Introduction “FXGM is an online broker founded in Cyprus in 2011. It is regulated by CySEC and FSCA. The brand offers a wide variety of trading instruments including forex, cryptocurrencies, stocks and CFDs.“
FXGM Video Review
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FXGM is an online broker that offers trading services for forex, commodities, stocks, indices, options and cryptocurrencies. FXGM is the trading arm of “Depaho Ltd”, a Cypriot investment firm incorporated in 2011. The Head office is located in Nicosia, Cyprus. The official website (www.fxgm.com ) is available in seven languages.
FXGM states that orders are executed instantly at another company known as “FXCT”, so, they only act as agents. Only “Market Orders” and “Entry Orders” can be placed on the platforms by traders.
Here are the features of trading with FXGM:
The brand is fully authorized and regulated by the relevant authority.
A proprietary trading platform is offered, as well as a mobile trading platform.
Over 150 trading instruments are provided for trading on the platforms.
Quality customer support in different languages.
Investor Protection & Regulations “FXGM is licensed and regulated by the CySEC and FSCA. The company has implemented a number of security measures in order to protect investors’ funds.“
FXGM is owned and operated by the Cypriot firm “Depaho Ltd” which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The license number is 161/11. Click here for details.
Depaho Ltd is also regulated by the Financial Sector Conduct Authority (FSCA) in South Africa. The authorization number is 47709.
Depaho Ltd is also registered with the following financial authorities:
Commissione Nazionale per le Società e la Borsa (CONSOB), Italy. Registration no: 3567
Comisión Nacional del Mercado de Valores (CNMV) in Spain. Reg no: 3321
Finansinpektionen (FI) in Sweden.
Finanssivalvonta (FIN-SA) in Finland.
Komisja Nadzaru Finansowego (KNF) in Poland.
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in Germany. Reg no: 130520
Finanstilsynet (Norway). Reg No: FT00080174
Financial Conduct Authority in the UK as part of MiFid regulation. Reg no: 593528. Click here for details.
Depaho Ltd, the operator of FXGM, is a member of the Investor Compensation Fund (ICF). The ICF acts as an insurance scheme provided by participating members for their clients, in rare cases of broker insolvency. The ICF will pay the traders a part of their investment up to €20,000.
FXGM keeps investors’ deposits in separate bank accounts from their own. They do not operate their business with traders’ funds. This is in compliance to the regulatory laws so that even if the broker becomes insolvent, investors’ funds will still be made available to them.
FXGM has also implemented industry security standards in order to protect their clients. They have protected their platforms and websites with a Secured Socket Layer (SSL) issued by Amazon Web Services (AWS). This ensures data encryption as it is transmitted over the internet.
Tradable Products “There are 43 Currency pairs, 17 Commodities, 84 Shares, 18 Indices, 9 Cryptocurrencies and 8 options assets.“
The following trading instruments are offered by FXGM for trading:
CURRENCIES SHARES INDICES
AUD/CAD
AbbVie
ASX 200
AUD/CHF
Adidas
Bolsa Argentina
AUD/JPY
ALIBABA
CAC40
AUD/NZD
AMAZON
DAX
AUD/USD
APPLE
Dow Jones
CAD/CHF
Aurora Cannabis Inc
EURO50
CAD/JPY
Barclays
FANG
CHF/JPY
BBVA
FTSE
EUR/AUD
BMW
JSE
EUR/CAD
BNP PARIBAS
IBEX
EUR/CHF
BOEING
MIB40
EUR/GBP
Boliden AB
Nasdaq
EUR/JPY
Borussia Dortmund
Nikkei
EUR/NOK
Banca Generali
NIFTY
EUR/NZD
Banca Monte dei Paschi
OMXS30
EUR/PLN
Canopy Growth Corp
S&P 500
EUR/RUB
Cara Therapeutics
VIX
EUR/SEK
COCA COLA
WIG20
EUR/USD
Corbus Pharma. Holding
CRYPTOCURRENCIES
EUR/ZAR
Cronos Group Inc
BTC/USD
GBP/AUD
Danone
Ethereum
GBP/CAD
DISNEY WALT
Ripple
GBP/CHF
EBAY
Litecoin
GBP/JPY
EDF
Dash
GBP/NZD
Electrolux
mini BTCUSD
GBP/PLN
Enel
ETFs
GBP/USD
Eni
iShares iBoxx
GBP/ZAR
EXXON MOBIL
QQQ
NZD/CAD
FACEBOOK
OPTIONS
NZD/CHF
Ferrari
Amazon
NZD/JPY
Gas Natural
Apple
NZD/USD
Gold Fields Ltd
DAX 30
USD/CAD
Goldman Sachs Group Inc.
Facebook
USD/CHF
GOOGLE
Google
USD/DKK
GW Pharmaceuticals
Snap
USD/JPY
H&M
SP 500
USD/MXN
Iberdrola
Twitter
USD/NOK
Inditex
USD/PLN
Insys Therapeutics Inc
USD/RUB
INTEL
USD/SEK
Intesa
USD/SGD
Investor
USD/ZAR
Juventus
COMMODITIES KGH
ALUMINIUM
Lazio
GOLD
LM Ericsson B
SILVER
L’OREAL
TIN
LXTICA
ZINC
Manchester United
Brent Oil
McDonalds
COFFEE
MICROSOFT
COPPER
MTN Group Ltd
Corn
Netflix
Cotton
Nordea Bank AB
Crude Oil
NVIDIA Corporation
Natural Gas
Old Mutual plc
Palladium
Peugeot
PLATINUM
Pfizer
SBEAN
PGE
Sugar
PKN
Wheat
PKO
REPSOL
SAIPEM
Sandvik AB
Santander
SASOL Ltd
Scotts Miracle-Gro
SEB A
Spotify
SSAB A
Swedbank
Swedish Match AB
TELEFONICA
Telia Sonera AB
Tesla
Svenska Handelsbank
Tata Motors
Tata Steel
Tele2 AB
Total
Twitter
UBI Banca
UNISPA
Volvo B
*The above list was taken from the asset listing page of FXGM’s website, and is correct as at the time of this review.
Account Opening “FXGM provides the Basic, Discovery, Silver, Gold, Diamond, VIP, and VIP+ accounts for retail customers. The Professional account offers more leverage and it is only for experienced traders. A demo account is also provided for practice purposes.“
FXGM accounts are grouped into “Professional” and “Retail” Accounts. To qualify for a Professional Account, prospective clients must prove that they have sufficient trading experience as well as trading capital. Professional clients can trade with leverage up to 1:200 (VS. up to 1:30 in retail accounts) and are not entitled to investor compensations. Retail clients do not have to show previous experience, and the trader profile is that of anyone who just desires to trade forex and CFDs.
The following are the types of Retail Accounts:
Basic Account: The minimum Account opening balance is $200. Free trainings, pop up alerts, one-click trading and a personal account manager are some of the benefits attached to this account.
Discovery Account: The amount required to open this account is $2,000-$4,999. A price discount of 10% is offered to Discovery account holders in addition to all the benefits received by Basic Account owners.
Silver Account: Opening balance is $5,000-$9,999. In addition to other benefits, analysis by “Trading Central” is available on this account. Trading Central is an independent investment and financial research services provider. They provide technical analysis, news and Education on forex, futures and other financial markets.
Gold Account: Between $10,000 to $14,999 is required to open this account. In addition to all the benefits of the Silver Account, a prices discount of 30% and a rollover discount of 17% are applicable to the Gold account.
Diamond Account: The account opening balance is $15,000-$29,999. Price discount is 40% and rollover discount of 20% is given to Diamond Account holders.
VIP: Opening balance is $30,000-$49,999. A Price discount of 50% and Rollover discount of 33% are offered to account holders.
VIP+: The account opening deposit is $50,000 or more. The unique benefits of the VIP+ account are 50% Rollover discount and 60% price discount.
The Demo Account is provided by FXGM for practice purposes. It is also necessary for clients to understand how to use their platform since it is unique. A virtual account balance of $100,000 is available in the demo account.
To open an account, fill the form on the website or click on the login button found on the right hand side of the top of the webpage.
Fill the form and immediately the account is created and a congratulations screen appears. This is followed by an email containing login credentials.
Click on “Proceed” and you are automatically logged in to the online trading platform.
Deposit & Withdrawals options “FXGM accepts credit/debit cards like Visa, MasterCard and bank wire transfers. E-wallets like Skrill, Neteller, EasyEFT, ecoPayz as well as bank solutions like Trustly and SOFORT are accepted.“
FXGM accepts a number of payment methods. Before a deposit can be made, full registration must be completed. Payments received from a bank account, card or e-wallet source must match the FXGM account name. FXGM does not accept payments from third parties. For card withdrawals, only the amount deposited from the card can be withdrawn to the same card. Any excess can be withdrawn to the client’s bank account. FXGM processes withdrawal requests within 24 hours.
Here are the payment options accepted on FXGM:
Credit/Debit Card: The acceptable cards are Visa, Carte Bancaire, VisaElectron and Master Card. Deposits are processed instantly.
Bank Transfer: Transaction amount is unlimited. The processing takes 2-7 working days
SOFORT Banking/Trustly/Skrill/Neteller: The transactions are processed instantly. The transaction amount is €177-1,763
EasyEFT/ecoPayz: Mainly for South Africans and the payment is in ZAR. Minimum payment is 2,801 while the maximum ZAR 27981
Payments made to FXGM are always received and credited into the client’s account.
Web & Desktop Trading Platforms “FXGM provides the “WebPROfit” proprietary web-based trading platform. They also offer a download version of MT4. “
The main platform provided by FXGM is their proprietary trading platform known as “WebPROfit”. This platform is web- based and can be accessed via links from the FXGM’s website. The major advantage of being Web based is that no downloads are required. It runs across all operating systems. The platform is available in 19 languages.
Here’s some features of the platform:
Trade Forex, commodities and CFD’s
No download required
Financial news streamed directly to the platform
Real time charts & analysis
Additionally FXGM offer the MetaTrader4 platform for those traders that prefer it.
MT4 offers EA’s which are expert advisors that you can upload to conduct automated trading, or you can programme your own. It allows hedging and of course you can also:
Customize the screen according to your needs
Trade in your own language
Easily control and manage your positions
The MetaTrader can be downloaded for windows or MAC devices (with some extra software)
Mobile Trading Platforms “The mobile PROfit app is developed for iOS and android phones. It is packed with features that can be used for technical analysis, order management, graphs and account management options.“
The mobile PROfit is the mobile version of the proprietary trading web platform developed by FXGM. It is developed for the iOS and android mobile devices. The app can be downloaded from their respective stores.
Here are some of the salient features of the mobile PROfit.
View real time quotes and graphs.
Complete order management, order placements, TP, SL, order history, etc
Account Management option: Deposit, Withdraw and other account features.
Technical analysis using charts, indicators, etc.
Trading Features “The WebPROfit trading platform has 10 timeframes, over 150 indicators, advanced order management features, charts, account management and several other features.”
The FXGM’s WebPROfit is intuitive and full of useful tools. Here are some of the platform features:
It has 10 timeframes, spanning from one minute to one month.
Over 150 inbuilt indicators including the popular ones like Bollinger bands, MACD, Relative Strength index, etc
Advanced charting capabilities.
Advanced order management and account management.
1-click trade: Toggle between 1-CLICK mode to get trades sent immediately the order button is clicked, or to confirm mode to cross check parameters before sending to the broker for execution.
My Portfolio: This section of the platform shows the status of orders as well as the history. It features 5 tabs showing open positions, closed positions, exposure, entry orders and log. Open orders can be closed from the portfolio.
News Feed: It scrolls on the platform when the button is clicked. It is updated frequently.
Commissions & Spreads “FXGM gets its compensation by charging a spread on all trades. Spreads offered are tight and competitive and start at 3 pips on the EUR/USD”
Find below the spread charges on the trading instruments:
SYMBOL SPREAD SYMBOL SPREAD
CURRENCIES CRYPTOCURRENCIES
AUD/CAD
0.001
AUD/CHF
0.0004
BTC/USD
5%
AUD/JPY
0.06
Ethereum
5%
AUD/NZD
0.002
Ripple
5%
AUD/USD
0.0003
Litecoin
5%
CAD/CHF
0.0004
Dash
5%
CAD/JPY
0.06
mini BTCUSD
5%
CHF/JPY
0.04
ETFs
EUR/AUD
0.001
iShares iBoxx
0.50%
EUR/CAD
0.001
QQQ
0.50%
EUR/CHF
0.0004
SHARES
EUR/GBP
0.0003
AbbVie
0.50%
EUR/JPY
0.03
Adidas
0.50%
EUR/NOK
0.01
ALIBABA
0.50%
EUR/NZD
0.001
AMAZON
0.50%
EUR/PLN
0.001
APPLE
0.50%
EUR/RUB
3
Aurora Cannabis Inc
0.50%
EUR/SEK
0.01
Barclays
0.50%
EUR/USD
0.0003
BBVA
0.50%
EUR/ZAR
0.01
BMW
0.50%
GBP/AUD
0.001
BNP PARIBAS
0.50%
GBP/CAD
0.002
BOEING
0.50%
GBP/CHF
0.0004
Boliden AB
0.50%
GBP/JPY
0.06
Borussia Dortmund
0.50%
GBP/NZD
0.001
Banca Generali
0.50%
GBP/PLN
0.001
Banca Monte dei Paschi
0.50%
GBP/USD
0.0003
Canopy Growth Corp
0.50%
GBP/ZAR
0.01
Cara Therapeutics
0.50%
NZD/CAD
0.001
COCA COLA
0.50%
NZD/CHF
0.0004
Corbus Pharmaceuticals Holding
0.50%
NZD/JPY
0.1
Cronos Group Inc
0.50%
NZD/USD
0.0003
Danone
0.50%
USD/CAD
0.0003
DISNEY WALT
0.50%
USD/CHF
0.0004
EBAY
0.50%
USD/DKK
0.008
EDF
0.50%
USD/JPY
0.03
Electrolux
0.50%
USD/MXN
0.1
Enel
0.50%
USD/NOK
0.01
Eni
0.50%
USD/PLN
0.001
EXXON MOBIL
0.50%
USD/RUB
3
FACEBOOK
0.50%
USD/SEK
0.01
Ferrari
0.50%
USD/SGD
0.0025
Gas Natural
0.50%
USD/ZAR
0.01
Gold Fields Ltd
0.50%
COMMODITIES Goldman Sachs Group Inc.
0.50%
ALUMINIUM
4
GOOGLE
0.50%
GOLD
0.5
GW Pharmaceuticals
0.50%
SILVER
0.04
H&M
0.50%
TIN
36
Iberdrola
0.50%
ZINC
4
Inditex
0.50%
Brent Oil
0.12
Insys Therapeutics Inc
0.50%
COFFEE
0.3
INTEL
0.50%
COPPER
0.02
Intesa
0.50%
Corn
0.8
Investor
0.50%
Cotton
0.14
Juventus
0.50%
Crude Oil
0.06
KGH
0.50%
Natural Gas
0.04
Lazio
0.50%
Palladium
1.5
LM Ericsson B
0.50%
PLATINUM
2.5
L’OREAL
0.50%
SBEAN
1.4
LXTICA
0.50%
Sugar
0.03
Manchester United
0.50%
Wheat
1
McDonalds
0.50%
OPTIONS MICROSOFT
0.50%
Amazon
Variable*
MTN Group Ltd
0.50%
Apple
Variable*
Netflix
0.50%
DAX 30
Variable*
Nordea Bank AB
0.50%
Facebook
Variable*
NVIDIA Corporation
0.50%
Google
Variable*
Old Mutual plc
0.50%
Snap
Variable*
Peugeot
0.50%
SP 500
Variable*
Pfizer
0.50%
Twitter
Variable*
PGE
0.50%
INDICES PKN
0.50%
ASX 200
4
PKO
0.50%
Bolsa Argentina
75
REPSOL
0.50%
CAC40
4
SAIPEM
0.50%
DAX
5
Sandvik AB
0.50%
Dow Jones
35
Santander
0.50%
EURO50
3.15
SASOL Ltd
0.50%
FANG
8
Scotts Miracle-Gro Company
0.50%
FTSE
6
SEB A
0.50%
JSE
200
Spotify
0.50%
IBEX
10
SSAB A
0.50%
MIB40
20
Swedbank
0.50%
Nasdaq
2.58
Swedish Match AB
0.50%
Nikkei
25
TELEFONICA
0.50%
NIFTY
0.005
Telia Sonera AB
0.50%
OMXS30
7.4
Tesla
0.50%
S&P 500
2
Svenska Handelsbank
0.50%
VIX
0.1
Tata Motors
0.50%
WIG20
4
Tata Steel
0.50%
Tele2 AB
0.50%
Total
0.50%
Twitter
0.50%
UBI Banca
0.50%
UNISPA
0.50%
Volvo B
0.50%
*The above list is obtained from www.fxgm.com at time of writing
The maximum leverage is 1:200 on forex trading for a Professional account while that of all retail accounts is 1:30.
Bonus & Promotions “No bonus, promotions or contest are available. That is because this is a CySEC broker and this regulator no longer permits it.”
FXGM does not give any bonus to their clients. There are no promotions or contexts with any price. There is no monetary bonus to welcome the new customers. This is done so as to conform with CySEC regulations which prohibit the award of incentive bonuses.
Customer Support “Customer support is available 24/5 on phone, email, fax, WhatsApp, Webchat and web forms. The webchat took a few minutes to be attended, but the response was factual and efficient”
The FXGM customer support desk is available in as many as 7 languages. The customer support desk is available 24/5. The following support mediums are provided:
“Assistant Request Form” is found on the customer support page of the website. This form is used to request for a callback or to attend to a stated request at a convenient time. The client can choose to receive the assistance by email.
Email: Customer support email: customer.service@fxgm.com. Seven other email addresses are listed for other departments and other services.
Phone: The customer support phone number is +357 77788 388. Other phone numbers are provided for other related services.
Fax: You can receive support through the fax no: +357 22 766 333.
WhatsApp: For WhatsApp chats, add this no: +357 97 770 122
WebChat: On the website, an instant webchat is ready to provide support on a 24/5 basis.
The support assistants are courteous and willing to help. The email response time is quick and typically within 24 hours.
Research “FXGM provides an economic calendar, news, sms services, trading insider for traders to assist them in making their trading decision. Analysis from “Trading Central” is also provided.“
An economic calendar is provided on the FXGM’s website as well as on the platform. It assists traders in fundamental analysis.
Trading Insider: This tool shows the trading trend of other FXGM traders for a selected instrument. A trader might use this information to go with the trend or against it.
Trading Central is a global financial services and research firm. They provide FXGM’s clients with the following:
Technical Analysis
Education on Demand
5 Watchlists
SMS: Traders can activate FXGM’s free signals service via sms. Also, Newsflash and Economic calendar details can be delivered via sms alerts.
News: Market news is frequently updated on the website and trading platforms.
Trader Education “Trader education is not given priority on FXGM, as there is a lack of comprehensive educational resources such as ebooks, articles and webinar series.“
The Trading Academy on the FXGM’s website is very scanty and contains very little training materials. The training is limited to the glossary and a few web pages describing CFD, leverage, forex history and a few terms.
Trading Experience “FXGM’s services are best for intermediate traders, who are able to incorporate technical analysis and market research from Trading Central into their trading styles.”
Due its simplistic style the WebPROfit app is mostly suitable for beginners. While the charting package is sufficient for beginners and intermediate traders. We would not really suggest that this platform suits pros. However there is always the download of the MT4 for the pros.
Generally their services are best suited for mid-level traders who use simple trading styles. Traders who prefer to use simple indicators, signals and charts are likely to appreciate FXGM services.
Beginner traders however will find it difficult to cope with FXGM on another level as there is no training course, social trading or promos.
FAQ
Here are some of the “Frequently Asked Questions” about FXGM:
Where is FXGM based?
The FXGM broker firm is based in Cyprus.
How does FXGM make money?
FXGM makes money from spreads and commissions.
How do I deposit in FXGM account?
The payment options accepted are: Bank Wire, Visa, Carte Bancaire, VisaElectron and Master Card. e-wallets like Skrill, Neteller, EasyEFT and ecoPayz. Bank payment solutions like Sofort and Trustly are equally acceptable for deposits only.
What is the min. deposit for FXGM?
The minimum deposit is $200 for the Basic Retail Account.
What is the maximum leverage in FXGM?
Maximum leverage is 1:200 exclusively for Professional traders.
How do I open an account with FXGM?
Fill the online form available on the home page of www.fxgm.com
Does FXGM use MetaTrader?
Yes they have the MT4 download available as well as the WebPROfit platform
Conclusion “FXGM is an online broker that offers forex and CFDs for trading. The brand is regulated and therefore there is protection of clients’ funds entrusted into their brokerage firm. The brand offers a proprietary platform called WebProfit, and they also offer MT4 if you look carefully on the website.”
The company has implemented the SSL protective protocol on their platforms and website to further protect investors from cyber fraudsters. They also participate in the Investor Compensation Fund (ICF) which will compensate investors up to €20,000 in the case their broker goes bankrupt.
The WebPROfit trading platform is web based and full of relevant tools for analysis, news and efficient trading. The Mobile PROfit is handy and provides all the standard features required for effective trading. FXGM provides several retail accounts for various categories of traders based on investment capital and services desired. Some Research tools such as Economic Calendar, Trading Insider, Analysis from Trading Central and sms services.
However, there is no comprehensive trader education and this is a negative which the brokerage must correct if it is to compete with the established names operating out of Cyprus. From the review, it can be inferred that FXGM serves as a good introductory portal for EU-style FX and CFD trading.
