A Forex Broker Promising No Smoke and Mirrors – Read our FXPIG Review
The minute we landed on the FXPIG landing page, we realized we were in for a treat. The tired and boring format that many online brokers tend to adopt has been thrown right out of the window. FXPIG promises “Truth in Trading”, no smoke and mirrors and says it will be your partner not your broker. The website is owned and operated by a company called Prime Intermarket Group Asia Pacific Ltd, which is obviously the link with the unusual name it has chosen. It operates under the authority of the Vanuatu Financial Services Commission, as its headquarters are located in the Republic of Vanuatu.
Some of you may never have heard of Vanuatu, let alone realized it may have a financial regulatory body. But it’s a regulatory body to look out for as it is becoming increasingly popular among Forex and binary options brokers. There are a number of reasons for the surge in brokers choosing this location. It offers a variety of tax benefits as in no income tax, capital gains tax nor inheritance tax. However, the two main reasons for the increase in popularity of Vanuatu licenses is that it is quick (generally only two months) and far less costly to be licensed than many other better known regulatory bodies would charge.
So what can we tell you about this broker?
Firstly, there don’t appear to be any promotions running at present. So we’ll start by looking at the account types that are available.
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FXPIG offers standard accounts based on two different feeds
As we’ve already mentioned, things are done a little differently at FXPIG and this applies to the available account options along with many other aspects of the service. There are two standard accounts based on the two feeds that are offered, which are MPA and SPA feeds. Both feeds are 100% STP, with the difference being in the liquidity aggregation pool. SPA is able to offer faster execution and lower spreads than MPA. MPA spreads start as low as 0.7, while SPA spreads start at 0.3 pips. SPA stands for Single Point Aggregation and offers top tier FX liquidity from banks and Market Makers. MPA stands for Multiple Point Aggregation and provides a feed of pre-aggregated liquidity, from ECNs and prime of prime and aggregators.
FXPIG provides traders with a handy little tool in the form of a calculator. It will let you know how much swap you’ll pay on your trade. How much commission, how much margin you’ll need. As well as the pip value based on your actual trade size. The FXPIG calculator also includes the formulas so you can work out the calculations for yourself.
There is a great range of currency pairs to choose from. Including, of course, the majors as well as a few others. And it states that if you can’t find the pair or pairs you’re interested in trading let them known and they will try their best to get them streaming on one of the available feeds.
FXPIG is offering cTrader – Should you be looking for a change from MetaTrader 4
If you happen to be one of those who is a little tired of only being offered MetaTrader 4, you’ll be pleased to know that FXPIG is offering something different. cTrader is the trading platform for those who want a change from the usual and provides full STP access for SPA and MPA feeds. There is no dealing desk, guaranteed, so you can be confident of a level trading field. It can be found inside the MyFXPIG portal on the demo and live account creation pages. cTrader offers the following features:
- Level II pricing
- Detachable charts
- Quicktrade with both one click and double click trading from the top of every chart
- Timeframes and zoom levels
- cAlgo integration
cTrader can also be used by those of you who much prefer to trade on the go. cTrader apps as well as the official MT4 trading app can be downloaded to enable trading using an iOS or Android mobile device.
We should mention that MetaTrader 4 is also available at FXPIG. Because the broker is aware that there are still a number of traders who would prefer to use a tried and tested platform and one they may already be very familiar with.
Customer education and support at FXPIG
There is an education section included as part of the FXPIG website, but as you might expect from a broker that seems to revel in being different, it’s not quite what you would expect. The aim of this section is to offer unique and worthwhile information in order to level the playing field. After all, an educated trader is a profitable trader. The articles are indeed informative and actually written in a fun and engaging way. As is the rest of the website. And it is all really rather refreshing. It’s obvious this broker has put time and effort into creating the website. Which makes a change from those that only want to rehash the same boring format.
If you need to get in touch with this broker, it can be done via live chat. We tried this option and were very pleased with the result. We received an answer immediately and were able to chat with a very friendly and helpful customer service representative. If you haven’t signed up to become a PIG yet you can also use Skype, telephone, email or by visiting the office in Vanuatu.
So what did we think of FXPIG? From the very beginning, we were impressed with how different they have managed to make the whole experience. There’s nothing stuffy about the site and it’s really quite fun. The content is engaging and makes you want to learn more and carry on reading. It was a broker originally licensed and regulated in New Zealand. But in 2016 decided to move operations and set up its base in Vanuatu. Why they decided to do this is explained in one of the articles in the education section and the reasons given seem more than reasonable.