I am researching opening a new account with FxPro. However, since i am not located in the UK, they said that my account will be opened at FxPro Cyprus instead of the UK. This has made me specious to why would they do that, especially that the UK office is under FCA regulation while the Cyprus one is under a local regulator.
One of the differences i am aware of is that your account is covered up to 50k GBP if opened in the UK office but only 20k in Cyprus.
So my question is, why would FxPro open a costumer account in Cyprus instead of the UK? Am i less protected if my account is opened at the Cyprus office?
PS: this question applies to almost all brokers.
One of the differences i am aware of is that your account is covered up to 50k GBP if opened in the UK office but only 20k in Cyprus.
So my question is, why would FxPro open a costumer account in Cyprus instead of the UK? Am i less protected if my account is opened at the Cyprus office?
PS: this question applies to almost all brokers.