1. History

2. Trading Facilities

3. Education

4. Controversies

5. Sponsorships

6. Corporate Affairs
     Structure  

7. Referenses

FxPro is an online broker that provides on-line trading services to retail clients.

History

The company was originally established in Cyprus in 2006 under the name EuroOrient Securities & Financial Services Ltd. In March 2007 it changed its name to FxPro Financial Services Ltd and obtained a Cyprus Securities and Exchange Commission (CySEC) certificate that allowed it to provide investment services.^[1] FxPro went global opening offices in Europe (France, Spain, Austria, Russia and Greece) and North America, but in 2009 it ceased US operations.^[2]

In 2010 FxPro established a subsidiary in the United Kingdom with an office in London and in October FxPro UK Ltd received authorization from the Financial Services Authority (FSA) to operate as an introducing broker (IB). FxPro UK Ltd provided introducing services as well as conducting full identification and anti-money laundering services to clients that traded with the Cyprus-based FxPro Financial Services.^[3] In 2012 FxPro UK Ltd extended its FSA license and became an agency broker that was allowed to act as principal on its clients' trades.^[4]

FxPro’s trading volumes in Asia grew and by 2011 the company had established a subsidiary in Australia under the name of FxPro Australia Pty Ltd that was authorized by the Australian Securities and Investments Commission.^[5] The Australian office was supposed to serve as a base for FxPro’s expansion into the Asian market, however the Australian government tightened up on capital regulations in the country and FxPro Australia Pty Ltd closed a few months after new regulations came into force in January 2013. The Australian operations were then merged with the offices in Cyprus and the UK.^[6]

The company’s development and expansion continued in the following years. In October 2015 FxPro Financial Services Ltd obtained a license from the South African Financial Services Board (FSB).^[7][8] In October 2017 FxPro’s new enterprise FxPro Global Markets MENA received a Dubai Financial Services Authority (DFSA) certificate and opened an office in the United Arab Emirates.^[9][10] By 2018 FxPro had also received a license to operate from the Securities Commission of the Bahamas. According to FxPro’s records, as of May 2018, the company had served more than 610,000 clients.

Trading Facilities

FxPro provides traders with several electronic trading platforms. These include MetaTrader 4 and Metatrader 5 developed by MetaQuotes Software, cTrader by Spotware Systems, and an FxPro Markets platform which was developed in-house. A spread betting platform was launched in August 2017.^[11]

Third-party developers supply mobile tools such as MetaQuotes and Spotware to be used on various mobile devices. And 2015 an Apple Watch application was created offering FX calculator, economic calendar and news feed. The company also publishes news, in-house analytics and research by external providers that are built into trading platforms.

Education

In 2017 the company launched education products and websites for beginner traders. Such as «Learn from a Pro» seminars, webinars hosted by well-known industry experts, blogs and a Forexology website with articles on the basics of trading. All this was done in an attempt to rebrand online trading as a whole not as a scam but as a professional tool.^[12]

Since then the company has been taking an active role in teaching potential traders how to trade before they actually invest any money (using a demo account).

Controversies

FxPro Australia Pty Ltd set up its operations in November 2011 in Sydney as part of the Asian expansion. However, after being active and regulated by the Australian Securities and Investment Commission (Asic) for only one year, the company was forced to move out of Australia altogether and merge with operations in Cyprus and the UK. This was due to the introduction of new stricter government regulations on Forex brokers operating in the country. Amongst other rules was a requirement for Forex brokers to prepare quarterly cash flow projections at least a year ahead. These reports are required to have been based on reasonable estimates of revenues and expenses and certified by the company’s directors.

Twice in its history plans have been made for FxPro to be part of an initial public offering at the London Stock Exchange, but these plans have been cancelled on both occasions. The company first announced its future IPO in 2010 with an estimated value of £200 million, but decided to cancel it following the unsuccessful examples of FXCM and Gain, that went public in December 2010 and had lost nearly 40 % of their value by 2011.^[13] The next public offering attempt was planned for early 2017 as FxPro’s rival CMC Markets listed in February 2016 for nearly £700 million. In 2015 the plans came to an abrupt end, due to the FCA’s (Financial Conduct Authority) crackdown on the spreadbetting industry. «The FCA consultation paper, published last month, has naturally put a spotlight on the retail trading industry and created a more uncertain regulatory backdrop», said FxPro in a statement. The planned appointments of non-executive directors did not take place and the company has remained private.^[14]

On 15th of April 2016 FxPro ceased operations of its own Mastercard after launching it 2 years previously. The main problem was in the card’s automation.

Sponsorships

FxPro embraced sports sponsorship as a core element of its marketing and the raising of awareness of its brand.^[15]

The company’s most notable partnerships within racing sports took place during the 2009—2010 period. In early 2009 FxPro signed a sponsorship contract with the BMW Sauber F1 team for a 1-year contract worth $5.5 million.^[16] Later in December 2009 when BMW Sauber withdrew from racing, FxPro moved on to sponsoring Richard Branson's Virgin Racing.^[16][17] The company was also the headline sponsor of a number of rallies: the 2009 Cyprus Rally that served as part of the 2009 World Rally Championship season, the 2010 Cyprus Rally — part of the 2010 Intercontinental Rally Challenge and the 2010 FIA Middle East Rally Championship.^[18][19] In May 2018, FxPro announced a multi-year partnership with Formula One motor racing team McLaren.^[20]

Since 2010 FxPro has been involved in a number of association football sponsorship deals, starting with 3-year contracts with Aston Villa F.C. and Fulham F.C.^[21][22] In 2011 the company was the official sponsor of AS Monaco FC for one season. In 2011 the company also supported its expansion into the Asian markets (which was cut short) by partnering with the Asian Football Confederation for their Champions League.^[23] After a brief hiatus from football partnerships FxPro signed a 3-year contract with Watford F.C. thus becoming the first online broker to sponsor a UK Premier League club.^[24]

Sponsorship activities have included rugby as well as football and car racing. In 2011 the company signed a 3-year contract with the Australian Rugby Union (ARU) to become a partner for the Super Rugby championship in the country. The company’s logo appeared on the official match ball at every Australian game and on the official jerseys and shirts of all Australian teams — New South Wales Waratahs, Queensland Reds, Melbourne Rebels, Western Force and The Brumbies.^[25]

Corporate Affairs

Structure

FxPro structure includes the FxPro Group Ltd holding company and companies that operate as its subsidiaries: FxPro Financial Services Ltd, FxPro UK Ltd, FxPro Global Markets MENA etc. FxPro Group Ltd and FxPro Financial Services Ltd are headquartered at 1 Karyatidon in Ypsonas, Cyprus. FxPro UK Ltd’s office is located at 13—14 Basinghall Street in the City of London.^[26]

Referenses

• John Tusa
• John Tutchin
• John Twachtman
• John T. Wait
• John T. Walton (d.2005)
• John T. Watkins
• John Tweedy
• John Twenge
• John Twenge, Saint
• John Twiggs
• John Twiggs Myers
• John T. Wilder
• John T. Wilson
• John T. Wilson (Ohio)
• John T. Wolfe Jr.
• John Twomey (musician)
• John Tye (cricketer)
• John Tyler Bonner
• John Tyler Caldwell
• John Tyler Community College
• John Tyler Cutting
• John Tyler High School
• John Tyndall Award
• John tynes
• John Type