FXGM Review 2018

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FXGMReview

FXGM Review

Owned by a company called Depaho Ltd, FXGM is an online CFD trading platform that was established in 2011. The company’s head office is located at the Artemisia Business Centre, Floor 2, Office 201, 14 Charalambou Mouskou, 2014, Strovolos, Nicosia, Cyprus. With their advanced trading platform called PROfit, FXGM offers their clients online trading services for currencies, stocks, commodities and market indices through CFDs.  More critically, FXGM is able to provide its clients with a safe and secure trading environment for them to conduct their trading activities.

FXGM Video Review

FXGM Regulations

FXGM is a registered Cyprus Investment Firm (CIF) and is regulated by the Cyprus Securities and Exchange Commission (CySec) under the CIF license number 161/11. This means that FXGM operates in accordance to guidelines as laid down by the Markets in Financial Instruments Directive (MiFID) issued by the European Parliament. The objective of the MiFID was to harmonize the regulatory environment of the financial industry within the European Economic Area (EEA).

FXGM Reliability

FXGM is strongly committed to preserving the trust that has been given to it by its clients. As such, the broker takes the protection of their clients’ funds very seriously and tries its utmost to maintain the highest level of protection for their client’s funds. This is evidenced by the fact that FXGM complies with all the regulatory requirements imposed by CySEC. In addition, FXGM is also a member of the Investor Compensation Fund scheme. The fund was established with the primary objective of compensating investors when members of the Investor Compensation fund become unable to fulfill their contractual obligations. Through the fund, an investor can for a claim of compensation up to a maximum amount of €20,000.

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FXGM Trading Platforms

To enable its clients to access the financial markets, FXGM has provided traders two different types of trading platforms, the PROfit platform, and the MetaTrader 4 platform.

The WebPROfit Platform

The WebPROfit platform is a web-based trading platform and requires no software download or installation. It is user-friendly and efficient with live news feed and an advanced charting package. It is also equipped with various technical indicators for enhancing the ability of trades to analyze the markets.

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Apart from the WebPROfit trading platform, FXGM has also made available to its clients the popular MetaTrader 4 (MT4) platform by MetaQuotes Software.  Known as fast and reliable, the MT4 supports multiple languages and comes integrated with a wide range of trading tools. It also supports automated trading and is highly customizable.

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FXGM Mobile Trading

In addition to the WebPROfit trading platform, FXGM has also provided its clients with a mobile-friendly version of the PROfit trading platform. With the Mobile PROfit platform, traders can now trade the markets wherever they are with their smartphones or mobile devices. Available free of charge from Apple AppStore and Google Playstore, the mobile PROfit platform also supports real-time pricing and charts.

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FXGM Trade Types/Instruments

At FXGM, traders can trade in the spot forex, commodities or CFDs markets. There are more than 130 different types of assets for traders to choose from. They consist of 38 currency pairs, 5 cryptocurrencies, 58 types of equities, 18 market indices and 15 types of commodities.

FXGM Account Types

To cater to the varied needs of their traders, FXGM offers its clients 5 different types of trading accounts, namely the Discovery account, the Silver account, the Gold account, the Premium account and the VIP account.

Discovery Account

  • Minimum initial deposit of $200
  • First 5-10 protected positions
  • Free eBook and training
  • One Click Trading
  • Personal Account Manager
  • Pop Up Alerts
  • Trading insider
  • Webinars

Silver Account

  • Minimum initial deposit of $10,000
  • First 5-10 protected positions
  • Free eBook and training
  • One Click Trading
  • Personal Account Manager
  • Pop Up Alerts
  • Trading insider
  • Webinars
  • Trading Central (1 month)
  • Spread discount on commodities

Gold Account

  • Minimum initial deposit of $30,000
  • First 5-10 protected positions
  • Free eBook and training
  • One Click Trading
  • Personal Account Manager
  • Pop Up Alerts
  • Trading insider
  • Webinars
  • Trading Central (2 months)
  • Spread discount on commodities
  • Spread discount on Indices
  • Spread discount on Fx Majors

Premium Account

  • Minimum initial deposit of $50,000
  • First 5-10 protected positions
  • Free eBook and training
  • One Click Trading
  • Personal Account Manager
  • Pop Up Alerts
  • Trading insider
  • Webinars
  • Trading Central (3 month)
  • Spread discount on commodities
  • Spread discount on Indices
  • Spread discount on Fx Majors
  • Personal Customer service agent

VIP Account

  • Minimum initial deposit of $50,000
  • First 5-10 protected positions
  • Free eBook and training
  • One Click Trading
  • Personal Account Manager
  • Pop Up Alerts
  • Trading insider
  • Webinars
  • Trading Central (4 months)
  • Spread discount on commodities
  • Spread discount on Indices
  • Spread discount on Fx Majors
  • Personal Customer service agent

FXGM Commissions & Spreads

AT FXGM, traders only pay a slightly widened spread on the instruments that they are trading. There are no commission charges on trades executed on the FXGM’s platforms. The following table below shows some of the typical spreads on popular assets at FXGM.

Instrument

Spreads (in pips)

AUD/CHF 4 pips
AUD/NZD 20 pips
AUD/USD 3 pips
CAD/CHF 4 pips
EUR/GBP 3 pips
EUR/USD 3 pips
USD/CHF 4 pips
Brent Crude 12 pips
Gold 50 pips
Silver 4 pips


FXGM Deposits & Withdrawals Options

To enable its clients to transfer funds with ease, FXGM currently supports a selection of payment methods. Traders can choose the methods that are most suitable for them.

  • Bank Wire transfer
  • Credit Cards
  • Debit Cards
  • eWallets
  • Online Payment system

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Withdrawals at FXGM are done through the same method that was initially used for making a deposit. For example, if the trader used his credit card to fund his trading account, then his withdrawal will be processed through his credit card as well. Normally it takes one business day for a withdrawal requests to be processed. However, it can take several days for the funds to be posted due to the banks’ internal procedures.

FXGM Bonus & Promotions

To reward traders for their loyalty, FXGM has devised the first 5-10 positions protection program. With this program, the trader’s losses for the first 5 – 10 positions are insured.  In short, FXGM will compensate the traders for the losses made during the first 5 – 10 positions.

FXGM Customer Support

With the customer’s needs foremost on the broker’s mind, FXGM has ensured that traders can easily reach out to the support team whenever they need assistance.  Hence to facilitate the communication between the trader and the customer support representative, FXGM has provided a selection of communication channels for the trader to use.  They include email, live chat, web contact form, Whatsapp and the telephone.  Unfortunately, traders can only contact the support team during the weekdays from 07:00 – 19:00 GMT.

Pros

  • Competitive Spreads
  • Wide range of instruments
  • Multiple choices of trading accounts
  • Intuitive trading platforms
  • Regulated broker

Cons

  • No localized telephone support
  • No ECN trading

FXGM Q&A

  • Is FXGM regulated?

Yes. FXGM is a regulated broker under the jurisdiction of the Cyprus Securities and Exchange Commission.

  • Where is FXGM based?

FXGM is based in Cyprus. Their head office is located at Artemisia Business Centre, Floor 2, Office 201, 14 Charalambou Mouskou, 2014, Strovolos, Nicosia.

  • How does FXGM make money?

FXGM makes its money by charging traders a small spread on the trades that they made on the FXGM’s trading platforms.

  • How to deposit in FXGM account?

To deposit funds at FXGM, you can use your bank cards, supported eWallets or by Bank Wire transfer.

  • How to withdraw money from FXGM?

Withdrawals at FXGM are done through the same methods used for making the initial deposit. For example, if you deposit funds into your trading account by bank wire transfer, then your withdrawal will also be made through a bank wire transfer.

  • How to open an account with FXGM?

To open a trading account at FXGM, you need to fill up the registration form and submit it with all the necessary verification documents.

  • Is FXGM reliable?

Yes, FXGM is a reliable broker. FXGM is committed to safeguarding the interest of its clients.

  • Does FXGM use MetaTrader?

Yes. FXGM also provide its traders with the use of the MetaTrader 4 trading platform.

  • What is FXGM’s leverage?

The maximum leverage at FXGM is 1:200.

  • Is FXGM a scam?

No. FXGM is not a scam. The broker is regulated under Cyprus Securities Exchange Commission.

  • How safe is FXGM?

FXGM abide by all its regulatory requirements and is committed to protecting the funds of its clients.

Conclusion

Regardless of whether you are a beginner trader or an experienced trader, FXGM is an easy broker to work with. The selection of products and services is wide and varied and are designed to meet the trading needs of everyone. The fact that that FXGM is a reputable and regulated broker help to give the trader the peace of mind that their money is safe with this broker.

FXGMOverview

Company Information

Broker DetailsInfo
Regulated byCySEC
Headquarters CountryCyprus
Foundation Year2007
Publicly TradedNo
Number Of Employees200

Deposit Options

Credit Card, Moneybookers, PayPal, Webmoney, Wire Transfer

Withdrawal Options

Credit Card, Moneybookers, PayPal, Webmoney, Wire Transfer

Contact Information

Trading Account Options

Account TypeInfo
Min. Deposit$200
Max. Leverage1:400
Demo AccountYes

FXGM Trading Features

Suitable For

Trader LevelYes/No
BeginnersYes
ProfessionalsYes
ScalpingYes
Day TradingYes
Weekly TradingYes
Swing TradingYes

Customer Service

TimeYes/No
24 Hours SupportYes
Support During WeekendsNo

Customer Support Languages

Arabic, English, Italian, Polish, Spanish

Trading Services

ServiceInfo
Supported Trading PlatformsMT4
Commission On TradesYes
Fixed SpreadsYes
Educational ServiceYes
SignalYes
Email AlertsYes
Guaranteed Stop LossYes
Guaranteed Limit OrdersYes
Guaranteed Fills/LiquidityYes
Trailing SP/TPYes
API TradingYes
Has VPS ServicesYes

Supported Instruments

Instrument TypeYes/No
CurrenciesYes
CommoditiesYes
CFDsYes
IndicesNo
ETFsYes
StocksYes
BondsNo

FXGMUser Reviews

Rate this broker
  • 3.0
    Trusted place
    Janet
  • 4.0
    regulated broker
    Ethan
  • 4.0
    Low minimum deposit requirement
    Jayden
  • 5.0
    user friendly platform
    Toby
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