FXGM Review

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Review sections

• Investor Protection & Regulations
• Tradable Products
• Account Opening
• Deposit & Withdrawals options
• Web & Desktop Trading Platforms
• Mobile Trading Platforms
• Trading Features
• Commissions & Spreads
• Bonus & Promotions
• Customer Support
• Research
• Trader Education
• Trading Experience
• FAQ
• Conclusion

FXGM Video Review

Investor Protection & Regulations

“FXGM is a brand name of Depaho Ltd, a company that is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) of South Africa.”

FXGM is a brand name of Depaho Ltd which is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), as confirmed below on the regulator’s website:

The broker is also regulated by the Financial Services Conduct Authority (FSCA) of South Africa, as confirmed below:

Due to its regulations, Depaho Ltd provides cross border services to EU member states, as well as South Africa, Switzerland and Ukraine. The broker also provides security of funds and is a member of the Investors’ Compensation Fund which is designed to safeguard the claims of investors if a member provider cannot pay the investors’ claims in accordance with the agreement.

Tradable Products

“FXGM offers users the ability to trade on 200+ financial instruments covering CFDs on Currencies, Commodities, Indices, Shares, ETFs and Cryptocurrencies.”

Below is a list of just some of the available markets for trading:

* Details regarding the available assets are taken from the FXGM website and trading platform and are correct at the time of this review.

Trading costs such as spreads and overnight funding (swap) rates vary depending on the instrument being traded and under which account type one falls and are covered further down this review.

Account Opening

“FXGM offers six different types of Retail trading accounts called Basic, Discovery, Silver, Gold, Diamond and VIP. The broker does not have Islamic swap-free accounts or demo trading accounts.”

FXGM offers six different types of Retail trading accounts which includes:

The Basic, Discovery and Silver accounts all provide different features. All accounts are given access to free training and a personal account manager. The Discovery and Silver accounts also offer price discounts and rollover discounts. The minimum deposit is different for each account.

The Gold, Diamond and VIP accounts offer higher price and rollover discounts but the biggest discounts are for higher minimum deposit accounts.

The broker also offers access to Professional clients for clients categorised as such in ESMA regulations. This allows users to access higher leverage but they do lose some protections such as the Investor Compensation Fund.

To open an account, users either need to visit the account type page and click on register or use the Join Us feature on the broker’s homepage.

Users are then taken to the FXGM PROfit web platform, as shown below:

To use the full features of the account, users will need to go through a registration page.

The registration page includes adding in personal and financial information as well as uploading documents for proof of identity and proof of address. The broker does not accept clients from the USA, Canada, Belgium and Iran. and other countries.

Deposit & Withdrawals options

“FXGM offers users the ability to deposit and withdraw funds via credit and debit cards, wire transfer and e-wallets such as Skrill, PayPal and many more.”

FXGM offers users the ability to deposit and withdraw funds via debit and credit cards, bank wire transfer and Skrill. Most methods have instant payments with the exception of wire transfers which can take up to five business days. Users will also need to send proof of their credit card to the broker’s back office, as mentioned below in the broker’s Deposit page.

To make a withdrawal, users can visit the broker’s withdrawal page to follow through the steps. The request can be made by submitting the request through the PROfit platform.

Web & Desktop Trading Platforms

“FXGM offers users the ability to trade on the browser-based PROfit trading platform.”

FXGM offers users the ability to trade on the browser-based PROfit trading platform. The platform includes news, access to Autochartist, daily market updates, in-platform support, analysis and alerts and many other features.

Below is a screenshot of the PROfit trading platform which is covered in more detail in the video review:

Mobile Trading Platforms

“FXGM offers users the ability to trade on the PROfit mobile trading app for Android and iOS.”

FXGM offers users the ability to trade on the PROfit mobile trading app for Android and iOS users. These can be downloaded directly from the Apple App Store or Google Playstore. Download links are also provided on the broker’s website.

The PROfit mobile trading app allows for ‘on-the-go’ trading with access to a wide variety of trading tools such as:

• Real-time pricing
• Fast trading and execution
• Access to news
• And more.

The PROfit mobile trading app for FXGM is covered in more detail in the video review.

Trading Features

“FXGM offers trading features directly from the PROfit trading platform. This includes the ability to access a variety of different trading features such as the Autochartist technical analysis tool and Traders Trend tool. The broker offers first 10 protected trades which allows you to trade with zero risk on those trades.”

FXGM offers trading features directly from the PROfit trading platform. This includes the ability to access a variety of different trading features such as the Autochartist technical analysis tool and Traders Trend tool, as shown below:

The broker offers first 10 protected trades which allows you to trade with zero risk on those trades

Commissions & Spreads

“FXGM offers commission-free trading with just spreads and swaps payable. However, different account types offer different discounts on price and swap fees but require higher minimum deposits.”

FXGM offers commission-free trading with just spreads and swaps payable. This is confirmed in the broker’s online Service Agreement, as shown below:

Financing fees, administrative fees and spread costs are detailed in the broker’s Product Sheets & Costs web page, as shown below.

The broker will also charge a 500 USD fee if no trading activity has taken place in three months. Spread information can be found on the same webpage of which a sample is shown below:

Forex Trading

Commodity Trading

Indices Trading

Stock Trading

Cryptocurrency Trading

Bonus & Promotions

“Due to restrictions set by the regulative body, FXGM does not offer bonus or promotional schemes.”

At the time of writing, there are no bonus or promotional offerings advertised on the broker’s website.

Customer Support

“FXGM offers multilingual customer support via a Live Chat function, Telephone, Email and WhatsApp Messenger. An Online Assistance Form allows users to request support via Email or Telephone. Clients can request 1-on-1 informational sessions with service agents.’’

The Live Chat icon is centrally featured on each page and available between 7.00 and 19.00 GMT daily. Upon submitting our query, we received feedback from a Service Representative almost instantly. The agent is friendly, knowledgeable and willing to assist.

The broker strives to provide the best service possible. After the conversation, the user has the opportunity to rate the interaction and provide feedback.

By clicking on the ‘Contact Us’ button, the visitor can access other options to contact the broker. The ‘Contact us’ page lists several alternative options to contact the broker. Users can get in touch with FXGM via Telephone, Email, WhatsApp Messenger and an Online Assistant Form.

Clients can use the ‘Online Assistance Form’ to request Email support or a 1-on-1 Telephone session with a Customer Service Agent.

Contact Information:

• Address Head office: Depaho Ltd Artemisia Business Center 14 Charalambou Mouskou 2014, Strovolos Nicosia, Cyprus.
• Email: info@fxgm.com
• Phone: +357 22 030 082
• Live WhatsApp Support: +357 97758027

Research

“FXGM offers several useful research- and analysis tools. The broker provides frequent Market Analysis reports and traders can benefit from using key fundamental and technical analysis tools.’’

The website features an Economic Calendar, listing key market events such as scheduled earning reports, data publications, announcements and market holidays. The Calendar details the nature of the event, the date & time, the affected instruments, the estimated impact and historical data.

The listed information can be filtered according to the date, region, event type and importance. The website further features a Live News Feed which keeps traders up-to-date with key market news.

FXGM also provides access to several useful technical analysis tools such as the Trading Insider- and Autochartist tool. Trading Insider tool that measures the market trend through the number of open positions, and their direction, in a market at a given time.

Traders can also access live automated analysis through the acclaimed Autochartist tool. The website features a dedicated ‘FXGM Research’ page, where feature-rich Market analysis reports are shared multiple times a week.

The market updates cover key markets and instruments such as the Forex market, the commodities markets and indices.

Trader Education

“FXGM’s Educational Materials are constricted to the basics. The website includes a comprehensive Glossary and a concise description of the main trading concepts and an overview of the History of The Forex Market.’’

The FXGM website includes a Glossary and basic information about trading and the history of the Forex market.

The easy-to-navigate Glossary features short, comprehensive explanations of the most important market- and trading terms and can be very useful for beginner traders. Users can also access trading education videos in the PROfit platform but these do need to be unlocked by your account manager.

Trading Experience

“FXGM provides a simple and transparent trading offering to trade on different CFD instruments covering Currencies, Shares, Indices, ETFs, Commodities and Cryptocurrencies on a commission-free basis with just spreads and swaps payable on a trade. Users can trade on the simple to use browser-based trading platform PROfit with access to additional trading tools such as AutoChartist and Traders Trends.”

From our observations, FXGM provides a simple and transparent trading offering to trade commission-free on a variety of markets covering financial CFD instruments in Currencies, Shares, Commodities, Cryptocurrencies, Indices and ETFs.

The broker offers users the ability to trade on the simple to use, browser-based, trading platform PROfit, which is also available on mobile. The broker also provides access to additional trading tools such as AutoChartist, a live economic calendar and the Trader Trends indicator directly from the platform as well as live market analysis on the homepage.

While FXGM does not provide access to a demo trading account, they do provide first 10 protected trades which allows you to trade with zero risk on those trades to get acquainted with their platform which is suitable for beginners.

FAQ

Is FXGM regulated?

Yes, by the Cyprus Securities and Exchange Commission and the Financial Sector Conduct Authority of South Africa.

Where is FXGM based?

FXGM is a brand name of Depaho which is based at Artemisia Business Center 14 Charalambou Mouskou 2014, Strovolos Nicosia, Cyprus.

How does FXGM make money?

FXGM makes money mainly through spreads and swaps on certain tradable asset classes and administrative fees in certain situations.

How do I deposit in FXGM account?

Funds can be deposited into a trading account via credit and debit cards, bank wire transfer and e-wallets such as Skrill, PayPal and many more.

What is the min. deposit for FXGM?

The minimum deposit is 200 USD.

How do I withdraw money from FXGM?

Withdrawals can be made from FXGM via credit and debit cards, bank wire transfer and e-wallets such as Skrill, PayPal and many more.

What is the max leverage in FXGM?

The maximum leverage offered by FXGM is 1:30 for Retail clients and 1:200 for Professional Clients.

How do I open an account with FXGM?

An account can be opened at the click of a button on the FXGM website and can be done in just a few steps.

Does FXGM use MetaTrader?

No.

Conclusion

“FXGM offers users the ability to trade on more than 200+ financial instruments covering CFDs on Currencies, Commodities, Indices, Shares, ETFs and Cryptocurrencies on the browser-based PROfit trading platform for web and mobile across accounts for Retail and Professional clients.”

FXGM was founded in 2011 and is a י2brand name of Depaho Ltd, an entity that is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), as well as the Financial Sector Conduct Authority (FSCA) of South Africa.

The broker offers six different types of trading accounts called Basic, Discovery, Silver, Gold, Diamond and VIP. Each account allows for commission-free trading with just spreads and swaps payable depending on the withdrawable equity of your account.

Users can access some unique features such as the ability to have the first 10 protected trades which allows you to trade with zero risk on those trades. The broker also offers access to Autochartist, SMS services, Traders Trend and other trader research tools. Most of these features are in the browser-based PROfit trading platform which is available on web and mobile.

• CySEC and FSCA regulated.
• Commission-free trading available.
• Browser-based PROfit trading platform.
• First ten positions protected.