Experiences with FxPro

This is just another broker trick to keep insignificant Retail account holders 'in the game'. This allows so called Traders the ability to keep trading and hopefully lose money.
Why would any one put all their eggs in this Cypriot/Russian owned 'Broker' ? Or ANY eggs for that matter?

Actually, this is called strictly abiding to the law..

If you can't get an order filled in FOUR minutes, that means that broker is a market maker and is doing last look requoting via probably the Virtual Dealer plug-in in MT4.

Run away from them as fast as you can!!

Was it right before news? if so some broker do prevent execution of new trade prior to big impact news few minutes before

Dear Jonisonvespa,

Thank you for your enquiry in relation to your order execution. Can you please send me a private message or an email to [email protected] with your account number and order number in question in order to investigate the reason behind your order not being filled?

Kind regards,

FxPro Team

Dear Str8,

Thank you very much for your enquiry into the pricing and possible spikes on our CFDs. In the event that there is ever an incorrect spike on any product offered by FxPro, we will return a clients account to its original state prior to the spike. FxPro does not hold clients liable for any losses incurred due to incorrect market prices and will always correct a clients account as soon as possible after such events.

Thank you for pointing out the Adidas spike, we are currently having this corrected and we would like to assure you that this was not experienced during live trading as our share offering did not go live until June 1st this year.

Shall you have any more questions, please do not hesitate to contact us.

Kind Regards,

FxPro Team

Dear Members,

Further to our previous communications regarding the Greek debt crisis and upcoming referendum on Sunday July 5, we would like to advise you of the following:

Following a prudential approach, we have decided to increase margin requirements to 2% for trading the following instruments:

– Euro crosses

– G20 currency crosses

– Precious metals


In other words, the available leverage for trading the above instruments will be limited to 1:50. These new margin requirements will only apply to new positions that are placed between Friday, July 3, 2015, 12:00 to Monday, July 6, 2015, 02:00 (server time) unless otherwise advised.

We will update you when normal trading conditions are due to resume.

*Update: Increased margin requirements do not apply to the following pairs: CHFPLN, CHFSGD, NOKSEK, NZDCHF, NZDSGD

As always, shall you have any questions, please do not hesitate to contact us.

Kind Regards,

FxPro Team

Dear FxPro Global,

being with FxPro already I would like to know the following:

Why are those excellent cTrader spreads not offered with your MT4?

Will the situation ever change?

Thanks.

Dear PipsTorrent,

Thank you for your question.

Please be advised, that we charge on the cTrader Raw Spread + Commission of 45 US$ per million US $ traded, whereas the MT4 it is markup on the Spread.

The commission and the markup roughly come to the same cost. It is the execution which is different on those 2 platforms.

Shall you have any questions, please do not hesitate to contact our support team.

Kind Regards,

FxPro Team

Anyone had any positive experiences with this worthless stuff?

I had a chat yesterday with them which reminded me of the bookie scene in the movie "Snatch!" and their OTC boxing wagering.

I spent an hour trying to find out about their NBP policy and stumbled onto all kind of scared or semi-illiterate chat handlers, passing me from one to another.

Before I entered the chat I actually had like 5% confidence of opening an account with them. After the chat, my confidence went into negative territory, just as your balance will if you ever dumb enough to work with them.

They were throwing away claims of NBP left and right, but those claims were nowhere to be found on their T&C, thus not legally binding. Trying to explain to them the difference between marketing shilling and legally binding statements was hopeless.

They have a T&C Paragraph saying that they erase negative balance (5.1)
Then they have another T&C Paragraph saying that the client will accept "ANY LOSS" (12.1)

I could see myself in a legal proceeding with them on Paragraph 5.1 trying to get my balance back, with them waving Paragraph 12.1 and the "ANY LOSS OCCURRED" statement overriding any other claims.

Marketing shills on a chat window are hardly legally binding. Can't believe the length some of these shops go to to try to snatch one's money.

Stay well away !

https://ssl.gstatic.com/ui/v1/icons/...file_mask2.png
FxProSupport <[email protected]>
Jul 3 (1 day ago)
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to me
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General Info
Chat start time Jul 3, 2015 3:30:53 AM EST
Chat end time Jul 3, 2015 4:35:52 AM EST
Duration (actual chatting time) 01:04:59
Operator Lianna

Chat Transcript
info: Thank you for contacting FxPro Live-support. The next available operator will be assigned to you.
info: You are now chatting with 'Christos'
Christos: Hello, how may I assist you?
Serge: Hello. I hve a question on your "negative balance protection" policy
Serge: On section 5 of T&C, you claim that:
Serge: 5.1 CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all of your invested capital. However, it should be noted that FxPro operates on a negative balance protection basis; this means that you cannot lose more than your initial investment.
Serge: However, on section 12 of T&C, you claim that:
Serge: 12. FORCE MAJEURE EVENT 12.1 In case of a Force Majeure Event you shall accept any loss arising.
Serge: aren't these two statements mutually exclusive?
Serge: what does "any loss" and "Force Majeure Event" mean?
Serge: LEGALLY
Christos: One moment please
Christos: Force majeure in essence is an event or circumstance which has not and/ or cannot be anticipated, occurring in a variety of potential scenarios outside the control of either parties affected.
Christos: On our website we clarify that we do offer Negative Balance Protection
Serge: Can you give me a real market example of a "Force Majeure"
Christos: you cannot lose more funds that you deposited.
Serge: Yes on your website you state that. But I do not sign LEGALLY on the marketing on your website, but on the T&C which are legally binding
Serge: Can you give me a real market example of a "Force Majeure" and how this event can relate to "any loss" occurence?
Christos: Please be advised that this is not required to be signed , however, the NBP will apply.
Serge: Can you provide me the Paragraph in the T&C where that is guaranteed?
Serge: Marketing claims are hardly legally binding
Christos: One moment please
Christos: Please go to paragraph 5.1 on CAPITAL LOSS section
Serge: I have read that paragraph and I have pasted it here in the chat window.
Serge: There is no mention there about the Negative Balance Protection affecting also the "Force Majeure Event" situation
Serge: You still have not answered my first question about a real market event of a "Force Majeure Event" and whether this falls under the Negative Balance Protection claim
Christos: One moment please
Christos: would you like to give you an example with a real case scenario ?
Christos: Swiss Franc event on 15 of January is consider as a Force Majeaure event.
Serge: Okay.
Christos: Due to the unexpected magnitude which affected most FX brokerage firms and clients (especially those who were short CHF), unprecedented levels of slippage were experienced.
Serge: What is the meaning of "ANY LOSS" in that context?
Christos: as FxPro consequently informed its clients that it was suspending the offerings of CHF pairs to be traded, and all positions closed with negative equity were covered by the Firms NBP policy, however normal losses occurred due to the vast levels of slippage where the orders were executed correctly in accordance with FxPros Order Execution Policy, were not.
Serge: Because in 12. FORCE MAJEURE EVENT 12.1 In case of a Force Majeure Event you shall accept any loss arising.
Serge: That means that during the Swiss Franc situation on January 15, I would be forced to accept "ANY LOSS", regardless of Negative Balance Protection?
Serge: So Negative Balance Protection applies only on "selected events" ?
Serge: How does this relate to the claim on 5.1 ?CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all of your invested capital. However, it should be noted that FxPro operates on a negative balance protection basis; this means that you cannot lose more than your initial investment.
Serge: 5.1 Claims that "you cannot lose more than your initial investment"
Serge: and you now claim to me that I can lose more than my initial investment during a Force Majeure Event, like the 15 January CHF intervention
Serge: These two statements are mutually exclusive
Christos: in a event such of this you will accept any loses. However, you cannot lose more than you deposited. For example, if your trades goes against you and your balance goes negative we will correct this for you.
Serge: WHERE IS THIS STATED IN THE TERMS AND CONDITIONS AGREEMENT ?
Serge: Remember that any claim you make in this chat window must be endorsed by the T&C of FxPro.
Christos: this is stated on paragraph 5.1 : FxPro operates on a negative balance protection basis; this means that you cannot lose more than your initial investment.
Serge: We go back to point 1 again.
Serge: Paragraph 5.1 states : FxPro operates on a negative balance protection basis; this means that you cannot lose more than your initial investment.
Christos: yes
Serge: Paragraph 12. FORCE MAJEURE EVENT 12.1 In case of a Force Majeure Event you shall accept any loss arising.
Christos: if you deposit $100
Christos: and due to your trades foes negative
Christos: -150
Christos: then you will accept this -50 lose
Christos: that loss of -50 will be correct for you from our end
Christos: so basically you have lost the 100, your initial deposit
Serge: This iwll be done in any circumstances, regardless of "Force Majeure Event" situations or not ?
Serge: What is my guarantee that whay you are saying here will apply ? Is this specified in the T&C ?
Christos: allow me to transfer you to my colleague for further assistance
info: Please wait while I transfer the chat to 'Lianna'.
info: You are now chatting with 'Lianna'
Lianna: Hello Serge,
Serge: Hi
Lianna: To clarify, a force Majure event is an unpredictable and so are its affects
Lianna: Consequently we have this statement in our terms and Conditions
Lianna: Regarding the negative balance, as my colleague said, it is stated in the Client Agreement you cannot lose more that your overall investment
Lianna: Are you already a client with us or are you interested in opening an account with us?
Serge: I am interested in opening an account. But not before NBP clarifications
Serge: 10 minutes ago, I asked your colleague whether:
Serge: "This iwll be done in any circumstances, regardless of "Force Majeure Event" situations or not ?"
Serge: IE NEGATIVE BALANCE PROTECTION
Lianna: In the case of the CHF event, which is classed as a force majure event, FxPro corrected all negative balances within a day
Serge: He answered "YES"
Serge: But then he withdrewq his statement and passed me on to you
Lianna: I am the Customer Service Manager so this is why he transferred you to me
Serge: It seems to me that Paragraph 5.1 and Paragraph 12 are mutually exclusive and allow for FXPRO to pursue legal claims in court, in order to recover negative balances occured during events explained by paragraph 12
Serge: Why did he withdrew his statement ?
Lianna: What do you mean?
Serge: I asked him if Paragraph 5.1 APPLIES TO EVENTS DESCRIBED IN PARAGRAPH 12.
Serge: He said "Yes", but after a couple of seconds he deleted his answer
Serge: and passed me on to you.
Lianna: We cannot delete answers on this chat
Lianna: I can see only one time that he answered only yes to you
Lianna: and that was to confirm that 5.1 means we cover the negative balances
Serge: I can tell you 100% that he answered yes to my questions before handing me over to you.
Lianna: That is not possible. We are unable to delete messages on this chat system
Lianna: Anything that was answered to you is shown in the communication above
Serge: So I am going back to the Paragraph 12 and its relation to Paragraph 5.1
Serge: In Paragraph 12 you state that the client should accept "NY LOSS" occured during Force Majeure Events
Serge: How does Any Loss relate to Negative Balance Protection?
Serge: For Example if I deposit $1, and I have an open trade during a Force Majeure Event
Serge: And there is slippage until $ -1.5, what is the legal meaning of "ANY LOSS" ?
Lianna: Any loss means any loss for your overall investment
Lianna: The negative balance is still covered
Serge: What is the coverage of 5.1 during Force Majeure Events, in light of Paragraph 12 and "ANY LOSS" statement?
Lianna: In your example,
Lianna: it means you accept the loss of $1, and we accept, we cover, the extra loss of .50
Lianna: Because thats an amount below your overall investment
Lianna: This is exactly what happened in the case of the CHF event
Serge: Where does it states in the T&C that you will accept the losses which extend beyond my existing balance?
Lianna: For example if a client had funded with us $1000, but due to the huge move he ended up - $2000 for example, then he has lost his $1000, and we cover the other 2000 which is negative
Serge: Is that 5.1 Paragraph applying to 12. Paragraph ?
Lianna: Yes it does
Lianna: it applies to any situation which would result in a negative balance
Serge: Where is this statement explicit in the T&C ? And does it cover any sum ?
Lianna: The client agreement is a legal document along with the T&C document
Lianna: so it is covered in the client agreement
Lianna: Yes any sum below your investment would be covered
Lianna: Sorry, over your investment i mean
Lianna: Any loss which is more that your total funds
Serge: Okay.
Serge: Thanks a lot for your time.
Lianna: You are very welcome, I hope we have helped to settle your concerns
Serge: Yes you did.
Serge: Have a great day/weekend.
Lianna: Thank you, and you also!
Serge: Bye!
info: Your chat transcript will be sent to xxxx at the end of your chat.

Of course its marketing! You could have saved an hour an asked your pals at FF. What broker in their right mind, is going to offer NBP

True that. I wanted to hear it from the shop itself though. I guess I did now .

Well apparently FxPro are in their right mind and gonna offer NBP allowing us to dump our over-leveraged hedged bets onto their balance sheet . They take the bad bet but I'll get to keep the hedge if it's positive. Looks to me like charity work not booking. Oh this was funny.

Might be you misunderstood what they said. Reading the transcript, they gave you a clear example of 150$ loss on your 100$ account in the form of you accept the loss over your initial deposit but then they cover that with their NBP essentially resetting your account to 0$. So you don't owe them those extra 50$ at the end.

In the chatroom they made it very clear that they'd cover negative balances.

However in their T&C I couldn't find any explicit statement on "IN ALL CIRCUMSTANCES" or "cannot lose more than your deposit" type statement.

Take the following example:

4 weeks ago, knowing that there will be a raid on Deutsche Bank offices on Monday, I'd place a sell order on DeutscheBank on Friday at market close. I make a deposit of $10,000 and buy 10 lots of DB at market close.

Monday morning, when the raid is on the news at 7:00 o clock, then at 9:00 when the market opens, it opens 20% lower.

I just made $140,000 with a $10,000 risk. That's a freaking 1/14 RR. Of course they gonna sell me the misquote and liquidity balooneys and cancel my position when they see it.

Now let's say the raid was pulled off because over the weekend DB was cleared of their wrongdoings, and all the good people out there rush to buy into DB shares to get rich, sending the garbage 20% up in off-euro trading hours! My position results then into a $140,000 loss on the 20% market gap on Monday morning. So FxPro are gonna munch on that load for me and call it even?

Oh hell yeah then I'll be their first client.

Don't you see the contradictions in these conditions ?

Heh, if you use their ECN cTrader platform no missquote for you For the other part I would make na inquiry at some attorney and ask him questions about that, but I am positive that they have legal obligation to conform to what they state on their web site. So if it says Negative Balance Protection, then it is NBP no matter what. And btw. does it say in their T&C that you might owe them money in some circumstances because if it doesn't then even a beginner attorney could help you win against them if it ever comes to that.

You got a point there with the cTrader. However FxPro drew my interest lately by offering leveraged access to some of the European stocks of companies on the edge of bankruptcy. The bad thing is that on their cTrader they offer only forex and metals. Not sure if they will add these instruments too. They;re too scared to offer missquote-free service on these instruments. And for sure they're gonna play the miss-quote card on highly leveraged positive gap events. It's a no-brainer, since it's in their T&C "at their discretion". Why should they service charity on hedged bets on garbage stocks when they can play the miss-quote card? Hard to find logic in such actions. Unless they're a charity which they're not.

All this "protecting the interests of our clients" is just bla bla for whoever is naive enough to munch on it. I truly hope the FF collective is past that stage.

I was thinking of moving some of my action to them. But their T&C looks like signing a financial suicide agreement.

Let's see what the shop has to say about the concerns I stated previously.

On their T&C on Point 5.1 they say they offer NBP. They do not explicitly say what that is though. It's like me saying to you if you give me $1000, I promise you the second coming of Jesus tomorrow at lunch.

Then on their T&C point 12.1, they say that in case of "Force Majeure Event" , the client will accept "any loss". They do not explicitly say what a FME is, neither what "any loss" is, LEGALLY. So those two terms are at one's discretion in a court of law. Their T&C language is very euphemistic, allowing space for maneuver and basically putting you at their discretion with whatever action you take. So as long as you lose money, probably they won't bother miss-quoting you or any of that stuff. But once you make some money out of crap stocks using the leverage and NBP they claim to service, you see where I'm going ...

The Force Majeure Event legal definition is not provided in the Client Agreement.
https://direct.fxpro.co.uk/dwn/Client_Agreement.pdf

At Paragraph 12.1 it is mentioned that the client "shall accept any loss arising" from the occurrence of a FME.
If you want information about the FME, it says at Paragraph 12.2 - for further details about a FME, read "SECTION 25 of this Customer Agreement".

When you go at section 25, there is no mention about the term of FME whatsoever. What a surprise .

Also none of these terms are defined legally within the client agreement, so they are open to any kind of interpretation in a court of law. Not to mention that references to FME's are directed to non-existing sections. See above example with Section 25.

I mean if one spends 5 minutes reading through these things, all is too obvious.

FxPro, do you have any position vis-a-vis these facts on your T&C ?

Are you going to amend the texts in your T&C so they are at least not referring to nonexistent sections?

AFAIK there's very little bad reviews online on your shop, compared to others. You should have no problem adjusting to these conditions. After all you claim that "Our goal is to make the forex market as accessible to as many individuals as possible, and to help everyone make the very most of it."

I certainly expect you to live up to that promise before committing any funds to you.

Has anyone actually tested their NBP and "integrity" that they won't re-quote you and close your account on speculative profits?

,,,very good questions you've asked Zef. I'm looking for a home/s to move to seeing as my platform freezes constantly during news events. I will be watching the progress of your discussions Zef

Were you by any chance using IC Markets? I've had their platform freeze on me at the top of every hour. Otherwise good people with great T&C and no abusive behavior whatsoever. I want to move to FxPro too but not before they clean this mess in their T&C.

Let's hope they cooperate ! After all it's in their interest to get more spread money.

Hey Zef,
No I'm with XM. I've been with them for about 2 years but I don't remember the freezing being this bad. I suspect owing to their marketing genius of No Deposit Bonus they have now found themselves with too many clients for their servers ,,, or something,,,,,