FXPIG in Vanuatu - Reviews

Broker Discussion
1

Just wondering if anyone has and feedback in dealings with FXPIG. They moved offshore a couple years ago. They were in New Zealand. Now they are in Vanuatu.

I am in Canada and they are one of the few that seem to offer Ctrader for Canadian accounts.

What realistically are the risk of going with an offshore Broker for a Canadian retail fx trader like myself.

I was with ICMarkets until i got the cancel account email at end of June. Successfully pulled all my money out of there with a simple wire transfer. No problems. really wish i was still dealing with them.

Thanks for any replies.

2

So, why don’t you go back to them? Was there an issue?
My recommendation is to stay with a properly regulated broker instead of ones in locations like Vanuatu, Mauritius and St. Vincent/Grenadines.

3

I never had a problem with them. Made my first withdrawal a while back and there was no problem. I’m also Canadian by the way. So I would say if you miss them why not just go back.

4

In July of 2018, IC Markets sent all Canadian customer an email stating they will no longer service any Canadian residents. So I had to pull my money out.
I don’t think that policy has changed.

5

I’d stick to brokers being regulated by CFTC (US), FCA (UK), or ASIC (AU). Be wary of CySEC.

New Zealand had one of the most lax regimes among ‘Western’ countries when it comes to regulating and licensing the retail FX space. Originally there was little regulation or licensing to speak of, other than requiring financial related companies to list in the country’s Financial Service Providers’ Register (FSPR).

In 2017 New Zealand required all Spot Forex, CFD and Binary Options brokers in the country) to obtain a Derivatives License, (which is still a fairly mild form of regulation and licensing when compared to Australia).

Due to increasing regulatory scrutiny, brokers started looking for “more flexible jurisdictions to get licensed”. Countries like Saint Vincent & the Grenadines, and Seychelles.

To FXPIG’s credit, they did explain their move to Vanuatu in a blog post.

6

I know nothing about this broker and I have no opinion about them, be it negative or positive, but I do know that Vanuatu requires only $2,000 initial capital investment to give a broker license to pretty much anyone, so their regulation is not exactly the most trustworthy out there.

7

I’m not aware what are the requirements of EU and US regulators for example to make a comparison but 2 000 USD is quite low indeed. That way, anyone can register as a broker.

8

I did stumble upon that broker some days ago. I read through their trading conditions and a few reviews. I was not that impressed. I had to settle for Forexchief broker as recommended by another trader and I also saw alot of posts here about them. I don’t think they allow USA traders.