FXGM | Review | CFD Trading Platform Review

Our Review

 

OUR OVERVIEW: 

What is FXGM?

10 points summary

How Protected are you with FXGM?

Awards

Is FXGM a Scam or Safe?

Account

Trading Instruments

Trading Platforms

Trading Fees

Deposit and Withdrawal Options

Education

Customer Support

Conclusion

 

WHAT IS FXGM?

The word “trading” sounds fascinating and attractive. But, Why so? It is no secret that trading offers a chance to earn a considerable amount of money. Even the tiniest of the investments do not go in vain. It is crucial to turn your idea into your reality. The question is, how to do that in the trading world? Fret no more; we are about to tell you everything. 

To get started with trading, you need a broker who provides you with all the relevant information and platforms required for trading. FXGM is a top-rated brokerage firm operating since 2011 in Cyprus, and CySEC regulates it. It offers its clients different types of accounts, excellent trading conditions, and various payment options. Furthermore, over 200 trading instruments are available to traders, such as cryptocurrencies, indices, CFDs, etc.

 

Pros	Cons
Regulated by CySEC.	No clients from the US.
Variety of trading instruments are provided.	MetaTrader platform not supported.
Multiple languages are supported on its platform.	Demo account not provided.

10 Points Summary

Headquarters	Cyprus
Regulation	CySEC, FSCA.
Platforms	WebPROfit
Instruments	FX and CFD products, commodities, indices
EUR/USD Spread	0.3 pips
Demo Account	No
Minimum deposit	€200
Base currencies	USD, GBP, EUR
Education	Provided
Customer Support	24/5

 

How protected are you with fxgm?

Potential traders should conduct proper research before choosing a broker. Security is immensely vital and cannot be compromised upon. Therefore, If your broker is unable to protect you, chances are you need to re-evaluate your decision. 

Over the past 10 years, FXGM has managed to build a reputation in the industry that allows its trader to put in their trust. It is regulated by Cyprus Securities and Exchange Commission (CySec); this means that all the money is kept in a segregated account and cannot be used by the company for its purposes. 

Pros	Cons
CySec and FSCA regulation.	None.

 

Awards

It’s very likely that a reader would consider a review to be biased. The legitimacy of the company’s awards, on the other hand, cannot be questioned.

FXGM has not won any awards as of yet. 

Is FXGM a scam or safe?

We have all been scammed at some point in our lives. As a result, it makes it very hard to trust anyone, especially brokers. 

If you have chosen FXGM as your broker, sit back and relax. It is regulated by CySec, which eliminates the possibility of the business becoming a rip-off. Additionally, it has been operating since 2011 and has managed to gain the trust of its users. 

Account

FXGM offers six different accounts: basic, discovery, silver, gold, premium, and VIP. The minimum deposit for each account is separate. Free e-books, training, and a personal manager are included with all accounts. Trading insider and autochartist are both included in the package.

BASIC ACCOUNT: No price discounts or rollover discounts are offered. 

DISCOVERY ACCOUNT: It offers a 5% price discount along with a 5% rollover discount. BITA3*, BITA5*, and BITA10* are available. 

SILVER ACCOUNT: It offers a 10% price discount along with a 10% rollover discount. BITA3*, BITA5*, and BITA10* are available. 

GOLD ACCOUNT: As you upgrade, the price discounts and rollover discounts increase. The gold account offers a price discount of 15% and a rollover discount of 15%. BITA3*, BITA5*, BITA10*, and BITA15* are available. 

PREMIUM ACCOUNT: The price discount and rollover discount spiked up to 20%. BITA3*, BITA5*, BITA10*, and BITA15* are available.

VIP ACCOUNT: The VIP account offers the highest price discount and rollover discount, i.e., 25%. BITA3*, BITA5*, BITA10*, BITA15*, and BITA20* are available. 

 A demo account is not provided by FXGM. Instead, a live demo account is provided where the first ten trades are free. If you end up losing any money, compensation will be done by FXGM. If you win any money, it is all yours to keep. FXGM does not offer an Islamic account. 

 

Pros	Cons
All accounts include a personal manager.	No demo account
Live demo environment provided	No Islamic account
Multiple account types available

Trading Instruments

TRADING INSTRUMENTS:

FXGM offers a wide array of trading instruments to its trader. The variety includes six different types of cryptocurrencies, 136 shares, a wide range of almost 47 currency pairs, 18 commodities, and 23 indices.

 

Pros	Cons
Wide array of instruments	None

 

Trading Platforms

TRADING PLATFORMS:

Platforms supported by FXGM are WebPROfit and Mobile PROfit. 

WebPROfit Platform: The WebPROfit platform is designed to provide traders with a smooth and trouble-free experience. The platform's user interface is simple and easy to use and can cater to both beginner and experienced traders. It offers the latest market updates, charts, and analysis. The best feature about this platform is that it requires no download or updates. 

Mobile PROfit Platform: The idea of trading from your phone sounds fancy, right? The Mobile PROfit platform offers the same features in the palm of your hands as the WebPROfit platform. It can be easily used on both iOS and Android phones.  

Pros	Cons
The platform offers all the latest market updates.	MetaTrader platform not provided.
Available for both iOS and Android phones.

 

 

Trading Fees

FXGM has adopted the Straight Through Processing (STP) approach. It offers variable spreads that depend upon the market situation and the account type you use. 

Pros	Cons
Variable spreads.	None.
STP approach.

 

 

Deposit and withdrawal options:

The depositing method is quick and straightforward. Initially, a minimum deposit amount of 200 is required. A variety of options are available for the users to choose from. You can make a deposit using the following methods:

Wire Bank Transfer 

Skrill

Credit/Debit card

The payments are usually instant except for wire bank transfers which may take up to 5 days. For credit cards, the back office department or the customer support service must be informed prior because it requires a recent card statement and a copy as proof. 

The process of withdrawing funds is kept as simple as depositing. FXGM offers a unique feature such that the withdrawal will be made using the same source by which a deposit was made. For example: If a credit card made the deposit, the withdrawal is credited back by the same method. 

 

Education: 

Potential traders can benefit from the Glossary and Forex History section on the official website. 

Knowledge is important, and there is no such thing as too much knowledge. One is always in the learning process and should always strive to gain knowledge from available resources. The Glossary section on the website includes all the relevant and key terms a trader must be aware of. Additionally, each word comes with a definition. The WebPROfit platform provides various educational videos that can be accessed after the manager has unlocked them. 

The education resources provided by FXGM are exceptional and can prove to be beneficial for anyone who is trying to learn. 

Customer support:

A good customer support service helps a company build a better reputation. At FXGM, the customer support team is present from Mondays to Fridays, 7 am-7 pm. The team can also be reached via email, phone, and instant web chat. 

The process of contacting the team is made easier by offering support in various languages.    

Pros	Cons
Response time is rapid.	24/7 support not available.
Multiple languages supported.

 

Conclusion:

The trading world welcomes everyone with open arms. Half of it is based on strategy, and the other half on luck.

FXGM is a good option if you are interested in trading as it provides good customer support service, multiple account types, educational material, and protection. Furthermore, it offers a wide range of trading instruments on its platform. It is regulated by CySec, which removes any doubts about its credibility.

Some traders that are already familiar with the MetaTrader platform may not prefer FMGX as it does not provide a MetaTrader platform.

FREQUENTLY ASKED QUESTIONS (FAQs)

How much is the minimum deposit amount?

€200 are required as the minimum deposit amount. 

Can put my trust in FXGM? 

Yes, FXGM can be trusted as it is regulated by Cyprus Securities and Exchange Commission (CySec) and Financial Sector Conduct Authority (FSCA) in South Africa. 

Is a demo account offered by FXGM? 

No, FXGM does not offer a demo account. It offers a live demo environment in which the first 10 trades are free. In case of any loss in the first 10 trades, compensation will be made. All profits can be kept by the trader. 

Which platform is offered by FXGM?

It offers its own platform- WebPROfit platform. 

Is an Islamic Account offered by FXGM? 

No, FXGM does not offer an Islamic Account.