Experiences with FxPro

Dear Spekulant,

Regardless of which jurisdiction your account with FxPro is under, all client funds are held in segregated accounts with Global Banking Institutions such as Barclays, Credit Suisse and RBS. (Unfortunately we do not offer clients the choose of which bank will specifically hold their funds, but please be reassured that we undertake due diligence on all the banking institutions named) This is also the case regardless of what type of Trading Account you decide to open.

For the Broker to Broker transfer, we would require a form for you to complete that you can obtain by contacting our support or by emailing directly [email protected]

It is worth noting that the name on the account held with your old broker, must match the name on your new account with FxPro.

Unfortunately we are not able to initiate the transfer on your behalf, you would need to instruct your broker to transfer the funds to us, and this process may take same time due to the current situation. However provided we have all required documentation, we will do all that we can to facilitate the transfer from our end.

Hope this helps!

Yes it is helpful!
Thank you Lianna!

A quick questions:

Is the MT4 platform server time the same as the CTrader platform which is 0 GMT or is it possibly EST time "New York" daily close?

Thanks

Hi Mitch77! The MT4 platform is set to GMT+2 (DST+1 in the summer months) whereas cTrader is set to GMT as default. However, on the cTrader platform, and also on our new MT4 Webtrader platform, you have the option to change the time zone according to your local time.

I have a question regarding your leverage. Are you planning to decrease it??

Such an Underrated broker att FF.com, its a shame.. while people getting scammed on FXCM..
Join FxPro is my advice, small or big account..

Happy trader on FxPro
Since 2012

Hello, sorry i missed your question!

We are offering flexible leverage from 1:1 up to 1:500 on most pairs, and as far as I am aware, we have no plans to decrease it.

Hi Lianna
how many active clients does FXpro have?

Dear Traders,

FxPro is pleased to announce the following:

FxPro Continues to go from Strength to Strength

03 January 2015, London. FxPro Group announces a number of key operating metrics revealing extent of the company’s growth. One of the few brokers to honour its guarantee of negative balance protection, the company is home for a large number of traders across the industry.

MoM (December 2014 - January 2015)
New clients increased by 46%
Volumes increased by 16%
Number of active clients increased by 31%
Number of trades increased by 44%

YoY (January 2014 - January 2015)
New clients increased by 87%
Volumes increased by 28%
Number of active clients increased by 32%
Number of trades increased by 80%

These metrics indicate the company’s strength in the forex industry. New registrations and broker to broker transfers continue to inundate the company’s support and back office teams.

FxPro CEO, Charalambos Psimolophitis, commented on these encouraging metrics: “We are happy to be the broker of choice for many traders as we continue to demonstrate growth. Our execution, reputation, great trading conditions, as well as our Negative Balance Protection guarantee are key factors in why more and more traders are choosing us. We will ensure that we continue be the broker of choice by adding new products and honouring our commitments to our clients.”

Dear Client,
FxPro would like to inform all clients that FxPro will be adjusting the margin requirement for all trading on the following instruments:
arrow CHF & RUB crosses margin requirements have been decreased from
10% (1:10) to 5% (1:20).
arrow While DKK, HKD & SGD crosses will see an increase in the margin requirement from 0.2% (1:500) to 4% (1:25), and CNH cross margin requirement will increase from 1% (1:100) to 2% (1:50).
Please do not hesitate to contact us if you have any questions in relation to these changes.
Best Regards,
FxPro Customer Support

Dear members,

I would like to bring to your attention the thoughts of the founder of FxPro, Mr. Denis Sukhotin, on the importance of Negative Balance Protection:

Why Negative Balance Protection is so Important

The recent CHF debacle has been quite instructive for a number of reasons. We all agree that low volatility is a bad thing in retail forex, but too much of it can be catastrophic. However, it’s precisely when the markets stray from that comfortable middle ground that we get a unique insight as to who’s who in this industry. The confusing acronyms and contradictory marketing copy fall away and we see brokers through their actions. This is exactly what happened in January when the SNB removed its 1.20 floor.

Many market-making brokers not only appear to have been unaffected by the unprecedented EUR/CHF move, but also seem to have done quite nicely out of it by passing on huge amounts of negative slippage to their clients, proving once and for all that their interests are diametrically opposed to those of their clients.
But aside from this we also learned that it’s not as clear-cut as market makers vs agency brokers. The hot topic since January 15 has been that of negative balance protection, or lack thereof. So, not only do we have a subset of brokers who remain completely insulated from the market by keeping their clients’ orders on their own books and profiting from their losses, we also have agency brokers pursuing their clients for negative balances when the market stress-tests their business model. The result? Thanks to the actions of a number of brokers the entire industry comes out of this black swan event looking bad.

At FxPro negative balance protection has never been something that you just put on your website in order to reassure newcomers. For us it’s a guarantee that you as a broker are sufficiently well capitalised and have all the relevant risk management protocols in place to weather any storm. It’s a watermark of professionalism and credibility that must be honoured, no-matter how steep the cost.

When the news of certain brokers’ insolvencies was followed by announcements that several had already begun pursuing their clients for negative balances, the scene became reminiscent of the ‘too big to fail’ banks during the 2008 crisis, that bankrupted themselves and then demanded for taxpayers to bail them out. It’s hilarious how we love the free market while we’re benefitting from it, but want a safety net when it turns around and bites us.

It’s absolutely outrageous for brokers that profited from the trading of their clients for so many years, to now resort to hounding them for these negative balances. When your clients routinely blow up their accounts are you expected to refund them? Why, then, are you now attempting to have them cover what are essentially your own losses? If their margin calls are their own responsibility then, surely, you too are responsible for yours.

This ridiculous idea of private profits and public losses is perhaps one of the most venal aspects of our current economic system and it breeds a sense of contempt in the general public, who are usually left to foot the bill. We as an industry could have come out of this event united and honourable, rather than some of us trying to climb back up on the backs of our clients.

The fact remains that if you are offering highly leveraged products that can amplify losses as readily as they do gains, you ought to build some protections in, so that if the market moves against your clients they don’t end up losing more than they initially invested, even if you’re not strictly obliged to. It’s a complete no-brainer. By reneging on that commitment, or not offering it in the first place, not only do you lose the confidence of traders, but you also give the industry a bad name.
We as FxPro have made our position clear. Our negative balance protection policy stands. We will continue to ensure that clients do not have to contend with losses that exceed their invested capital.

You see, this is more than just an issue of differing company policies. It’s an essential aspect of the services we offer. When you remove that safeguard or throw it into question you fundamentally alter the relationship that we as brokers have with our clients. We are not debt collectors. The onus is on us to ensure that we can offer trading facilities in a variety of market conditions, without going after our clients when it’s us that has to take a loss. If we are unable to do so, then there is obviously a deeper problem at work, and perhaps some of us should consider switching to a different industry.

Does FxPro accept Canadian clients? Do they allow hedging as well? Thanks....Tiago

I was just testing out the ctrader demo and it seems the slippage can go as high as 2 pips. You guys experienced this?

Dear Tiago,

Yes, we do accept Canadian clients, and we do allow hedging.

@FXPro_Global

Could you please inform the technical departament that the EURJPY weekly chart is having some bad ticks. Starting from 2007-2009 all candles have long wicks. Thanks

Dear Triger88990,

Thank you very much for pointing this out to us. There indeed were some bad ticks only on Server 2. The Technical Department has been informed, and they are correcting them as we speak.

Kind Regards,

FxPro Team

I found this in Alpari UK discussion:

As for the brokers forgiving negative balances there are indeed some brokers.
1. Brokers trading against client and not hedging it at the market. The basically just got your deposit and forgiving the rest does not cost anything, but good advertisement. See FxPro.

Dear Wantsomepips,

The you for your comment.

This is true for most of the Market Makers, if they internalise positions. With FxPro, however, it is different. The company staying loyal to its' commitments, and honouring the Negative Balance Protection Policy, basically took the hit on itself, and did not chase the clients to repay the Negative Balances.

Kind regards,

FxPro Team