FXGM Review
What is FXGM?
FXGM is an online brokerage that offers trading services to multiple entities, with its headquarters in Cyprus. FXGM, a European broker, is licensed and monitored by theCySEC. This allows clients to trade in a seamless manner and guarantees transparency.
Broker: FXGM
Minimum deposit: 100 US$
Leverage: 1:30
Regulator: CySEC. FSCA. CNMV
Year: 2011
Platforms: WebPROfit
HQ: Cyprus
FXGM Licences:
Depaho Ltd (Cyprus), registration number. 161/11 - Suspended
Depaho Ltd – Authorized by FSCA South Africa (South Africa) registration number. 47709
Depaho Ltd – Authorized by CNMV (Spain), registration no. 123
Overview
FXGM has been in operation since 2011, and its reliability was well-respected by international traders and the industry. FXGM is constantly improving its trading technology and offering. Therefore, the branch was established in South Africa.
Pros
Fully-featured mobile app
Wide range of asset classes
Regulation from two financial bodies
Account types to suit a variety of investors
Cons
No MT4 or MT5 integration
No demo account
Rating of the company overall
Reliability ⭐⭐⭐⭐
Platform ⭐⭐⭐⭐⭐
Commissions ⭐⭐⭐⭐
Support ⭐⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐
RATING: 4.5
Is FXGM a scam or safe?
Is FXGM legal?
FXGM is the tradename of Depaho Ltd, a Cyprus-based company. It is regulated and registered by the local CySEC.
FXGM also serves a Spanish branch that is registered with a local CNMV, so the brokerage and trading service is compliant with the relevant laws, protecting clients, and creating a trustable environment.
FXGM also established entity Depaho Ltd and FXGM, which allowed the broker to gain effective exposure in additional markets and be authorized by the South Africa FSC. This ensures that the broker is able to protect customers and maintain strict compliance with regulations.
What can you do to be protected?
The broker is regulated worldwide by multiple authorities. This means that the broker works closely with the best trading concepts to ensure its clients are safe. The broker is regulated by several authorities worldwide. This means that the broker works closely with the best concepts of trading operation to ensure its clients are safe.
This is reversed, allowing you to trade with confidence in brokers that offer an opportunity to trade. There are no offshore entities.
Leverage
First, you should know what the maximum leverage ratio of the entity under which you are trading is. FXGM Review mentions that brokers operate in different jurisdictions and must comply with their particular regulatory restrictions.
European clients can access maximum leverage of 1:3 for Forex instruments that are available to retail traders.
Trading with South Africa branch trader will receive higher ratios because jurisdictions allow for greater leverage levels of up to 1:200
However, professionals can leverage up to 1:200 once their status has been confirmed.
Accounts
FXGM created various accounts for professionals and retail traders,while professional trader only get tailored solutions to their needs.
Types of accounts
You can open six accounts if you're a retailer trader. The first 10 trades are insured from losses. As a reward for getting to know the software, the accounts are also defined by the package offered with higher discounts.
Professionals may also be eligible for certain conditions, such as higher leverage ratios or tailored solutions that meet specific needs.
Instruments
It offers a variety of trading tools, including a large selection of services and tools that are suitable for both professionals and beginners. This instrument list includes the most popular Forex and CFD products for shares, commodities, and indices.
Fees
FXGM is an STP broker that offers tight variable spreads according to market conditions. Actual cost will be determined by your account type.
As mentioned above, each account type offers a Price Discount of up to 25% on both spread and rolling fees, so you could enjoy lower costs as long your trading volume increases.
Below are FXGM spreads. You can also see standard rollover rates. Also, you may be able to compare FXCC spreads with another popular broker Pepperstone.
Comparison of FXGM fees and similar brokerages
Snapshot of FXGM spreads
What payment methods FXGM offers?
There are many ways to withdraw or deposit money, including the most popular options. This means that you can always transfer money easily.
Deposit Options
These include Credit/ Debit Cards and Wire Bank Transfers, Wire Bank Transfers, e-wallets, and PayPal. However, it is important to verify with the entity that you are dealing with for any applicable fees or conditions.
FXGM minimum deposit
FXGM's minimum deposit is 200$ for the first retail account type. The next grade account will need higher amounts.
This amount is good for beginners traders. With a slightly larger amount, you'll get a discount on trading costs. FXGM also likes this offer.
FXGM Minimum Deposit vs Other Brokers
Withdrawals
FXGM withdrawal options are extensive and do not charge any fees to make the deposit. This includes withdrawals which is also great. However, fees may apply depending on where you live and the international policies. You should check with FXGM customer service to confirm.
Trade Platforms
FXGM allows you to trade through an easy-to-use trading platform WebPROfit, which is an online platform that doesn't require installation. You can also access the developed Mobile PROfit to keep you connected and up-to-date on the move, all from your mobile device.
Web Trading
WebPROfit offers a wide range of trading tools, including the most recent news, charts and analysis tools. This is suitable for both beginners and experts.
FXGM Review of a Platform concludes that its software is a harmonizedsystem to use in your trading strategy , whether you are a beginner or a professional trader .
FXGMM is your only choice for a platform that offers good performance and no complications. If you need industry-specific MetaTrader4 information, you can check out other brokers through the link.
Analyse
FXGM is a great broker because it offers comprehensive analysis and access to Trading insider that provides sentiment data. Trading Central also has certified financial research materials.
The FXGM software and toolbar provide everything you need to deploy the strategy in any style.
Mobile Platform
MobilePROfit offers a wide range of charts and analysis that can be accessed via mobile devices. This is extremely important and very useful. The mobile app's design and layout was very appealing to us, so we hope you will enjoy it as well.
Customer Support
FXGM has a reputation for providing excellent customer service. You can always count on it. Support can be reached via live chat, email or phone calls. Contact forms are also available Monday through Friday from 07:00 to 19:00 GMT.
Education
FXGM does not offer comprehensive education or webinars, but there is research and analysis for all trades. These include Economic Calendar and Market Review, as well as News and SMS service.
Conclusion
Even though there are some negative aspects, most of them are positive. FXGM's South Africa branch expanded its offering and is licensed in every region where it operates. This transparency and reliability makes FXGM's conditions transparent for investors . FXGM's trading conditions are attractive and easy to use for both beginners and professionals. The wide range of account types available will provide you with additional benefits and larger discounts, as long as you have a growing trading account. This promises you fruitful cooperation.
FXGM News
Depaho Ltd currently is undergoing regulatory review. We have made a number of improvements to the license. The license has been suspended. Keep alert and do your research on FXGM.
FXGM Latest Updates
FXGM's website has been unavailable recently. This means that the broker has lowered its trading offerings and doesn't offer account openings. If you receive any information about trading or see the website being active, we recommend that you do your own research. To attract clients, scam brokers frequently use ex-names of licensed brokers.