FXGM, a registered brand under Depaho Ltd., operates as an online broker providing trading services across various financial markets, including Forex, stocks, commodities, options, indices, and cryptocurrencies. Headquartered in Nicosia, Cyprus, FXGM falls under the regulatory purview of the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA).

Regulatory Framework

Depaho Ltd., the company behind FXGM, is a Cypriot investment firm registered in 2011. Regulated by CySEC, it adheres to the European Union’s Markets in Financial Instruments Directive (MiFID) and operates within the European Economic Area (EEA). Additionally, the Financial Sector Conduct Authority of South Africa sanctions the company’s activities.

Despite its regulatory backing, FXGM has faced criticism online, with some users alleging aggressive marketing tactics and commission charges. In 2015, CySEC fined the company for misleading clients, leaving a mark on its reputation.

Trading Features

FXGM offers a range of features for traders:

• Regulatory Oversight: The broker is fully regulated by competent authorities, providing a secure trading environment.
• Multilingual Customer Support: Clients benefit from quality customer support available in eight different languages.
• Proprietary Trading Platforms: FXGM provides its own trading platform, PROfit, along with a mobile version. The platform allows for one-click trading but may be perceived as slightly complex.
• Diverse Trading Instruments: With over 150 trading instruments, FXGM caters to a wide range of assets, including forex, commodities, indices, stocks, and cryptocurrencies.

FXGM: Trustworthy Broker or Scam?

While FXGM is officially regulated and compliant with necessary requirements, negative reviews online raise concerns. The broker’s aggressive marketing methods and alleged attempts to persuade clients to trade unconditionally have been criticized. The past fine from CySEC adds to the mixed sentiments about the broker.

Trading Accounts

FXGM offers various types of trading accounts, each providing distinct privileges. These accounts include Silver, Gold, and Platinum, with benefits such as a personal account manager, educational content, and more. However, experienced traders may find these perks unnecessary.

Above the Silver level, traders gain a limited subscription to independent technical analysis provider Trading Central. FXGM also offers “10 Protected Positions” for traders to familiarize themselves with the platform without risking capital.

Trading Platforms

FXGM provides two trading platforms: MetaTrader4 (MT4) and its proprietary platform, PROfit.

• MT4: A popular and functional platform, favored by many traders.
• PROfit: FXGM’s in-house platform, slightly more cumbersome, with features like one-click trading and a mobile version for iOS and Android.

Minimum Deposit, Spreads, and Leverage

FX Global Market requires a minimum deposit of $200, somewhat higher than industry averages. Spreads, however, may not align with current industry standards, with the average spread on EUR/USD being three pips.

The offered leverage is 1:100, extending to 1:200 for experienced traders. Notably, some brokers provide higher leverage, reaching up to 1:500 or more.

Deposits and Withdrawals

FXGM supports various payment methods for deposits and withdrawals, including credit/debit cards, bank transfers, SOFORT Banking, Neteller, Skrill, and EasyEFT (for South African residents). Deposits are processed instantly, while withdrawal requests are typically handled within 24 hours.

Conclusion

In conclusion, FXGM operates as an officially regulated broker meeting necessary standards. However, negative reviews regarding its marketing tactics and past regulatory issues leave a sense of ambiguity. Traders should carefully weigh the pros and cons, considering their preferences and requirements before choosing FXGM as their broker.