FXGM.com Review

1.62 · 13 REVIEWS

Fx Global Markets

Updated: Sep 3, 2021 · Visit site  · Is this your company?

FXGM is a forex broker. FXGM offers the PRofit forex trading platform. FXGM.com offers over 40 forex currency pairs, cfds, commodities, shares, indices, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

FXGM.com

WARNING:  This company is a company in the BForex Group.  BForex.com is another company in the BForex Group.

Click here to read how BForex.com got an FPA Scam Finding.

The FPA recommends AGAINST doing business with FXGM or any other member of the BForex group.

Other websites of this company include FXGM.eu



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Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 200:1
Minimum to Open Live: $200
Established: 2011
Address: Artemisia Business Centre, 14 Charalambou Mouskou, 2nd Floor, Office 201, 2014 Nicosia, Cyprus
Contact: info@fxgm.com, +357 22 030 082
Regional offices:
Regulators: CySEC #161/11, FIN-FSA #, BaFIN #130520, CONSOB #3567, Finanstilsynet #FT00080174, KNF #, FSCA #47709, CMNV #3321, FI #, FCA #593528
Prohibited countries:
Trading platforms: PROfit
Web Trading: Yes
Mobile Trading: Yes
Currencies: (40+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (160+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
Deposit Methods: Bank Wire, VISA, MasterCard
Withdrawal Methods: Bank Wire, VISA, MasterCard

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1.62 · 13 REVIEWS
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Traders Reviews

Adolfo,
Alicante, Spain,
Mar 25, 2018,
Guest

scam

This broker is very bad, they called me on the phone and they disrespected me, they make a very aggressive sale so that you can join them, it seems to me that the 5 protected operations are a scam
 
Björn Nilsson,
Stockholm, Sweden,
Jun 12, 2017,
Guest

Unethical selling methods

I was contacted by a seller from fxgm a few days ago.

Since the call came one day after I registered at the site "investing.com" I actually first thought the seller was representing the "investing.com” site which to me looks pretty solid (first impression without running background checks).

After a while I understood the seller was not representing “investing.com” - as he/she was representing the “fxgm” company (I have not bothered yet to check if the companies are related). I went forward with the call anyway since my idea is to learn more about all kinds of investments methods and tools.

I explained that I was NOT interested to invest any money right now but maybe in a year or two when I know more about what type of investments I want to focus on.

With this said, together we started the registration process at fxgm.com with the seller guding me over phone and me on the computer.

The seller clearly followed a predefined selling protocol/method, and along the way shared success stories from other customer interactions - something the seller apparently thought would get my attention. After a while in the conversation background noises started to leak into the call indicating the seller was in an open public space.

At the end of of the registration process the seller explained it was time to submit the minimum entrance investment which was 200 euro.

When I explained that I was not going to invest anything this year - repeating what I already said in beginning of the call - the seller explained that he/she was "disappointed with me" and accused me for "waisting time”.

After being accused of waisting time I hang up. (Waisting time is actually a valid point since the seller told me the registration process would take 15 minutes - but it actually took 47 minutes and 59 seconds until I terminated the call.)

Bottom line: The fxgm-company uses sellers that are rude to their customers and starts the relationship with shady selling methods trying to push their customers into investing by pushing the "bad conscience button".
  1 trader has found this review helpful
James I.,
London, United Kingdom,
Feb 17, 2017,
Guest

Avoid at all costs

Nuissance calls. Hung up on me when I said I am not interested. If that is what their initial service is like, then I wouldn't want to find out what trading with them is like either! Hah
 
James,
Netherlands, Netherlands,
Jul 29, 2016,
Guest

good broker trading almost a year now, have tradeded with a few brokers before, i believe this one is the cheapest in spread. also the customer service is good. had some issues regarding my main currency preference. it got sorted right away no hustle. i will keep trading with them
 
Noway,
Sliema, Malta,
May 24, 2016,
Guest

I used to work for FXGM. Believe, me, don't trust them. You will never make money with these guys
 
Mothupi,
Gauteng, South Africa,
Mar 15, 2016,
Guest

I have been trying to withdraw my money from FXGM account for almost a year, but I still don't have it. They keep sending me forms with every withdrawal request and money is not transferred after I have submit the forms. So be aware that you might never get your money back from this broker once it's in the FXGM trading account.
 
Steve,
Sweden , Sweden,
Jan 11, 2016,
Guest

Perfect company. I made profit and I did withdraw in 12 hours
Everything is okay
I
 
Dan,
HongKong, Hong Kong,
Jan 3, 2014,
Guest

May I ask where can find that FXGM is a group of Bforex?

I had go to the FXGM website, it mentions that they are the brand name of the Depaho Ltd. and I find this company was registered in CySec and FCA.

I was concerning about if they are in bforex group.

Review Moderation Team Note: We recommend reading this...

http://forexmagnates.com/always-never-the-same-cysec-issues-warning-about-depaho-fx/

a very similar trading name to CySec regulated bforex white label GTCM which is a brand of Depaho Ltd.
 
Sylvester Augustine,
Johannesburg, South Africa,
Jan 1, 2014,
Guest

Beware friends & take the FPA warning extremely seriously. I've been ripped off twice on promised bonuses not coming through resulting in "convenient" margin calls. Admittedly I over-traded my account (because back then I did trade aggressively) BUT they failed very, very conveniently to fulfill their end of my deposit deal which would have anyway protected me from margin calls in both cases. Thereafter I closed and moved to AVATrader with no regrets to date (six months going strong).
 
jesus,
madrid, Spain,
Jun 19, 2013,
Guest

Hi opened 5 protected positions and after that i opened 2 more....
I won all positions and i am trying to withdraw mooney and they told me that thre was irregular movements so icannot withdraw money!!!!
Anyone have had same problem...what can i do?
I´m going to put reclaim in http://www.cysec.gov.cy/complaints_cifs_regulated_en.aspx
but is it usefull?

Review Moderation Team Note: The FPA considers providing useful information to a regulator to be a good idea.
 
vlad,
targu mures, Romania,
Mar 27, 2013,
Guest

I was promissed 100% bonus but i did not revice it. They told me every single day that it will be ok but i stood like that for 1 month. After that i wanted mu money refunded and it has been 2 weeks an i stiil did not get my money. Be carefuul! They lie a lot!! Do not belive them!!!!
 
James,
Liverpool, United Kingdom,
Mar 24, 2013,
Guest

You can start with a minimum deposit of 250 USD; minimum top up is 250 USD- which is not great. Worse is the fact that your minimum lot size is 10,000 currency units or 10 gold units- so you can very quickly get a margin call.

Furthermore; the stop loss are many many points away from the starting point, meaning that you will endure a large loss if the trade goes against you.

The biggest issue however is many many times their servers are down; thus you can not edit your trades. This happens when there is a large movement in currencies- e.g. eur drops- when you really really need to act; and are stuck.
 
DD,
Mumbai, India,
Sep 21, 2012,
Guest

I have been getting phone calls from a lady Natasha. She says that if I deposit the minimum amount $250) into a new account a team of specialists wil help me to learn the forex trading. They will walk me through trades on a demo account until I feel confident enough to start trading on the new account which I opened initially and put funds into.

What I cannot understand is why do I have to put in money in advance if I am not acutally going to trade until they teach me the tricks of the trade.

They could ask me to transfer a token amount say $ 10 or $20 as a sign of good faith that I will fund the account once I become proficient.

Anyway I dont know anything about this company except they are headquartered in Cyprus (Alarm bells rang when she told me )

However, without a proper surevey we cannot judge them scam

DD

Review Moderation Team Note: Requiring a deposit to get access to a demo account and basic education about how to use the platform sounds suspicious to us.

We invite FXGM to give a detailed explanation of this policy.
 
Beirut, Lebanon,
May 18, 2012,
Registered user

After 4 months of trading, I applied for a withdrawal and they decided to send me the following e-mail:

Dear Mr. El-Hakim

We would like to inform you that after lengthy monitoring of your trading account number ********, the Compliance Department has decided to suspend your trading account due to suspected irregularities. Your account will be suspended in such a way that you will be able to close any open positions that you may have.

Your trading account patterns are currently being examined in order to investigate this further.

Your account will remain suspended for seven business days or until the conclusion of the investigation. Once a conclusion is made, we will inform you of the results.

Should you require any further information, please do not hesitate to contact us.

Best regards,

Compliance Department

And I have abided by their every rule and kept my trades for at least 4 minutes while their rules are for 2 minutes. We'll see how this goes but the way I see it, it's going to FPA, FSA, Cysec and I'm travelling to Cyprus to file a law suite.
 
N-trader,
japan,
Oct 25, 2011,
Guest

Fixed spreads are collected without slippage and HP claims customers, the rate is fixed at a later eventually will erase profits.

Scissors and then I, the customer can not derive a profit