FxPro is an FSCA-regulated broker in South Africa. It offers ZAR based account on MT4, MT5, and cTrader trading platforms. Check out all the pros and cons of choosing FxPro in South Africa.
FxPro is a London-based forex and CFD broker that operates in more than 170 countries. It is a well-regulated broker that offers a variety of trading instruments.
FxPro supports MT4, MT5, and cTrader trading platforms with ZAR as the base currency. There are various pros and cons of choosing FxPro in South Africa.
We have reviewed FxPro specifically for clients residing in South Africa. The review has been done based on more than 12 factors with an honest opinion. Check out our FxPro South Africa review before opening your account with FxPro.
Table of Content
FxPro South Africa Pros
FxPro South Africa Cons
|Broker Name||FxPro Financial Services Limited|
|Regulation||FCA, FSCA, CySEC|
|Year of Establishment||2006|
|Trading Platforms||MT4, MT5, cTrader|
|Trading Instruments||2000+ CFDs on forex pairs, commodities, indices, shares, cryptocurrencies|
The safety of funds largely depends on the regulatory licenses held by the broker. Following are the details of regulatory licenses acquired by FxPro till now.
The FSCA regulatory license makes FxPro safe for traders residing in South Africa. It has a good track record since its inception in 2006. FxPro is an STP broker with no dealing desk. It does not take the opposite side of the positions opened by the traders. FxPro is not listed on any stock exchange but can be trusted due to FSCA regulations.
FxPro does offer multiple account types with different fee structures. The fee pattern slightly differs with the account type and trading platform chosen by the trader. We have separately reviewed each component of fees at FxPro. Following are the common methods in which CFD brokers generally charge their clients.
The average typical spread on EUR/USD with the MT4 platform is 1.63 pips while the same with the MT5 platform is 1.47 pips. The best spreads are offered with the cTrader platform i.e. 0.46 pips on average for EUR/USD. However, trading with the cTrader platform also involves a trading commission.
FxPro also offers fixed spread accounts and commission-based Raw accounts with the MT4 platform.
The fixed spread account on MT4 involves an average spread of 1.8 to 2 pips on EUR/USD which is higher than the average spread on the vanilla MT4 account.
This means that if 1 standard lot of GBP/USD is traded with the cTrader platform the commission will be $4.59.
Overall, according to our analysis and comparison, FxPro offers multiple pricings structure but it is not the most cost-efficient broker in South Africa. Brokers with FSCA regulation and STP execution with MT4, MT5, and cTrader platforms like Pepperstone and IC Markets incur slightly lesser fees compared to FxPro.
FxPro offers multiple account types with different pricing structures. However, apart from the trading platform and pricing, there is no major difference between account types.
The MT4 trading platform offers floating, fixed and Raw spreads while the MT5 only involves floating spreads. The cTrader platform involves spreads as well as commissions.
ZAR is supported as the base currency of the account along with EUR, USD, GBP, AUD, CHF, JPY, and PLN.
The maximum leverage on forex pairs is 1:200 in South Africa. The max leverage on CFDs of indices, metals, and commodities is 1:50. Shares CFD can be traded with 1:25 leverage while CFDs of cryptocurrencies can be traded with a 1:20 leverage ratio.
FxPro offers free-of-cost deposits and withdrawals through multiple methods. The minimum deposit amount is $100 or its equivalent in ZAR i.e. ~ R1700. However, the broker recommends depositing $1000 or R17000 to avoid the auto-closing of a position.
Following are the methods that be used to deposit and withdraw at FxPro in South Africa:
The customer support services at FxPro are decent and are not available on weekends. Clients can reach out to the support staff at FxPro through the following methods.
The customer support service at FxPro is useful. However, the response time is slower than the majority of FSCA-regulated brokers in South Africa. The unavailability of local phone support can be an issue for South African traders.
Following are the details of instruments that can be traded at FxPro in South Africa. It must be noted that FxPro is a CFD broker and all the instruments are only available as CFDs. There is no physical buying and selling of the underlying instruments, only the price difference between opening and closing positions is settled with cash.
Overall, the variety of available instruments is excellent at FxPro with good choices of leverage ratio. The number of available instruments is not the highest but excellent in South Africa. All the instruments are available with all three trading platforms namely MT4, MT5, and cTrader.
Yes, FxPro is an FSCA-regulated CFD broker in South Africa that is also regulated by the FCA of the UK. It offers a good variety of pricing structures with attractive pricing. It is a non-dealing desk broker that supports MT4, MT5, as well as cTrader trading platforms.
ZAR is supported as base currency and local bank transfers are also available at FxPro. However, it does not offer the best pricing in South Africa but offers a variety of pricing structures. The unavailability of local phone support is a disadvantage but overall, FxPro can be a good choice to trade forex and CFDs for suitable traders.
Yes, FxPro is an FSCA-regulated and authorised broker in South Africa. The broker holds the FSCA license to offer leveraged derivative instruments and CFDs in South Africa. FxPro is also regulated by FCA of the UK which is another top-tier regulatory authority.
The withdrawals through local bank transfers and credit/debit cards can take 1-3 days to reflect in the bank account. Withdrawals through e-wallets like PayPal, Skrill, and Neteller are generally completed within 24 hours.
The minimum deposit amount at FxPro in South Africa is R1700 or $100 equivalent in ZAR. However, the recommended deposit amount by the broker is R17,000 or $1000.