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FXGM Review 2020

FXGM
4.0
By 18 User Reviews

Regulated By:CySEC, FSCA

Foundation Year:2011

Headquarters:14 Charalambou Mouskou, 2014 Strovolos, Nicosia, Cyprus

Min Deposit:$200

Open Account

FXGM (www.fxgm.com) is a brand name of Depaho Ltd, a registered Cyprus Investment Firm regulated by CySEC with license no. 161/11 and authorised by the FSCA with license no. 47709. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

  • 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%
ETFs Tele2 AB 0.50%
iShares iBoxx 0.50% Total 0.50%
QQQ 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

“For retail clients, the company cannot offer any bonuses or promotions, due to regulations, however, they still can benefit from the trading plan they choose.”

FXGM offers several trading plans such as Discovery trading group, Silver group, and others, up to VIP+ group, which gives special benefits to their clients. Professional clients can still receive bonuses and promotions.

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 & Tools

“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.
  • Charts: Netdania charts for you to create your studies on or to research the market.
  • Live News feed: Once you are logged in you will have access to an updating live news feed which gives you news pieces on what’s happening in the market.

  • Weekly market update videos: Video reviews of all the major assets and a summary for the week ahead by an FXGM analyst.

Trader Education

“There is a basic trader education section, traders have access to education materials mostly after registering on the website.”

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.

Once registered you will have access to the PROfit platform ebook which is a user guide.

You will also gain access to 7 beginner and advanced educational videos on the following:

We couldn’t find any additional education materials on the broker’s website, however, after contacting the broker, we received an example to one of their webinars content about CFDs and Vanilla Options (which is available to users after signing up) and it was in-depth and sufficient.

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.

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.

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: VISA, MasterCard, Maestro, Bank Transfer, Neteller, Skrill, Klarna, E Merchant Payment Solutions, Entercash, Sofort Banking, EasyEFT

What is the min. deposit for FXGM?

The minimum deposit is $200.

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?

No, FXGM don’t offer MT4 but they use their own proprietary platform “WebPROfit”.

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.”

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.

FXGM
Official Site >
OPEN ACCOUNT
DEMO ACCOUNT

FXGM (www.fxgm.com) is a brand name of Depaho Ltd, a registered Cyprus Investment Firm regulated by CySEC with license no. 161/11 and authorised by the FSCA with license no. 47709. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Top User Reviews

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4.0(18)
FXGM Overall Rating
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Latest 2 user reviews sorted by highest rating
Tom MJ
5/5
Reliability:
5/5
Platforms:
4.0
Assets:
5.0
Support:
5.0
Genial. Contento en general con este broker

LLevo desde Mayo de 2019 con la compañía y he de decir que hasta la fecha no he tenido ningún problema, ni por retirar beneficios, ni con las operaciones. Hasta ahora bien, quizás un poco más de atencion por parte del gestor, pero se entiende que tenga que atender a más clientes. Lo que más confianza me dió fue que están regulados por Cysec y registrados en la CNMV. El chico que me llamó me enseñó además toda la documentación legal y necesaria para no dudar. Lo mejor de todo fueron las Operaciones protegidas. Estaría bien algunas más.

Alvaro Garrido
5/5
Reliability:
5/5
Platforms:
5.0
Assets:
5.0
Support:
5.0
Me va muy bien!

Llevo trabajando con ellos desde el pasado octubre y estoy teniendo unos resultados muy positivos en comparación a los que tuve con otros brokers, una gestión excelente, formación y ayuda constante por parte de la compañía. Lo recomiendo!

See All User Reviews
FXGM
Official Site >
OPEN ACCOUNT
DEMO ACCOUNT

FXGM (www.fxgm.com) is a brand name of Depaho Ltd, a registered Cyprus Investment Firm regulated by CySEC with license no. 161/11 and authorised by the FSCA with license no. 47709. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Specs

FXGM
Official Site >
OPEN ACCOUNT
DEMO ACCOUNT

FXGM (www.fxgm.com) is a brand name of Depaho Ltd, a registered Cyprus Investment Firm regulated by CySEC with license no. 161/11 and authorised by the FSCA with license no. 47709. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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FXGM
Open Account
DEMO ACCOUNT

FXGM (www.fxgm.com) is a brand name of Depaho Ltd, a registered Cyprus Investment Firm regulated by CySEC with license no. 161/11 and authorised by the FSCA with license no. 47709. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.