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Experiences with FxPro

  • #901
  • Apr 21, 2016 1:44pm Apr 21, 2016 1:44pm
I have seen many bad comments about FXPro. But when I visited their site I noticed they offer some unique combination. (Check the image)

I want to ask the traders here,

1. is there any catch here "Instant Execution + Fixed Spread" account? Please share your experience.

2. I have seen they transfer clients to their Cyprus division who registered at fxpro.co.uk website. So what can be done here.

My main concern is not whether they are bucket shops or not. Just want to test things out whether they are too much manipulative or not.

Last time I got this from Instaforex and they banned my strategy and cancelled my profits.

Please share if you have experience with this type of account with them.


Thanks in advance.
Attached Image
  • #902
  • Apr 21, 2016 2:15pm Apr 21, 2016 2:15pm
Quoting darksorrow
I have seen many bad comments about FXPro. But when I visited their site I noticed they offer some unique combination. (Check the image) I want to ask the traders here, 1. is there any catch here "Instant Execution + Fixed Spread" account? Please share your experience. 2. I have seen they transfer clients to their Cyprus division who registered at fxpro.co.uk website. So what can be done here. My main concern is not whether they are bucket shops or not. Just want to test things out whether they are too much manipulative or not. Last time I got this...
instant execution+fixed spread basically means they taking other side for your directly.
All posts are my personal opinion
  • #903
  • Apr 21, 2016 10:52pm Apr 21, 2016 10:52pm
Quoting Rtm
{quote} instant execution+fixed spread basically means they taking other side for your directly.
I know that. Market Execution + Variable spread does not guarantee broker is not on the other side of the trade.

I think FCA regulation can do something about that if they don't give me my profit. That's why asked questions/suggestion.

Hope some people share/suggest their view who trade with them.
  • #904
  • Apr 22, 2016 12:09am Apr 22, 2016 12:09am
Quoting darksorrow
{quote} I know that. Market Execution + Variable spread does not guarantee broker is not on the other side of the trade. I think FCA regulation can do something about that if they don't give me my profit. That's why asked questions/suggestion. Hope some people share/suggest their view who trade with them.
if you conducting latency arbitrage and they taking your trades you will make money for a short period of time. On ECN model and LP trading it will never happen though.
well I have traded a lot with them and I can tell you know you wont scalp with them successfully. Lot of requotes.
All posts are my personal opinion
  • #905
  • Apr 22, 2016 12:32am Apr 22, 2016 12:32am
Quoting darksorrow
{quote} I know that. Market Execution + Variable spread does not guarantee broker is not on the other side of the trade. I think FCA regulation can do something about that if they don't give me my profit. That's why asked questions/suggestion. Hope some people share/suggest their view who trade with them.
Like almost all brokers they are the principle so they are on the other side of all your trades. It's written in there execution policy but most people don't bother reading that and just believe what they want to. Like the poster above who thinks he's trading on an exchange!
  • #906
  • Apr 22, 2016 1:03am Apr 22, 2016 1:03am
Quoting Rtm
{quote}if you conducting latency arbitrage and they taking your trades you will make money for a short period of time. On ECN model and LP trading it will never happen though. well I have traded a lot with them and I can tell you know you wont scalp with them successfully. Lot of requotes.
Thank you for sharing your experience.

Won't do latency, arb or scalping. Requote is not an issue at least for now. And don't have enough money to trade on a real ECN.

Can you please share some information regarding these 2 issues:

1. I have seen they transfer clients to their Cyprus division who registered at fxpro.co.uk website. So what can be done here?

2. Last time I got these options from Instaforex and they banned my strategy and cancelled my profits. Their reason was "According to their T&C they can cancel my profit at their discretion". So any comment on this kind of issue on FXPro?

Thanks in advance.
  • #907
  • Apr 22, 2016 8:13am Apr 22, 2016 8:13am
Quoting mitch77
{quote} That's incorrect. FXPro is the principle to all your trades and not an agent. You are not trading on an exchange like Lmax.
You're right.
I've been trading with them for some weeks and they're not even close to lmax.
Let alone the stop hunting that goes on on Friday close by widening spreads like crazy
  • #908
  • Apr 22, 2016 8:40am Apr 22, 2016 8:40am
Quoting darksorrow
{quote} Thank you for sharing your experience. Won't do latency, arb or scalping. Requote is not an issue at least for now. And don't have enough money to trade on a real ECN. Can you please share some information regarding these 2 issues: 1. I have seen they transfer clients to their Cyprus division who registered at fxpro.co.uk website. So what can be done here? 2. Last time I got these options from Instaforex and they banned my strategy and cancelled my profits. Their reason was "According to their T&C they can cancel my profit at their discretion"....
Okay I cant really say about the transfer to Cyprus, I think it will depend on your status and jurisdiction and how it complies with their regulation. better a question to ask them directly.
Anything that happened with you on Insta can almost say wont ever happen on FXpro, you need to read the rules carefully they have in the disclaimer. Insta basically says if you make too much too quick they will close out your account, OR they can just close it down whenever they feel like for no reason. Why FXpro though? Why not someone like Tickmill or IC markets? Much better than any of them.

source: experience with real money
All posts are my personal opinion
  • #909
  • Apr 24, 2016 1:04am Apr 24, 2016 1:04am
Quoting Rtm
{quote} Okay I cant really say about the transfer to Cyprus, I think it will depend on your status and jurisdiction and how it complies with their regulation. better a question to ask them directly. Anything that happened with you on Insta can almost say wont ever happen on FXpro, you need to read the rules carefully they have in the disclaimer. Insta basically says if you make too much too quick they will close out your account, OR they can just close it down whenever they feel like for no reason. Why FXpro though? Why not someone like Tickmill...
Thank you for your feedback. Really appreciate it.

I already said why I want to try FXPro. Now I will go through their T&Cs.

Not Tickmill - I am currently testing Vipro Markets (they are sister companies), and trades don't go in my favor. Either by slippage (via virtual dealer) or widened spread.

Not IC Markets - They put people like me in dark pools.

Simply I don't want to turn my profitable trades in to big losses. BE or small loss is better. Wanted to be sure if BY LUCK I make some profit, they will at least let me withdraw my money before kicking me out.
  • #910
  • Apr 24, 2016 1:18am Apr 24, 2016 1:18am
Got an account with FXPRO now. Can't say anything bad about it though I'm trading through cTrader. Only small falt I see is that they widen the spread big time during weekend so if you got open positions this will cut your running P/L by like 30% instant though this will go back to normal once spreads are tightened. Don't have this issue with Pepperstone account.

Also when topping account up via card they don't have verified by visa code confirmation and I also kinda don't like this. but I guess it's ok.
  • #911
  • Apr 24, 2016 2:44am Apr 24, 2016 2:44am
Quoting darksorrow
{quote} Thank you for your feedback. Really appreciate it. I already said why I want to try FXPro. Now I will go through their T&Cs. Not Tickmill - I am currently testing Vipro Markets (they are sister companies), and trades don't go in my favor. Either by slippage (via virtual dealer) or widened spread. Not IC Markets - They put people like me in dark pools. Simply I don't want to turn my profitable trades in to big losses. BE or small loss is better. Wanted to be sure if BY LUCK I make some profit, they will at least let me withdraw my money...
So then I assume you are operating some kind of breakout strategy?

I don't understand what you mean, 'trades don't go in (my)your favour'?
Please elaborate more what you mean with possible proof if you have any because Tickmill and IC markets by far better in terms of slippage and spreads overall average.
All posts are my personal opinion
  • #912
  • Apr 24, 2016 5:09am Apr 24, 2016 5:09am
Quoting PipStar
{quote} Hi mate, do you know that some people trade successfully with high leverage? Actually, I need very high leverage for my trading style and I am successful. Don't fall into this trap of thinking that high leverage is a bad thing. It isn't. It is a great tool for those who know how to use it. Good traders know how to make good use of it. And let's face it a poor trader will blow his account with low or high leverage the only difference being with low leverage it will take more time to lose it all. I think it's unfortunate and it happens often:...
The most risky parts of forex trading are the most rewarding - high lot size and high leverage. Even through low liquidity, those factors make great pips. I have tried $1000 ( 100:1 and 200:1 and $500 ( 100:1 ). What I observed was really surprising to me. $500 (100:1) strongly outperformed more than $1000 (100:1), even with the same setup and target or closing them manually same day. I have decided $1000 (200:1) and $500 (100:1). They're both ok now. What we should be worried more about is having trading strategy, especially good entry point. Without trading strategy we can easily blow $1000000 (1:1), whereas with good trading strategy one can use high leverage to his/her advantage. I have seen the reason why US traders don't like US rgulation of 1:50 - if you live the US. GBPCHF & GBPJPY climbing even on weekly chart
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: 19.4%
  • #913
  • Apr 25, 2016 2:01am Apr 25, 2016 2:01am
Quoting Rtm
{quote} So then I assume you are operating some kind of breakout strategy? I don't understand what you mean, 'trades don't go in (my)your favour'? Please elaborate more what you mean with possible proof if you have any because Tickmill and IC markets by far better in terms of slippage and spreads overall average.
Straddle strategy.

This will go too off topic so please check the link http://www.forexfactory.com/showthre...18#post8890818

Tickmill & Vipro are from admada. You can see one of my live trade on the link above. Another FF member told me his experience about Tickmill:

Quote
1.TickMil ( Armada ) Slips 50 Pips Plus

About IC markets, I read about their dark pool thing on FF but won't be able to give a link. Too much content here.

Now on topic, About trading on FXPro,

They used few dirty tricks.

1. To put most people under Cyprus regulation. Here http://www.fxpro.co.uk/trading/info/deposit they made sure most will go under cyprus regulation:

Quote
Unavailable to clients of FxPro UK Limited

Since most non westerns have to use e-wallet so don't have any chance of trading under UK regulation.

Also for pending orders http://www.fxpro.co.uk/trading/products/mt4-order they will use "Market Execution".

From my point of view Instaforex still has superior execution policy. But can't withdraw profit. lol

Still thinking about trying them out & see if I can survive their virtual dealer setups.
  • #914
  • Edited 3:00pm Apr 27, 2016 11:48am | Edited 3:00pm
Quoting FxPro Global
{quote} Dear meyoik, If you are making a SEPA transfer you may incur a small fee depending on whether your bank charges for SEPA transfers. If not, this type of transfer to us would be free of charge, and you would not incur any fees when making withdrawals via SEPA. We accept SEPA transfers from any European bank that allows this. If you wish to make SEPA transfers, please make sure that you select EURO as your FxPro Vault currency when opening an account. Kind regards, FxPro Team
I said I would come back and share my experience with FxPro UK until now. I've already made some deposits, traded, made some profit, brought it back to my account.

About the actual transfer experience...Deposits of course went quicker than withdrawals, but I have to say, not by much....deposits 2 days, withdrawals 3. I've made both roundtrip bank and credit transfers, bank transfers in EUR to EUR account are free as they say, Credit card incurs a charge...so I wouldn't recommend cc transfers. You manage all your funds once they are in your FxPro account so it saves you making request to move your funds from your mt4 to your trade account and vice versa. I'm positive about this part of their process. No funny business, no weird charges that can't be explained. Transparent on all fronts.

The actual execution of the mt4 platform is OK so far, even though some minor glitches here and there but nothing I've been able pinpoint with accuracy (yet)...I would need a bit more time to give a complete assessment. I do see quite a few requotes... Will come back on this one when I have gathered more info.

The spreads.... FxPro doesn't charge commission, so you get to tackle their spread to pay off your trade costs. There are some pairs where they have a good spread offer in store....EURNZD, EURUSD, EURJPY, AUDUSD, USDCHF are pretty decent, but most others price me out and I just can't trade them. It really depends what type of trading you do, but as long as you can limit your trading to these pairs (surely I'm missing a few more), this could work for you.

Swaps...nothing out of the ordinary. No weird or unexplainable charges.

Customer Service....FxPro has different layers of customer service, which when you added it all up, it ends up with a positive result. Their email support is sometimes a bit chaotic given that your questions get answered by a pool of reps and it has happened quite a few times that they just get tangled in their own responses, or leave a crucial bit out and then you have to re-explain the thread again and again. Online support is a bit of a roulette, you sometimes you get the Aces that answer everything on the spot no matter what you throw at them, sometimes get what seems to me are "newbies" and that is a pain....that's 20 minutes of your life you are never getting back.... Having said that, fair is fair, their support teams have sorted my questions out every single time; they are great keeping you up to date with your open issues.

So, would I recommend FxPro to a friend?

In a nutshell: Yes.

Starting a relationship with a broker is the same as a real relationship. One night stands = bad, Long term relationship = good. Don't start off with a mega bang $$$$ account, start with a couple of hundred and see how it rolls for you. FxPro has proven themselves to me so far, but they would need to earn your trust as well.

Definitely worth a go.

....(if that would change, I will of course update you all )
  • #915
  • Apr 27, 2016 1:55pm Apr 27, 2016 1:55pm
Quoting meyoik
{quote} I said I would come back and share my experience with FxPro UK until now. I've already made some deposits, traded, made some profit, brought it back to my account. About the actual transfer experience...Deposits of course went quicker than withdrawals, but I have to say, not by much....deposits 2 days, withdrawals 3. I've made both roundtrip bank and credit transfers, bank transfers in EUR to EUR account are free as they say, Credit card incurs a charge...so I wouldn't recommend cc transfers. You manage all your funds once they are in your...
Your post is highly commendable. Big thanks. You said you would not recommend credit card. Why? I heard that sometimes they transfer clients account to Cyprus office. Do you know what could happen if clients insists on UK based office?
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: 19.4%
  • #916
  • Apr 27, 2016 1:58pm Apr 27, 2016 1:58pm
Quoting 9jatrader
{quote} Your post is highly commendable.Big thank. You said you would not recommend credit card. Why? heard that sometimes they transfer clients account to Cyprus office. Do you know what could happen if clients insists on UK based office?
Thanks 9jatrader, hope it helps. What I meant was that I would much prefer to make a bank transfer which is free vrs a credit card one where you have to pay a percentage on top.
  • #917
  • Apr 27, 2016 2:02pm Apr 27, 2016 2:02pm
Quoting meyoik
{quote} Thanks 9jatrader, hope it helps. What I meant was that I would much prefer to make a bank transfer which is free vrs a credit card one where you have to pay a percentage on top.
Thanks
Make all mistakes in demo and rain in pips in live account
9jatrader All Time Return: 19.4%
  • #918
  • Apr 29, 2016 11:48am Apr 29, 2016 11:48am
Hello FxPro,

As I mentioned in my last post, I would look into the execution a bit more, and so far my attention has been focused on requotes.

Given that there can be slightly different definitions when it comes to requotes, I think we can use this one as a starting point:

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I having been going through my MT4 logs and have approximately 70-100 requotes a day, which comes to about 500 - 700 a week, which comes down to 2000 - 3000 a month.

If we take the average of ~2500, that would mean that 2,500 times a month I received an inferior price than expected?

What type of model (Market Maker, STP, NDD?) does your FxPro MT4 floating spread platform use, could you please explain?

Thanks
  • #919
  • Edited 1:54am Apr 30, 2016 1:43am | Edited 1:54am
Quoting meyoik
Hello FxPro, As I mentioned in my last post, I would look into the execution a bit more, and so far my attention has been focused on requotes. Given that there can be slightly different definitions when it comes to requotes, I think we can use this one as a starting point: {image} I having been going through my MT4 logs and have approximately 70-100 requotes a day, which comes to about 500 - 700 a week, which comes down to 2000 - 3000 a month. If we take the average of ~2500, that would mean that 2,500 times a month I received an inferior price...


They are not a true ECN, the simplest way to check it is the swap.

If the swap is mostly negative on both side, they are not sending the order to the market.

They are using QUOTIX (quotix.com) as price agregator..


If you go on their side they say the use B/C booking...
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Buy at the Low, Sell at the High You make money by waiting not by trading.
  • #920
  • Apr 30, 2016 1:14pm Apr 30, 2016 1:14pm
For ECN, you have to use the cTrader platform not MT4
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