Editor’s Verdict
Overview
Review
Headquarters | Cyprus |
|---|---|
Regulators | BaFin, CySEC, FCA, MiFID |
Year Established | 2006 |
Execution Type(s) | Market Maker |
Minimum Deposit | 200 |
Trading Platform(s) | MetaTrader 4, Proprietary platform |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
FXGM is a registered brand name of Depaho Ltd. FXGM is located in Nicosia, Cyprus. The company was founded in 2006 and is regulated by several different regulatory agencies. FXGM is registered as a Cyprus Investment Firm (CIF) under the Cyprus Securities and Exchange Commission, CySec. Depaho Ltd. operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union. MiFID provides a harmonized regulatory environment for investment services across the European Economic Area (EEA). FXGM offers investors the opportunity to trade Forex, stocks, commodities and indices with a top broker in the Forex industry.
Features
FXGM’s website is user-friendly and easy to navigate. All the important information a trader needs can be seen by clicking on the tabs at the top of the page. The landing page provides a quick glimpse into the different features of the site and the graphics are bright, clear and colorful.
There are six different accounts to choose from at FXGM, differing mostly by the minimum deposit required for each account. The Discovery account requires a minimum deposit of $200, the Silver account requires $400 and the Gold account starts with at least $1000 on deposit. All three of these offer leverage of 1:200, an ebook, online trading, free training and a personal account manager. Traders can trade commodities, Forex, futures and stocks.
There are also three more exclusive accounts. The minimum amount needed to trade with the Premium account is between $2000 and $4999; the Platinum account needs between $5000 and $9999 to open. Anything over $10,000 merits the VIP account. These last three accounts offer the same features as the first three—eBooks, 1:200 leverage, free training and a personal account manager. In addition, with these accounts, traders receive free trading signals and months of free tradency. The same assets categories are available to traders of these three accounts.
A demo account is available for new traders but I could find no additional details about this account when doing this review.
Although there are no promotions or bonuses listed as such, FXGM offers a unique appreciation plan that I have not found with any other broker. A trader’s first five positions come with what is referred to as ‘protection insurance.’ If a trader loses money in his/her first five positions, FXGM gives all the money back; if the trader comes out ahead, the profits go right into his pocket. Although the site indicates that further details of this promotion are listed in the Terms and Conditions section, I was hard pressed to find this section anywhere on the website.
Other Services
Education is important at FXGM and traders can benefit from the firm’s many tools, such as the free one-on-one training courses, webinars and seminars. There is also a choice of videos available in several different languages. The chart section provides Forex currency charts with currency information about specific pairs and provides traders with insights into the movements of the market. A daily news review can also be found on the site.
FXGM Charts
FXGM uses SMS to send our several different content to all registered account holders. These include a daily economic calendar, trading signals throughout the day and newsflash notifications as they become available.
In interesting feature at FXGM is the availability of Trading Central, a leading investment research provider to financial market professionals. Their technical strategies cover equity, index, Forex, commodities and fixed-income markets. Trading Central is independent and free from investment banking conflicts. Technical analysis is a good part of FXGM’s business and its chartist and mathematical approaches match requirements of various investment styles, from intraday trading to swing trading and long term investments.
Over the years, Trading Central has received several awards including the Integrity Research Best Research Provider 2008, Investars Top Performing Investment Research for years 2008, 2009, 2010 and 2011 and various technical analysis awards for years 2013 and 2014.
While doing this FXGM review, I encountered some difficulty in locating some of the information I was seeking. The FAQ section was very weak and provided few details. What’s interesting about FXGM’s website is that many items are not actually listed on the site. I had to type in the term I was looking for in the search line at the top of the page in order to find items such as customer service or some of their educational services.
Reliability
Depaho Ltd. is authorized and regulated as a Cyprus Investment Firm (CIF), registered under the Cyprus Securities and Exchange Commission (CySEC). It also operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union. The Depaho Ltd. is a member of the Investor Compensation Fund (ICF) covering clients of Cyprus Investment Firms (CIFs).
Customer Service
Customer service at FXGM is available 24/6 via Chat, SMS and by emails. When I clicked onto Chat while doing this review, I was rewarded with a representative that was responsive and knowledgeable.
Trading at FXGM varies for different assets: Currencies can be traded from Sunday 22:00 through Friday 21:00 GMT; CFD commodities (GOLD, SILVER and Crude Oil) from Sunday 22:00 through Friday 21:00 GMT.
Conclusion
All in all, I found FXGM to be an easy broker to deal with. The website is colorful and well designed and opening an account is clear and easy. Educational material is accessible and customer service is responsive.
Features
FXGM has many features worthy of mention but the one that stands out from the rest is their selection of different trading accounts. There aren’t many brokers offering their traders six accounts and although they differ mostly by the amount of their initial deposit, it is certainly an attractive feature for traders with all levels of trading experience. I also appreciate their ‘protection insurance’ if a trader loses money in his/her first five positions. This is unique to the industry.
Platforms
The wide choice of possible trading platforms at FXGM serves to attract many different types of traders.
The ever popular MT4 platform is still one of the easiest platforms to use and could stand on its own as it does at many other brokerage houses.
But FXGM also offers other trading platforms, including the WebPROfit and PROfit platforms, both state-of-the-art trading platforms which traders at FXGM should find easy to understand and simple to use.
PROfit
There are 4 platforms to choose from at FXGM. The PROfit platform is an advanced trading platform developed to satisfy the needs and requirements of all traders. The PROfit platform offers experienced users the most advanced and professional tools. Beginners can benefit from its easy to use and fully customizable features and advanced traders will enjoy the choice of trading instruments. The PROfit platform is compatible with all mobile devices.
WebPROfit
With WebPROfit, trading is easy and comfortable. You can trade Forex, commodities and CFDs without the need to download any software. A CFD is a Contract for Difference and is a derivative instrument. In a contract for difference, a buyer and a seller agree that the seller will, upon expiration of the contract, pay the buyer the difference between the value of the asset at the time the contract is agreed and the value at the time it expires. The CFD offers the possibility to trade with leverage and also offers the trader the possibility to limit risk. This can be done by placing a stop loss order.
With the WebPROfit, financial news is streamed directly to the platform and real time charts and analysis are also provided. WebPROfit is compatible with all major browsers, including Chrome, Firefox and Internet Explorer.
The fourth platform available at FXGM is the mobile PROfit platform where traders have access to PROfit from the convenience of their mobile phone and tablet.
FXGM's Mobile PROfit Platform
Trading Platform
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss | |
Scalping | |
Hedging | |
OCO Orders | |
Interest on Margin |