To access the full benefits offered by FxPro, account verification is needed. Read this article to find out everything you need to know about it.
FxPro is a leading brokerage firm that was introduced back in 2006. The broker is currently under the regulation of several authorities, namely CySEC of Cyprus, SCB of the Bahamas, FCA of the UK, and FSCA of South Africa. As a regulated broker, FxPro must comply with the existing regulations in order to provide a safe trading environment for its clients. Thus, they are required to verify the identity of their clients before allowing them to trade.
This is why when opening an account in FxPro, you'll have to complete the verification process by uploading a copy of certain documents. This can either be your international passport, national ID card, or driver's license. Aside from security concerns, having a fully verified account is also needed to access all the benefits offered by FxPro.
In other brokers, account verification can take a few hours up to several business days to complete, so this step can be quite time-consuming, especially for those who want to trade as soon as possible. Luckily, FxPro offers a fast verification process that only takes a few minutes to complete.
You just need to prepare the documents and begin the process either through your desktop or mobile phone. Read this guide for further details.
Documents Required for Verification
During the verification process, you will be asked to provide a copy of several documents that contain your personal information, such as your name, nationality, and residential address. In FxPro, there are two types of documents that you'll need to provide, namely:
- Proof of Identity: A copy of your valid international passport, national ID card, or driver's license.
- Proof of Residence: A copy of an official document that shows your full name and address, issued within the last 6 months. This can be a recent bank/credit card statement or utility bill (electricity bill, water or gas bill, council tax bill, tax letter, phone bill, television services bill, or internet bill).
Here are the basic requirements of the documents:
- The broker only accepts document files JPG/JPEG, PNG, TIFF, BMP, PDV, DOC, and GIF.
- The size of each uploaded file must not exceed 10 MB.
- The document must be in your name and should not be expired. The validity of the document should not be more than 6 months at the time of verification.
- Make sure that the photo is clear and all the information is readable.
- Verification only takes place in FxPro Direct or the mobile app, so document submission via email will not be accepted.
How to Verify Your FxPro Account via Desktop
1. Create a new live trading account or use your existing account to sign in to FxPro Direct.
2. Go to the "My Profile" section and choose "Upload Documents" to start the verification process.
3. Get ready to take a photo of the documents or prepare the existing files on your device. Make sure to choose the right section as well as the type of document that you want to provide. As you can see from the illustration below, if the document is two-sided, then you'll need to provide both sides.
5. Wait for the broker to approve your documents. Once your account is verified, the broker will send a notification to your email. Alternatively, you can also check the status of your account in the same section in FxPro Direct.
Ever since its establishment in 2006, FxPro has successfully expanded to serve retail and institutional clients in more than 170 countries. Their head office is in London, UK.
FxPro UK Limited is authorized and regulated by the FCA since 2010. Meanwhile, other subsidiaries such as FxPro Financial Services Limited is authorized and regulated by CySEC since 2007 and the FSCA since 2015. Because of that, traders do not need to worry again about their funds safety. As a strong proponent of transparency, it established the highest standards of safety for clients' funds, as the company chooses to keep the funds in major international banks, fully segregated from the company's funds.
They always try to provide transparent and ethical practices across the global trading industry. In 2018, 74.65% of market orders were executed at the requested price while 12.8% of the client's orders were executed with positive slippage. Also, only 1.4% of all instant orders received a requote with 0.72% of them receiving better price when executed.
The total number of trades in FxPro has increased from year to year. In 2018, the number of trades achieves 53.6 million. Based on trust from their clients, FxPro received awards as Most Trusted Forex Brand UK 2017 by Global Brands Magazine. Besides, they became the first broker to sponsor an F1 team in 2008. There are around 60 UK and International Awards which had been achieved by FxPro.
They are committed to create a dynamic environment that equips traders with all the necessary tools for their trading experience. Opening an account in FxPro grants access to more than 250 CFDs on 6 asset types, including forex, shares, spot indices, futures, spot metals, and spot energies. They want to provide their clients with access to top-tier liquidity and advanced trade execution with no dealing desk intervention. The average execution time is less than 11.06 millisecond with up to 7,000 orders executed per second. Those advantages enable traders to benefit from tight spreads and competitive pricing.
Furthermore, FxPro is recognized as an innovative broker. The company allows its clients to enjoy a wide range of trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge. Web-based versions and mobile applications are also available so that traders can access financial markets at any time and anywhere.
Traders can choose platforms according to their needs. Fans of MT4 is provided with instant execution and easy-to-use trading platform. In this account, leverage is up to 1:500 and spreads start from 1.6 pips without commissions.
If traders want to get experience with more modern technology, traders should choose FxPro MT5 Accounts. In this account, spreads start from 1.5 and leverage is up to 1:500 without commissions.
Another type of accounts is FxPro cTrader. It is suitable for traders who give priority to the speed of execution with the most restrictive spreads compared to other account types'. FxPro cTrader is a powerful trading platform offering the best available bid and ask prices, with orders filled in just milliseconds. The platform also provides Market Depth and trading analysis tools. In this account, spreads start only from 0.3 pips. But, traders have to pay commissions $45 per $1 million traded (upon opening and closing a position) in forex and metals.
The key difference between MetaTrader 4, MetaTrader 5, and cTrader lies in the range of the CFD products that are available. The MT4 platform gives traders a chance to open positions on all of the 6 asset classes, whereas the MT5 doesn't support shares, and cTrader doesn't support shares and futures.
Besides 3 types of platforms above, trading in FxPro also enables access to FxPro Edge. This platform offers clients a new way to trade the markets in the form of spreads betting.
Each broker has pros and cons, and FxPro is not an exception. Aside from the advantages as explained before, FxPro has a high minimum deposit. Also, there are not many types of payment and withdrawal methods available at FxPro. Some types of methods even require traders to pay fees. However, it is still important to note that clients can trade forex, shares, indices, metals, and energies, with limited risk account at no additional cost in Fxpro
Regardless of the advantages and disadvantages, FxPro can be traders' choice as one of the best brokers with sophisticated technology. The company is suitable for traders prepared to trade with funds starting from $500.
How to Verify Your FxPro Account Using Mobile Phone
For a faster application process, there is an option to verify identity using your mobile phone. This allows you to directly take a photo of your document and match it with your face using a special facial recognition system. Here's what you need to do.
1. Log in to FxPro Direct using your email address and password. Then, open the verification page.
2. Choose "Use your mobile to take a photo", then enter your mobile phone number.
3. You'll receive an SMS from FxPro containing a secure link to continue with the remaining steps. Please do not close or refresh your browser.
4. Once the link is opened, hold the document directly in front of the camera and take a photo. You can choose to provide your passport, driver's license, or identity card. When taking a photo, make sure that all four corners are visible and the photo is not blurry.
5. The next step is to take a selfie with your front camera. Make sure your face is in the middle of the oval shape and wait for the approval of the recognition system.
6. The verification will take about 10 minutes to complete. Once it's done, you'll get an email or you can manually check the status of your account in FxPro Direct.
FAQs on How to Verify Account in Fxpro
- Why is account verification important?
Verification is needed to ensure the validity of a client's identity and information. It is also a part of anti-money laundering policies imposed by financial authorities that regulate FxPro. But aside from that, verification is required to access the full features from a trading account as well as to receive certain bonuses.
- How long does account verification take in FxPro?
FxPro only takes approximately 10 minutes to process the verification documents. However, most brokers typically take about 24 hours and sometimes even longer to verify their clients' accounts.
- Is FxPro Trustworthy?
Yes, FxPro is considered a safe broker to trade with. It is regulated by not one but several global financial authorities, including FCA of the UK, CySEC of Cyprus, FSCA of South Africa, and SCB of the Bahamas. When you invest with FxPro, your money will be protected using several methods, such as negative balance protection, segregation of funds, and investor compensation fund.
FxPro is a leading forex and CFD broker since its establishment in 2006. The company is regulated by several top financial regulators including the UK's FCA to provide tradable instruments like oil, gold, currencies, and more CFDs with 70% lower spreads in the market.