FxPro Forex Bonuses Explained
Many forex brokers pay sign-up bonuses to their new clients. Brokers sometimes refer to these bonuses as welcome bonuses, deposit bonuses, or no deposit bonuses. There are other types of bonuses, like trading bonuses and referral bonuses. This article explains FxPro’s bonus policies.
Does FxPro Have Bonuses?
There are forex FxPro bonuses. But regulators restrict the bonuses FxPro can provide. Besides its holding company, FxPro Group Limited, FxPro has three legal entities:
The Cyprus Securities Exchange Commission (CySEC) and Financial Sector Conduct Authority (FSCA) of South Africa regulate FxPro Financial Services, Ltd.
The Financial Conduct Authority (FCA) of the UK regulates FxPro UK Limited.
The Securities Commission of the Bahamas (SCB) regulates FxPro Global Markets Ltd.
Does FxPro Have a Sign-up bonus?
Forex FxPro bonuses don’t include a FxPro sign-up bonus or FxPro no deposit bonus. CySEC regulations and FCA regulations forbid such bonuses. The SCB also takes a dim view of sign-up bonuses. The FSCA doesn’t take a stand on sign-up bonuses. The FSCA and CySEC both regulate the FxPro Financial Services Ltd, meaning it can’t offer sign-up bonuses.
Why Do These Regulators Bar FxPro Sign-Up Bonuses?
As a trader, it’s a good idea to go with a strongly regulated broker. These regulatory agencies exist to protect you from unscrupulous brokerages. So, what’s wrong with sign-up bonuses?
The European Securities and Markets Authority (ESMA) explains its policy rationale in its Q&A for its Markets in Financial Instruments Directives (MiFID I & II) on page 58. Many national regulatory agencies consider EMSA statements when drafting their regulations.
The EMSA says these bonuses lower the psychological threshold for retail investors to accept higher risks of loss. It also notes that these bonuses often aren’t real-life funds, but are additional leverage that encourages retail investors to accept a greater risk of loss.
FxPro Referral Bonus
FxPro bonuses do include referral bonuses through its partnership program for introducing brokers and affiliates. Why can it offer referral bonuses in this program? Because this program doesn’t provide direct financial incentive to individual investors who may not have the experience or sophistication necessary to make wise risk assessments in the forex markets.
The introducing broker program targets investors who already have a broker, that isn’t a forex broker. The introducing broker can assess whether the referred client is a good fit for forex trading. Introducing brokers must apply to enter this program and meet certain requirements.
The affiliate program is like other internet affiliate programs used by companies from many sectors. For example, Trader’s Union provides a referral code from its website for people who sign up with FxPro. The fine print shows Trader’s Union may receive a reward for your signing up with FxPro.
The FxPro partnership program advertises that introducing brokers can earn rebates based on the volume the referred client trades. Affiliates earn up to $1,100 per client they refer to FxPro. If you want to know about other ways how to make money on FxPro, read the Traders Union article.
Are Forex Bonuses Available in My Country?
Different countries have different laws and regulations regarding paying bonuses by forex brokerages. The United States, Canada, Australia, and the United Kingdom have some of the strongest regulations for forex brokerages. Cyprus and the Bahamas have less strict regulations, but their regulators still frown on sign-up bonuses. Forex brokerages with sign-up bonuses are more common in Africa.
Some brokers regulated by CySEC do still offer sign-up bonuses. But, they’re probably running afoul of regulations. They could face heavy fines that may harm their liquidity. Do you want to do business with a firm that’s so desperate for profits that they’ll risk sanctions? It’s true these sign-up bonuses attract new clients and can be very profitable for the brokerage, but they do it at substantial risk.
If you want to know which of FxPro’s subsidiaries does business in your country, you can go to the registration page and enter your country. At the bottom right there is a drop-box where you can see the entities doing business in the country. Press the down arrow as multiple entities of FxPro do business in some countries.
After you know the entity, you can determine the regulator and its rules, as outlined in the first paragraph of this article.
FAQ
Does FxPro have bonuses?
FxPro doesn’t pay sign-up bonuses. It pays referral bonuses to qualified partners.
Are FxPro bonuses available in my country?
FxPro offers referral bonuses, but not sign-up bonuses. The FSCA regulates FxPro Financial Services Ltd. If this subsidiary split its business in Africa into a new subsidiary, it might be possible for FxPro to offer sign-up bonuses in some countries.
How do I get referral bonuses through FxPro?
You would need to join FxPro’s partnership program as an affiliate or introducing broker. There’s an application process to be part of this program.
Why do many regulators not allow sign-up bonuses?
Many regulatory agencies bar financial incentives to lure clients. They do this to protect the potential clients from unscrupulous brokers.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!