FXGiants Review – Trustworthy or Not

FXGiants General Information

The FXGiants is an international trading broker, Financial Conduct Authority (FCA) regulated. It specializes in offers to retail and industrial investors from up to 150 countries worldwide. FXGiants is a registered business name of 8Safe UK LTD, a company authorized by the FCA. Also, its sister company, GVS (AU) Pty Limited is operating in Australia as FXGiants. Granted, the Australian Securities and Investments Commission (ASIC) regulates it. Launched in 2016 London, it used to be a part of the IronFX family. Later it was rebranded in November 2015.

Meanwhile, IronFX, currently known as FXGiants, ordered by CySEC to pay €335,000 in the settlement. The main reason was denying withdrawals to hundreds of customers.

Account Types and Trading Platforms at FXGiants

Consequently, FXGiants’ withdrawal problems led to a great deal of mistrust towards this broker. The company offers its users four basic account types, which are easily accessible through the well-known MetaTrader 4 platform. MT4 platform comes as mobile and desktop versions.

MT4 features for PC are:

• Dynamic security system
• Activity reports and Advanced Charting
• Trading Signals
• Orders and online management.
• Real-time Quotes

The same goes for MT4 for MAC, also the Advanced version for PC.

FXGiants provide MT4 for android and IOS mobile systems. The main features are:

• Trading History
• User-Friendly
• All execution types available
• Real-time charts
• Real-time quotes
• Technical indicators, analytics, and interactive charts

FXGiants provide a bonus feature, Personal Multi-Account Manager (PMAM)

• One-click order entry;
• Activity Reports;
• Management of unlimited Accounts;
• Real-time monitoring;
• Online management.

With the help of VPS service, traders can install their favorite EA Application and have it run 24/5 without requiring a PC. The investor can deposit a minimum amount of $5000 or equivalent in other currency. MT4 VPS hosting is free of charge. Following the client maintains the same deposit amount for the following several months.

FXGiants account types provide micro-lots for trade. The Clients have an opportunity to choose between market and instant execution, commission-involving trading and commission-free one. They also can choose between floating and fixed spreads as low as zero. This broker provides multi-manager accounts and swap-free ones.

FXGiants does not offer its services to specific locations. The list includes Iran, Cuba, Sudan, North Korea, and certain jurisdictions of the USA.

FXGiants Bonus types

The platform utilizes a user-friendly interface that satisfies all trader’s needs. For example it utilizes extensive back-testing environment, several technical indicators, advanced charting package, and a variety of Expert Advisors (EAs). The broker provides promotions and bonuses to its investors. Here are several FXGiants bonus offers:

• 100% Bonus Maximizer is available to new investors, other than Premium, ECN/STP, and spread betting ones.
• 20% Bonus advantage up to $2000. Additionally, a bonus on all deposits.
• Live account holders have a $35 no deposit bonus. Unlike Premium, ECN/STP and spread betting ones. As a result, an investor has to verify via a Mobile SMS system, and the bonus is withdrawable after completion of 4 turn lots.

FXGiants Trading Conditions

Minimum Initial Deposit

FXGiants Broker Company offers its investors to make the minimum deposit for opening a trading account for $500, which is a bit too high. Another broker company, Trading 212, which is also the Financial Conduct Authority (FCA) regulated, requires $49 as a start. Meanwhile leading CFD and spread betting brokerage Markets has set no minimum initial requirement.

Average Spreads & Commissions

FXGiants offers both fixed and floating spreads in a variety of account categories. The spreads on the Micro account are quite high. It offers STP/ECN no commission accounts starting from 1.7 pips on EUR/USD. Which, for instance, is even higher than the floating spread on Micro accounts. STP/ECN is also available with a $500 initial deposit. There is also a zero fixed spread account; however, it involves a salt commission of $18 per lot.

However, is FXGiants good in providing precise pips and average trading cost? Well, it turns out the average cost of trading per lot for the EUR/USD pair on these accounts is above 1.5 pips. It is not attractive pricing. Premium accounts with this broker offer conditions that are more favorable: Variable spread as low as 0.7 pips on EUR/USD, or fixed spread of 1.2 pips on EUR/USD and no commission applicable. In case, you are willing to make a larger initial deposit.

In comparison, Trading 212 offers floating spread as low as 0.9 pips on EUR/USD and does not charge any commission. For further information, you may look up and compare other offers of floating spreads as low as 0.9 pips on EUR/USD, here are real-time spreads of 15 leading brokers.

Leverage

Notably many FCA regulated brokers offer quite high leverage rates, FXGiants’ is up to 1:500, which is considered comparatively high. If you are interested, you may check out a list of forex brokers offering leverage equal to or exceeding 1:500 can be viewed here.

To sum it up, FXGiants’ online system appears to be very appealing. It offers a variety of trading conditions; nevertheless, we want to note investing in over-the-counter derivatives with very high leverage involves significant risks. Considering the recent events, the investors should be very precocious while cooperating with the company.

Customer Support

Customers can reach out FXGiants for support via live chat on the company webpage. Also multilingual support team is available 24/5 via +44(0) 207 523 5394 phone. Emails sent to [email protected] promised to be answered in up to 24 hours on business days.

Trading Products

FXGiants offers investors access to 200+ financial instruments online, trade forex, metals, spot indices, and CFDs on stocks and futures. (Please note that CFDs are complex instruments)

Despite this, it aspires to be a trusted company, but FXGiants reviews have not been kind to it and have blamed the company in withdrawal layback and customer service problems.

Forex

FXGiants offers everyone new to currency trading a free practice Demo Account. It has access to advanced futures to assist beginner traders in understanding how forex market works.

Foreign exchange is the largest financial market in the world. Where transactions worth trillions of dollars take place every day traded by a global network of banks, dealers, and brokers. As a fact, forex currency trading has no centralized marketplace; In fact this creates a great opportunity for traders to buy and sell currencies 24 hours a day, five days a week, except weekends.

Metals

FXGiants offers CFDs trading on spot metals (XAU, XAG) at market spreads and spot execution without having additional foreign exchange exposure. Spot trading is quite similar to forex currency trading. Investors take short or long positions of the metals’ prices. Since there is no centralized marketplace for spot gold or silver trading, and thus trading is accessible 24 hours a day, five days a week.

Indices & Commodities

General market announcements have little to no effect upon the index market liquidity. As a result, they have inherent stability as no single stock can completely influence the index. FXGiants new commodities and spot indices allow investing in market segments from numerous countries with low margin requirements and tight spreads.

Futures

FXGiants aims at helping maximize their clients’ profits. It also offers futures contracts with most liquid instruments and large volumes to trade.

Cryptocurrencies & Shares

FXGiants platforms offer a variety of trading offers, conditions, swaps, and contract details in cryptocurrencies. As a result, trading shares through CFDs allow traders to take “short” as well as “long” positions for a specific stock without the need to own the physical share. Similarly to futures or other commodities. In a word, as the company itself mentions FXGiants regulations provide a safe environment and reliable execution in trading of the most well-known and liquid shares in the world.

Methods of Payment

FXGiants enables clients to open accounts and deposit funds in USD, AUD, JPY, EUR, GBP, HUF, CHF, PLN, CZK. Clients can make deposits to their accounts via credit and debit cards, like Visa, MasterCard, Maestro, DotPay, China UnionPay, Skrill, Safecharge, bank wire, Neteller, and EccomPay.

Profits made from trading can be withdrawn via bank. To sum it up, many users had problems with the company and subsequently called FXGiants a scam company, whether or not FXGiants scam rumors are true.

Notably, the site has a user-friendly registration system. It is easy to use, follow the step-by-step registration, and then feel free to enter the FXGiants login system.

FXGiants Review Conclusion

FXGiants is a UK broker with the notably rich product portfolio. It offers a variety of currency pairs, and also CFDs on the renowned, user-friendly MT4 platform. The company and FXGiants affiliate transparency in transactions and withdrawal still leaves much to be desired.

In conclusion, here are the advantages and disadvantages of this broker.

Namely the main pros are:

• FXGiants has strong regulations
• MT4 is available and provides variety in many platforms
• Attractive promotions
• High leverage levels

While, the main cons are:

• No choice of trading platforms and unfortunately, no web-based ones
• A bit too high minimum initial deposit
• The comparatively high cost of trading. The exceptions are of course Premium accounts

There is no certainty of whether or not FXGiants scam rumors are true. In short, as an investor,
make sure to do further research if you need more information about FXGiants. If not, we hope
to have helped you make a decision.