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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.
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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.
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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FP Markets Review
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 Review: Is Fxgm.com A Legit Forex Broker?
Fxgm.com Review: this is the website of a Forex and stocks brokerage that is headquartered in Cyprus. Is FXGM a scam broker? Forex traders who are on the constant lookout for safe brokers to invest funds with are invited to read this revealing review about the aforementioned broker.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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FXGM is a European based trademark and brand name of Depaho Ltd. The company is based in Cyprus where Forex trading is under the watch of the Cyprus Securities and Exchange Commission (CySEC). It claims to be licensed by the authority and an online investigation revealed this to be true. This is a major advantage for the brokerage.
This is because trading with a Forex broker that is licensed reduces many dangers to traders’ funds. Misappropriated funds can be recoverable by the government as well. Licensed brokerages are under many rules of trade and this gives traders a level of assurance.
Advantages of FXGM
Besides having a proper license from one of Europe’s topmost commissions regarding Forex, the broker has many transaction options for its clients. Client’s funds are segregated and they get the best execution of orders. Traders choosing the firm will experience more profits because it is more flexible in the markets.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
FXGM Trading Platform
The brokerage allows its clients to make use of the PROfit and MetaTrader 4 trading platforms. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are currency pairs and CFDs on many commodities and stocks. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is 1:200 and while this may seem generous, it is not advisable. High leverages can lead to a huge loss of funds as well. Clients of FXGM get leverage of 1:40 when they first start and the leverages can be increased on request. Spreads used are as high as 3 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on FXGM
The means that traders are to use to make deposits and withdrawals with the brokerage are VISA, MasterCard, bank wire transfer, Skrill, Neteller, and PayPal.
We find this encouraging because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit that Amana Capital requires is $200 which is within the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is FXGM Licensed?
Yes. FXGM is a properly licensed and registered Forex brokerage. It is authorized to trade by the Cyprus Securities and Exchange Commission (CySEC) under the company name, Depaho Limited.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
Disturbing Details About FXGM Revealed
When we investigated the broker, we found some disturbing things about its parent company, Depaho Ltd. First, back in 2020, it had been fined a sum of $246,500 by the CySEC for disregarding some trading regulations.
In 2020, the Polish financial watchdog, KNF, also put out a warning about the broker. The authority stated that it does not authorize the company to offer such trading services in Poland. FX GM, however, has a European commission’s license and thus legally operates there.
If you would like to get in touch with an agent of the broker’s customer care, send an email to [email protected]
FXGM holds a license and this gives it an advantage over other unlicensed brokers. It requires an average minimum deposit and offers access to the MetaTrader 4 platform. clients can make use of the educational resources it offers and we find its transaction options encouraging.
But the spreads used by this brokerage is high and unfavorable to many traders. There is also the issue of being previously fined and blacklisted as well by respected authorities. If you have anything to say about this broker, do so in the comment section.
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