FXGM

The Company. Security of Funds

FXGM is owned and operated by Depaho Ltd. a company located in Cyprus. It is important to mention that they also have a separate trading brand, GTCM. GTCM is overseen by the local watchdog agency – the Cyprus Securities and Exchange Commission (CySEC). This makes them credible in particular when compared to the numerous offshore brokerages.

The world of financial markets might not be the first thought when you think of Cyprus however, Cyprus has attracted a large number of foreign exchange brokers. The Cypriot regulatory body, CySEC imposes lots of rules for companies that have registered. One of the most important rules from the perspective of a trader is the use separate accounts. The funds of the client are to be kept in accounts that are not easily accessed by brokers. The company is not able to be able to steal your funds in the most obvious method. In addition, all CySEC regulate brokers are part of the Investor Compensation Fund (ICF) an insurance scheme for collective compensation that guarantees the funds of clients should the broker fails to pay the funds. The maximum amount of coverage provided by this particular scheme can be as high as EUR20,000.

While we’re talking about regulations as well as Dephano Ltd, we must note that the company was punished by CySEC in the latter half of 2015. The fines were not too extreme, except for one involving misleading clients. We do not have information regarding the details of the incident, but it has a negative impact on the reputation of the company. Some negative comments have been posted for the company on a number of prominent forums.Overall we are not sure regarding the broker.

Trading Conditions

Minimum Initial Deposit

FXGM has made the initial deposit amount at $200. It’s considered to be excessive for the current market With a lot of businesses asking for about $100. Certain brokers, such as IG are able to remove this restriction and allow you to deposit as little as you’d like.

We believe that the minimum deposit shouldn’t be the only factor to think about when looking at forex brokers. It’s important only if you’re an unexperienced trader and are making the initial steps following the demo account trade.

Average spreads and Commissions

The spread offer offered by FXGM isn’t relevant to the situation in the market. A spread of just 3 pips in EUR/USD is greater than twice the amount you’d have to pay for in other broker. Although the spread might not be as significant of an issue if you trade less often but it can add up in time. You are welcome to look through our live comparision of spreads currently available from some of the most reliable broker for forex in this article.

Leverage

FXGM provides a maximum leverage of 1:200. With the additional requirement that you need to be a seasoned trader (otherwise it’s 1:100). Both options are able to fulfill the needs of an experienced trader. However there is a chance that you will get an impression that is different of the marketplace because a lot of brokers provide leverage as high as 1:500 or higher.

We don’t know what method of determining client qualifications FXGM employs, however it’s still an excellent idea to restrict the leverage available to new customers. A few new clients get caught in the trap of believing that they have to use the entire balance of their account to fund margins simultaneously. This could not be further off the mark and could put all your investment in high risk. Although the rewards might seem initially great, every person is likely to end up losing trade.

Trading Platforms

FXGM provides two trading platforms for its customers that are PROfit as well as MetaTrader4. They accomplish the exact purpose, however one is much more popular and comes with a lot more features. This is MT4, obviously. It is the most widely used current industry standard with regards to trading in currencies. With its potential for gret charting and the capability to load a variety of instruments and also be extremely demanding on hardware as well as the MQL programming system, MQL has gained an excellent reputation. One of the most distinctive features is the MQL marketplace, which is an independent broker (which is a good thing, as there are many brokers that offer this type of platform) online shop that lets you examine, test, and purchase customized technical indicators and automated trading software. In addition, we have looked at a number of these tools in this article.

PROfit is, however, less sluggish. One feature that scalpers would appreciate is the quote screen in which you can see all the quotes of various currency pairswith just one click purchase and sell options. We suggest keeping the feature of one-click trading off to avoid misclicks even if you’re an experienced and fast trader. The platform offers users to freely move certain elements about, and this is important given the sheer number of them of news feeds, and even videos.

PROfit is the platform for Profit.

Methods of Payment

FXGM accepts payment only through Bank Transfer and Credit/Debit Card. Although they can do the job but many prefer alternative solutions today. E-wallets such as Skrill have become an increasingly popular option, particularly for international transfer.

Conclusion

FXGM is a CySEC-regulated Forex broker that is regulated by CySEC. The company also owns a brand name – GTCMwith the same trading rules. The trading conditions aren’t all as remarkable. The company has faced problems with regulators and has also paid fines in the year 2015. Additionally, there are negative reviews on some of the online forums. The result is mixed opinions regarding FXGM