According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
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Our Evaluation of Propex24
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Propex24 is a moderate-risk broker with the TU Overall Score of 6.48 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Propex24 clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Propex24 provides access to investment products, trading platforms, and tools offered by Saxo Bank. However, it's important to note that clients cannot utilize the widely-used MetaTrader trading platforms or engage in copy trading, a popular Forex social trading method.
Brief Look at Propex24
Propex24 offers consulting and dealing services, and also serves as an introducing broker for Saxo Capital Markets Ltd., an Australian subsidiary of Saxo Bank. This partnership grants Propex24 clients access to a wide array of trading options, including CFDs, options, futures, and forward contracts. Additionally, clients can trade stocks on over 30 global exchanges and engage in spot trading with currencies and metals. Propex24 operates under an ASIC (Australian Securities and Investments Commission) license, number AFSL 246488.
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- Reliable regulation and long-standing presence in financial markets since 2005.
- Over 40,000 assets.
- Advanced training on the website and free access to comprehensive educational courses.
- 10 base account currencies.
- Floating spreads starting from 0.3 pips.
- There are no fees for deposits and withdrawals.
- Demo accounts and mobile versions of the trading platform are available.
- The minimum deposit is AUD 3,000 or an equivalent in another currency, and cent accounts are not available.
- Maximum leverage is 1:30.
- Limited payment methods, as only bank transfer and card payments are available.
TU Expert Advice
Financial expert and analyst at Traders Union
Propex24 is an introducing broker for Saxo Capital Markets, the Australian division of the prominent investment, brokerage, and banking holding company, Saxo Bank. Both Propex24 and Saxo Capital Markets operate under the regulatory oversight of the ASIC, ensuring their reliability and stability. However, ASIC regulation does impose certain limitations, such as a maximum leverage of 1:30 for Propex24 clients and a minimum deposit requirement of AUD 3,000.
As of 2023, Propex24 does not offer cryptocurrency trading, focusing primarily on currencies, commodities, stocks, and bonds. The broker provides versatile platforms for trading derivatives, including CFDs, options, and futures, as well as real stocks and ETFs on stock exchanges.
Depositing and withdrawing funds at Propex24 are limited to bank transfers and linked cards. Digital assets and electronic payment systems are not currently supported. Account opening may take some time, as applicants need to answer trading-related questions and upload documents immediately. It's worth noting that if an applicant's knowledge of Forex and CFDs is deemed insufficient, the company may decline their account application.
Propex24 Trading Conditions
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
💻 Trading platform: | TraderGo и TraderPro |
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📊 Accounts: | Demo, Live |
💰 Account currency: | USD, EUR, GBP, AUD, CAD, CHF, JPY, HKD, NZD, SGD |
💵 Deposit / Withdrawal: | Credit/debit cards, bank transfer |
🚀 Minimum deposit: | AUD 3,000 or equivalent in other currency |
⚖️ Leverage: | Up to 1:30 |
💼 PAMM-accounts: | No |
📈️ Min Order: | 0.01 |
💱 EUR/USD spread: | 0,6-1,1 pips |
🔧 Instruments: | Forex, FX options, CFDs, stocks, ETFs, futures, bonds, listed options |
💹 Margin Call / Stop Out: | No |
🏛 Liquidity provider: | Saxo Bank, JP Morgan, Barclays, Commerzbank, Credit Agricole, HSBC Bank and 40+ other providers |
📱 Mobile trading: | Yes |
➕ Affiliate program: | Yes |
📋 Order execution: | Market Execution |
⭐ Trading features: | Trades are executed by Saxo Bank, cryptocurrency trading is not available |
🎁 Contests and bonuses: | No |
Retail traders can start trading with a deposit of AUD 3,000, while the minimum deposit for corporate clients is AUD 10,000. Other account currencies can also be selected. Spreads for all assets are floating, and order execution is market-based. Margin rates for major currency pairs in retail trading start at 3.33%, while for traders with Professional status, they start at 1.5%. Leverage does not exceed 1:30, as per with ASIC (Australian Securities and Investments Commission ) regulations.
Propex24 Key Parameters Evaluation
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Trading Account Opening
To start trading with Propex24, open a live account. Here is a brief overview of the account creation process:
On any page of the Propex24 website, click "Start Trading," and then select “Live Trading.”
A form will open to initiate the account opening process with Saxo Capital Markets, the entity that will handle your trading orders. Select the desired account type and provide all required information, including personal details, income amount and source, and level of trading experience. You'll also be asked to answer questions regarding your experience trading the selected asset classes and upload the necessary documents.
Propex24’s user account features:
Additional features of Propex24’s user account allow traders to:
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Access complete information about trading accounts.
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Deposit funds and submit withdrawal requests.
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Set commands for automatic logout.
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Choose language, region, and trading server time.
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Configure price alerts.
Regulation and safety
Propex24 has a safety score of 8/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- No negative balance protection
- Track record of less than 8 years
Propex24 Regulators and Investor Protection
Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
---|---|---|---|---|
|
Australian Securities and Investments Commission | Australia | No specific fund but has stringent consumer protection | Tier-1 |
Propex24 Security Factors
Foundation date | - |
Negative balance protection | No |
Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker Propex24 have been analyzed and rated as Medium with a fees score of 6/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Above-average Forex trading fees
- No ECN/Raw Spread account
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of Propex24 with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, Propex24’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
Propex24 Standard spreads
Propex24 | Pepperstone | OANDA | |
EUR/USD min, pips | 0,6 | 0,5 | 0,1 |
EUR/USD max, pips | 1,1 | 1,5 | 0,5 |
GPB/USD min, pips | 1,2 | 0,4 | 0,1 |
GPB/USD max, pips | 1,9 | 1,4 | 0,5 |
Does Propex24 support RAW/ECN accounts?
As we discovered, Propex24 does not offer RAW/ECN accounts, which might be a drawback for transparency and liquidity. However, this doesn't make the broker uncompetitive. Consider factors like spread levels, execution speed, regulation, support quality, and trading tools when choosing a reliable broker.
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with Propex24. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
Propex24 Non-Trading Fees
Propex24 | Pepperstone | OANDA | |
Deposit fee, % | 0 | 0 | 0 |
Withdrawal fee, % | 0 | 0 | 0 |
Withdrawal fee, USD | 0 | 0 | 0-15 |
Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
A live account with Propex24 is necessary to initiate trading on its platforms. Prospective clients have the option to open either a Live account for real market trading or a Demo account for simulated trading.
Account types:
Islamic accounts are currently unavailable. The demo account is available for up to 20 days.
Propex24 offers advanced platforms for trading basic and derivative financial instruments with 9 chart types, asset screeners, price alert support, and Autochartist data.
Deposit and withdrawal
Propex24 received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
Propex24 provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Supports 5+ base account currencies
- No deposit fee
- Bank card deposits and withdrawals
- Low minimum withdrawal requirement
- Minimum deposit above industry average
- Limited deposit and withdrawal flexibility, leading to higher costs
- BTC payments not accepted
What are Propex24 deposit and withdrawal options?
Propex24 provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire.
Propex24 Deposit and Withdrawal Methods vs Competitors
Propex24 | Plus500 | Pepperstone | |
Bank Wire | Yes | Yes | Yes |
Bank card | Yes | Yes | Yes |
PayPal | No | Yes | Yes |
Wise | No | No | No |
BTC | No | No | No |
What are Propex24 base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. Propex24 supports the following base account currencies:
What are Propex24's minimum deposit and withdrawal amounts?
The minimum deposit on Propex24 is $2000, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Propex24’s support team.
Markets and tradable assets
Propex24 offers a wider selection of trading assets than the market average, with over 33541 tradable assets available, including 185 currency pairs.
- ETFs investing
- 185 supported currency pairs
- 33541 assets for trading
- Indices not available
- Crypto trading not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by Propex24 with its competitors, making it easier for you to find the perfect fit.
Propex24 | Plus500 | Pepperstone | |
Currency pairs | 185 | 60 | 90 |
Total tradable assets | 33541 | 2800 | 1200 |
Stocks | Yes | Yes | Yes |
Commodity futures | Yes | Yes | Yes |
Crypto | No | Yes | Yes |
Stock indices | No | Yes | Yes |
Options | Yes | Yes | No |
Investment options
We also explored the trading assets and products Propex24 offers for beginner traders and investors who prefer not to engage in active trading.
Propex24 | Plus500 | Pepperstone | |
Bonds | Yes | No | No |
ETFs | Yes | Yes | Yes |
Copy trading | No | No | Yes |
PAMM investing | No | No | Yes |
Managed accounts | No | No | No |
Customer support
Client support operates 24/5. The default language of communication is English.
Advantages
- It is possible to communicate with the company's representative online and by phone
- Support for traders is available at any time of day on weekdays
Disadvantages
- The chat response speed is slow
- Questions about trade execution speed and quality need to be directed to Saxo Bank's support team.
There are several ways to contact Propex24:
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Send a question in the website chat.
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Use the Facebook Messenger (switch through the online chat).
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Send an email.
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Call the phone numbers listed on the company website.
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Fill out the contact form available in the contacts section.
The chat remains active for 24 hours even if the trader is inactive, allowing the discussion of the question or issue to be resumed later if desired.
Contacts
Registration address | Propex 24 Pty Ltd, Level 24, 66 Goulburn St, Sydney, Australia 2000 |
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Regulation | ASIC |
Official site | https://propex24.com/ |
Contacts |
(02) 8231 3650
|
Education
Propex24 is part of Propex, a company that has been providing professional trading education since 2007. As a proprietary trading firm, Propex funds live accounts for the top-performing students after a 9-week training program, allowing them to become internal traders at Propex. The Propex24 website also features a comprehensive Education section with educational content.
Soon, the company will add the option to participate in webinars. Currently, a demo account can be used to gain practical trading experience.
Comparison of Propex24 with other Brokers
Propex24 | Eightcap | XM Group | RoboForex | Markets4you | Octa | |
Trading platform |
TraderPro | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MobileTrading, MT5 | MetaTrader4, MetaTrader5, OctaTrader |
Min deposit | $3000 | $100 | $5 | $10 | No | $25 |
Leverage |
From 1:1 to 1:30 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:10 to 1:4000 |
From 1:40 to 1:1000 |
Trust management | No | No | No | No | No | No |
Accrual of % on the balance | No | No | No | 10.00% | No | No |
Spread | From 0.3 points | From 0 points | From 0.8 points | From 0 points | From 0.1 points | From 0.6 points |
Level of margin call / stop out |
No | 80% / 50% | 100% / 50% | 60% / 40% | 100% / 20% | 25% / 15% |
Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
No deposit bonus | No | No | No | No | No | No |
Cent accounts | No | No | No | Yes | Yes | No |
Detailed Review of Propex24
Propex24 strives to offer competitive pricing to clients while adhering to all ASIC regulatory requirements. They stand out with a wide selection of currency pairs and stocks. To benefit traders, Propex24 obtains liquidity from major banks and ECN networks, ensuring deeper markets and potentially tighter spreads. They also use technologies to prevent negative balances and minimize premature stop-outs, which can help protect your account during periods of high volatility.
Propex24 by the numbers:
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Over 15 years in the financial markets.
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More than 50 tier-one liquidity providers.
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40,000+ trading instruments.
Propex24 is a broker for spot trading and forward contracts
Propex24 offers a wide range of assets, including over 19,000 stocks in CFD format from 36 exchanges worldwide. The broker also offers 19 commodity CFDs, including on energies, agricultural products, and metals, with leverage up to 1:5. Spot trading is available for silver, platinum, and palladium, while gold is traded against 12 currencies.
In the Forex market, Propex24 offers not only spot trading with 185 pairs but also the ability to trade forward contracts, allowing traders to predefine the exact date and price for 130 currency pairs. The contract maturity periods range from 1 day to 12 months. Professional clients can also trade NDFs (non-deliverable forwards) with a minimum trade size of $100,000 and support for 10 currency pairs.
Propex24’s analytical services:
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Market Hours. Displays the opening/closing times of the American, Asian, and European markets, as well as the maximum spread, volatility, and trading volume for the selected instrument.
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Economic Calendar. A list of upcoming events that could impact market conditions, with data streamed from TradingView.
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TraderGo Mobile Apps. Trading platforms adapted for smartphones and tablets with Android and iOS.
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Demo Account. Account for trading with virtual funds in a simulator that fully replicates the real market's opening/closing positions.
Advantages:
Liquidity from numerous reputable providers.
Partnership with Saxo Bank, a reliable and regulated holding operating for over 30 years.
24/5 client service and technical support.
Streaming of fresh market analytics, trading signals, news, and economic calendars on the trading platform.
High order execution speed without requotes.
Propex24 offers five-digit currency quotes, lower commission rates for active traders, and additional trading advantages for professional market participants.
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