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
CySEC applies certain rules to license holders, one of them being the minimum capital requirement. The Commission requires Cyprus-based forex brokers to hold at least €1,000,000 in order to prove their financial stability.
Furthermore, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, the fund of last resort for customers of authorized firms. If the Company becomes insolvent or ceases trading, the Fund is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR. Similar compensation schemes apply in other jurisdictions. FCA-regulated brokers in UK, for example, are under the umbrella of the Financial Services Compensation Scheme, where the maximum compensation cover is £50,000 per person.
Additionally, PFX Financial Professionals Limited is registered with the UK’s Financial Conduct Authority (FCA). It is also regulated under the Markets in Financial Instruments Directive (MiFID) in regards to offering cross border services within the EU under the MiFID Passporting Regime, allowing companies regulated in their “home state” to provide services to customers in other EU member states.
Minimum Initial Deposit
In order to open an account with FXFINPRO Capital, traders have to invest at least $50. Such minimum initial amount is reasonable and average. In comparison, Cyprus-based Easy-forex demands $25, and FXTM – $100 from its clients as a start.
Spreads & Commissions
This broker offers tight variable spreads, the average ones on the EUR/USD amounting to 0.3 pips. It also charges a commission for its services and the ECN environment, ranging from $2 – $3.5 per lot per side, depending on the trade volume (For MetaTrader platform the commission is charged in double rate). So basically, the average spread offered by FXFINPRO Capital is around 1 pip, commission included.
In comparison, FxPro, also holding a CySEC license, offers average spreads as low as 0.4 pips on the EUR/USD for its cTrader accounts, charged $4.5 per standard lot; Cyprus-based Exness provides its ECN account holders with average spreads of 0.4 pips on EUR/USD, also incurring a commission of $ 2.5 per standard lot.
You may look up real-time spread of 15 leading brokers here.
The maximum leverage level offered by FXFINPRO Capital is 1:500, which is considered comparatively high, as some jurisdictions cap leverage ratios at considerably lower. For instance, FXFINPRO Capital warns the maximum leverage for the real trading accounts of customers residing in Poland is 1:100 due to Polish legislation restrictions.
The reason for such leverage limitations is that higher leverage involves higher risk of heavy losses. If you, however, need higher leverage, many Cyprus-based brokers offer such: XM – up to 1:888, FXTM – up to 1:1000 and Exness – up to 1:2000 (the highest available level in the industry). A list of forex brokers offering leverage equal to or higher than 1:500 can be viewed here.
Clients of FXFINPRO Capital may choose from a variety of platforms: FXFIN Protrader (desktop, web, mobile), FXFINPRO JForex and FXFINPRO Trader Workstation.
FXFIN Protrader is a functional platform, suitable for traders of all levels of experience. It offers the following tools and features:
– Trading by charts and The Trades Table (a professional analytical tool showing level I quotes);
– The Open Book Panel displaying level II quotes;
– The Matrix Panel, a powerful order management console that enables one-click trading;
– Saved Orders, a convenient utility for simultaneous placement of multiple orders;
– The Algostudio module, which includes a toolkit for creating user strategies with C# and MQL4 languages;
– More than 60 built-in indicators.
FXFIN ProTrader platform
What is more, MAM (Multi Account Management) is available, a module designed with professional asset managers in mind.
FXFINPRO JForex is a unique automated forex trading software. It allows tracking of exchange rates and transaction sizes in the world markets, and also shows the bids posted by other traders and market makers. This platform is perfect both for manual and automated trading.
FXFINPRO Trader Workstation is a platform specialized in trading stocks, futures, options, and other securities in various markets.
In addition, FXFINPRO Capital also supports the award-winning MetaTrader 4, the preferred choice of most experienced traders. The platform offers all a trader needs: a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work. It comes in desktop, web and mobile versions.
Methods of Payment
FXFINPRO Capital offers a variety of payment methods, including credit/debit cards (Visa, Mastercard, UnionPay), bank transfer and e-wallet systems, such as, Skrill and Neteller.
FXFINPRO Capital is a well-regulated broker that offers trading in various products worldwide through a number of platforms, including the popular MT4.
FXFINPRO Capital Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about FXFINPRO Capital Review.