FXG.MARKET Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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When I was looking for a reliable forex broker, FXG.MARKET somehow found my mobile number and name and started selling me their forex services. Since I don't know much about the forex trading, and they promised to provide one-on-one tutoring, I was attracted to deposit... The worst decision I've made in three years. I lost all of my money!
In the ever-evolving landscape of online trading, fxg.market has emerged as a controversial player. This review will delve into user experiences, expert opinions, and the overall credibility of this broker. While some users report positive interactions, many others raise serious concerns about its legitimacy and regulatory status.
Caution: It is crucial to note that fxg.market operates under various entities across different regions, raising questions about its regulatory compliance and overall trustworthiness. We have taken a comprehensive approach to ensure fairness and accuracy in this review.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 2 |
| Trading Experience | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
We rate brokers based on user feedback, expert reviews, and available data.
Founded in 2019, fxg.market claims to provide a range of trading services, including forex, cryptocurrencies, and CFDs. The broker operates a proprietary web-based trading platform, which is distinct from the popular MetaTrader 4 or 5 platforms commonly used in the industry. Despite its claims, there are significant doubts about its regulatory status, as it does not appear to be licensed by any reputable authority.
Regulatory Status:
fxg.market operates without clear regulatory oversight, which is a significant red flag. Multiple sources indicate that the broker has been blacklisted by regulatory authorities, including the Cyprus Securities and Exchange Commission (CySEC) [source: WikiFX]. This lack of regulation raises serious concerns about the safety of investors' funds.
Deposit/Withdrawal Methods:
The minimum deposit required to open an account with fxg.market is €250. However, the withdrawal process can be cumbersome, with reports indicating that requests may take up to seven days to process. This delay can be problematic, especially for traders looking for timely access to their funds. Furthermore, some users have reported issues with withdrawal requests being denied or delayed without clear justification [source: Forex Brokerz].
Bonuses/Promotions:
fxg.market does offer bonuses, but these may come with stringent conditions that complicate the withdrawal process. Traders are often required to meet high trading volumes before they can withdraw any funds, which can lead to frustration and potential losses [source: Forexposed].
Asset Classes:
The broker claims to offer a diverse range of trading instruments, including forex pairs, cryptocurrencies, indices, and commodities. However, the actual experience may vary significantly, with many users reporting difficulties in executing trades or accessing the full range of available assets [source: Personal Reviews].
Costs:
Users have noted that the spreads offered by fxg.market are relatively high, averaging around 2.5 pips for major currency pairs like EUR/USD. This can significantly impact trading profitability, especially for those relying on tight spreads to execute successful trades [source: WikiFX].
Leverage:
fxg.market offers a maximum leverage of 1:10, which is on the conservative side compared to many other brokers that provide higher leverage options. While lower leverage can reduce risk, it also limits potential returns for traders willing to take on more risk [source: Forex Brokerz].
Trading Platforms:
The broker utilizes a proprietary web-based platform, which lacks the advanced features and reliability of industry-standard platforms like MetaTrader 4 or 5. This can lead to a less favorable trading experience, particularly for more experienced traders who rely on sophisticated tools and analytics [source: ItisReviewed].
Restricted Areas:
There are no clear indications of restricted trading areas; however, the lack of regulation implies that traders from various jurisdictions may face difficulties in recovering funds in case of disputes.
Customer Support Languages:
Customer support appears to be limited, with reports of unresponsive agents and difficulties in reaching help when needed. The absence of social media presence also raises concerns about the broker's commitment to customer service [source: FXG Reviews].
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 2 |
| Customer Service and Support | 2 |
| Trading Experience | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
Account Conditions:
The account conditions at fxg.market are not favorable, with high minimum deposits and stringent withdrawal conditions. Users have expressed dissatisfaction with the lack of transparency regarding fees and charges, leading to a negative perception of the broker's overall reliability.
Tools and Resources:
The broker's lack of educational resources and trading tools is a significant drawback. Many traders, particularly beginners, rely on educational materials to enhance their trading skills. The absence of such resources at fxg.market can hinder traders' ability to make informed decisions.
Customer Service and Support:
Customer service has received poor reviews, with many users reporting unresponsive or aggressive communication from support staff. This is particularly concerning for traders who may need assistance during critical trading moments.
Trading Experience:
While some users have reported positive trading experiences, many others have faced challenges with execution and high costs. The overall trading experience at fxg.market seems to be inconsistent, with significant room for improvement.
Trustworthiness:
The lack of regulatory oversight and numerous negative reviews raise serious questions about the trustworthiness of fxg.market. Many users have reported feeling misled or scammed, leading to an overall negative reputation for the broker.
User Experience:
Overall, user experiences with fxg.market are mixed, with several complaints regarding withdrawal issues and customer service. This inconsistency can create a frustrating environment for traders looking for reliable service.
In conclusion, while fxg.market may present itself as a viable trading option, the significant concerns regarding its regulatory status, customer service, and overall trustworthiness warrant caution. Potential investors should conduct thorough research and consider more reputable alternatives before engaging with this broker.
