How Funds of FXPro’s traders are protected and can be compensated?
- Compensation Funds of FXPro
- FXPro has multiple regulations and licenses
Compensation Funds of FXPro
FxPro Financial Services Limited is a member of the Investor Compensation Fund (ICF) and FxPro UK Limited is a member of the Financial Services Compensation Scheme (FSCS).
1. Compensation Fund of FXPro Cyprus
If you have opened your trading account with the FXPro regulated by CySEC, then your trading account is applicable for the compensation plan of ICF(Investor Compensation Fund).
The ICF came into being in 2002, in line with the Investment Firms Law of 2002 and the European Directive 93/22/EC.
Cyprus Investment Firms (CIFs) are obliged to participate in the Investor Compensation Fund as part of their regulatory requirements.
The objective of the Fund is to secure any claims of covered clients against members of the Fund, and to compensate them for any claims arising either from an inability of a member of the Fund to fulfil its obligations, or from any wrongdoing on the part of the member of the Fund.
The ICF insures customer deposits up to €20,000 per client.
Compensation Fund of FXPro UK
If you have opened an account with FXPro UK regulated by FCA, then your trading account is applicable for the compensation plan of FSCS(Financial Services Compensation Scheme).
Both plans have got different details, if you are worried about it, you may want to check out their official website and more details.
The FSCS came into effect after the Financial Services and Markets Act of 2000 and covers customers of UK-regulated financial services firms in the event that the latter are unable to settle any claims made against them.
The Scheme insures customer deposits up to £50,000 per client.
Please note that for some situation, you cannot choose your trading account to be registered to the regulatory authority as you wish.
Your account could be limited depending on the country you reside in.
For more information, please contact FXPro support team from FxPro Official Website.
FXPro has multiple regulations and licenses
FXPro is an international broker with multiple regulations and licenses registered.
FXPro has financial licenses obtained from FCA, CySEC, FSCA and SCB.
The service conditions and trading conditions maybe slightly different depending on the regulation which your account is registered with.
The above mentioned compensation schemes are available only for traders under FCA and CySEC regulations.
In case your account is registered under different regulations, other service conditions may apply.
For more information about the differences of regulations, please visit FxPro Official Website