FXGM Review 2022
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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 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.
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:
- Financial news integration
- Flexible interface customisation
- Instant one-click trade execution
- Real-time currency charts and analytics
- Free SMS signals service for possible price variations
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:
- Probability filters that monitor market events and previous performance
- Analysis of chart patterns, support, and resistance
- Daily market updates
Potential clients should note that the popular trading platforms MT4 and MT5 are not available with this broker.
The global FXGM entity offers an impressive range of asset classes:
- FX Spot – over 40 currency pairs
- Commodities Spot – six metals
- Commodities – oil, gas, softs, and metals
- Shares – wide range of major firms including Amazon
- Indices – 26 indices including Dow Jones
- Cryptocurrencies – 6 offered
- ETFs – 10+ products
- Synthetic derivatives – such as BITA USTech
FXGM ZA offers a narrower set of instruments:
- Forex – over 40 currency pairs
- Commodities – metals, softs, and oil
- Stocks – 10+ large companies
- Indices – 9 indices including FTSE 100
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 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:
- Forex, gold, silver, and oil at 1:200
- Other commodities and indices at 1:100
- Stocks, ETFs and cryptos at 1:10
- For global professionals only, coffee specifically is capped at 1:50 and synthetic derivatives at 1:10
Leverage is available for global retail clients:
- Major forex at 1:30
- Minor forex, gold, and major indices at 1:20
- Other commodities and indices at 1:10
- Stocks, ETFs, and synthetic derivatives at 1:5
- Cryptos at 1:2
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:
- View real-time charts and change positions
- Financial news and economic calendar
- Live currency quotes and pricing
- Execute orders instantly
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:
- Basic – $200
- Discovery – $2,000
- Silver – $5,000
- Gold – $10,000
- Diamond – $15,000
- VIP – $30,000
- Junior – $200
- Premium – $10,000
- VIP – $30,000
- Executive – $50,000
- Royal – $100,000
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.
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.
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.
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.
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.
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:
- Discovery – 5%, BITA10 index access
- Silver – 10%, BITA10
- Gold – 15%, BITA10 and BITA15
- Diamond – 20%, BITA10 and BITA15
- VIP – 25%, BITA10, BITA15 and BITA20
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:
- Junior – basic services
- Premium – personal customer service agent
- VIP – spread discount on forex, commodities, and indices
- Executive – as above
- Royal – as above
Trading with FXGM has several benefits:
- Fully-featured mobile app
- Wide range of asset classes
- Regulation from two financial bodies
- Account types to suit a variety of investors
Downsides of opening a live account include:
- No MT4 or MT5 integration
- No demo account
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).
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:
- Email – email@example.com
- Phone – +35722030082
- Address – Depaho Ltd Artemisia Business Center 14, Charalambou Mouskou 2014, Strovolos Nicosia, Cyprus
- Email – firstname.lastname@example.org
- Phone – +27104464220
- Address – Unit 1, Village Corner, 57 Via Latino Crescent, Irene Corporate Corner, Irene, Gauteng 0178, South Africa
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 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.
FXGM accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use FXGM from United States, Canada, Belgium, Iran.
Alternatives to FXGM
If you are looking for alternatives to FXGM we have compiled a list of the top 5 brokers that are similar to FXGM below. This list of brokers like FXGM is in order of similarity and only includes companies that accept traders from your location.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- EagleFX – EagleFX is a popular trading broker offering forex, stocks, cryptos & commodities.
- Quotex – Quotex offers a proprietary web platform that has digital options and trading signals.
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
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.
|FXGM offers live trading accounts on its proprietary PROfit platform.|
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