Review of FXPIG
FXPIG is an international forex broker which is licensed in Vanuatu, which is located in the South Pacific ocean, relatively close to Australia and New Zealand. The name FXPIG is considered unconventional by many and the branding is closely linked to the pig reference. The company mascot is a pig and accent of the brand is pink, like the colour of the pig’s skin. While FXPIG is a tradename, the company name is Prime Intermarket Group Asia Pacific Limited. In this forex broker review, will explore the companies history, trading conditions, scope of services and the FXPIG cTrader platform offering.
FXPIG holds a Principal’s License for dealing in securities, granted by the Minister of Finance and Economic Development of Vanuatu, under the arm of the Vanuatu Financial Services Commission (VFSC Company Number 014578). There are almost 150 financial services companies licensed by the VFSC. FXPIG acquired the license in Vanuata in May 2016. However, the company was founded in 2009 in Aukland, New Zealand by former trader Kevin Murcko. The company was previously registered as a financial services provider in New Zealand and made the strategic move to relocate to Vanuata. At the time, founder and CEO Kevin Murcko commented: “The ability to grow WITH a regulator is a key, as over-bloated regulations can end up being a hindrance rather than a virtue”.
Kevin stepped back from his role at FXPIG to focus on crypto exchange CoinMetro. He was succeeded by Bobby Winters, former head of institutional sales at Charterprime.
|Year Started Offering cTrader||2015|
|Number of Employees||10+|
FXPIG Trading Conditions
Generally speaking, we believe that FXPIG is positioned towards a mature crowd of traders as opposed to complete newbies. The website copy is fun, fresh, full of jargon and whit that only experienced traders would grin at. Besides the FX banter and puns throughout the website, FXPIGs trading conditions are also configured for more sophisticated traders. While most forex brokers offer two account types, usually marketed as Standard and ECN, FXPIG offers three different liquidity feeds, one price feed takes liquidity from a variety of bank and non-bank market makers, another price feed takes liquidity from ECN venues and the last price feed takes liquidity from various dark pools. There is also an option of having a custom feed upon request. The three feeds advertised on the website are available on all platforms. All accounts have a fee of $25 per mil. And the broker doesn’t offer any zero commission accounts. Paying commission is far more transparent in practice. This is how the three feeds are described on the website;
- Single Point Aggregation (SPA) – 17 FX Banks and 4 Non-Bank Market Makers, all pricing out of London. Consumed in London.
- Multiple Point Aggregation (MPA) – 4 ECN Venues and a mix of Non-Bank Market Makers pricing out of NY, LD, and HK. Consumed in London.
- Sharp Flow London (SLF) – A Mix of Hedge Funds and Alt Liq Venues (Algo Shops / Dark Pools) priced and consumed in LD via FIX API or MT4.
|Asset Classes||Forex, Indices, Metals, Energies|
|Total Number of Trading Pairs||62|
|Trading Commissions||$25 per mil.|
|Account Currencies||USD, EUR, GBP, JPY, AUD|
|Minimum Deposit||500 USD|
|Stop Out Level||50%|
FXPIG is able to offer services to a wide range of jurisdictions, which is one of the advantages of having a Vanuatu license. Besides not accepting US clients, this broker does accept Canadian, Chinese, Russian, Australian and European clients. There are a number of reliable deposit and withdrawal methods available, however, they are somewhat expensive, for example a bank deposit via SWIFT would cost 25 EUR and a would cost 50 EUR.
|Countries Excluded||USA, Vanuatu|
|Deposit Options||Credit Cards, Skrill, Neteller, Uphold, Bank Transfer|
|Withdrawal Fees||Up to 50 EUR|
FXPIG launched cTrader in 2015 to compliment it’s existing MetaTrader 4 platform and FIX API offering. The FXPIG cTrader platform is very well promoted on the companies website and trading conditions are kept the same on cTrader as with other platforms. Unfortunately, FXPIG cTrader doesn’t have cTrader Copy enabled, yet has their own PAMM managed accounts.
FXPIG Review Conclusion
FXPIG might be a good solution for some traders, but not all. Like with choosing any broker, there are always tradeoffs. If you are a Canadian looking for a cTrader broker with good liquidity options, reasonably priced trading commissions and have tight risk management controls whereby you don’t need to constantly deposit and withdraw, we can conclude this review of FXPIG by stating this broker might be ideal for you. However, if that is not you, perhaps explore some of the other brokers feature on our list of cTrader brokers.