FXPRIMUS Strengthens Client Fund Security With Coverage Up to €2.5m

FXPRIMUS, a provider of foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, contracts-for-difference (CFDs) and commodities, has bolstered the protection of its clients’ insurance measures, bringing all client funds under the protection of up to €2.5 million ($2.65 million), according to a company statement.

The latest coverage constitutes one of the largest efforts in the FX industry, besting previous measures implemented by other brokers such as ThinkMarkets, which renewed its £1 million ($1.24 million) customer insurance protection back in September. Other brokers in Europe and the UK offer varied levels of protection, but they seldom cross the £1 million threshold, and none are at the level announced by FXPRIMUS.

Across a more broad-based field, brokerages from around the industry typically rely on the use of insurance policies or strong capital backstops. For example, per the Financial Services Compensation Scheme (FSCS), all brokers regulated by the UK’s Financial Conduct Authority (FCA) offer their clients a minimum of £50,000 ($62,000).

FXPRIMUS latest effort will also see a total coverage of clients’ accounts not only with its existing coverage as stipulated by CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term, but with an additional contingency for all clients of all account types of up to €2.5 million. The newly announced coverage will also be available to live account holders of FXPRIMUS with no additional fee, insured by Lloyd’s underwritten policy.

According to Costas Kappai, CEO of FXPRIMUS, in a statement on the latest client protection measures: "It gives us great pride to offer such a ground breaking service to our clients, whom deserve nothing but the best."