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FXGM Review

FXGM Review

 

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 is an English forex broker company that is based in Nicosia, Cyprus.

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

Below is an in-depth review regarding FXGM to help you make an informed decision before opening your account or trading on their platform.

Forex brokers are companies that provide traders with access to platforms that allow them to buy and sell foreign currencies.

Forex brokers are also known as retail forex brokers or currency trading brokers. Retail currency traders in turn use these brokers to gain access to the 24-hour currency market for speculation purposes.

Forex broker services are also provided for institutional clients and large companies such as investment banks.

FXGM is a trademark of Depaho Ltd, a Cypriot investment firm founded in 2011, which its headquarters in the city of Nicosia, Cyprus.

FXGM is a European online trading brokerage firm that serves several entities. CySEC regulates and oversees FXGM providing its clients with integrated trading conditions and guaranteed transparency.

Since its establishment, FXGM has proved itself as a reliable and reputable broker by the international traders and industry communities.

FXGM strives to improve its trading technology and offers. It even went beyond European borders and established a branch.

Traders will find a wide variety of trading tools and services, with a great range of services suitable either for beginning investors or professionals when trading through FXGM.

The instrument range includes Forex and CFD products on shares, commodities, and indices. The broker’s customer is delivered at a high level, so the necessary support is available 24/5.

 

Awards and Recognition

Even though FXGM has been operational since 2011 there is no indication on its website or the internet that the broker has received any awards since inception.

 

FXGM Accounts

A forex account is a trading account held by a trader with a company like FXGM, which is primarily issued with the purpose of trading currencies.

Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

 

 

Types of Accounts and Their Features

Traders can choose from various accounts when trading through FXGM. It applies to retail traders or professionals. If you are a retail trader there are six account types:

 

 

The first 10 trades are protected from losses, as a reward to get familiar with the software. The accounts are defined by the size and its offered package with higher discounts on prices.

Professionals may access specified conditions along with higher leverage ratios and tailored solutions according to their individual needs.

 

  • The Basic Account has equity of $200 – $1 999
  • The Discovery Account has equity of $2 000 – $4 999
  • The Silver Account has equity of $5 000 – $9 999
  • The Gold Account has equity of $10 000 – $14 999
  • The Diamond Account has equity of $15 000 -$29 999
  • The VIP Account and equity of $30 000 – more

 

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

 

Deposits and Withdrawals

FXGM offers a variety of methods to deposit or withdraw funds which include the most used options. To transfer money is easy and convenient and includes the use of Credit / Debit Cards, Wire Bank transfers, e-wallets, Skrill, Neteller, Klarna, and PayPal.

Traders should always make sure to check with the particular entity for the payment providers’ applicable fees and conditions, as they may vary.

FXGM sets its minimum deposit to $200 for the first-grade retail account type, and as the accounts go up in grades a bigger amount is required.

The minimum deposit amount is considered a fair amount for beginning traders, while with a slightly bigger amount you will get an extra discount on trading costs.

FXGM does not charge any fees for making deposits, or withdrawals. Nevertheless, depending on your country of residency and international policies some fees might be applicable and will be solely your responsibility.

 

Cost and Fees, Commissions and Spreads

The cost of trading depends on different factors like commissions, spreads, and margins.

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions will vary between different brokers and depends on the asset being traded and the type of service offered by the broker.

Execution-only brokers, that is a broker that does not involve in any personal investment advice and gives traders complete control over how they trade the markets, tend to have lower commissions.

Contract for differences (CFDs) trading, a popular form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, on shares will incur commission.

CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

FXGM being an STP broker provides tight variable spreads according to the market conditions. Actual costs are determined by the account type you use. Spreads are tight and competitive and start at 3 pips on the EUR/USD.

Each account type features a price discount of up to 25% for both spread and rollover fees. Traders would benefit from better costs if your trading size increases.

A Rollover Fee is applied on all trading positions left open overnight. The Rollover Fee is debited from the trading account at 00:00 GMT with the following percentages:

 

CFD Product: Rollover Fee

  • Currencies: 0.015% of the overnight exposure
  • Commodities: 0.015% of the overnight exposure
  • Indices: 0.015% of the overnight exposure
  • Shares: 0.015% of the overnight exposure
  • ETFs: 0.015% of the overnight exposure
  • Cryptocurrencies: 0.05% (Retail Clients)0.05% (Professional Clients)

 

If no trading on an account is taking place for at least three months, FXGM will apply a fee of US 500, which will be charged on a quarterly basis.

If trading does not take place for twelve months an increased fee of USD 1 000 will be charged on a quarterly basis. FXGM charges a spread on all trades.

 

Leverage

The facility that enables a trader to get a much larger exposure to the market than the amount he or she deposited to open a trade, is called leverage. Such leveraged products magnify a trader’s potential profit – but of course, also increase the potential loss.

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1,000 in his or her trading account and is trading ticket sizes of 500,000 USD/JPY, that leverage will equate to 500:1.

The first thing to check when you decide to trade with a specific entity is to know the maximum leverage ratio of the entity. FXGM operates through various jurisdictions and complies with its regulatory restrictions.

European clients may access the maximum leverage of 1:30 for forex instruments, which is available for retail traders. Trading with the South African branch will get traders higher ratios, as jurisdictions allow bigger leverage levels.

However, the maximum leverage for professionals goes up to 1:200 respectively once the status is confirmed.

 

Bonuses

Forex brokers tend to lure new traders with offers of attractive deposit bonuses. This can be useful, but it is essential to discern what a proper bonus is.

Such a bonus is but a way to compensate traders for choosing a certain broker since once the account is opened, the trader will have the same expenses as any other.

The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Moreover, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients.

These prevent brokers from directly or indirectly provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, other than the realized profits on any CFD provided.

This means that a Deposit Bonus is not currently applicable for retail clients.

According to FXGM’s regulations, the company cannot offer any bonuses or promotions. Traders can, however, benefit from the trading plan they choose.

The company offers several trading plans such as Discovery Trading group, Silver group, and the VIP+ group, among others, which gives special benefits to their clients. Professional clients can also receive bonuses and promotions.

If you refer a friend that starts trading with FXGM, you can earn up to $100.

 

Trading Platforms, Software, and Its Features

The forex trading software provided by a broker company to its clients is called the platform and is used to carry out their trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The decision about which platform to choose will depend on what a client would like to trade, therefore it will be one of the criteria when choosing a broker too.

WebPROfit is a user-friendly trading platform FXGM provides to give traders access to the trading environment.

It is an online-based platform that does not require installation. FXMG also gives the choice of the Mobile PROfit platform which allows traders 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. Beginners or professional traders can use the software for their trading strategy.

FXGM 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.

The toolbar and software bring you all that is needed for a good array of the strategy, whatever style it is.

WebPROfit is also compatible with all major browsers, including Chrome, Firefox, and Internet Explorer.

WebPROfit makes trading easy and comfortable. You can trade Forex, commodities, and CFDs without any download required. Financial news is streamed directly to the platform and it gives you real-time charts and analysis.

With Mobile PROfit’s free apps, you can trade anytime, anywhere. This benefit can be enjoyed directly on your mobile or tablet.

Using this application to trade with works in a similar manner to the web-based platform. You can receive live currency quotes, view graphs, edit your positions and even place trades.

The only difference is that you have access to WebPROfit from the convenience of your mobile phone and tablet. You can still receive real-time pricing, charts, and trading, make trades fast and easy and read the latest financial news.

 

Markets, Products, and Instruments

Most brokers offer all or some of the following kinds of market instruments for trading:

 

Forex:

Forex trading, also called currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

As with currency exchange markets, commodity markets offer different investment opportunities for traders. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of inflation or economic uncertainty.

 

Indices:

Equity or stock indices are actual stock market indexes that measure the value of a specific section of a stock market. They can represent a specific set of the largest companies of a nation or they can represent a specific stock market.

 

Precious metals:

The trading of gold and other precious metals involves hard commodities that are contract-based tradable goods.

 

Energy:

The high volatility of energy prices due to political and environmental factors, supply and demand, extreme weather conditions, and global economic growth is a typical feature of this product, making it another popular trading choice.

FXGM offers trading instruments like forex, commodities, stocks, and market indices through CFDs for trading. These include:

  • 43 currency pairs
  • 17 commodities
  • 84 shares
  • 18 indices
  • 9 cryptocurrencies
  • 8 options assets
  • 2 ETF

 

 

Safety and Regulation

One of the first things a potential trader needs to establish is whether a broker like FXGM is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.

FXGM is a tradename used by the company Depaho Ltd which is registered in Cyprus and regulated by the local CySEC.

Since Cyprus is a part of the EU, it, therefore, complies with its regulation with the European MiFID that establishes standardized financial investment services to the public.

FXGM also serves a branch in Spain which is registered with a local CNMV, so the trading and brokerage service is compliant with the necessary laws, protecting clients and bringing you a trustable environment.

In South Africa, FXGM is authorized by South Africa FSP. The broker gains effective exposure and presence in additional markets together with the strict following of customer protection, due to certain regulations.

Being regulated by several authorities globally means the broker is working closely with the best concepts of trading operations ensuring its clients with safety procedures.

The numerous regulatory rules cover all aspects of how the trading environment is established, money operated, client treated, as well as covered by the compensations in case of insolvency.

With all this in place, traders can rest ensured and be confident that you are trading with a reliable firm.

 

Customer Support

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

Customers can contact the company via telephone, email, live chat or complete an assistance request form. Their operating hours are Mondays to Fridays from 07:00 – 16:00 GMT.

Head Office Address: Depaho Ltd Artemisia Business Center 14 Charalambou Mouskou 2014, Strovolos Nicosia, Cyprus

 

Research

Potential traders should always do as much possible research about speculative trading before commencing any trade.

Trading with confidence and success relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

FXGM offers several research tools to help you as a trader to create your own strategies, based on the information it offers.

Traders have free access to important information about the Forex market through the Economic Calendar, SMS services, Market Reviews, Currency Charts, and Autochartist.

The economic calendar helps you get a better understanding of forex news and events. It informs you about the scheduled major economic events and government reports.

With the offered SMS services, you will be provided with trading signals sent directly to your mobile device. This free service keeps you informed about the market’s movements and gives you more confidence when making decisions.

Traders will receive a daily overview of the markets, as well as an analysis of changes that take place. Based on this information, you can create your own trading strategy.

Forex currency charts measure market sentiment and provide insight into the direction of the market. Using this free tool will help you to predict the market’s direction and trade with more confidence.

Autochartist is a technical analysis tool, which scans the markets and highlights opportunities. With the help of Autochartist, traders can filter big amounts of data and identify chart patterns, which helps them save time.

 

Education and Training

Before starting to trade, potential clients of FXGM should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.

If FXGM’s website itself does not provide enough means, a trader should explore other informative websites and means to obtain that knowledge.

FXGM’s Trading Academy on the website is limited to the glossary and a few web pages describing CFD, leverage, forex history, and a few terms. It does however give you free access to useful tools and resources to help you start trading.

 

Conclusion

FXGM operates from its European entity based in Cyprus, as well as through the South Africa branch. The broker is regulated in each region that it operates in, making its conditions transparent and reliable to you as an investor.

 

You might also like: FXGM Minimum Deposit

You might also like: FXGM Account Types

You might also like: FXGM Demo Account

You might also like: FXGM Fees and Spreads

You might also like: FXGM Sign up Bonus

 

Disclaimer

FXGM does not and cannot guarantee the initial capital of the Clients’ portfolio or its value at any time, or any money invested in any Financial Instrument.

The trader should know that he runs a great risk of incurring losses and damages because of the purchase and/or sale of any Financial Instrument and is willing to undertake this risk.

The trader alone shall decide how to handle his Trading Account and place Orders and take relevant decisions based on his own judgment.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider.

You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FXGM is regulated and reputable and you can safely rely on the broker for your trading needs, according to research done.

 

FXGM at a Glance

Broker’s Name FXGM
Headquartered Nicosia, Cyprus
Year Founded 2011
Regulating Authorities CySEC
US Clients Accepted No
Islamic Account (Swap Free) No
Demo Account No
Institutional Accounts No
Managed Accounts No
Maximum Leverage 200:1
Minimum Deposit $200
Deposit Options Visa, Mastercard, Wire Bank transfers, e-wallets, Skrill, Neteller, Klarna and PayPal.
Withdrawal Options Visa, Mastercard, Wire Bank transfers, e-wallets, Skrill, Neteller, Klarna and PayPal.
Platform Types WebPROfit, Mobile PROfit
Platform Languages English, Finnish, French, German, Italian, Polish, Spanish, Swedish.
OS Compatibility Desktop, mobile
Customer Support Languages English, Finnish, French, German, Italian, Polish, Spanish, Swedish.
Customer Service Hours 24 Hours Monday to Friday

 

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

 

FAQ’S

 

Trading Environment

 

How many instruments can I trade with FXGM?

You can trade over 179 different instruments with FXGM, which include the following:

  • Forex
  • Currencies pair
  • Commodities
  • Shares
  • Indices
  • Cryptocurrencies
  • CFDs

 

Which platforms are supported by FXGM?

FXGM provides the following trading platforms:

  • WebPROfit
  • Mobile PROfit

 

Does FXGM offer leverage?

Yes.

FXGM offers European clients maximum leverage of 1:30. Maximum leverage for professionals goes up to 1:200.

 

What spreads can I expect with FXGM?

FXGM offers a variable spread on its various accounts. A typical spread of 3 pipi is offered on EUR/USD.

 

Does FXGM charge commission?

No, it does not charge commission.

 

Is FXGM regulated?

Yes, FXGM is registered in Cyprus and regulated by CySEC.

 

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

Yes, FXGM offers a good trading environment for all types of traders, from beginners to advanced.

 

What is the overall rating out of 10 for FXGM?

7/10

Accounts

 

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

A demo account is an account offered by some trading platforms, which is funded with phony money.

This allows a potential client to experiment with the trading platform and get familiar with its various features, before deciding to set up a real account.

These accounts are offered by various online trading platforms, including stock trading platforms, foreign exchange trading venues, and commodities exchanges.

Demo accounts are also widely used by more experienced traders who want to experiment with other asset classes. For instance, a trader might be experienced in stock trading but want to start investing in futures, commodities, or currencies.

Opening a demo account is a good option before opening a live account where you trade with real money in real time.

 

Does FXGM offer a demo account?

No

 

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

Not applicable as all trading is done from a live account from the start.

 

Which live trading accounts does FXGM offer?

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

Beginners or professionals can apply for any of this account. Please refer to their website for more information on the categorization of clients and the difference between the accounts.

 

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

  • USD
  • EUR
  • AUD
  • CHF
  • CAD
  • JPY
  • NZD
  • BRL
  • CNY
  • NOK
  • PLN
  • SEK
  • ZAR
  • RUB
  • GBP
  • DKK
  • MXN
  • SGB

Deposits and Withdrawals

 

What is the minimum deposit for FXGM?

$ 200

 

How do I make a deposit and withdrawal with FXGM?

FXGM offers the following popular deposit and withdrawal methods:

  • Visa
  • Mastercard
  • Wire Bank
  • e-wallets
  • Skrill
  • Neteller
  • Klarna

 

Does FXGM charge withdrawal fees?

No: fees from financial institutions may apply

 

How long does it take to make a withdrawal?

Withdrawal requests will be processed within one business day.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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