FxPro ECN Forex Broker Review

FxPro Group Limited is one of the fastest growing online forex broker and is one of the most popular brokerages that offer Forex, Metals and CFD trading. FxPro caters to a global audience across 150 countries with offices in Cyprus, Nice, Vienna, London, Sydney, Madrid and Moscow. Licensed by MiFID, FxPro operates in the UK as FxPro UK Limited which was established in 2009 and licensed by the FSA.

With FxPro, traders are assured of a reliable forex broker that is of repute. Trading forex on FxPro ECN Accounts is easy and account application is a straight forward process. FxPro offers segregated Forex accounts via HSBC, Barclays and Credit Suisse AG.

FxPro ECN Account Types

FxPro ECN Forex Account
No. of ECN Currency Pairs 40
Spreads From 0 Pips
Leverage From 1:1 to 1:100
Req. Margin for Hedge Position No requirements
Minimum Trade Size 10,000 of base currency
Market Depth Level II market depth available
Commission $30 per $1million traded
Margin Calls 40% margin level
Auto-stop out 30% margin level
Stop Loss/Take Profit Levels No level limit
Negative Balance Protection Yes
Hedging Allowed Yes
Trading Platform FxPro cTrader
Minimum Initial Deposit 1,000 Base Units
Base Currency USD or EUR, GBP, CHF, JPY
Payment Methods Bank Wire, Credit/Debit Cards, PayPal, Neteller, Moneybookers
ECN Operating Times Monday 00:00 GMT+2 to Friday 24:00 GMT+2

About the Company – FxPro

FxPro UK Review

FxPro UK

FxPro UK Limitedwas established in 2009 and is licensed by the FSA with Reg. No. 509956. Besides the FSA, FxPro UK is also licensed by CySec and MiFiD, making it a robust forex broker. The authenticity of FxPro is further built upon by its various professional memberships including CIFSA (Cyprus International Financial Services Association), CCCI (Cyprus Chamber of Commerce and Industry) and the CFSFA (Cyprus Financial Services Firms Association). As a member of the Investor Compensation Fund, FxPro is insured to secure any claims of covered clients against members of the Fund as well as compensating the covered clients for any claims arising from the malfunction by a member of the Fund to fulfil its obligations irrespective of whether that obligation arises from legislation, the client agreement or from wrongdoing on the part of the member of the Fund.

FxPro Pricing & Spreads

FxPro connects it traders to Level II market liquidity, allowing for ECN trading in real time. FxPro features a full market depth and provides one of the best bid and ask prices. Charts in the terminal are built and shown only for Bid prices. However, for the opening of long positions and closing of short ones, Ask price is always used

FxPro ECN Execution Rules

Traders who want to open account with FxPro to trade on the ECN Accounts are required to make themselves acquainted with the following guidelines.

FxPro – ECN Account Types of Orders

  • Market Order: A request to open or close a Buy or Sell position, at the current available market price. Your request will remain live until executed. FxPro cTrader will automatically aggregate all available liquidity at the best possible prices available and fill at VWAP (Volume-Weighted Average Price).
  • Limit Order: A limit order is an order to ‘buy’ or ‘sell’ an instrument at a specific price. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. Once the market reaches the limit price the order will be triggered only if there is available liquidity to execute at the requested price or better. If there is insufficient liquidity the limit order will remain pending until triggered at a later date.
  • Stop Order: A stop order is an order to ‘buy’ or ‘sell’ a CFD once the market reaches a specific price. A ‘buy’ stop order is set at a price above the current market price. A ‘sell’ stop order is set below the current market price. Once a stop order is triggered it is treated as a Market Order. If the stop order is not triggered it remains in the system until a later date. Please note that in order to protect the position you may need to place a new Stop Loss and/or Take Profit.
  • Stop Loss/Take Profit: These are attached to an already open order to close a position at a specified market price. A Stop Loss may be used to minimize losses whereas a Take Profit may be used to secure profits.

FxPro – cTrader Platform

FxPro offers ECN Trading on the cTrader platform. Read more about the cTrader Trading platform. Traders can make use of FxPro’s cAlgo alongside cTrader in order to make use of Algorithmic trading with FxPro.

Overview of cTrader ECN Platform

Benefits of trading ECN forex with the FxPro cTrader include:

  • An advanced, user-friendly graphic user interface
  • Level II Pricing for all major forex currency pairs
  • Increased certainty of live FX trading in executable markets
  • Well-organized access to the best prices for all participants
  • Increased efficiency and superior risk management
  • Greater accuracy and speed
  • Maximized trading opportunities from the maintenance of an active Order Book

FxPro – Conclusion

FxPro is a robust forex broker that is well regulated in the UK besides offering custodian banking services, thus adding not just transaprency but also security of client funds. FxPro’s cTrader ECN forex trading platform enables traders to directly trade with FxPro’s Level II liquidity providers. For advanced traders, cAlgo provides a perfect tool to engage in Algorithmic trading as well. Negative balance protection and manageable Leverage make it ideal to trade forex with FxPro.

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