FXGM Review – What to expect from the broker

FXGM is a CFD Broker that features on its trading platform CFDs on shares, commodities, currencies, indices, ETFs and cryptocurrencies. FXGM is a subordinate company of Depaho Ltd (just like TradeApp and GTCM), a corporation that is regulated and overseen by the Financial Conduct Authority (FCA) in the United Kingdom and in Cyprus by the CySEC. The minimum spread is for EUR/USD 3.0 pips*, real trading is possible with a minimum deposit of $200. The FXGM website is available in English, Finnish, German, Italian, Polish, Spanish, Swedish.

What do we cover in our FXGM Review?


General Risk Warning: 74–89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Basic information about the broker

  • Website address: www.FXGM.com
  • Leverage: up to 1:30
  • Instruments: CFDs – shares (71), commodities (17), currencies (32), indices (18), ETFs (2) and cryptocurrencies (5)
  • Minimum deposit: $200
  • Demo account: No
  • Methods of deposit and withdrawal: wire transfer, credit and debit cards (Visa, Master card, Maestro), Skrill, Neteller, Paypal

FXGM Trading Platform

The FXGM broker offers its own trading platform called WebPROfit. There is no need to download anything as the platform is web-based – meaning it is possible to use it directly via your web browser. The platform provides real-time price quotes, charts, analysis and financial news. The broker has also its own trading app for mobile devices as well called Mobile PROfit.

FXGM Spreads

As any other CFD broker, FXGM charges a spread fee. For the most current spread charges, please visit the FXGM.com website. Here is a spread comparison table that contrasts FXGM spreads with popular industry competitors.


Asset EUR/USD USD/JPY GBP/USD AUD/USD
FXGM* 3.0 3.0 3.0 3.0
Plus500** 0.6 0.7 1.1 0.6
IQOption** 3.7 4.4 8.8 5.3

*Spreads recorded on 12.06.2019 at 17:15 GMT, information was taken from the Product Sheet & Costs page that the broker features on its website. **Spreads recorded on 31.05.2019 at 8:23 GMT from the trading platform of the broker.

To sum up the FXGM Review

FXGM adheres to strict regulatory guidelines of the CySEC (No 161/11 ) and FCA. The number of tradable assets is decent, the spreads that apply to these assets are, however, quite high. The FXGM broker has no information on its website about a free practice demo account.

FXGM Review – What to expect from the broker
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Michael

Hi, I'm Michael and my area of expertise is forex and cryptocurrency trading. I specialize in technical analysis, namely in chart pattern setups. I educate traders of all levels and I believe that prerequisite to successful active trading is always knowing risks of the game. My most current interest lays in cryptocurrencies, especially in Ethereum and in decentralized applications. I do not give investment advice, but for general inquiries please use the comment section under any article.
Michael

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