FXGM

About company:

FXGM (Forex Global Markets) offers Forex, Futures, Commodities and Stocks trading.

 

Company. Fund security

FXGM is currently owned by Depaho Ltd., based in Cyprus. The company owns another brand - GTCM - with similar trading conditions. FXGM is controlled by the local regulator CySEC.

 

The local regulatory agency CySEC imposes many rules on registered companies. One of the most important principles: client funds must be kept in segregated accounts so that the broker cannot use them for their own purposes. In addition, all CySEC regulated brokers are members of the Investor Compensation Fund. Thanks to this, the trader will be able to return up to 20,000 euros in the event of bankruptcy of the broker.

 

We must mention that the company was fined by CySEC at the end of 2015. We have no information about the charges brought against them, but this is a stain on the firm's reputation. On some popular forums, we found negative reviews about this company.

 

Trading conditions

There are six different accounts at FXGM, differing mainly in the minimum deposit. A Discovery account requires a $ 200 deposit, Silver requires $ 400, and a Gold account starts with a deposit of at least $ 1,000. All three accounts have 1: 200 leverage, an e-book, free training and a personal account manager. Traders can trade commodities, Forex, futures and stocks.

 

There are three more exclusive accounts. The minimum amount required to work on a Premium Account is from $ 2,000 to $ 4,999; to open a Platinum account, you need from $ 5,000 to $ 9,999. The VIP account deposit is over $ 10,000. These last three accounts offer the same features as the first three books: 1: 200 leverage, the same asset categories, free training, and a personal account manager. In addition, traders receive free trading signals on these accounts.

 

Minimum initial deposit

FXGM has set an initial minimum deposit level of $ 200. This is considered a bit high for today's standards and many companies charge around $ 100.

 

Spreads and commissions

Average spreads for EUR / USD are 3 pips. This is a fairly high value in the field of online trading. Many brokers set a spread in the range of 1.5-2 points for the same pair; you can find these companies in our rating of Forex brokers.

 

Trading platforms

FXGM offers its clients two trading platforms: PROfit and MetaTrader4.

 

MT4 is the industry standard at the moment when it comes to currency trading. With the ability to download many tools and the ability to use MQL coding, it has earned a reputation as a reliable and easy-to-trade platform. In the MQL online store, you can view, test and purchase custom technical indicators and automated trading systems.

 

One of the PROfit features that scalpers will love is the screen where you can view all quotes for multiple currency pairs using the buy and sell buttons. We would recommend disabling the one-click trading feature to prevent misses if you are new to trading. The platform allows you to freely move some of the elements, there are news feeds and even a "Video" section.

 

Support service

Customer service at FXGM is available 24/7 via live chat, telephone and email.

 

Ways of payment

FXGM only accepts payments via bank transfer and credit / debit card. But today, many traders are actively using e-wallets like Skrill. This is a great alternative to other methods, especially when it comes to international transfers.

 

Pros:

 

CySEC regulation; selection of trading platforms.

 

Minuses:

 

high spreads; complaints on forums; no demo accounts; was fined by the regulator; does not offer e-wallets for payment.

 

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