FXGM is a brand name of Depaho Ltd. FXGM, a registered company having its head office located in Strovolos, Nicosia, Cyprus. The company was founded in 2011 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.
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 South Africa Review
It is no doubt that one of the most lucrative opportunities believed to be putting smiles in the face of many families around the world is online trading. It has been a great way people earn money throughout the world, including in South Africa. Both forex trading and binary options are great and feasible alternatives through which anyone can earn big on the internet. While the choice is entirely the concern of the trader, it is important that anyone going into online trading should have the required education and skill to be successful, especially for determining the movement of the market and where to invest in order not to lose their hard-earned money.
Forex Trading Is Not A Scam
The forex market today is the world’s largest trading market that is continually dwarfing the stock exchange in size with lots of money being traded daily. However, despite the huge growth being experienced by forex trading, many people are still skeptical about going into it for the fear of losing their money. In South Africa, different trading platforms have come and gone while most of them went away with peoples’ money thus making many people ask if there are any truth in forex trading at all. they ask if forex trading is a scam.
Forex is not a scam, even though there are plenty of scams associated with forex. There are several regulations put in place over the years to caught up with scammers, making them increasingly rare. Just as it is in any new industry, scam is a big problem facing most people in the forex industry as there are plenty people out there looking to take advantage of newbies.
Forex in itself is a legitimate endeavor. While it is a real business that can be very profitable, you should also be aware that it is not a get rich overnight business, so you won’t fall a victim to scammers. Though there is no free lunch, it is possible to have a profitable and legitimate forex business. That is why I am going to be telling you about FXGM South Africa who is considered as the safest broker to trade with in South Africa today.
What is FXGM South Africa?
The Forex Global Market (FXGM) was established in 2006 and it’s the brand name of Depaho Ltd which is a Cyprus based financial services company having their headquarters in Nicosia. The company offers a regulated and secure online brokerage for global traders in Stocks, Forex, Indices, Commodities, and Contracts for Difference (CFDs). It is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and has also been authorized by the South African Financial Services Board (FSB) to operate within South Africa which actually made it possible for many South Africans to know about and benefit from the advantages that FXGM South Africa has to offer when it comes to online trading.
FXGM is a broker that provides a wide variety of accounts to its valuable clients to trade online. One of the first things that attracted me to this company is the fact that, though they don’t offer a welcome bonus to new customers like many other platforms do, FXGM South Africa does offer several benefits in form of educational content, privilege to work with a personal account manager and other beneficial tools good enough to foster the growth of their clients regardless of the trading experience of such an individual.
We have decided to put this review up to look at all of the services that FXGM South Africa has to offer as well as to have an in-depth examination of their operations. At the end of the review, I am sure your decision would have been really helped to discover whether the broker reliable, legitimate and right enough for you.
Conditions to Start Trading
Let’s start with the requirements to get on the platform for an excellent trading experience. The user-friendly nature of the FXGM South Africa website makes it easy for anyone to navigate the site. At the top portion of the page, visibly lies the vital information you might need. And a good thing about the site is that even the landing page provides more than enough quick glimpse into the several features of the site, and it has quality, colorful, clear and bright graphics to keep you clearly informed on the platform. However, I have stated here some trading conditions of FXGM you should know.
·Minimum initial deposit
Getting on FXGM, the minimum initial deposit is set at $200. Even though this is considered a bit higher than what some other companies do require today as some demand just $100 while some allow you to even deposit as low as you want, experienced traders won’t see this as an issue. Minimum deposit should be the last thing you should consider when comparing forex brokers unless you are a newbie in the game; it should not be a deciding factor at all.
Unless you are an inexperienced trader where the maximum leverage is 1:100, FXGM offers a maximum leverage of 1:200. However, both of these offerings are wonderful enough to satisfy the need of any serious trader. But even at that, if you are also the type that follows the industry, you may have a different impression about this as lots of brokers offer leverage of 1:500 or more.
However, even though I am not so sure about what the client qualification methodology of FXGM is like, limiting the leverage offered to new clients still looks like a good idea to me. Lots of beginners have fallen into the trap of believing they had to utilize the whole of their account balance for margin purposes. While this is a complete falsehood, it also puts your entire investment at a great risk. Even though the rewards may look amazing at first, the sure end of such investment is losing your money.
Here are People’s Opinion About FXGM
Customer Support At FXGM
I actually put this first among the opinions people have about different arms of the company’s operation. When it comes to investing your hard-earned money with a broker, one significant thing that can either help you have a wonderful experience trading or frustrate your life, especially if you are a newbie, is the customer support. One thing I have seen about FXGM and which many people have also stated in their reviews on various online platforms is the excellent customer support they had put in place. They have a fast, efficient customer support that works from 7 am to 7pm from Monday to Friday. They have made it possible to chat with their agents using the Live Chat button on the platform.
You can also choose to communicate with them through other various convenient means as they made it possible for customers to access the company address, what’s app number, international number and email addresses — all are made available in the Contact Us section on the dashboard. This assures more transparency and quick support to newbies at the right time they need help.
What Trading Platforms Are Available To Traders?
The wide choice of possible trading platforms offered by FXGM has been said by many traders using the platform to be great for attracting many different types of traders. The most popular of them — the MT4 platform remains the easiest of the platforms to use and could stand on its own just as it is at many other brokerage houses.
But that is not the only platform offered by FXGM South Africa as they also offer other trading platforms, including PROfit and WebPROfit platforms both of which are easy to use and state-of-the-art trading platforms that traders on FXGM has found to be very easy to understand and as well simple to use.
· The MetaTrader 4 (MT4) Platform
The MetaTrader 4 trading platform has been the favorite of many traders all over the world when it comes to trading CFDs, Forex, and Commodities. It is an award-winning trading platform well known for its simplicity and user-friendliness. Makes it possible for you to easily manage your positions and the software is available in multiple languages making it super easy for you to trade without language barriers. The platform offers lots of trading tools to help you have the best trading experience, including live streamed prices and charts as well as trading signals and indicators.
One major feature of the MT4 platform is the option to open a risk-free demo account which allows newbie traders to practice before they eventually trade with their real money. The MT4 trading platform is designed for Windows operating system and you can download it at FXGM.
· The WebPROfit Platform
This is another platform offered by FXGM and it’s designed for trading Forex, CFDs, and commodities fast and with more ease. The platform has an advantage over the MT4 platform as it doesn’t require any software download before use and can be used from any computer.
It is compatible with a wide variety of browsers, including Firefox, Chrome, and Internet Explorer. It is easy to use and also and has the Stop-loss orders feature on it as well as trading with leverage.
· Mobile PROfit Platform
If you are the type of traders that would like to keep track of your position and execute new trades based on the current development happening in the financial world, the FXGM free apps for iOS and Androids will be of great help. It will allow you to use the PROfit trading platform even while on the go. Both the Android and iOS version of the PROfit trading platform has excellent features to help you have the best trading experience, including having financial news updates, live prices, real-time trading as well as live streamed charts. Nothing beats this!
What Are the Different Types of Trading Accounts On FXGM?
There are 5 different types of life trading accounts offered by FXGM and they are all designed to help traders of all levels of trading experience. It will also interest you to know that the five types of trading account on FXGM include free webinars and free training courses, free eBooks, on-click trading and pop-up alerts. There is also an additional free SMS service available to traders using any of the five accounts. The five accounts include:
· Discovery account: only an initial deposit of $200 to $9,999 is required to open this account and has all the above-listed features as common to the other trading accounts.
· Silver account: an initial deposit of $10,000 to $29,999 is needed to open this account. In addition to the listed features, the silver account also gets spread discount on commodities as well as a free one month access to Trading Central which is one of the leading investment research providers about financial market professionals.
· Gold account: the gold account, in addition to all the features offered by the silver account, it also gets 2 months free access to Trading Central and also allows an initial deposit of $30,000 and $49,999. It also offers spread discounts on Forex Majors, Commodities and Indices.
· Premium account: this account requires an initial deposit of $50,000 and $99,999 for you to set it up. The only difference between the premium account and the Gold account is that it offers 3 months free access to Trading Central and a personal customer service agent.
· VIP account: this is the ultimate account and requires an initial deposit of $100,000 to open it, it also comes with a free 4 months free access Trading Central.
Payment Method of FXGM
FXGM South Africa receives payments majorly through Credit and Debit cards as well as Bank transfer. While these means of payment can get the job done, there are also some other means of payment solutions like e-wallets and international transfers that make the process easy for traders.
Withdrawing funds can also be done by simply filling in a withdrawal form. You can also enter the amount you want to cash out in the withdrawing section of your trading account. You will get withdrawal request processed within one business day. However, this sometimes varies based on the payment method you have chosen.
FXGM 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.
Customer service at FXGM is available 24/6 via Chat, SMS and by emails
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.
FXGM South Africa has been a chosen broker by many South Africans because the trading experience they provide can hardly be matched by any other company. However, as much as this review is not to dictate for you, it is written to help you have a better insight into the company and see how much it can be of help to your online trading goals. If you are, however, still wondering about the credibility of this broker, I will advise you take a look at the positive sides of the company and make the best decision for yourself.
All in all, FXGM South Africa has quite a lot to offer for traders. They have been around for a while and are experienced brokers. FXGM is also well regulated so that you can ensure that your funds and profits will be safeguarded at all times.
Below is a video review of FXGM by PForex