FXGM Review 2024

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Written By
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Written By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Fact Checked By
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Fact Checked By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
Updated

1.5 / 5
FXGM is #108 in our CFD broker rankings.
$200
Own
Forex, CFDs, indices, shares, commodities, cryptocurrencies, ETFs, synthetic derivatives
CySEC, FSCA
Visa, Mastercard, Credit Card, Skrill, Neteller, PayPal, ecoPayz

FXGM Review

FXGM is a global online broker that offers forex, CFD, and cryptocurrency trading on its own-brand platform. Our review scope includes the registration and login process, the FXGM live demo environment, and the mobile trading app.

FXGM Details

FXGM is a brand name of Depaho Ltd, which has Cyprus Securities and Exchange Commission (CySEC) regulation and is also licensed by the South Africa Financial Sector Conduct Authority (FSCA).

As of 2020, the company delivers its services to EU states, including Sweden, in addition to other locations such as South Africa, Switzerland, and Ukraine. Depaho has a registered office location in Cyprus, and a branch in Malaga, Spain.

FXGM ZA, the operation’s South African brand, has a separate website under fxgm.co.za. Our review will also explore the offering of this branch.

WebPROfit Platform

Clients can trade on the financial markets using the WebPROfit platform, which attracts favourable reviews. This user-friendly browser-based solution does not require a download, and has the following features:

FXGM PROfit trading platform
FXGM PROfit trading platform

This platform also features Trading Insider, a tool that displays the percentage of clients that have open positions in each direction. This element may allow users to gauge market sentiment and more easily detect movement, helping to inform trading decisions.

Traders may also better protect their investment using the Autochartist tool, a technical feature with the following benefits:

Potential clients should note that the popular trading platforms MT4 and MT5 are not available with this broker.

Markets

The global FXGM entity offers an impressive range of asset classes:

FXGM ZA offers a narrower set of instruments:

Trading Fees

FXGM offers tight spreads across many of its asset classes – for example, EUR/USD is available at 0.3 pips.

This broker charges a rollover fee of 0.015% on any overnight exposure for all assets except cryptocurrency, which is charged at 0.05% by the global entity and 0.1% at FXGM ZA.

Our review was disappointed to find that the global branch also imposes a quarterly inactivity fee of €150, and this rises to $500 at FXGM ZA.

Leverage

Leverage is available to both retail and professional clients. For traders with the FXGM ZA branch, and professional clients at the global entity, leverage is offered as follows:

Leverage is available for global retail clients:

Trades on protected positions, explained in detail below, can be leveraged at 1:20.

Mobile PROfit App

FXGM ZA and global clients enjoy mobile trading using the broker’s own-brand app, FXGM Mobile Platform. This fully-featured solution is available on the App Store, Google Play. Traders can utilise the following APK and iOS features:

FXGM mobile PROfit app
FXGM mobile PROfit app

Deposits & Withdrawals

Traders at FXGM can access different accounts depending on their initial investment. The minimum investment and account structures are listed below.

Global FXGM branch:

FXGM ZA:

Clients can make payments using verified debit/credit cards and Skrill for instant payment, or request a wire transfer which may take up to five business days.

Traders can register a withdrawal request via the home page or using the withdrawal form. These requests are processed within one business day via the initial deposit method, although the time to receipt of funds depends on the selected payment route.

Demo Account

FXGM does not offer a demo account. The broker does advertise a ‘live demo environment’ in which traders can enjoy the First Protected Positions tool for thirty days. This tool is available to all new clients and returns any losses for the first five (ZA) or ten (global) trades – users can keep any profits.

However, this tool still requires an initial investment to begin trading, and so our review would like to see a full demo account introduced.

Joining Bonuses

This broker does not offer any sign up or welcome bonuses. Whilst this may be disappointing for some, this is common among trusted and regulated providers.

Regulation Review

The parent company of FXGM is authorised by the Cyprus Securities and Exchange Commission (CySEC) and by the South Africa Financial Sector Conduct Authority (FSCA). CySEC regulation gives traders access to the Investor Compensation Fund, which credits clients with up to €20,000 if the firm fails to return funds.

Regulation from multiple financial authorities adds to the trustworthiness of this broker, and clients trading online with FXGM give positive reviews.

Additional Features

FXGM offers a comprehensive resources and trading tools section. This includes an economic calendar, financial news articles, and informational pages such as a thorough trading terms glossary.

FXGM economic calendar
FXGM economic calendar

Trading Accounts

The accounts available depend on the trader’s jurisdiction and minimum deposit. All accounts include a free eBook, training, and a personal account manager.

Retail accounts at the Global FXGM branch in order of increasing deposit amount are as follows, where price and rollover discount is given as a percentage:

Traders can also request to open a professional account, which offers higher leverage and 0% margin close-out alongside negative balance protection. Applicants must meet at least two of the requirements set out on the FXGM website and should consult the broker directly for more info.

FXGM ZA account types in order of increasing deposit amount are as follows, where each account includes the benefits of those before it:

Benefits

Trading with FXGM has several benefits:

Drawbacks

Downsides of opening a live account include:

Trading Hours

The FXGM site is available to traders 24/7. The trading hours for each asset are given on the broker product sheet and depend on the market. For example, forex runs 24 hours a day from Sunday at 9 pm to Friday at 9 pm (GMT).

Customer Support

Clients can use the Contact Us form on the website for support or to make complaints. The broker can also be reached using the following details:

Global

ZA

Security

FXGM encrypts and password-protects all personal data stored electronically, and uses firewalls and authentication systems to prevent unauthorised access. Data protection policies should also prevent spam.

FXGM Verdict

FXGM is a global firm offering forex and CFD trading on its own-brand PROfit platform and mobile app. The broker offers a range of asset classes and minimum deposit options that will appeal to many investors, alongside CySEC and FSCA regulation.

Top 3 Alternatives to FXGM

Compare FXGM with the top 3 similar brokers that accept traders from your location.

  1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

  3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

FXGM Comparison Table

Compare FXGM With Similar Brokers
FXGM IG Interactive Brokers World Forex
Rating 1.5 4.4 4.3 4
Markets Forex, CFDs, indices, shares, commodities, cryptocurrencies, ETFs, synthetic derivatives CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
Demo Account No Yes Yes Yes
Minimum Deposit $200 $0 $0 $1
Minimum Trade 0.01 Lots 0.01 Lots $100 0.01 Lots
Regulators CySEC, FSCA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA SVGFSA
Bonus 100% Deposit Bonus
Education No Yes Yes No
Platforms Own Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral MT4, MT5
Leverage 1:200 (ZA), 1:30 (EU) 1:30 (Retail), 1:250 (Pro) 1:50 1:1000
Payment Methods 7 6 6 10
Visit Visit Visit Visit
Review IG
Review
Interactive Brokers
Review
World Forex
Review

Compare Trading Instruments

Compare the markets and instruments offered by FXGM and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare FXGM Trading Instruments
FXGM IG Interactive Brokers World Forex
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes No Yes
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes No Yes
Corn No No No No
Crypto Yes Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes No
Bonds No Yes Yes No
Warrants No Yes Yes No
Spreadbetting No Yes No No
Volatility Index No Yes No No

FXGM vs Other Brokers

Compare FXGM with any other broker by selecting the other broker below.

 

Customer Reviews

  5 / 5

This average customer rating is based on 1 FXGM customer reviews submitted by our visitors.

If you have traded with FXGM we would really like to know about your experience - please submit your own review. Thank you.

  5

Very good broker I have been trading with them for a long period of time had made losses but in total the profit is more after all this is the rollercoaster of trading 🙂

✍ Swartz | 🌐 Bulgaria | April 3, 2024

Submit Your Own Review of FXGM

If you have experience trading with FXGM please share your personal review of the broker and what you think are strong and weak points. Thank you.

FAQ

Is FXGM a scam?

FXGM Global and ZA does not appear to be fake, a bluff, or a scam. This broker is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the South Africa Financial Sector Conduct Authority (FSCA), which closely monitor the activities of its authorised firms.

What platforms are available with FXGM?

The broker offers its own-brand PROfit platform as both a web-based and mobile app solution. Other platforms such as MT4 are not available.

Does FXGM offer a demo account?

FXGM does not have a no-deposit demo account. It does advertise a ‘live demo environment’, where new clients will be credited back any losses made in their first five (ZA branch) or ten (global branch) trades.

What is the minimum deposit at FXGM?

The minimum investment is $200, which gives users access to all trading tools alongside a personal account manager and free training.

What account types are offered by FXGM?

The global branch offers six account types with minimum deposits from $200 to $30,000. The FXGM ZA entity offers five types with minimum investments from $200 to $100,000. Higher deposit amounts confer greater discounts and access to indices such as BITA20.