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FXGM Review - Is it scam or safe?

FXGM Review - is fxgm.com scam or safe forex broker?

RATING: 2.8 / 2 REVIEWS FXGM
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Trading Accounts

 

Account Type Minimum Deposit Maximum Leverage Spread
Discovery $200 1:200* Average of 3 pips
Silver $10,000 1:200 Average of 3 pips
Gold $30,000 1:200 Average of 2 pips
Premium $50.000 1:200 Average of 2 pips
VIP $100,000 1:200 Average of 2 pips

 The initial offer is 1:40. A client may increase his leverage ratio, after contacting the broker. If he is determined to be an inexperienced trader, he will be given 1:100.

 

FXGM (or Forex Global Markets) is a broker, offering multiple account types to its clients. That being the case, trading conditions do not vary significantly for the different account types. Most of the benefits come in terms of educational content, a personal account manager and other perks, which experienced traders do not need. The levels above silver get a limited subscription to Trading Central, an independent technical analysis.

 

 

The Company. Security of Funds

 

Company Country Regulation
Depaho Ltd. Cyprus CySEC

 

FXGM is currently owned by Depaho Ltd. a company based in Cyprus. We must mention, they own another trading brand - GTCM. The company is overseen by the local watchdog -  The Cyprus Securities and Exchange Commission (CySEC). This gives them credibility, especially when compared to the multiple off-shore brokerages.

 

Financial markets may not be your first association, when you hear about Cyprus, but the country has attracted an impressive number of forex brokers. The local regulatory agency, CySEC imposes lots of rules on companies, who are registered with it. One of the most important principles, from a trader,s perspective, is the implementation of segregated accounts. This means client's funds should be kept in acounts, which can not be freely accessed by the broker. In essence, the company can not steal your money in the most direct way. Furthermore all CySEC regulate brokers participate in the Investor Compensation Fund (ICF), a collective compensation scheme, which guarantees clients funds, in case the broker refuses to pay them. The maximum coverage, offered by this particular scheme is €20,000 per account.

 
While we are on the topic of regulation and Dephano Ltd, we must mention the company has been fined by CySEC in late 2015. The charges were not that severe, except for the one regarding misleading clients. We have no information about the specifics of the case, but it still does leave a stain on the firm's reputation. There are negative reviews about this company in some popular forums.Overall, we have mixed feelings about this broker.

 

Trading Conditions

 

Minimum Initial Deposit

FXGM has set the initial minimum deposit level at $200. This is considered a bit high for today's standards, with lots of companies demanding around $100. Some brokers, like IG, have even remove this barrier - you can deposit as low as you want to.

 

In our opinion the minimum deposit should not be a factor one has to consider highly, when comparing forex brokers. It is important, only if you are an inexperienced trader, taking the first steps after demo account trading.

 

Average spreads & Commissions

The spread offering by FXGM is not relevant to the current state of the industry. An average spread of 3 pips on EUR/USD is more than double, what you would be paying at other brokers. Although spread may not be that big of a factor if you enter trades less frequently, it still does add-up over time. Feel free to explore our live comparison of the spreads, currently offered by some of the best forex brokers here.

 

Leverage

FXGM offers a maximum leverage of 1:200, with the added condition, you must be an experienced trader (otherwise it is 1:100). Both of these offerings will satisfy the needs of a serious trader. That being said, you mat be under a different impression if you follow the industry, as lots of brokers offer leverage of 1:500 or even more.

 
We are not sure what client qualification methodology FXGM uses, but it is still a good idea to limit the leverage offered to new clients. Some newbies fall into the trap of thinking they must utilize their entire account balance for margin purposes at the same time. This can not be further away from the truth - doing so, puts your entire investment at significant risk. Though he rewards may be great at first, everybody is bound to have a loosing trade.

 

Trading Platforms

 
FXGM offers two trading platfoms to its clients: PROfit and MetaTrader4. They basically achieve the same goal, although one is far more popular and has a bit more functionality. we are talking about MT4, of course. It is basically the industry standard at this point, when it comes to currency trading. With its gret charting potential, the ability to load lots of instruments and be very demanding on the hardware and the MQL coding environment, it has earned a solid reputation. The most unique thing is probably the aforementioned MQL marketplace - a broker independent (which is good, since lots of brokers offer this platform) on-line shop where you can view, test and purchase custom technical indicators and automated trading systems. By the way we have reviewed some of these systems here.

 

PROfit, on the other hand feels a bit more clunky. One of the features which scalpers would enjoy is the quotes screen, where you can view all the quotes on multiple currency pairs, with one-click buy and sell buttons. We would recommend keeping the one-click trading feature off, to prevent missclicks, unless you are an experienced an quick trader. The platform allows you the freedom to move some of its elements around, which is quite necessary given their number - there are news feeds and even a video section.

 

 The PROfit platform

 

Methods of Payment

 

FXGM accepts payments only via Bank Transfer and Credit/Debit Card. While they will get the job done, many people prefer using other solutions nowadays. E-wallets, such as Skrill are a popular alternative, especially when it comes to international transfers.

 

Conclusion

 

FXGM is a CySEC-regulated forex broker. The company owns another brand - GTCM with similar trading conditions. These conditions are not that impressive. The company has had its issues with the regulator and has payed fines in 2015. Furthermore there are negative reviews in some online forums. All of this leaves mixed feelings about FXGM. Despite the solid regulation, we would rather not recommend dealing with this broker. Here are its pros and cons:

 

Pros Cons
 CySEC regulation Previous fines by regulator
 Choice of trading platforms High spreads
  Complaints in forums
  No demo accounts
  Few payment methods

 

Latest news about FXGM
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Traders` reviews for FXGM

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

 

 

Demande de remboursement

Bonjour;Cela fait plus de 2 ans maintenant que je demande le remboursement d'une somme me restant sur mon compte.Impossible de vous joindre.J'en ai assez,j'ai vos coordonnées.Je vais déposer plainte contre votre société pour malversation.Je vous laisse une chance de me rembourser.Voici mon numéro de téléphone:0603205899.(Plusieurs mail vous ont été envoyé,et sans réponses).Somme à me devoir:40,52 euros.Nom de mon correspond FXGM:Mr MONDINI Stéphane.Cordialement.

Translated by Google:

Hello, It's been more than 2 years now that I ask for the refund of a sum left on my account.I can not reach you.I have enough, I have your coordinates.I will file a complaint against your company for malfeasance .I leave you a chance to repay me.Here's my phone number: 0603205899. (Several mail have been sent to you, and without answers) .Somme to me duty: 40,52 euros.Name of my corresponds FXGM: Mr MONDINI Stéphane .Cordially.

jacques savoyen 09/06/2018

Poor service

I spoke with one of the costumer services and after depositing my money they refuse calling or getting any information on how to use this site or other nessary things.Please I need to talk so I can take my money back

Mercy sunday 03/05/2018
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