Experiences with FxPro

Zef,
Does this NBP cover trades affected by gap up/down situations as well? I do remember once the market went against me by 150 pips last year, which should have resulted into legal proceedings against me by XM as my balance didn't cover the shortfall ; but XM only took the balance on my account and never once asked me for any more.

itsallover,

That's what I'm trying to find out, but seems like they're ignoring us. Should be the case as well, according to their marketing shills. I want leveraged access to some of euro garbage stocks and my local book (Sparkasse) doesn't service shorts, only physical unleveraged long stuff. I'm not a pension fund unfortunately to go for that sort of things.

I don't trust shops who don't have an office to go to and have a 1 to 1 chat, so that's why I don't wanna leave more balance in the account than necessary. Margin + some small %. These shops go into insolvency every day and our money are the last on the line to get returned. That's why the NBP on gaps is so important for me.

XM has it as well? But they offer stocks? I'll check their offer too.

Thanks for your replies.

Dear ZeF,

Thank you for demonstrating your interest in FxPro and our licensed product offerings and services.

Concerning the multiple matters you have addressed allow us to take this opportunity to clarify your points below. In addition, please note that the legal documentation you have made reference to is in fact our Client Agreement, not the Terms and Conditions.:

NBP policy
FxPro provides all its legal documentation on our website, which can be found at http://www.fxpro.co.uk/trading/products/legal. With regards to the employees who assisted you, we appreciate your desire to clarify certain matters you may not be able to understand outright, however, kindly note that your chat was dealt with by a member of our Customer Support department before being passed-over to the Head of Customer Support.

Our Terms and Conditions make no reference to Negative Balance Protection (NBP) as this is covered in our Client Agreement.

Section 5.1, Annex A of the Client Agreement states that ..However, it should be noted that FxPro operates on a negative balance protection basis; this means that the client cannot lose more than his/ her overall investment. Just to clarify here, this means that you cannot lose more than the total amount of funds you have invested. Heres an example for you:In the event you invest US1,000, open a position which turns out to make a loss of USD1,500, you will only lose the USD1,000 invested; the remaining USD500 will be covered by FxPro hence what is meant by NBP.

Now, section 12.1, Annex A of the Client Agreement states that In case of a Force Majeure Event the client shall accept any loss arising. However, should you consult the Force Majeure section of the Client Agreement (section 24), we attempt to explain instances which may be deemed to qualify as a Force Majeure. A recent example would the events surrounding the Swiss Franc (CHF) and the lifting of the CHF Cap against the Euro; this was deemed to be a Force Majeure event, however FxPro honoured all of its NBP commitments to our clients; you shall not find one client who states the contrary unlike other brokers in the industry who do not offer NBP and to this day are attempting to recuperate losses.

As mentioned above, the conditions applicable to NBP are clearly defined in section 5.1, Annex A of the Client Agreement. As for the cannot lose more than you deposit statement, you will notice that our risk warning at the bottom of the every page on the website states As a result, CFDs may not be suitable for all investors because you may lose all your invested capital. Were NBP to be non-enforceable, then this warning would have to elaborate on the fact an investor may lose more than their initial deposit in order to comply with regulatory obligations.

Shares.
In the event you had purchased the shares and the market turned against this sole position you maintained then your loss would be restricted to the initial investment of USD10,000.

Latest Offerings
FxPro, as you have noticed with our latest offering, is constantly attempting to improve the product offerings and services to address our clients needs and preferences. Please note that we are launching the Spot Indices on the cTrader in the next coming days, and are currently preparing the groundwork to be able to add the Shares to the cTrader as well.

In addition, we have taken on-board your comments, and would like to confirm you are correct concerning reference to section 25; it is actually mentioned in section 24 which we are sure you noticed and have consequently amended this misprinted error.

We hope that this clarifies your points.

Kind regards,

FxPro Team

Hi FxPro CS,

Thanks for addressing these concerns. Transparency is something we all appreciate and so often it's needed!

Also thank you for correcting your Client Agreement.

Thanks for going to length to offer shares on cTrader.

Some last questions:


Do I get access to the information as to what institution is in possession of my funds? Are these "institutions" per se, same or colluding with the institutions in your "Liquidity provider" pool?

Also you claim that our funds carry a "low credit risk" ranking, guaranteed by, among others, BARCLAYS PLC. This is also a liquidity provider, as claimed on the website. Could you please comment on that, whether it represents a conflict of interest or not?

Thanks for your replies and atb.
ZeF.

@itsallover so having extra funds in the account laying around exposed to whatever bets these guys are taking, without servicing margin, is not required. check the chat below.

They seem legit. I'll wait till they offer my instruments on cTrader as there's the miss-quote card to be played in MT4.

Keep yáll updated!

Trade safe....

General Info
Chat start time Jul 6, 2015 12:27:51 PM EST
Chat end time Jul 6, 2015 12:40:32 PM EST
Duration (actual chatting time) 00:12:41
Operator Averkios
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 'Averkios'
Averkios: Hello, how may I assist you?
zef: Hello.
zef: I have a couple of questions about conditions of an account
Averkios: yes
zef: Having one (or several) open positions, am I entitled to withdraw the funds from my account, funds which are not used for Margin covering, without closing my Account?
Averkios: yes exactly, you will be able to withdraw up to your free margin
zef: Do you offer e-wallet withdrawals, like skrill, paypal or netteller?
Averkios: yes of course
zef: okay
zef: and how long do those usually take?
zef: the withdrawal process i mean
Averkios: it usually takes few minutes for deposits and 1 working day for withdrawals
zef: ok. so while a withdrawal is being processed, and an open position moves against me, will the position receive a margin call and be liquidated, or will my withdrawal be cancelled and those funds be used as margin ?
Averkios: in order to place a withdraw request you need to transfer your funds into your vault first, those funds do not depend on your open trades
zef: that sounds great.

Ctrader android app,
demo account no problem.
but live account dead wood.

Don't bothering them.
they will retaliate against you any way.

Dear ZeF,

I agree on the transparency. It is something that we encourage all the industry to increase, but is currently lacking.

The Client's funds are held in segregated from the company's funds accounts in Barclay's, Credit Suisse and RBS.

Although these banks are also part of our Liquidity Pool, this does not represent any conflict of interest, as, first of all, those are completely different departments. Corporate Banking and FX Desk are completely separate institutions within the banks. Second, as we use an aggregator to select the best Bid and Ask price from all of the LPs that we have. All of the trades that are handed over to the LPs are completely anonymous, therefore the LPs don't have any info on the customer behind the trade. Also, the trades are settled via our Prime Broker on a daily basis.

Therefore, I am very confident saying that there is absolutely no conflict of interest between.

I hope I have managed to raise some of your doubts.

Please do let me know if you have any more questions.

Kind regards,

FxPro Team

http://www.forexfactory.com/showthre...44#post8366444

Withdrawal has been approved.
declined.
approved.
declined.
approved.
declined.
live chat is blocked by them.
email no reply.

Finally,
Withdrawal declined.

They did pretext my bank swift code is invalid.
but i did withdrawal the swift code.
swift code is correct.
finally,
withdrawal is declined .
my vault amont is 0 on fxpro site.

From now on,
i will open truth of this broker.
I did have been with fxpro for a long time.(2009~)
In its early days,They were Market Maker.
So they also made big money.
now i use ctrader ecn.
but their ctrader android app is dead wood.
It is always freezing.
so i did complain backoffice@fxpro and live chat everyday and post forum site.
I did post their thread and about them on this site.
i made a mistake in not deleting my account number.
so They know who i am.
I received email from fxpro.
they have warned me ,
If i post bad review continuously ,
fxpro take legal action against me.
so i did stop post on forexfactory about fxpro.
but their platform is terrible.
MT4 is often disconnected and frozen at the big event release.
and they are not update ctrader and their ctrader android app is dead wood.
so i did complain with email and livechat continuously .
but they ignored me.
they have threatened me with close my account.
This is truth of this broker.

Don't bothering them.
they will retaliate against you any way

You are quite lucky, at least you have an idea why they are acting funny. In my own case, i just woke up one morning and found out that they've closed my account for no reason at all, i don't scalp neither do i use EA. When i asked for a reason why they close it they couldnt give me one. they just woke up an felt like kicking someone's ass

@entheos

Why did they denied your account and threatened you? They have regulator bodies you know...talk to them or hire an attorney

Bothering them.

Thanx for keeping us updated Zef. I'll pop round from time to time to see if there's anything new. I might stick with XM for now as my platform is behaving itself but I'm sure I'll need more than one broker soon.

FxPro Global how many day i shoud get my money back? in my case is on monday 8/07/15 at 9:21pm thailand time. i deposit 400 usd to fxpro by my visa debit card. but fund not show in my vault. then i chat whith fxpro online support for help. reason are my proof off resident is fail. then i sent email to [email protected] and [email protected] for request to cancel deposit. and they informed and reply confirm my mail. how long to get money back? my account id=1050170

Dear Eukiller,

Thank you for your question.

Your deposit has been cancelled as per your request on the 6th of July. Please note that it might take up to 5 working days to reach your card.

Shall you have any other questions, please do not hesitate to contact our Support Team.

Kind Regards,

FxPro Team