FXGM Review

  • Regulated by: CySEC
  • Headquarters: Cyprus
Website : Fxgm.com
Established : 2007
Country : Cyprus
U.S. Clients Allowed :

fxgm broker

FXGM is an online CFD broker which was established in 2011 and its holding company is Depaho Ltd. The company is headquartered in Nicosia, Cyprus. FXGM offers instruments like forex, commodities, stocks and market indices through CFDs for trading. Most importantly, FXGM enables its clients to conduct trading in a safe and secure environment.

FXCM Regulations

As FXGM is based in Cyprus, it comes under the direct jurisdiction of CySEC (Cyprus Securities and Exchange Commission and is a registered CIF, Cyprus Investment Firm and is registered under the CIF licence number 161/11. This also means it abides by the regulations laid out by MiFID (Markets in Financial Instruments Directive) issued by the Parliament of Europe.

Is FXGM Safe?

FXGM is committed to provide a secure environment to its client to carry their trading activities within, and hence, it takes strong measures for the security of their client’s funds and strives to maintain the utmost level of protection of their trader’s funds. FXGM scam is not heard of. This is proved by the fact that FXGM abides with all the regulatory measures laid out by CySEC. The traders are further protected by a claim of maximum 20,000 euros as FXGM is a member of Investor Compensation Fund Scheme, which provides and added layer of protection.

FXGM Trading Platforms

fxgm platform

FXGM offers two choices of platform to its traders – the PROfit platform and MetaTrader 4 platform.

The WebPROfit Platform

The WebPROfit is a web-browser based platform which requires no downloads, installations or software. It is efficient and hassle free, it provides features such as live news streaming and sophisticated charting packages. It also provides an array of technical indicators so that the traders can analyze the markets better and make improved trading decisions.

The traders at FXGM also have the option of using the market approved Meta 4 trader in addition to the WebPROfit platform. MT4 is reputed for as being fast and reliable; it has multiple language support and is equipped with a bunch of trading tools.  It allows automated trading and is fully customizable.

Mobile Trading Platform

The PROfit platform also comes in a user-friendly mobile app version. This makes trading on the go easy and hassle –free. It’s available on IOS and Andriod and comes equipped with features such as real time pricing and charts display.

Trade Types/Instruments

FXGM offers trading opportunities in spot forex, CDFs and commodities markets. More than 130 types of instruments are available to the traders to choose from. The break goes like this, 38 forex pairs, 5 cryptos, 58 equity types, 15 commodity types and 18 market indices.

FXGM Account Types

To cater to the varied requirements of their traders, FXGM offers its clients 5 different types of trading accounts, namely the Discovery account, the Silver account, the Gold account, the Premium account and the VIP account.

In order to suffice the varied demands of their traders, FXGM provides its clients with 5 options of trading accounts namely, Discovery, Silver, Gold, Premium and VIP account. Each accounts come with a set of benefits. The traders can choose the one as per their trading needs.  The link below gives will let you compare all the accounts and the benefits they hold.

FXGM spreads and commission

FXGM does not charge any commission on the trades executes, however, the traders have to pay a slightly marginalised spreads on the instruments they are trading in.  The following table displays the typical spreads on major instruments at FXGM.

Instrument

Spreads (in pips)

AUD/CHF4 pips
AUD/NZD20 pips
AUD/USD3 pips
CAD/CHF4 pips
EUR/GBP3 pips
EUR/USD3 pips
USD/CHF4 pips
Brent Crude12 pips
Gold50 pips
Silver4 pips

Deposits & Withdrawals

A variety of methods are available to the traders to transfer their funds at FXGM, they being as follow:

  • Credit & Debit Cards
  • Bank Wires
  • E-wallets
  • Other online payment system

Withdrawals and Deposits are done through the above channels. Withdrawals are normally processed within a day; however additional days may be required as per the bank’s internal processes.

FXGM Bonus & Promotions

FXGM rewards the loyalty of its trader through the 5-10 protection program. The program insures the traders’ losses for the first 5 to 10 positions, in other words, the traders will be compensated for the losses incurred during the first 5-10 trades by FXGM.

Customer Support

At FXGM the customer support can be contact via a variety of channels such as – web contact form, live chat, email, phone and Whatsapp. With so many channels available, the traders can reach for assistance whenever they want. The only drawback is the support is only available from Mon – Fri, 07 am to 7 pm GMT.

PROS

  • Low Spreads
  • Extensive choice of instruments
  • A variety of trading accounts
  • Intuitive and Advanced trading platforms
  • Is a Regulated broker

CONS

  • Does not offer localized telephone support
  • Does not offer ECN trading

FXGM Q&A

·         Is FXGM regulated?

Yes, FXGM is regulated under the jurisdiction of  Cyprus Securities and Exchange Commission (CySEC).

·         Where is FXGM based?

FXGM is based in Nicosia, Cyprus and is headquartered at Artemisia Business Centre, Floor 2, Office 201, 14 Charalambou Mouskou, 2014, Strovolos.

·         How does FXGM make money?

FXGM charges the traders with a small margin on the trades they make on the trading platform on various instrument types.

·         How to deposit in FXGM account?

FXGM supports multiple channels for the transfer of funds; they are Credit/Debit cards, eWallets or Bank Wires.

·         How to withdraw money from FXGM?

Withdrawals are supported by the mode that the initial deposits are done via. For example, if the deposit was done using a credit card, the withdrawal will be done via the same.

·         How to open an account with FXGM?

It’s quite simple, the trader just has to fill a registration form and then submit all the necessary documents to verify the account.

·         Is FXGM reliable?

Yes, FXGM is a reliable broke, it is regulated under several regulatory bodies.

·         Does FXGM use MetaTrader?

Yes. FXGM also offers MetaTrader as one of the platforms.

·         What is FXGM’s leverage?

At FXGM 1:200 is the maximum leverage

·         Is FXGM a scam?

No. FXGM is not a scam as it is regulated under Cyprus Securities Exchange Commission (CySEC).

·         How safe is FXGM?

FXGM obliges with all the regulatory measures required to keep clients fund safe and sound.

Conclusion

Irrespective of your trading level, FXGM is an ideal fit for your trading requirements.  FXGM is a hassle –free broker to work with.  It caters to a varied clientele with its extensive offerings of trading assets. Also, as the trader is regulated and reputable; the trader’s can safely rely on FXGM for their trading needs.

FXGM Review

FXGM Review
9.1

Easy to use

9.1 /10

Fees

9.1 /10

Support

9.1 /10

Payment

9.1 /10

Pros

  • Low Spreads
  • Extensive choice of instruments
  • A variety of trading accounts
  • Intuitive and Advanced trading platforms
  • Is a Regulated broker

Cons

  • Does not offer localized telephone support
  • Does not offer ECN trading
Ricardo Martinez

Ricardo Martinez

Ricardo Martinez has been active in the financial markets for around 10 years. In the early days in his career he was a trader and worked as market analyst in different online brokers advising clients on key decisions of trading instruments in foreign exchange and commodity markets. Ricardo is currently working as independent trader with diversified portfolio over different markets. His writing for LearnMarketonline is part of his commitment to share knowledge with traders.