This FXPN review investigates the actions of this former binary options broker. Now offering CFDs and forex instead, the FXPN broker once offered now highly illegal binary options. Traders should keep in mind that the broker was meeting all license requirements at the time.
So even financial regulators couldn’t help the victims purchasing binary options from the broker.
|Supported Platforms:||Sirix, MetaTrader 4|
|Products Offered:||CFDs and Forex|
FXPN Regulation and Security
To begin with, potential traders trying to find out will FXPN scam them should always start by looking at the broker’s regulation.
To clarify, FXPN regulation is under the jurisdiction of CySEC, the financial regulator for Cyprus. The broker has a license with this regulator under its operating company Leverate Financial Services LTD. This company operates numerous other brokers, including 18Capitals, Basel Capital Markets, UPro Markets, and several specifically German language brokers.
This registration gives traders certain rights to proper conduct on behalf of the broker. Their funds must always be segregated into separate accounts, not just forming a large fund. They also receive certain protections against the case of broker bankruptcy or dissolution.
FXPN Trading Platform
Meanwhile, the broker has two platforms available, MetaTrader 4 and Sirix. Our FXPN review evaluated these two options closely. MetaTrader 4 is the most popular platform among online CFD and forex brokers, offering a wide variety of tools and charts to give the best trading experience available. Anyone who is not new to trading will be familiar with the platform and its layout.
The second option, Sirix, has a number of analytic tools and features that make it a solid contender against MetaTrader 4. Unfortunately, our FXPN review can’t gloss over its incorporation of copy trading. The platform allows traders to copy top traders’ trades, a dangerous tactic marketed towards novice traders.
Anyone using these features likely doesn’t under how much risk they’re taking on, believing all the while that they’re going to receive guaranteed profits.
What Can You Trade With FXPN?
This FXPN review discovered that this broker used to sell binary options. This now illegal asset has cost many traders a lot of money. At the time, the investment was still considered legal, and the broker wasn’t breaking any laws by offering the asset.
Today, the broker has both CFDs and forex available. Also, they have a wide selection of currency pairs (FX) and an impressive variety of CFDs on stocks, commodities, cryptocurrencies (cryptos), and more.
Have You Been Scammed by FXPN or Have Any Other Complaint?
A broker can meet all the requirements for a license from a financial regulator and still leave many of their clients feeling mistreated and wondering, “is FXPN legit?”
What is FXPN?
This broker is a former binary options broker that has shifted its focus to CFDs and forex, now that binary options are illegal in almost every country in the world.
Is FXPN Regulated?
Yes, the broker has a current license with CySEC, allowing it to offer services to countries within the European Union.
Where Is FXPN Located?
The broker’s headquarters are in Limassol, Cyprus. The broker offers services within Europe, explicitly stating that they do not serve US residents.
Is My Money Safe With FXPN?
Not necessarily. While a license does make the broker seem more legitimate, regulators often only take action against brokers after the damage has already been done.