Opening a live account with FxPro

Settle the three decisions first

Before the form, settle account type, base currency and leverage. Account type sets the trading conditions for XAU/USD: MT4, MT5 or cTrader, each with different cost structures. Base currency should match how you fund the account — AUD avoids conversion on every deposit if you use an Australian bank account. Leverage is capped at 1:200 for Australian residents, and the choice you make during the application sets the maximum you can use later; changing it means a new request.

The questionnaire sets the leverage you are offered, so answer it honestly rather than optimistically. If you choose AUD as base currency, bank transfer deposits arrive in the same currency and the platform reports balances in A$, which simplifies profit and loss maths on gold trades. Use our position size calculator before you open the account to see what 1:200 leverage means for a 0.10-lot gold position — at the reference price of 4275.0, the notional value is about $427.50, so margin is roughly $2.14 per 0.01 lot, or about $21.40 for 0.10 lot.

What the form asks, in order

The online application starts with your name, email and country of residence, then asks for a password and phone number. The next screen asks for date of birth, nationality and tax residency — not a trick, just the standard global check. After that you choose the platform and account type, and finally the base currency and leverage. You can return to earlier steps, but the choices lock once you submit.

FxPro does not hold an ASIC licence, so Australian residents deal with FxPro UK Limited, authorised by the FCA. The form will state the regulatory entity clearly; read that before you tick. There is no minimum deposit shown here, so fund only what you intend to risk on gold after the account is approved.

After submit: verification and first login

Submitting the form creates a client area login, not a funded trading account. You will be asked to verify your identity before any deposit — the next page in this series covers which documents pass first time. Once verified, you can open a live MT4, MT5 or cTrader account from the client area and set the leverage to your approved level.

Do not rush the risk warnings. FxPro asks you to confirm that you understand CFDs are leveraged and can lose more than your deposit. This is not a tick-and-forget; it matches the ASIC-style warnings you are used to, even though FxPro is offshore from an Australian regulatory perspective. Take the time to read them, because your acceptance is recorded against your account.

The country field sets your regulatory relationship and funding rails

The country field decides which FxPro entity will onboard you and which regulator oversees your account. If you select Australia, you will be dealing with the offshore FxPro group, not an ASIC-licensed local company, because FxPro does not hold an Australian financial services licence. Your account will typically be opened under the FCA-regulated UK entity or the CySEC-regulated Cyprus entity, depending on FxPro's current onboarding rules for Australian residents. This means your protections come from UK or EU frameworks, not Australian law, and you should check how that affects dispute resolution and compensation schemes before you deposit.

The country field also determines your available funding methods and the currency of your trading account. For Australian residents, bank transfer and card options are normally offered, so you can fund in A$ without a currency conversion at the deposit stage. Your base account currency can usually be set to A$, which means your margin, profit and loss, and fees display in Australian dollars even though gold is priced in USD. This avoids a forced conversion on every trade, but you still carry USD exposure on the XAU/USD position itself.

The country field further controls whether certain products or leverage levels are available to you. For example, Australian clients under an offshore entity may access leverage up to 1:200 on gold, but that is a cap, not a setting to aim at. Your actual margin depends on the leverage you select and the position size; at 1:200, a 0.10-lot gold position needs about $21.40 margin at the reference price of 4275.0. Your country selection at sign-up therefore has a direct impact on the margin you need for any given gold trade and on whether you can use bonuses or promotions, which vary by entity.

Account types differ mainly in execution model, not in the form you fill

The account type you choose at the moment of opening sets your execution model and the trading platforms you can use, not a different application form. FxPro offers Standard, Raw+, and Elite accounts through its various entities, but the open-account flow is the same for all of them: you register, verify, and then select or switch your account type from the client portal. The difference appears after approval, when you create a trading account. A Standard account has no commission and a spread built into the gold price, while a Raw+ account charges a commission per lot and shows a raw spread.

For a gold trader, the account type choice affects your cost structure on XAU/USD. The Standard account quotes a spread that includes the broker's fee, so the cost is embedded in the buy-sell difference. The Raw+ account shows a much smaller spread but adds a commission, quoted per 1.0 lot round turn. The total cost depends on the spread you receive at execution and the commission, both of which vary with market conditions and the entity. You are not locked into one account type at sign-up; you can open several trading accounts under one profile and test which cost model suits your gold trading.

The account type also influences the minimum deposit and the platforms available. FxPro advertises a low entry barrier, but the exact minimum deposit is not a fixed number across account types or entities, so you should check the current figure in the client portal for your chosen account. MT4, MT5, cTrader, and the FxPro app are supported, but not every account type offers all platforms. For example, cTrader accounts are usually separate from MT4/MT5 accounts. When you open an account, you pick the platform alongside the account type, and that pair determines the execution and the tools you see.

Some details are locked at account creation and require a new account to change

Your base account currency cannot be changed after the trading account is created. If you open a gold trading account denominated in A$, every margin calculation and profit/loss figure will be shown in A$, but you cannot later switch that same account to USD or another currency. To trade gold with a USD base currency, you must open a separate trading account under your existing profile. This matters because XAU/USD is priced in USD, so a USD account avoids the daily conversion of floating P/L, while an A$ account gives you immediate local-currency reporting.

The trading platform is also fixed once a specific trading account is opened. An MT4 account cannot be converted to MT5 or cTrader; you would need to open a new account on the desired platform. Your login credentials, server, and order history are tied to that platform account. However, your client profile, verification status, and funding methods are shared across all platform accounts, so you do not repeat the identity check. For gold traders who want to run Expert Advisors on MT4 and also use cTrader's depth of market, two accounts are the standard solution.

Leverage is set at the account level and cannot be raised or lowered on the same trading account without opening a new one. If you initially choose the maximum available leverage of 1:200 for gold and later want to reduce risk, you must create a new trading account with that lower leverage. The margin requirement for a 0.10-lot gold position depends on the leverage you select, the contract size, and the current price of XAU/USD. At the maximum leverage of 1:200, a 0.10-lot gold position needs about $85.50 margin, based on the reference price of $4,275 per ounce and the formula: contract size × price ÷ leverage. Changing leverage therefore has a direct, non-linear effect on your capital efficiency.

Timing depends on verification, not on the form itself

The online application form takes about five to ten minutes to complete if you have your personal details, tax file number, and proof of address ready. The form collects your name, date of birth, country, contact details, and a few financial questions about your trading experience and source of funds. None of these questions are timed, but the system may time out after a period of inactivity, so you should gather your documents before starting. You are not required to fund the account at this stage; you can submit the form and fund later.

Identity verification is usually the longest step and can take anywhere from a few minutes to one business day. FxPro uses automated checks against your uploaded passport or driver's licence and a recent utility bill or bank statement. Many Australian clients are verified within an hour during business days, but if your documents are unclear or your name does not match exactly, a manual review may add up to 24 hours. Bank transfers and card payments are processed after verification, with domestic transfers often clearing the same day and international transfers taking one to three business days.

After your documents are approved, the first login to the platform is immediate. You receive an email with your client portal credentials, and from there you create a trading account on MT4, MT5, or cTrader, which generates the platform login within seconds. You can then fund via bank transfer or card and start trading gold as soon as the funds clear. There is no separate cooling-off period or waiting queue, but a first deposit may trigger an additional check on the payment method, especially if the bank account name differs from your FxPro profile name.

What the country field actually decides

The country field decides which regulatory entity will approve your account and which funding rails you will use, not just your time zone. For an Australian resident who selects Australia, the application is routed to an offshore entity of FxPro that is not licensed by ASIC, because FxPro does not hold an Australian financial services licence. That entity is authorised by the FCA in the UK and by CySEC in Cyprus, and it is the one that will perform your identity verification and set your account terms.

The country field also fixes your base currency options and the deposit methods that appear at the funding step. If you select Australia, you will typically see A$ as a base currency choice and generic methods such as bank transfer or card as available funding rails. These methods are offered through the offshore entity’s payment providers, not through an Australian bank or a local payment institution, so the processing time and any intermediary fees depend on that offshore arrangement rather than on a domestic Australian service.

Your selection of Australia is stored as the country of residence for the life of the account, and it is not a cosmetic label. It determines which regulator’s complaint process applies, which investor compensation scheme may be relevant, and which tax reporting forms the broker will issue. Before you submit the form, check the regulator caveat: FxPro is licensed by the FCA and CySEC but does not hold an ASIC licence, so Australian residents deal with an offshore entity and should confirm they are comfortable with that before funding.

The difference between account types at the moment of opening

At the moment of opening, the main difference between FxPro account types is the execution model you are choosing, not the amount of paperwork or the number of questions on the form. The broker’s standard account types on MT4, MT5 and cTrader are differentiated by whether orders are executed as market execution or instant execution, and by whether the spread is floating or includes a mark-up. The application form asks you to pick one account type, and your choice will determine the order execution rules that apply to every gold trade you place afterwards.

The account type you select also sets the default trading platform and the instruments available for that account. For example, an MT4 account gives you access to MetaTrader 4 and to the full range of CFD instruments including XAU/USD, while a cTrader account gives you access to the cTrader platform with its own order depth display. The margin requirement for gold is the same across account types at the same leverage, but the way the spread is quoted and the way stop orders are executed can differ, so the choice is not cosmetic.

There is no separate ‘gold account’ or ‘premium account’ that you unlock at opening; the only extra option on the form is whether to open a standard account or a professional account if you meet the criteria. A professional account removes some retail protections and may give you higher leverage, but it requires you to provide evidence of trading experience and financial thresholds. If you are unsure which account type to pick, the default standard account with market execution is the one most Australian retail clients choose, and you can open a second account later if you want to test a different execution model.

checked 2026-09-29 · FxScouts, SafeForex, FxPro