Overview/ background
FXGM is a CySEC regulated brokerage with the following licence number 161/11. It is also authorised by the FSB (Financial Services Board) of South Africa with authorisation number 47709. This Forex brokerage provides all the tools and resources that traders need to buy and sell currency pairs. The advanced trading platform – PROfit – is available in a mobile and a web version and is geared towards traders across the spectrum.
Additionally, this company provides full access to a forex trading academy where all aspects of FX trading are available. Traders are privy to a glossary, tutorials, and strategic insights into currency trading. Some of the many tools and resources available to traders include currency charts, market reviews, SMS services, economic calendars, and more. The range of FX and CFD trading products covers multiple commodities, futures, spot options, and more.
Account Types
FXGM account types include 5 unique account options:
- The Discovery Account for Forex Traders – this requires an account balance of $200 – $9,999. Traders enjoy protection on their first 5 – 10 Forex positions. Benefits include free e-books, free training, free webinars, personal account managers, 1-click trading, and pop-up alerts.
- The Silver Account for Forex Traders – this requires an account balance of $10,000 – $29,999. All the benefits of the Discovery account are available, including additional benefits such as trading central for one month, and spread discounts on commodities.
- The Gold Account for Forex Traders – this requires an account balance of $30,000 – $49,999. All the benefits of a silver account are available, including 2 months of trading central access, spread discounts on commodities, spread discounts on indices, and spread discounts on all Forex major pairs.
- The Diamond Account for Forex Traders – this account requires a balance of $50,000 – $99,999. It offers protection on your first 5 – 10 positions, and many other benefits such as personal customer service agents, spread discounts on all Forex majors, spread discounts on indices, spread discounts on commodities, and 3 months of trading central access.
- The VIP Account for Forex Traders – this account requires a balance of $100,000 +, and offers all the benefits of the diamond account, including 4 months of access to trading central.
Trading Platform/ software
There are two types of Forex trading platforms available – WebPROfit and Mobile PROfit. Traders can enjoy unique benefits with each of these FX platforms. For example, WebPROfit offers the following benefits:
- Real-time news updates
- No download functionality
- Charting features and financial analysis.
- CFD trading, Forex trading and commodity trading
The mobile PROfit trading platform for Forex trading is available to clients through the Google Play Store, or the App Store. The functionality of the mobile trading platform is like the web-based trading platform. Forex traders will enjoy live quotes, view charts and graphs, and even modify positions accordingly. The benefits of using this on the go functionality include the following:
- Easy execution of Forex trades
- Real-time trading, charts and pricing
- Quick and easy access to financial news
Deposit options
FXGM provides multiple secure deposit options. These include bank transfers or credit cards. This Forex brokerage has made it easier to transfer funds directly into the trading platform via Visa and MasterCard.
Markets
FXGM is primarily a Forex trading platform. It also offers a wide range of other CFD products including commodities, indices, shares and cryptocurrencies. The spread costs on CFDs are as low as 0.001 on FX spot pairs like the AUD/CAD and the EUR/CAD.
- Shares include Old Mutual PLC, Pfizer, Santander, Spotify, SwedBank, Total, Twitter, Volvo, and others.
- Indices include DAX, Dow Jones, FTSE, JSE, CAC 40, MIB 40, NASDAQ, Nikkei 225, Nifty, S&P 500 and others.
- Commodities include instruments like Brent crude oil, coffee, copper, corn, cotton, crude oil, palladium, platinum, sugar and wheat.
For a full listing of the markets available at FXGM, traders can click here.
Bonuses
According to FXGM, traders have protection for the first 5 – 10 Forex positions (insurance) if losses are accrued. At the time of writing, we were not privy to any additional bonuses or promotional offers provided by FXGM. However, traders may wish to contact customer support for details of the latest promotional offers, if any.
Customer Support
Customer support options include multiple channels such as telephone, email, WhatsApp, FAQ, and a registered company address. The customer support representatives have been trained to offer professional and prompt service on all matters pertaining to Forex trading. Customer support options are available through these channels:
- Telephone +357-22-300-542 or +357-22-030-082
- Registered company address in Limassol, Cyprus
- WhatsApp customer support – +357-97-770-122
- Email Inquiries – info@FXGM.EU or service@FXGM.com
The FAQ (frequently asked questions) section provides limited support to Forex traders. There are 3 broad categories including deposits, commissions and tax, and partnership programs. Live chat is available to traders 24/6 at FXGM. Traders should be aware that they can only contact the customer support team on weekdays from 7 AM through 7 PM GMT.
Safety
The integrity of client information and accounts is a top priority at FXGM. This Forex broker goes to great lengths to ensure that security measures are in place to guard against third-party interception of data. For starters, FXGM is CySEC licensed and regulated, FSB authorized, and the company offers additional protections to traders. These include the first 5 trades guaranteed against loss, and the Investor Compensation Fund (ICF) which protects clients with insurance up to €20,000. Safety is further enhanced with a set of compliance laws and regulations, confidentiality agreements, and segregation of client funds from company funds.
Ease of Use
FXGM does a fine job of presenting all aspects of Forex trading in an easy-to-understand manner. The footer of every page features categories related to specific elements of trading. These include company details, the trading platforms, the financial instruments, the educational tools and resources, and affiliate programs. Getting started is as easy as entering your full name, email, country of residence, and telephone number. Registration is free, and once you have accepted the terms and conditions (you must be from an eligible country), you can deposit and start trading online.
Final Thoughts
FXGM differs markedly from brokers like Questrade and Interactive Brokers, which are geared towards professional traders and institutional players. FXGM is suited to casual Forex traders with limited experience of the financial markets. The trading platforms are user-friendly, and clients can easily access real-time trading information with financial news, charts and analysis. Overall, a quality brokerage for Forex traders.
