FXGM Review 2023 – Alarming Facts About This Broker
FXGM broker is one very interesting entity for analysis. Their owner is Depaho Ltd based in Cyprus. They are operating in Forex and CFD markets since 2011.�
Unfortunately for them, that didn’t play out well. They were on the radar for a long time and that finally escalated. To find out if should you trust this broker or not, read carefully this detailed FXGM review.
|Depaho Ltd / NanexInvest Ltd
|Yes – BTC, BCH, ETH
|Types of Assets:
|Forex, Commodities, Indices, Shares, Cryptocurrencies, Futures, ETFs
|Free Demo Account:
|Accepts US clients:
FXGM Is A Regulated Broker?
The only license left for this broker is the one issued by the South African institution FSCA. Some traders don’t find it as reputable as some Tier 1 regulators. They had in the past a license from CySEC as well. However, this financial regulator suspended it.
Important to realize is that now in the CySEC register with the same license number we can find NanexInvest. Officially they state to be former Depaho Ltd.
Even though CySEC is a good regulator, it doesn’t belong to Tier 1 group. As a matter of fact, we checked some databases but the research was not encouraging. None of regulators like FCA, BaFin or ASIC did provide any licenses to FXGM trading company.��
Warnings From Financial Regulators
As shown above, CySEC has suspended its license. Whether someone reported suspicious activities or it was an investigation, they lost it.�
Moreover, Spanish CNMV is warning against this broker. With this in mind, traders can expect potential issues with FXGM. Therefore, think twice before you trust your hard-earned money here.
FXGM – What Trading Platforms Are Available?
For a forex broker that was regulated by CySEC, they have a quite poor trading platform. That is a web trader under the name WebPROfit.� Practically, nothing more than a basic trading view with few indicators and basic trading options.��
It’s not even worth comparing it with the MetaTrader 4. Not to mention MetaTrader 5, which offers a vast of advanced trading features.
The most popular options these days are social and copy trading. With these options, traders can match successful traders and profit from that. Not to mention advanced charting and indicator options that pro traders are using. All those aspects are missing with FXGM web-based trading platform.
Since the broker offers only web trader, you won’t have the option to download a suitable trading app. Therefore, you have a higher chance to miss important opportunities. Unlike the Meta Trader app which is highly reliable and trusted, this broker relies only on web trader. It is fairly disappointing.
FXGM’s Trading Assets and Instruments
On the positive side, we need to give credit to this broker for available instruments. They offer 7 financial classes. Unfortunately, FXGM reviews don’t encourage us to invest here. Anyway, your options are:
- Forex USD/JPY, AUD/SGD, NZD/HKD
- Commodities natural gas, platinum, silver
- Indices BE 20, ESP 35, CAC 40
- Shares Coca-Cola, McDonald’s, Master Card
- Cryptocurrencies BTC, BNB, LTC
- ETFs QQQ, Russel 2000
What Are The Different FXGM Account Types?
FXGM broker provides their clients with 6 different account type offers. They mainly differ in minimum deposit requirements. Of course, some minor trading advantages can be seen on higher-level accounts. Those account types are:
Can a Trader Use a Demo Account?
Many regulated brokers tend to provide traders with all the necessary tools. From micro accounts, demo accounts and many more. Sadly, FXGM trading company didn’t bother with that.�
The only options traders have here is to make a $200 minimum deposit. Afterward, you can check trading conditions at your own risk.
Terms and Conditions for FXGM – What You Should Know
All T&Cs were mostly controlled by CySEC. However, this license is suspended and those T&Cs are now only under the control of the FSCA. Even though it’s a South African regulator, it’s better than nothing. But it would be better to look for a Tier 1 regulated broker.
Another key point is the security of the funds. This broker doesn’t disclose negative balance protection. On the positive side, they provide traders with trusted funding methods. Those are:
- Credit/debit cards
- Wire transfers
Leverage, Spreads and Fees
One of the things that don’t comply with CySEC regulations is leverage. With FXGM broker, maximum was up to 1:200. While ESMA rules for trading in the EEA zone allow only 1:30.��
This broker claims not to charge any fees. Unfortunately, if you check any FXGM review, you can find opposite experiences.� But if we are to trust the broker, only fees from your bank are applied.� As for the spread, it’s quite a competitive one, starting from 0.3 pips.
What Should I Do If I Have FXGM Problem?
Please tell us about your experience. It’s worth sharing to prevent other traders from having any bad experiences. Primarily, you can always reach out to the company’s regulator. Sadly, that doesn’t help often. If for some reason you can’t get your funds back, there is a chargeback available.
If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.
What Is FXGM?
FXGM is an offshore company that provides trading services in 7 financial classes worldwide.
Is FXGM a Regulated Broker?
FXGM used to have 2 licenses. One issued from FSCA (South Africa) is active. However, CySEC (Cyprus) license is suspended due to suspicious activities.
Is FXGM Available in the United States or the UK?
For the United States, they claim not to provide services. Most probably due to strict laws and regulations. However, UK remains a mystery.
Does FXGM Offer a Demo Account?
Surprisingly, no. Not even a micro trading account. But only offer 6 different live trading accounts.