What do you think about FX Pro? | Forex Factory

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What do you think about FX Pro?

  • #1
  • First Post: Nov 10, 2008 12:20pm Nov 10, 2008 12:20pm
Hi all,

I'd like to open a live account with FX Pro. Their demo account looks so nice but I really don't know if I can trust them with a live account. They are an oversees company based in Russia. This makes me a little worried. I also read some bad reviews about them in other websites. I can not trust those reviews because some traders post a bad review about their broker when they lose money because of their own mistakes.

If you have any live account with them and you have been working with it for a while, please let me know what do you think.
- Do they fund the account on time?
- Do they pay your money on time?
- Have your trades become opened and closed without any problem and delay so far?
- Have your stop loss and limit orders become triggered on time and without any problem?

Please explain. Thanks in advance.

Best regards,
Vahid
  • #2
  • Edited 4:34am Nov 11, 2008 2:32am | Edited 4:34am
Quoting Vahid
Hi all,

I'd like to open a live account with FX Pro. Their demo account looks so nice but I really don't know if I can trust them with a live account. They are an oversees company based in Russia. This makes me a little worried. I also read some bad reviews about them in other websites. I can not trust those reviews because some traders post a bad review about their broker when they lose money because of their own mistakes.

If you have any live account with them and you have been working with it for a while, please let me know what do you think.
-...

Hi ,

I have a live account with fxpro for some time now and trading conditions are very good ( atleast so far ) , execution is better than most brokers I have traded with , spreads widen some time ( very rarely though ) , you can not trade the news with them , they will fill at the end of the spike ( which most broker do any way ) . Your answers below


If you have any live account with them and you have been working with it for a while, please let me know what do you think.
- Do they fund the account on time?
Yes , within 12 Hrs for paypal and 12 Hrs for Credit Card ( after you have provided them with the front and back of the card ) this is my personal experience .

- Do they pay your money on time?
Paypal usually with in 12 to 24 Hrs and Credit Card with in 24 Hrs , it may take upto one week to show up in your card , this is my personal experience .

- Have your trades become opened and closed without any problem and delay so far?

Yes always at all times , including NEWS.

- Have your stop loss and limit orders become triggered on time and without any problem?

Yes always at the set levels without any slippage at all times, including NEWS .

These are my experiences with the fxpro .

Hope this helps .

Regards

Ganesh
  • #3
  • Nov 11, 2008 8:20am Nov 11, 2008 8:20am
Quoting GANESH
Hi ,

I have a live account with fxpro for some time now and trading conditions are very good ( atleast so far ) , execution is better than most brokers I have traded with , spreads widen some time ( very rarely though ) , you can not trade the news with them , they will fill at the end of the spike ( which most broker do any way ) . Your answers below


If you have any live account with them and you have been working with it for a while, please let me know what do you think.
- Do they fund the account on time?
Yes , within 12 Hrs for paypal and 12 Hrs for Credit Card ( after you have provided them with the front and back of the card ) [b]this is my...
Hi Ganesh,

Thanks for your detailed response.

I see that you had some problem with FX Pro some time ago. You have talked about it at http://www.forexfactory.com/showthread.php?p=2110224

Please let me know if it happened again or it was just one time. Of course connection problem happens with all of the brokers even the best one.

Thanks again.

Best regards,
Vahid
  • #4
  • Nov 12, 2008 7:28am Nov 12, 2008 7:28am
Hi,

The problem was actually on my part as I had sent wrong document.

Regards

Ganesh
  • #5
  • Nov 12, 2008 8:33am Nov 12, 2008 8:33am
Quoting GANESH
Hi,

The problem was actually on my part as I had sent wrong document.

Regards

Ganesh
Thanks Ganesh.
  • #6
  • Apr 25, 2009 5:56am Apr 25, 2009 5:56am
I've used this broker for 2 years and no problems!!!!
  • #7
  • Apr 28, 2009 5:23am Apr 28, 2009 5:23am
FXPro.com = No Money Back
I lost all my money because of this company, they will be with you all the time BUT do not say that you want any WITHDRAW, they will request from you another documents which you can not bring, what I know the account should not open if the documents is not complete, but with FXPro.com , they request many documents and they will open the account after time if you request to return any money they will said that "SORRY YOUR DOCUMENTS IS NOT COMPLETE"
if you want my advice be far away from the company
  • #8
  • Apr 28, 2009 5:38am Apr 28, 2009 5:38am
Quoting Blackice
they will request from you another documents which you can not bring
what documents?
  • #9
  • Apr 28, 2009 6:03am Apr 28, 2009 6:03am
at the beginning they request my ID, Statement, Credit Card, and singing of order to open the account, after the long time when i request to withdraw they request another statement, any document which show my address, and paper which confirm my signature

I sent all document again to them,
1- another statement from bank,
2- color copy of my civil ID, in my country the civil ID is the first official ID in the country, because the civil ID shows my name, my photo, my DoB, my ID number, my gender, my nationality, my full address, my blood type, my phone number, and my reference number in Ministry of Interior,
3- my signature confirmation from bank

I got the reply from them saying that, they do not want my civil ID, they want any bill or documents showing my address
i told them my civil ID showing that but they refused it.

also they said the signature confirmation from bank is refused by them , and they sent to me paper from fxpro.com and they want the bank to put the confirmation on that paper, the bank refused to put any confirmation on any paper not coming from the bank.
and i am between, the bank refused and fxpro refused and fxpro very happy for that and they know the bank will not many confirmation on fxpro's

which mean i can not bring the documents which they requested which mean NO MONEY BACK

I asked them why they opened the account if the documents not complete, but NO ANSWER
  • #10
  • Apr 28, 2009 6:58am Apr 28, 2009 6:58am
Why you open a/c with some Limassol (Cyprus ) based brokers such as FX-PRO , eToro and so on ?

http://www.forexfactory.com/showthread.php?t=164380
  • #11
  • Apr 28, 2009 8:20am Apr 28, 2009 8:20am
Blackice, you should give FXPro a call on one of the international toll free numbers on their website and ask to speak to the lady who processes the withdrawals. I don't know why they do all this but last time I did a withdrawal some 8 weeks ago, they claimed that the account name on the withdrawal form was different from the account holder. I called and spoke to them and they admitted their error and processed my withdrawal. I received funds the next day. So talk to them over the phone and state strongly but politely that you have provided all ID documents and that you request your withdrawal to be processed immediately. Hope it works out and keep us informed.
  • #12
  • Apr 28, 2009 9:06am Apr 28, 2009 9:06am
for what use you want me to talk, i terminated my account i opened many deals to make it zero, that is what ti fxpro want because what ever i see it not real, the money with them.
Sir, they dont care about us, no one call me or asked me what happen, i sent many email, all the reply was where is the confirmation from bank, they are asking for thing i can not bring, and what i know sir, the account should not open if the documents not complete.
they destroyed me
and i hope that i will hear the company is closed or something wrong happen to them.
  • #13
  • Jan 16, 2010 7:55pm Jan 16, 2010 7:55pm
This is scary information about this broker. But on the other side it's only one bad experience from one person...

Anyhow - I'm with you. If my account is open and I can fund it/trade, I expect that withdraws are also working without any additional hassle.
What for does the broker need a bank statement anyway? I don't even show these to my best friends nor any business partners. Well - if I would apply for a credit... But that's another story.

Confusing...

FX Pro is a featured broker here on FF.

So a general question which I couldn't find an answer yet is:
How is the decision made which broker is one of the featured (only the best) ones?
I see that there are the featured brokers, but no reasons why they are in this list - maybe I didn't find it yet.
Some clarification would be highly appreciated.

Thanks.
MikeFT
  • #14
  • Jan 16, 2010 8:39pm Jan 16, 2010 8:39pm
Quoting MikeFT
So a general question which I couldn't find an answer yet is:
How is the decision made which broker is one of the featured (only the best) ones?
I see that there are the featured brokers, but no reasons why they are in this list - maybe I didn't find it yet.
Some clarification would be highly appreciated.

Thanks.
MikeFT
Featured broker (adjective) - those willing to pay for advertising space.
  • #15
  • Jan 16, 2010 8:42pm Jan 16, 2010 8:42pm
They hate Americans now. I pulled 22k out of em in early 2008(probably luck). After the initial withdrawal BS routine was established I was making weekly withdraws until December 2009 . Never fully trusted em with "real" money though. (they are based in cypress and that alone was a cause for concern). They never failed to send my profit when i asked. They do have a cooky withdrawal policy and that was hard to swallow at 1st. All in all - I would have recommended them until they threw out all Americans-not I dont care if they live or die.
FF = Forex Faggots
  • #16
  • Jan 19, 2010 10:19am Jan 19, 2010 10:19am
Never had a problem withdrawing from fxpro.
They always had been very serious to me.
I trade only 4 majors and I don't have execution problems.
I had execution delay with them on index futures cfds.

By the way, I don't think they hate americans.
As far as I know, recently the NFA banned cfd trading for americans, and fxpro only offers cfds, even their forex offer is cfd, not spot forex (they confirmed this to me on a live chat), so they have nothing to offer to americans, thanks to the regulators.
  • #17
  • Jan 19, 2010 10:38am Jan 19, 2010 10:38am
Hi all,

Good day,

I have nothing to say against Fxpro. They are amazing and I consider them my top broker so far. I know there is no micro account or fractional lot like 0.11 lot, but still it is good. They have low spread and you can make money easily. It is rare to have re-quote. Application was so fast and funding my account was super fast.

I have been with them for 1 year now so I like this broker. 100% honest.

Best wishes,
  • #18
  • Jan 19, 2010 1:48pm Jan 19, 2010 1:48pm
Quoting scarface9
Hi all,

Good day,

I have nothing to say against Fxpro. They are amazing and I consider them my top broker so far. I know there is no micro account or fractional lot like 0.11 lot, but still it is good. They have low spread and you can make money easily. It is rare to have re-quote. Application was so fast and funding my account was super fast.

I have been with them for 1 year now so I like this broker. 100% honest.

Best wishes,
LOL. Are u a FXPro agent? You speak like one of them.

And what about withdrawals? Are "super fast" too? Because I have read too many posts about the difficulties to get back your own money with this broker, and much more difficulties if you want to take the profits.
  • #19
  • Jan 20, 2010 5:39am Jan 20, 2010 5:39am
Quoting Trad3r
LOL. Are u a FXPro agent? You speak like one of them.

And what about withdrawals? Are "super fast" too? Because I have read too many posts about the difficulties to get back your own money with this broker, and much more difficulties if you want to take the profits.
Hi.

Good day,

No, not at all. I'm a normal trader like everyone. I used to be changing from one broker to another because of what I hear about them and what problems I face as well during execution positions.

And to be very fair about their weird process in withdrawing money, they are strict somehow because they want to make sure that the one who is withdrawing money is the exact account user. And for me, it is hectic, but no complain because it could happen some people steal each others accounts pretending they are the actual owners.

anyways, it is not really as bad as it looks. They are away better than other brokers who don't give you your initial deposit especially when you make a lot of money.

I hope this is useful.

Best wishes,
  • #20
  • Jan 24, 2010 6:07am Jan 24, 2010 6:07am
Quoting magnumfreak
Featured broker (adjective) - those willing to pay for advertising space.
Thanks for this useful information.

The broker site says "only the best are featured".
I always thought the featured brokers are the ones which are recommended by FF or by the experience of the traders here.
So the best/featured brokers are who pay or maybe even who pay the most for ad space?

The general problem is:
No matter which broker you try to look up - you find bad things about everybody.
Sure - lots of this stuff can be made up by competitors/traders who lost their assets because of their own (not the brokers) fault etc.
Anyhow. That's why the brokers page here on FF was very important for me until just now.

I'd really appreciate some more clarification because oterwise the brokers page will lead lots of (new) traders who trust in FF to one of the brokers without lots of additional research.

Greetings.
MikeFT
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