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FxPro, any experiences?

  • #1
  • First Post: Edited Jan 31, 2019 3:38pm Aug 19, 2009 10:18pm | Edited Jan 31, 2019 3:38pm
test
  • #2
  • Aug 27, 2009 10:00am Aug 27, 2009 10:00am
will be short and simple - nothing bothers me for quite some time with them. its reliable and with excellent conditions.

they dont stop hunt that much, dont widen spreads that much as well.

decent brokerage.

unless you try it - never know what happens ))
  • #3
  • Aug 27, 2009 10:01am Aug 27, 2009 10:01am
lol, just saw their ad here and at Preferred Brokers page
  • #4
  • Aug 27, 2009 10:12am Aug 27, 2009 10:12am
Quoting squaw
will be short and simple - nothing bothers me for quite some time with them. its reliable and with excellent conditions.

they dont stop hunt that much, dont widen spreads that much as well.
decent brokerage.
Ditto to that. No problems withdrawing, either. Support is also well-managed.
  • #5
  • Aug 27, 2009 1:23pm Aug 27, 2009 1:23pm
Quoting Razorman
I am looking for new broker and stumbled upon FxPro.
Looks like it has everything I need however it kinda bothers me its in Cyprus.

Wanted to ask anyone here if they have traded with them recently and
what was their experience?

Thank You!
Tons of threads here about them; try searching. BUT, I closed my account with them. They are ok, but execution is very slow compared to other MT4 brokers, and last year they went from fixed spreads to floating, which sounds nice but it just enables them to raise spreads whenever they feel like it. Remember they are still a bucketshop, not an interbank ECN.

Withdrawals do get processed, but they can be very confusing, especially if you use a debit or credit card. Also, withdrawals are more expensive if you live in the US, as you're dealing with international wire transfers, Paypal, etc. There are LOTS of complaints about their withdrawal procedures, but I can say that you do get your money so they're not a scam.

They offer every currency pair under the sun it seems, but unless you want to trade the really exotic ones not offered elsewhere, I don't see any reason to go with these guys. Not a scam as I said, but just not anything special either, and there are better choices in my opinion...
  • #6
  • Aug 27, 2009 6:19pm Aug 27, 2009 6:19pm
i switched from fxcm to fxpro, they seem decent and have a wide range of pairs and theyre one of the brokers that have commodities and such
  • #7
  • Aug 28, 2009 10:01am Aug 28, 2009 10:01am
Thanks for the replies everyone. Will try them with small acc and see how it goes.
  • #8
  • Aug 28, 2009 12:45pm Aug 28, 2009 12:45pm
Quoting TC East
Tons of threads here about them; try searching....

1. would really doubt execution thou. my orders 10+ lots - how to say it politically correct.. are accepted really fast
2. withdrawals, once you have everything uploaded in the back office tool - then those are done seamlessly. ok have to admit that it can take some time


have a great week end every one, going for a pint of beer now
  • #9
  • Aug 28, 2009 2:23pm Aug 28, 2009 2:23pm
Quoting squaw
1. would really doubt execution thou. my orders 10+ lots - how to say it politically correct.. are accepted really fast
2. withdrawals, once you have everything uploaded in the back office tool - then those are done seamlessly. ok have to admit that it can take some time


have a great week end every one, going for a pint of beer now
Yeah didn't trade 10+ lots there so maybe that's the difference. Again not saying they are bad, but just reporting my experiences with them as compared to other MT4 buckets, and in my experience at least, execution was slower.

For what it's worth...
  • #10
  • Aug 30, 2009 4:13pm Aug 30, 2009 4:13pm
Quoting fc3s
i switched from fxcm to fxpro, they seem decent and have a wide range of pairs and theyre one of the brokers that have commodities and such
They are not US broker so they can offer commodities while NFA brokers only spot forex.
  • #11
  • Aug 31, 2009 12:18am Aug 31, 2009 12:18am
I use their mt4 to chart, but i use Oanda.
  • #12
  • Sep 1, 2009 11:47am Sep 1, 2009 11:47am
Quoting RVettel
They are not US broker so they can offer commodities while NFA brokers only spot forex.
FXCM UK now offers CFD's for oil, gold, silver, and major stock indices.
  • #13
  • Sep 3, 2009 12:36pm Sep 3, 2009 12:36pm
I have read quite a lot of discussion threads about this broker before.

There seem to be a lot of complaints regarding annoying withdrawal procedure in same amount as you deposited.
Another common complaint I hear is that people have a lot of trouble closing profitable trades. They say they get random disconnects and requotes.

As I understand they have a dealing desk which takes up positions against you, so these claims may have some foundation.

What also concerns me about them is their Cyprus location, so in case you have any problems it would be extremely difficult to take any action against them.

I would also like to hear from someone who has traded with them on real account about spreads. Their minimum spreads are way cheaper than most other brokers. Are these spreads realististic? How much is the spread most of the time? I tried asking customer support about typical spread and all I could get it them restating the typical min and max range.
  • #14
  • Sep 3, 2009 3:12pm Sep 3, 2009 3:12pm
They are in Cyprus. What else is to ask? Cyprus seems to attract a lot of bucketshops.

If you are that interested, use them. But the Cyprus part is enough for me, seriously. I only will use US brokers. I don't want to fly to Russia, the UK, or even Canada to sort someone out that has been cheating me.

Just some things to think about.

Chris
  • #15
  • Edited 3:55pm Sep 3, 2009 3:21pm | Edited 3:55pm
I trade through FxPro and do not have any problems so far. It has been almost a year. It is true that they have specific guidelines when it comes to withdrawals, but they offer different ways to deposit/withdraw that make it easier for yu to access your money.

Regarding the random connects/disconnects, it happens rarely and for a second. Usually in the weekend when the markets are closed.

Finally, i was also concerned about the fact that they are based in Cyprus, but so are many companies. I guess it is cost efficient to have office over there. Their customer service is usually available during tradign hours. I did have a problem with their "accounting" dept that isn't open 24/5 but it is not that big of a deal. For the spreads they offer, which ARE really low compared to other brokers, I don't think you would be disappointed.

Now here i am sounding so optimistic. I just haven t had any problem with them. It is ultimately up to you. They sponsor F1 races and they are pretty well known outside the U.S..While i can see why their location would pose a problem for you, maybe it shouldn't.
The Sky is the Limit!
  • #16
  • Sep 3, 2009 3:56pm Sep 3, 2009 3:56pm
Quoting clockwork71
They are in Cyprus. What else is to ask? Cyprus seems to attract a lot of bucketshops.

If you are that interested, use them. But the Cyprus part is enough for me, seriously. I only will use US brokers. I don't want to fly to Russia, the UK, or even Canada to sort someone out that has been cheating me.

Just some things to think about.

Chris
LOL-I used to think the way Chris does-till I used some of those"USABrokers"-NFA membership means nothing in terms of safety of Funds-IMHO. If your Broker is a thief-it doesnt matter where they are-YOUR SCREWED! I would also be the 1st to admit that Cypress used to have really bad rep-I have been at FXPRO.com more tan 1 year and have been waiting patiently to be screwed-That hasnt happened and I am happy with all there services, so far.
FF = Forex Faggots
  • #17
  • Sep 3, 2009 4:21pm Sep 3, 2009 4:21pm
Quoting clockwork71
They are in Cyprus. What else is to ask? Cyprus seems to attract a lot of bucketshops.

If you are that interested, use them. But the Cyprus part is enough for me, seriously. I only will use US brokers. I don't want to fly to Russia, the UK, or even Canada to sort someone out that has been cheating me.

Just some things to think about.

Chris
Good point. Cyprus is kind of european 'tax heaven'. Almost anybody can open company there with no effort and little cost.
  • #18
  • Sep 4, 2009 8:11am Sep 4, 2009 8:11am
Hello,

i must add one point to my last post. We have to keep in mind, that Forex trading is not easy and the rate of success is relatively small. Hence, people will always blame their failure on their broker making non-sense claims that the latter are betting against them.

To be exact, imagine you and I have two accounts with the same broker. You are short a pair, and I am long the same pair, now who would the broker bet against? you? me? It doesn't make any sense, any broker makes their money through the spreads they charge you and possibly the misfortune of novice traders. Another scenario, let the Forex be a sea and us the traders, surfers trying to catch good waves. It is impossible for any single broker to actually bet against you like they say, because we know there is a lot more to price action than a few open positions. So clearly those people complaining about FxPro have no clue what truly affects the price. And to say a broker has a dealing desk that bets against you is just ...well ignorant!

I hope this helps and I hope you pick the broker that suits you best.

Good luck
The Sky is the Limit!
  • #19
  • Sep 4, 2009 11:18am Sep 4, 2009 11:18am
Quoting ahlamo
Hello,

i must add one point to my last post. We have to keep in mind, that Forex trading is not easy and the rate of success is relatively small. Hence, people will always blame their failure on their broker making non-sense claims that the latter are betting against them.

To be exact, imagine you and I have two accounts with the same broker. You are short a pair, and I am long the same pair, now who would the broker bet against? you? me? It doesn't make any sense, any broker makes their money through the spreads they charge you and possibly...
So ALL Brokers are good-honest-decent folk- ROFL !!!!!!
FF = Forex Faggots
  • #20
  • Sep 4, 2009 1:17pm Sep 4, 2009 1:17pm
Quoting eric
I have read quite a lot of discussion threads about this broker before.

There seem to be a lot of complaints regarding annoying withdrawal procedure in same amount as you deposited.
Another common complaint I hear is that people have a lot of trouble closing profitable trades. They say they get random disconnects and requotes.

As I understand they have a dealing desk which takes up positions against you, so these claims may have some foundation.

What also concerns me about them is their Cyprus location, so in case you have any problems it...
I had a live account for several months but closed it. Re. their spreads, they do display low spreads, but I experienced some slow execution on orders. Not as slow as some others (like MIG), but slow enough that by the time your order executes and you get filled, the benefit of the low spread is gone.

Like if you have a 2 pip spread on GU and click "buy", if before you get filled the price floats 4 pips away, what good is the 2 pip spread? Execution is everything, and the relative slowness of it at FXPro was one reason I left.

As I've said previously, they are not the worst out there, they just aren't anything special either...
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