FXGM Review

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Company Information FXGM is a highly regulated broker established in 2006 in Nicosia, Limassol. They launched their platform in 2008 and had received a license from CySEC (Cyprus Security and… more

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Website URLhttp://www.fxgm.com/
HeadquartersNicosia, Cyprus
Support Number+357 22 030 082
Support Emailinfo@fxgm.eu
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, French, Italian, Polish, Spanish, Swedish
Minimum 1st Deposit$100
Minimum Trade Amount0.1 lots
Maximum Trade Amount5,000 lots
BonusUp to 50%
PayoutUp to 200:1
Free Demo AccountYes
Regulated Yes
Account TypesDiscovery, SIlver, Gold, Diamond, VIP
Deposit MethodsCredit Card, Wire Transfer, Bank Draft, Skrill
Withdrawal MethodsCredit Card, Wire Transfer, Bank Draft, Skrill
Types of AssetsCFDs, Forex, Stocks, Commodities, Indices
Account CurrencyUSD
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

FXGM is a highly regulated broker established in 2006 in Nicosia, Limassol. They launched their platform in 2008 and had received a license from CySEC (Cyprus Security and Exchange Commission). FX Global Markets is a brand name of Depaho Ltd. The company owning the online broker operates under the jurisdiction of MiFID and has all the accreditations needed for the European Union. The company’s employees have done their best to create a safe and easy to use environment for traders. Despite their short history, this broker has earned the reputation of being one of the top names in the industry. Many Cyprus-based brokers don’t accept traders from the US and this one are no exceptions. It’s a bit of a letdown, but it has become the norm in most brokers from Cyprus. Offering great features and an impressive interface you can easily say that FXGM is a proper online trading broker. Let’s see what features and tools it offers.


Trading Information

Being a reliable platform with ten years of history behind it you can be sure that FXGM offers some unique trading opportunities. There are six different accounts to choose from, and they start with a minimum deposit of $200 for the basic “Discovery” option. Silver and Gold accounts give you the benefit of some better spreads, but all three give you leverage of 1:200, free training and a personal account manager. With these, you have the option of trading with Forex, futures and stocks. Their “Exclusive”, “Premium” and “Platinum” accounts give you the same features with the addition of free trading signals and months of free tradency. Major spreads that need mentioning are EUR/USD 3 pips, GBP/USD 3 pips and USD/JPY 4 pips. The spreads are fixed which is a nice addition. Scalping is not supported, but hedging is an option. You also have the full access to trading and investment tools such as stop order, limit order, market order, trailing stop order, one-click trading and many more. In fact, you have all modern trading tools and features available which are something that even the bigger names in the industry can’t offer. Demo account is available for beginner traders who would like to learn a bit about the industry before they start trading with real funds.


Trading Platforms

Trading platforms are crucial for a nowadays online broker because they are the primary tool for every self-respected trader. FXGM provide their clients with four platforms that offer excellent features and tools that a beginner or an expert trader needs. The first platform is well known amongst expert traders and is called Metatrader4.  It’s very modern and stable and has been proven as the first choice for many traders and brokers. Yes, it’s a bit old school, but it does its job perfectly. The second platform is called PROfit. It’s very simple to use and very beneficial for beginners because it offers simple and easy trading experience. Another great feature of the platform is that it works on every mobile device. The next platform is called WEBPROfit. The best thing about it is that you don’t have to download and install anything, you just log in and start trading.  You can easily trade with Forex, commodities and CFD’s. It’s compatible with all major browsers and offers financial news streams which are very helpful.  And finally, there’s the mobile PROfit platform which is specially designed for mobile users. It’s fully compatible with every tablet and mobile phone and very easy to use.


Security and Customer Services

Online security has never been more important, and FXGM has made their best to ensure a safe experience for their clients. All personal data and funds are well protected. The lack of an SSL encryption is a bit of a letdown, but there are not many brokers in the industry that offer it. Customer support is excellent with the company’s representative available 24/6 to answer your questions. You can contact them via email, phone, SMS, follow their social profiles in Twitter, Facebook and Google+ or fill out their contact form. Live chat is also available and the customer support can be reached in four different languages (English, French, Greek and Italian). There are a lot of educational materials on the site which can help answer some of the fundamental questions a rookie trader might have.


Deposits and Withdraws

Depositing money into your account is easy and follows the modern trends in banking methods. The usual credit and debit card options are available along with e-wallets. Minimum deposit required to start trading is $200 (this gives you the Discovery account). As far as withdrawals are concerned they use the banking method with which you deposited the money. You have to fill out a “withdrawal” form which you will send to them via fax or email (if it’s scanned), and they will approve it. There is no indication of any charging fees except the ones that your bank might take. Processing times are not mentioned on their site but “as fast as possible” is mentioned so they should be okay. Also, there is a phone and an email you can contact regarding questions about the withdrawal.


Deposit Bonus and Loyalty Programs

Making a new account at FXGM will make you eligible for a Welcome Bonus, but you will have to meet their requirements. The first and most important one is the $400 (or currency equivalent) minimum deposit requirement. Once you make the account and your deposit the funds, you will be given a $100 bonus. This bonus goes up to $3000 (if you deposit $10000 or more) but you have to complete the trading bonus volume requirement to be able to make a withdrawal. There is 5000 times the initial deposit + bonus volume requirement. All in all, FXGM seems like a nice online trading platform da cares for their customer. If you like what you’ve read here about it, you should try it.


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