FXPN

Risk Warning

This broker exceeds the business scope regulated by South Africa FSCA (license number: 51545) Financial Sector Conduct Authority UNFX Non-Forex License. Also, the Cyprus CYSEC regulation (license number: 160/11) claimed by this broker is suspected to be a clone. Please be aware of the risk!

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

FXPN, a trading name of Leverate Capital Markets Limited Liability Company, is allegedly a forex and CFD broker registered in Belarus that claims to provide its clients with various tradable financial instruments with leverage up to 1:200 and floating spreads from 0.2 pips on the SIRIX Web Trader and Mobile trading platforms, as well as a choice of four different live account types. Here is the home page of this brokers official site:

As for regulation, it has been verified that FXPN has an exceeded Financial Sector Conduct Authority (FSCA) license and a suspicious clone Cyprus Securities and Exchange Commission (CYSEC) license. That is why its regulatory status on WikiFX is listed as “Exceeded” and receives a relatively low score of 3.30/10. Please be aware of the risk.

Market Instruments

FXPN advertises that it offers access to a wide range of trading instruments in financial markets, including forex and CFDs on stocks, precious metals, commodities, indices and cryptocurrencies.

Account Types

FXPN claims to offer four types of real trading accounts, namely Silver, Gold, Platinum and VIP, with minimum initial deposit requirements of $/€/£500, $/€/£10,000, $/€/£50,000 and $/€/£150,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

The broker also offers demo accounts without an expiry date. Demo accounts that have been inactive for longer than 90 days from the last login will be closed. However, you can open a new demo account at any time. Please note that a maximum of 5 active demo accounts are allowed.

Leverage

The maximum leverage ratio provided by FXPN is capped at 1:200. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

All spreads with FXPN are a floating type and scaled with the accounts offered. Specifically, clients on the Silver account can experience spreads from 1.1 pips, while the other three account holders can enjoy tighter spreads from 0.8 pips, 0.5 pips and 0.2 pips respectively. As for commission on stocks, 0.5% on the Silver account, 0.4% on the Gold account, 0.35% on the Platinum account and 0.3% on the VIP account.

Trading Platform Available

Platforms available for trading at FXPN are SIRIX Web Trader and Mobile Trading on iOS and Android devices. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

FXPN says that deposits will be accepted by bank transfer, Swift, e-wallet, debit/credit card or any other method of e-money transfer. The minimum initial deposit requirement is said to be $/€/£500.

Fees

FXPN also charges a trading fee, which varies depending on account type. For example, the Standard fee on the Silver account, 10% discount on the Gold account, 25% discount on the Platinum account and 50% discount on the VIP account.

Customer Support

FXPNs customer support can be reached by telephone: +357 29 369 80 87 (Monday-Friday 9 AM-6 PM), email: support@fxpn.by, complaints@fxpn.by or send messages online to get in touch. Location: 223050 Minsk region, Kolodischi, Minskaya st. 69a-2, Office 34, Republic of Belarus.

Pros & Cons