FXGiants

The Company

FXGiants is an online international trading broker that provides services for trading on financial markets to institutional and retail investors.

The company was launched in 2016 and is based in London. brokerage FXGiants is actually component of the IronFX family of companies. Both the Australian and UK companies were rebranded shortly following the November 2015 incident. IronFX was given a court order to CySEC to make a payment of EUR335,000 as settlement to block withdrawals of over 150 customers.

FXGiants is an official business name registered by 8Safe UK LTD, a business that is licensed and regulated through the Financial Conduct Authority (FCA).

Its subsidiary business, GVS (AU) Pty Limited. The company, which trades under the name FXGiants in Australia is licensed and is regulated by ASIC.

Security of Funds

The United Kingdom’s Financial Conduct Authority applies certain regulations and rules to holders of licenses. Brokers that are FCA-regulated must store clients’ funds in separate accounts that are separate from the business’s operating funds. Additionally, UK-based brokerages have to keep net tangible assets equal to at minimum EUR730 000 to show proof that their finances are stable.

Additionally, the clients from UK broker are covered by the Financial Services Compensation Scheme (FSCS). If there is a company’s bankruptcy, FSCS is able pay an amount of compensation that is up to a maximum of PS50,000 per individual for each regulated entity.

Concerning the security of funds, it is important to be aware that according to their site, FXGiants provides its customers Negative Balance Security, which means that all balances that are negative are protected by the firm.

Trading Conditions

Minimum Initial Deposit

The minimum deposit required to open an account for trading using FXGiants is $500 which is too much. Comparatively, Trading 212, which also has an FCA licenses, requires an initial deposit of $49, and the leading CFD as well as spread betting broker CMC Markets has set no minimum requirement for the initial deposit.

Average spreads and Commissions

FXGiants provides floating and fixed spreads that vary based on account categories. The spreads on Micro accounts are quite high. Micro accounts are quite large and are typically the case for micro accounts. However spreads on the commission-free ECN account (also accessible with a 500 initial deposits) start at 1.7 pip on EUR/USD which is higher than the floating spreads for Micro accounts. There is also an account with a zero fixed spread but it comes with an additional salt commission that is $18 for each lot. This means that the average price in trading for each lot of the EUR/USD pair in these accounts is more than 1.5 pip this isn’t an appealing price. If you’re willing to make a bigger initial deposit, Premium accounts from this broker provide better terms: A variable spreads at as small as 0.7 percent on EUR/USD or a fixed spread of 1.2 pip on EUR/USD, and there is no commission to pay.

Comparatively, Trading 212 offers floating spreads that start at 0.9 percent on EUR/USD and doesn’t charge commissions. For more information you can search and examine the real-time spreads offered by fifteen top brokers.

Leverage

Leverage rates that are the highest for FXGiants can be as high as 1:500. This leverage is thought to be comparatively excessive, even though numerous other FCA-regulated brokers provide the same leverage. For instance, the leading EU brokerage FxPro can provide leverage of up to 1:500. It is possible to look up the list of forex brokers that offer leverage up to or more than 1:500. be found here.

Be aware that investing in derivatives purchased over the counter that have high leverage carries risky investments.

Trading Platforms

As with most forex brokers, FXGiants is a part of the popular MetaTrader4 (MT4) platform. The platform is highly regarded by traders due to it’s user-friendly interface. It also includes everything a trader could need including a sophisticated charting software as well as a variety in technical indicators an extensive back-testing facility, and a range of Expert Advisors (EAs).

The MT4 platform comes in mobile and desktop versions.

Additionally, through FXGiants VPS, through the FXGiants VPS services, customers are able to install their preferred EA Application and have it be running 24 hours a day without the need for an internet connection to turn by. Hosting MT4 VPS with this broker is provided free of charge for both new and existing customers who put down a minimum of $5000 or equivalent another currency and continue to maintain the account balance over the subsequent months.

Promotions

The most lucrative promotions and bonuses are another feature you can anticipate to see frequently from FXGiants. The broker currently offers:

35$ no deposit bonus for customers with live accounts, except for ECN/STP, Premium and the spread bet ones. A mobile verification by SMS is must be completed and the bonus can be withdrawn after the the completion of four turn lots.

100percent Bonus Maximiser, which is available to all accounts with live access, apart from than Premium, ECN/STP and spread betting accounts. It can be taken out after certain volumes of trades.

20 percent Bonus benefit of up to $1000 (Bonus for all deposit types).

Methods of Payment

FXGiants clients are able to make deposits into their accounts with credit or debit cards (Visa, MasterCard, Maestro) and bank wires, Skrill, Neteller, Safecharge, DotPay, China UnionPay and EccomPay.

Profits from trading may be withdrawn via bank wire.

FXGiants allows clients to create accounts and deposit money into USD, EUR, GBP, AUD and JPY. CHF, PLN, HUF and CZK.

Conclusion

FXGiants is an UK broker that has a wide product range that allows trading in different currency pairs and CFDs on the well-known MT4 platform with attractive terms.