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FXGiants Review - Is it scam or safe?

FXGiants Review - is FXGiants a good forex broker?

RATING: 3 / 6 REVIEWS FXGiants
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Trading Accounts

 

Account type  Minimum deposit Minimum trade size Maximum leverage  Spreads 
Micro  $500 0.01  1:500 Variable, from 1.1 pips on EUR/USD 
Fixed, 2.2 pips on EUR/USD
Zero Fixed spread  $500  0.01 1:500 0.0 pips on EUR/USD + commission $18/Lot
Premium $2000 0.1 1:500  Variable, from 0.7 pips on EUR/USD 
Fixed, 1.2 pips on EUR/USD
STP/ECN $500 0.01  1:200  from 1.7 pips on EUR/USD 
0.0 pips on EUR/USD+ commission $13.5/Lot 


FXGiants offers 4 basic account types, all of which are accessible through the popular MetaTrader 4 platform and offer micro lots for trade. Clients of this broker are able to choose between floating and fixed spreads, market and instant execution, and commission-free trading and commission-involving one with spreads as low as zero.


Personal multi account manager accounts, as well as swap-free (Islamic) ones are also available with this broker.


Please, be advised that FXGiants does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria and North Korea.


The Company


FXGiants is an international online trading broker, providing services for trading in financial markets to both retail and institutional investors.


Launched in 2016, London-based brokerage FXGiants in fact is a part of the IronFX family. Both the Australian and the UK units have been rebranded, shortly after in November 2015 IronFX was ordered by CySEC to pay €335,000 in settlement for denying withdrawals to more than 150 customers.


FXGiants is a registered business name of 8Safe UK LTD, a company authorised and regulated by the Financial Conduct Authority (FCA). 


Its sister company, GVS (AU) Pty Limited., doing business as FXGiants in Australia, is authorized and regulated by ASIC.


Security of Funds


The UK’s Financial Conduct Authority applies certain rules and requirements to license holders. FCA-regulated brokers must keep client funds in segregated accounts, separated from the companies operating funds. Besides, UK-based brokerages must maintain net tangible assets amounting to at least €730 000 as a proof of their financial stability.


What is more, clients of UK brokers are covered the Financial Services Compensation Scheme (FSCS). In the event of a company insolvency, FSCS is able pay compensation up to a maximum of £50,000 per person per regulated entity.
Speaking of safety of funds, we should also mention that according to its website, FXGiants offers its clients Negative Balance Protection, meaning that all negative balances are covered by the company.


Trading Conditions


Minimum Initial Deposit
The minimum deposit for opening a trading account with FXGiants is $500, which is a bit too high. In comparison, Trading 212, which also holds FCA license, requires $49 as a start, while leading CFD and spread betting brokerage CMC Markets has set no minimum initial requirement.


Average spreads & Commissions
FXGiants offers both fixed and floating spreads, which vary by account category. The ones on the Micro account are quite high, as is usually the case with micro accounts. However, spreads on commission-free STP/ECN account (also available with $500 initial deposit) start from 1.7 pips on EUR/USD, which is even higher than the floating spread on Micro accounts. What is more there is a Zero fixed spread account, however it involves a salt commission of $18 per lot. So, as it turns out average cost of trading per lot for the EUR/USD pair on these accounts is above 1.5 pips, which is not an attractive pricing. If you are willing to make a larger initial deposit, Premium accounts with this broker offer more favorable conditions: Variable spread as low as 0.7 pips on EUR/USD, or fixed spread of 1.2 pips on EUR/USD and no commission applicable.


In comparison, Trading 212 offers floating spread as low as 0.9 pips on EUR/USD and does’t charge any commission. For further information, you may look up and compare real-time spreads of 15 leading brokers


Leverage

The maximum leverage rates at FXGiants are up to 1:500. Such leverage is considered comparatively high, although many other FCA-regulated brokers offer similar leverage rates. For instance, leading EU brokerage FxPro provides leverage up to 1:500. You may check out a list of forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.


Please, be advised that investing in over-the-counter derivatives with high leverage involves significant risks.


Trading Platforms


Like most forex brokers, FXGiants supports the popular MetaTrader4 (MT4) platform. It is preferred by most investors, because it has with user-friendly interface, and offers all a trader needs: advanced charting package, a number of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).


With this broker, the MT4 platform comes as desktop and mobile versions.


What is more, via the FXGiants VPS service, traders can install their favorite EA Application and have it run 24/5 without requiring a PC to be powered on. MT4 VPS hosting with this broker is free of charge to new and existing clients that deposit a minimum amount of $5000 or equivalent in other currency and maintain such balance for the following months.


Promotions
Lucrative promotions and bonuses are something else that you can expect to see regularly from FXGiants. Currently the broker offers:


- $35 no deposit bonus to live account holders, other than ECN/STP & Premium & spread betting ones. Mobile verification via SMS required and the bonus is withdrawable after completion of 4 turn lots.


- 100% Bonus Maximiser which is also available to new live account holders, other than ECN/STP, Premium & spread betting ones. It can be withdrawn after certain volumes are traded.


- 20% Bonus advantage up to $2000 (Bonus on all deposits).



Methods of Payment


Clients of FXGiants can make deposits to their accounts via credit/debit cards, (Visa, MasterCard, Maestro), bank wire, Skrill, Neteller, Safecharge, DotPay, China UnionPay and EccomPay.


Profits made from trading can be withdrawn only via bank wire.


FXGiants enables clients to open accounts and deposit funds in USD, EUR, GBP, AUD, JPY, CHF, PLN, HUF, CZK.


Conclusion


FXGiants is a UK broker with a rich product portfolio offering trading in various currency pairs and CFDs on the renown MT4 platform under attractive conditions. In a nutshell, here are the advantages and disadvantages with regards to this broker:

 

Pros  Cons
Strong regulation  No choice of trading platforms, no web-based ones
MT4 available  Comparatively high cost of trading (except on Premium accounts)
High leverage levels available  A bit too high minimum initial deposit
Attractive promotions    

 

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Traders` reviews for FXGiants

Spread

Pros

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Slippage

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Requotes

Pros

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

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fxgiants and ironfx - one company

On the 1st of May, 2018, I noticed an advertisement on the Internet of the company fxgiants.com. Having read lots of commentaries (positive ones that were left by employees of the company itself), I decided to take a risk and created an account with a broker fxgiants.com No. 13043313. After a successful two-month trade with this broker, I needed to withdraw my USD 187,89. My request to withdraw the money was at consideration for a week (I suppose, they thought that by this time I will lose all my money, so that there will be nothing to withdraw), the company asked me to confirm with an additional document my address (although, my account was fully verified at that time). When I went through verification for the second time and requested again the withdrawal of USD 187,89 , transactions on my MT4 were restructured in such way as if I have lost all my money. We live in the 21st century and I have been quite aware of such sort of fraud, and, therefore, all my true transactions with actual account balance and correspondence with clients support service on the withdrawal of money I have recorded on the camera to secure myself. As it appeared, for good reason… I can send the video on your e-mail, text me on [email protected] I do call upon all new clients to stay away from any transactions with brokers fxgiants.com and ironfx.com, because these two companies are bound by the same employees, same promotions, same notifications on e-mail with regard to financial news. Look through the screenshots as a proof of what I am saying. Read commentaries about the company ironfx.com and you will understand everything. For those who live in countries of CIS, a person named as Pavel Simonov works for both companies. His task is to call you and tell about solidness of the company, that its activities are regulated and monitored by several state authorities and that it is a very reliable company. After that Pavel Simonov asks you to deposit your account for as a big sum of money as you possibly can and subscribe on pam accounts that will earn you profit from 30 to 60% per month. If all your deposits do not get annulled by these fictitious pam accounts, then at your request to withdraw the money, all transactions in your Terminal will be restructured and re-made for ZERO result on your account. Therefore, if you are a present client of one of these companies, record on camera all your transactions together with account balance, requests to withdraw the money, correspondence with support service. They will be your evidence of the fraud committed by these companies. Send out this evidence to the regulators of these companies, to payment systems which transfers their money, leave more comments about frauds on the Internet, so that other present and potential clients will not get caught by these frauds and so that they do not disgrace Forex among real traders. Together we can get rid of frauds. I wish you all every success in trade with fair brokers! Profit you all!!

Anastasia 08/12/2018

Scam

After signing up with them, they kept calling and convincing me to do my deposit as soon as possible. Another lady named IRRIS CHALIT suggested that she open for another account under an IB of IRON FX if I email her my PASSPORT and Bank Statement.
Now all my trades have huge requotes, with time delays of over 6 minutes. Wish I can upload the logfile.
Flee from this guys

Stephen 05/28/2018

FXGIANTS SCAM

Is FxGiants Reputation the Same with Its Parent Company?

Now, IronFx’s name is closely associated with the money withdrawal issue and it is certainly not good for business. This is the main reason why IronFx uses new brand. But there are some important questions that need to be answered following the rebranding. Is FxGiants the same with its parent company? Or can the customers expect an improvement? Is the name change a sign that IronFx is currently trying to redeem itself?

Astarina 11/10/2017

FXGiants is a dishonest Fx broker

I highly do not recommend this broker, you can do so much better. I opened an account with them and received a welcome bonus of about €30. I fulfilled all conditions set out and when I tried to withdraw I was left blank for over a week then finally my "account manager" called me to tell me my withdrawal was denied due to a conflict of matching IP addresses; blah, blah, blah. This is all based on a lie, I only opened one account with them and they ripped me off. I have nothing against them, I do not say this to demean FXGiants at all but this is my honest testimony of my dealings with FXGiant. Their customer service is also among the worst in all the brokers I've encountered but like I said my concern with this broker is the way they lied and ripped me off what was duely mine. Take note and save yourself a headache.

Mduduzi Sibanda 10/06/2017

Scam Broker!

Don't waste your time with this broker, they are FX Scam Giants of the market, I had a bad experience with this people who are working for fxgiants.

Mr Justice 06/26/2017

MT4 manipulation cheating

Very wired answer by the broker when i ask about some trades on one of their clients account. There was three different prices on the trade, the tick chart and the principal chart and of course the trades price was all ways three point on advantage to the tick chart or the principal chart.
The answer: "I spoke with dealing, there is a reason for that and we cannot disclose information of clients to other clients. it is confidential."
They think cheating is a confidential. OMG!!!

Josue 06/16/2017
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