Read our comprehensive FXGM review below.
WHAT IS FXGM?
Found in 2011, FXGM is a respectable forex and CFD brokerage firm with its headquarters located in Nicosia, Cyprus. This online broker is regulated by CySEC and FSCA (South Africa).
At FXGM, clients can trade a range of trading instruments, such as CFDs on Currencies, Commodities, Indices, Shares, ETFs, and Cryptocurrencies.
The broker also offers a variety of trading platforms to its traders, including the Basic-, Discovery-, Silver-, Gold-, Diamond-, -and VIP accounts.
INTRODUCTION
FXGM is a brand from the Depaho company which works in Cypriot Investments. It was founded in 2011. The company is based out of Nicosia, Cyprus.
This company is an online trading brokerage firm that works in several areas. This company is regulated by the CySEC which will make sure it will follow the trading conditions and the company is transparent in how they operate. This company is reliable and is a reputable broker according to others in the industry and international traders.
FXGM is looking to provide the best technical service and they are always looking to improve their offerings. They go above and beyond. This company even has a branch in South Africa.
You are going to learn about their services and trading tools. This service can be used by beginners or by professional traders.
Users will be able to access some good features that will help them make an informed trade. This broker will offer access to some special programs such as Autochartist, SMS services, and trade transfers. These features are often in the Profit trading platform. This can be accessed on the web or a mobile device.
PROS & CONS
Pros
- Choose a preferred trading platform
- The website is easy to use
- There are six different account plans to select from. These plans are for all budgets.
- The company is CySEC and FSCA regulated
- There is loss prevention for up to 10 trades
- There is a Profit trading platform
- There are commission free and professional trading accounts for customers
Cons
- High spread
- No demo account offered
- Previous finds from the regulator
- There is a $200 limit for first time traders
- There are only a few payment methods
- There is no meta trader platform
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TRADING INSTRUMENTS
FXGM offers some instruments such as forex, commodities, stocks, and other market indicators.
TRADING PLATFORMS
FXGM will allow people to use trading platforms such as Web profit. This is an online platform. There is also a mobile version of this platform for those on the go.
WebProfit
This trading tool will offer charts in real time and will help you analyze the market. The software can be used by beginners and professionals. You will have access to learning materials and this material was found through research.
You will learn how to develop a strategy with these helpful tools. Webprofits works with most browsers such as Internet Explorer, Chrome, and Firefox.
Trading is easy with this program. They include:
- Trading with forex and commodities
- There is nothing to download
- There are financial news and happenings
- There are charts in real time.
Mobile Profit
With this program, trades can be done at any time. The app is free to use. There are many benefits to using this on a tablet or mobile device. This will make trading simple and easy.
The trading will work very similar to a web-based program. When using your mobile device, you can make trades on the go.
With the mobile platform you can:
- See real time charts and pricing
- Make trades
- Check out the latest news in the finance industry
ACCOUNT TYPES
FXGM has different accounts for traders. If you are a retail trader, you can select from 6 accounts and the first 10 trades come with loss protection. This will allow you to get the accounts and find ones that will fit your needs.
There are different packages and prices offered. There are also accounts to handle the demand of professionals. The package that you choose can be based on the level that you need.
The six accounts include basic, discovery, silver, gold, diamond, and the VIP club. The broker does not have Islamic swap free accounts and there are no demo trading accounts. There are special rules and regulations in the Islamic world when it comes to trading.
Basic Account
- The equity is $200 to $1,999.
- No trading central
- No discounts
- No rollover discounts
Discovery Account
- The equity in the account is between $2,000 and $4,999
- There is no trading central
- There is a 5% price discount
- There is a rollover discount of 5%
Silver Account
- Account equity $5,000 to $9,999
- Trading central
- A price discount of 10%
- Rollover discount of 10%
Gold Account
- The equity is around $10,000 to $14,999
- Trading central
- A price discount of 15%
- Rollover discount of 15%
Diamond Account
- Account equity of $15,000 to $29,999
- Trading central
- A price discount of 20%
- Rollover discount of 20%
VIP Account
- The account equity is over $30,000
- Trading central
- A price discount of 25%
- Rollover discount of 25%
HOW TO OPEN AN ACCOUNT
The FXGM process is easy to use. There are live account help and digital tools.
There are two trading platforms. The Profit and mobile profit.
There is not a demo account to use. If you want to know what trading option may be best for you there is a form that can be filled out on their webpage. On the webpage, some tools will help you learn how to make a trade and take steps to decrease your risk for the trade.
COMMISSIONS & FEES
There is a spread based on the market conditions. The cost will be determined by the account type you selected. The account you select should be based on your investment and skill level. There is up to a 25% discount for rollovers and spreads.
A Rollover Fee will be applied if the trading position is left open overnight. The fee is debited as follows:
- Rollover fee
- Currencies 0.015% of the overnight exposure
- 015% of overnight exposure for commodities
- There is an index of 0.015% as well
- The same percentage is used for the shares.
- The ETF is 0.015%
- The cryptocurrency rate is 0.05% for retail and professional clients
LEVERAGE
When you are looking for a trading account you should look at the maximum leverage ratio. FXGM will follow all rules and restrictions. They follow all of the rules they are governed by.
The clients from Europe can have a maximum leverage of 1:30 and they can use the forex instruments. There is trading in South Africa where the traders will get higher ratios and bigger leverage levels. The maximum leverage for a professional can reach 1:200.
WITHDRAWALS AND DEPOSITS
It is easy to transfer money to and from the accounts. You can use a debit or credit card, wire bank transfer, Skrill, and even PayPal. These methods are commonly accepted all over the world. You are going to want to check with your issuer to determine if there are any additional fees.
The minimum despot that can be put into the account is $200 for the first retail account. The amounts will get larger as a person goes up in the accounts.
There are no charges for making a deposit or withdrawal. The country of residence may charge fees and that is the responsibility of the trader. You need to check with the country of origin and any fees they may charge.
CUSTOMER SERVICE
Customers can get in contact with the company over the phone, by email, live chat, or by completing an assistance form. They can contact the company Monday to Friday from 7 to 16:00 GMT.
FXGM offers customer support in different languages with the live chat function. They are also on email and WhatsApp messenger. There is an online assistance form that will allow a customer to request assistance over email or the telephone. A client can even request individual assistance with service agents. This will allow them to get specific questions answered and will allow you to get the advice that you need.
The Live Chat is on every page. They are open between 7 and 19:00 GMT daily. Once a person puts in their request, they will relate to a service representative. The agents are there is assist. This feature can be accessed at any time and as questions arise.
When you click on the Contact Us button you will be given the option to contact the broker. This page has several methods to select from to contact the broker. These options include over the phone, email, messenger, and an online form for assistance. The online assistance form can be used to request individual help with a service agent.
Contact information
- The main office is located at Depaho Lt Artemisia Business Center, 14 Charalambou Mouskou 2014, Strovolos Bocosia, Cyprus
- Email: info@fxgm.com
- Phone: 357 22 030 082
- Whatsapp Support: 357 977 58027
SAFETY AND SECURITY
FXGM is a company of Dapaho Lts that is regulated by the Cyprus Securities and Exchange Commission and the Financial Sector Conduct Authority of South Africa.
This company provides services to EU members and South Africa, Ukraine, and Switzerland. They can keep the funds safe and follow all international agreements.
RESEARCH
FXGM will help you develop your own strategies and investment plan. They will provide you the information for this. You have free access to this important information. Many different items can be accessed on this site and will help you gain additional information about the finances.
Economic Calendar
This will help you understand the forex news. You will learn about major economic events and have access to government reports. You will be able to stay up to date on the latest happenings as they take place in real time. You will not miss any information and will be able to make informed decisions based on this.
SMS Services
You will be able to trade right from your phone. This is a free service, and you can make your trades even when you are on the go. You will be able to make trades and have all the information you need right on your device.
Market Review
You will have access to review the market every day and you will be able to make changes. You can develop your trades based on this information.
Currency Charts
Forex has currency charts that will help you see which direction the marketing is moving in. you will see the current conversion rates for currency. This will allow you to know the rates. These rates may change often so you need to stay up to date on the information and the current rates,
Autochartist
This is a technical tool, and you will be able to scan and look at the market. A trader can look for chart patterns and will have access to a large amount of information. This can be useful when it comes to making trades and investing in the market.
EDUCATION
FXGM has a Trading Academy on the site which has some training materials. There are a glossary and some webpages that will describe some of the current terms. While there is limited information the terms can be useful. You will get free access to these tools.
GLOBAL AWARDS
At this time FXGM has not won any global awards.
PROMOTIONS
There are some restrictions set up by the governing body and at the time FXGM does not offer any bonuses or promotions.
SAFE OR SCAM?
FXGM is operated by the company Depaho Ltd which is registered in Cyprus and the local agencies. Cyprus is part of the EU and needs to follow all regulations with the European MiFID. This is the body that establishes financial investments and services to the public.
FXGM has a branch in Spain and is registered with the CBMV which is the government body in this country that follows all regulations. FCGM is also authorized with South Africa FS so they follow strict regulations and consumer protections.
Being registered with the different governing bodies all around the world. This makes sure there are strict safety measures in place. With all these rules and regulations, customers can ensure that they are protected. This will allow them to trade in confidence.
CONCLUSION
FXGM operates in Europe and is based out of Cyprus. They are expanding and there is even a branch in South Africa. The broker is registered in all the areas where it operates, and the conditions of the trade are transparent.
FXGM offers competitive trade conditions and is easy for those new to trading or trading professionals. There are many different accounts. Each account offers some big discounts so the more a person is willing to invest the more they can earn.
FXGM will help people at all levels and with all skills. It is easy to work with and there are several options for customer service. There are many trading offerings and trading assets to work with. The trader is regulated, and they are reputable. This can allow a person to know that they can make safe trades at any time.
FXGM is transparent and they make trading simple. They have different CFD tools, and they will cover topics such as currencies, shares, commodities, and even cryptocurrencies. There are no commission charges and there are spread, and swaps associated with the trade. They are using the browser-based trading platform known as Profit and there will be access to additional tools. Some of these tools are the Trader Trends and the Autocharist features.
From looking at this site there are some commission free trades in many different markets. A person can trade in shares, commodities, and other forms of currency.
The broker is there to help. They have some internet-based platforms and trading programs. There are even platforms that can be used on a mobile device. There are a live economic calendar and other features that will make it easy for live training. There are many things on the homepage that are useful and interesting.
FXGM will not allow access to a demo account. They are 10 protected trades that will allow a person to try out the program with no risk. This will allow them to get used to the trades and will help beginners learn the ins and the outs of trading.
