FXGM Review – is FXGM Scam or Legit Broker?

FXGM

2

Rating

2.0/5

Pros

  • Powerful trading programs (WebPROfit and Mobile PROfit)
  • Leverage of 1: 200
  • Full regulation and licensing (CySEC along with FSA)
  • High Excellent multichannel customer service

Cons

  • No promotional or bonuses supplies supplied
  • Limited withdrawal and deposit options to traders
  • Deposit demands boost aggressively in the middle consideration kinds
  • Limited telephone support for neighborhood traders

FXGM is owned and run by some Cypriot investment business called Depaho LTD.. The corporation is mostly engaged in online trading currency task, with a lot of different options including commodities trading, and even shares trading via Contracts for Difference. FXGM is fully governed by CySEC (Cyprus Security Exchange Commission) to supply trading solutions to customers. One of the benefits supplied by FXGM are personal accounts managers, store investigation, fully guaranteed investment insurance to the before all else five trades, and also segregated accounts to drive back vaccinations and bankruptcy against the business.

Overview/ desktop

FXGM is a CySEC regulated brokerage together with all the subsequent license amount 161/11. It’s also authorised by the FSB (Financial Services Board) of all South Africa using authorisation number 47709. This Forex brokerage provides all of the resources and tools which traders will need to purchase and sell money pairs. The trading platform – PROfit – is currently offered in a cellphone and also a website version and is targeted towards traders throughout the spectrum.

Additionally, this business offers full accessibility into a forex currency trading academy where all of the elements of FX trading are all readily available. Traders are agreeing to some glossary tutorials, and tactical insights into money trading. A number of the numerous resources and tools out there to traders consist of money graphs, store reviews, SMS solutions, economic calendars, and much more. The selection of FX and CFD trading services and products insures multiple commodities, futures, spot options, plus much more.

Account Types

FXGM account forms contain 5 special account options:

  1. The Discovery Account to Forex Traders – that necessitates a free account balance of $200 – $9,999. Traders enjoy security in their before all else 5 days – 10 Forex places. Benefits include free of charge e-books, free training, free of charge webinars, and personal account managers, 1-click trading, and even pop up alarms.
  2. The Silver Account to Forex Traders – that necessitates a free account balance of $10,000 – $29,999. Every one of the profits of this Discovery accounts is found, for example additional profits like trading fundamental processing for a single month, and disperse discounts on commodity.
  3. The Gold Account to Forex Traders – that necessitates a free account balance of $30,000 – $49,999. Every one of the profits of a silver account is obtained, for example two months of trading fundamental accessibility, and disperse discounts on commodities and disperse discounts on indices, and also disperse discounts on all of Forex leading pairs.
  4. The Diamond Account to Forex Traders – that accounts demands a balance of $50,000 – $99,999. It gives security in your own before all else 5 – 10 rankings, and a number of other profits like personal customer support representatives, disperse discounts on all Forex majors and disperse discounts on indices and disperse discounts on commodity, and even 3 weeks of trading fundamental access.
  5. The VIP Account to Forex Traders – that accounts demands a balance of 100,000, also will be offering all of the profits of the Platinum Card accounts, for example, 4 weeks of usage of trading fundamental processing
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Trading Platform/ applications

There are two kinds of Forex trading programs available – both WebPROfit and Mobile PROfit. Traders may enjoy exceptional profits with each one of those FX platforms. By Way of Example, WebPROfit Delivers the following profits:

  • Real-time Information upgrades
  • No download performance
  • Charting features and monetary investigation.
  • CFD trading, forex trading and commodity trading

The cellular PROfit trading platform for Forex Currency Trading is currently available to customers through the Google Play Store, or even the App Store. The functionality of the cellular trading platform is much similar to the online trading platform. Forex traders may like live charts, view graphs and charts, and also alter places so. The profits of utilizing this on-the-go performance comprise the subsequent:

  • Easy implementation of Forex trades
  • Real-time trading, graphs and pricing
  • Quick and Effortless accessibility to financial information

Deposit options

FXGM offers multiple stable deposit options. These generally include bank transfers or bank cards. This Forex brokerage has made it even a lot easier to move funds straight into the trading platform via Visa and MasterCard.

Markets

FXGM is primarily a Forex trading platform. Additionally, it supplies a vast selection of additional CFD services and products including commodities, indices, stocks and cryptocurrencies. The disperse costs on CFDs are low as 0.001 on FX spot pairs just like the AUD/CAD and the EUR/CAD.

  • Shares Involve Old Mutual PLC, Pfizer, Santander, Spotify, SwedBank, Total, Twitter, Volvo, along with many others.
  • Indices Comprise DAX, Dow Jones, FTSE, JSE, CAC 40, MIB 40, NASDAQ, Nikkei 225, Nifty, S&P 500 and many others.
  • Commodities comprise tools such as Brent crude oil, aluminum, coffee, corn, cotton, crude oil, palladium, platinum, wheat and sugar germ
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For the complete list of those marketplaces accessible FXGM, traders may go on here.

Bonuses

According to FXGM, traders possess security to its before all else 5 – 10 Forex rankings (insurance) whether losses have been accrued. During writing, we’re not aware of some extra promotional or bonuses supplies supplied by FXGM. But, traders might want to get support for information on the most recent promotional supplies, if any.

Customer Support

Customer service options incorporate numerous stations like telephone, email, WhatsApp, FAQ, and also a registered company address. The support agents are trained to provide prompt and professional service on all things regarding Forex trading. Customer service options are available through those stations:

  • Telephone 357-22-300-542 or 357-22-030-082
  • Registered business address in Limassol, Cyprus
  • WhatsApp client service – 357-97-770-122
  • Email Inquiries – [emailprotected] or [emailprotected]

The FAQ (frequently demand questions) department offers limited aid to Forex traders. There are just three broad categories including commissions, deposits and taxation, and venture programs. Live discussion is also readily available to traders 24/6 in FXGM. Traders must remember that they could simply contact the client support team on weekdays from 7 AM through 7 PM GMT.

Safety

The ethics of client accounts and information is a priority in FXGM. This Forex broker would go to amazing lengths to make certain security measures are in place to safeguard against third-party interception of data. To begin with, FXGM is both CySEC regulated and licensed, FSB licensed, and also the business provides additional protections available to traders. Included in these are the before all else five trades ensured against loss, and also the Investor Compensation Fund (ICF) which protects customers with insurance up to 20,000. Safety is further enriched with a group of compliance regulations and laws, confidentiality arrangements, and segregation of client funds out of company capital.

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Ease of Use

FXGM does a nice job of demonstrating aspects of Forex trading at an easy-to-understand method. The footer of each and every page contains categories associated with certain components of gambling. These generally include company information, the trading programs, the fiscal tools, both the educational tools and tools, and affiliate programs. Starting is as simple as entering your entire name, email, country of residence, and cell phone number. Registration is totally free, and as soon as you’ve accepted the terms and terms (you’ve got to be in a qualified country), you’re able to deposit and begin trading on the web.

Final Thoughts

FXGM differs from brokers such as Questrade and Interactive Brokers, which is aimed towards novice traders and institutional players. FXGM is appropriate to casual Forex traders using limited connection with their economic marketplaces. The trading platforms are somewhat userfriendly, and customers can certainly access realtime trading advice together with financial information, graphs and investigation. In general, an excellent brokerage for Forex traders.

Internet Site:
www.fxgm.com
Telephone:
357 22 300 500
Legislation:
CySEC, FSA
Pairs provided:
38 currency pairs offered including majors, minors and exotic money options.
Minimum Deposit:
$200
Spreads From:
3 PIPs
Max Leverage:
200:1
Markets:
Indices stocks, currency pairs, commodities