FxPro Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of FxPro in Singapore
FxPro is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
The company prioritizes the development of innovative technologies and trading tools that allow traders to carry out not only profitable, but also convenient trading.
The broker offers CFDs on Forex, stocks, such as: Nvidia stock, Apple stock, Google stock, Tesla stock, indices, futures, metals and energy. FxPro is proud to offer Base Metals & Gold Future CFDs. In addition to existing metals, the company now offers Aluminium, Zinc, Copper & Lead, and Gold Futures to trade. The company provides its customers with the prime liquidity and it is characterized by improved execution without the intervention of dealing.
This summary outlines the figures of the FxPro, which will help to make the right decision when choosing a broker:
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the company's capital - €100,000,000 (level 1);
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retail and institutional clients in more than 170 countries;
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over 85 international awards;
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4 trading platforms;
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7 international sponsorship projects;
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6 asset classes;
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execution speed — <14 ms;
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more than 7,000 orders executed in 1 second.
Advantages of FxPro for trading in Singapore
Traders Union analysts conducted a detailed analysis of FxPro for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
the ability to hone the strategy and test the trading adviser by opening an FXPro MT4 account and gaining access to interbank liquidity. There are low and moderate spreads, and no commission on this account;
negative trader balance insurance;
wide selection of trading platforms;
additional free services for VIP clients;
segregated accounts;
wide range of deposit and withdrawal options;
learning from experienced professionals;
6 asset classes;
narrow spread. Available at the broker - accounts with a fixed and floating spread ;
there is free analytics, news, calculator, and calendar features.
Analysis of the Main Features of FxPro in Singapore
Traders Union analysts analyzed the key features of FxPro for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for FxPro traders from Singapore
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of FxPro trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, MetaTrader 5, cTrader, FxPro Edge
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📊 Accounts: |
FxPro MT4 Instant (with fixed spreads), FxPro MT4 Instant (with floating spreads), FxPro MT4, FxPro MT5, FxPro cTrader
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💰 Account currency: |
USD, EUR, GBP, CHF, AUD, PLN, ZAR and JPY
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💵 Replenishment / Withdrawal: |
VISA/MasterCard, Maestro, UnionPay, Cryptocurrency transfers, Perfect Money, Skrill, Neteller
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🚀 Minimum deposit: |
100 (USD, EUR, GBP, CHF)
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⚖️ Leverage: |
Up to 1:500 subject to the jurisdiction. For example, maximum leverage for certain jurisdictions is up to 1:30 for currency pairs.
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
From 0.01 lot
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💱 Spread: |
from 0.0 pips
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🔧 Instruments: |
Over 2,100 assets are available: currencies, stocks, indices, futures, metals, energies, and cryptocurrencies.
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💹 Margin Call / Stop Out: |
25/20
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🏛 Liquidity provider: |
12+
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution
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⭐ Trading features: |
Scalping - for all types of financial instruments; Negative balance protection for customer accounts; 24-hour multilingual support, 5 days a week; Advisors; Algorithmic Trading.
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🎁 Contests and bonuses: |
No
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FxPro Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by FxPro for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Traders Union professional team has analyzed FxPro trading conditions for commissions. For comparison and reference convenience, the results have been presented in the table.
Account type | Spread (minimum value) | Withdrawal commission |
FxPro MT4 Instant | From $10 | 0 |
FxPro MT4 Fixed | From $5 | 0 |
FxPro MT5 | From $5 | 0 |
FxPro cTrader | From $3 | 0 |
FxPro Platform | From $1 | 0 |
Also, TU experts analyzed other fees of the broker and compared spreads to those of its competitors. Trading conditions give fixed fees subject to the trading volume on certain accounts. For example, $7 for each full standard lot is charged for currencies and metals. The EUR/USD pair was taken to compare spreads, which was converted from pips into monetary value.
Expert Review of FxPro
FxPro is one of the brokers that successfully combines marketing policy and technological development. The company has been in the market for more than 17 years and has been able to maximize its technical potential. Average order execution is up to 14-30 ms, while the market average is 100-150 ms. Average spreads for the EUR/USD pair range from 0.3 to 0.8 pips, and expansion at moments of fundamental volatility does not exceed 30-50%. You can check these numbers by installing a script for MT4/MT5. But there are no doubts that they are true. This is largely thanks to such liquidity providers as Barclays, Citibank, and RBS banks, which are FxPro's longtime partners.
Trading conditions are ideal for everyone, regardless of experience level. Novice traders can improve their skills on demo accounts, which can be opened for any trading platform (cTrader, MT4/MT5, or FxPro Edge). All platforms, except FxPro Edge, support custom indicators, scripts, and Expert Advisors. There are auxiliary tools in the user account such as market sentiment, which is an indicator displaying the current position volumes and their number in both directions, volatility of currency pairs, analytics and tools of Trading Central, and news feed with streaming information.
The number of payment methods is limited, but this is required by regulators. To compensate for this, FxPro guarantees instant processing of withdrawal requests and quick crediting of money. First impressions of the broker are positive, therefore it is rightfully included in the rating of the TU Top best companies. Check it out by opening a free demo account.
FAQs
Is FxPro legal in Singapore?
Yes. FxPro operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with FxPro? Does the broker offer courses for traders from Singapore?
Yes, FxPro offers good trading courses and a lot of educational information for clients from Singapore.
Can FxPro be trusted? Has the broker been operating in Singapore long?
FxPro has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with FxPro.
Is FxPro suitable for novice traders from Singapore?
Yes. FxPro offers optimal trading conditions and good education for beginners from Singapore.
How efficient is FxPro customer support in Singapore?
FxPro offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has FxPro had any incidents involving theft of funds of clients from Singapore?
No. FxPro provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if FxPro violates my rights?
Yes. If FxPro violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can FxPro clients from Singapore use the broker’s mobile app?
Yes. The mobile app of FxPro is available for the clients from Singapore.
Does FxPro provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by FxPro.
How can I withdraw funds from my account at FxPro in Singapore?
FxPro supports bank transfers and debit/credit cards of the banks operating in Singapore.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!