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FXGTrade
Rating:
Binary Option Programs Award
Min. Deposit
$5,000
Min. Investment
0.01 lot
Regulated Broker
No

  1. FXGTrade

    FXGTrade is an unregulated CFD and forex broker that has gained attention due to the warning issued against them by the Financial Services and Markets Authority (FSMA) of Belgium. FSMA suspects FXGTrade of being a scam and warns investors worldwide to not invest any money with this broker.

    So, what does this mean for South African traders?

    Read our full FXGTrade review and final conclusion below to find out whether or not FXGTrade is a scam.

    The 3 Account Types

    With FXGTrade, South African traders will have the choice between three different trading accounts. An immediate problem when looking through these accounts is the unusually large minimum deposit required to begin. The minimum deposit to start trading with FXGTrade is $5,000 which is a massive leap from the most common amount required, $250.

    Tip: Trade with IQ Option instead, the best regulated broker for South African traders with a minimum deposit of only $10!

    This deposit amount makes us believe that FXGTrade may be targeting more professional traders, who are more willing to make such investments. A beginner would never give a $5,000 deposit on their first trades.

    If this is the case, an immediate advantage is how transparent FXGTrade is with their trading conditions. The forex broker gives specific information on the leverage, spread, minimum trade size and all special features that come with each account.

    Check out details or each FXGTrade account below.

    Silver Account

    • $5,000 minimum deposit
    • Leverage: up to 1:300
    • Spreads: from 2.5 pips
    • Minimum trade size (FX): 0.01 lots
    • No commission
    • 5% stop out levels
    • Account manager
    • Expert advisor
    • News trading

    Gold Account

    • $10,000 minimum deposit
    • Leverage: up to 1:300
    • Spreads: from 1.5 pips
    • Minimum trade size (FX): 0.01 lots
    • No commission
    • 5% stop out levels
    • Account manager
    • Expert advisor
    • News trading

    Platinum Account

    • $25,000 minimum deposit
    • Leverage: up to 1:300
    • Spreads: from 0.5 pips
    • Minimum FX trade size: 0.01 lots
    • No commission
    • 5% stop out levels
    • Senior account manager
    • Expert advisor
    • News trading

    Trading Platform & Assets

    Through FXGTrade, South African users will be trading through the infamous MetaTrader4 (MT4) trading platform. MT4 has a desktop, mobile and web-based version available, so each trader can choose the version they prefer. MT4 is usually preferred by more experienced traders, which makes the choice of platform even better for FXGTrade, as they seem to cater to more professional traders.

    As for assets, South African investors will be able to trade CFDs in all major markets such as forex, cryptocurrencies, stocks, commodities and indices. The broker does not mention specific amounts of assets they have available though.

    The one thing they do mention, which they use as a selling point, is the 100% bonus they offer all South African traders – which you should be especially careful of.

    Warning: Always make sure to read the terms and conditions of a bonus before accepting it. Trading bonuses often come with impossible strings attached and can be difficult to withdraw them.

    Customer Support

    The FXGTrade customer support team is available via email or the contact form on their website. Users are also given the option to request a callback, which we are not sure if possible for South African numbers. It would be best to stick with the email or contact form.

    There is no live chat option available or even a FAQ section that answers some basic questions.

    Company Info & Payment Methods

    FXGTrade is owned by the company Bull Big LTD and operated by Bortada Equity Limited, which is based in Bulgaria. Their official address given on the website is Ovcha Kupel Complex, Lilyache Str. 7, Sofia, Bulgaria.

    Payment methods accepted are credit/debit card, bank wire transfer, Skrill, Neteller, Yandex Money, OkPay, Sofort and iDeal.

    Conclusion: Is FXGTrade a Scam?

    Our team has concluded that FXGTrade is most likely to be a scam that South African traders should stay away from.

    The reasons for this are summarized below:

    • Not licensed under any regulatory agency
    • FSMA has issued a warning against them
    • Massive minimum deposit requirement
    • Impossible bonus offering

     

    Instead of wasting your time with another fraudulent company, trade directly with the best regulated broker for South African traders – IQ Option.

    You can also check out our lists below.

    Best Forex and CFD Brokers for South African Traders

    Best Automated Trading Robots for South African Traders

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