Cyprus-based forex broker FXPrimus said on Monday it has increased client fund insurance protection with additional up to €2.5 million. The offering is available to all live trading account holders and is underwritten by Lloyd’s.
FXPrimus’ clients are already eligible to claim back up to €20,000 under the Investor Compensation Fund (ICF) in case of default of the broker, since it is licensed with the Cyprus Securities and Exchange Commission (CySEC).
“It gives us great pride to offer such a ground breaking service to our clients, whom deserve nothing but the best,” Costas Kappai, CEO of FXPRIMUS, said.
Lloyd’s underwritten policy is unique and unmatched in this industry, and contributes to FXPrimus’ relentless pursuit of being the safest place to trade, the broker said in a statement. The coverage is offered free of additional charges.
FXPrimus is a broker of forex, commodities, energies and indices. It holds a license by the Cyprus Securities and Exchange Commission (CySEC) since December 2014 and can offer its services to clients from all EU member states.
It used to hold a license in the Mauritius, but in late March this year the local financial regulator, the Financial Services Commission (FSC), revoked the broker’s license, after suspending it in May 2015 for an indefinite period. The reason was that the Mauritius regulator found FXPrimus guilty of breaching several local laws.
A couple of months ago, ThinkMarkets (formerly ThinkForex), a broker licensed in the UK and Australia, announced it had renewed its £1 million additional customer insurance protection. Under the UK license, the broker is obliged to offer protection of £50,000 under the Financial Services Compensation Scheme (FSCS).