FXGM is an online trading brokerage company that represents several companies headquartered in Cyprus. This means that FXGM is a European broker, which is, of course, controlled and supervised by the requisite CySEC authority to provide its clients with standardized trading conditions and guaranteed transparency.
FXGM has been operating since 2011, although it has demonstrated its reliability over time and has been widely regarded by foreign traders and business communities. In addition, FXGM is still committed to developing its trading technology and service, thus going beyond the establishment of a branch in South Africa.
In its portfolio, you can find a wide range of trading devices and software, including a broad range of facilities appropriate for both beginner investors and professionals. The range of instruments includes the most common Forex and CFD items on securities, commodities and indices. In addition, FXGM has established a high level of customer service, so you can always rely on its support.
Is FXGM safe or is it a scam?
FXGM is a trade name used by Depaho Ltd, a company registered in Cyprus and controlled by the local CySEC. Cyprus, as part of the EU, therefore complies with its Regulation of the European MiFID providing harmonized financial investment services for the public.
FXGM also operates a branch in Spain, which is also registered with the local CNMV, so that the trading and brokerage services comply with the necessary laws, protect clients and provide you with a secure environment.
Also, Depaho Ltd or FXGM has been approved by the South Africa FSP to ensure that brokers gain effective exposure and presence in additional markets along with a strict follow-up to customer protection due to regulations.
Generally, brokers are regulated by a number of authorities worldwide, meaning brokers that work closely with the best trading operations principles to ensure that their clients have safety procedures in place. As such, numerous regulatory regulations cover all aspects of how the trading environment is created, how money is handled, how the consumer is treated and how insurance in the event of insolvency is covered. That, on the other hand, brings to you as a trader confidence in brokers offering and the ability to trade with a reputable company, which is never the case for offshore entities besides its super attractive opportunities, where you never know what to expect.
Platforms for Trading
FXGM gives you the opportunity to enter the trading environment through an easy-to-use WebPROfit trading platform, an online platform that does not require installation. There is also a built Mobile PROfit that allows you to stay linked and up-to-date on the go, just via your mobile phone.
WebPROfit provides extensive trading tools, along with the latest news, real-time charts and other analysis tools. Overall, the FXGM Platform Review concludes the software as a harmonized system to be used for your trading strategy, whether you are a novice or a seasoned trader.
You will find everything you need for good performance without any problems, even though this is the only platform option available at FXGM. In case you want a the renown MetaTrader4, you’d better check the links for other brokers.
What’s really great at FXGM, the broker supports you with detailed learning materials, access to Trading Insider that gives you sentimental info, as well as Trading Central with its certified financial research materials. So, all in all, the FXGM toolbar and software will get you all that is required for a successful implementation of the strategy, whatever style it may be.
What’s the FXGM Spread?
FXGM has established specific accounts for retailers and professionals. When you are a retail trader, there are six types of accounts where the first 10 trades are covered from losses, as an incentive to get acquainted with the app, so that the accounts are also specified by the size and the bundle provided with higher price discounts, see sample below.
Professionals may also have access to specified conditions along with higher leverage ratios and tailored solutions to specific needs.
FXGM as a STP broker provides tight variable spreads according to market conditions, while the actual cost is determined by the type of account you are using. Every account type, as described above, features a price discount of up to 25% for both spread and rollover fees, so you can benefit from better costs as long as your trading size increases.
You can see some of the FXGM spreads below, as well as compare the FXCC spread to another common FXCC broker.
The first thing you need to test while you need to know the maximum leverage ratio is under which company you’re trading. As stated in the FXGM Review, the broker operates across different jurisdictions and complies with its relevant regulatory restrictions.
European consumers may therefore have access to a maximum leverage of 1:30 for forex instruments available to retailers. When dealing with South Africa’s branch, traders will have higher ratios, as jurisdictions require higher levels of leverage. However, the average power for professionals is up to 1:200, respectively, once the status has been confirmed.
What payment methods does FXGM offer?
Variety of methods for depositing or withdrawing funds are offered, so you will always find a way to transfer money conveniently. This includes credit/debit cards, wire bank transfers, e-wallets and PayPal. Nonetheless, always ensure that the rates and conditions applicable to payment providers are reviewed with a particular entity, as they may differ.
The minimum deposit set by FXGM is $200 for the first-grade retail account type, while the next-grade account would need larger amounts. It is considered a good amount for starting traders, while with a slightly larger amount you will get some extra discount on trading costs, which is also something that we like when offering FXGM.
Charge for Withdrawals
In addition, FXGM does not charge any fees for making the deposit as well as for withdrawals. However, depending on your country of residence and international policies, certain fees can apply and will be your sole responsibility, so you better check them with your company or FXGM customer service provider.
FXGM Review shows us a company that operates from its European entity based in Cyprus, as well as an expanded service through the South African division. What is essential is that the broker is regulated in every region it operates, making its conditions clear and reliable for you as an investor.
As far as FXGM trading conditions are concerned, we prefer to consider them favorable and enjoyable either for start-up traders or for professionals. Its genuinely diverse range of account types will give you extra benefits with higher discounts as long as your trading account continues to grow, which promises you a successful collaboration.