PAMM/MAM Accounts at FxPro: What South African Traders Need to Know
Compare FxPro's offering for PAMM/MAM: FSCA regulation, 1:200 leverage, MT4/MT5/cTrader. Learn how it stacks up for South African fund managers.
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The Short Answer
FxPro does not offer a dedicated PAMM product, but its MT4 and MT5 accounts work with third-party MAM software – a common setup for fund managers. If you're looking to run a multi-account structure, you can connect a MAM provider to your FxPro account. The broker's FSCA licence (FSP 45052) and local ZAR account support make it a practical choice for South African managers, though the onboarding entity sometimes shifts to an offshore Costa Rica company, which changes the investor protection that applies.
What Is the Difference Between PAMM and MAM?
| Feature | PAMM (Percentage Allocation Money Management) | MAM (Multi-Account Manager) |
|---|---|---|
| Allocation | Percentage-based, proportional to investor share | Lot-based or equity-based allocation |
| Control | Managed by the provider, investors have limited say | Manager can customise per investor |
| Platform | Usually broker-internal or proprietary | Typically uses MetaTrader (MT4/MT5) plugins |
| Transparency | Investors see their own account only | Manager sees all sub-accounts |
Most South African fund managers prefer MAM because it gives them direct control over trade sizes per investor. PAMM is more automated but less flexible.
Does FxPro Support MAM / PAMM?
FxPro doesn't have its own PAMM module, but its MT4/MT5 accounts are compatible with third-party MAM solutions like PAMM by SoftFX or others. You'll need to set up the MAM software yourself or use a provider that integrates with FxPro. The broker's raw spread accounts (Raw+ and cTrader) are popular among managers because they offer tighter spreads with a per-lot commission, which can be passed on to investors more transparently.
What Leverage Can You Use for Managed Accounts?
| Client Category | Maximum Leverage |
|---|---|
| Retail (South Africa) | 1:200 |
| Professional / Eligible | 1:500 (depending on instrument) |
South Africa has no ESMA-style retail cap, so 1:200 is the standard for a local FSCA-regulated entity. For professional clients, leverage can go higher. Keep in mind that higher leverage amplifies both gains and losses – especially important when managing other people's money.
How Do Costs Work for PAMM/MAM?
| Account Type | Spread Type | Commission |
|---|---|---|
| Standard | Variable spreads (from ~1.0 pip) | None |
| Raw+ | Raw spreads (from 0.0 pips) | per-lot commission (e.g., $6 round turn) |
| cTrader | Raw spreads (from 0.0 pips) | per-lot commission (same as Raw+) |
For a managed account, Raw+ or cTrader usually makes more sense because the raw spread is lower, and you can disclose a fixed commission to your investors. The Standard account hides the cost in the spread, which is harder to audit.
What Are the Local Payment and Tax Considerations?
Local funding. FxPro accepts ZAR via local cards and bank transfers. Minimum deposit is about R1,600. Instant EFT options (Ozow, Capitec Pay, SiD) are the dominant local funding method – deposits usually instant and free; withdrawals typically 1–2 business days. A ZAR-denominated account avoids the 2–3% conversion cost that hits if you fund in USD.
Tax. SARS taxes your trading profits – and the profits you generate for investors – as ordinary income at marginal rates (18%–45%). Active managers usually register for provisional tax (IRP6, due end-Aug and end-Feb) and file ITR12 annually. Trading expenses (platform fees, commissions, data feeds) are deductible. If you structure the management fee separately, it's still income, not capital gains.
Exchange controls. You can send up to R1m per calendar year offshore under the Single Discretionary Allowance (rising to R2m from April 2026) without prior approval. For larger amounts, a Foreign Investment Allowance (up to R10m) requires a SARS tax-clearance certificate. These allowances cover funding your FxPro account.
Risks and Reality Check
Other risks to be aware of:
