menu
FXGM (Forex Global Markets) offers Forex, Futures, Commodities and Stocks trading.
Company. Fund security
FXGM is currently owned by Depaho Ltd., based in Cyprus. The company owns another brand - GTCM - with similar trading conditions. FXGM is controlled by the local regulator CySEC.
The local regulatory agency CySEC imposes many rules on registered companies. One of the most important principles: client funds must be kept in segregated accounts so that the broker cannot use them for their own purposes. In addition, all CySEC regulated brokers are members of the Investor Compensation Fund. Thanks to this, the trader will be able to return up to 20,000 euros in the event of bankruptcy of the broker.
We must mention that the company was fined by CySEC at the end of 2015. We have no information about the charges brought against them, but this is a stain on the firm's reputation. On some popular forums, we found negative reviews about this company.
Trading conditions
There are six different accounts at FXGM, differing mainly in the minimum deposit. A Discovery account requires a $ 200 deposit, Silver requires $ 400, and a Gold account starts with a deposit of at least $ 1,000. All three accounts have 1: 200 leverage, an e-book, free training and a personal account manager. Traders can trade commodities, Forex, futures and stocks.
There are three more exclusive accounts. The minimum amount required to work on a Premium Account is from $ 2,000 to $ 4,999; to open a Platinum account, you need from $ 5,000 to $ 9,999. The VIP account deposit is over $ 10,000. These last three accounts offer the same features as the first three books: 1: 200 leverage, the same asset categories, free training, and a personal account manager. In addition, traders receive free trading signals on these accounts.
Minimum initial deposit
FXGM has set an initial minimum deposit level of $ 200. This is considered a bit high for today's standards and many companies charge around $ 100.
Spreads and commissions
Average spreads for EUR / USD are 3 pips. This is a fairly high value in the field of online trading. Many brokers set a spread in the range of 1.5-2 points for the same pair; you can find these companies in our rating of Forex brokers.
Trading platforms
FXGM offers its clients two trading platforms: PROfit and MetaTrader4.
MT4 is the industry standard at the moment when it comes to currency trading. With the ability to download many tools and the ability to use MQL coding, it has earned a reputation as a reliable and easy-to-trade platform. In the MQL online store, you can view, test and purchase custom technical indicators and automated trading systems.
One of the PROfit features that scalpers will love is the screen where you can view all quotes for multiple currency pairs using the buy and sell buttons. We would recommend disabling the one-click trading feature to prevent misses if you are new to trading. The platform allows you to freely move some of the elements, there are news feeds and even a "Video" section.
Support service
Customer service at FXGM is available 24/7 via live chat, telephone and email.
Ways of payment
FXGM only accepts payments via bank transfer and credit / debit card. But today, many traders are actively using e-wallets like Skrill. This is a great alternative to other methods, especially when it comes to international transfers.
Pros:
CySEC regulation; selection of trading platforms.
Minuses:
high spreads; complaints on forums; no demo accounts; was fined by the regulator; does not offer e-wallets for payment.
No one has commented on this broker yet
FXGM is a company whose task is to provide intermediary services to traders. Brokers / Crypto exchanges provide access to currency / cryptocurrency trading, first of all. Also, many of them, if we are talking about brokers, give the opportunity to make transactions with company shares, bonds, commodities, precious metals, indices, cryptocurrency and other assets. A private person can make transactions with all these instruments only on a trading platform, access to which is provided by a broker or a crypto exchange.
In addition, thanks to such companies, an individual can operate in the market with amounts significantly exceeding the amount of his own funds. This is called the provision of leverage. For example, having a deposit of 1,000 USD with a leverage of 1:400, a trader can make transactions for 400,000 USD.
As well, the broker / crypto exchange opens access to analytics, auxiliary tools, trading signals. Without all this, modern trading is impossible.
FXGM profits from traders' trades, usually in two main ways
.
First – most common. Using spreads. This word refers to the difference between the best prices for buying and selling a certain asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between the broker and market users - another. The mediator takes the difference.
The second method is easier to understand. This is a fee for each operation performed. Most often it has a standard value, but can also be measured as a percentage.
Therefore, the company is interested in attracting as many clients as possible and that they conduct active trading.
How honest brokers / crypto exchanges should work and how they work, we found out. And now let's look at how scammers act, they are also called kitchens.
The most common way to cheat – is to twist quotes. Broker / crypto exchange gives the trader quotes that differ from the real market. There is a substitution of data in order to make operations unprofitable. The deposit is reduced, and then completely reset. At the same time, the trader thinks that his operations were made on the market, but in fact – just on the site of scammers.
Bonus – traps. They are generously distributed for anything: registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money mixed with bonus money, it will be necessary to fulfill a number of actually impossible conditions. For example, to conduct trading operations in the amount of ten times more than the size of the deposit.
The User Agreement may also mask a clause that allows the broker / crypto exchange to dispose of the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points – it is the place of registration and regulation of the company's activities.
First let's talk about registration. As a rule, traders are more trusted by companies either from their own country or from an economically developed country, for example, a member of the European Union. Of course, compliance with UK law is reassuring, and compliance with the laws of an unknown island in the Indian Ocean does not mean anything to most at all.
On fact, most brokerage companies are registered offshore, and we are talking not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are popular offshore zones among companies. Registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has claims against such a company, then it is likely that he will have to deal with it in accordance with the laws of the same conditional Belize. It is possible to be physically present there at court hearings. And this is extremely expensive and difficult.
No is it worth running like fire from just the word «offshore»? As an answer, we will cite the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes with the help of offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point – this is the regulation of the broker / crypto exchange. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokering. So, in Russia it is the Central Bank of the Russian Federation. The trader can find permits on the websites of such authorities. But there are also supranational structures. For example, the International Financial Commission, which is an independent self-regulatory organization, specifies disputes between its members – brokers and their clients.
If there is no information on the broker's website / crypto exchange about the regulation of its activities or license, then it is almost certainly a scammer. Or on the site there is data on some license issued by him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, or crypto exchanges, study its history. Look at the links to its experts. If one of the leading TV channels in the economic news for 5 years in a row refers to the opinion of the analyst of the broker in question – this is good. If the broker / crypto exchange assures that it has been working for 15 years, but there is no information about it on the Internet at all – this is bad.
It is important to pay attention to reviews about the company. And read them not only on the website of the broker itself / crypto exchange. In the kitchen, they will certainly be only praiseworthy. It is better to view as many sites as possible.
Pay attention solely to the specifics in the offers on the websites of brokers / crypto exchanges. Honest companies openly write about interest, spread size, minimum deposit, etc. Scammers lure loud streamlined phrases about a rich tomorrow, a stable income, mislead with incomprehensible terms about multi-sites, superfunctions and so on.
Specify the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers / crypto exchanges sometimes hold social promotions. Scammers will definitely not do this.
Therefore, the process of choosing a broker / crypto exchange is complicated. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich around the world
.Any feedback can raise or lower the rating company. To read reviews, go into the rating and select your broker or crypto exchnage.
In order to leave a review about the company, go down page, enter a valid email and Your review with an overall score. Reviews are moderated and tracked by the number of comments from the same IP or email. Tech support may request the actual documents that prove that the user was or is a customer of the broker. This rule applies to negative and positive reviews. We want our portal to be honest and independent.
Before any trade and choosing a broker You must always read reviews on this site and on other sites. Companies who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the company you chose. FXGM received a score of 1 of 5 on our resource.