Opening an FxPro account for gold trading

Decide three things before the form

Settle the account type, base currency and leverage before you open the form, because all three shape what you can do later. FxPro offers MT4 Standard, Raw+, MT5 and cTrader accounts, and the type you pick fixes the platform you download and the cost structure you trade under.

Choose the base currency from AUD, USD, EUR or GBP. An AUD base keeps your Australian bank transfers and card statements in the same currency as your account, which removes a conversion step you would otherwise pay for on the way in and again on the way out.

Leverage is capped at up to 1:200 for Australian residents, and that is a ceiling rather than a target. The setting you choose on the form is the one the platform applies to your gold positions until you change it.

What the form asks, in order

The form moves through identity, contact details, financial circumstances and trading experience, then asks you to accept the client agreement. Answer the financial and experience questions accurately: they are not a formality, and the answers determine the leverage and products the entity can offer you.

The entity that serves Australia is FxPro UK Limited, licensed by the FCA in the UK. It does not hold an ASIC licence, so Australian residents deal with an offshore entity, and the regulator caveat appears in the documents you accept. Read it before you tick the box rather than after.

Expect to set a password and confirm your email before the account exists. The account number you receive is the one you quote for every later step, so note it somewhere other than the welcome email.

What each choice costs you later

The account type decides whether you pay a spread alone or a spread plus commission, so pick it against the way you actually trade gold rather than the headline. Raw+ accounts price from 0.0 pips plus commission, while Standard accounts fold the cost into the spread.

Base currency decides how many conversions your money passes through. Funding in AUD to a USD account means a conversion at the broker's rate, and every conversion is a cost you can avoid by matching the base currency to your funding currency.

Before you size a first gold order, run the reference price of about 4275.0 through our position size calculator and margin calculator. At 1:200, a 0.10-lot gold position needs about $85.50 margin, and seeing that figure before you fund tells you whether your deposit is proportionate.

The country field decides which legal entity holds your account

The country field decides which FxPro entity your account is opened with, and for Australian residents that means FxPro UK Limited. That entity is licensed by the FCA in the UK and CySEC in Cyprus, not by ASIC, so you are dealing with an offshore provider. The country you select determines the client agreement, the dispute-resolution route and the compensation scheme that may apply if the broker fails, so it is not an administrative detail.

The country field also decides which funding methods are shown at the cashier. Australian residents can fund by PayID or bank transfer, and those options appear because of the country selection. If you select a country you do not genuinely reside in, you create a mismatch between your identity documents and your account record, and that mismatch surfaces later at withdrawal. The field is therefore a compliance control, not a preference.

The country field finally decides which regulator's rules govern leverage and client-money handling on your account. The maximum leverage available to Australian residents is up to 1:200, and that figure follows from the entity and jurisdiction rather than from a setting you choose. Because FxPro does not hold an ASIC licence, Australian residents deal with an offshore entity, so check this before funding. Getting the country right at the form is what keeps the rest of the account consistent.

At the moment of opening, the account type choice fixes the platform and the base currency

At the moment of opening, the account type choice fixes which trading platform your login works on and which base currency your balance is held in. FxPro offers MT4, MT5, cTrader and the FxPro app, and the account you create is tied to one of those platforms. The base currency determines what you deposit, what your margin is calculated in and what you withdraw, so it is worth deciding before you submit rather than after.

The account type also determines whether the pricing on your account is built into the spread or charged separately as a commission. That structure is set when the account is created, and it is the reason two accounts on the same platform can show different costs for the same gold trade. The exact figures depend on the account type and the market at the time, so confirm them on the broker's own schedule before you fund.

The account type finally determines the minimum deposit and the leverage cap that apply to that specific account. Those figures are not stated here because they vary by account type and entity, and they are shown on the broker's account comparison before you submit the form. What does not vary is that leverage is a cap rather than a setting to aim at: at 1:200, a 0.10-lot gold position needs about $85.50 margin, and that is the number to size against.

Your base currency, account type and verified identity are locked in once the account is live

Your base currency cannot be changed after the account is live without opening a new account. The base currency is the denomination of your balance, your margin and your profit and loss, so changing it would mean re-denominating every open position and every deposit record. The practical route is to open a second account in the currency you want and transfer funds between your own accounts, which the broker permits within the same client profile.

Your account type cannot be changed after opening without a new account either. The type fixes the platform, the pricing structure and the minimum deposit, and those are set at creation. If you later want a different platform or a different cost structure, you apply for an additional account of that type rather than converting the existing one. Your trading history and verified status stay with your client profile, so the second application is shorter than the first.

Your verified identity is locked to the client profile, not to the individual account. Once your identity and address documents are approved, additional accounts under the same profile do not require the same checks again, but the name on the account cannot be changed to another person. Accounts are personal, so a joint account or a company account is a separate application with its own documentation. Plan the base currency and type first, because those are the two choices a new account is needed to undo.

Each step of the application has its own clock, and verification is the slow one

The form itself usually takes only a few minutes to complete because it asks for a fixed set of details in order. The time that matters is the wait after submission, and that wait is dominated by identity and address verification rather than by the form. The broker reviews documents during its own operating hours, so an application submitted late on a Friday in Australia can sit until the next business day in the entity's time zone.

Document verification typically takes from a few hours to a couple of business days, depending on whether the uploaded images are legible and whether the name and address match across documents. A clear passport or driver licence plus a recent bank statement or utility bill showing your name and Australian address is the usual requirement. If a document is rejected, the clock restarts on resubmission, so the single biggest time saver is uploading good images the first time.

Funding and first trade add their own time on top of verification. PayID and bank transfer are the methods available to Australian residents, and PayID usually lands faster than a bank transfer, which can take up to a business day or more depending on the sending bank. Once funds are credited, the first trade is immediate. The overall sequence from form to first trade is therefore form, then verification, then funding, then trade, and verification is the step to plan around.

What to have ready before you start the form so verification does not stall

Have your identity document, your address document and your tax residency details ready before you open the form. The identity document is usually a passport or Australian driver licence, and the address document is usually a bank statement or utility bill showing your name and Australian address. The tax residency details are needed for the client tax classification, and they must match the country you select. Missing any one of these turns a same-day approval into a multi-day one.

Have your funding source decided before you submit, because the cashier shows only the methods available for your country. For Australian residents those are PayID and bank transfer, so know which account you will pay from and make sure the account name matches your trading account name. Third-party payments are typically rejected and sent back, which adds a step. Deciding this in advance keeps the funding step to a single attempt.

Have your expectations about leverage set before you trade, because the maximum available to Australian residents is up to 1:200 and it is a cap rather than a target. Size your gold position from the margin it requires: at 1:200, a 0.10-lot gold position needs about $85.50 margin, and larger positions scale from there. Gold at 1 standard lot is 100 oz and one pip is 0.01, so a small move in price is a large move in dollars. Plan the position size before the first trade, not after.

The offshore entity question is settled at the form, not after funding

The offshore entity question is settled by the country field at the form, and for Australian residents the answer is FxPro UK Limited. That entity is licensed by the FCA and CySEC but does not hold an ASIC licence, so Australian residents deal with an offshore entity. This is the caveat to check before funding, because it determines which regulator stands behind your client money and which dispute route is open to you if something goes wrong.

The practical consequence is that the protections you may be used to from an ASIC-licensed provider do not automatically apply. Client-money handling, leverage limits and complaint handling follow the rules of the entity's jurisdiction rather than the Australian regime. That does not make the account unusable, but it does mean you should read the client agreement for the entity named on your application and understand which compensation scheme, if any, covers your balance.

The form is where you confirm you have understood this, because the client agreement you accept is the one for the entity your country selects. If the offshore status is not acceptable to you, the time to stop is before you fund, not after a dispute arises. Australian residents can fund by PayID or bank transfer once the account is open, but the entity and its regulator are fixed from the moment the application is submitted, so read the agreement first.

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