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FXPIG Review - Is it scam or safe?

FXPIG Review - Is it scam or safe?

RATING: 2.9 / 3 REVIEWS FXPIG
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Trading Accounts

 

Account type  Minimum deposit  Minimum trade size Maximum leverage   Average Spreads Trading platforms
Standard  $500  0.01  1:400  0.3 pips on EUR/USD+ commission $2.5/$3 per standard lot (per side)  MT4/cTrader/FIX API


 
You could tell that this FX broker is different just by looking at its logo and going through its pinky pig-animated website. Forex trading can be fun, but aside from the great website design, FXPIG in fact offers some fairly good trading conditions.


Unlike most brokers, offering a variety of account types on the popular MT4 platform, FXPIG provides its clients a single account option, available on a selection or trading platforms - MetaTrader 4, cTrader and FIX API. What is more, this broker offers a choice of two direct access trading technology options: Single and Multiple Point Aggregation feeds (SPA & MPA).


The Single Point Aggregation offers top tier FX liquidity (from Banks & Market Makers), customized to FXPIG`s clients trade flow, while the Multiple Point Aggregation provides feed of pre-aggregated liquidity (from ECNs & Prime of Prime & Aggregators), which includes a multiple venue matching engine.


Micro lots are available for trade with this broker and also, there is swap-free Sharia-compliant service, provided to investors of Islamic belief. PAMM accounts (with a minimum deposit of $2,000) are also available.


The Company. Security of Funds

 

Company

Country

Regulation

Prime Intermarket Group Asia Pacific Ltd.

Vanuatu

VFSC

 

FXPIG was founded in 2009 and comes with the promise of true interbank pricing, fast executions, and real hands on customer service. It offers trading in more than 40 currency pairs and precious metals on two of the most popular trading platforms, MetaTrader 4 and cTrader.


FXPIG is the Forex trading brand of Prime Intermarket Group Asia Pacific Ltd., a company currently licensed in Vanuatu. Previously, the broker was registered in the Financial Service Provider Register (FSPR) of New Zealand andhad 6 years of a spotless record, but got deregistered in December, 2016. FXPIG claims that it wants regulatory oversight, but the FSPR registration has become somewhat of a "pariah", and reputable regulators such as FCA, CySEC and ASIC are either no longer accepting applicants from non-multinational size participants or are in the process of pushing retail FX onto low leverage exchanges.

 

That is why FXPIG chose Vanuatu - an offshore tax-free destination, where registration procedure for forex and binary brokers is fast and inexpensive. Minimum capital requirements are also low, amounting to $2000. 

 

What is more, FXPIG holds an A-Category license with the Financial Commission (FinaCom) - a Hong Kong-based external dispute resolution (EDR) organization and any client of such company can be eligible for a compensation of up to $20 000. 

 

Trading Conditions


Minimum Initial Deposit
The minimum initial deposit required by FXPIG is $500. This is a reasonable amount to start trading with, taking into account the broker’s STP/ECN model, yet it may prevent some small investors from trading with this broker. In comparison, MahiFX, also a NZ broker, has set no minimum initial requirement.


Commission & Spreads

As a true STP/ECN broker, FXPIG provides tight floating spreads. The typical ones on EUR/USD are around 0.3 – 0.4 pips, and the commission fees vary, depending on the trading platform used: $2.5 (FIX & MT4) or $3 (cTrader) per standard lot (per side). So basically average trading costs per lot on the EUR/USD pair amount to around 1 pip or even less, which is quite a competitive value.


In comparison, MahiFX offers spreads averaged 1.0 pips on EUR/USD, and charges no commission. You may check out and compare real-time spreads of 15 leading brokers here


Leverage
The maximum leverage level offered by FXPIG is 1:400, which is a comparatively high ratio, yet most brokers usually offer similar or higher leverage ratios. Key To Markets, for instance, provides leverage up to 1:500. A list of more forex brokers offering leverage levels equal to or exceeding 1:500 may be viewed here.


We advise traders to exercise caution when operating with high leverage, for trading on margin may lead to heavy losses exceeding their initial investments.


Trading Platforms

 

Like most FX brokers, FXPIG supports the industry standard, MetaTrader 4 (MT$), but also provides decent alternatives to it, cTrader and FIX API platforms. The adding of the cTrader to the broker’s portfolio is no surprise, as this platform is created as an ECN one by default. It is an award winning multi-asset platform developed by Spotware. Fast order entry and execution speeds, precise quotes, many different time frames and Level II pricing are just some of the reasons why many traders today choose cTrader as their go-to platform. 


MT4 is globally popular for its innovative, on the go trading capabilities, variety of built-in indicators, advanced charting, automated trade options with Expert Advisor strategies (EA) and extensive back-testing options for them. Not to mention its fast and user-friendly technology, allowing even novice traders to easily find their way around it. Here is a list of more forex brokers offering MT4 platform.


What is more, FXPIG offers the possibility of API integration, which is intended mostly for professional market participants. The API is used to receive real-time data feed, submit orders, set / modify / cancel orders, and receive automated notifications of trading activities. If you want to trade your own black box algo, or have your own platform and you want access to FXPIG`s Liquidity, FIX is the solution.


In addition, FXPIG offers VPS service powered by BEEKS Financial Cloud. It is free of charge for clients who trade 150 standard size lots each month. A 50 % discount of the GBP 60 price is also offered to those who trade 75 lots monthly.


Methods of Payment


FXPIG’ clients are offered the following modes of payment: Credit/debit cards, bank wire transfer, and Skrill, and Neteller e-wallets, as well as FXPIG prepaid MasterCard.


Conclusion


FXPIG is a reliable Forex and CFD broker operating under the licensing and regulation requirements of New Zealand, which offers a variety of trading platforms and price feeds in a single STP/ECN account. Here are, in a nutshell, the Pros and Cons with regard to this broker:

 

Pros  Cons
Tight spreads, low commission fees No choice of trading accounts
STP/ECN trading model  
Choice of trading platforms, MT4 available  
Transparent pricing, multiple price feeds  

 

Latest news about FXPIG
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Traders` reviews for FXPIG

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Be aware

It took 7 days for them to receive my $ and it is now 10 days since i ask it back to my bank account.

I am worried then this is a fraud.

Jason 10/17/2018

Withdrawal of funds 3 week wait.... still nothing

Dear traders, be wary of fox pig. I placed a withdrawal of funds 50k+ 3 weeks ago and still waiting for funds. They claim they are moving bank but I can’t prove anything.
Be careful..........
Regards Mark

Mark s 04/29/2018

Transparent

very pleasant experience with both trading and investor account.
Transparent and friendly, and good support.
I recommend them

Alex 05/05/2016
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