FxPro UK vs FxPro Cyprus | Forex Factory

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FxPro UK vs FxPro Cyprus

  • #1
  • First Post: Oct 31, 2014 5:27am Oct 31, 2014 5:27am
I am researching opening a new account with FxPro. However, since i am not located in the UK, they said that my account will be opened at FxPro Cyprus instead of the UK. This has made me specious to why would they do that, especially that the UK office is under FCA regulation while the Cyprus one is under a local regulator.
One of the differences i am aware of is that your account is covered up to 50k GBP if opened in the UK office but only 20k in Cyprus.

So my question is, why would FxPro open a costumer account in Cyprus instead of the UK? Am i less protected if my account is opened at the Cyprus office?

PS: this question applies to almost all brokers.
  • #2
  • Oct 31, 2014 5:33am Oct 31, 2014 5:33am
Stay away from brokers located in exotic countries/islands ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Oct 31, 2014 5:36am Oct 31, 2014 5:36am
Quoting FerruFx
Stay away from brokers located in exotic countries/islands ...
Are you familiar with any thread that discusses such cases?
Thanks for your reply
  • #4
  • Oct 31, 2014 8:05am Oct 31, 2014 8:05am
Quoting benmoro
{quote} Are you familiar with any thread that discusses such cases? Thanks for your reply
You should find many cases here on FF discussing about 'exotic' brokers ... Stay away from them is just common sense if you are serious about - your - money.
MT4/MT5 EAs/Indicators/Alerts coder
  • #5
  • Oct 31, 2014 11:47am Oct 31, 2014 11:47am
Quoting FerruFx
Stay away from brokers located in exotic countries/islands ...
Oh my god, i trade with Oanda and Oanda singapore manage my account. Oanda have many regulations: NFA,FCA,... You mean that the only regulation applying to my account is Singapore Regulators? And Nfa,Fca ... Don't care what's happens to me? Is Singapore regulators good? Holly crap
  • #6
  • Oct 31, 2014 6:53pm Oct 31, 2014 6:53pm
Quoting Abcxyz77
{quote} Oh my god, i trade with Oanda and Oanda singapore manage my account. Oanda have many regulations: NFA,FCA,... You mean that the only regulation applying to my account is Singapore Regulators? And Nfa,Fca ... Don't care what's happens to me? Is Singapore regulators good? Holly crap
Singapore is a great and well known financial place.

By "exotic", I was more talking about places like BVI, Caiman, Cyprus, and many others where regulations are suspicious in my opinion.
MT4/MT5 EAs/Indicators/Alerts coder
  • #7
  • Nov 3, 2014 3:09pm Nov 3, 2014 3:09pm
Completely agree - these crapy regulation like BVI or Cyprus, of course it is less convinient to open account in FCA (or sort of) regulated place but it is also less convinient to wash your hands before food or use condoms with unfamiliar girls))So I choose to be clean and protected and ready to spend some time for it
  • #8
  • Nov 4, 2014 10:54am Nov 4, 2014 10:54am
Quoting benmoro
I am researching opening a new account with FxPro. However, since i am not located in the UK, they said that my account will be opened at FxPro Cyprus instead of the UK. This has made me specious to why would they do that, especially that the UK office is under FCA regulation while the Cyprus one is under a local regulator. One of the differences i am aware of is that your account is covered up to 50k GBP if opened in the UK office but only 20k in Cyprus. So my question is, why would FxPro open a costumer account in Cyprus instead of the UK? Am...

Hello everyone,

To clarify this issue in regards to FxPro, we have two different regulated and authorised entities; Fxpro UK LTD, and FxPro Financial Services LTD.

It is correct that the FCA offer a compensation fund up to £50k, whereas the CySec ICF covers up to €20k for retail clients.

Regarding Cyprus as being an exotic location, CySEC abides by the MiFID directive which applies to all EU member states including the UK. Therefore, the CySEC regulation should certainly not deter you from registering an account with FxPro Financial Services LTD.
  • #9
  • Nov 5, 2014 3:27am Nov 5, 2014 3:27am
Quoting Lianna@FxPro
{quote} Hello everyone, To clarify this issue in regards to FxPro, we have two different regulated and authorised entities; Fxpro UK LTD, and FxPro Financial Services LTD. It is correct that the FCA offer a compensation fund up to £50k, whereas the CySec ICF covers up to €20k for retail clients. Regarding Cyprus as being an exotic location, CySEC abides by the MiFID directive which applies to all EU member states including the UK. Therefore, the CySEC regulation should certainly not deter you from registering an account with FxPro Financial Services...
Is there any other advantages in UK? Spreads, technologies and so on?
  • #10
  • Nov 11, 2014 2:22am Nov 11, 2014 2:22am
Quoting mlechnijput
{quote} Is there any other advantages in UK? Spreads, technologies and so on?
The spreads and trading conditions are the same, regardless of whether you are a client of FxPro Financial Services LTD, or FxPro UK LTD.
  • #11
  • Nov 11, 2014 2:35am Nov 11, 2014 2:35am
Quoting Lianna@FxPro
{quote} The spreads and trading conditions are the same, regardless of whether you are a client of FxPro Financial Services LTD, or FxPro UK LTD.
So what's exactly the difference between the two? And most importantly, why would you only accept a client in your Cyprus company and not in your Uk one? Thanks for taking time to answer such questions.
  • #12
  • Nov 12, 2014 5:09am Nov 12, 2014 5:09am
Quoting benmoro
{quote} So what's exactly the difference between the two? And most importantly, why would you only accept a client in your Cyprus company and not in your Uk one? Thanks for taking time to answer such questions.
In order to trade Share contracts, apply for an FxPro Mastercard, or open a SuperTrader account, you would need to register under FxPro Financial Services LTD, as these products are not available under FxPro UK LTD.

Other than the above and the compensation schemes, another difference is that FxPro UK LTD offers Credit/Debit card and bank wire transfers as payment methods, whereas PayPal, Neteller and Skrill are also available under FxPro Financial Services LTD.

If you would like any direct assistance, you can contact us on our Live Chat and our operators are standing by to help you.
  • #13
  • Nov 14, 2014 8:31am Nov 14, 2014 8:31am
My best brokers.. Fxpro UK
  • #14
  • Nov 14, 2014 8:43am Nov 14, 2014 8:43am
if you want to trade like a PRO, dont trade with FXPRO

honestly I have no clue/experiance about FXPRO but I should post the words above light in my mind

you better check http://www.forexpeacearmy.com/ and read only the BAD REVIEWS
Edit : doing above is the best for understanding any broker
My Best Trade is Next Trade!
  • #15
  • Jan 4, 2017 9:54pm Jan 4, 2017 9:54pm
How can I choose one between those two? since when I tried to sign up, it directly linked to direct.fxpro.com which is fxpro Cyprus, not UK
  • #16
  • Feb 12, 2017 8:21pm Feb 12, 2017 8:21pm
Quoting irwanwd
How can I choose one between those two? since when I tried to sign up, it directly linked to direct.fxpro.com which is fxpro Cyprus, not UK
you need to use the right links to sign up with uk, or it will redirect you to CY
Forex, my love!
  • #17
  • Mar 6, 2018 3:37am Mar 6, 2018 3:37am
Quoting irwanwd
How can I choose one between those two? since when I tried to sign up, it directly linked to direct.fxpro.com which is fxpro Cyprus, not UK
As for the heading of the thread :
Tip 1 : Do see the differences in complaint handling of accounts under 4 different jurisdictions (Not just Cyprus and UK) on public link https://www.fxpro.co.uk/documents/co...ling-procedure
Tip 2: To compare start with a tool like https://text-compare.com

Hope this helps
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #18
  • May 18, 2019 1:25pm May 18, 2019 1:25pm
Quoting FerruFx
Stay away from brokers located in exotic countries/islands ...
  • #19
  • Last Post: May 22, 2019 5:14am May 22, 2019 5:14am
I think technologe is the same, so it doesnt matter
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