cTrader was nice enough to give us a LIVE test drive of their new ECN platform through their first client – FxPro – so that we could provide a review for all you fine folks out there in Forex land.
Here is what FxPro lists on their web site as the key features.
- Interbank spreads
- No restrictions on limit orders
- Flexible leverage from 1:1 to 1:100
- Commission – $30 per $1million traded
- Anonymity – trade ECN forex anonymously at all times
- FxPro cTrader min. trade size: 40,000 units of base currency – no maximum
- Level II pricing (full ECN market depth)
Some interesting things to note from this list is the depth of market pricing, which is great for those traders placing larger orders. You can now get partial fills and see what prices you will be filled at.
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I also found the spreads are very competitive in relation to the other brokers providing ECN pricing, it was better than some shops but not quite as good as others. The execution was quick on the small live orders we were able to place, not a true indication of how they would handle 50 lot positions but it was the best we could do with what we were given. If you are planning on placing large trades test it out on 5 and 10 lot trades before going all out.
The best feature I found was the look of the platform itself, it was very visually appealing and user friendly. The charting is Metatraderesque, very easy to use, with one click orders from the charts, and completely customizable with technical studies and color palettes.
The only turn off for me was the lack of currency pairs, there are 20 pairs to trade but nothing really out of the ordinary you can’t get on any average Metatrader platform. If you are looking for the majors this platform can handle those orders, any exotics however you will need to look elsewhere. I would have to imagine since this is a new offering we will see more added as time goes on.
Overall the platform performed well and this should be a good addition to an expanding product line for FxPro.
Please see the video for the full review.