FxPro Australia 2020 – Can Australian Traders Register Here

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FxPro Australia

FxPro is a well-known global Forex broker based in the UK.

Servicing over 150 countries, Aussies can open accounts with FxPro Australia.

Lets learn more about the broker in this FXPro review and see which are the advantages and disadvantages of this Australian friendly broker.

What is FxPro Australia?

FxPro is possibly the best known Forex broker in the world. The company first launched in 2006, and since its popularity, has only grown. FxPro also claims to be one of the leading Forex brokers in the world. The company has executed over quarter billion orders globally so far including orders from Australia.

FxPro offers financial instruments for both casual and professional traders. The main product offered is Contract for Difference (CFD) trading. CFDs are available for a variety of assets, including foreign currency exchanges, shares, precious metals, indices, energy, and futures.

Users won’t be able to directly trade with FxPro. Rather, it acts as an arbiter between traders and third-party trading platforms. The broker offers MetaTrader4 and MetaTrader5 as options for users. FxPro has its own branded platform called cTrader.

  • FxPro is based in the UK, but its reach is global, including Australia and New Zealand.
  • The company caters to a massive international clientele via subsidiaries in several countries.
  • FxPro has several licenses, being regulated by several entities.

Can Traders Register on FxPro Australia?

FxPro came to Australia in 2020. The company is licensed locally under FxPro Australia Pty Ltd in Sydney. This subsidiary services Australian clients under local regulations.

The Sydney subsidiary also acts as the headquarters for FxPro’s Asian operations. Nearly half of FxPro Australia clients are from Asian countries.

FxPro in Australia offers clients investment options not related to property or shares. The latter is traditionally popular among locals. Australians are also increasingly becoming interested in Forex trading. FxPro aims to offer reliable services on local terms.

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FxPro Australia is open 24 hours, 7 days a week. The local subsidiary offers Aussie clients complete access to FxPro’s online, mobile, and desktop trading platforms. Aussies can also get fast and easy access to the broker’s 60 top trading currencies. The subsidiary also offers Aussies access to MT4 and cTrader software (with the Electronic Communication Network solution).

Australian Regulations and Licenses

FxPro is licensed under several state jurisdictions. In Australia, it’s authorised by the Australian Securities and Investment Commission (ASIC) under the license number of 405750. The ASIC allows FxPro to advise and cooperate with clients:

“in relation to foreign exchange contracts and derivatives.”

In addition, FX is licensed in the UK under the FCA and in UAE under the Dubai Financial Services Authority. The governments of Cyprus, the Bahamas, and South Africa have authorised the broker to operate in their nations as well.

FxPro is not CFTC regulated in the US or IIROC licensed in Canada. FxPro is not a listed publicly traded company.

Features of FXPro

The broker FxPro offers CFDs for 6 primary assets. These are:

  • Forex
  • futures
  • shares
  • spot indices
  • metals
  • spot energies.

CFD brokers allow investors to speculate on price changes for a certain financial instrument. Investors can thus profit without actually owning the profits. An alternative to FXpro is Xtrade Australia.

The broker promises high levels of liquidity and trade execution without intervention to clients. Moreover, the broker insures all client funds in major international banks. Client money is kept separate from company money to ensure trustworthiness and assurance.

FxPro offers several different types of account to clients depending on the trading platform. Users can start trading with a minimum of $1,000 on the cTrader platform. On MT4, the minimal is $500. The minimal deposit amounts are much lower: just $100.

Professional traders have a unique account option called PAMM. It allows a single trader to manage several accounts for other traders. High-rollers can choose VIP packages that charge zero deposit fees. VIP accounts also get a free VPS service and margin level alerts.

FXPro Commission Fees

FxPro’s spreads are considerably competitive. However, this depends on the platform. The spreads are better on the cTrader compared to other platforms it provides. On cTrader, a standard lot transaction incurs a $4.5 commission fee.

The broker offers a floating rate model for MT4 and MT5 trading platforms. Spreads here depend on the type of execution, though they can be roughly the same for both market and instant execution. On average, commissions for all-in spreads average around 1.53 pips. The pricing follows the standard trend compared to other brokers like Forex.com and Saxo Bank.

Trading Platform

FxPro has dynamic and innovative trading platforms. The MT4, MT5, and cTrader platforms are highly user-friendly. The platforms are designed to be simple and efficient for both professionals and beginner traders.

The automated trading systems offer a diverse array of asset classes and pricing options. The platforms are available in desktop, mobile, and web-based versions. Trading platforms allow users to choose between the type of spread and the type of execution.

It should be noted that not all platforms are available on multiple versions. MT5 is only available on desktop and mobile. MT4 has a “light” web version of the desktop version. cTrader is available in all three versions.

Overall, FxPro trading software is highly responsive and versatile. The mobile trading platforms are particularly convenient and are highly regarded. The mobile apps are available from third-party developers, however.

It should be noted that some features are not in-built to the trading platforms. For example, pricing and reporting features are not native and have to be customized by the user. New users may struggle in this regard.

Clients can try any of the trading platforms in a demo version. This doesn’t require making real trades.

FX Pro Australia Pros and Cons

FxPro doesn’t face major criticisms. However, some have pointed out that the type of platform in use affects trades. For example, how a margin call is handled differs on cTrader from MT4.

The type of account can also trigger different margin requirements. An account with high leverage options could suddenly stop on cTrader (but not MT4). Some accounts may be subjected to re-quotes without warning. But this type of problem is not unknown among other trading platforms that follow similar execution.

Pros and Cons

These are the main overall benefits of FxPro:

  • Highly trustworthy and regulated in Australia
  • Variety of CFD options
  • Client funds segregated and insured at major banks
  • Dynamic trading platforms
  • Highly regarded mobile apps
  • Demo of trading platforms available
  • Competitive spreads

The biggest downsides of FxPro:

  • Trades may occur differently depending on the platform in use
  • Account type may affect trade execution

Should Australian Traders Register on FXPro?

All in all, FxPro is a highly reliable and trustworthy CFD broker for Australians. FXPro has an Australian license and local clients can enjoy the offers uniquely tailored to them.

The broker offers an excellent trading platform with corresponding mobile apps. Leverages are competitive and options are many. It looks like FxPro does deserve the hype of being the best Forex broker in the world.

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21 Best Forex Brokers Australia for 2020

The ForexBrokers.com annual forex broker review (four years running) is the most cited in the industry. With over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. How we test.

Trading forex (currencies) in Australia is popular among residents and international traders seeking an Australian-based broker. Before any fx broker in Australia can accept forex and CFDs traders, they must become authorised by the Australian Securities & Investment Commission (ASIC), which is the financial markets regulator in Australia. ASIC’s website is asic.gov.au. We recommend users also follow ASIC on Twitter, @ASIC_Connect.

After the Australian Securities Commission (founded in 1991) was dissolved, ASIC was established in 1998 as a national regulatory authority which reports to the treasurer and administers legislation for the Insurance Act of 1984, the Corporations Act of 2001, and the National Consumer Credit Protection Act of 2009. For a historical breakdown, here’s a link to ASIC’s webpage on Wikipedia.

Best Forex Brokers Australia

To find the best forex brokers in Australia, we created a list of all ASIC authorised brokers, then ranked brokers by their Trust Score. Here is our list of the top Australian forex brokers.

  • IG – Best Overall Broker 2020
  • Plus500 – Best for beginners overall
  • Saxo Bank – Best VIP client experience
  • City Index – Excellent all around offering
  • FXCM – Well-rounded offering
  • eToro – Best copy trading platform
  • Pepperstone – Numerous copy trading platforms
  • XM Group – 4.0 Stars
  • easyMarkets – 3.5 Stars

Australian Forex Brokers Comparison

Compare Australian forex and CFDs brokers side by side using the forex broker comparison tool or the summary table below. This broker list is sorted by the firm’s ForexBrokers.com Trust Score.

Forex Broker Accepts AU Residents Regulated by ASIC Average Spread EUR/USD – Standard Minimum Initial Deposit Trust Score Overall Visit Site
IG Yes Yes 0.700 £250.00 99 5 Stars Visit Site
Plus500 Yes Yes 0.600 €100 99 4 Stars N/A
Saxo Bank Yes Yes 0.600 $10,000.00 98 5 Stars Visit Site
City Index Yes Yes 0.800 £50.00 93 4.5 Stars Visit Site
FXCM Yes Yes 1.300 £300 92 4.5 Stars N/A
eToro Yes Yes 3.00 $200 91 4 Stars N/A
Pepperstone Yes Yes 1.130 $200.00 83 4 Stars Visit Site
XM Group Yes Yes 1.600 $5-100 81 4 Stars Visit Site
easyMarkets Yes Yes 0.900 $100.00 81 3.5 Stars Visit Site
ThinkMarkets Yes Yes N/A $250.00 79 3.5 Stars Visit Site
Vantage FX Yes Yes 1.400 $100 79 3.5 Stars N/A
IC Markets Yes Yes 1.100 $200 73 4 Stars Visit Site
Swissquote Yes N/A $1000.00 99 4 Stars Visit Site
XTB Yes 0.780 $0.00 92 4.5 Stars Visit Site
HYCM Yes N/A $100 84 3.5 Stars N/A
ForexTime Yes 0.80 $100 70 3.5 Stars Visit Site
Alpari Yes 0.92 $100.00 69 3.5 Stars Visit Site
Instaforex Yes N/A $1 69 3 Stars Visit Site
UFX Yes 3.00 $100 66 3.5 Stars N/A
FX Choice Yes N/A $100 54 2.5 Stars Visit Site

How to Verify ASIC Authorisation

To identify if a forex broker is regulated by ASIC, the first step is to identify the register number from the disclosure text at the bottom of the broker’s Australia homepage. For example, here’s the key disclosure text from Pepperstone’s website,

Pepperstone Group Limited is registered in Australia at Level 5, 530 Collins Street, Melbourne, VIC 3000, and is licensed and regulated by the Australian Securities and Investments Commission. Pepperstone Group Limited | ACN 147 055 703 | AFSL No.414530.”

Next, look up the firm number on the ASIC website to validate their current regulatory status. Here is the official ASIC page for Pepperstone.

More Forex Guides

Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

“There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.” Learn more.

About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

The names, products, services, branding/logos, and other trademarks or images featured or cited within this Website (www.forexbrokers.com) are the property of their respective owners and the owners retain all legal rights therein. These trademark holders are not affiliated with ForexBrokers.com and the use or display of names, trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, or endorses ForexBrokers.com or any of its reviews, products, or services. ForexBrokers.com declares no affiliation, sponsorship, nor any partnership with any trademark holders unless otherwise stated.

IG – 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

OANDA – CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Plus500UK Ltd is authorised and regulated by the Financial Conduct Authority (FRN 509909).

Advertiser Disclosure: ForexBrokers.com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.

Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While ForexBrokers.com has some data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by ForexBrokers.com, nor shall it bias our reviews, analysis, and opinions. Please see our General Disclaimers for more information.

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All rights reserved.

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