Independent rating of Forex broker FXGM

About company

FXGM is owned by a Cyprus-based company Depaho Ltd. The broker is regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC requires licensed companies to comply with a great number of rules and restrictions. Among them, the main condition is to keep the funds of clients in segregated accounts. This blows FXGM’s chances to use third-party capital for its own purposes. Above all else, all brokers regulated by CySEC are members of the Investor Compensation Fund. Thus, in case a broker becomes insolvent, traders can receive a compensation in the amount of up to €20,000.

Trading conditions

• Forex, stocks, futures, cryptocurrency, gold, silver, and crude oil trading
• 6 types of accounts
• minimum deposit is $200
• average spread for EUR/USD is 3 pips
• demo account
• premium account
• no additional fees above the spread
• free training
• personal account manager
• sms notifications
• currency charts

Trading platform

FXGM offers its clients trading through the PROfit trading platform. It is a web-based platform which is also available as a mobile app. WebPROfit provides access to online trading without having to download the trading platform to your computer. WebPROfit offers users a variety of trading instruments, financial news, and charts. The platform is compatible with all major browsers, including Chrome, Firefox, and Internet Explorer. The free Mobile PROfit application is designed for smartphones and tablets so that users can trade on the go. Thanks to Mobile PROfit, traders can have access to currency quotes in a real-time mode, study charts, as well as open and edit positions. Another advantage of the PROfit platform that scalpers will definitely like is the screen where they can view all quotes on several currency pairs using the buy and sell buttons. PROfit also has up-to-date news feeds and the Video section.

Support service

The FXGM support service works 24/7 and is available via live chat, phone, and email.

Traders’ reviews

There are many negative reviews about FXGM on the Internet. Those who fell prey to financial fraud call the company a scammer, a thief, and a swindler. Other traders express constructive criticism about the problems with withdrawing funds and share their unprofessional customer service experience.

Advantages:

• demo account
• CySEC regulation
• vast selection of trading instruments
• no fees
• free training for traders

Disadvantages:

• high minimum deposit
• high spreads
• no popular MetaTrader 4 platform
• problems with withdrawing funds
• support service ignores traders in controversial/conflict situations