FxPro Review and Traders’ Experience
The article ‘FxPro Review’ is a Forex broker review, written by Law Firm Mikov & Attorneys, member of Financial Fraud Lawyer. Financial Fraud Lawyer is a network of fraud lawyers and Crypto lawyers specializing in Forex scam, Crypto scam and lost funds recovery.
FxPro review | Risk disclaimer – screen capture from FxPro homepage website, https://www.fxpro.com, April 28, 2020
FxPro review: Legal entity and affiliated companies
FxPro has official offices in four locations; Cyprus, Monaco, Russia and the United Kingdom.
The article FxPro review exposes that FxPro Financial Services Ltd, « FxPro » is registered and regulated by the CySEC since 2011 under license number: 127/10.
FxPro provides financial services in all Europe thanks to CySEC’s registration (Source FCA https://www.fca.org.uk/news/warnings/fx-pro-clone-authorised-firm)
As of April 2020, 70,25% of individual traders who have invested in FxPro’s financial platform are losing, according to FxPro website.
FxPro operates under 37 different names in many countries, such as: fxpro-supertrader.hu, fxpro-indonesia.com, or www.fxpro-vn.com.
FxPro review | List of approved domains – screen capture from the CySEC website, https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/37670/, April 28, 2020
FxPro review – Warning:
The CySEC recognized the website www.swissfxpro.com as an illicit platform, providing financial services without authorization. Such Forex fraud websites are listed on the CySEC website, List Of Non Approved Domains section.
FxPro review |Marketing support – screen capture from FxPro website, https://www.fxpro.com, April 28, 2020
FxPro review: Traders’ Experience
“Some time after I started trading on FxPro, I felt like someone knew my buying and sales positions and was making sure to cut my positions and go in the opposite direction,” said a client of Law Firm Mikov & Attorneys for FxPro review.
Our client had no experience in trading and complex financial products. However, despite the lack of knowledge of the client, FxPro still classified him as a professional trader.
As part of FxPro review, other similar experiences could be identified on the FPA website.
FxPro review | Trader review 1 – screen capture from the FPA website, FxPro review section, https://www.forexpeacearmy.com/forex-reviews/3947/fxpro-forex-brokers, April 28, 2020
FxPro review: ‘’Scam, refused to return balance funds, despite many follow ups. Money banked in (USD50000) was not able to withdraw back when requested. Very poor customer services, responsibilities were pushed from one staff to another. Almost 5 years, still could not provide evidences to show where the money has gone to. Clear evidence to show that staffs in FxPro had cheated the money, but no people in the company, not even the highest executives would want to solve the customers’ problem. HIGH RISK TO INVEST IN THIS COMPANY.’’ Quoted from FxPro review, trader review 1, May 30, 2020
This FxPro review was posted by the user Tan Choo, from Malaysia on May 30, 2020 on the Forex Peace Army website.
FxPro review | Trader review 2 – screen capture from the FPA website, FxPro review section, https://www.forexpeacearmy.com/forex-reviews/3947/fxpro-forex-brokers, April 28, 2020
“Stole 99.9% of my trading account and then closed it. Stay light years away from FxPro!!! They stole around 99.9% of the balance on my trading account in January 2019. I had basically entire life savings there and they stole everything from me. When I requested refund, they closed my account. […]
In no time, my entire balance disappeared but they had probably stole money and closed my account when I had around 0.1% in positive balance so they returned this but declined to refund 99.9%. When I asked why they closed my account if I haven’t requested the closure and why they stole my money, they told me the trend directions changed like it was my failure.” Quoted from FxPro review, trader review 12 May 30, 2020.
This FxPro review was posted by the user Drejc, from Slovenia on February 20, 2020 on the Forex Peace Army website.
FxPro review | Trader review 3- screen capture from the FPA website, FxPro review section, https://www.forexpeacearmy.com/forex-reviews/3947/fxpro-forex-brokers, April 28, 2020
FxPro review relay warning from The FPA as they have seen evidence indicating that non-clients are being paid to leave fake positive reviews for FxPro.
FxPro review – Warning:
The FPA recommends against dealing with FxPro until the CEO steps in to resolve this situation.
FxPro review: Law Firm Mikov & Attorneys’ legal arguments
Did FxPro complied with the Markets in Financial Instruments Directive?
Losing on the financial markets is legal if all partiess follow the rules. In the cases of our clients, FxPro has not, in our opinion, respected the rights of traders and must be held accountable for misconducts, ” said Konstantin Mikov, Managing partner of Law Firm Mikov &Attorneys
The Markets in Financial Instruments Directive (MiFID) requires FxPro to adhere to three guiding principles when providing investment services:
• To behave in a truthful, equitable and competent manner, representing the best interests of traders;
• To provide appropriate, full, accurate and precise information;
• To analyze the investor’s particular condition (e.g., expectations, circumstances, and experience of selling financial products).
Given the situation outlined in the FxPro review article and the experience of our clients, the position of Law Firm Mikov is that FxPro did not comply with the MiFID guidelines.
Sources used in FxPro review :
FxPro review source 1 – Cyprus Securities and Exchange Commission – CySEC Investment firms information: https://www.cysec.gov.cy/en-GB/entities/investment-firms/cypriot/42661/ , June 25, 2020
FxPro review source 3 – Forex Peace Army – FxPro Review section https://www.forexpeacearmy.com/search?q= FxPro, June 25, 2020
FxPro review source 4 – DIRECTIVE 2014/65/EU OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL – MiFID – https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0065 , June 25, 2020
FxPro review source 5 – Wikipedia https://de.wikipedia.org/wiki/FxPro, June 25, 2020
FxPro review source 6 – Bloomberg https://www.bloomberg.com/profile/company/4073795Z:LN, June 25, 2020
FxPro review source 7 – FCA – https://register.fca.org.uk/s/search?q=Fxpro&type=Companies, June 25, 2020
FxPro review source 8 – La Tribune – https://www.latribune.fr/bourse/les-plateformes-de-trading-du-broker-forex-fxpro-480451.html, June 25, 2020
The Fraud lawyers at Law Firm Mikov & Attorneys and the author of this FxPro Review are regularly engaged in the collection and dissemination of financial brokers information to the public. This FxPro Review aims at sharing experience and warning the interested parties. FxPro Review was written in good faith, based on public information and testimonies of traders, dating from June 2020.