FXPIG are an online brokerage with a range of customised trading solutions for retail and institutional traders. Primarily operating as an STP forex broker, they provide the powerful and sophisticated cTrader and MT4 platforms along with a FIX API solution and PAMM accounts. However, the brokers regulation could be improved as could the non-FX trading instruments. Educational resources are also lacking when compared to other brokerages.
FXPIG Review, Pros & Cons
- PAMM accounts
- FIX API trading solutions
- cTrader & MT4 platforms
- Excellent customer support
- Limited non-FX trading instruments
- Limited educational materials
- No US clients accepted
- Minimum $500 deposit to open a real account
- No contact telephone number
In this detailed FXPIG review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FXPIG is a forex broker that offers online trading via sophisticated and user-friendly trading platforms with low spreads that are backed be executable liquidity and competitive commissions. FXPIG was founded in 2010 in Auckland, New Zealand. The brokers vision is to offer a more transparent and client centric model with pricing that reflects true market conditions.
FXPIG is a straight through processing (STP) broker that states they do not trade against its clients and are not counterparty to their trades. The brokers transparency is evident by the statistics openly displayed on the website that are recalculated every 30 minutes based on data from the last 24 hours. These numbers show the average slippage in pips and average execution time in seconds.
100% of their trade flow is passed directly to aggregated liquidity providers, meaning that they push all client trades into the transactional FX Marketplace, without creating their own market in house. If you want to see a FIX trade log showing how your trade was executed all you need to do is ask them and they will be happy to show you.
Prime Intermarket Group Asia Pacific Limited, doing business as FXPIG currently operates under a Principal’s License for Dealing in Securities (VFSC Company Number 014578), granted by the Minister of Finance and Economic Development of Vanuatu, under the arm of the Vanuatu Financial Services Commission. Vanuatu has enacted rules regarding financial and AML audits, as well as comprehensive internal activity reports which allow the regulator to stay on top of the inner workings of all of its licensed members.
All FXPIG client funds are held in segregated accounts and are never utilized to cover company related expenses or overheads. Eligible clients can get coverage from the Financial Commission for up to $5,000.
FXPIG has always maintained a high level of internal and external compliance standards regardless of the standards imposed on the company by any particular regulator.
FXPIG is proud to serve clients from nearly 100 countries across the globe, including, but not limited to: Australia, specific provinces, where permissible by law in Canada, Germany, China, Russia, and many more.
FXPIG does not open or maintain accounts for Vanuatu based entities or residents or U.S. based entities or residents who are classified as retail or low net worth clients as per the most recent definition of such by the CFTC. Governmental restrictions along with our own internal company policies prohibit FXPIG from opening accounts originating from restricted and/or OFAC sanctioned countries.
Some FXPIG broker features and products mentioned within this FXPIG review may not be available to traders from specific countries due to legal restrictions.
FXPIG provide a choice of powerful and intuitive trading platforms including cTrader, MetaTrader 4, PAMMs, FIX API and customised liquidity solutions. You can use the free trading platforms provided to trade what you want, when you want. Stay connected to the FXPIG MT4 and cTrader platforms while on the go from your iOS or Android mobile device using the official Metatrader 4 and cTrader Apps available in the Apple App Store or the Google Play Marketplace.
MetaTrader (MT4) remains one of the most popular trading platforms that is used by millions of traders around the globe. It is well known for its easy to use interface and abundance of built in trading tools. There is also a plethora of additional tools available to add to the functionality of the platform. MT4 can run on desktop, web and mobile devices.
FXPIG MT4 platform features include:
- STP execution
- Multiple order types
- Hedging is allowed on all feeds
- Trade via FIX API and use MT4 as your Front-End GUI
- Multiple timeframes
- Multiple chart types
- No limits on the number of open orders you can have at any one time
- Fast Liquidity bridge built in-house, processing orders in < 5ms
- Hosted on trading infrastructure in Equinix LD4
- Level II, or Depth of Market data, available on select pricing feeds
- Automated trading via expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- Technical indicators & drawing objects for conducting detailed chart analysis
cTrader is widely regarded as one of the best trading platforms. cTrader at FXPIG provides full STP access to four distinct pricing feeds built for professional and new traders. Dealing desk intervention is impossible, supplying traders with a level trading field to help them reach their trading goals.
Some of the core cTrader platform features include:
- Level II Pricing
- Quicktrade Execution Settings
- Asynchronous order processing
- Visual deal mapping on charts
- Smart stop out capabilities
- Ability to set your own time zone
- Trade directly from the charts
- Native fix 4.4 accessibility
- Auto move to break even & trailing stops
FXPIG has solutions low latency FIX API trading on an advanced and innovative forex trading infrastructure. There is a FIX 4.4 API with access to eight different pricing feeds in New York and London. It requires no minimum volume requirements, no special minimum deposit requirements and no monthly fees.
FIX API is the connection between the trader and the liquidity provider that is executing your trades. FIX stands for Financial Information eXchange. When you trade via a platform (cTrader, MT4, etc), those platforms need to receive your trade request and convert that request to a FIX Message and then transmit that FIX Message via the FIX API session your broker has established with their connected liquidity providers. In MT4’s case this conversion is done via a ‘bridge’, a plugin that sits on the MT4 server and converts MQL language to something more standard, a FIX API message. When you trade over a direct FIX API connection you bypass the added latency that comes along with using one of these platforms. This can increase trade execution speeds and get professional traders the price quotes they need.
Essentially a FIX API is just a set of protocols or rules that allow you to connect to a FIX host and not only receive incoming market data but also receive and transmit order requests and execution conformation messages. The four point four in FIX API 4.4 is simply the version of the FIX code you are working with.
If you do not want to trade manually, you can use the FXPIG PAMM accounts. A PAMM is an alternative investment into a managed forex account. Similar to a forex fund, you invest and a trader does all the trading. FXPIG have a selection of PAMMs catering to different trading styles so that you can choose on suitable for your own trading preferences. You can check PAMM account statistics including starting deposit, gain, equity, drawdown, etc. Commissions and performance fees are charged on PAMM accounts.
Each of FXPIG’s clients has direct access to their MyFXPIG Portal where they can view information related to their deposits, withdrawals, profit and loss, commissions charged and statistical data. In addition, from this same portal, clients have the ability to pull custom statements whenever needed that can be viewed online or downloaded in PDF format.
For utmost transparency the Master Account is also tracked publicly on the popular third party tracking website, MyFXbook. Clients can maintain control by having the ability to detach their accounts from the Master Account at any time without the need to contact the trader or FXPIG. You can choose when to invest, when to withdraw, and when to diversify.
Incoming deposits are allocated to the Master Account instantly upon successful transfer from a funded eWallet. Withdrawals are accepted 24/7 and processed once the Master Account is flat, meaning there are no open trades. Partial withdrawals while the account is showing open positions are not possible, however deallocation requests are processed immediately upon receipt.
It should be strongly emphasised that there are absolutely no guarantees on how PAMMs will perform. There are significant risks involved with trading that you should be fully aware of.
FXPIG Trading Tools
Most of the trading tools are built within the provided trading platforms. In addition to these tools, the broker provides an economic calendar and trading calculators.
FXPIG have a good selection of trading calculators to help plan your trades. These include an all in one calculator, margin calculator, profit calculator, swap calculator, pip calculator, commission calculator and more. This are useful to let you know how much swap you will pay on your trade, or how much commission, or how much margin you will need, or the pip value based on your actual trade size.
This displays the latest economic event and the impact that they may have on the forex market. This is often used as part of a trader’s fundamental analysis.
FXPIG provide a limited amount of educational materials which are in the form of articles and videos freely available on the brokers website. These are not frequently updated although there is a blog with some useful information such as market analysis and news to help you keep up to date and informed with the latest happenings.
FXPIG offers around 69 trading instruments via their trading platforms. This is slightly limited when compared to other online brokerages who can offer thousands of instruments. The brokers tradeable assets include:
- Major, minor and exotic forex currency pairs
FXPIG Accounts & Fees
FXPIG have trading accounts from a minimum $500 deposit with leverage of up to 1:400 available. The minimum lot size is 0.01 and spreads start from 0 pips. Commission is charged from $5 per lot. The broker provides 6+ pricing feeds and a choice of 3 platforms.
They have a choice of accounts with single and multiple point aggregation feeds that cover all types of trading strategies:
- SPA: Single Point Aggregation; A single hub aggregation of top tier FX liquidity customized to client’s trade flow. A Prime Broker Offering direct to the retail FX world
- MPA: Multiple Point Aggregation; An aggregated feed of pre-aggregated liquidity which includes a multiple venue matching engine
- Customised: Venue specific liquidity, alternative pools built on larger non-bank MM flow, available to trade on MT4 and via FIX API out of LD5 and NY4
As broker fees can vary and change, there may be additional fees that are not listed in this FXPIG review. It is imperative to ensure that you check and understand all of the latest information before you open an FXPIG broker account for online trading.
FXPIG provide the same high standard of dedicated customer support to all clients whatever their experience level or investment size, all are treated with the upmost respect. VIP level support with direct access to upper management is available for all FXPIG clients. You can reach out to them by using the form on the website, connecting on Skype, sending them a quick email, or via the PIG Messenger (live chat) by clicking on the floating purple widget on the bottom right of the website. Unfortunately, there is no contact telephone number.
FXPIG Deposit & Withdrawal
You can make deposit and withdrawals to and from your FXPIG account via the client portal using a variety of secure and stable funding methods. The broker has no cost deposit options and low-cost withdrawal options. Funding options include:
- Bank transfer: ALL incoming SWIFT® wires priced at 25 EUR
- Credit/debit cards: The current rate is 3.75% + 0.50 on all deposits
- Neteller: Deposit fees are set at 3% and 3.5%
- Skrill: Deposit fees are set at 2.5%
- Uphold: Deposit fees are set at 15 USD
Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal. Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. FXPIG strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your FXPIG trading account.
Accounts can be opened in AUD, EUR, GBP, JPY, USD. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
FXPIG Account Opening
Opening a FXPIG trading account is a simple online process that takes a few minutes to complete. You just follow the six steps below to get your account opened whilst the customer support team are on hand to assist you if you get stuck at any point during the process.
1. Click on the LET’S DO THIS button below and enter your email address
2. Click on the link that is sent to you in an email entitled ‘One Last thing…’
3. Create your MyFXPIG Portal Password
4. Complete the Profile Wizard
5. Once inside the Portal Click on the GO LIVE button on the top right of the screen
6. Complete the Application
Overall, FXPIG is an online broker that puts great emphasis on its trading infrastructure and technologies. It is focused on offering professional and retail traders good spreads, execution speeds and competitive commissions. They offer customised trading solutions to cater to all different types and experience levels of trader.
The platforms are powerful and sophisticated with more than enough tools and capabilities to satisfy most traders. There is also the option of FIX API and PAMM trading. The customer support team are prompt and polite in their responses whilst there is a reasonable selection of account funding options.
Despite this, the non-FX offering from this broker is very limited. The regulation would also not be considered by many to offer as much protection as perhaps FCA, ASIC or CySEC regulation would offer. They could also benefit from offering some educational resources to traders such as trading tutorial videos and guides. Furthermore, integration with a social trading platform could also be deemed useful by some traders.
Trading in the Forex or CFD Markets is speculative in nature and not appropriate for all investors. Investors in the Forex or CFD Markets should only use risk capital when trading futures, options, and Forex because there is always the risk of substantial loss.