FXGM review

On-line since: 2006
Country of origin: Cyprus
Regulation: CySEC
Payment options: bank transfer, bank cards
Minimum account size: $200
Minimum lot size: 0.01 lot
Leverage: up to 1:200
Spreads: floating and fixed

About the company:

FXGM (Forex Global Markets) offers trading currencies, futures, commodities and stocks.

Company. Safety of funds

Now, FXGM is owned by Depaho Ltd. based in Cyprus. The company also founded another brand, GTCM, with similar trading conditions. FXGM is controlled by the local regulatory agency CySEC.

CySEC imposes many rules on registered companies. One of the most important principles: client funds must be stored on segregated accounts, so that the broker can not use them for its own purposes. In addition, all brokers regulated by CySEC are members of the Investor Compensation Fund. Thanks to this, in case of bankruptcy, a trader will be able to return up to 20,000 euros.

It should be noted that the company was fined by CySEC at the end of 2015. There is no information about the charges online, but this event cast a shadow on the company's reputation. Moreover, we found negative feedback about this company on some popular forums.

Trading conditions

FXGM offers six accounts, differing mainly by the minimum deposit size. The Discovery account requires a deposit of $200, Silver - $400, while the Gold account can be registered with a deposit of at least $1,000. All three accounts provide a 1:200 leverage, an e-book, free training course, and a personal account manager. FXGM clients can trade commodities, currencies, futures, and stocks.

In addition, there are three exclusive accounts. The minimum amount required for premium accounts is from $2,000 to $4,999. To open the Platinum account, a trader have to deposit from $5,000 to $ 9,999. The deposit for the VIP account exceeds $10,000. These last three accounts feature the same functions as the first three ones: 1:200 leverage, same assets, free training course and personal account manager. In addition, traders with these accounts receive free trading signals.

Minimum initial deposit

FXGM set a minimum initial deposit at $200. This is considered high, as many companies require about $100.

Spreads and commissions

The average spreads for EUR/USD are 3 pips. It is quite a high value in online trading. Many brokers set the spread for that pair in the range from 1.5 to 2 pips. You can find these companies in our rating of forex brokers.

Trading platforms

FXGM gives its clients access to two trading platforms: PROfit and MetaTrader4.

MT4 is an industry standard of forex trading. Thanks to an option to download many tools and use MQL coding, it has earned a reputation of reliable and user-friendly trading platform. In the MQL online store you can view, test and purchase custom technical indicators and automated trading systems.

One of the features of PROfit, which is good for scalpers, is a screen where you can view quotes of several currency pairs, using the buy and sell buttons. It is better to turn off the trading function with one click to prevent miss-clicks if you are new to trading. The platform allows you to freely arrange some elements. In addition, there are news and even the Video section.

Support service

The FXGM customer support service is available 24 hours a day via a live chat, phone, and email.

Payment methods

FXGM accepts payments only through bank transfer and credit/debit card. But today many traders actively use electronic wallets, such as Skrill. This is an excellent alternative to other methods, especially when it comes to international transactions.

Advantages:

• regulated by CySEC;
• two trading platforms.

Disadvantages:

• high spreads;
• negative feedback on forums;
• no demo accounts;
• was fined by the regulator;
• does not support electronic payment systems.