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FXG Trade Review - is it scam or safe?

FXG Trade Review - Is fxgtrade.com scam or good forex broker?

RATING: 1 / 14 REVIEWS FXG Trade
FXG Trade is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Silver $5,000 1:300 From 2.5 pips
Gold $10,000 1:300 From 1.5 pips
Platinum $25,000 1:300 From 0.5 pips

 

FXG Trade is an unregulated forex and CFD broker. The company is apparently only targeting relatively big traders, given the deposit requirements. Read the full review to see all the details.



FXG Trade Advantages



1:300 leverage
Despite being a slightly unusual number, this ratio will be enough to facilitate all trading styles. Keep in mind, overleveraging is often quoted as one of the main reasons for the failure of most traders. Learn the basics of risk management before you start trading.


MetaTrader 4 supported
The choice of trading platform at FXG Trade is respectable. MT4 has proven itself over the years, as a stable and fast solution. It has desktop, mobile and web-based versions, which allow you to monitor your trades whenever you have an internet connection. The main strength of this platform comes from the standalone desktop app, which allows a lot of customization through the MQL Marketplace. This is basically the place where custom technical indicators and automate trading systems are being sold (some of them are free). The iteration provided by FXG Trade offers a custom layout, which illustrates the potential this platform has. Here is the screenshot (click to zoom-in):




>>A list of MT4 Brokers<<


Cryptocurrency CFDs
There are a lot of Contracts For Difference offered by FXG Trade, but the company only puts a focus on the cryptocurrency ones. Bitcoin, Ethereum, Dash, Monero and Ripple are the supported coins.


Some e-wallets supported
The methods of payment at this broker include Bank Transfer, Credit/Debit Card, Yandex mony, OkPay, Sofort, iDeal and a few less known e-wallets. While this is a nice offer, the lack of the most popular ones: Skrill and Neteller is rather disappointing. That being said there are a lot more (and bigger) issues we have with this broker.


FXG Trade Disadvantages


Unregulated company
FXG Trade does not claim to be affiliated with any regulatory agency. This is a huge red flag. The company is apparently based in Bulgaria and while the regulation there is solid (given the EU-wide MIFID standards) this is still an unregulated broker.


$5,000 minimum deposit requirement
The second biggest flaw of this broker is stated in the account types. Given the fact, speculative trading should only be done with risk capital (money you are willing to loose) this barrier leaves a lot of traders out. Nowadays most brokers require a $100 or even lower initial investment.


Wide spreads

Spreads for the first account type at FXG Trade are not near the industry averages. The latter two are ok and excellent, but require a pretty hefty deposit. That being said, when testing the demo platform, we saw a fixed spread of 4.4 pips. We are not certain if real clients will get these conditions or the ones mentioned by the company’s website. For a real-time comparison of some of the best offers in the business, check our dedicated platform.

 

>>Compare spreads here<<

Some instruments not mentioned
The fact this broker offers quite a wide variety of CFDs is not well advertised to potential clients. This isn’t a major issue by any standards, but shows a lack of a dedication, which, when combined with the previous factors, leads to a negative impression.



100% bonus on deposit
This may seem like a sweet deal to some of you, but after giving the idea some time to sink in, you will reconsider. An unregulated broker will double your $5,000 (or bigger) investment? It’s simply too good to be true.



 .
Conclusion



FXG Trade is an unregulated broker, which has set a high minimum deposit requirement. The company offers the industry leading platform, packed with a lot of CFDs, but the spreads are slightly worrying.


The costs of trading would be your last concern, if you decide to trade with this broker. The lack of regulation is by far a bigger issue. In case you are new to trading, we’ll put it in the simplest possible form – this broker may be a scam. Respected investment intermediaries are always under the oversight of a financial regulator. Let’s take the United Kingdom’s Financial Conduct Authority (FCA) as an example.


>>Trusted, FCA regulated brokers<<


All the brokers regulated by it, must follow a lot of procedures, including frequent reports on client activity. On top of that all client funds are kept in the so called segregated accounts. These are special banking terms, which don’t allow the company to take your funds. And if everything else fails, there is the Financial Services Compensation Scheme (FSCS) to save you. In case your FCA regulated broker goes bankrupt, your account will be protected, up to £50,000.



 
Here is our experience with this broker

Pros Cons
1:300 leverage Unregulated company
MetaTrader 4 supported $5,000 minimum deposit requirement
Cryptocurrency CFDs Wide spreads
Some e-wallets supported Some instruments not mentioned
  100% bonus on deposit

 

Latest news about FXG Trade
No news about FXG Trade. Check back later.
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Traders` reviews for FXG Trade

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

FXG Trade - Scammers

I don’t know where they get your email or telephonic contact numbers from.
All they want is details of your debit or credit card so that they can draw as much cash from and create what looks like legitimate accounts with your funds. This to you looks “real”, however please do not part with banking card details and your CVV number on the reverse of your cards or forward copies of front and back. This will then be the last you will see of your money.
People be warned

Sunny Naidoo 07/31/2018

Call from FXG Trader

I received a call from fxg trader to invest 250£ for them to help me recover my money lost from another company named CMS trader. The lady was very rude and constantly added to telling me to invest for their legal department to get my lost money back. Ironic right. 02080683492. Beware of these companies

Ruby 06/13/2018

FXG Trade - I smell a rat!!

Started with $300 as requested, added another 350. Went slow but positive at first. They wanted more and more money. My account grew to $800. I wanted to withdraw money. 2 days later they awarded me with a bonus of $500. Week later they send me a mail that my withdrawal hasnt been approved because i havent used my bonus yet. ??

My account grew to $2000. Decided to close my account for good. They called me last Friday to proceed with that. We closed all trades. The brojer told me he woul call me Monday to give me all the paper work needed for closing my account.

Monday they called me with 'slight' problem. My account is in minus $800. So they need $800 more from me to 'save' my account. ?? According to them the market fell over the weekend thats the readon for my loss. I smell a rat!!

Kobie 06/12/2018

FXG Trade SCAM

SCAM

If you still trading with them make equity positive.
Start recording their phone call. Trade Record . document every thing.

Ask for withdraw immediately
My Account #2109012051
I start Deposit 250 $ I end around 16000 deposit.
They Burned my money.
By Opening Big Lots trade to keep Asking more.
my account manager named: Jacbo Goldberg [email protected]
My experience http://www.forexpeacearmy.com/community/threads/fxgtrade-burned-my-account.55700/
If you still trading with them make equity positive.

Cryptoballon 06/09/2018

Scammer

FXGtrade they are scammers and swindled me 20.000 USD

Sebnem 05/27/2018

Alert! Warning!

FXG Trade is 100% scammers.

Mrs.Twister 05/22/2018

Where is my money

Hello Dear Sir and Madam, here I invested 308$ on 10/04/2018. One of the lady called her self as Grace Taylor, she all the times called me to trade with Fxgtrade and when I deposited the money on 14/04/2018 then she totally disappeared and I did not get call from any one from her or her company Fxgtrade. I have writing many mails to them and one day one lady her name is Yana contacted with me and helped me to prapered all the documents for withdraw my money from their company but now it has been more three weeks and I still don’t get my money 308$ back.

When I contacted with Yana and she told me that I have to wait But I waited and waited but no money come to my account. Now I humbly request you Fxgtrade to take this issue very seriously. Otherwise, I will do everything in order to get my money back. They are very clear that when clients want to call them then their contact phone does not work until rules they call back. I mailed them more 100 times . No reponse from them and I get very upset and afraid that I will not get my money back. They opened an account in their Fxgtrade but now my money is gone and I don’t receive so where is my money?

If you Fxgtrade company is doing correct work and right business then you should return my money. This is the last chance for you since you told me so many lias and you cheated me for many times. I want my money back as soon as possible.

Tsering Tashi

Tsering Tashi 05/03/2018

You are big cheaters

Hello Cheaters, I need my money back. before depositing money then you called me everyday for three or foutr times now you when got my money and you stoped to call me and you even did not trade for me. It has been more than one month. Last week, You called me just because I put some comments on this block and you called many times to cancel this complain and I promised I will try to remove this complain and you asked me if I want to trade or not . I said if you are true traders then just trade for me but since then again you stopped to call me and you ttotally don't care your clients when you got money. The world is too small there must be law for you cheating people like this way. If you don't return my money then I will report this case local police and i will put this case in YouTube , Facebook so on. You can not run my money you mother fuckers. I will try to do everything g to get money back. You will see if you are professional broker then just settle this issue today and I am waiting for your response. I mailed you more than hundreds time and I wanted to solve this problem without putting this in public but now it seems that you are big liars and cheaters. This is my number 0032466255034 I have been waiting for your response. You mother cheaters you can not run with my money

Tsering Tashi 04/24/2018

Cannot seem to access my money

I recently enquired about Bitcoin and somehow ended up with FXG Trade. I deposit £250 which has been converted into dollars so I have 365.51 dollars sitting in my account. I had a guy Phillip on the phone numerous times trying to get me hooked into trading. I have emailed him to say I want to withdraw my money but have had nothing back. I have also emailed customer services but so far no response. I can see the money in my account but cannot withdraw it as I think they need ID but I don't know where to send the I too. Any advice would be welcome.

Lorna Cooper 04/23/2018

No response from your compnay

Hello Sir or Madam, my name is Tsering Tashi and I am client of your company and your staff lady who claimed her self as grace Tylor and she told me that your company will help me to trade and I was asked to deposite 308$ so I did it since I deposited money to your company and nobody réponses me and they kept silence since then I was keeping writing emails to this lady and other emails which can contact directly so I did everything but no response at all so please tell me if your company is scammed or fair trade company. My contact number is 0032466255034 and my email is [email protected] Thanks.Tashi

Tsering Tashi 04/16/2018

You steal my money

Hello you Fxgtrade, you promised me to trade with my money but now when I deposited 308$ to your company and you stoped contact with me. You cheater, you can not run with my money and i will report this case to the local police and I will try to do all my best to destroy you liers. You stole money by telling lies. You can not run with my money. This is my contact number0032466255034

Tsering Tashi 04/16/2018

Fraud company

I was not interested bcz I don’t have much more money to join they forced me and ask me atm details they cut money after that no call no msg. I email so many times no reply. I want cash back now. I don’t want to do it anymore.

Jagdeep Singh 04/15/2018

They don’t comply

They don’t call you back after opening an account
I opened an account with them
I was not able to withdraw,and all the emails and call request I made were all ignored.

Copeland 03/22/2018

Very possibly scammers

I made an account at FXGtrade, mostly to see what all the buzz is about. That has led to that people from them have called me every day since this Monday (when the account was opened), last time today, trying to get me into the trade. I tried to explain to them I'm not interested in trading, just the mechanics of it, but they won't listen. When I finally explain it, they simply hang up. I don't know if they are scammers, but they sure aren't behaving like normal honest people would.

I think they are scammers.

Andy 03/15/2018
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