Choosing a broker is not an easy thing to do. Especially with new brokers entering the market every day, the competition is getting harder. We try to help our readers decide on a broker. In this article, we will review a fairly popular broker, FXGM.
Our review will focus on all critical parameters of the FXGM broker.
FXGM – Who are they?
FXGM is a local broker. It was established in 2011. FXGM claims to offer professional-grade services to retail traders. It is a premium-grade broker for sure. In all forex brokers reviews and listings, FXGM manages to make the top 5 list.
Regulation is the first thing you should check about a broker. There are a few essential benefits that you get trading with a regulated broker;
- Security of funds
- Segregated storage of funds
- Funds restoration upon bankruptcy of the broker
- Funds restoration in case of a fraud
If you trade with a non-regulated broker, you are on your own. You can file a case against a non-regulated broker as well, but it is a tedious process.
FSCA regulates FXGM, is a local authority that monitors brokers. FSCA issues licenses that allow brokers to operate in South Africa. FXGM has never had its license revoked. You can check FXGM’s license number on FSCA’s website and file a complaint if you have any.
FXGM is a local broker. Local brokers are easier to handle for traders. In case of any unfortunate events, if you go to court with a broker, you will face a familiar justice system in case of any tragic events. The expenditures to file an international lawsuit are also a lot higher.
FXGM’s minimum deposit limits are high. The broker needs at least 200 USD, a minimum deposit limit. Many premium brokers have minimum deposit limits of 100 USD. FXGM certainly has gone over the board with its deposit limitations.
FSCA and CySEC secure your funds. Moreover, FXGM provides segregation of your funds for an extra layer of security. FXGM is also a member of the Investors’ Compensation Fund.
The leverage rates with FXGM are limited at 1:200. These rates are on the lower side of the market. However, combined with the high deposit and trading limits, traders wouldn’t want higher leverage rates anyways. Higher leverage rates are attractive for new traders who don’t want to invest a lot of money.
FXGM has almost all of the deposit methods available. You can deposit money via wire transfer. Although it takes a little time to show up, it is not because of FXGM’s platform. The delay is on the trader’s bank part. You can also add funds using credit/debit cards, Skrill and PayPal. The broker takes no deposit fees.
Customer support is where you notice the difference between a premium and a sub-standard broker. FXGM offers one of the best customer support experiences. However, the helpline is a 24/5 support system, but you can contact the broker on other platforms.
FXGM is one of the best brokers in South Africa. You can’t go wrong by choosing FXGM. However, it is an expensive broker. It is a good option for institutional brokers.