FxPro Review: Easy, Convenient, and Advanced

FxPro has created a new look and an easy-to-use navigation system with the trader’s comfort in mind. They have also added new features like widgets and forex quotes, making the technical analysis more robust. The FxPro review below will explore its methods, costs, and advantages.

How Can You Invest With Fxpro?

The symbols you can use at FxPro depend significantly on your chosen trading platform. For traders who use MetaTrader’s suite of media, FxPro offers more than 400 CFDs, including forex, shares, indices, metals, and cryptocurrencies, compared to about 100 for its cTrader platform. The FxPro BnkPro app also lets you trade thousands of claims, but it isn’t yet available worldwide.

You can trade CFDs on cryptocurrencies at FxPro, but you can’t change the underlying asset (e.g., buying Bitcoin). Note that Crypto CFDs are not available to retail traders in the UK or to people who live in the UK.

Costs and charges

FxPro’s prices are higher than the average for the industry. This puts it at a disadvantage compared to Pepperstone or IC Markets, which both offer the full MetaTrader and cTrader suites and are also in the same industry.

Execution method

FxPro’s MT4 lets traders choose between spreads that change or stay the same. There are two types of execution-based pricing for variable-spread pricing: instant and market. With instant execution, requotes are possible, but there is no slippage. On the other hand, slippage is possible with market execution, but requotes are not.

Commissions:

FxPro’s cTrader platform, pricing based on commissions, has the most competitive spreads. When trading the EUR/USD pair on cTrader, FxPro has a distance of about 1.27 pips. This number is based on FxPro’s average spread of 0.37 pips (as of August 2020) and a commission equivalent of 0.9 pips.

Spreads:

FxPro’s floating-rate (variable spread) model is available on MT4 and MT5, with EUR/USD spreads of 1.58 for accounts with market execution (1.51 pips on MT5) and 1.71 for charges with instant execution, according to FxPro’s data from August 2020.

Fixed Prices:

There is no fixed-spread option on MT5; the only option is market execution.

Active traders:

As part of its VIP account, FxPro has an Active Trader program for active traders, but its discounts aren’t as good as those offered by FOREX.com, IG, and Saxo Bank.

Executing large orders:

Without a doubt, this is FxPro’s best feature. Large orders can be placed with no minimum distance from the current market price.

Do Traders Pay Forex Trading Tax?

Forex options and futures contracts are treated as IRC Section 1256 for tax purposes. IRC Section 1256 contracts are taxed at a 60/40 rate. In other words, 60% of capital gains or losses are considered long-term, while the additional 40% are considered short-term.

When trading futures or options, investors pay forex trading tax on 60% of their gains or losses at the maximum long-term capital gains rate of 20% and the other 40% at the maximum short-term capital gains rate of 37%.

Most of the time, people with high incomes benefit from a 60/40 tax split. For example, the money from selling stocks less than a year after buying them is called “short-term capital gains.” It is always taxed at the same rate as the investor’s regular income, which can be as high as 37%.

FXPro Advanced Features

FxPro has its app, FxPro Edge, for trading, account management, and essential market news. It also has a third-party mobile lineup made by companies that make MetaTrader (MetaQuotes) and cTrader, which power its desktop and web-based platforms (Spotware). FxPro also has an app for trading stocks called BnkPro. This app will eventually have a Mastercard debit card and banking service, but it hasn’t been fully rolled out worldwide yet.

FxPro Direct is a mobile app made by FxPro. Users with a CFD account can trade with it, but it is mainly designed for account management. It has charts, but there are no tools to draw on them and almost no indicators (other than volume data).

The FxPro Edge platform can only be used on a mobile device through a browser. It can’t be downloaded as a separate app. Even though it was easy to use FxPro Edge, it would be nice to be able to download the platform for Android and iOS.