FXGM Forex Broker

FXGM Forex Broker - Complete Information Guide

1. Broker Overview

　　FXGM, a trading name of Depaho Ltd, was established in 2011. The company is headquartered in Nicosia, Cyprus, and operates as a private entity. FXGM primarily serves retail traders across Europe and South Africa, providing them with access to a wide array of financial instruments, including forex and CFDs. Over the years, FXGM has built a reputation within the trading community, focusing on enhancing its trading technology and service offerings.

　　Since its inception, FXGM has expanded its operations beyond Cyprus, establishing a branch in South Africa to cater to a broader clientele. The broker has consistently aimed to improve its trading conditions and transparency, which has contributed to its standing in the international trading community.

　　FXGM operates under a market maker model, offering various trading services to individual and institutional clients. Its commitment to providing a user-friendly trading environment is evident in the features and tools it offers to its clients, making it an attractive option for both novice and experienced traders.

2. Regulation and Compliance Information

　　FXGM is regulated by several financial authorities, ensuring that it adheres to strict standards of operation. The primary regulatory bodies overseeing FXGM include:

• Cyprus Securities and Exchange Commission (CySEC) - License No: 161/11
• Financial Sector Conduct Authority (FSCA) in South Africa - License No: 47709
• Comisión Nacional del Mercado de Valores (CNMV) in Spain - License No: 123

　　While FXGM was previously regulated by multiple authorities, it is important to note that its CySEC license has been suspended due to compliance issues. As a result, the broker currently operates under the supervision of the FSCA in South Africa.

　　FXGM ensures the segregation of client funds, holding them in separate accounts to protect against potential insolvency. The broker also participates in an investor compensation fund, which provides additional security to clients. Furthermore, FXGM implements robust KYC (Know Your Customer) and AML (Anti-Money Laundering) measures to protect client interests and maintain compliance with regulatory standards.

3. Trading Products and Services

　　FXGM offers a diverse range of trading products, catering to various trading preferences. The main trading instruments available through FXGM include:

• Forex: FXGM provides access to over 40 currency pairs, including major, minor, and exotic pairs.
• CFDs: The broker offers a variety of CFDs across different asset classes, including:
• Indices: Major global indices such as the S&P 500, FTSE 100, and DAX.
• Commodities: Popular commodities like gold, silver, crude oil, and agricultural products.
• Stocks: CFDs on shares from leading companies, including technology and healthcare sectors.
• Cryptocurrencies: Trading options for major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin.

　　FXGM continuously updates its product offerings, ensuring that traders have access to the latest market trends and instruments. Retail trading services are a primary focus, although the broker also provides tailored solutions for institutional clients.

4. Trading Platforms and Technology

　　FXGM provides its clients with a proprietary trading platform known as Web Profit. This platform is designed for ease of use and does not require any installation, allowing traders to access their accounts directly through a web browser.

Key Features of the Trading Platform:

• User-friendly Interface: The platform is designed to accommodate both novice and experienced traders, offering a range of analytical tools and real-time data.
• Mobile Trading: FXGM also offers a mobile application called Mobile Profit, which allows traders to manage their accounts and execute trades on the go.
• Execution Model: FXGM operates on a market maker model, which means that it acts as the counterparty to its clients' trades.

　　However, it is important to note that FXGM does not support popular trading platforms like MetaTrader 4 or MetaTrader 5, which may limit some traders' preferences for advanced trading features.

5. Account Types and Trading Conditions

　　FXGM offers several account types tailored to meet the needs of different traders. The main account types include:

• Basic Account: Minimum deposit of $200, suitable for novice traders.
• Discovery Account: Minimum deposit of $2,000, offering additional features and lower spreads.
• Silver Account: Minimum deposit of $5,000, with enhanced trading conditions.
• Gold Account: Minimum deposit of $10,000, providing further benefits and discounts.
• Diamond Account: Minimum deposit of $15,000, designed for high-volume traders.
• VIP Account: For deposits exceeding $30,000, offering the best trading conditions and personal account management.

　　FXGM provides a leverage of up to 1:30 for retail clients and up to 1:200 for professional clients, depending on the asset class. The minimum trade size is 0.01 lots across all account types. Additionally, FXGM charges overnight fees on positions held beyond the trading day, which varies by asset class.

6. Fund Management

　　FXGM supports a variety of deposit and withdrawal methods to facilitate easy fund management for its clients. The available methods include:

• Credit/Debit Cards
• Bank Wire Transfers
• E-wallets such as PayPal, Skrill, and Neteller

　　The minimum deposit requirement for opening an account is $200. FXGM does not charge any fees for deposits or withdrawals; however, clients may incur fees from their banks or payment processors, depending on their location.

　　Processing times for deposits are generally immediate, while withdrawals may take several business days to process, depending on the method used. FXGM maintains a transparent fee structure, ensuring that clients are aware of any potential costs associated with their transactions.

7. Customer Support and Educational Resources

　　FXGM provides a range of customer support channels to assist its clients, including:

• Email Support
• Live Chat Support
• Phone Support

　　Customer service is available during business hours from 07:00 to 19:00 GMT, Monday to Friday. FXGM supports multiple languages, including English, French, Italian, Polish, and Spanish.

　　In terms of educational resources, FXGM offers a limited selection of materials, including market analysis, economic calendars, and trading signals. While the broker does not provide extensive webinars or courses, it does offer tools such as trading calculators and market news updates to support traders in their decision-making processes.

8. Geographic Coverage and Restrictions

　　FXGM primarily serves clients in Europe and South Africa. The broker has established offices in various regions, including Cyprus and South Africa. However, it is important to note that FXGM does not accept clients from the United States, Canada, Belgium, and Iran due to regulatory restrictions.

　　In summary, FXGM is a regulated broker that offers a range of trading products and services to its clients. While it has faced regulatory challenges in the past, it continues to operate under the supervision of the FSCA in South Africa, providing a platform for both retail and professional traders. As with any broker, potential clients should conduct thorough research and consider their individual trading needs before opening an account.