FXGT ReviewCategory: Reviews | Author: Trading Brokers | Date: September 3, 2023
Diving into the vast ocean of forex brokerage, we encounter FXGT, a dynamic player offering a mosaic of trading opportunities – spanning currencies, metals, energies, indices, cryptocurrencies, synthetic cryptocurrencies, and stocks. What sets FXGT apart is its audacious claim of being a trailblazer, propelled by the fusion of blockchain technology and artificial intelligence. But as the discerning trader seeks more than just promises, the question lingers: Can FXGT truly deliver on its novel vision? In this comprehensive FXGT review, we’ll delve into various aspects of the platform, providing an unbiased analysis of its offerings. From its regulatory framework to the range of available markets, platforms, tools, educational resources, account options, and funding methods, we aim to offer a well-rounded overview to help you make an informed decision about FXGT’s services. Let’s explore each of these factors in detail to better understand what FXGT brings to the table for traders and investors.
Pros & Cons
- Trading on both MetaTrader 4 and MetaTrader 5 platforms is supported, which are widely used and trusted by traders around the world
- A low minimum deposit of only $5 is required, which makes it accessible and affordable for traders of all levels
- Islamic traders can trade without paying or receiving any interest fees on their positions with swap-free accounts.
- A demo account option is available, which means that traders can test the platform and the trading conditions before opening a live account
- The regulator of FXGT is the Seychelles Financial Services Authority (SFSA), which is not a very reputable or strict regulator in the forex industry
- No educational or research materials are offered on its website, which may limit the learning and development opportunities for the traders
- No telephonic customer service is provided, which may be inconvenient for some traders who prefer to speak to a human representative rather than chat or email
- FXGT is currently not operating in EU countries or the UK, which means that traders from these regions cannot access its services
- FXGT is unable to accept clients from the US, Canada, Iran, North Korea, and Russia, which limits its market reach and potential customer base
Emerging onto the trading scene in 2019, FXGT casts its influence across the realms of Southeast Asia, Africa, and Japan. As an online broker with global reach, FXGT offers a captivating range of CFD trading opportunities spanning forex, cryptocurrencies, synthetic cryptocurrencies, stocks, indices, and commodities. Standing firm as a cornerstone are the renowned MT4 and MT5 platforms, renowned for their advanced features and popularity in the market.
A beacon of swiftness, FXGT boasts of rapid execution, coupled with the allure of low spreads and leverage. Promising accessibility without compromise, FXGT welcomes traders with a user-friendly interface that bridges the gap between technology and intuition. Fusing financial agility, FXGT extends an array of funding avenues – from conventional credit cards and e-wallets to the avant-garde world of cryptocurrencies.
While FXGT aims to present itself as a reliable broker for regulated trading, it’s important to exercise caution and continue reading to delve deeper into our analysis. By exploring the upcoming sections, you’ll gain a more comprehensive understanding of this broker’s offerings and potential considerations.
FXGT, a multifaceted online broker, has secured licenses across various jurisdictions. Yet, it’s important to note that certain authorities are considered lower or medium-tier by experts, differing from high-tier regulators like the UK’s FCA or Australia’s ASIC. As potential traders weigh the allure of FXGT, a prudent approach involves assessing the potential pros and cons and performing due diligence before committing.
Regulated by the Seychelles’ FSA, FXGT operates under a low-tier regulator. The FSA of Seychelles lacks the stringent measures found in the industry’s upper echelons. Client fund segregation, minimum capital prerequisites, and participation in compensation schemes aren’t mandatory. Oversight and enforcement mechanisms are also less stringent, exposing traders to higher risks and potentially lower security levels.
The FSCA of South Africa grants FXGT another license, establishing it within the medium-tier spectrum. Client fund segregation, a minimum capital requirement of R5 million (around $340,000), and a compensation scheme covering up to R800,000 (approximately $54,000) per client lend an added layer of security. However, the efficacy of the supervision and enforcement mechanisms might not parallel high-tier counterparts, potentially leading to challenges or delays in dispute resolution.
FXGT holds a Cyprus Securities and Exchange Commission (CySEC) license, valid exclusively for institutional clients. CySEC, a high-tier regulator within the EU, adheres to the MiFID II directive. Among its robust requirements are client fund segregation, a minimum capital requirement of €730,000 (about $860,000), and participation in a compensation scheme covering up to €20,000 (around $23,000) per client. CySEC also wields a potent supervision and enforcement mechanism, capable of imposing sanctions on rule-breakers. Institutional clients benefit from heightened protection, though retail clients might not access these benefits.
It’s worth considering that while FXGT holds licenses from different authorities, the levels of oversight and protection can vary. Regulatory bodies categorized as low-tier or medium-tier may offer different safeguards compared to high-tier regulators. Take into account these variations when assessing FXGT’s regulatory landscape.
Platforms & Tools
FXGT offers its clients two of the most popular and advanced trading platforms in the market: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are user-friendly, efficient, and versatile, and they support various features and functions, such as one-click trading, automated trading, hedging, netting, market depth, economic calendar, and more.
FXGT also provides its clients with access to pre-installed Expert Advisors (EAs) and technical indicators via the renowned MQL4 and MQL5 languages. FXGT allows its clients to trade on various devices, such as desktops, web browsers, Android, macOS, and iOS. In addition to the MetaTrader platforms, FXGT also offers its clients some exclusive tools and services, such as the Trading Portal, the VPS Sponsorship, and the GTLot.
- The Trading Portal: a web-based platform that allows clients to manage their accounts, deposits, withdrawals, bonuses, and promotions.
- The VPS Sponsorship: a service that enables clients to run their EAs 24/7 without interruptions or delays.
- The GTLot: a loyalty program that rewards clients with cash rebates for their trading volume.
When it comes to educational resources, it’s important to note that FXGT’s offerings are relatively minimal compared to industry leaders. Unlike some of the top brokers, FXGT doesn’t provide an extensive array of resources such as webinars, seminars, ebooks, videos, or articles on its platform. The primary educational aid offered by FXGT is a glossary of trading terms. This glossary aims to demystify basic concepts and jargon associated with CFD trading. However, it’s worth highlighting that the glossary’s scope is quite limited and might not cover all the topics and details that traders seek.
Given this, traders who opt for FXGT as their broker might find themselves exploring external sources or conducting independent research to deepen their understanding of CFD trading and enhance their skills. Moreover, it’s important to mention that FXGT does not furnish clients with market analysis or news updates. This absence of real-time market insights could potentially impact trading decisions and overall performance.
FXGT extends its clientele to a broad array of trading opportunities, enveloping diverse asset categories such as forex, stocks, indices, commodities, cryptocurrencies, and innovative synthetic cryptocurrencies. Within its expansive offerings, FXGT boasts a collection of over 60 currency pairs, encompassing major pairs such as EUR/USD, GBP/USD, and USD/JPY, as well as minor pairs like AUD/CAD, NZD/CHF, EUR/GBP, and even exotic pairs like USD/ZAR, USD/TRY, EUR/NOK.
In the realm of stocks, FXGT presents an impressive lineup of over 1000 options culled from global markets including the US (featuring titans like Apple, Amazon, and Tesla), the UK (showcasing names like Barclays, BP, and Vodafone), Germany (with iconic brands such as BMW, Siemens, Adidas), Japan (featuring giants like Sony, Toyota, Honda), and beyond.
Embracing global economic indicators, FXGT also introduces a captivating suite of over 20 indices spanning regions like the US (with Dow Jones, S&P 500, and Nasdaq), Europe (showcasing DAX, FTSE 100, and CAC 40), Asia (highlighting Nikkei 225, Hang Seng, Nifty 50), and Australia (encompassing ASX 200). Catering to diverse commodity enthusiasts, FXGT features over 10 options, from precious metals (like gold, silver, and platinum) to energy sources (including crude oil, natural gas, and gasoline) and agricultural produce (ranging from corn and wheat to coffee).
Amidst this diverse landscape emerges the innovative offering of synthetic cryptocurrencies – CFDs that mirror the price movements of actual cryptocurrencies like Bitcoin (BTC/USD), Ethereum (ETH/USD), and Ripple (XRP/USD), facilitating speculation on both upward and downward trends, as well as hedging strategies. Complementing this, FXGT introduces over 10 real cryptocurrencies as CFDs, requiring ownership or delivery of underlying assets.
These encompass Bitcoin Cash (BCH/USD), Litecoin (LTC/USD), Dash (DASH/USD), and more. Facilitating these dynamic trades, FXGT leverages the versatile instrument of Contracts for Difference (CFDs), allowing traders to engage in speculative maneuvers across rising and falling markets, as well as strategic hedging – all without necessitating ownership or delivery of underlying assets.
At the heart of FXGT’s account offerings lies a quartet of choices, meticulously designed to cater to varying trading preferences and levels of engagement. Unveiling a spectrum of account types – Standard, Pro, VIP, and ECN – FXGT sets the stage for a tailored trading experience. Here’s an exploration of the unique features embedded within each account category:
- Standard Account: This entry-level account sets the foundation for traders. With a minimum deposit requirement of $5, the Standard account provides accessibility for those stepping into the trading arena. It boasts a variable spread that commences from 1.2 pips, offering a balanced platform for market exploration. Commission-free trading characterizes this account, as does leverage of up to 1:1000, enabling traders to amplify their potential positions.
- Pro Account: For those ready to step up their trading prowess, the Pro account beckons. With a minimum deposit of $5, this account elevates your trading capabilities. A tighter variable spread, starting from 0.6 pips, promises more precision in execution. Commission-free trading remains a hallmark, complemented by leverage of up to 1:500, empowering you to engage with more substantial positions. Moreover, a 100% bonus accompanies this account, fortifying your trading capital.
- VIP Account: For those who seek a premium trading experience, the VIP account stands as an embodiment of sophistication. With a minimum deposit requirement of $5, this account unlocks a realm of advantages. The variable spread commences from an enticing 0.2 pips, fostering a trading environment characterized by precision. A nominal commission of $3 per lot per side complements trading, while leverage of up to 1:200 facilitates strategic maneuvers. As a gesture of appreciation, a 150% bonus accompanies this account, underscoring the value FXGT places on your engagement.
- ECN Account: Catering to the professional trader, the ECN account epitomizes a trading environment of unfiltered precision. With a minimum deposit of $5, this account signifies a commitment to robust trading strategies. Boasting a raw spread starting from 0 pips, trading becomes an exercise in fine-tuned execution. A nominal commission of $5 per lot per side characterizes this account, as does a leverage of up to 1:100, allowing traders to manage their positions adeptly. Noteworthy is the absence of a bonus, reflecting the professional nature of this account.
Adding to the flexibility and customization, FXGT extends the option for clients to open multiple accounts and seamlessly transition between them, all facilitated through the user-friendly Trading Portal. As you embark on your trading journey, FXGT’s diverse account offerings stand as a testament to its commitment to tailoring the trading experience to your unique needs.
FXGT provides diverse channels for clients to fund their accounts, encompassing a range of payment methods like credit cards, e-wallets, and cryptocurrencies. Within this framework, FXGT welcomes Visa and Mastercard credit cards, with a minimum deposit requirement of $5 for the Standard account and a transactional ceiling of $10,000. Additionally, e-wallets such as Skrill, Neteller, Perfect Money, and Sticpay find a place, offering a minimum deposit of $5 for the Standard account without any upper transaction limit. Cryptocurrencies such as Bitcoin, Ethereum, Tether, and USD Coin are also embraced, each with a minimum deposit threshold of $5 for the Standard account, and no constraints on the maximum transaction value. While deposits incur no charges, withdrawals may attract fees contingent on the method and amount. Instant processing is the hallmark of deposits, whereas withdrawals might require up to 24 hours for processing. Notably, FXGT accommodates account funding in diverse currencies such as USD, EUR, GBP, and JPY among others.
To sum up, FXGT presents a dynamic platform with a blend of innovative features, encompassing blockchain technology, AI integration, and a wide array of trading markets. While regulatory considerations underscore the importance of due diligence, FXGT’s offering of various account types, funding options, and quick processing further demonstrates its commitment to trader convenience. However, it’s essential to remember that FXGT is one among various brokers, and exploring alternative options is advised for a well-rounded assessment. As you navigate the dynamic world of trading, keep in mind your specific goals, risk tolerance, and the evolving nature of the market. For additional choices, we encourage you to explore our trading FXGT reviews.