FxPro

Last updated
FxPro
Company typePrivate
IndustryFinance
Founded2006
Headquarters
London
,
United Kingdom
Number of employees
300+
Website www.fxpro.com

FxPro is a London-based European online broker that provides CFD contracts in foreign exchange, stocks, futures, and precious metals. It has offices in London and Cyprus and is regulated by several regulatory authorities. [1] FxPro has more than 610,000 clients in the UK. [2]

Contents

History

FxPro was founded in 2006 as a foreign exchange broker EuroOrient Securities & Financial Services Ltd in Cyprus. [1] [3] The company has a London headquarters as well as a base in Cyprus and an office in Monaco. [4] In 2010, FxPro was granted regulation and licensing by the UK Financial Conduct Authority (Financial Services Authority at the time) and opened its London office. [5]

In June 2010, the company announced a sponsorship agreement with the football club Fulham F.C. for three years, [6] [7] as well as a three-year sponsorship agreement with the football club Aston Villa. [8]

The company opened an office in Australia in 2011, but it closed this in March 2013 and moved these clients to Cyprus and UK operations after new capital regulations came into force in Australia. [9]

FxPro began its initial public offering (IPO) in 2015. [10] [4] However, one year later, in 2016, the company decided to postpone its plans due to turmoil in global markets. [11]

In spring 2017, the plans were postponed again due to the new tough FCA measures. [11] [12]

FxPro entered a multi-year partnership with the McLaren F1 team in 2018. [13] FxPro was also featured on the McLaren MCL33 used in the 2018 Monaco Grand Prix. [13]

Regulations

FxPro UK Limited, a wholly owned subsidiary of FxPro Group Ltd, is licensed and fully regulated in the United Kingdom by the Financial Conduct Authority. [14] [15] FxPro UK Limited formerly traded as an introducer for its parent company and did not provide brokerage services or hold client funds until June 2012, when the company updated its FCA license so that it could accept UK clients. [15]

FxPro Financial Services Limited is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). [16]

In 2015, FxPro received approval from the South African Financial Services Board (FSB). [17]

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References

  1. 1 2 "Global forex brokerage firm FxPro enters UAE". gulfnews.com. April 14, 2022.
  2. ↑ Magazine, Paddock (May 29, 2018). "FxPro Sponsorship | McLaren Formula 1 Team | Zak Brown". Paddock Magazine.
  3. ↑ Panzariu, Ovidiu (March 4, 2009). "BMW Sauber Sign New Sponsor FxPro". autoevolution.
  4. 1 2 Lynch, Russell (December 4, 2015). "FxPro approaches City firms as IPO plan takes shape". Evening Standard.
  5. ↑ "Best spread betting platforms UK: Expert Reviews & Analysis". The Herald. February 26, 2024.
  6. ↑ "LG replaced by FxPro as main sponsor of Fulham FC". www.campaignlive.co.uk.
  7. ↑ "Fulham Teams Up With FxPro". web.archive.org. June 12, 2014.
  8. ↑ "Villans sign biggest sponsorship deal | The Independent | The Independent".
  9. ↑ "FXPro Launches Australia office | Finance Magnates". Financial and Business News | Finance Magnates. November 16, 2011.
  10. ↑ "FxPro Group May Hold London IPO as Soon as Next Year, CEO Says - Bloomberg". web.archive.org. September 23, 2016.
  11. 1 2 "FXPro holds off flotation plan on market chaos". The Telegraph. February 13, 2016.
  12. ↑ "Currency trading firm FxPro shelves float as FCA crackdown looms". Sky News.
  13. 1 2 Carp, Sam (May 25, 2018). "McLaren drive home FxPro deal".
  14. ↑ Post, Sponsored (March 27, 2024). "9 Best Forex Brokers in Nigeria". Businessday NG.
  15. 1 2 "FxPro launches FxPro UK under FSA license | Finance Magnates". Financial and Business News | Finance Magnates. June 25, 2012.
  16. ↑ "Cyprus Securities and Exchange Commission | FXPRO Financial Services Ltd".
  17. ↑ "FxPro Receives South African Regulation from the Financial Services Board | Finance Magnates". Financial and Business News | Finance Magnates. October 27, 2015.
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