FXGM Review 2020
Founded in Cyprus in 2011, FXGM is a forex and CFD broker that offers multiple assets for trading on its intuitive platforms. The broker provides its clients with a variety of trading tools, fast order execution speeds, multiple payment options as well as choice of account types that cater to differing trader needs.
FXGM Review 2020, Pros & Cons
- Regulated brokerage firm
- Access to ‘Trading Insider’ from the trading platform
- Free trading signal alerts via sms
- Market analysis & signals powered by Autochartist
- Market news & analysis direct on the trading platform
- Clients from USA, Canada, Belgium & Iran are not allowed to register
- Only the WebPROfit platform is available to traders
- No MetaTrader platforms
- No social trading or managed accounts
- Lack of comprehensive educational materials
In this detailed FXGM review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FXGM is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including FXGM.
FXGM Review: Summary
FXGM is a brand name owned and operated by ‘Depaho Ltd’; a Cyprus investment firm (CIF) that started operations in 2011. Its headquarters is located in Nicosia, Cyprus but it has other branches in South Africa and Spain. FXGM offers over 200 trading instruments for trading including currency pairs, stock CFDs, indices, ETFs, cryptocurrencies and commodities.
In its order execution policy, FXGM asserts that all client orders are received and then transmitted to the execution venue which has already been chosen by the broker. This eliminates any conflict of interest as FXGM only acts as agents.
FXGM provides a number of trading tools to assist clients with their day to day trading activities. Multiple convenient payment options are available and different account types are designed to meet the needs of most traders.
FXGM Review: Regulation
FXGM is licensed and authorized by the Cyprus Securities and Exchange Commission (CySEC) with the license number 161/11.
Depaho Ltd; the operator of the FXGM brand is a registered Cyprus investment firm (CIF) and a member of Investors Compensation Funds (ICF). The ICF adds another layer of security to investors’ funds by providing insurance in the event of broker insolvency. Thus, if FXGM shuts its doors today, the ICF can pay compensations of up to €20,000 per eligible client.
Depaho Ltd is licensed as a financial service provider (FSP) by the Financial Sector Conduct Authority (FSCA) of South Africa. The authorization code is 47709.
FXGM operates in line with the Markets in Financial Instruments Directive (MiFID) of the European Union (EU). The MiFID II empowers it to operate across the European Economic Area (EEA). So, the broker is registered with CONSOB of Italy, CNMV of Spain, FI of Sweden, FIN-FSA of Finland, KNF of Poland, FCA of UK, BaFin of Germany, Finanstilsynet of Norway, etc.
All funds deposited by clients are kept in segregated bank accounts opened with the top rated European banks. Since the funds are segregated, FXGM should not be able to use investors’ deposit to runs its internal operations. The funds must be properly audited and kept safe.
FXGM Review: Countries
FXGM states clearly that it does not provide its services to clients from the USA, Canada, Belgium and Iran. Some FXGM broker features and products mentioned within this FXGM review may not be available to traders from specific countries due to legal restrictions.
FXGM Review: Trading Platforms
FXGM clients are provided with a web based platform known as ‘WebPROfit’. The platform is designed with traders in mind as it gives cutting edge tools for efficient trading and market analysis. The WebPROfit platform is user friendly and can conveniently serve both beginner and experienced traders alike. It is also customizable and access to support is available directly from within the platform.
Here are some of the key features of the WebPROfit trading platform:
- It is web based and requires no downloads, installation or updates.
- Live quotes and charts as well as analytical tools.
- It is preloaded with over 150 technical indicators.
- It supports one-click trading and complex order management including risk management tools.
- Manage trading account; make deposits and withdrawals from the platform.
- The news feed give up to date market news directly on the platform.
Mobile PROfit Platform
This is the mobile friendly version of the WebProfit trading platform. It offers the same features as the full platform but on mobile devices. The mobile PROfit trading app is available for iOS and Android devices. The apps can be downloaded respectively from the Apple App store and from the Google play store. The WebPROfit app has the following features:
- User friendly interface that is easy to operate without training.
- Real time assets quotes and charts.
- Fast and reliable connection to the servers.
- Deposit, withdraw and manage your account from the app.
- Easily enter trade positions, monitor or close trades.
- Access to read the latest market news.
FXGM Review: Trading Tools
This important analysis tool is provided on the WebPROfit platform as well as on the FXGM website. The economic calendar shows the date, time, currency affected and importance level of an economic activity. It also shows the previous and forecasted impact of the event on the currency. Clicking on the event further displays the detailed analysis in three tabs; overview, chart and history.
This platform tool displays the traders’ trend on selected instruments. It gives trader insights on what other traders are trading and how they are trading. For example, you can read from the charts that in the last hour, 77% of traders have opened ‘buy’ positions on the USDJPY currency pair. It is left for the trader to use his discretion to either follow the trend or do otherwise. This is known as market sentiment analysis and is often used as part of a contrarian trading strategy.
Autochartist is a powerful technical analysis tool which is constantly scanning the markets in order to identify trading opportunities. It automatically analyzes the markets and notifies the trader of potential trading signals. Autochartist is embedded into the WebPROfit trading platform.
Based on market analyses and real time data, FXGM offer trading signals to its clients. The services include newsflash notifications and daily economic calendar. This service is only available to subscribed clients and it is free.
This is a tool in the WebPROfit platform that displays the latest news feed. Clicking on the news, displays the details for reading.
This section of the FXGM website presents market reviews of selected instruments and presents their technical analysis.
FXGM Review: Education
The only training materials provided by FXGM are contained in the education section of the WebPROfit platform. There are 4 training videos grouped as ‘Beginner’ and 3 videos grouped as ‘advanced’. The videos introduce forex, tradable assets, bulls and bears, inflation, etc. The training provided is very basic and insufficient to train a new trader to a reasonable level in forex trading.
A glossary of over 150 forex and CFD trading terminologies is provided on the brokers website. This contains some commonly used trading terms along with a clear explanation of each.
FXGM Review: Trading Instruments
FXGM offers the following instruments for trading on its platforms:
- Forex currency pairs 47
- Commodities 18
- Shares 136
- Indices 23
- Cryptocurrencies 6
- ETF 11
FXGM Review: Trading Accounts & Fees
There are various trading account types depending on the investors capital, services desired and trading style.
Here are the account types offered by FXGM:
- Basic account: The account balance ranges from $200 to $1,999. Account holders enjoy free training, Autochartist, trading insider, personal account manager, etc.
- Discovery account: The account range is $2,000 – $4,999. In addition to all the benefits of the basic account, Discovery account holders get rollover discount of 5% and price discount of 5%.
- Silver account: The account balance range is $5,000 – $9,999. Clients are offered a price discount of 10% and rollover discount of 10%.
- Gold account: The range for this account is $10,000 – $14,999. Account holders enjoy 15% price discount and 15% discount on rollovers.
- Diamond account: The account range is $15,000 – $29,999. 20% rollover discount and price discount of 20% are obtainable on this account.
- VIP account: The minimum account balance is $30,000 while there are no upper limits. Rollover discount of 25% as well as price discount of 25% is offered to VIP account holders.
This account is available on application. It is strictly for experienced traders who meet the eligibility criteria. Professional clients are offered a maximum leverage of 1:200 but they are not entitled to ICF compensation scheme and financial Ombudsman protection.
To qualify as a professional client requires meeting 2 out of the 3 following guidelines, 1) Have a portfolio of greater than $500k (not including property or cash) 2) Have a verified history of placing significant sized positions (down to broker discretion) 3) Have worked in the capacity of a professional position related to derivatives / speculation / trading. Match any two of these requirements to qualify as a professional client.
Demo accounts are available and come preloaded with $100,000 in virtual funds. This is for practice purposes and can be a useful way to test the brokers services whilst also practising your trading strategies.
As broker fees can vary and change, there may be additional fees that are not listed in this FXGM review. It is imperative to ensure that you check and understand all of the latest information before you open an FXGM broker account for online trading.
FXGM Review: Customer Service
The FXGM multilingual client support desk is available from 7am to 7pm; Mondays – Fridays. They can be reached via multiple phone numbers, fax, and email. If you prefer to chat, two options are available; instant web chat and WhatsApp. The contact us page on the website has an ‘Assistance Request Form’ which can be filled by prospective clients and general enquirers.
FXGM Review: Deposit & Withdrawal
Deposits and withdrawals to and from FXGM trading accounts can be made using any of the following methods:
- Bank transfer: Local payment and international wire transfers are accepted. Processing may take up to 5 bank business days.
- Credit/debit card: The accepted options are Visa, Mastercard and Maestro. Payments are processed instantly.
- Online payments: The payment solutions accepted are Klarna, ecoPayz, Trustly, easyEFT. The payments are instantly processed.
- E-wallets: accepted options include PayPal, Neteller and Skrill. They can be used for both deposits and withdrawals. The payments are usually processed instantly.
FXGM Review: Account Opening
FXGM trading account can be opened with only a few clicks. From your web browser, visit the FXGM brokers website. When the homepage loads, it displays a short form as shown below.
Input your name, email, country of residence, phone number, agree with the privacy notice and click ‘join us- it’s free’. Immediately, a congratulations screen is displayed with your username and password. You are prompted to proceed to the trading platform by clicking on the displayed ‘proceed’ button. When logged into the WebPROfit platform, you can finalize your registration by filling another form requesting personal information, appropriateness check, economic profile, etc.
It is imperative to ensure that you clearly read all of the brokers terms, conditions and policies. Only proceed if you fully understand and agree to them.
FXGM Review: Conclusion
FXGM is an experienced and regulated broker that has been improving its services over the years. Clients’ funds are held in segregated bank accounts. The broker uses modern trading infrastructure to help ensure that they can deiver swift trade executions under various market conditions. There are over 200 trading instruments available on its proprietary web based platform.
FXGM offers multiple account types, quality customer care and several payment options which includes online payment processors such as Paypal; a leading e-wallet solution. The WebPROfit platform is commendable with a multitude of inbuilt features such as Autochartist, Trading insider, News feeds, etc as well as its mobile app support.
Unfortunately, FXGM has done little to help new traders in the area of training materials. There is no comprehensive trading academy, only a few videos which are insufficient to help encourage informed trading. $200 as a minimum deposit is high when compared with some other brokers that require $5 or less to commence trading from a live account.
The broker has no social trading platform integration or managed accounts. WebPROfit as the only trading platform will not benefit complex traders who use complicated trading systems, forex trading robots or complex analytical strategies. The lack of MetaTrader platforms may also deter some traders who are already familiar with the platform.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.