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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 / 5 REVIEWS
FXG Trade is an offshore broker. Your money is not safe.

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.



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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

 

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Spread

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Slippage

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Cons

 

 

Requotes

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for FXG Trade

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
Forex
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