FxPro is a London-based Forex and CFD broker founded in 2006. The company quickly gained recognition for being a fair and cheap brokerage when it comes to trading currencies and CFDs. The company has won a plethora of awards and is regulated by the likes of the FCA, CySEC, and the South African FSCA.
After 15 years in the industry, FxPro has accumulated around 100 awards, 7 global sponsorships, and around €100.000.000 in company capital. So, whilst it’s not the biggest name in the industry, its an established player, executing over 7000 orders per second according to statistics published on its website.
Ultimately, FxPro is a highly trusted broker. Over time, it has built credibility that ensures the highest safety standards for its customers. It achieves this by keeping client funds in major international banks, thus separating them from the company’s own money. So even if FxPro did go bankrupt suddenly, there’s a system in place to protect your funds.
Let’s take a look at the main account type of FxPro, what it means for you as a trader, and how to download it.
The FxPro MT4 Account
When signing up for FxPro, you’re faced with various account options. FxPro MT4 is, in our opinion, the best choice for most traders. Here, users can trade Forex, Indices, Metals, Energies, Futures, Shares, and Cryptocurrencies. This is a CFD account, which is important to bare in mind when investing.
Within each of these trading categories are a variety of products. For example, there are 70 different currency pairs to trade all the major currency CFDs, as well as 30 cryptocurrencies (which can help sift out the scam altcoins), around 1,700 stock CFDs, and 29 indices.
Trading stocks here is perfectly fine, but FxPro was initially focused on Forex, which is why even the less commonly traded currencies like Polish Zloty and Danish Krone are available. And, when it comes to the base currency you’re depositing into the account itself, there are 8 that are supported (USD, EUR, GBP, AUD, JPY, PLN, ZAR, and RUB).
Is FxPro MT4 the right fit for my trading style?
The MT4 account also has the benefit of being more accessible than many of the others. It’s a very functional platform that works on almost any operating system, and it has a big community behind it. You can do most things here, with a bunch of different technical indicators and add-ons.
FxPro MT4 perhaps isn’t quite ready to deal with High Frequency Trading or Scalping, but these strategies understandably can rarely be used on free software; they require specialist infrastructure that can execute orders extremely quickly – and that costs money. But, for a free platform, FxPro MT4 is perfect for finding day trading patterns and executing them.
It can find long-term moving averages and intraday patterns using a variety of indicators. In fact, 30 technical indicators are available for free, as well as 23 analytical objects, 9 timeframes, and multiple execution modes and market orders.
One criticism MetaTrader 4 sometimes faces is that it looks “old school” – but this is actually crucial to its value: it’s pragmatic. Everything is practical, everything works, and it’s possible to learn the software inside and out (you’re in no danger of MT4 being updated much and altered). But, it doesn’t mean it’s limited; there’s a built-in market and code base that provides thousands of different indicators. Perhaps most surprisingly for an older software, it has Copy Trading functionality.
Downloading MetaTrader 4 FxPro
So, the first step is to follow the platform’s download instructions. You only need around 1GB of free space, 1GB of RAM, 2.0 GHz or faster CPU, and Windows 2000 or later. In other words, almost any laptop that’s less than 15 years old.
Upon downloading, choose the correct operating system for the device you’re using. You need an active internet connection during the setup; 100 Mbit/s Ethernet connection with 10 Mbit/s bandwidth or higher is required here. Once the file is installed, execute it and follow the on-screen installation instructions.
Once you’ve downloaded the platform, the next step is to set up a FxPro account. This will be the broker that actually carries out the orders for you – they handle your actual money (though a demo account is available). Both the demo and live accounts are free, but make sure to open the FxPro MT4 account, rather than the native one or cTrader one.
It’s seriously worth considering experimenting with the demo account, even if you have traded before. It can help you onboard and learn the new interface, as well as test out any new trading strategies. It won’t replicate live trading conditions perfectly – namely the psychological difficulties that you’re faced when trading real assets – but it can be ideal to start off with no risk.
All in all, the FxPro MT4 is perfect for both beginner traders and those with a little more experience. Its limitations are offset by its credibility, reliability, and capacity for customization. It’s both simple yet powerful, making it ideal for the average CFD trader.