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FXGM
Rating: Rated with 4.5 stars
Binary Option Programs Award
Min. Deposit
$200
Min. Investment
0.01 lot
Regulated Broker
Yes

FXGM Broker Review

  1. FXGM

    Established in 2006, FXGM is the brand name of Depaho Ltd, a Cyprus based financial services company with headquarters in Nicosia. The company provides a secure, regulated online brokerage for global traders in Forex, Stocks, Indices, Commodities and Contracts for Difference (CFDs). The website is available in English, Swedish, German, French, Italian and Polish. FXGM is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and authorised by the South Africa Financial Services Board (FSB). Moreover, FXGM operates in full compliance with the European Union MiFID rules that serve to harmonise financial instruments across all member states. Notably, FXGM is a member of the Investor Compensation Fund, established in Cyprus law to protect clients investing in Cyprus Investment Firms.

    Customer Appreciation Plan with Protection Insurance

    Whilst FXGM does not offer a welcome bonus to new customers, it does offer the tools for protection insurance within the Customer Appreciation Plan. As a reward for setting up a trading account, customers get their money back if they lose in their first 5-10 positions when trading CDFs on a live trading platform. However, new clients who make a profit, are permitted to keep the money! Importantly, to use the First Protected Positions tool (FPP) customers must make an initial deposit of $200 or more. The higher the first deposit, the greater the number of protected positions on a scale of 5 to 10. Only customers who make a first deposit of $1,000 or more can protect 10 positions. This promotional offer at FXGM comes with important terms and conditions that should be carefully read before using the FPP tool.

    Spreads and Leverage

    The maximum leverage available at FXGM is 1:200 with novice traders offered 1:40 at the outset. However, the level of leverage is negotiable with the broker and may be increased to 1:100 for traders considered to be in the learning phase.

    Spreads are generally wide at FXGM with brokerage fees and commissions incorporated into the spreads rather than being charged separately to the trader. Spreads for major currency pairs such as the EUR/USD average around 3 pips. This is a high spread and in our experience, not reflective of the live spreads in Forex markets. Notably, traders with Gold, Premium and VIP accounts enjoy narrower spreads averaging 2 pips.

    Types of Trading Account at FXGM

    The option of a Demo account is available at FXGM through the MetaTrader 4 client terminal. We found this option in the MT4 user-guide as details of a Demo account are not openly available on the FXGM website. However, five types of live trading account designed for traders with varying levels of experience are described clearly.

    Importantly, all five account types include free training courses and free webinars as well as protection insurance for the first 5-10 positions, a personal account manager, free eBook, pop-up alerts, one-click trading and trading insider. Additionally, a free SMS service is available to traders using any of the five trading accounts at FXGM. Conveniently, traders receive news flashes, price variation signals and a daily economic calendar.

    Discovery Account

    To open a Discovery Account, customers need to deposit between $200 and $9,999 initially. The Discovery Account has all the features listed above as common to all the trading accounts.

    Silver Account

    A deposit of between $10,000 and $29,999 is needed to open the Silver account. In addition to the features common to all accounts at FXGM, customers get spread discount on commodities and one-month free access to Trading Central, a leading independent provider of investment research for financial market professionals.

    Gold Account

    Gold Account clients must make an initial deposit of between $30,000 and $49,999. Significantly, the Gold account gives customers all the features of a Silver account but also 2 months free access to Trading Central and spread discounts on Commodities, all Forex Majors and Indices.

    Premium Account

    It requires an initial deposit of between $50,000 and $99,999 to set up the Premium Account. The difference to the Gold Account is 3 months of free access to Trading Central and a personal customer service agent.

    VIP Account

    Customers need to deposit more than $100,000 to open a VIP Account at FXGM. For this large deposit, they get all the features of the Premium Account plus free access to Trading Central for 4 months.

    Educational Resources

    A free Academy is available on the FXGM website offering tools and resources to help clients begin trading in an informed way.

    Trading Platforms

    Traders can choose from three types of trading platform at FXGM. All three include a broad range of features and trading tools that can be selected according to traders’ requirements and experience.

    MetaTrader 4

    The award winning MetaTrader 4 electronic trading platform is favoured by traders all over the globe for trading Forex, CFDs and Commodities. Notably, traders can control and manage their positions easily for fast, simple execution. The user-friendly software is available in multiple languages and provides numerous trading tools including live streamed prices and charts as well as trading indicators and signals.  A key feature of the MetaTrader 4 client terminal is the option to open a risk-free Demo account allowing traders to practice before trading with real money. The MetaTrader 4 platform is designed for Windows operating systems and available for free download at FXGM.

    WebPROfit Platform

    The WebPROfit platform is designed for trading Forex, CFDs and commodities fast and easily. However, the advantage of WebPROfit is that it is accessible from any computer without software download and compatible with major browsers like Chrome, Firefox and Internet Explorer. The WebPROfit platform is easy to use and provides live streamed financial news, charts and analysis to traders at all experience levels. Stop-loss orders are included on the WebPROfit platform as well as trading with leverage.

    Mobile PROfit Platform

    Traders who want to keep track of their positions and execute new trades based on live developments in financial markets, don’t need to sit in front of a desktop. FXGM offers free apps for Android and iOS powered mobile devices, allowing customers to access the PROfit trading platform on the move. Both apps include financial news updates, real time trading with live streamed charts and live prices.

    Customer Support at FXGM

    Fast, efficient customer support is available from 7 am to 7 pm GMT, Monday to Friday. Live Chat is offered directly on the FXGM interface and a vast selection of contact options including email addresses and phone numbers are listed under Contact Us on the dashboard. Customers have access to the company address, international phone number, ‘What’s App’ phone number for free support on the phone, a FAX number and the dealing room phone number.

    Payment Methods

    The payment methods accepted by FXGM are limited to bank transfer, Visa and Mastercard. Withdrawing funds can be done by filling in a Withdrawal Form or by entering the amount to be cashed out, in the Withdrawal section of the customer’s trading account. Whilst withdrawal requests are processed within one business day, the time it takes to get the funds, depends on the payment method selected by the customer.

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