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FXGM Review – is fxgm.com scam or safe forex broker?
RECOMMENDED FOREX BROKERS
|Account Type||Minimum Deposit||Maximum Leverage||Spread|
|Discovery||$200||1:200*||Average of 3 pips|
|Silver||$10,000||1:200||Average of 3 pips|
|Gold||$30,000||1:200||Average of 2 pips|
|Premium||$50.000||1:200||Average of 2 pips|
|VIP||$100,000||1:200||Average of 2 pips|
The initial offer is 1:40. A client may increase his leverage ratio, after contacting the broker. If he is determined to be an inexperienced trader, he will be given 1:100.
FXGM (or Forex Global Markets) is a broker, offering multiple account types to its clients. That being the case, trading conditions do not vary significantly for the different account types. Most of the benefits come in terms of educational content, a personal account manager and other perks, which experienced traders do not need. The levels above silver get a limited subscription to Trading Central, an independent technical analysis.
The Company. Security of Funds
FXGM is currently owned by Depaho Ltd. a company based in Cyprus. We must mention, they own another trading brand – GTCM. The company is overseen by the local watchdog – The Cyprus Securities and Exchange Commission (CySEC). This gives them credibility, especially when compared to the multiple off-shore brokerages.
Financial markets may not be your first association, when you hear about Cyprus, but the country has attracted an impressive number of forex brokers. The local regulatory agency, CySEC imposes lots of rules on companies, who are registered with it. One of the most important principles, from a trader,s perspective, is the implementation of segregated accounts. This means client’s funds should be kept in acounts, which can not be freely accessed by the broker. In essence, the company can not steal your money in the most direct way. Furthermore all CySEC regulate brokers participate in the Investor Compensation Fund (ICF), a collective compensation scheme, which guarantees clients funds, in case the broker refuses to pay them. The maximum coverage, offered by this particular scheme is €20,000 per account.
While we are on the topic of regulation and Dephano Ltd, we must mention the company has been fined by CySEC in late 2020. The charges were not that severe, except for the one regarding misleading clients. We have no information about the specifics of the case, but it still does leave a stain on the firm’s reputation. There are negative reviews about this company in some popular forums.Overall, we have mixed feelings about this broker.
Minimum Initial Deposit
FXGM has set the initial minimum deposit level at $200. This is considered a bit high for today’s standards, with lots of companies demanding around $100. Some brokers, like IG, have even remove this barrier – you can deposit as low as you want to.
In our opinion the minimum deposit should not be a factor one has to consider highly, when comparing forex brokers. It is important, only if you are an inexperienced trader, taking the first steps after demo account trading.
Average spreads & Commissions
The spread offering by FXGM is not relevant to the current state of the industry. An average spread of 3 pips on EUR/USD is more than double, what you would be paying at other brokers. Although spread may not be that big of a factor if you enter trades less frequently, it still does add-up over time. Feel free to explore our live comparison of the spreads, currently offered by some of the best forex brokers here.
FXGM offers a maximum leverage of 1:200, with the added condition, you must be an experienced trader (otherwise it is 1:100). Both of these offerings will satisfy the needs of a serious trader. That being said, you mat be under a different impression if you follow the industry, as lots of brokers offer leverage of 1:500 or even more.
We are not sure what client qualification methodology FXGM uses, but it is still a good idea to limit the leverage offered to new clients. Some newbies fall into the trap of thinking they must utilize their entire account balance for margin purposes at the same time. This can not be further away from the truth – doing so, puts your entire investment at significant risk. Though he rewards may be great at first, everybody is bound to have a loosing trade.
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FXGM offers two trading platfoms to its clients: PROfit and MetaTrader4. They basically achieve the same goal, although one is far more popular and has a bit more functionality. we are talking about MT4, of course. It is basically the industry standard at this point, when it comes to currency trading. With its gret charting potential, the ability to load lots of instruments and be very demanding on the hardware and the MQL coding environment, it has earned a solid reputation. The most unique thing is probably the aforementioned MQL marketplace – a broker independent (which is good, since lots of brokers offer this platform) on-line shop where you can view, test and purchase custom technical indicators and automated trading systems. By the way we have reviewed some of these systems here.
PROfit, on the other hand feels a bit more clunky. One of the features which scalpers would enjoy is the quotes screen, where you can view all the quotes on multiple currency pairs, with one-click buy and sell buttons. We would recommend keeping the one-click trading feature off, to prevent missclicks, unless you are an experienced an quick trader. The platform allows you the freedom to move some of its elements around, which is quite necessary given their number – there are news feeds and even a video section.
The PROfit platform
Methods of Payment
FXGM accepts payments only via Bank Transfer and Credit/Debit Card. While they will get the job done, many people prefer using other solutions nowadays. E-wallets, such as Skrill are a popular alternative, especially when it comes to international transfers.
FXGM is a CySEC-regulated forex broker. The company owns another brand – GTCM with similar trading conditions. These conditions are not that impressive. The company has had its issues with the regulator and has payed fines in 2020. Furthermore there are negative reviews in some online forums. All of this leaves mixed feelings about FXGM. Despite the solid regulation, we would rather not recommend dealing with this broker. Here are its pros and cons:
|CySEC regulation||Previous fines by regulator|
|Choice of trading platforms||High spreads|
|Complaints in forums|
|No demo accounts|
|Few payment methods|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Min. Deposit: 100 US$
Found in: 2020
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FXGM Review among numerous others will help you to understand brokers’ offering more clear, as well as verify a license or legal information. Always make sure to check all trading information before you sign for trading.
What is FXGM?
FXGM is an online trading brokerage firm that serves multiple entities while headquarter based in Cyprus. This means that FXGM is a European broker that is of course regulated and overseen by the necessary authority CySEC in reverse providing its clients with integrated trading conditions and guaranteed transparency.
FXGM operates since 2020 while along the time shows its reliability and was quite regarded by the international traders and industry communities. Moreover, FXGM always strives to improve its trading technology and offering, therefore went beyond by establishment of the branch in South Africa.
In its offering, you will find a wide variety of trading tools and services, with a great array of services suitable either for beginning investors or professionals. The instrument range includes most popular Forex and CFD products on shares, commodities and indices. Besides, FXGM developed customer service at a high level, so you may always count for its support.
Nevertheless, to understand offering in a detail you should always check the most important information of the broker’s proposal. In this purpose this review covers the following highlights:
Is FXGM safe or a scam?
FXGM is a tradename used by a company Depaho Ltd registered in Cyprus and regulated by the local CySEC. Cyprus being a part of the EU therefore complies its regulation with European MiFID that establishes harmonized financial investment services to the public. Also, FXGM serves branch in Spain which is also registered with a local CNMV so the trading and brokerage service is compliant to the necessary laws, protecting clients and bringing you a trustable environment.
Also, Depaho Ltd or FXGM authorized by the South Africa FSP so broker gains effective exposure and presence in additional markets together with a strict follow of customer protection, due to regulations. Overall, the broker being regulated by several authorities worldwide meaning broker working closely with best concepts of trading operation ensuring its clients with safety procedures. As such, numerous regulatory rules covers all aspect on how the trading environment is established, money operated, client treated, as well as covered by the compensations in case of insolvency. Which is in reverse bringing to you as trader confidence in brokers offering and opportunity to trade with a reliable firm, which is never a case of offshore entities besides its super attractive opportunities where you never know what to expect.
FXGM Trading Platforms
FXGM gives you an opportunity to access the trading environment through an easy to use trading platform WebPROfit, which is an online-based platform that does not require installation. Also, there is a developed Mobile PROfit allowing to stay connected and updated on the go, just through your mobile.
WebPROfit provides vast trading tools accompanied with the latest news, real-time charts and additional analysis tools. Overall, the FXGM Review of a platform concludes its software as a harmonized system to use for your trading strategy either you are a beginning or professional trader.
You will find all what is necessary for good performance without complications, even though this is the only option of the platform available at FXGM. In case you require industry known MetaTrader4 you better check other brokers by the link.
What is actually great at FXGM, the broker supports you with comprehensive learning materials, access to Trading Insider that brings you sentiment data, as well as Trading Central with its certified financial research materials. So all in all, the FXGM toolbar and software bring you all what is needed for a good deploy of the strategy, whatever style it is.
What is FXGM Spread?
FXGM defined various accounts either for retail traders or professionals. If you are a retail trader there are six account types where the first 10 trades are protected from loses, as a reward to get familiar with the software, so also the accounts are defined by the size and its offered package with higher discounts on prices, see sample below.
Likewise, professionals may access specified conditions along with higher leverage ratios and tailored solutions according to particular needs.
FXGM as an STP broker provides tight variable spreads according to the market conditions, while actual cost is defined by the account type you are using. Each account type, as mentioned, features Price Discount up to 25% for both spread and rollover fees, so you may benefit from better costs as long as your trading size increases.
You may see some of FXGM spreads below, as well compare FXCC spread to another popular broker FXCC.
The first thing to check while you need to know the maximum leverage ratio is under which entity you will be trading. As we mention within FXGM Review, the broker operates through various jurisdictions and complies with its particular regulatory restrictions.
Therefore, European clients may access the maximum leverage of 1:30 for forex instruments, available for retail traders. While trading with South Africa branch traders will get higher ratios, as jurisdictions allow bigger leverage levels. Nevertheless, the maximum leverage for professionals goes up to 1:200 respectively once the status is confirmed.
What Payment Methods FXGM offers?
The variety of methods to deposit or withdraw funds including most used options, so you will always fid a way to transfer money conveniently. This includes Credit/ Debit Cards, Wire Bank transfers, e-wallets and even PayPal. Nevertheless, always make sure to check with particular entity for the payment providers applicable fees and conditions, as they may vary.
FXGM minimum deposit
The minimum deposit set by FXGM is 200$ for the first-grade retail account type, while the next grade account will require bigger amounts. It is considered a good amount for beginning traders, while with a slightly bigger amount you will get some extra discount on trading costs which is also something we like at FXGM offering.
FXGM withdrawal fee
Moreover, FXGM does not charge any fees for making the deposit, as well as withdrawals. However, depending on your country of residency and international policies some fees might be applicable and will be solely your responsibility, so you better check for them with a provider or with customer service of FXGM.
Conclusion on FXGM
FXGM Review shows us a company that operates from its European entity based in Cyprus, as well as expanded offering through the South Africa branch. What is important broker is regulated in each region it operates, making its conditions transparent and reliable to you as an investor. As for FXGM trading conditions, we rather consider them competitive and pleasant either for beginning traders or professionals. Its truly diverse range of account types will give you extra benefits with bigger discounts as long as your trading account keeps growing, which promises you fruitful cooperation.
Yet, we would be happy to know your personal opinion about FXGM, you may share your experience in the comment area below, or ask us for some additional information if required.
FXGM is a broker that provides Forex trading services and CFDs on different type of assets. There are reviews about scams and problems associated with this broker online, so we will conduct a review to analyze it better and consider alternative brokers. Among the alternative options, there are people who see Plus500 as an interesting alternative as you do not have to pay any commissions to start operating . In addition, the online reviews and security are far better, generally speaking. Either way, this is a review about FXGM, so we will study it closer below. One of the first things we will analyze is whether it is legit (76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money).
Tabla de contenidos
Regulation: is FXGM safe or a scam?
Many investors spend a lot of time examining the commissions and offers provided by brokers, and although it is great start, the first thing one should do is to discover whether the broker we are interested in is reliable or not. It is worthless attempting to save on commissions if your desired broker is a scam. And how can we discover that? The main tool for traders is regulation. Although not 100% secure, it does tell us the level of seriousness of the broker.
FXGM is Cyprus broker based. Although some investors might get scared by this fact, they shouldn’t because it is a country within the European Union. As one can expect, it is regulated by the CySEC Cypriot entity. If anything, one should take into account that the broker is owned by a company. Depaho Ltd. is the company owner of FXGM, which is also registered with the FCA. Therefore, we believe it is a serious entity, even though it could be more reliable.
So does this mean that it is reliable? No. In fact, we have seen reviews in more than one forum accusing them of fraud. Even though those are very serious claims, we do not share them. However, the truth is that they use very aggressive commercial techniques by calling customers so that they can register and try to convince them to perform operations. Personally, we do not like these types of policies, so we prefer alternatives such as those offered by Plus500. They do not have agents calling customers. In order to promote their services, they use more attractive techniques such as not charging commissions in order to trade. There are of course, other possible low quality options such as Trading212, 24Option or Markets.com to trade Forex.
To summarize this section on safety, in our opinion, FXGM is safe, since it meets the requirements that we usually look for, but nevertheless, we do not find them particularly reliable due to their employed aggressive sales techniques. However, we will not claim that they are a scam.
First of all and before speaking directly about the feeds, we must explain that FXGM offers different types of accounts for their clients. Therefore, the conditions for each are different, so we cannot fully draw an exact list of the commissions. In addition, many CFD brokers do not have commissions to trade, but rather use a different system which involves spreads. In doing so, the spread of each asset is different, and may vary depending on time. So, let’s take a closer look at spreads, broadly speaking. Of course, keep in mind that the risks are high.
Perhaps the best way to compare spreads is in Forex, given that many people conduct trading using currency via Forex. The image below shows the average spreads to be trade with the euro against other currencies.
Generally speaking, Forex is the cheapest of all brokers since there are certain currency pairs with a great deal of money and therefore, brokers have less costs. Therefore, if you want to trade with CFDs on stocks or other assets or underlying assets such as commodities, stock indexes or cryptocurrencies such as Litecoin, Ethereum, Ripple, Bitcoin Gold or Bitcoin Cash, the conditions are different.
It looks like FXGM does not have a quality simulator in place when writing this article so you have to look for alternative offers such as the limitless free demo account offered by Plus500, which can be obtained by clicking on the lower button (76.4% of retail CFD accounts lose money).
If there is something we value a lot are the reviews from investors who have used the services of a broker. Thus, we scan social networks such as Facebook and Twitter and browse through investment forums to read the comments from investors. If we observe that all of them are negative, the signal cannot be clearer, we are dealing with a low quality broker or whose characteristics are not favorable for traders. If the number of positive opinions turns out to be higher than the number of negative comments (it is impossible not to find at least one bad comment online about any broker), we take it as a good sign.
However, the truth is that we haven’t seen many positive reviews for FXGM in English, although we believe there are some. For example, we saw a comment from an investor who mentioned that it look him a while to receive his money after requesting a withdrawal, but was able to resolve it through his manager. We have also seen some good comments about investment platforms (PROfit, both in web and mobile version, and MetaTrader4).
Nonetheless, there are quite a few bad reviews. Some investors and foremen have accused FXGM of cheating them. The reason behind that is that they were encouraged to deposit money in exchange for a bond, and then were promised that they could perform a certain number of operations without any risk. According to those investors, they ended up losing their money. We are not sure to what extent these opinions are true or misunderstandings. What we do know, however, is that if we look for reviews from other brokers such as Plus500, although we may encounter negative comments, most opinions are good.
How can we summarize our opinion and the opinions we have found on the internet about FXGM? We believe that the best way is to create a list with the strengths of FXGM and another one which includes the things they should improve. However and before moving forward, we want to mention that there is no perfect broker, since each investor has its own needs, and a person wanting to make Forex trading with a currency pair that barely moves money is not the same as someone who trades with CFDs on stocks with the greatest volume of Stock Exchange. Therefore, our assessment is somewhat totally subjective and should not be taken as an absolute truth.
Conclusion and links
In conclusion, we want to repeat some things we believe are important. On the one hand, that everything seems to indicate that FXGM is a serious organization, but there are also some things that make us believe that there are certain difficulties when paying. In addition, even though it is well regulated, it gives the impression of not being reliable and that their agents pressure their clients to invest. Therefore, we believe opinion that it might be a good idea to look for an alternative broker with a better image and without these types of problems. For example, Plus500 is properly regulated, they do not pressure their investors and are well-known. Also, Plus500 allows you to trade without paying operating commissions (76.4% of retail CFD accounts lose money).
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