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Experiences with FxPro

  • #701
  • Aug 24, 2015 4:00am Aug 24, 2015 4:00am
Hi all,

As a company FxPro may restrict the number of accounts held by our clients, this is done in order to prevent a large number of accounts being left unused.

While we are unable to comment on specific details concerning a client, please be assured that the above is applicable in this instance.

Kind Regards,

Lianna
  • #702
  • Aug 24, 2015 4:05am Aug 24, 2015 4:05am
Quoting Makavell
{quote} Nobody is saying anything bad about UK brokers properly regulated by the FCA, but in the case of FXPRO their socalled FCA regulation is not actually what they say it is. Go to the FCA site and check for fxpro and youll see the comment from FCA making it clear that fxpro is actually regulated by CYSEC primarily. So brothers what this means is that if another SNB situation happens again and fxpro gets in trouble then youll be left holding your balls in the cold cause all your money with them is gone.
Dear Makavell,

It seems that you may have some misunderstanding(s) concerning the structure of FxPro and our licensed services.

FxPro Group Limited is the holding company under which there are two separate, legal entities; FxPro UK Limited and FxPro Financial Services Limited.

FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) (reg. no. 509956), of which details concerning the licensed activities the entity is permitted to carry out can be found on the official website of the FCA at http://www.fsa.gov.uk/register/firmSearchForm.do. On the other hand, FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) (license no. 078/07) of which details concerning the licensed activities the entity is permitted to carry out can be found on the official website of the CySEC at http://www.cysec.gov.cy/en-GB/entiti...cypriot/37670/.

Both regulated legal entities, in order to offer the licensed services for which they have obtained regulatory permission, are required to be members of the respective investor compensation bodies of the member state where they have obtained their respective authorisation. In the case of FxPro UK Limited, this is the Financial Services Compensation Scheme (FSCS) and for FxPro Financial Services Limited the Investor Compensation Fund (ICF).

With regards to your comment (Go to the FCA site and check for fxpro and youll see the comment from FCA making it clear that fxpro is actually regulated by CYSEC primarily) this would be an incorrect inference. In fact, on the FCA website, both aforementioned legal entities (FxPro UK Limited and FxPro Financial Services Limited) appear on the register the reason being the following;

a. FxPro UK Limited is authorised by the FCA and has obtained a license
b. FxPro Financial Services Limited, being an authorised and licensed entity in an EU member state has the right, under the Markets in Financial Instruments Directive (MiFID) to offer its services within another member state (commonly referred to as passporting); when such an entity appears on the register of another authority, reference is usually made to the member state under which authorisation has been obtained which in this case would be CySEC hence the confusion surrounding this matter.

I hope this helps to clear any doubts,

Kind regards,
Lianna
  • #703
  • Aug 24, 2015 4:12am Aug 24, 2015 4:12am
Quoting Lianna@FxPro
{quote} Dear Makavell, It seems that you may have some misunderstanding(s) concerning the structure of FxPro and our licensed services. FxPro Group Limited is the holding company under which there are two separate, legal entities; FxPro UK Limited and FxPro Financial Services Limited. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) (reg. no. 509956), of which details concerning the licensed activities the entity is permitted to carry out can be found on the official website of the FCA at http://www.fsa.gov.uk/register/firmSearchForm.do....
I was chatting with one of your customer representatives the other day and asked her a direct question and she had no answer. If a trader that doesnt reside in the UK goes to your site www.fxpro.co.uk and opens an account, the account unknown to the client is actually opened with fxpro cyprus and he or she is not covered by FCA protection True or False?
  • #704
  • Aug 24, 2015 4:17am Aug 24, 2015 4:17am
Quoting Makavell
{quote} I was chatting with one of your customer representatives the other day and asked her a direct question and she had no answer. If a trader that doesnt reside in the UK goes to your site www.fxpro.co.uk and opens an account, the account unknown to the client is actually opened with fxpro cyprus and he or she is not covered by FCA protection True or False?
On the registration form, there is a button where you can select the regulatory body that you wish for your account to be held under, subject to your jurisdiction.

Once you have registered with us, you will also receive an email from us with all of the legal documentation which will clearly indicate which regulator your account has opened with.

Kind regards,

Lianna
  • #705
  • Edited 4:39am Aug 24, 2015 4:23am | Edited 4:39am
Quoting Lianna@FxPro
{quote} On the registration form, there is a button where you can select the regulatory body that you wish for your account to be held under, subject to your jurisdiction. Once you have registered with us, you will also receive an email from us with all of the legal documentation which will clearly indicate which regulator your account has opened with. Kind regards, Lianna
Sure know how to play with words. Guys be careful out there!
  • #706
  • Edited 6:00am Aug 24, 2015 4:57am | Edited 6:00am
Look what they did to me.
they tell a lie without even blinking.
Be careful!cyprus brokers.
cyprus brokers regulated FCA,
It is just cheat.
it is just advertise.
I did open live account on fxpro.co.uk website.
but i noticed they did pass my account to cyprus office.
so my account is not below FCA and it is below useless Cysec.
so i sent to email to them.
their response,
Dear Client,
Thank you for your email,
Kindly note that Clients residing in Korea are unable to open under FCA regulations.
this is very downright nonsense.
I have many live accounts with FCA brokers.
fxopen uk.xtb,activtrade,darwinex,lmax,IG uk,,,,,,
  • #707
  • Aug 24, 2015 6:08am Aug 24, 2015 6:08am
Dear Entheos & Makavell,

We respect the fact clients from certain jurisdictions may have a preference with regards to which regulated entity they would like to open a trading account, however the jurisdictions available are subject to the discretion of each legal entity, unless otherwise stated (i.e. residents of the United States are not permitted due to the Dodd-Frank Act).

The options can be seen from the drop-down menu on our registration page when selecting the regulatory authority. We take on-board your comments and shall pass this constructive feedback onto the relevant departments for review and keep you posted.

Kind regards,

Lianna
  • #708
  • Aug 24, 2015 6:24am Aug 24, 2015 6:24am
Quoting Lianna@FxPro
Dear Entheos & Makavell, We respect the fact clients from certain jurisdictions may have a preference with regards to which regulated entity they would like to open a trading account, however the jurisdictions available are subject to the discretion of each legal entity, unless otherwise stated (i.e. residents of the United States are not permitted due to the Dodd-Frank Act). The options can be seen from the drop-down menu on our registration page when selecting the regulatory authority. We take on-board your comments and shall pass this constructive...
Utter BullS....! When Alpari UK went bankrupt everybody including traders from south Korea and even war thorn countries all got their funds back from FCA as is evident from the alpari uk thread. Because they are actually regulated by the FCA as a broker. It is misleading and fraudulent to be operating the website www.fxpro.co.uk and then come up with stupid arguments that FCA selects who a brokers client are. The sensible thing to do is have 2 websites www.fxpro.com and www.fxpro.co.uk. Anyone who wants to enjoy FCA protection opens under www.fxpro.co.uk and all other traders that want to stay with CYsec opens under www.fxpro.com. All traders should take note that if you open an account with fxro under www.fxpro.co.uk then you presently are not covered by FCA protection
  • #709
  • Aug 24, 2015 6:57am Aug 24, 2015 6:57am
Quoting Makavell
{quote} Utter BullS....! When Alpari UK went bankrupt everybody including traders from south Korea and even war thorn countries all got their funds back from FCA as is evident from the alpari uk thread. Because they are actually regulated by the FCA as a broker. It is misleading and fraudulent to be operating the website www.fxpro.co.uk and then come up with stupid arguments that FCA selects who a brokers client are. The sensible thing to do is have 2 websites www.fxpro.com and...
Makavell,

What you are saying is not correct.

If someone opens an account with us and selects the FCA regulation, then of course they will be covered by the FSCS.

If someone instead chose the CySec regulation, they will be covered by the ICF.

This has been mentioned in previous posts, thus may we kindly request you refrain from misleading participants on this forum.

Kind regards,

Lianna
  • #710
  • Aug 24, 2015 7:17am Aug 24, 2015 7:17am
Would encourage every trader that has an account with them opened via the website www.fxpro.co.uk to get in contact with them now and request for evidence of FCA regulation covering their account. A word is enough for the wise
  • #711
  • Aug 24, 2015 7:36am Aug 24, 2015 7:36am
Quoting Lianna@FxPro
{quote} Makavell, What you are saying is not correct. If someone opens an account with us and selects the FCA regulation, then of course they will be covered by the FSCS. If someone instead chose the CySec regulation, they will be covered by the ICF. This has been mentioned in previous posts, thus may we kindly request you refrain from misleading participants on this forum. Kind regards, Lianna
I have another question to ask of you.
You tried to suspend my account.
Do you have the authority to do that?
  • #712
  • Aug 24, 2015 7:48am Aug 24, 2015 7:48am
Thank you for reply liana.
  • #713
  • Aug 24, 2015 9:48am Aug 24, 2015 9:48am
one of the best broker. i have been trading with them since 5 years. Never have any prob. I never ever get a thought to change them with someone else.
  • #714
  • Aug 25, 2015 10:20am Aug 25, 2015 10:20am
Quoting entheos
{quote} I have another question to ask of you. You tried to suspend my account. Do you have the authority to do that?
FxPro does not disclose nor comment on individual cases in public, however please note that FxPro acts in accordance with the Service Agreement.
  • #715
  • Aug 28, 2015 8:12pm Aug 28, 2015 8:12pm
cTrader spread widens to ridiculous level right before weekend closing. For example, USDJPY spread is widened to 28pips, GBPJPY to 42pips, EURCAD to 77pips and GBPCHF to a whopping 210pips (and not the widest if I looking into non-major pairs). I understand liquidity dries up before closing and all that but if someone has a pair open, using EURCAD as an example, their account would be closed out if their stoploss is anything less than 77pips.
  • #716
  • Aug 29, 2015 10:40am Aug 29, 2015 10:40am
Quoting mindscream
cTrader spread widens to ridiculous level right before weekend closing. For example, USDJPY spread is widened to 28pips, GBPJPY to 42pips, EURCAD to 77pips and GBPCHF to a whopping 210pips (and not the widest if I looking into non-major pairs). I understand liquidity dries up before closing and all that but if someone has a pair open, using EURCAD as an example, their account would be closed out if their stoploss is anything less than 77pips.
"TRADE LIKE A PRO" - From FxPro website.
Best regards, Zef
  • #717
  • Aug 29, 2015 2:16pm Aug 29, 2015 2:16pm
Quoting mindscream
cTrader spread widens to ridiculous level right before weekend closing. For example, USDJPY spread is widened to 28pips, GBPJPY to 42pips, EURCAD to 77pips and GBPCHF to a whopping 210pips (and not the widest if I looking into non-major pairs). I understand liquidity dries up before closing and all that but if someone has a pair open, using EURCAD as an example, their account would be closed out if their stoploss is anything less than 77pips.
Do you know any brokers that don't widen spreads like this over weekends? I thought it was common..
Yes, some might be more extreme than others, but overall the spread is usually wide enough (especially on NZD or CHF pairs) to take out stops.

I think the best solution for this would be to allow traders to decide if they will use "bid" or "ask" as the trigger for their stops (I think Dukascopy does this).
This way you won't get taken out by spread widening, and instead just have to account for the normal "spread" when placing your stop.
  • #718
  • Aug 29, 2015 6:16pm Aug 29, 2015 6:16pm
Quoting mindscream
cTrader spread widens to ridiculous level right before weekend closing. For example, USDJPY spread is widened to 28pips, GBPJPY to 42pips, EURCAD to 77pips and GBPCHF to a whopping 210pips (and not the widest if I looking into non-major pairs). I understand liquidity dries up before closing and all that but if someone has a pair open, using EURCAD as an example, their account would be closed out if their stoploss is anything less than 77pips.
Surely,They are excessive than other brokers.
and their commission is too expensive than other ctrader brokers,also.
  • #719
  • Aug 29, 2015 7:36pm Aug 29, 2015 7:36pm
Use fix spread account my friend,there is no spread widen during the weekend closing.
  • #720
  • Aug 30, 2015 8:02pm Aug 30, 2015 8:02pm
What good is cTrader's tight spread if it widens to a few hundred pips both to the upside and downside from the actual price a few minutes before weekend close? That will essentially wipe out both long and short trades if your SL is less than this unpredictable hundred pip swing. I mean, how can anybody trade with a tight SL using ctrader? If you put a 50pips SL you get wiped out, if you remove the SL to prevent getting stopped out (and have sufficient funds to weather this wild swing) then you end up without SL for Monday opening. This is clearly a deal break for using cTrader. At least to me.
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