Richard Montana | August 2, 2022
FXPIG are an online brokerage with a great range of customised trading solutions for retail and institutional traders alike. Primarily operating as an STP forex broker, they provide the powerful and sophisticated cTrader and MetaTrader platforms for you to trade online in a top-class environment. There is an industry leading FIX API solution for professional traders and PAMM accounts for money managers and investors. However, the brokers non-FX instruments could be improved whilst the educational resources are also lacking when compared to some other brokerages. That being said, I have been with FXPIG for many years and find them to be great for trading forex. They have very low spreads and reliable execution speeds. I also appreciate the excellent support that I have received over the years in which I have held multiple accounts with them.
Pros & Cons
- Professional cTrader and MetaTrader platforms
- Institutional FIX API trading solutions
- PAMM accounts for money managers and investors
- Tight spreads and low commission fees
- Rapid trade execution speeds with plenty of liquidity
- Choice of price feeds depending on your strategy
- Very good trading conditions
- Great for trading forex pairs
- Free demo trading accounts
- Excellent client focused support
- Limited non-FX trading instruments
- Minimum $500 deposit to open a real account
- Limited educational materials for beginners
- Clients not accepted from some countries
FXPIG is primarily a forex broker that offers you online trading services via sophisticated and user-friendly trading platforms with low spreads that are backed be executable liquidity and competitive commissions. The broker was founded way back in 2010 in Auckland, New Zealand. They have the vision to offer a more transparent and client centric model with pricing that reflects true market conditions. I have found them to deliver on this promise and a lot more. You will find that they go above and beyond to make sure that you can get some of the best trading conditions that you will find anywhere.
The broker operates via the straight through processing (STP) model which means that they do not trade against its clients and are not counterparty to your 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. This is really impressive and isn’t something I have seen any other broker do, so it really helps set them apart from the competition.
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. I love this transparency and personalised approach which is something so hard to find in an industry dominated by huge global brands who focus too much on quantity over quality.
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.
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. Whilst some may argue that the VFSC is not considered a top-tier regulator, it is good enough for me. In the years that I have had accounts with FXPIG, they have never given me any problems. All of my deposits and withdrawals have gone through without delay. I have also found the trading conditions to be on par and if not better than some of the more well-known brokers out there.
All FXPIG client funds are held in segregated accounts and are never utilized to cover company related expenses or overheads. This gives me the additional comfort that my funds are safe and will not be used for anything else other than my trading strategies. If you are an eligible client then can get coverage from the Financial Commission for up to $5,000 in the unlikely event that something was to go wrong.
The broker 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. They do 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. If you cannot open an account with them due to these restrictions, feel free to take a look at our broker ratings for other options.
FXPIG provide you with an excellent 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. It is great that they have some of the best trading platforms for retail and instructional traders. You will find that most brokers provide MetaTrader 4 which makes it a popular choice but cTrader is also brilliant for an enjoyable trading experience.
MetaTrader (MT4) remains one of the most popular trading platforms that is used by millions of forex 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. I have used MT4 since I started trading online and have never felt the need to switch to another platform. It does everything I need to and more. My favourite feature is the automated trading via expert advisors. I run multiple trading robots on the desktop version of the platform whilst the trading app is perfect for keeping track of my positions whenever I like. The main advantage of the web platform is that you can access from the web browser of any device without needing to download anything. It is also always up to date.
Some of the FXPIG MT4 platform key 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
With the excellent MetaTrader 5 (MT5), you can access over 250+ tradeable products across 9 asset classes using one of the most popular trading platforms in the industry. With the new and improved MetaTrader 5, it becomes easier to monitor and control your trading quickly and precisely with advanced order management and feature-packed charting capabilities. MetaTrader 5 is available on both Standard and Pro account tiers.
- 250+ trading products
- Flexible leverage
- Raw plus commission or all-in price feed
- 0.01 minimum lot size
- No trading restrictions
- 100% STP execution
cTrader is widely regarded as one of the best platforms for professional trading. 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. I think if you are new to trading or just want a basic interface to follow the markets and place trades, MT4/MT5 should suffice. However, if you are looking to implement more complex strategies and algorithms, you may want to edge more towards cTrader. Regardless, they are both industry leading platforms so you can’t really go wrong with either. FXPIG are one of a few brokers that I have come across who have both of these platforms, Pepperstone being my other recommendation.
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 ideal solutions for 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. I would say it is one of the best API solutions I have ever come across, up there with the likes of Global Prime.
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.
You will find that the majority 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. There should be more than enough to meet the needs of even the most demanding traders.
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. I found them very helpful to quickly and easily perform my calculations.
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. I always check the news to help me with my trading decisions.
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. If you want more educational content then you could consider FXTM instead. They have plenty for you to get your teeth stuck into.
FXPIG have a reasonable selection of around 69 trading instruments via their trading platforms. This is slightly limited when compared to other online brokerages who can offer thousands of instruments such as FP Markets. That being said, if you want to just trade forex, they have an excellent selection of currency pairs. It would be great if they could add some cryptos like brokers such as XTB. The brokers tradeable assets include:
- Major, minor and exotic forex currency pairs
- Metals such as gold and silver
- Energies like oil and gas
- Equities in popular companies
FXPIG have versatile 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 very low at 0.0 pips. Commission is charged from $5 per lot which is lower than many brokers. I have seen plenty with commission at $7. If a broker says they charge zero commission you should keep in mind that they are probably adding a spread mark-up to cover this cost.
FXPIG provides a generous choice of 6+ pricing feeds and 3 powerful trading platforms. I like how we get to choose the price feed we wish to use. This is something I haven’t seen any other broker do. The feed you opt for is likely to depend on your trading strategies. I like to scalp and therefore I went for the feed with the overall lowest spreads and commission fees. You can switch between feeds at any time from within your account dashboard with no hassle.
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 MetaTrader and via FIX API out of LD5 and NY4
- Demo: As with most brokers, you can open a free demo account that comes preloaded with virtual funds. This is a great way for you to try out the different platforms and practice your trading strategies before trading online with real funds.
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
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 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. I have received some of the best support from this broker and think that this is another area in which they really excel. As they aren’t as big as some brokers, they are able to provide you with a more personalised approach which I found refreshing.
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. I like to use digital wallets and therefore used the Skrill option which gave me quick access to my funds without any problems. The funding options that you can choose from 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. Accounts can be opened in a decent range of currencies which are 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. Due to Anti Money Laundering (AML) policies, the broker strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your trading account.
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 slightly 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 dedicated social trading platform could also be deemed useful by some traders.
That being said, I have had a few accounts with them for many years during which I have enjoyed one of the best trading experiences that I have received from any broker. The one on one support, choice of price feeds and funding options are some of the standout features from my perspective. If you want to trade forex then I think they are certainly worth consideration.