FXGiants Review
Founded in 2015, FXGiants is an online forex trading platform brand that is owned by 8Safe UK Limited. The broker’s head office is located at 12th Floor, Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, UK. FXGiants specializes in offering its traders online trading services in the spot forex market and CFDs market. Overall, there are more than 80 different currency pairs offered by FXGiants. Since its inception, the broker has gained a positive reputation of being a reliable broker.
FXGiants Video Review
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Regulations
In terms of regulations, FXGiants comes under the regulatory purview of the UK’s Financial Conduct Authority. It operates under the FCA registration number 585561. Under the regulatory oversight of the FCA, FXGiants is required to maintain sufficient liquidity to meet its contractual obligations. It is also required to keep its clients funds in segregated accounts to avoid any of the broker’s creditors from laying claims on the traders’ funds as settlement of any corporate debt.
Reliability
With regards to FXGiants’ reliability, the broker is able to offer its traders the peace of mind that they are dealing with a legitimate regulated broker under the FCA. In addition as a regulated entity under the FCA, FXGiants traders’ funds are covered under the Financial Services Compensation Scheme (FSCS). Under this scheme in the event FXGiants faces insolvency issues, you can claim compensation under the scheme for an amount up to £50,000. For any amounts that are in excess of those covered under the FSCS, your funds are covered up a maximum amount of £1,000,000 under a policy underwritten by QBE Underwriting Limited.
Trading Platforms
For trading access, FXGiants uses the popular and widely adopted MetaTrader 4 trading platform supplied by MetaQuotes Software. The MT4 platform is used by the majority of the brokers in the industry as it has been proven reliable and efficient. For traders, the MT4 is the preferred trading platform as it comes integrated with a wide range of trading tools such as a comprehensive charting package, large library of technical indicators and built-in MQL4 programming language.
The MT4 is also a sophisticated trading platform as it is capable of supporting automated trading through the use of Expert Advisors (EAs). It also supports multiple order types and the user interface can be customized to different languages. At FXGiants, the MT4 comes in different versions such as MT4 for PC, MT4 Advanced and MT4 for MAC. For account managers, a PMAM version of the MT4 is also available.
FXGiants Mobile Trading
For traders who are constantly on the move, FXGiants has also supplied mobile versions of the MT4 platform. The MT4 mobile trader is available as an app on Google Play Store or Apple App Store. With the mobile trading app, you can easily monitor your trading account, check quotes, view financial news and execute trades directly from your smartphone.
Trade Types/Instruments
For trade types, FXGiants offers trading in the spot market and CFDs market. The range of assets covered includes currency pairs, metals, futures, market indices, and commodities. For currency pairs, you can choose from 83 different pairs of currencies. For coverage of the stock markets, FXGiants offer to trade on 105 international stocks. The indices market is also covered quite extensively featuring 23 major indices. As for the futures market, you can choose for 26 different futures. To cater to the recent surge in cryptocurrency trading, FXGiants also offer support for 4 different types of cryptocurrency trading.
Account Types
There are 7 different types of trading accounts available at FXGiants. They consist of the Micro account, Premium account, Fixed spread account, STP/ECN (No Commission), Absolute Zero STP/ECN, STP/ECN 0 spread and Absolute Zero Plus STP/ECN.
Micro Account
Base Currency USD, EUR, GBP, AUD, JPY, CHF, PLN, HUF, CZK
Dealing Desk
Dedicated Account Manager
Fixed &Floating Spread
Lot increments 0.01
Min Lot size 0.01
Minimum deposit $100
Premium Account
Base Currency: USD, EUR, GBP, AUD, JPY, CHF, PLN, HUF, CZK
Dealing Desk
Dedicated Account Manager
Fixed / Floating Spread
Lot increments: 0.01
Min Lot size: 0.01
Minimum deposit $2,500
Fixed Spread Account
Base Currency USD, EUR, JPY
Commission: $18/Lot
Dealing Desk
Dedicated Account Manager
Lot increments 0.01
Min Lot size 0.01
Minimum deposit $500
STP/ECN (No Commission)
Base Currency: USD, EUR, AUD, JPY, CHF, PLN, HUF, CZK
Lot increments 0.01
Max Leverage: 1:30
Min Lot size: 0.01
Minimum deposit $500
Absolute Zero STP/ECN
Base Currency: USD, EUR
Commission: $0
Lot increments: 0.01
Max Leverage: 1:30
Min Lot size: 0.01
STP/ECN 0 Spread
Base Currency: USD, EUR, GBP, AUD, JPY, CZK
Commission payable
Lot increments: 0.01
Max Leverage: 1:30
Min Lot size: 0.01
Minimum deposit: $500
Absolute Zero Plus STP/ECN
Base Currency: USD, EUR
Commission: Up to $10 IB commission
Lot increments: 0.01
Max Leverage: 1:30
Min Lot size: 0.01
Spread on EUR/USD as low as 0
Commissions & Spreads
Depending on the type of trading account that you are trading from, FXGiants charges its clients a mix of commission and spreads on the trades made by them. The most competitive spreads are those from the STP/ECN accounts. The following table shows the typical spreads enjoyed by traders on trading forex on the STP/ECN accounts.
Instrument Spreads (in pips)
EUR/USD
0.2
EUR/GBP
0.3
USD/JPY
0.2
USD/CHF
0.3
EUR/CHF
0.4
EUR/JPY
0.4
USD/CAD
0.4
CHF/JPY
2.5
GBP/JPY
0.2
GBP/CHF
0.3
Deposits & Withdrawals Options
For funding and withdrawal options, FXGiants supports a wide selection of payment methods. These include credit cards such as VISA and MasterCard, Bank Wire transfer, Skrill, Neteller, FasaPay, UnionPay, and DotPay. There is no charge for deposits but for withdrawals, a fee is applicable. The amount fee payable depends on the type of withdrawal method.
Customer Support
For customer support, the service is available 24/5. Traders can reach out to the support team through email, live chat, and the telephone.
Pros and Cons
Pros
FCA Regulated Broker
24/5 Customer support
A wide range of trading assets
Ultra Tight Spreads
Multiple choices of trading accounts
Cons
No FAQ section
No WebTrader trading platform
FXGiants Q&A
Yes, FXGiants is a regulated broker under the jurisdiction of the UK’s Financial Conduct Authority.
FXGiants is based in the UK. Its head office is located at 12th Floor, Broadgate Tower, 20 Primrose Street, London, EC2A 2EW, UK
How does FXGiants make money?
FXGiants makes its money from charging its traders a small commission or spread on the trades that they made on its trading platform.
How do I deposit in FXGiants account?
Deposits at FXGiants can be done through wire transfer, credit cards, and web wallets.
How do I withdraw money from FXGiants?
You can withdraw your funds from FXGiants using your credit card, web wallet or by wire transfer.
How do I open an account with FXGiants?
To open an account at FXGiants, you need to first fill in the registration form and submit all the necessary documents required for verification.
Ys, FXGiants is a reliable broker that has been operational since 2015.
Does FXGiants use MetaTrader?
Yes. FXGiants uses the MetaTrader 4 trading platform.
What is FXGiants leverage?
The maximum leverage offered by FXGiants is 1:30.
No, FXGiants is not a scam. The broker is a legitimate broker regulated by the FCA.
FXGiants is a safe broker as it abides by all the regulatory requirements imposed by the FCA.
Conclusion
From our review of FXGiants, we find that the broker is able to offer its clients a decent level of service in a regulated trading environment. The spreads offered are extremely competitive and the range of trading assets is more than sufficient to satisfy even the most demanding client. In our opinion, this broker is worth giving a try if you are in the market for a new broker.
