How is FXPro regulated by both UK FCA and Cypriot CySEC?
FXPro’s Regulations and Licenses
Regulation matters when it comes to protecting customers and is something that FxPro takes very seriously.
FxPro is authorized and regulated in both the UK and Cyprus by the respective financial services regulatory bodies so the broker have to ensure they are abiding by two sets of rules.
This dual regulation also helps to provide traders comfort in the knowledge that they are dealing with a reputable firm that looks to promote its products and services within the parameters allowed.
On top of this, and arguably the most important point for retail customers, is that their funds are safe and looked after in accordance with the rules set by the regulators.
For some time now it has been not only a regulatory requirement for firms to segregate retail client funds from their own, but a legal one too, so in accordance with the rules they do not use retail client funds to fund any of their own operations.
These funds are deposited with credit institutions (i.e. investment grade banks) and FXPro is obliged to undertake periodic reviews of these institutions to validate their safety.
One recent example of FxPro acting upon this obligation was well before the Cyprus bail-in in 2013 when they moved all company and client accounts abroad.
These funds were later parked in household names such as RBS, Barclays and Credit Suisse.
Differences of Service conditions
FXPro now is regulated and licensed by FCA, CySEC, FSCA and SCB.
When you open an account with FXPro, you will be allocated to one of them depending on the jurisdiction you are in.
Due to regulatory reasons, the available services for your country maybe different than others.
For example FXPro Edge trading platform is available only for FXPro UK and trading of Cryptocurrency is limited to some regulations.
There maybe slight differences to the conditions of the service.
For more information about the differences of regulations, and the situation of your account, please contact FXPro support team from the Official Website.