FXPIG Review 2024

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FXPIG is a multi-asset CFD broker that provides UK traders with a range of popular trading platforms from which to speculate on over 300 instruments. The broker offers a reasonable selection of assets, including UK products like the FTSE, but our team has concerns about withdrawal charges and regulatory oversight.

In this review, we evaluate the products offered by FXPIG, the account types available, its fee structure and more. We also share our verdict after testing the broker.

Our Take

• We like that clients can choose from MT4, MT5 and cTrader, all of which are reliable and powerful platforms
• However, high withdrawals fees are a serious drawback and can be avoided at many leading trading firms
• Regulation by the VFSC is also weak and does not rival FCA-regulated brokers operating in the UK
• Ultimately, FXPIG will serve experienced traders with high leverage requirements and the confidence to manage risk effectively. However, there are better options for most British traders

Market Access

FXPIG offers more than 300 assets, which is middling when compared to other brokers. While some major players, such as eToro and Plus500, offer several thousand assets, many offshore brokers offer fewer than 50. Moreover, some traders will appreciate that FXPIG’s product suite covers a wide range of asset classes, including cryptocurrency.

On the negative side, there are no UK stocks – with only US equities available.

• Forex – 80 pairs, including GBP/USD, EUR/JPY and AUD/NZD
• Cryptocurrencies – 60+ cryptocurrencies, including popular coins like Bitcoin, Ethereum and Apecoin
• Energies – Three energy products comprising natural gas, Brent (UK) Crude Oil and WTI (US) Crude Oil
• Metals – Metal assets including gold, silver, aluminium, copper and platinum
• Global Indices – Popular indices, such as the FTSE 100, Dow Jones 30 and CAC 40
• US Stocks – Over 100 equity assets, including Apple, Cisco, Ford and Intel

Fees

Our experts found that trading fees are cheap at FXPIG and vary by account type, with some more focused on commissions while others impose a greater spread markup. These differences are found between the Raw + Commission (ECN-style) and All-In (STP-style) options within each account tier.

When we used the broker, average spreads on the Standard All-In account were 0.1 pips for EUR/USD, 1.7 pips for GBP/JPY, 0.025 for Brent Crude Oil and 2.9 for the FTSE 100. We were impressed by these spread rates, finding them tighter than most STP-style brokerage accounts.

Our team were pleased to see that deposits are always free with FXPIG, though some withdrawals incur a charge. This is a serious drawback as we explain in more detail below.

On a more positive note, we found no evidence of inactivity charges or additional fees imposed by the broker.

FXPIG Accounts

FXPIG splits its services into three account tiers: Standard, Premiere and Pro. The Standard and Premiere tiers have two execution model variations, the Raw + Commission and All-In price feeds. However, the Pro account only has a Raw+Commission option.

We found that the All-In variation generally has higher bid-ask spreads, though with the benefit of no commission charges. Alternatively, the Raw+Commission variation charges variable commission fees on all assets except index CFDs but with much tighter spreads.

We were pleased to see that users with each account type can open and use any of the available trading platforms, as well as FIX APIs for automated trading.

Another bonus for us is that all account types are available in GBP, alongside USD, EUR, CAD, AUD and JPY. This makes funding and managing your account easier if you are based in the UK.

Leverage rates are capped at 1:500, the minimum trade size is 0.01 lots and there is no minimum stop distance.

Standard Account

Best for beginners

• £150 minimum deposit
• Single stock and crypto commissions are 0.35%

Raw + Commission

• Spreads from 0.0 pips
• Forex commission of £3 per lot per side

All-In

• Spreads from 0.9 pips
• Forex commission of £0.00

Premiere Account

Best for experienced traders 

• £3,800 minimum deposit
• Single stock and crypto commissions are 0.30%

Raw+Commission

• Spreads from 0.0 pips
• Forex commission of £2.20 per lot per side

All-In

• Spreads from 0.7 pips
• Forex commission of £0.00

Pro Account

• Spreads from 0.0 pips
• £38,000 minimum deposit
• Forex commissions: of £1.50 per lot per side
• Single stock and crypto commissions are 0.25%

How To Open An Account With FXPIG

I found the registration process straightforward, taking several minutes and requiring a few basic steps:

1. Go to the FXPIG website
2. Click the Open Live Account button, after which you will be taken to the FXPIG login page
3. Click Open Real Account
4. Fill out the registration form, including details like your name, contact number and email
5. Complete the KYC procedure, providing further details as required
6. Upload one of the listed identification methods (passport, driver’s licence, ID card or residence permit)
7. Once your KYC check has been accepted, you will be able to deposit funds and begin investing

Funding Options

Deposits

We were pleased to see that FXPIG offers several popular funding methods, all of which are completely free (unless third-party costs are incurred). However, both Skrill and Neteller charge a 3.5% fee for deposits into an FXPIG account so I would avoid those.

The supported methods are:

• Bank Wire Transfers
• Neteller
• Uphold
• Bitcoin
• Skrill
• Visa

Withdrawals

Disappointingly, withdrawals from FXPIG are charged at the rates detailed below. Our experts always rank brokers down when they charge for withdrawals as we do not feel that users should need to pay to access their own money after patronising a firm.

Many other companies, such as Plus500 and CMC Markets., offer fee-free withdrawals, instead generating success from accessible, trustworthy services and fair practices.

• SWIFT Transfer: £26
• Euro SEPA: £12
• Neteller: 2%
• Uphold: £11
• Skrill: 1%

Regulation

FXPIG is regulated by the Vanuatu Financial Services Commission under license number 14578 and the company name Prime Intermarket Group Asia Pacific Ltd.

This is not a highly reputable financial regulator like the UK’s FCA. However, the restrictions placed on licenced firms include compliance with AML requirements, clear risk management strategies, observation of integrity and fair dealing, implementation of internal policies against market misconduct and strong documentation of users’ complaints.

We always recommend that traders exercise caution when investing with any broker not regulated by the FCA because of the risk of financial malpractice and limitations on UK recourse. Some of the top brokers regulated by the FCA include XTB and CMC Markets.

Trading Platforms

We were impressed to see that FXPIG offers three major trading platforms, all of which have advanced capabilities and strong track records in the industry, as well as customisable FIX API support.

MetaTrader

MetaTrader 4 and MetaTrader 5 are two of the most popular trading platforms for online retail traders. Each has a host of advanced features, including access to automated trading via Expert Advisors, custom programming languages (MQL4 and MQL5, respectively), lots of built-in technical indicators and high customisability.

Key features of MT4 include:

• Watchlists
• Nine timeframes
• Four order types
• Hedging support
• Strategy builders
• One-click trading
• 31 graphical objects
• 30 technical indicators
• Customisable interfaces
• MQL4 programming language

Key features of MT5 include:

• Watchlists
• 21 timeframes
• Six order types
• Strategy builders
• One-click trading
• 44 graphical objects
• 38 technical indicators
• Customisable interfaces
• Hedging and netting support
• MQL5 programming language

Our team recommends the MetaTrader platforms to all those that intend to implement technical analysis into their trading strategies.

Users can download the MetaTrader 4 and MetaTrader 5 desktop clients for free from the FXPIG client portal. Alternatively, they are available via web trader applications directly from the broker’s website.

cTrader

cTrader is a feature-rich trading platform that is rising in popularity across the online brokerage market. Upon testing, we found the software package comes fresh with a sleeker, more modern design while providing many of the same key features.

Highlights for us are:

• 54 timeframes
• One-click trading
• 50 chart templates
• Automated trading
• Custom multi-chart layouts
• Over 70 technical indicators
• Integrated account management

cTrader is a fantastic option for newer traders or those looking for an alternative to the MetaTrader platforms. Clients can download or access the webtrader for free from the FXPIG client portal.

How To Place A Market Order With FXPIG

I appreciated the straightforward process to place a trade, taking less than a couple of minutes:

1. Log into your chosen trading platform
2. Chart the asset you would like to trade
3. Click the New Order button
4. Fill in the details of your position (volume, stop loss, take profit, symbol, etc.)
5. Choose to Buy or Sell by the market
6. Continue to analyse the markets and close the position at the desired time

Mobile App

All of MetaTrader 4, MetaTrader 5 and cTrader offer mobile applications on Apple (iOS) and Android (APK). These platforms can be downloaded for free from the client portal or directly from any such device’s app store.

When we used FXPIG, we found that the applications support many of the same features as the desktop platforms, allowing investors to track markets, perform technical analysis and place orders on the go.

On the negative side, some advanced features, such as expert advisors or plugins, cannot be implemented and used on these mobile platforms.

Leverage

FXPIG offers high leverage up to 1:500, depending on the asset and market conditions. Forex major, minors, gold and silver can be invested in using leverage up to 1:500, while crude oil assets can access up to 1:200. Exotic forex pairs and index CFDs are limited to 1:100, while single stocks are capped at 1:20 and cryptos at 1:10.

Yet while this is more than the 1:30 limit imposed on FCA-regulated brokers, we recommend caution – high leverage can seriously amplify losses.

The broker has a margin call at 100% and a stop-out level at 50%.

Demo Account

Our team was pleased that FXPIG offers free, unlimited-time demo accounts for all its account types and platforms. This allows new investors to get accustomed to the different platforms, fee structures and capabilities of the brokerage before committing hard-earned capital to a live account. This is also a good opportunity to test new investment strategies to find what works best before risking real money.

Our experts often recommend that investors practise on a demo account before trading on a live account with a new broker, as well as taking time throughout their investing journey to track and develop their approaches using a demo account.

Users can open a demo account directly from the broker’s sign-up screen or from inside the client portal.

Bonus Deals

While FXPIG does not offer any type of deal or bonus, the firm does run an trading contest. This allows users to participate in various competitions to win cash prizes. The rules change with time, though previous ones have included 5% and 15% daily drawdowns, minimum trading volumes and the top ten contestants receiving up to £600.

Demo contests begin on the first of every month and run for the entire month. You can join these trading competitions by filling out the signup form on the broker’s website. Once this has been done, an MT4 demo account will be provided for the duration of the contest.

Extra Tools & Features

FXPIG offers an impressive range of additional tools and services, including an economic calendar, popular trading indicators, correlation matrices, session maps, sentiment graphs, market managers, tick chart traders, money managers, virtual private servers (VPSs) and live pricing. Clients can also access Trading Central analyst views and featured ideas from the client portal.

On the negative front, the broker does not offer much in the way of educational resources, making it less accessible to newer investors. Instead, we would recommend better alternatives like eToro.

Customer Service

We were disappointed by the customer support offering. We would have liked to see FXPIG offer more popular and useful contact methods; the firm limits its support options to social media, an email address and a live chat window.

While these can be useful, many investors prefer the human interaction of a telephone line with which to receive help, especially when they have complex issues. UK brokers like Avatrade and RoboForex offer a contact phone number for immediate, easy access.

• Email Address: support@fxpig.com
• Skype Address: Chat.fxpig
• Social Media: @FXPIG

The chatbot can be found in the lower-right corner of the FXPIG website and there is an online form request form on the Contact Us page.

Company Details & History

FXPIG is the trading name of Prime Intermarket Group Asia Pacific Ltd.

The broker was founded in 2010 in the Republic of Vanuatu and is regulated by the Vanuatu Financial Services Commission.

The firm’s targets are to provide retail and professional clients with the best execution and the least restrictions possible in accessing the international financial markets.

Security

The broker’s website and client portal are secure and encrypted, aiding client protection from cyber-attacks and data leaks. Furthermore, all supported trading platforms implement encrypted transactions.

However, our experts were disappointed to find that the broker is missing some key investor safety protocols that many competitors feature, such as access to investor compensation schemes. These are standard at FCA-regulated firms.

Trading Hours

The opening hours for FXPIG assets are generally dependent on the trading hours of the underlying market. For example, cryptocurrencies are available 24/7, while forex pairs can only be traded from 22:00 Sunday to 21:00 GMT.

Should You Trade With FXPIG?

We think that FXPIG provides a reasonable variety of investment products, notably including crypto CFD pairs, with tight spreads, ECN account support and three of the most popular trading platforms in the industry.

However, there is limited information regarding the firm’s background and management, as well as a serious lack of educational materials and high withdrawal charges, not to mention its license held with the VFSC, an offshore financial authority.

While some traders may find FXPIG to offer a good niche for their goals and risk appetite, we recommend that newer traders choose from our list of FCA-regulated brokers.

FAQ

Article Sources

FXPIG Website

VSFC Register

Top 3 FXPIG Alternatives

These brokers are the most similar to FXPIG:

1. INFINOX - Infinox is a UK-based and FCA-regulated broker that offers diverse trading products thanks to its STP and ECN account types and support for MetaTrader 4, MetaTrader 5 and a proprietary platform. Clients can also benefit from a free VPS that can support automated strategies and a social trading platform, catering to both beginner and seasoned traders.
2. IG Index - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
3. FP Markets - Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.

FXPIG Feature Comparison

Trading Instruments Comparison

FXPIG vs Other Brokers

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