FxPro and the checks this site teaches

The same register checks, applied to the broker itself

The FxPro group operates through several regulated entities. The client agreement names the legal entity that will serve you, and that entity is regulated by one of the following: the FCA in the United Kingdom, CySEC in Cyprus, or the Securities Commission of The Bahamas. Which entity serves a client depends on the country of residence. Before opening an account, a reader should search that regulator's own register for the legal entity named in the client agreement. The register shows whether the entity is currently authorised, what permissions it holds, and its contact details. A reader should compare those details with the ones in the agreement and on the website. This check is the same one this site teaches for any intermediary: the name must match exactly, and the regulator must be the one the entity itself names.

The FxPro group's regulated entities are separate legal persons. A reader should not assume that a regulation in one country covers a client in another. The client agreement states which entity will serve you, and that is the entity whose register entry matters. If the agreement names an entity that is not on the regulator's register, or if the contact details differ, that is a reason to stop and ask the broker before proceeding.

How foreign exchange rules for residents bear on an overseas broker account

Indian residents sending money abroad do so under the Liberalised Remittance Scheme. The scheme's rules do not allow remittance for margin trading in forex or leveraged derivatives overseas. This is the Reserve Bank's published position, and it applies to any overseas broker account that involves sending money abroad for such trading. This site raises this as a question for a bank, not as advice. A reader should confirm the current rules with an authorised bank before remitting any money. The bank is the one that will process the remittance and will apply the rules as they stand at the time of the transfer. A refusal by a bank is not a fault of the broker; it is the bank applying the law.

The Reserve Bank's Alert List names platforms it says are not authorised to offer forex trading to residents. FxPro is not on that list as of the last weekly read, but absence from the list is not evidence that it is authorised. The Alert List is not a whitelist. The only way to know whether a remittance for this purpose is allowed is to ask an authorised bank.

What to read in the client agreement and the risk warning before an account is opened from India

The client agreement is the document that binds you and the broker. It names the legal entity, the regulator, the fees, the platform and the terms of the account. A reader should read it in full before opening an account. The agreement is not a marketing page; it is a contract, and its terms override anything said in advertising. The risk warning is a separate document or a prominent statement. It says that CFDs are leveraged and carry a high risk of losing the money deposited. It may state a percentage of retail accounts that lose money. A reader should read that warning and understand that leverage multiplies both gains and losses. Negative balance protection applies to all clients, but it does not prevent losses up to the amount deposited.

The client agreement will also state where client money is held. FxPro states that client money is held separately from the company's own funds. That separation is a safeguard, but it is not a guarantee of return. A reader should also check the retail leverage limits, which differ by regulating entity. The maximum leverage is set by the entity, not by this site, and it is shown only inside the account.

The account is opened with a company in the FxPro group licensed outside India - by the FCA in the United Kingdom and by CySEC in Cyprus. It is not registered with SEBI, and the protections that apply to a broker registered in India do not extend to a foreign firm. Remittance abroad is governed by Indian foreign exchange rules, which do not permit sending money overseas as margin for leveraged trading. Nothing on this site is investment advice.