FxPro

Last updated
FxPro
Company typePrivate
IndustryFinance
Founded2002
Headquarters
London
,
United Kingdom
Number of employees
300+
Website www.fxpro.com

FxPro is a London-based online broker that provides CFD contracts in foreign exchange, stocks, futures, and precious metals. It has offices in London, United Kingdom and Cyprus and is regulated by several regulatory authorities. [1]

Contents

FxPro serves over 100,000 retail and institutional clients in more than 170 countries. [2] FxPro provides trading services, including forex, CFDs on commodities, shares, indices, futures, and cryptocurrencies. [3]

History

FxPro was founded in 2002 [4] [5] as a foreign exchange broker EuroOrient Securities & Financial Services Ltd in Cyprus. [1] [6] The company is headquartered in London and has offices in Cyprus, Monaco, and the Bahamas. [1] [7] 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. [8]

In June 2010, the company announced a sponsorship agreement with the football club Fulham F.C. for three years, [9] [10] as well as a three-year sponsorship agreement with the football club Aston Villa. [11]

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. [12]

In 2013, FxPro launched the Super Trader platform, which specializes in social trading. At the time of its launch, Super Trader featured about 200 forex traders, whose positions can be copied by other FxPro traders. Traders are picked and vetted by FxPro, based on factors such as their trading techniques, how profitable they have been, and how risky their trades were. [13]

FxPro began its initial public offering (IPO) in 2015. [14] [7] However, one year later, in 2016, the company postponed its plans due to turmoil in global markets. [15]

In spring 2017, the plans were postponed again due to the new tough FCA measures. [15] [16]

FxPro entered a multi-year partnership with the McLaren F1 team in 2018. [17] FxPro was also featured on the McLaren MCL33 used in the 2018 Monaco Grand Prix. [17]

In September 2021, FxPro invested $12 million in a new regional headquarters in The Bahamas. The office building will also house a new digital bank, BankPro. [18]

In April 2022, FxPro opened an office in Dubai to support customers in the MENA region. [1] [19]

FxPro account types include MT4, MT5, cTrader, and FxPro Edge. [20] [3]

In June 2023, FxPro introduced cryptocurrency trading to its cTrader accounts, allowing traders to log in to their cTrader accounts and open new accounts under their profiles. Some of the tokens currently supported on the platform are Bitcoin, Ethereum, and Ripple. [21]

The company also grew its cash reserves from £2.6 million in 2022 to £3.6 million in 2023, expanding the total assets excluding liabilities by 4%. [21]

Regulations

FxPro UK Limited, a wholly owned subsidiary of FxPro Group Ltd, is licensed and fully regulated by the Financial Conduct Authority in the United Kingdom. [22] [23] 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 to accept UK clients. [23]

FxPro Financial Services Limited is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC). [24]

In 2015, FxPro received approval from the South African Financial Services Board (FSB). [25]

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References

  1. 1 2 3 4 "Global forex brokerage firm FxPro enters UAE". gulfnews.com. April 14, 2022.
  2. ↑ "Global forex brokerage firm FxPro enters UAE". GulfNews. 2022-04-14. Retrieved 2024-11-06.
  3. 1 2 Bentley, Michael (2024-10-12). "FxPro Broker Review: A Comprehensive Overview". Markets Herald. Retrieved 2024-11-06.
  4. ↑ "FX-PRO LTD filing history (Company number 04480922)". GOV.UK. 2010-09-28. Retrieved 2024-09-04.
  5. ↑ "Best Broker". FxPro cTrader Review. Retrieved 2024-09-04.
  6. ↑ Panzariu, Ovidiu (March 4, 2009). "BMW Sauber Sign New Sponsor FxPro". autoevolution.
  7. 1 2 Lynch, Russell (December 4, 2015). "FxPro approaches City firms as IPO plan takes shape". Evening Standard.
  8. ↑ "Best spread betting platforms UK: Expert Reviews & Analysis". The Herald. February 26, 2024.
  9. ↑ "LG replaced by FxPro as main sponsor of Fulham FC". www.campaignlive.co.uk.
  10. ↑ "Fulham Teams Up With FxPro". web.archive.org. June 12, 2014.
  11. ↑ "Villans sign biggest sponsorship deal". The Independent.
  12. ↑ "FXPro Launches Australia office". Finance Magnates. November 16, 2011.
  13. ↑ "Financial Times" . Retrieved September 4, 2024.
  14. ↑ "FxPro Group May Hold London IPO as Soon as Next Year, CEO Says - Bloomberg". web.archive.org. September 23, 2016.
  15. 1 2 "FXPro holds off flotation plan on market chaos". The Telegraph. February 13, 2016.
  16. ↑ "Currency trading firm FxPro shelves float as FCA crackdown looms". Sky News.
  17. 1 2 Carp, Sam (May 25, 2018). "McLaren drive home FxPro deal".
  18. ↑ "FxPro invests a further $12M in a new regional headquarters in The Bahamas". Eye Witness News. 2021-09-21. Retrieved 2024-11-06.
  19. ↑ Kirui, Jared (2023-06-20). "FxPro Unveils New Dubai Office amid Regional Expansion". Financial and Business News. Retrieved September 4, 2024.
  20. ↑ "Beyond Boundaries: Exploring the features of the top Forex brokers in 2023". BusinessTech. 2023-12-11. Retrieved 2024-11-06.
  21. 1 2 Kirui, Jared (2024-09-26). "FxPro UK Rebounds to Profit, Boosted by 23% Revenue Growth". Financial and Business News. Retrieved 2024-11-06.
  22. ↑ Post, Sponsored (March 27, 2024). "9 Best Forex Brokers in Nigeria". Businessday NG.
  23. 1 2 "FxPro launches FxPro UK under FSA license". Finance Magnates. June 25, 2012.
  24. ↑ "FXPRO Financial Services Ltd". Cyprus Securities and Exchange Commission.
  25. ↑ "FxPro Receives South African Regulation from the Financial Services Board". Finance Magnates. October 27, 2015.
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