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FGS Markets Review - is it scam or safe?

FGS Markets review - Is fgsmarkets.com scam or good forex broker?

RATING: 1.2 / 0 REVIEWS
FGS Markets is an offshore broker. Your money is not safe.

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FGS Markets is a forex and CFD broker, offering a variety of currency pairs with a leverage of up to 1:200 on the MetaTrader platform. However, if you are about to open an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:200 1,9 pips, floating

 

FGS Markets Advantages:

 

Leverage of up to 1:200

 

Leverage of up to 1:200 as offered by FGS Markets is perfectly enough to fit any trading style. Still have in mind, that although higher leverage may help you score good profit with a relatively low initial deposit, leverage is also associated with higher risk of depleting your funds with the slightest market fluctuation. 

 

Not surprisingly the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions in the European Union to 1:30. Similarly, the maximum leverage allowed in the US is caped at 1:50 and in Japan at 1:25.

 

MetaTrader4 supported

 

The presence of MetaTrader4 has always been good news. The platform is well known to most traders and features various charting tools and over 50 in-build market indicators. 

 

 

It also supports the option to run automated trading sessions with the help of specially designed trading robots or Expert Advisors, which, by the way, can be easily modified on a proprietary editor. Here you may check our list of brokers, offering the MetaTrader4:

 

>>MT4 Brokers<<

 

FGS Markets Disadvantages:

 

No license

 

FGS Markets is owned and operated by Preseplio Limited, a company based in Cyprus. Unfortunately neither the broker nor the company behind it are regulated by the local Cyprus Securities and Exchange Commission (CySEC) – along with the Financial Conduct Authority (FCA) in the UK, one of the most respected financial institutions in Europe.

 

As regulation is key to the security of any investment, we advise traders to deal with properly licensed brokers only.

 

CySEC regulated brokers for example have to maintain a minimum operational capital of at least 730 000 EUR, to keep all clients funds in a segregated, protected form creditors account and even to insure traders money.

 

The CySEC Investor Compensation Fund guarantees up to 20 000 EUR to all traders, having trouble collecting their trading funds. Besides, here you may check our list of CySEC regulated brokers:

 

>>Forex brokers in Cyprus<<

 

Few trading instruments

 

In its presentation FGS Markets says they are offering over 45 currency pairs, as well as CFDs on over 60 indices, bonds, stocks, various commodities, precious metals and even crypto coins like Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash. 

 

When we tested the demo account, however, we found just 25 currency pairs and a gold CFD. So here you may check our list of brokers offering a Bitcoin CFD:

 

>>Bitcoin Forex Brokers<<

 

Uncompetitive spreads

 

As tested with a demo account the benchmark EURUSD spread fluctuated between 1,8 pips and 2 pips and that, we should say, is a bit higher than what traders would usually expect with a standard account. Have in mind that attractive spreads start below 1,5 pips. Also, here you may check our list of brokers, offering tighter spreads: 

 

>> Lowest spread forex brokers<<

 

No information about the payment methods

 

Most brokers accept payments with major credit or debit cards like VISA and MasterCard, popular e-wallets like Netellerand Skrill and a wire transfer. Unfortunately FGS Markets does not say in their presentation what payment methods do they accept.

 

No information about the minimum deposit requirement

 

The usual minimum deposit requirement with most brokers is about 250 USD, but some big players like FBS and IG does not have a minimum deposit requirement at all. Unfortunately FGS Markets does not disclose what is their minimum deposit requirement.

 

Conclusion:

 

FGS Markets is an unregulated broker and that significantly decreases their credibility. Have in mind that the single most important factor for the security of any investment on the retail forex market is regulation. That is the reason we strongly advise you to deal with properly licensed brokers only.

Latest news about FGS Markets
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Traders` reviews for FGS Markets

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