FXGM Review – Is FXGM Scam or a Proper Broker?

FXGM Review

FXGM is a digital financial trading platform and a multi-asset broker that serves several entities. It has proved itself since its inception and is considered as a reputable brokerage firm in the crypto world by the foreign traders and industry community.

FXGM is actually a brand name of Depaho Ltd, a Cypriot investment firm, according to a research held in South Africa. It was founded back in 2011. In Cyprus, the headquarters of FXGM are situated in the city Nicosia. It is not a worldwide operating broker as they do not have the permission to function in some major geological regions. CySEC is the watchdog over it that provides a linked trading environment to its clients and also guarantees transparency.

Over the past 11 years, FXGM has made its place in providing its customers Forex trading, Commodity trading, Stocks trading, Indices trading, Cryptocurrency trading, CFD trading and Futures trading. FXGM has always tried to use advanced trading techniques and for this purpose it has worked on opening a branch outside South Africa. It provides a large variety of tools, instrument range and services to its customers especially the beginners. Some of the explaining features of the broker are mentioned below.

• Regulation

CySEC based in Cyprus, is the regulatory body looking over FXGM. Being a part of European Union, Cyprus is bound to regulate with European MiFID that ensures that the investment services provided to the residents are standardized. It has its branch located in Spain too, that is regulated by the local CNMW.

Moreover, FXGM is also approved by South Africa FSP so that the broker can gain a practical disclosure and fame in market along with the strict following of rules and regulations.

• Account Types

FXGM offers multiple account types depending upon the customer need and portfolio. All accounts provide a free eBook, training and a personal account manager to the customers. It offers six account types to its customers. These account types include Junior account, VIP account, Demo account, Executive account, Royal account and Premium account, each of which serve according to the customer’s demands.

• Welcome Bonus

Often the brokers offer deposit bonus or sign-up bonus to people as to attract more customers. A suitable way to confirm the traders that a little amount will be returned to them after they deposit money initially, is the welcome bonus.

FXGM however does not provide any kind of sign-up bonuses, promotions, competition or rewards as the ones planning to register into a real account should not be discouraged , for which the bonuses may be planned in the near future.

• Trading Platforms

FXGM trading platform is a web and mobile based platform. But instead of being linked to MT4 and MT5, it provides the access to trading markets through an easy-to-use trading platform WebPROfit through desktop or PC. If one wants to access through mobiles, then it provides a similar mobile app MobilePROfit. They provide an opportunity where one can trade through just a single click. The analytical tools available also help one in enhancing the profitability.

• Fees and Spreads

FXGM offers tight but varying spreads across most of its asset domains according to the market value and conditions. The actual cost is determined by the account type one is using. Each of the account type offers 25% discount for both the spread and roll over fees.

• Deposits and Withdrawals

FXGM offers a variety of methods to deposit and withdraw funds and does not demand any fee for carrying out transaction. It can be done via credit card, debit card, E-wallet, PayPal or wire bank transfers. Before carrying out any transaction one should make sure to check the conditions and the charges as they may vary with time.

• Educational Training

To trade efficiently it is important to have the knowledge about the trading tools and market conditions. FXGM offers a good collection of educational resources that assists one in analyzing the pros and cons of a product and provides a better way to approach trading with FXGM.

• Customer Support

Before choosing a broker, looking upon its customer service is very vital. FXGM provides customer service options in multiple languages that could be understood in most of the regions globally. However, it is a little slow in responding to the customer queries and it does not offers features like live chat or email chat to its customers like mostly brokers usually do.

CONCLUSION

In a nutshell, FXGM trading conditions are competitive yet easier to adopt either for the beginners or the professionals. It is a less complicated broker to work with that provides transparent conditions to be regulated. Therefore, if one is assured that the trader is trustworthy one could safely rely on FXGM for the trading activities.