The Forex industry has earned a reputation as one chock-full of fraud. The claim is not without some evidence. Many Forex brokers, signal providers, and other unethical industry members collect money from innocent folks only to run away with it.
Therefore, you have to be cautious. Before you use the services of any broker, you have to be sure the broker is not a scam. That is, you have to do your research by reviewing its operations. The essence of this is to ensure that you do not fall prey to the mischievous schemes of fraudulent ones.
Hence, if legitimacy and quality services are your desire, the South African Forex broker, FXGM ZA, fulfills that. Thus, you should take a look.
Security and Regulations
A vital question you should ask before you pitch your tent with any broker is this: is it well-regulated and secure? An unregulated broker is not under any obligation to keep its words. If you go ahead to use one and it fails, you will not have any regulatory authority to report to and receive compensation from. Therefore, it is crucial you give the question the right attention it deserves.
FXGM ZA is registered with the Financial Sector Conduct Authority (FSCA) and is obliged to conduct its operations in accordance with its stipulated regulations. One of those is the use of segregated accounts to keep clients’ funds. In this way, the risk of the broker carting away with any client’s funds is nonexistent. Another perk is that by using the broker, you will enjoy some financial coverage in the event of an unfortunate financial situation.
Hence, no matter how bad it gets, your interests will always be protected.
Financial Products Offered
Excitingly, FXGM ZA has an extensive assortment of financial instruments. There are over 140 tradable financial products — ranging from currency pairs, shares, commodities, CFDs, options, and even cryptocurrencies! This wide range of offered products can allow you to participate in multiple financial markets and reap substantial profits from them.
In spite of this comprehensive catalogue of products, the real advantage is the competitive costs at which they can still be traded. Moreover, the broker allows the use of leverage up to 1:200. With this significantly high leverage — and therefore, a low margin requirement, you can open an account with as low as $200 and still be able to fully benefit from the profit potential of the markets covered.
Trading Platform and Educational and Research Resources
FXGM ZA offers the PROfit platform to its clients which is available in web and mobile forms. The web version runs on virtually every computer irrespective of the operating system. Also, it does not require a download. The speed of trade execution on it is fast, the functionalities are user-friendly and easy to use, and the overall trading environment is favourable. The platform is highly customizable, and its different elements can easily be manipulated by the user.
The mobile platform is the perfect tool of convenience as it can be used anytime and anywhere so long there is internet connectivity. The benefit of using it is not limited to its mobility, however; it also extends to the fact that you can enjoy that mobility without having to sacrifice any of the functions. Consequently, each time you use the mobile PROfit platform, you will be enjoying all the great features of the web-based platform plus one more — mobility. Also, whether your mobile device is Android or iOs, compatibility won’t be a problem.
Moreover, the broker provides a wide range of powerful tools for analysis and research and a library of comprehensive learning resources. There are real-time charts equipped with tens of technical indicators to help you in your analyses. There are also live-streamed market updates that allow you to have an idea of the trades that other market participants are taking. The financial news and economic calendar sections notify you of any event or release that can potentially affect the market.
The learning resources cover essential trading topics spanning both fundamental and technical analyses. Moreover, as a newbie trader, you can benefit from the demo trading function which can help to get you familiarised with the workings of the markets in a virtual environment before you start trading with real funds.
Customer Support Service
The customer support service of a broker is its public relations arm. It interacts with its clients, gets their problems solved, and professionally handles their complaints. A client will have a feel of the quality of services a broker offers through the quality of the customer support service. It is, therefore, important that its services are outstanding.
FXGM ZA’s scores excellently well in this regard. The broker offers a 24/5 customer support service through email, phone, live chat, fax, and even WhatsApp chat! The email is always available for any inquiries that you may have, with every complaint usually handled within a 24-hour period. However, it is still the least responsive of the channels of customer support service.
The live chat option is an integral component of the trading platform while the phone line is on from 7 a.m. to 7 p.m. GMT every Monday to Friday. If you are not comfortable with any of the three methods, you can also reach out through WhatsApp or Fax.
Notably, FXGM ZA assigns a personal account manager to every new client to teach them the ways while they learn the ropes.
FXGM ZA is a legitimate broker. It offers a wide range of financial products and its state-of-the-art trading platform is easy to use. Also, it provides powerful and reliable learning and research tools for its clients. The customer support service is efficient and responsive, thereby ensuring that you can always have your concerns resolved in short time.
If you are a newbie trader, you will find the demo account option, useful. It will give you an opportunity to understand the market in a virtual environment before you go live. Nevertheless, no matter your trading experience, FXGM ZA can be the perfect broker for you.