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FXGM Broker review

FXGM

FXGM is a CySEC regulated forex broker that is located in Nicosia, Cyprus. Besides regular forex trading, they also offer services of personal account managers, special market analysis tools, and 100% investment insurance where traders receive protection for their first five trades. Traders can use the insurance under special terms and conditions but that doesn’t affect the level of service this forex broker provides.

FXGM review will introduce traders to a complete overview of this broker, including account types, special software, features, tools, customer support and banking methods. Make sure to read the FXGM broker review before you make a deposit and start trading.

Account Features

FXGM has several accounts prepared for traders who wish to trade on their platform. All accounts include protected positions, but read more on that in the text that follows after we explain all account types.

Discovery account

  • Minimum deposit $200
  • First 5-10 protected positions
  • Free eBook
  • Free training
  • Free Webinars
  • Personal Account Manager
  • Trading insider
  • One Click Trading
  • Pop up alerts

Silver account

  • Minimum deposit $10,000
  • Benefits of Discovery account
  • Spread discount on commodities
  • Trading Central (1 month)

Gold account

  • Minimum deposit $30,000
  • Benefits of cheaper accounts
  • Trading Central (2 months)
  • Spread discount on commodities
  • Spread discount on Indices
  • Spread discount on all Forex Majors

Diamond account

  • Minimum deposit $50,000
  • Benefits of cheaper accounts
  • Trading Central (3 months)
  • Personal Customer service agent

VIP account

  • Minimum deposit $100,000
  • Trading Central (4 months)
  • Benefits of cheaper accounts
  • FXGM Protected Positions

According to terms and conditions, first five positions are protected. This means that all traders who make a deposit are eligible for this promotion. However, traders who use Metatrader platform are not eligible for this promotion, and can’t execute protected trades there. IF you lose any funds during the 5 trades, it will be given back to your account. If you make profit, you can keep it. Still, the minimum position value is 3,500 base currency units. The maximum leverage allowed in this case is 1:20. The duration of protected positions is limited to 72 hours. According to their website, this is what they refer to as 100% insurance when they mention it on their website.

FXGM Demo

During this review, we found no information about the FXGM demo account. We downloaded the MT4 platform as it often comes equipped with a demo account. Luckily, that is where we found the demo version, but only of the MT4 platform, so if you want to trade on other platforms with GXGM you won’t be getting this opportunity. Once you sent the request for a demo account (with the amount of virtual money you want to use and leverage), you will be getting login data via your email. FXGM should advertise this nifty feature more, and maybe consider adding a demo to other platforms available as well.

Trading Software & Assets

FXGM broker review noticed how this software relies on two software providers. One is the well-known MetaTrader4 that is offering one of the most reliable and popular forex trading platforms among traders that comes with a great demo account and many trading tools traders can utilize during the trading process.

Also, there is a WebPROfit platform. This web-based platform serves as an alternative to Metatrader, especially for traders who don’t want to download anything. It is compatible with all popular web browsers and simple to use. Financial news is streamed directly to the platform and users can use real-time charts for their analysis. Also, there is a special user manual available on the website, so make sure to read it, especially if you never used this platform before.

PROfit Mobile is actually an app. There is Android and iOS app available, but we experienced some difficulties while trying to find the app in the Apple store. It is impossible to say whether this was because of the link on the website or because of the store.

FXGM also offers different rates of leverage. New trading accounts can enjoy lower leverage than those accounts owned by experienced traders.

Leverage for new accounts:

  • FX Spot, commodities, indices 1:40
  • Single stocks 1:10
  • Protected positions 1:20

Leverage for experienced users:

  • FX Spot, commodities, indices
  • ingle Stocks 1:10
  • Protected positions 1:20

There are also some maximum leverages set up. The leverage goes up to 1:200 for forex pairs. Traders can also trade cryptos: dash, Ethereum, ripple, litecoin, and BTCUSD pair. Spread for the most popular EURUSD pair is 0.0003 pips.

Support Information

FXGM review noticed how live chat can be activated by clicking the button in the top bar of the website. FXGM won’t bother you with boring sound notifications and pop-ups. Before getting in touch with a customer support agent via live chat you will also have to leave your personal data in an online form in the live chat.

Besides the chat, you can also use several emails and a phone number to contact the broker.

The website is available in English, French, Finnish, Spanish, Italian, Polish and Swedish language.

When it comes to educational section, there are several articles, guides, and glossaries that can be used, but for traders who wish to advance faster and do their own analysis, we recommend more detailed ebooks and in-depth articles.

Banking & Company Information

Minimum deposit with this broker is $200, while the industry average is $250. The deposit can be done via international credit and debit cards, skrill and bank wire. In case of a withdrawal via credit card, the amount mustn’t exceed the amount deposited. So, if you deposited $100 and want to withdraw $1500, $100 will be transferred to the credit card and $500 via bank wire to your bank account. Withdrawals are usually processed within 5 working days, but it may take longer for you to see the money in your bank account as the entire procedure and duration depends on your bank as well. Make sure to verify your identity prior to the withdrawal. That way, you won’t have to wait additional days for the account to be completely verified.

FXGM is owned Depaho Ltd., Nicosia, Cyprus and regulated by Cysec (license no. 161/11).