FXFINPRO Capital Review – An Update To The Broker’s Regulatory Status & FX Services
FXFINPRO Capital has a desirable Forex brokerage service that offers ECN/STP conditions to its traders without any reservations. Unlike other Forex brokers that claim to be a direct market access broker with a hybrid STP account, FXFINPRO has straightaway offered its DMA accounts as the standard product for all clients that wish to trade the Forex markets with the company. The brokerage is owned and operated by PFX Financial Professional Ltd, a company based in Cyprus that has been active since 2003. FXFINPRO was regulated by the Cyprus Securities and Exchange Commission (CySEC), until the November of 2016, but there has been a new advisory from the CySEC regarding an alleged suspension of CySEC license due to the noncompliance of the broker with regulatory protocols. The company has been alleged to have its shareholders or company executives perform in contradiction to the rules laid down by the CySEC on offering its services to clients, which has received a temporary ban in the form of suspension of license. Therefore, until the issue is resolved, traders are warned of opening an account or trading with the company. Existing FXFINPRO clients are also encouraged to withdraw their funds, and get in touch with CySEC or the financial ombudsman if they are facing any difficulties in making a withdrawal.
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FXFINPRO Capital Account Information & Deposit/Withdrawal Options
FXFINPRO has three different ECN account options, the ECN Micro, the ECN Standard, and the ECN Professional accounts. The ECN Micro is one of the rarest accounts available in the market, which offers a micro account trading environment for a small initial deposit of $50. Minimum trade size starts from 0.01 lots, while clients can utilize a maximum leverage of 1:500. FXFINPRO spreads are also highly competitive, which starts from 0.3 pips and the commissions are charged at an average of $2.5 per lot traded.The FXFINPRO leverage reduces for the higher two account categories, which are limited to 1:300 and 1:200 for the ECN Standard and the ECN Professional accounts, respectively. The trading conditions also slightly differ for the Standard and Professional accounts, which see the former account offering minimal contract size of 0.01 lots, while the latter being offered at 0.1 lots. Regardless, both accounts are available for a minimum deposit of $500, which is not too high in our opinion. Sure, other Forex brokers offer ECN account for as little as $5, but we don’t find any major reasons to complain about their $50 ECN account option. FXFINPRO has kept it simple for its account payment options, with traders being given the option of making a deposit or withdrawal through Visa, MasterCard, Skrill, Neteller, and Bank Wire. All funds deposited into traders’ accounts are held in segregated accounts as per the CySEC supervision, and the broker should submit a periodic statement of its financial transactions to the CySEC to ensure that the company does indeed follow all regulatory requirements that are intended for financial transactions. Forex traders should be able to receive a better sense of security and freedom through the Investor Compensation Fund (ICF), which is an insurance scheme that is designed to protect investors against broker insolvency procedures by protecting investments of up to €20,000.
How Does FXFINPRO Trading Platforms Affect Performance?
FXFINPRO has developed a proprietary trading platform, known as the ProTrader 3, along with other third-party trading platforms such as the MT4 and the Trader Workstation. The MT4 and the Trader WorkStation are popular trading interfaces in the market; the FXFINPRO ProTrader 3 is designed to grant access to a large number of financial instruments provided by the company. The ProTrader 3 may be used to trade Forex, shares, indices, commodities, ETFs, and bonds through an easy-to-use trading platform, but the entire list of financial assets is restricted to the ProTrader interface. The MT4 and the Trader Workstation platforms are used to trade the FX and commodities market, which does offer a robust and reliable platform performance according to the general consensus. All the three different trading platforms are also available as FXFINPRO mobile apps, which does make it convenient for account holders to access their accounts on smartphones or tablets. MT4 also offers access to their excellent WebTrader, which works on all supported web browsers for unhindered access to a majority of MT4 services.
Does The Broker Accept Traders From All Over The World?
FXFINPRO’s EU regulations do guarantee that the broker can cater to traders from all over the EU, but it is also possible for the broker to entertain clients from certain geographic locations. On the other hand, the broker is pretty straightforward in its policy that prevents traders from the US, Canada, Japan, Belgium, North Korea, and Iran from maintaining an account at the broker. If you are worried about the legality of trading with FXFINPRO, it is a good idea to consult with a professional in your jurisdiction for an expert opinion.
Should We Invest With FXFINPRO In Its Present State?
We would undoubtedly recommend against investing with the broker due to the obvious drawbacks of trading with a financial company, which has had its trading licenses revoked by its primary regulatory organization. You may browse through other recommended Forex brokers for investing in the financial markets, as there are tons of recommended FX trading companies that offer a highly regulated Forex service that acts in the best interest of its clients.