FXGM has increased in popularity among the traders in South Africa ever since the company had received permission from Financial Services Board or FSB. Other than this, FXGM being a branch of Depaho Ltd. is regulated by CySEC or Cyprus Securities and Exchange Commission. HE292004 is the CySEC registration number of FXGM. Thus, the traders wanting to open an account at FXGM brokerage website may fearlessly do so. Forex Global Markets or FXGM started its journey in 2006 and follows all the norms stipulated by the regulators. Here is a brief FXGM broker review.
Apart from CySEC and FSB, Depaho Ltd. has also been authorised by:
- The ComisiónNacional del Mercado de Valores (CNMV)
- CommissioneNazionale per le Società e laBorsa (CONSOB)
- Finansvalvonta (FIN-FA)
- Finansinspektionen (FI)
- Magyar Nemzeti Bank (MNB)
- KomisjaNadzaruFinansowego (KNF)
- BundesanstaitfürFinanzdienstleistungaufsicht (BaFin)
- Finanstilsynet (Norway)
- The Financial Conduct Authority (FCA, UK)
At FXGM, a trader can choose from five different types of live trading account. They are:
- Discovery (Minimum deposit $200, Maximum deposit $9999)
- Silver (Minimum deposit $10,000, Maximum deposit $29,999)
- Gold (Minimum deposit $30,000, Maximum deposit $49,999)
- Diamond (Minimum deposit $50,000, Maximum deposit $99,999)
- VIP (Minimum deposit $100,000, Maximum deposit is nil)
The Forex/CFD broker insures the first 5 positions after opening a live trading account on their platform. This means that if the trader incurs a loss the amount invested would be returned to their account. The Trading Central feature lasts from 1 month to 4 months depending on the type of trading account selected by the trader. The trader can take the help of several trading tools and indicators, offered on opening a live account while trading Forex/CFDs.
CFDs (Contract for Difference) refer to the difference between the entry and exit point of a trade. The value of the tradable asset is based on the price action of another asset like shares, index and commodities. At FXGM, the traders can also trade currency pair CFDs. After opening a position, if the value of the underlying asset increases then the trader (buyer) will experience a profit but the seller will see a loss. In case the value of the underlying asset sees a slide, the buyer will make a loss but the seller generates profit. FXGM also offers OTC CFDs to their clients that exist as a ‘private contract’ between the trader and the broker.
The mobile and web version of the PROfit trading platform is offered by the Forex/CFD broker to their South African clients. Both the versions of PROfit are user-friendly and organised. The trader will be able to trade Forex, commodities, shares and indices through the PROfit trading platform. The trader can trade Forex/CFDs during either of the trading sessions from anywhere if they have a good internet connection. Trading tools like the Economic Calendar, SMS services, Market Review and Currency charts make the path of doing trading analysis easier for the novice as well as veteran trader.
FXGM offers leverage up to 1:200 when trading Forex CFDs or Commodities CFDs. The leverage limit for new clients having default trading account is x40 while for experienced clients it is x50. The maximum leverage that a client can request for Forex CFDs and commodities CFDs is x200. In case of indices CFDs it is x100, single stocks CFDs is x10, and protected positions is x20. However, the maximum leverage request option is not available for all the clients of FXGM.
Deposit & Withdrawal
The trader can make a deposit through their credit card, Visa, MasterCard or do a bank transfer. The withdrawal process is quite easy. It only requires the trader to fill up the Withdrawal form or they can simply login to their account and insert the amount they want to withdraw.
Commissions and Tax
The Forex/CFD broker does not charge any commission or take any separate fees. They offer tighter spreads to their clients and that is their source of income.
Being a trader in South Africa means that s/he has to pay tax. However, FXGM does not take any responsibility for this. The traders have to pay the taxes timely from their own concern.
Best Features of FXGM
- At FXGM, the traders can trade CFDs of commodities, indices, stocks as well as currency pairs.
- The Forex/CFDs broker offers tighter spreads for all the tradable instruments.
- Based on the experience of the trader and the account type FXGM may offer leverage as high as x200 to their clients. The leverage also depends on the market situation and the tradable instrument.
- PROfit, both the web and mobile version has many unique features that help both the inexperienced and veteran traders.
- FXGM provides free eBook on opening a live trading account that will help the neophytes to analyse a market situation.
Speaking holistically, FXGM is a competitive broker in South Africa that offers Forex/CFDs trading.
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