FX Global Markets (FXGM) Review: General info & Notes
| General Information |
|
|---|---|
| Broker Name: | FX Global Markets |
| Broker Type: | Forex Broker |
| Country: | Cyprus |
| Operating since year: | 2011 |
| Regulation: | CySEC, FSCA |
| Address: | 14 Charalambou Mouskou, 2014 Strovolos, Nicosia, Cyprus |
| Broker status: | Unregulated |
| Customer Service | |
| Phone: | +357 22 300 500; |
| Fax: | +357 22 766 333; |
| Email: | [email protected] [email protected] [email protected] |
| Languages: | English, Finnish, French, German, Italian, Polish, Spanish, Swedish. |
| Availability: | : Monday to Friday. 07:00-19:00 GMT |
| Trading | |
| Trading Platforms: | Proprietary |
| Trading platform(s) timezone: | GMT +2 |
| Demo Account: | Yes |
| Mobile trading: | N/A |
| Web based trading: | N/A |
| Bonuses: | NO |
| Other trading instruments: | NO |
| Account | |
| Minimum deposit ($) | $200 |
| Maximal leverage (1:?) | 1:200 |
| Spread | YES |
| Scalping allowed | No |
FXGM is a registered brand name owned by a company based in Cyprus Depaho Ltd. It is an online broker company, which offers trading services for forex, stocks, commodities, options, indices, and cryptocurrencies. The Head office is located in Nicosia, Cyprus. It should be noted, Cyprus has attracted an impressive number of forex brokers. The company is a Cypriot investment firm incorporated in 2011 that operates following the Markets in Financial Instruments Directive (MiFID) of the European Union.
Moreover, MiFID II provides a harmonized regulatory environment for investment services. In other words, it covers the European Economic Area (EEA). Furthermore, the South Africa Financial Sector Conduct Authority also authorizes the Company.
We must mention that Depaho Ltd owns another trading brand – GTCM. The Cyprus Securities and Exchange Commission (CySEC) regulates the company. In a way, this gives them credibility, especially when compared to other offshore brokerages.
Here are the main features of trading with FXGM:
- Relevant authorities fully regulate the brand
- Quality customer support in up to eight different languages
- FXGM offers a proprietary trading platform, as well as a mobile trading platform
- The company provides over 150 trading instruments on the platforms
Is Good to Invest in FX Global Markets?
Many investors spend a lot of time examining the commissions provided by brokers, also reading reviews. They search the information broker companies they would like to choose. Although it is a great start, the first thing one should do is to discover whether the broker we are interested in is reliable or not.
The question is, how can a trader distinguish whether the company is a scam? The main tool is regulation. Although it is equally important to note, that this is not a 100% secure and reliable way, nevertheless it does tell a lot about the level of seriousness of the broker.
FXGM’s official website provides its clients with information about FXGM regulations. So does this mean that it is reliable? No. Many negative reviews are circulating the internet accusing the company of fraud.
Those are very serious claims. To point out one fact, FXGM uses quite aggressive commercial techniques by calling their clients, charging commissions to trade, offering to register and trying to convince them to perform operations unhesitatingly. Surely, there are more attractive and user-friendly techniques to intrigue a client.
While we are on the topic of regulation, we must mention CySEC has fined the company in late 2015. The charges were not severe, except the one regarding misleading clients. We have no information about the specifics of the case, but it still does leave a stain on the firm’s reputation. To summarize this section on safety, in our opinion, FXGM is an officially regulated company, which meets all the requirements needed.
However, there are negative reviews about this company in some forums. Overall, we have mixed feelings about this broker.
FXGM broker offers multiple account types to its clients. That being the case, trading conditions do not vary significantly for the different account types. Most benefits come in terms of a personal account manager, educational content, and other benefits. Experienced traders do not need it.
The levels above silver get a limited subscription to an independent technical analysis, Trading Central. FXGM offers “10 First Protected Positions” to their traders to allow them to familiarize themselves with the trading platform. The trader can open positions with Commodities, Indices, FOREX, and shares, and learn about their market behavior without taking any risk.
FX Global Markets Trading Platforms
FXGM offers two trading platforms to its clients: MetaTrader4 (MT4) and PROfit. Both of these FX Global market online platforms achieve the same goal. On the other hand, MT4 is far more popular and more functional between these two. It comes with currency trading, can load many useful instruments.
On the other hand, PROfit feels a bit clunkier. The platform allows you to view all the quotes on multiple currency pairs, with one-click buy and sell buttons.
Unless you are an experienced a quick trader, we would recommend to keep the one-click trading feature off, to prevent miss clicks. The platform allows the freedom to move some of its elements around, which is quite necessary given their number of news feeds and a video section.
PROfit also has the mobile version of the proprietary trading web platform developed by FXGM. It fits iOS and android mobile devices. Besides, FXGM apps are available in app stores.
Here are some of the features of the mobile PROfit platform:
- Account Management option, which offers Deposit, Withdraw, and other account features
- Complete order placements, order history, management, TP, SL, etc.
- Real-time quotes and graphs
- Technical analysis using charts, indicators, etc.
The platform known as “WebPROfit” is FXGM’s proprietary trading platform. It is web-based and has access via links from the FX Global Markets’s website. To emphasize 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 are some features of the platform:
- Real-time charts & analysis
- Trade Forex, CFD’s and commodities
- Financial news streamed directly to the platform
- No download required
FX Global Markets Trading Conditions
Minimum Initial Deposit
FX Global marker broker has set the initial minimum deposit level at $200. This is a bit high for today’s standards, with lots of companies demanding around $100, but there are also ones that demand deposit minimum of $500. Though some brokers have even removed this barrier — the investor can deposit as low as he/she wants to.
In case you are a beginner and inexperienced trader, taking a minimum initial deposit is a great initial step after demo account training. We want to add that the minimum deposit should not be a factor one has to consider highly when comparing forex brokers.
Average Spreads & Commissions
FX Global Market spread offering is not relevant to the current state of the industry. For example,
An average spread of three pips on EUR/USD is more than what you would be paying at other brokers.
Although if you enter trades less frequently, the spread may not be that big of a factor. Still, it adds-up over time.
Leverage
FXGM offers a leverage of 1:100, in case you are an experienced trader the maximum leverage reaches 1:200. You must be an experienced trader. Surely, both of these offerings will satisfy the needs of a serious trader. That being said, impression if you follow the industry you should know that many brokers offer leverage of 1:500 or even more.
Withdrawals options & Deposit & Payment methods
Here are the payment options accepted on FXGM:
- Credit/Debit Card: The acceptable cards are Visa and Master Card.
- Deposits are processed instantly. (via Visa and Master Card)
- Bank Transfer: The transaction amount is unlimited. The processing takes 2-7 working days
- SOFORT Banking/Neteller/Skrill: The transaction amount is €177-1,763. The transactions are processed instantly.
- EasyEFT: Mainly for South Africans. The payment is in ZAR. The minimum payment is 2,801 while the maximum is 27,981 ZAR.
FXGM accepts a number of payment methods. Before a deposit, the investor should complete an FXGM online registration. FXGM does not accept payments from third parties. Payments received from a bank account, card or e-wallet source must match the FXGM account name. For card withdrawals, only the amount deposited from the card can be withdrawn to the same card. The client’s bank account receives any excess withdrawn beforehand. FXGM processes withdrawal requests within 24 hours.
FXGM makes sure to credit all the payments it receives into the client’s account.
FX Global Markets Review Conclusion
We value the reviews and feedback that investors make about broker companies that they have used. Investment Forums are full of investors’ comments, and unfortunately, negative FXGM reviews are more frequent than the positive ones. Even though it is impossible not to find at least one bad comment online about any broker. We still think that the imbalance in review opinions indicates the fact that the majority of the feedback is true.
The truth is, there are positive reviews on FXGM, but it is hard to find many. There are some good reviews on MetaTrader4 and PROfit, both in web and mobile version. We want to mention that there is no perfect broker since each investor has its own needs and different opinions on trade tendencies.
We understand that of course, it is quite hard to trust in a company that has quite a few investors calling it an FXGM scam. FXGM does offer interesting trading instruments and tools. Also, everything seems to indicate that FXGM is a serious organization, but it still gives the impression of not being reliable and that their agents pressure their clients to invest.
We want to summarize an assessment of the strengths and weaknesses of this company.
Strengths
- Regulated in a country within the European Union
- Own platform: MetaTrader and 4PROfit
- Adjusted commissions for Forex
Weaknesses
- Too aggressive in marketing their products
- Fraud accusation reviews
- They do not have a free demo account like some competitors, but they have large educational material
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Support
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Platform
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Spread
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Trading Instrument
Worst broker
Worst than I could ever imagine. I have lost huge money on this. Beware, do not trade with them.
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Very bad broker
Very bad broker service. Aside from unprofitable signals and poor customer service, withdrawals are very difficult.
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Huge charges
This is a good broker, they are providing good signals but will charge you in every move. Almost nothing was left on my profit due to charges.
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Unreliable
Do not use this trading platform. Price keeps on changing and signals are very unreliable.
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Slow withdrawals
Slow withdrawals, this is the only problem I encounter when I use the service.
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Poor signals
I do not recommend this broker to anyone. Withdrawal is very slow and signals are very poor.
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Poor forex brokers
They are advertising on a website that they have fast execution and that they are award-winning brokers and so I tried their services. Upon actual trading, I am very disappointed with the great delays I experience with execution and poor broker signals that always get me losing trades.
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Bad broker
They do not pay out profits. I have trade and got some profits however I can not withdraw I was even ask to invest for more.
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Slow withdrawals
Slow and almost impossible to withdraw. There are so many documents needed to request for withdrawal. They hardly approve it and waiting for the money to hit my bank account is very long.
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Bad forex broker
Do not settle for this broker service. They are not a good broker for forex trading, customer service is not even skilled to assist.
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Worst forex broker
Everything here is worst. They have the worst platform, worst customer service and worst withdrawal process.
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Pathetic forex brokers
Pathetic forex brokers, poor signals. Inaccurate market forecast.
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I am open to share my experience and to enlighten everyone on how i was able to recover my money from a scam broker .
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Expensive trading services
The trading instruments, as well as services, are very expensive. Worst they are not delivering the services that I have paid, as if it is useless to pay for their services.
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Unresponsive
They do not respond to emails and chats. I am a bit frustrated about not getting the response that I need.
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