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International Forex Broker FXPIG is licensed by the Republic of Vanuatu, located in the South Pacific in the immediate vicinity of New Zealand, where the company was originally established. It was received in 2016. The broker chose an unconventional name, his brand is associated with a pig, which is presented as the company's mascot. The brand's accent is pink, just like the pigskin.
The user's first impression after viewing a website is mixed. It is not entirely clear what the founders of the company were guided by in choosing such a mascot. One thing is clear, the format that many brokers are striving for is not used here. The information is presented in a slightly humorous way, and the representatives of FXPIG promise trading without smoke and mirrors. The company positions itself not as a broker, but more as a friend and partner.
“We're not trying to sweeten what's going on in the marketplace, and we're not spending dollars to hide the not-so-elegant side of this business. We prefer to invest in research and development in our trading environment.
It is rather difficult to navigate the foreign exchange market independently, and we know from experience that traders need answers to their questions, as well as a set of tools to achieve success. "
FXPIG is a trademark, while the company's name is: Prime Intermarket Group Asia Pacific Limited.
The company was founded by a former trader who has now retired. He was replaced by the former head of institutional sales at Charterprime.
FXPIG Trading Offers
FXPIG offers trading in Forex, Stocks, Metals, Energy and CFDs. If we talk about currency pairs, there are 40 of them. There is a single account and a choice of access technology between SPA (top-level liquidity is provided) and MPA (pre-aggregated liquidity).
There are demo accounts, so you can test trading platforms and put your trading strategies into practice without sacrificing real money.
Traders can choose from three platform options. This is MetaTrader 4, which remains one of the most popular and needs no introduction, cTrader and FIX access. CTrader provides full STP access to four price channels. It can be used by both professional traders and beginners. The broker positions cTrader as one of the best platforms. The FIX API is essentially a set of protocols or rules that help connect to a FIX node. With their help, you can receive incoming market data, as well as receive and transmit order requests. The FIX API is the connection between the trader and the liquidity provider. There are no requirements for volumes and deposits, there are no commissions. Access to eight different pricing in New York and London.
To open a PAMM account, you need a deposit of at least $ 2000. Judging by the information provided on the site, investment is as transparent as possible. Each client has direct access to their MyFXPIG ™ portal, where they can track deposits, withdrawals, PnL, commissions and statistics. The account is also tracked publicly on the website.
Withdraw funds
There are a number of reliable ways to deposit and withdraw funds, but there are nuances. This part of the sentence should be carefully studied. For example, some methods may only be available for certain countries. There are free options for deposits and inexpensive options for withdrawals. Accordingly, you can stumble upon a withdrawal method that hits your pocket. If on time, then bank transfers can take several days, while other methods promise instant results.
Customer service
FXPIG does not categorize clients by deposit size or other criteria. The broker promises a quick response, respect for all traders. You can contact company representatives using a special form on the website by connecting to Skype. You can send a quick email or via Pig Messenger by clicking on the floating purple widget at the bottom right of your screen. There is no contact phone number.
Education
The educational part is the weak link of the company. FXPIG offers a limited number of tutorials that are rarely updated. There is a blog with some useful information, news that will help keep abreast of what is happening in the markets.
pros
Good trading conditions Fast order execution Competent and efficient technical support PAMM accounts
Minuses
The broker serves trading accounts opened for an amount of at least $ 500 Regulation and educational part could be better The overall impression of visiting the site remains negative, it is difficult to take a broker with such a name seriously
Reviews
Despite the rather ambiguous name for a Forex broker and all the pun on the website, FXPIG is popular with traders. There are positive reviews on the network, customers are satisfied with the trading conditions, service. There are also those who appreciate their sense of humor. There are also negative comments. According to some players, the broker is just hiding behind "transparency", but in fact is playing a dishonest game. In general, there are not many comments on the net about FXPIG.
The broker we are considering cannot suit all traders without exception. Yet it is more tailored for experienced players.
FXPIG is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
FXPIG profits from traders' trades, usually in two main ways
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First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. FXPIG received a score of 1 of 5 on our resource.