Is FXPN a legit broker?
Let’s say you decided to start a trading account. And let’s say you want to see if an FXPN broker is good for you. Read our in-depth FXPN reviews to find out everything about this broker, so you can see if it fits your needs and expectations. We covered topics such as deposits, withdrawals, leverage, spreads. Let’s start.
|Regulated by: CySEC|
|Headquarters Country: Cyprus|
|Foundation year: 2012|
|Platforms: MT4, Sirix|
|Instruments: FX, stocks, commodities, indices, crypto|
FXPN Regulation and Security
The brand is owned by Leverate Financial Services Ltd. The company is based in Cyprus and regulated by CySEC. The company claims to follow the MiFID directive and AML policy.
The owner of the FXPN, Leverate, is known as the owner of many other brokerages such as 18capitals, Basel Capital Markets, etc. The company was allegedly accused of targeting German speakers from offshore entities and taking their funds. What is the truth is yet left to be seen?
When it comes to the security of the funds, the broker says the funds are kept in segregated accounts it European banks. Which banks? We stayed short for this information from the FXPN broker.
What can you trade with an FXPN broker?
FXPN broker is offering its clients various range of assets – currencies, crypto, stocks, indices, and commodities. Traders can execute trades on MT4 or Sirix platform, which is a custom-made web trader. The broker is offering 4 account types – Silver, Gold, Platinum, and VIP. On the Silver account, the minimum deposit is 500 USD/EUR/GBP. The main difference between accounts is spreads and swaps. On the VIP account spread starts from 0.1 pip, while on Silver it’s 0.7 pips. Also, the commission is different, on the Silver account company is charging a commission for US and EU shares 0.5% per deal, while on the VIP account the commission is 0.35% per deal. The minimum deposit for the VIP account is 75,000 USD/EUR/GBP.
The deposit and withdrawal options are pretty limited with the FXPN broker. Clients can make deposits using debit and credit cards, and wire transfers. When it comes to withdrawals, the company says that it can decline to withdraw requests if the method does not suit the company. A bit awkward. The minimum amount for withdrawals is 5 USD/EUR/GBP. The company does not give any information on the commission except the fact that if you want to withdraw money via wire transfer, your bank may charge you.
Conclusion about FXPN
As already mentioned, FXPN broker is a brand of Leverate Financial Services Ltd. We found many reviews about brokers operating in the UK, even though it shouldn’t be the case since the company has only CySEC regulation. Also, the company has some serious allegations about operations in Germany and Austria. So far, all we can tell is this – if you are thinking to open an account with this broker, be careful.
The trading platform looks good, they offer many assets, but at the end of the day, the safety of your funds is a priority. Therefore, be extra cautious when getting involved with this broker.
If you are still not sure what to think about FXPN broker, more reviews can be found on globalfraudprotection.com