FXGM
Pros and Cons
Pros
- Regulated by Cyprus Securities and Exchange Commission (CySEC) and Financial Sector Conduct Authority (FSCA)
- Diverse range of trading instruments including forex, commodities, indices, stocks, and cryptocurrencies
- User-friendly proprietary Profit Trading Platform with mobile compatibility
- Customer support available 24/5 through multiple channels
- Protection of the first ten trades from loss for new traders
Cons
- No demo accounts available
- High minimum deposit requirement of $200
- High spreads on trading instruments
- Limited educational resources for traders
- Customer service experiences reported as inconsistent
Basic Information
User Reviews
FXGM Overview
FXGM is a forex broker founded in 2011 and operates under the full name Depaho Ltd. It is headquartered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC), ensuring compliance with strict financial standards. This regulatory oversight provides a layer of security for traders, as FXGM adheres to established guidelines designed to protect investors and promote transparency in trading activities. The broker has been operational for 5-10 years, offering a regulated environment for trading various financial instruments.
FXGM provides a diverse range of trading instruments, including forex, commodities, and CFDs, accessible through its proprietary Profit trading platform. This platform is designed to cater to traders of all experience levels, featuring user-friendly tools and mobile compatibility. Customer support is available 24/5 through various channels, ensuring traders receive timely assistance. Unique advantages of FXGM include the protection of the first ten trades from loss, offering a distinctive feature for new traders. Overall, FXGM presents a solid option for individuals looking to engage in forex trading within a regulated framework.
Is FXGM Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Cyprus Securities and Exchange Commission (CySEC) | Cyprus | Segregated Funds, Investor Compensation Fund |
| Financial Sector Conduct Authority (FSCA) | South Africa | Segregated Funds, Investor Compensation Fund |
Is FXGM Regulated and How Are Client Funds Protected?
FXGM is a regulated broker operating under the supervision of multiple financial authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) in South Africa. This regulatory oversight ensures that FXGM adheres to strict operational standards, providing a safer trading environment for its clients.
Client funds at FXGM are safeguarded through several protective measures. The broker maintains segregated accounts for client deposits, ensuring that traders’ funds are kept separate from the company’s operational funds. Additionally, FXGM participates in an Investor Compensation Fund, which provides further security to clients in case of unforeseen circumstances that might lead to financial losses. By implementing robust compliance protocols, including Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, FXGM demonstrates its commitment to protecting its clients’ interests and maintaining transparency in its trading activities.
Trading Products and Services
What Trading Instruments Does FXGM Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Varies |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US, UK | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
FXGM provides a comprehensive range of trading instruments, making it suitable for various types of traders. With offerings across forex, commodities, indices, stocks, and cryptocurrencies, FXGM caters to both beginners and experienced traders. The availability of multiple asset categories promotes portfolio diversification, allowing users to implement flexible trading strategies. This diversity supports different trading styles, whether one is looking for short-term opportunities or long-term investment options. The ability to trade across these varied markets enhances FXGM’s overall value, providing traders with tools necessary to adapt to changing market conditions and optimize their trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does FXGM Offer?
| Account Type | Target User Group | Key Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners | Protected first ten trades from loss | Ideal for new traders seeking practice |
| Professional Account | Experienced traders | Higher leverage and 0% margin close-out | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Custom services and support | Requires corporate documentation |
| Islamic Account | Traders following Sharia law | Swap-free trading option | Not explicitly offered |
| Demo Account | All traders | Practice trading in a risk-free environment | Available for a limited time only |
Account Opening Process
To open an account with FXGM, traders need to follow a straightforward process. Initially, applicants must submit personal information, including their name, address, and contact details. Subsequently, employment and financial information are collected to assess the trader’s profile. Identity verification is required, necessitating submission of a valid ID and proof of address. Once the necessary documents are provided, FXGM reviews the application. Additionally, traders have the flexibility to upgrade their accounts, for instance, from a retail to a professional account, once they meet the eligibility requirements.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 | Tight spreads available |
| CFDs (Stocks, Indices, Commodities) | Varies | $0 | Competitive pricing structure |
| Cryptocurrencies | Varies | $0 | Dependent on market conditions |
Other Fees
FXGM may impose various fees related to trading activity. These include deposit and withdrawal fees, which can vary based on the payment method chosen. Inactivity fees may apply to accounts that remain dormant for an extended period. While platform usage fees are not specified, traders should be aware of potential overnight interest (swap rates) applicable to positions held overnight. Additionally, currency conversion fees might be incurred when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does FXGM Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| Profit Trading Platform | Web (Windows, macOS), Mobile (iOS, Android) | User-friendly interface, login security (encryption), multiple order types, price alerts, technical indicators | Demo account available |
| MetaTrader 4 (MT4) | Web (Windows, macOS), Mobile (iOS, Android) | Advanced charting tools, customizable indicators, automated trading via Expert Advisors | No additional services specified |
| Web Profit | Web (Windows, macOS) | Accessible via web browsers, market search functionality, fast order execution | Demo account available |
| Mobile Profit | Mobile (iOS, Android) | Convenient operation, push notifications for alerts, real-time updates | No additional services specified |
FXGM offers a range of trading platforms to suit different trader needs. The Profit Trading Platform is designed for ease of use while providing essential trading tools, making it suitable for new traders. MetaTrader 4 is ideal for advanced traders, leveraging its comprehensive charting and automation features. The web-based and mobile platforms ensure traders can manage their accounts conveniently, receive real-time alerts, and execute trades efficiently, all while benefiting from secure login measures.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 business days | No platform fee | Min 50, Max 20,000 per transaction | EUR, USD |
| Credit/Debit Card | Instant | No platform fee | Min 50, Max 10,000 per transaction | EUR, USD |
| e-Wallet (e.g., Skrill, Neteller) | Instant | 1.5% fee | Min 50, Max 15,000 per transaction | EUR, USD |
Minimum Deposit
FXGM requires a minimum deposit of 50, which is consistent across various payment methods and account types. This amount allows traders to start engaging in the trading environment effectively.
How to Withdraw
To withdraw funds from your FXGM account, follow these steps:
- Log in to your FXGM account.
- Navigate to the ‘Withdrawal’ section in the account dashboard.
- Select your preferred withdrawal method from the available options.
- Enter the withdrawal amount, ensuring it adheres to the limits set by FXGM.
- Submit your withdrawal request.
- Monitor your account for confirmation and processing updates.
Customer Support
FXGM Customer Support Overview
Support Channels
FXGM offers multiple contact methods to assist clients effectively. Customers can reach out via:
- Email: Clients can send their inquiries to customer.service@fxgm.com.
- Live Chat: Available on the website for real-time assistance.
- Telephone: Support is accessible through various phone numbers, including +357 22 300 520.
- Social Media: FXGM maintains a presence on social media platforms for additional support and updates.
Service Availability
FXGM provides customer support 24/5, ensuring that clients can access help during business days. The support team is multilingual, offering assistance in several languages, including English, French, Italian, Polish, and Spanish.
Additional Resources
While FXGM does not provide extensive educational resources, traders can benefit from market analysis and trading signals to enhance their trading experience. These resources are designed to help clients make informed decisions in the dynamic forex market.
Frequently Asked Questions
FXGM is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) in South Africa. Client funds are protected through segregated accounts, ensuring that traders’ funds are kept separate from the company’s operational funds. Additionally, FXGM participates in an Investor Compensation Fund, providing further security in case of unforeseen circumstances that might lead to financial losses.
FXGM offers a diverse range of trading instruments including forex, commodities, indices, stocks, and cryptocurrencies. This variety allows traders to engage in multiple markets and supports different trading strategies, whether for short-term opportunities or long-term investments.
To withdraw funds, log in to your FXGM account and navigate to the ‘Withdrawal’ section. Select your preferred withdrawal method and enter the amount you wish to withdraw. Your request will be processed within one business day, subject to meeting the necessary requirements. Withdrawals are credited back to the initial method of deposit.
FXGM provides multiple customer support channels, including email, live chat, and telephone. Support is available 24/5, with a multilingual team ready to assist clients in various languages, including English, French, Italian, Polish, and Spanish. This ensures that clients can receive timely assistance with their inquiries.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.