You can thank MiFID for this (click to enlarge):
This retail FX operation, FxPro, purports to offer its clients 500/1 leverage. So if you put up $2k you can trade $1m – just like a professional. And if the currency pair moves 0.2 per cent the wrong way, you are get wiped out – just like an idiot.
FxPro is regulated by the Cyprus Securities and Exchange Commission, which under MiFID allows the company to operator all over Europe.
It’s worth checking out the management team. Chairman Denis Sukhotin, for example:
Prior to establishing FxPro, Denis built and ran a number of successful companies that were sold to other parties.
Course he did.
Here’s the corporate social responsibility pledge:
At FxPro we also recognise the importance of preserving the natural environment that sustains life on earth for future generations and helps humanity to attain the dream of a healthy and happy life.
Aside from the Virgin F1 sponsorship, the firm was awarded “Best Forex Broker, Europe” by World Finance magazine last year, and a year earlier won European CEO magazine’s coveted “Best Foreign Exchange Broker 2008.”
Anyone feeling nervous for some reason should know that clients of FxPro are covered under the Investor Compensation Fund.
In Cyprus.
(H/T jck and Praxis22)
Related links:
Retail FX hustlers await their fate – FT Alphaville
The $100bn FX hustle – FT Alphaville