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FXGM.com Account Types

FXGM.com Account Types

 

Overall Rating

4.5/5

Rated #409 of 
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FXGM.com provides two different account types e.g., Professional and Retail accounts. The retail account type includes the following options: Basic, Discovery, Silver, Gold, Diamond, and VIP accounts. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

 

Finding a reputable list about FXGM.com account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

FXGM.com Overview

FXGM.com was founded in 2011 and is a brand name of Depaho Ltd, an entity that is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), as well as the Financial Sector Conduct Authority (FSCA) of South Africa.

CySEC regulation gives traders access to the Investor Compensation Fund, which credits clients with up to €20 000 if the firm fails to return funds.

The broker offers six diverse types of trading accounts called Basic, Discovery, Silver, Gold, Diamond, and VIP accounts, with each of them allowing for commission-free trading with just spreads and swaps payable. The latter differs according to the account type and is based on the withdrawable equity.

Clients of FXGM.com can access a variety of unique features such as the ability to have their first ten trades protected from loss. The broker also offers access to Autochartist, SMS services, Traders Trend, and other research tools traders may prefer to use.

Most of these features are available in the browser-based PROfit trading platform which is available for use on web and mobile devices.

As of 2020, the company services are available in European Union states, including Sweden, as well as other locations such as South Africa, Switzerland, and Ukraine. Depaho further has a registered office location in Cyprus, and a branch in Malaga, Spain.

FXGM ZA, the operation’s South African brand, has a separate website under fxgm.co.za. and services also differ slightly from those offered in other countries.

 

FXGM.com Account Types

FXGM.com gives traders a choice of two account types: Professional and Retail.

The retail options include Basic, Discovery, Silver, Gold, Diamond, and VIP accounts.

The broker’s Professional Account is for investors who want to trade with higher leverage and 0% margin close-out, and to receive promotions. It is available for traders who have the experience, knowledge, and capability to make their own investment decisions and understand all the risks involved.

As a Professional Client, you also must accept waiving some of the protections under the rules of business conduct, including the right to compensation under the Investor Compensation Fund and the right to address a complaint to the Financial Ombudsman.

Retail Clients may request to be treated as Professionals if they can fulfill the relevant criteria.

The broker unfortunately does not provide an option for an Islamic Account.

The minimum deposit required to open a basic account is $200

 

FXGM.com Account Features

 

Basic Account

This account requires a minimum deposit of $200 and a balance of up to $1 999. It gives access to a free eBook, free training, a personal account manager, trading insider, one-click trading, pop-up alerts, and Autochartist.

 

Discovery Account

This account can be opened with a deposit of $2 000 and can be held with a balance of up to $4 999.

Features include the following:

  • Free eBook
  • Free training
  • Personal Account Manager
  • Trading Insider
  • One-Click Trading
  • POP UP ALERTS
  • Autochartist
  • Price Discount 5%
  • Rollover Discount 5%

 

Silver Account

  • Account Equity $5,000 – $9,999
  • Free eBook
  • Free training
  • Personal Account Manager
  • Trading Insider
  • One-Click Trading
  • POP UP ALERTS
  • Autochartist
  • Price Discount 10%*
  • Rollover Discount 10%

 

Gold Account

  • Account Equity $10,000 – $14,999
  • Free eBook
  • Free training
  • Personal Account Manager
  • Trading Insider
  • One-Click Trading
  • POP UP ALERTS
  • Autochartist
  • Price Discount 15%*
  • Rollover Discount 15%

 

Diamond Account

  • Account Equity $15,000 – $29,999
  • Free eBook
  • Free training
  • Personal Account Manager
  • Trading Insider
  • One-Click Trading
  • POP UP ALERTS
  • Autochartist
  • Price Discount 20%*
  • Rollover Discount 20%

 

VIP Account

  • Account Equity $30,000 – more
  • Free eBook
  • Free training
  • Personal Account Manager
  • Trading Insider
  • One-Click Trading
  • POP UP ALERTS
  • Autochartist
  • Price Discount 25%*
  • Rollover Discount 25%

 

Islamic Account

FXGM.com does not offer Muslim traders who follow Sharia law the option of an Islamic Account.

 

Overall Rating

4.5/5

Rated #409 of 
Recommended FX Brokers

💰Minimum Deposit

USD 200

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Demo Account

FXGM.com does not offer a traditional demo account but the broker does advertise a ‘live demo environment’ in which traders can enjoy the First Protected Positions tool for thirty days. This tool is available to all new clients and returns any losses for the first five (ZA) or ten (global) trades – users can keep any profits.

This however still requires an initial investment to begin trading.

 

The FXGM.com Islamic Account

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

Brokers offer their Islamic Account only to Muslim traders who follow Sharia law. Traders must, however, take note that there are certain features indicated on the Islamic account which differ vastly from the individual account, such as minimum deposit, spreads, and more.

Traders who are interested in registering for an Islamic account may contact FXGM.com’s customer support to verify if such options have come available, as conditions may have changed from the time of writing.

 

FXGM.com Pros and Cons

✔️PROS ❌CONS
Browser-based PROfit trading platform. No 24/7 support
Commission-free Retail and Professional trading accounts available. No copy or social trading
CySEC and FSCA regulated. No Islamic account option available
Exclusive trading analysis and research tools No MT4 or alternative platform
A broad selection of instruments No traditional demo account
Loss protection for first ten trades (subject to T&Cs)
Low fees

 

You might also like: FXGM.com Minimum Deposit

You might also like: FXGM.com Demo Account

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You might also like: FXGM.com Sign up Bonus

 

FXGM.com at a Glance

Broker’s name FXGM.com
Headquarters Charalambous Moscow, and Nicosia, Cyprus.
Year founded 2011
Regulating authorities CySEC, FSCA, MiFID, FCA, BaFin
Countries not accepted for trade United States, Belgium, Canada, Iran
Demo account No
Islamic account (swap-free) No
Institutional accounts No
Managed accounts No
Maximum leverage 1:200
Minimum deposit $200
Deposit options Credit Card, Debit Card, Bank Wire Transfer, Skrill, NETELLER
Withdrawal options Credit Card, Debit Card, Bank Wire Transfer, Skrill, NETELLER
Platform(s) provided WebPROfit

Mobile PROfit

OS compatibility Windows, Mac, Android, iOS
Tradable assets offered FX, Metals, CFDs, Stocks, Futures, and Options
Languages supported on the website English, Finnish, French, German, Italian, Polish, Spanish, Swedish
Customer support languages English, Finnish, French, German, Italian, Polish, Spanish, Swedish
Customer service hours 24/5

 

FAQ

 

Trading Environment

 

How many instruments can I trade with FXGM.com?

You can trade several different instruments with FXGM.com, which include the following:

  • FX,
  • Metals,
  • CFDs,
  • Stocks,
  • Futures
  • Options

 

Which platforms are supported by FXGM.com?

FXGM.com provides the following popular trading platforms:

  • WebPROfit
  • Mobile PROfit

 

Does FXGM.com offer leverage?

Yes, FXGM.com offers maximum leverage of up to 1: 200

 

What spreads can I expect with FXGM.com?

FXGM.com offers spreads from 0.3 pips on EURUSD.

 

Does FXGM.com charge commission?

Yes.

 

Are there additional charges on the Islamic account?

FXGM.com does not offer an Islamic Account. Some brokers charge extra fees on Islamic accounts – are either in wider spreads, additional commissions, or administration fees to make up for money that they lose with not charging overnight fees.

New Islamic traders should enquire about these special conditions or extra fees before joining, because it is often overlooked or not indicated on the account features pages.

 

Is FXGM.com regulated and by whom?

FXGM.com is regulated by CySEC, FSCA, MiFID, FCA, and BaFin.

 

Is FXGM.com a recommended forex trading broker for experts and beginners?

FXGM.com offers the best trading environment for all types of traders, but new traders may suffer because of a lack of educational support.

 

What is the overall rating out of 10 for FXGM.com?

7/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like FXGM.com is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.

 

Does FXGM.com offer a demo account?

FXGM.com does not offer a traditional demo account but the broker does advertise a ‘live demo environment’ in which traders can enjoy the First Protected Positions tool for thirty days.

This tool is available to all new clients and returns any losses for the first five (ZA) or ten (global) trades – users can keep any profits, but a deposit is needed.

 

Can I convert my demo account to a live trading account with FXGM.com?

This is not clear from the information on the company homepage.

 

Which live trading accounts does FXGM.com offer?

  • Basic Account
  • Discovery Account
  • Silver Account
  • Gold Account
  • Diamond Account
  • VIP Account

 

Does FXGM.com offer an Islamic Account

No.

 

What are the available deposit currencies for a live trading account?

  • USD
  • EUR
  • GBP
  • JPY
  • CHF
  • AUD
  • NZD

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with FXGM.com?

$ 200.

 

How do you make a deposit and withdraw money with FXGM.com?

FXGM.com offers the following deposit and withdrawal methods:

  • Credit Card,
  • Debit Card,
  • Bank Wire Transfer,
  • Skrill,
  • NETELLER

 

Does FXGM.com charge withdrawal fees?

No, but fees from financial institutions may be applicable, and depending on your country of residency and international policies some fees might be applicable.

 

How long does it take to make a withdrawal?

Withdrawal requests are processed within one business day via the initial deposit method if the relevant requirements are met, although the time to receipt of funds depends on the selected payment method.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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