FXGM Review 2019 | Is FXGM a Scam or Legit Forex Broker?
Rating breakdown
FXGM Overview
FXGM is an online broker founded in Cyprus in 2011. It is regulated by CySEC and the FSCA. The brand offers a wide variety of trading currencies, stocks, commodities, indices, cryptocurrencies, exchange traded funds and options through CFDs.
| # | Broker's Features | FXGM Availability |
|---|---|---|
| # | Commissions | ❌ |
| # | Hedging | ❌ |
| # | PAMM | ❌ |
| # | Scalping | ✔ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ❌ |
| # | Swaps | ❌ |
| # | Demo account | ❌ |
| # | Daily analysis | ❌ |
| # | Automated trading | ❌ |
| # | Mobile trading | ❌ |
| # | Trading by phone | ❌ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ❌ |
| # | Bonuses Promotions | ❌ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ❌ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review FXGM.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. FXGM offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Stocks, Cryptocurrency, Futures.
Tradable Products: There are 43 Currency pairs, 17 Commodities, 84 Shares, 18 Indices, 9 Cryptocurrencies, 8 options assets and 2 ETFs.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. FXGM is Dealing Desk.
Features: The WebPROfit trading platform has 10 timeframes, over 150 indicators, advanced order management features, charts, account management and several other features.
As a market maker, FXGM may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. FXGM recommended minimum capital is $200.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. FXGM is regulated by CySEC, FSCA. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: FXGM is licensed and regulated by the CySEC and FSCA. The company has implemented a number of security measures in order to protect investors’ funds.
Languages Available: Next lets have a look at each broker's different Language options. FXGM offers English, Finnish, Italian, Polish, Spanish, Swedis.
Payment methods: Next lets have a look at each broker's payment options. FXGM offers Credit/Debit Cards, E Merchant Payment Solutions, EasyEFT, Klarna different payment methods for each account types.
Deposit and withdrawal: FXGM accepts credit/debit cards like Visa and MasterCard, Maestro, bank wire transfers, E-wallets like Skrill and Neteller, Klarna, E Merchant Payment Solutions, Entercash, Sofort Banking, EasyEFT.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, FXGM makes Proprietary available to clients.
Web & Desktop Trading Platforms: FXGM provides the “WebPROfit” proprietary web-based trading platform.
Mobile Trading Platforms: The mobile PROfit app is developed for iOS and android phones. It is packed with features that can be used for technical analysis, order management, graphs and account management options.
Trader Education
There is a basic trader education section, traders have access to education materials mostly after registering on the website.
Promotions
For retail clients, the company cannot offer any bonuses or promotions, due to regulations, however, they still can benefit from the trading plan they choose.
Support
Customer support is available 24/5 on phone, email, fax, WhatsApp, Webchat and web forms. The webchat took a few minutes to be attended, but the response was factual and efficient
Recup
FXGM is an online broker that offers forex and CFDs for trading. The brand is regulated and therefore there is protection of clients’ funds entrusted into their brokerage firm. The brand offers a proprietary platform called WebProfit.
Final Thoughts
Some Research tools such as Economic Calendar, Trading Insider, Analysis from Trading Central and sms services.
Trading Experience
FXGM’s services are best for intermediate traders, who are able to incorporate technical analysis and market research from Trading Central into their trading styles.