FXPIG Review
FXPIG has been providing superior online brokerage services for over many years. Trading has never been more adaptable and user-friendly because of FXPIG's emphasis on customers. FXPIG provides over 250 tradable assets on the world's leading trading platforms. Users may be confident that FXPIG will provide a suitable solution.
FXPIG is an online CFDs and forex broker. Prime Intermarket Group (PIG) was established in 2010 has its headquarters in Port Vila, Republic of Vanuatu. The broker is regulated and authorised by the Vanuatu Financial Services Commission (VFSC). I think FXPIG are a great choice for retail and institutional traders who are looking for professional trading conditions.
FXPIG has a nice product portfolio of over 250 trading instruments covering various asset classes such as forex, CFDs, stocks, indices, cryptocurrencies, and commodities. In addition, the broker offers competitive trading costs with multiple accounts options. In terms of trading tools, the broker provides the intuitive and robust MetaTrader platforms from MetaQuotes along with the excellent cTrader platform from Spotware Systems Ltd, which is considered an institutional-level trading platform. Moreover, the broker provides beneficial trading tools such as powerful API trading and a free VPS service.
FXPIG does not offer much in terms of educational and research resources, which might be a reason for beginners to hesitate while signing up with the broker. However, I feel that the broker is so focused on providing industry leading trading conditions that it is not a surprise there isn’t an abundance of educational content. That being said, if you are a beginner you can find plenty of free educational content elsewhere online and they do have the option of a free demo account which is a great way to improve your trading skills.
This review covers all the salient features and services FXPIG provides. But, let’s start with the advantages and disadvantages of opening an account with FXPIG.
FXPIG has over 10 years of experience in the trading industry and is regulated by VFSC. The broker provides over 250 trading instruments and multiple account types to choose from. In addition, the broker offers MT4, MT5, cTrader, and FIX API solutions to its individual and corporate clients. FXPIG also provides useful trading tools, including VPS service, trading calculators, and custom indicators. Moreover, FXPIG provides the opportunity to invest in portfolios of professional traders or become a money manager if you are good at trading and have a proven track record to back it up. The broker provides straight-through processing (STP) executions to enhance your trading experience with liquidity provided by top banks. This ensures that you can trade with some of the best prices on the market. In addition, FXPIG offers Islamic accounts and demo accounts. Moreover, the broker provides zero spread accounts. The broker has multiple payment options, and they do not charge any deposit or withdrawal fee. Finally, the broker does not charge an inactivity fee.
On the other hand, FXPIG is not listed on any stock exchange as a public company. Therefore its financial information is never disclosed in public and the broker does not hold a banking licence. The broker offers very limited educational resources. In addition, the required minimum deposit for opening an account is comparatively high at $200. Moreover, FXPIG does not provide client support via phone and only provides support on weekdays, 24/5. FXPIG does not accept clients from a few countries, including the US. If you are in the USA then IG would be my top choice of broker to consider instead.
FXPIG provides over 250 financial products covering various asset classes such as CFDs on forex, stocks, indices, cryptocurrencies, and commodities. However, the broker does not provide other asset classes, including options, bonds, ETFs. If you are looking to trade those then you might want to consider AvaTrade as an alternative broker.
FXPIG Instruments Summary
| Instruments | FXPIG |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | ✓ |
| Options | x |
| Bonds | x |
| ETFs | x |
| CFDs | ✓ |
Commission and Spread Fees
FXPIG provides ideal trading conditions in terms of spreads and commissions. Let’s look at different account types and the trading conditions they have.
Standard account: A standard account has two options: Zero commission or zero spread. Without a commission fee, spreads start from 0.9 pip. The commission fee starts from $4 per lot per side with zero spreads.
Premiere account: A premium has also two options: Without a commission fee, spreads start from 0.7 pip. The commission fee starts from $3 per lot per side with zero spreads.
Pro account: A pro account requires a high minimum deposit. However, it comes with a huge advantage. Traders can enjoy zero spreads with a commission fee of only $2 per lot per side. These are some of the best trading conditions that I have seen from any broker and could be suitable for both scalping and automated trading. One of the only other brokers I have come across providing commission of $2 per side with zero spreads is RoboForex.
| Fee | Standard | Premiere | Pro |
|---|---|---|---|
| Account type | Raw/All in | Raw/All in | Raw |
| Commission (per standard lot per side) | $4/$0 | $3/$0 | $2 |
| Spreads from | 0.0/0.9 | 0.0/0.7 | 0.0 |
Deposit and Withdrawal Fees
FXPIG does not charge deposit or withdrawal fees from its clients. However, service providers may incur their service fee, so you need to check with your service provider before processing payment.
Inactivity Fees
FXPIG does not charge an inactivity fee from its traders.
FXPIG offers a variety of sophisticated and user-friendly trading platforms, including cTrader, MetaTrader, PAMMs, FIX API, and bespoke liquidity solutions. You may trade what you want, when you want, using the free trading platforms supplied. Stay connected to the FXPIG MT4, MT5, and cTrader platforms while on the road by downloading the official MetaTrader 4, 5, and cTrader Apps from the Apple App Store or the Google Play Marketplace.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is still one of the most popular trading platforms, with millions of traders worldwide using it. It is well-known for its user-friendly design and plethora of built-in trading tools. There is also a myriad of extra tools available to enhance the platform’s capabilities. MT4 can be used on a PC, a web browser, or a mobile device.
Among the characteristics of the FXPIG MT4 platform are:
- STP implementation
- There are several order kinds
- Hedging is permitted on all feeds
- Trade using the FIX API and MT4 as your front-end GUI
- Several timeframes
- Various chart kinds
- There are no restrictions on the number of open orders you can have at any given moment
- In-house created fast liquidity bridge, processing orders in 5ms
- Depth of Market data, hosted on trading infrastructure at Equinix LD4 Level II, is available on select price streams.
- Expert advisors are used to automating trading (EAs)
- EAs will be backtested using historical data by a strategy tester
- Technical indicators and drawing objects for doing in-depth chart analysis
MetaTrader 5 (MT5)
For more than a decade, MetaTrader has been the go-to trading platform for retail traders and investors alike. With enhanced order management and feature-rich charting tools, the new and updated MetaTrader 5 makes it simpler to monitor and control your trade fast and precisely. MetaTrader 5 is offered in two account tiers: Standard and Pro.
FXPIG provides greater trading options with two separate price feeds across two account tiers, allowing clients to trade more than 250 items across six asset classes with Zero Trading Restriction and 100 percent STP Execution on MetaTrader 5.
As one of the industry’s premier trading platforms, MetaTrader 5 is fully equipped with a top-tier back end, bridge, and data centre to ensure customers receive the finest execution and trading experience possible. MetaTrader 5 is hosted by FXPIG at the Equinix LD4 data centre in London, UK, which is one of the world’s leading data centre. Not only that, but FXPIG provides lightning-fast execution and raw spreads by partnering with one of the industry’s leading FX bridge and aggregation tools. FXPIG provides MetaTrader 5 iOS and Android for traders’ mobile devices, ensuring that you never miss a deal again. Clients may trade from their phones using FXPIG’s MetaTrader trading application. Positions may be managed using market or pending orders, stops, and limits, as well as bespoke charting layouts that include indicators and all chart kinds.
cTrader
When combined with FXPIG’s Award-Winning Liquidity and product offering, cTrader is the chosen platform for institutional traders. FXPIG expands trading alternatives for cTrader users by providing numerous account types and pricing sources. FXPIG’s Raw+Commission Feed or All-In Feed are available to clients across all three account types: Standard, Premiere, and Pro. With no trading restrictions and 100 percent STP execution, you may access over 250+ products across 9 asset classes.
While cTrader is a real institutional front-end platform, it also necessitates a top-tier back end and data centre in order to give customers the finest execution and trading experience possible. The cTrader Platform of FXPIG is housed at the Equinix LD4 data centre in London, UK. The LD4 data centre is the world’s leading data centre, with greater trading volume than New York or Tokyo, and it is home to over 600 buy and sell-side enterprises. In addition, FXPIG has teamed with the best FX bridge and aggregation software to provide lightning-fast execution with some of the industry’s lowest spreads!
The depth of market feature on cTrader displays the whole range of executable prices obtained straight from liquidity sources. Orders are filled using Volume Weighted Average Price against the whole order book (VWAP). To guard against erroneous prices, pending orders and stop losses might be activated by the opposing side, the second consecutive price, and even the second consecutive opposite price. Advanced Take Profit may be used to exit a trade at numerous levels.
cTrader provides two types of stop-outs. The position with the greatest margin will be partially closed in order to retain the position and the entry point. Margin, positions, and balance are all protected by this algorithm. Fair Stop-Out, on the other hand, completely closes the greatest margin-taking position, rather than the most unprofitable position. This strategy allows as much space as possible to be freed up to safeguard the remaining places. Quick trade allows you to open, close, and alter orders with one or two clicks from any portion of the platform. This enables traders to respond quickly to volatile markets. A live market mood indicator shows the percentage of long versus short positions in all other trades made with cTrader and all supported brokers. This tool is ideal for assisting with the decision of whether to enter or quit the market.
FIX API
FIX (Financial Information Exchange) API (application programming interface) is a financial information exchange electronic communications protocol. It is used to facilitate communication between a customer, trader, investment fund, or broker and a liquidity provider. FXPIG have one of the best API solutions I have seen from any broker, putting them up there with Darwinex in terms of quality.
The FIX API is a global standard. Many banks, prime brokers, and hedge funds utilise it. The beginnings of FIX API may be traced back to the early 1990s when a group of volunteer programmers was looking for ways to help with communication when trading equities. In 1998, this group of programmers established FIX Protocol Limited (FPL), a non-profit organisation dedicated to growing, improving, and supporting the protocol.
PAMM/MAM
You can utilise the FXPIG PAMM accounts if you do not wish to trade manually. A managed forex account (PAMM) is a type of alternative investment. You invest, similar to a forex fund, and a trader handles all of the trading. FXPIG offers a variety of PAMMs that cater to various trading styles, allowing you to select one that best suits your trading needs. You can view PAMM account statistics such as starting deposit, gain, equity, drawdown, and so on. PAMM accounts are subject to commissions and performance fees.
Clients of FXPIG have direct access to their MyFXPIG Portal, where they can view information about their deposits, withdrawals, profit and loss, commissions charged, and statistical data. Clients can also access custom statements from this portal at any time, which can be viewed online or downloaded in PDF format.
For maximum transparency, the Master Account is also publicly tracked on the popular third-party tracking website, MyFXbook. Clients can maintain control by detaching their accounts from the Master Account at any time without contacting the trader or FXPIG. You have the ability to determine when to invest, when to withdraw, and when to diversify.
Upon successful transfer from a funded eWallet, incoming deposits are instantly allocated to the Master Account. Withdrawals are accepted 24 hours a day, seven days a week, and are processed once the Master Account is flat, which means there are no open trades. Partial withdrawals are not permitted while the account is showing open positions; however, deallocation requests are processed immediately upon receipt.
It should be emphasised that there are no promises on how PAMMs will perform. Trading entails significant risks that you should be fully aware of. You can get access to managed accounts through quite a few brokers, FXOpen being another popular option.
Tick Trader
Tick Trader is available in five distinct styles: tick charts, tick speed, timed charts, tick candles, and “Versus” charts, which allow for rapid trading and FIFO entrance and exit. This can be a great solution for those of you who are running strategies that rely on small tick movements in price.
VPS Hosting
FXPIG provides VPS hosting services to its clients who want to automate their trading with expert advisors or copy trades. I have a VPS and find it to be an invaluable tool for running my automated systems remotely 24/7 without needing my own computer switched on. You can also get a free VPS from competitors including IC Markets.
FXPIG Platforms Summary
| Platform | FXPIG |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | ✓ |
| cTrader | ✓ |
| Proprietary | x |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | x |
FXPIG offers a small number of instructional materials in the form of articles, which are freely available on the broker’s website. Although they are not regularly updated, there is a blog with some valuable information such as market analysis and news to assist you to stay up to speed and informed with the newest occurrences.
On the downside, the broker does not offer dedicated resources such as webinars, videos, Autochartist, and Trading Central. I think this is an area in which there is room for significant improvement. Granted, the provided platforms are already loaded with more tools than most will ever need, but if you are an absolute beginner and looking for educational guides and videos, you might want to consider IronFX as an alternative broker.
Blog
FXPIG has a few educational guides, tutorials, market news and company news on its blog.
Economic Calendar
The tool forecasts macroeconomic events in the future. It is a handy tool for keeping track of significant economic indicators, news, and warnings as they occur.
Correlation Matrix
This is a great tool that can help you to understand the link between different markets and instruments to manage risk and act accordingly. The positive or negative correlation can assist you in gaining a better understanding of your total portfolio and what is happening across the markets.
FXPIG Research and Education Summary
| Resources | FXPIG |
|---|---|
| Market Analysis | ✓ |
| Guides | ✓ |
| Videos | x |
| Webinars | x |
| Autochartist | x |
| Trading Central | x |
| Economic Calendar | ✓ |
| Other | x |
FXPIG offers and accepts payments through bank transfers, debit/credit cards, e-wallets and cryptos. There is a great selection of flexible, quick and easy payment options so that everyone can choose something that is convenient for them. I have made deposits and withdrawals from my FXPIG account using e-wallets and did not have any issues whatsoever. Funds were transferred quickly without the unnecessary hassle that I have experienced through some other brokers.
FXPIG Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | ✓ | ✓ |
FXPIG is regulated and authorised by the Vanuatu Financial Services Commission (VFSC). If you are looking for a broker that is regulated by what many would consider to be a top-tier regulator, City Index are certainly worth consideration.
FXPIG Regulation Summary
| Regulator | FXPIG |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | x |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | x |
| CFTC (USA) | x |
| Other (VFSC) | ✓ |
FXPIG Safety
Vanuatu has adopted laws governing financial and AML audits, as well as thorough internal activity reports, allowing the regulator to remain on top of all of its regulated members’ inner workings.
All client money at FXPIG is stored in separate accounts and is never used to meet company-related expenditures or overheads.
Regardless of the criteria placed on the firm by any individual regulator, FXPIG has always maintained a high degree of internal and external compliance standards.
FXPIG offers client support 24/5 through live chat and email. Unfortunately, there is no contact telephone number at this time. I think they could improve by adding 24/7 support like some competitors such as Fortrade.
FXPIG is an online CFD broker that places a high value on its trading infrastructure and technology. It focuses on providing professional and retail traders with tight spreads, fast execution speeds, and low fees. They can provide customised trading solutions to meet the demands of traders with different strategies and levels of expertise. The platforms are robust and complex, with more than enough tools and capabilities to meet the needs of the majority of traders. There are additional FIX API and PAMM trading options which reiterates that the broker can cater to the needs of all types of traders and investors. The customer care personnel respond quickly and politely, and there is a good number of account funding choices. Integration with a social trading platform may also be beneficial to some traders. Overall, FXPIG are one of my top choices for anyone looking to trade with some of the best conditions in the industry, provided you are satisfied with the VFSC regulation.
