Is FxPro Legit or Scam?
FxPro emerges from the review not as a scam, but as a regulated broker operating under the watchful eye of tier-1 financial authorities. This includes the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), both renowned for their stringent regulations.
The allure of foreign exchange (forex) trading beckons, promising the potential for high returns. However, navigating the landscape can be treacherous, and the question of a broker’s legitimacy often arises. In this context, this review delves into FxPro, aiming to clarify its standing and equip you with informed decision-making tools.
Company Overview
Feature | Details |
Company Name | |
Founded | 2006 |
Headquarters | Limassol, Cyprus |
Regulation | FCA (UK), CySEC (Cyprus), FSCA (South Africa), DFSA (Dubai) |
Services or Products
FxPro primarily caters to forex trading but also offers contracts for difference (CFDs) on various assets like stocks, indices, and commodities.
If you have lost money to companies like JustMarkets, or Pixpalpro; please report it to us on our Report a Scam form.
Trading Platform & Leverages
They provide access to several platforms, including the popular MetaTrader 4 (MT4) and MT5, along with their proprietary FxPro cTrader platform. Maximum leverage varies depending on the instrument and regulation but can be as high as 1:30 for major forex pairs.
Spreads and Cost of Trading
FxPro offers a mix of fixed and variable spreads, with costs varying depending on the account type and chosen asset.
License and Regulations
As mentioned earlier, FxPro holds licenses from multiple reputable regulatory bodies. This is crucial as it ensures adherence to client protection measures and provides a dispute resolution framework.
While FxPro appears legitimate, it’s essential to acknowledge the existence of legal warnings issued by some regulators against FxPro Financial Services Ltd (UK) regarding unsolicited promotional calls. This highlights the importance of thorough research before engaging with any broker.
Deposit and Withdrawal Methods
FxPro offers various deposit and withdrawal methods, including debit/credit cards, bank transfers, and e-wallets. Processing times may vary depending on the chosen method.
FxPro Pros and Cons
Pros | Cons |
Regulated by tier-1 financial authorities | Legal warnings issued by some regulators |
Multiple trading platforms | Variable spreads can be higher than some competitors |
Segregated client accounts | Unclear impact of legal warnings on client experience |
Why Dealing With An Unlicensed Broker Is Risky?
Choosing an unlicensed broker exposes you to significant risks. They may not be subject to the same financial safeguards as regulated entities, increasing the likelihood of fraud and difficulty in recovering funds in case of disputes.
Client Feedback
Client feedback on FxPro is mixed, with some praising the user-friendly platform and responsive customer support, while others express concerns about the higher spread costs and unsolicited marketing practices.
How Can “Reviewsadvice” Help You If You Get Scammed?
While this review aims to provide information, it cannot guarantee complete protection against scams. If you suspect fraudulent activity, you should immediately report it to the relevant regulatory body and seek legal counsel.
Our professionals will provide you with free consultation and recovery service recommendations to help you recover the lost funds. You Can report to us today by the below form.Â
File A Complaint Against Scammers
Final Thought
FxPro presents itself as a legitimate and regulated forex broker. However, it’s imperative to remember that even regulated entities can face legal challenges or complaints. Comprehensive research, due diligence, and a healthy dose of skepticism are crucial before entrusting your hard-earned money to any broker. Remember, responsible and informed decision-making is your best defense against potential pitfalls in the forex trading landscape.
