FXPro is a British CFD and FX broker as well as a well-known brand in the industry not least due to its Premiere League and Formula 1 sponsorships. The broker’s offer includes STP trading without mark-ups exclusively on a commission basis. In addition, further market and account types are part of the service offering. MetaTrader and cTrader are used for trading. In addition to FX, the underlying assets also include precious metals, commodities, stocks, indices, and futures contracts. Algo Trading is possible through expert advisors, cBots, or the social trading platform SuperTrader, which is based in Cyprus.
The scope of the catalogue of underlying assets depends on the selected account or market model. Via the MT4 account, 69 FX pairs as well as indices, metals, futures, and shares can be traded. MT5 allows for the trading of 54 FX pairs, indices, metals, and futures. Via CTrader, 69 FX pairs, and energies as well as precious metals can be traded on the spot market/ using its rates.
Outside of the FX market, the underlying assets are 20 indices (financial indices, energy, and agricultural commodities), 30 indices, more than 150 shares, gold and silver, and three spot energies. A major plus in the FXPro test especially for precious metal traders: Gold and silver can be traded with several contract sizes and on both a EUR and USD basis. In the case of gold, contract sizes of 100 ounces and 100 grams are possible for example. Many brokers are still forgoing small contracts to date and they often endanger the risk management of their customers by doing so.
The margin requirements for most of the underlying assets correspond to the usual market conditions. The initial margin is 1% for most indices and 0.50% for most precious metals. The maximum leverage on all three platforms is up to 500 times the equity and is used primarily in FX trading.
The selection of tactical order options must also be considered in the broker test: A wide range of order types extends the tactical scope for both discretionary and automatic trading approaches. Which specific order types are available depends on the respective trading platform.
When trading via MT4, both instant orders and pending orders are available. Pending orders include limit-buy, limit-sell, stop-buy, stop-sell, stop-loss, and take-profit orders. The same order types are also available when trading via cTrader and MT5. However, there are some differences regarding the order execution. Requotes are only possible in MT4, while partial executions are only possible in MT5. Slippage is possible on all three platforms – both positive and negative. Stop and limit orders must be placed 1-2 pips apart (FX main currency pairs) in MT4 and MT5.
The detailed information regarding the market models, which can be found in many places and which few competitors offer, is one major positive aspect of our FXPro evaluation. The broker thus provides insight into the processes behind its trading platform. As such, interested parties can learn how orders are passed on to the liquidity pool:
“Smart Order Routing” gives you the best available price, while improved liquidity ensures that your order is processed automatically in 99.9% of all cases. In case of many partial executions, cTrader automatically collects all available liquidities at the best possible price and executes them at the VWAP (volume-weighted average price).
The broker’s cTrader account is especially convincing: STO Trading without mark-ups on the spreads is the desirable standard in FX trading. With commissions of $4.50 per lot and average pool spreads of 0.4 pips in EUR/USD, the market model promises both transparency and low trading costs. Alternatively, both STP with mark-ups via MT5 and market making via MT4 are available. The combination of expert advisors, cBots, and the social trading platform SuperTrader makes FXPro a great address for Algo Trading. The excellent customer service, the underlying assets, and numerous trading platforms as well as the background of the broker and the broker’s efforts in the field of knowledge transfer are huge pluses as well. The UK regulatory environment is another plus, which new customers explicitly have to choose, however.
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