7 Reasons why FxPro is considered as one of the best Forex Brokers in Malawi
FxPro is a UK-based No Dealing Desk, or more commonly known as NDD, broker that has been in operation since 2006. FxPro offers its services in more than 170 countries.
FxPro is a trusted, well-regulated broker that has transparent fees and charges in addition to the highest standards pertaining to client funds in addition to having won over 70 awards over the years since its inception.
FxPro has a comprehensive offering that provides trade across six asset classes along with the use of four different types of trading platforms and an average execution time of less than 11.06ms with just under 7,000 orders that are executed per second.
FxPro is also involved with sponsorships pertaining to sporting events as well as sports teams, including three Formula 1 teams, 4 different football clubs, two Rally Championships and an additional 22 other events.
FxPro is not only well-regulated and reputable, but it is also extremely transparent about its business conduct. On the website, traders will be able to find complaints and corporate actions and how FxPro has set out to deal with such.
Where some companies may choose to hide such information, FxPro is open and honest about it, and it is an appreciated, admirable quality that evokes a level of trust from its clients.
Why is FxPro one of the best Forex Brokers in Malawi?
1. Regulation and Security of Funds
FxPro is well-regulated by reputable, strict, and demanding regulatory entities in five different jurisdictions, including:
- FxPro UK Limited – authorized and regulated by the FCA under the registration number 509956.
- FxPro Financial Services Limited – authorized and regulated by CySEC under the licence number 078/07.
- FxPro Financial Services Limited – authorized and regulated by the FSCA under the registration number 45052.
- FxPro Global Markets Middle East and North Africa (MENA) Limited – authorized and regulated by the DFSA under the registration number F003333.
- FxPro Global Markets Limited – authorized and regulated by the SCB under the license number SIA-F184.
2. Variety of Accounts and Competitive Trading Conditions
When choosing an account, traders have the option of choosing based on the trading platform they would like to use in addition to which trading conditions suit their trading needs more sufficiently.
Although the minimum deposit is $100, FxPro recommends that a minimum deposit of $500 be made. All account types offered by FxPro have the option of a Demo Account.
The maximum amount of leverage traders can get is the same across all account types and varies between 1:500 and 1:30 on Forex Majors depending on the trader’s country of residence and thus the jurisdiction under which the account is opened.
FxPro’s account types are remarkably similar, with differences pertaining to the spread and the commissions charged when trading Forex and Metals, in addition to the account types being tied to a specific trading platform. This can be viewed as follows:
- FxPro MT4 Account – makes use of MetaTrader 4, fixed spreads on some financial instruments and fixed spreads of 1.58 pips on market execution, 1.71 on instant execution when trading EURUSD, and spread mark-up on Forex and Metals.
- FxPro MT5 Account – makes use of MetaTrader 5, average market execution spreads on EURUSD of 1.51 pips and spread mark-up on Forex and Metals.
- FxPro cTrader Account – makes use of cTrader, average market execution spreads on EURUSD of 0.37 pips and $45 per $1 million traded commissions on Forex and Metals (charged upon opening and closing a position).
3. Financial Instruments Offered
FxPro offers traders a wide variety of options regarding financial instruments from six asset classes which includes:
- 69 Forex Major, Minor and Exotic pairs
- 20 Futures Contracts
- 7 Spot Metals
- 141 Shares
- 24 Spot Indices, and
- 3 Energies
4. Trading Platforms that are reliable and user-friendly
FxPro offers traders the option between various reliable and user-friendly platforms through which trading activities can be conducted.
It is imperative that brokers only offer the best as these trading platforms connect traders to their broker and in ensuring that traders only receive the best service, the trading platform has to be complimentary to the broker’s offering.
FxPro provides traders with use of the following trading platforms:
- MetaTrader 4
- MetaTrader 5
- cTrader, and
- FxPro Edge which is designed specifically for spread-betting
5. Some of the best trading tools offered
FxPro offers traders some of the best trading tools that can be used to not only enhance the trading experience, but aid traders in making the best trading decisions along with refining their forex trading strategies and building their trading skills.
Trading tools come standard with trading platforms such as MetaTrader 4, MetaTrader 5 and cTrader, but FxPro also makes provision of its own proprietary tools in addition, these include:
- FxPro Direct App – which connects the trader to their FxPro Client Area and wallet. The App is available to all iOS and Android mobile device users.
- FxPro Tool App – for Android and iOS device users which provides price alerts and notifications, trading calculators, a trader’s dashboard, and economic calculator.
- VPS – as an extra service at a cost of $30 per month, but free to premium clients
- Economic Calendar
- Earnings Calendar
- FxPro Market News
- Forex Technical Analysis by Trading Central
- Trader’s Dashboard, and
- An All-in-One Forex Calculator
6. Education and Research tools
FxPro offers beginner traders with a free Forex basic course which consists of nine different courses that contain training cards and quizzes after each course. There are also video tutorials, and webinars.
7. Easy Deposits and Withdrawals
FxPro not only offers a wide range of payment methods through which deposits and withdrawals can be made, but in addition no fees are charged when funding the trading account or withdrawing funds from it.
FxPro supports the following:
- Bank Wire Transfer – deposits take between three to five days to reflect in FxPro’s account while withdrawals are processed within a day and may take a few days to reflect in the trader’s bank account.
- Credit/Debit Cards – FxPro accepts VISA, Maestro and Mastercard. Deposits/withdrawals are normally processed within a few minutes. The minimum that can be deposited in a day is $100 with $50,000 as the maximum.
- Skrill and Neteller – these cannot be used by UK or UAE clients. Transactions take up to 10minutes to process. The minimum that can be deposited in a day is $100 and the maximum is $10,000.
- PayPal – Only available to Cyprus clients. The minimum that can be deposited in a day is $100 and the maximum is $10,000. There is no limit on the minimum withdrawal amount, but the maximum, however, is $10,000.
- UnionPay – Only available to Cyprus and Bahamas clients. The minimum deposit that can be made in a day is $100 and the maximum is $7,200.
When looking at FxPro’s offering and trading conditions in detail, it is easy to see why it is one of the best Forex Brokers in Malawi. Malawian traders have a vast amount of options through which they can enhance and enrich their trading experience.
The purpose of a broker is to cater sufficiently and efficiently for different traders who have different needs and objectives in trading and FxPro caters extensively for both beginner traders and experts in its competitive offering.