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FXGM review

FXGM


On-line since: 2006
Country of origin: Cyprus
Regulation: CySEC
Payment options: bank transfer, bank cards
Minimum account size: $200
Minimum lot size: 0.01 lot
Leverage: up to 1:200
Spreads: floating and fixed

About the company:

FXGM (Forex Global Markets) offers trading currencies, futures, commodities and stocks.

Company. Safety of funds

Now, FXGM is owned by Depaho Ltd. based in Cyprus. The company also founded another brand, GTCM, with similar trading conditions. FXGM is controlled by the local regulatory agency CySEC.

CySEC imposes many rules on registered companies. One of the most important principles: client funds must be stored on segregated accounts, so that the broker can not use them for its own purposes. In addition, all brokers regulated by CySEC are members of the Investor Compensation Fund. Thanks to this, in case of bankruptcy, a trader will be able to return up to 20,000 euros.

It should be noted that the company was fined by CySEC at the end of 2015. There is no information about the charges online, but this event cast a shadow on the company's reputation. Moreover, we found negative feedback about this company on some popular forums.

Trading conditions

FXGM offers six accounts, differing mainly by the minimum deposit size. The Discovery account requires a deposit of $200, Silver - $400, while the Gold account can be registered with a deposit of at least $1,000. All three accounts provide a 1:200 leverage, an e-book, free training course, and a personal account manager. FXGM clients can trade commodities, currencies, futures, and stocks.

In addition, there are three exclusive accounts. The minimum amount required for premium accounts is from $2,000 to $4,999. To open the Platinum account, a trader have to deposit from $5,000 to $ 9,999. The deposit for the VIP account exceeds $10,000. These last three accounts feature the same functions as the first three ones: 1:200 leverage, same assets, free training course and personal account manager. In addition, traders with these accounts receive free trading signals.

Minimum initial deposit

FXGM set a minimum initial deposit at $200. This is considered high, as many companies require about $100.

Spreads and commissions

The average spreads for EUR/USD are 3 pips. It is quite a high value in online trading. Many brokers set the spread for that pair in the range from 1.5 to 2 pips. You can find these companies in our rating of forex brokers.

Trading platforms

FXGM gives its clients access to two trading platforms: PROfit and MetaTrader4.

MT4 is an industry standard of forex trading. Thanks to an option to download many tools and use MQL coding, it has earned a reputation of reliable and user-friendly trading platform. In the MQL online store you can view, test and purchase custom technical indicators and automated trading systems.

One of the features of PROfit, which is good for scalpers, is a screen where you can view quotes of several currency pairs, using the buy and sell buttons. It is better to turn off the trading function with one click to prevent miss-clicks if you are new to trading. The platform allows you to freely arrange some elements. In addition, there are news and even the Video section.

Support service

The FXGM customer support service is available 24 hours a day via a live chat, phone, and email.

Payment methods

FXGM accepts payments only through bank transfer and credit/debit card. But today many traders actively use electronic wallets, such as Skrill. This is an excellent alternative to other methods, especially when it comes to international transactions.

Advantages:

  • regulated by CySEC;
  • two trading platforms.

Disadvantages:

  • high spreads;
  • negative feedback on forums;
  • no demo accounts;
  • was fined by the regulator;
  • does not support electronic payment systems.

FXGM 2/10 (votes 2183)
Author of FXGM: Ugha | Date 2022-08-03
All my money wasn't deposited in my personal bank account, so I had to exchange several emails with managers and most of them were ignored. Finally, I decided to lift the white flag of surrender and close the account. I have to say that I regret joining this broker, and they are a thief. Also, I was disappointed with the behavior of their customer support that is not friendly and could not help me when I have difficulties. I feel I waste my time and money in FXGM. Therefore, I decided to quit working with this broker by closing my account, but until now my request has not been done.
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Author of FXGM: Ekusota | Date 2022-01-25
I have recently changed to FXGM and I am so far satisfied with them because they are regulated but CySEC. They have amazing support. Great spreads, and no problem with withdrawals. Very fast to open an account. No commissions on trades and low 2pips spreads. I have gone through many and I don't think I will leave these guys.
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Author of FXGM: Aroll | Date 2021-10-28
Good thing I looked up the broker in various websites and forums. As it turns out, the broker does not provide impressive trading conditions. It also has a terrible customer support service. I don't want to invest my money on a broker like this.
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Author of FXGM: Rogaly | Date 2021-07-12
Their minimum deposit is quite high for a beginner like me. But I took a risk and trade with them. They don't provide a good trading platform, and no demo account is provided. So I can't know about their trading system. I found worst-order executions on their platform. Trading with them is so suffering, my money keeps decreasing due to delayed executions. I don't want to continue trading with them, so I closed my account at this broker. My advice to all traders, never trade with them because they are not reliable broker.
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Author of FXGM: Vinny | Date 2020-12-24
I say FXGM platform and service are awesome in the market. The platform has fast execution and connected with the stable server, as my deal always execute instantly in the live price quote. Their spread is reasonable too. So I can make a profitable deal and till now I've earned $560, I've withdrawn this money through Skrill. Actually, I'm very impressed on the FXGM platform.
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Author of FXGM: Enany | Date 2020-10-19
FXGM has a great trading platform. Execution is fast and the interface is great. The only problem that I have with this broker is their high fees. For now, I can still tolerate it but a part of me is also thinking that the funds used for the fees are still a waste. If I can find another broker with lower fees and good reputation, then I might switch brokers.
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