Our FXGM Review
FXGM is an online trading brokerage firm that is based in Cyprus. They have two separate entities. FXGM.com provides services to the EU countries under the regulation of CySEC. Their other entity FXGM.za operates in South Africa being regulated by FSB and FSCA.
They are chosen by the traders for tighter spreads and discounts over the trading cost. Besides, they allow you to trade on a wide range of synthetic derivatives and provide balance protection for your initial positions.
FXGM provides competitive trading conditions for spot trading with forex and commodities. You can also trade with common asset classes in the market.
[Attention: Due to several negative reviews over different traders’ review forums and platforms, their mother organization Depaho Ltd. is under review by regulatory authorities, so their service is temporarily unavailable to the newer clients.]
Pros and Cons:
| Why you should choose FXGM as your broker. | Why you should not choose FXGM as your broker. |
| Tighter spread starting from 4 pips | Not regulated by top tier regulatory authorities |
| Up to 1:200 leverage in FX spot | No Demo account for beginners |
| Personal account manager | Allows no scalping |
| 15%-30% discount on the trading fees | Lacks educational materials |
| Balance protection for first 5-10 position over any instrument |
Safety and Regulation:
FXGM has been providing financial services to clients since 2011 under the ownership of Depaho Ltd. Depaho Ltd. is an investment service provider authorized as Cypriot Investment Firm (CIF) with license no. 161/11.
They are regulated by Cyprus Securities & Exchange Commission (CySec). Following that, their services are authorized by the European Securities and Markets Authority (ESMA). So, their brokerage service, FXGM provides cross-border services to EU member states.
FXGM is also supervised by the Markets in Financial Instruments Directive (MiFID) to oversee their operations within the clients. MiFID is responsible for conducting authorized regulation for investment services across the European Economic Area (EEA).
FXGM is regulated in the Netherlands, Austria, Denmark, Malta, Estonia, Slovak Republic, Romania, France, Norway, Germany, Poland, Finland, Sweden, Spain, Italy through the financial regulatory authorities of each individual country.
They also operate in South Africa under the regulation of the Financial Sector Conduct Authority (FSCA). They are a popular broker providing CFDs to their SA clients with the name FXGM ZA. They are authorized by Unum Capital (Pty) Ltd. in South Africa.
Though in some of the user forums, their users have complained about their trading condition, we have tested that they are quite up to the mark regarding the regulatory issues. CySEC’s involvement ensures that they keep their clientsโ money in segregated bank accounts.
If the broker is unable to pay the clientsโ claimed money, Depaho Ltd. is responsible to provide the compensation fund up to โฌ20000 maximum per account. But their official website is not that much comprehensive about the scheme. From an intricate research through their website, we found out that they only provide negative balance protection for forex and commodity traders.
Available Trading Instruments:
The key instrument they provide trading opportunities for is Forex. They offer over 40 currencies for trading. They also provide CFDs on different instruments like commodities, indices, shares, ETFs, and cryptocurrencies.
You can trade around 200 market instruments including popular stocks like Old Mutual PLC, Pfizer, Santander, Spotify, Swedbank, Total, Twitter, Volvo, etc.
DAX, Dow Jones, FTSE, JSE, CAC 40, MIB 40, NASDAQ, Nikkei 225, Nifty, S&P 500, etc are the popular indices available in FXGM.
Their commodity trading comprises commodities like Brent crude oil, coffee, copper, corn, cotton, crude oil, palladium, platinum, sugar, wheat, etc.
Account Types:
FXGM provides a huge range of retail account types. The variety is based on the amount of equity balance you have in your account. They offer nine trading account types. Their minimum deposit amount for opening an account is 200$.
This minimum deposit may seem a bit higher. But they will provide you with some top-notch trading resources that will not be provided by most brokers out there who have an average or low minimum deposit sum.
Needless to say that they might charge a higher amount of trading and non-trading fees to have their wheels on the track in the market. Besides, they keep the account minimum low to attract beginner traders. So, the support mostly collapses in case advanced help is required.
They provide attractive price discounts and rollover discounts as per the account type you are using. The major services you are going to get as their client are
- Free eBook
- Free training
- Customer Support Officer
- Trading Insider
- One-Click Trading
- POP UP ALERTS
- Autochartist
The higher stage of account membership you own, the more you will get access to the exclusive BITA indices for trading. There are five standards of BITA index available in their offering- BITA 3, BITA 5, BITA 10, BITA 15, BITA 20. Each index with their numbers indicates the range of Synthetic Derivatives available for trading.
They provide basic and rollover discounts in all of their offered account types except the basic account.
Here is an overview of the facilities (apart from the major services stated above) provided by FXGM in their different account types
| Account Type | Acc. Minimum | Supports |
| Basic | $200 – $1,999 | All the major supports mentioned above |
| Discovery | $2,000 – $4,999 | All the major supports mentioned above, personal account managers, BITA3* , BITA 5*, BITA 10* |
| SILVER | $5,000 – $9,999 | All the major supports mentioned above, personal account managers, trading central for one month, spread discounts on commodities, BITA3* , BITA 5*, BITA 10* |
| GOLD | $10,000 – $14,999 | All the major supports mentioned above, personal account managers, trading central for 2 months, spread discounts on commodities, spread discounts on indices, BITA3* , BITA 5*, BITA 10*, BITA 15* |
| DIAMOND | $15,000 – $29,999 | All the major supports mentioned above, personal account managers, trading central for 3 months, spread discounts on commodities, spread discounts on indices, and spread discounts on all Forex major pairs. BITA3* , BITA 5*, BITA 10*, BITA 15* |
| EMERALD | $30,000 – $49,999 | All the major supports mentioned above, personal account managers, trading central for 3 months, spread discounts on commodities, spread discounts on indices, and spread discounts on all Forex major pairs, BITA 3* , BITA 5*, BITA 10*, BITA 15*, BITA 20* |
| RUBY | $50,000 – $74,999 | All the major supports mentioned above, personal account managers, trading central for 3 months, spread discounts on commodities, spread discounts on indices, and spread discounts on all Forex major pairs, BITA 3* , BITA 5*, BITA 10*, BITA 15*, BITA 20* |
| SAPPHIRE | $75,000 – $99,999 | All the major supports mentioned above, personal account managers, trading central for 3 months, spread discounts on commodities, spread discounts on indices, and spread discounts on all Forex major pairs, BITA 3* , BITA 5*, BITA 10*, BITA 15*, BITA 20* |
| VIP | $100,000 – more | All the major supports mentioned above, personal account managers, trading central for 3 months, spread discounts on commodities, spread discounts on indices, and spread discounts on all Forex major pairs, BITA 3* , BITA 5*, BITA 10*, BITA 15*, BITA 20* |
Fees and Commissions:
FXGM doesn’t charge any commission. They deduct their trading cost by providing fixed spreads. They also charge a rollover fee for holding a position overnight (after the 5:00 PM New York time).
Here is the list of the rollover fee FXGM charges over different market instruments displayed on their official website.
FXGM charges tighter spreads in currency trading and some other asset classes.
Here is a list of their charged spreads on major currency pairs.
| Currency Pair | Spread |
| EUR/USD | 0.0004 |
| EUR/CAD | 0.001 |
| AUD/CAD | 0.001 |
| EUR/JPY | 0.04 |
| EUR/GBP | 0.0004 |
| AUD/USD | 0.0004 |
| AUD/CHF | 0.0004 |
| USD/CHF | 0.0004 |
| EUR/AUD | 0.001 |
| USD/CAD | 0.0004 |
| USD/JPY | 0.04 |
| GBP/AUD | 0.001 |
| GBP/CAD | 0.002 |
| GBP/JPY | 0.06 |
Being an STP broker, they offer you to explore the market volatility with tight spreads. We found their trading cost lower than the fellow competitors in the market. To check out the spread cost in the case of other tradable instruments you may visit their official website and surf the product sheet and cost from the bottom menu.
Now, the problem you may find is that you may have to count some non-trading costs in retrospect of your lower trading costs. They charge a swap based on the interest rate differential between the two currencies of the pair you chose for trading if you hold a position till the closing time of a trading day. It is deduced with the contact amount and the number of days you held the position for.
They also charge Inactivity fees if no trading activity is conducted for three months. They will apply a charge of 150 EUR on a quarterly basis in case of inactivity.
However, your cost management with FXGM will be impacted a lot positively by the price discount and rollover discount offered by them. Both their price and rollover discount are available within a range of 15%-40% according to the account type you are trading on.
Leverage:
FXGM provides high leverage in currencies, spot commodities, and indices. They have two types of leverage structures. One for their retail clients, another for their professional clients. The chart below shows the leverage offered by FXGM for their two basic types of clients on different trading instruments.
| Tradable Instrument | Leverage(retail clients) | Professional clients |
| FX spot | Upto 1:30 | 1:200 |
| Commodity spot | 1:10 | 1:100 (1:200 in gold and silver) |
| Commodities | 1:10 | 1: 100 (1:200 in crude oil) |
| Share | 1:5 | 1:10 |
| INDEX | Upto 1:20 | 1:100 |
| Cryptocurrency | 1:2 | 1:2 |
| ETF | 1:5 | 1:10 |
| Synthetic Derivatives | 1:5 | 1:5 |
Platform:
FXGM offers two trading platforms. You donโt have to download any desktop platform. With their WebPROfit platform, you can log in to your trading account from any widely used browser. They give good support to the CFD traders through their real-time charts and analysis.
They provide free signals via SMS and emails. Through their robust stop loss signal, trading CFDs becomes a lot easier. Their high leverage offering also helps to limit your risks of losing money.
Besides, the Market news is streamed directly into your account profile. So, you can make improved decisions on your trades based on the intel you get. The charts help you to spot the trends and the price movements more precisely.
You also can enjoy their โInstant one-click trade execution. It helps to use your speculations more effectively in your trading strategies.
Mobile PROfit
This is the app version of FXGM trading platforms for Android and IOS. The app requires a 5.0 version for Android and a 12.0 version for IOS. for user-friendliness, the Android version has a score of 3.4 stars in Google Play. You will enjoy all the features available in the web platform on your cell phone screen along with living currency quotes and pricing.
Deposit and Withdrawal:
Deposit in FXGM is free of cost. For depositing money in your FXGM account, you can use the
International Debit and credit cards to make your payments instantly. Their wire transfer may take up to five business days to operate after the payment is received. They also offer a good range of payment service providers-
- VISA
- MasterCard
- Maestro
- Karna
- Skrill
- Neteller
- PayPal
- RAPID
- MyBank
If you are making a deposit through a credit card, you will have to go through some verification process. You will be required to provide proof of your credit card. They will ask you to issue your credit card statement and a copy of your credit card. You can contact FXGM Back Office Department at the mail [email protected]. Your Customer Support Officer also can help you in this process.
Their withdrawal process is also free of cost. You have to research the cost you may have to bear regarding the international monetary policies. FXGM Back Office department will help you with the necessary information on this.
It is highly advisable to investigate all your costs while trading in the market and turn out to be someone amongst that 25%-30 % who are gaining success.
Customer Service:
We found the customer support of FXGM a bit below average. They donโt have an emergency helpline for call support. They are available via email and live chat support.
The live chat is quite up to the mark. Their agent responded within a minute every time we knocked for support. There are five languages available – English, French, Polish, Italian, and Spanish.
Another special thing about their service is they assign Personal Account Managers that give you necessary instruction about the trading execution and market trends.
FAQ:
- How can I become a professional-client for FXGM?
Ans: You just have to deposit your account with a minimum amount of $2000 and get the membership in their Discovery Account.
- What is FXGM.za?
Ans: It is an entity of FXGM that operates in South Africa. It is regulated by the Financial Services Board (FSB) and Financial Sector Conduct Authority in South Africa. FXGM.za functions separately from their EU entity. They operate their financial services under Unum Capital (Pty) Ltd and offer around 100 instruments for trading.
- Why is there no Demo Account offered by FXGM?
Ans: They provide balance protection in your beginner trades. After opening an account you will have access to their protection tool for one month. With the help of the tool, you can enjoy protection for the first 5-10 positions while trading on any instrument. There is Demo Account
- What is the trading cost charged by FXGM?
Ans: FXGM charges variable spread from the volume of your trade. You will also have to count rollover fees for overnight positions and inactivity fees for three months of inactivity. Visit this link to know their detailed spread listings for different trading instruments.