FXGM is a Cyprus-based online trading operation, which does not offer financial services to US-based traders.
The brokerage is one that often shows up in the top 10-5 recommended destinations of various Forex/CFD reviewers, and while some user feedback linked to it is indeed positive, there are scores of negative FXGM reviews out there, posted by disillusioned users of the site.
Most of the complaints are about the way the broker handles its users’ monies, but there are apparently problems linked to aggressive marketing practices as well. There’s a post by an ex-employee of the operation too, warning users to stay away from the brokerage – make of that what you will.
The company behind the FXGM brand (and also behind Tao Trade and GTCM) is a registered Cyprus Investment Firm, Depaho Ltd. The registration number of the company is HE 292004, and its CySEC license number is 161/11. Being a CIF means that FXGM is a member of the Investor Compensation Fund. The CySEC license means that the operation has been found to be fully MiFID-compliant. As such, it can theoretically offer its services to all residents of the EEA (unless specific restrictions are observed of course).
In addition to its CySEC license, FXGM also has the authorization of South Africa’s FSB (Financial Service Board). This probably means that the broker can indeed peddle its services in South Africa as well.
Like its sister-operations, FXGM offers 5 account types, beginning with their Discovery option.
It is safe to say that the overwhelming majority of FXGM’s new traders will fall into the Discovery account-tier. After all, the required deposit range for this account covers everything between $200 and $9,999. For this money, traders get 5 protected positions (some of the above-mentioned trader complaints have alleged that this offer does not in fact exist). Pop-up trade alerts, free webinars and free training are also covered by the Discovery package.
The Silver Account is the next account-tier. Requiring a minimum deposit of $10,000-$29,999, the Silver Account covers everything the Discovery tier does. In addition to that, it also offers access to Trading Central for a whole month, as well as a spread discount on commodities. The brokerage makes its money through these spreads solely. It does not charge any commissions.
The Gold Account ups the stakes to $30,000-$49,999 deposit-wise. For that money, traders get everything covered by the previous account-tier, plus 2 months’ worth of access to Trading Central, as well as spread discounts on commodities, FX majors and Indices.
The Diamond account takes things one step further still. It requires a deposit of $50,000-$99,999 and it throws in 3 months of Trading Central access, as well as a personal customer service agent, on top of everything the Gold Account offers.
The VIP account reigns supreme at the top of the account-tier ladder. The minimum required deposit for this one is $100,000. The spread discounts and the personal costumer service agent are present on this account as well, in addition to 4 months’ worth of access to Trading Central.
The main trading platform of the brokerage is the WebPROfit platform, which is a no-download, web-based trading solution. The platform provides real time charts and technical analysis, as well as access to the whole range of supported markets.
The compatibility of the platform is excellent. The FXGM website offers a handy user guide for it, which can be accessed at one click, from the platforms section.
The Mobile PROfit trader offers the same features as the WebPROfit platform. Live financial news is streamed directly onto the platform, thus traders are able to make the best decisions fundamental- as well as technical analysis-wise, while on the move.
The deposit options accepted by FXGM are numerous and diverse. From the usual crop of debit- and credit cards, to wire transfers, eWallets and online payment solutions, everything is accepted. As far as credit cards go, we’re looking at VISA, MasterCard and Maestro. Neteller and Skrill are also in the lineup.
As far as tradable assets are concerned, FXGM supports the usual range of FX pairs, shares, indices, commodities and apparently: even cryptocurrencies. All trading is CFD-based.
The FXGM support staff can be contacted through an impressive number of channels. These include email, phone, live chat, WhatsApp and a web contact form. Support is only available during weekdays, from 7:00 to 19:00 GMT.
While FXGM looks like a safe trading destination, its dubious reputation may indeed give rise to second thoughts.
From a regulatory perspective, FXGM looks good. It has a very limited and rather unimpressive selection of trading platforms though and its reputation could be better as well.