Finpro Trade Review
Finpro Trade (also known as FinproFX) is a forex broker, offering the aforementioned three account types. Despite the fact little to no information is provided on the costs of trading, the latter two types require a very high investment. Sheriah-complient (swap-free) accounts are also available.
The Company. Security of Funds
Finpro Trade is a part of FINPRO HOLDINGS INC, an off-shore company, registered in Saint Vincent & the Grenadines. This is always a troubling factor, as dealing with such companies always carries a certain level of risk. Even more importantly, this broker does not claim affiliation with any financial services regulator.
Just in case you are not familiar with the financial services sector, we will briefly explain the importance of oversight. The most simple way to put it, is that when you trade with an unregulated broker, you may not see your investment again. Such a company is by no means obliged to return your deposit, regardless of your trading results.
On the other hand, most countries have financial regulatory agencies, commonly referred to as watchdogs. The UK’s Financial Conduct Authority or FCA is a highly reputable one. While it enforces a lot of rules on the brokers, which it oversees, two stand as the most important. First of all, client funds are kept in the so called segregated accounts. This means, an FCA-regulated broker has to maintain your money, following strict procedures. In essence – they can’t steal your funds. Additionally, such a broker has to participate in the Financial Services Compensation Scheme (FSCS). As a result of this legislation, if the company goes bankrupt, your account will be protected, up to £ 50,000.
Minimum Initial Deposit
The minimum starting deposit at Finpro Trade is $300. Despite not being too high, this level is still above what you can expect nowadays. In attempt to attract more clients, forex brokers have lowered the entry bar drastically in recent years. Some, like the veterans at IG, have even removed the minimum requirement altogether – you can start trading for as low as you want.
Average spreads & Commissions
Despite offering there account types Finpro Trade, does not reveal the spreads offered for them. When tinkering with their demo account, we noticed spreads starting from 1.3 pips on EUR/USD, but varying pretty wildly. We would have almost called this a competitive offer, had it not been for the speed at which the quotes were updating. The entire platform felt very slow and non-responsive. If you want to check out the latest offers by some of the industry-leading forex brokers, be sure to checkout our spread comparison page.
Finpro Trade offers a maximum leverage of 1:500. While this may sound extremely high to those of you who are used to trading other asset classes, nowadays a lot of forex brokers offer such levels.
Do not forget, trading with higher leverage ratios carries more risk to your investment. Learn the basic principles of risk management, before you start tading.
Finpro Trade offers trading with the power MetaTrader4(MT4). You are most likely already familiar with this piece of software, if you have any experience with forex trading. This is considered the “standard”, both because a lot of brokerages provide it and because it is really solid. Its main benefits include: reliability, speed and not overwhelming the hardware. Additionally thousands of custom tools have been developed for it – you can check out the MQL marketplace for technical indicators or automated trading systems (or Expert Advisors)
MT4 also has a mobile version, available for both Android and iOS devices. It is one of the best mobile solutions, as it maintains the crisp charting.
As we mentioned above, when testing the platform provided by Finpro Trade, we saw a lot of inconsistencies. The quotes were slow to update and we even managed to find a fake spike in EUR/USD on one of the bigger timeframes.
While MT4 is a solid platform, there are some issues with the one provided by Finpro Trade.
Methods of Payment
Despite lacking in some of their services, Finpro Trade iffers a lot of paymeny methods. The full list includes: PayPal, Skrill, Neteller, China UnionPay, mPay, FasaPay (for Indonesian clients), Webmoney (for Russian clients), Moneta, Boleto (for Brazilian customers), Netbanx (for Chinese customers), eProtections (for Japanese customers), Finpro MasterCard
Finpro Trade is an unregulated, off-shore broker. This should be enough for most serious traders to not consider the company at all, but on top of that their iteration of MT4 feels a bit clunky (as illustrated above). On top of that, the company’s overall presentation is seriously lacking.
Finpro Trade Review Conclusion
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