FXGM South Africa is a forex and CFD broker that is primarily managed by the Depaho LTD company and has received permission to operate within South Africa. In this review, we take a look at all of the services that the broker has to offer as well as in-depth examination of their operations. This will help you to discover whether the broker is legitimate, reliable, and right for you.
FXGM Accounts: A Closer Look
With this broker, there is actually a considerable amount of variety available with accounts. FXGM offers five separate accounts, that gradually increase in minimum deposit requirements as well as services provided. These are the Discovery, Silver, Gold, Premium, and VIP accounts.
The one thing that all accounts have in common is that the first five to ten positions are protected by insurance. This means that if a trader loses out during this period, the broker will reimburse their money as a form of protection. The other feature that is available with all of the accounts is training and learning opportunities, one click trading, personal account manager, and pop up alerts.
From the Silver account onwards, traders have varying levels of access to Trading Central which is a technical analysis service. This enables traders to place trades that are research based and have high accuracy levels. With a Silver account you get one month access while with the VIP account, you are able to have access to this information for up to four months.
With the exception of the Discovery account, all of the other accounts have spread discounts on Commodities, although only the Gold, Premium, and VIP accounts get a spread discount on indices and all Forex Majors. The Gold account, however, is not equipped with a Personal customer service agent.
There are actually few differences between the Premium and the VIP account, with the level of access to the Trading Central being the main feature that sets them apart. The deposit amounts for the accounts start from $200 and go up to $100,000.
The Platforms of FXGM
There are two main platforms offered by FXGM. These are the MetaTrader and PROfit platforms. The benefit of the MetaTrader platform is that it is widely used and that many traders are familiar with it. So, if traders are making the switch from another broker, they will find it easy to do so. Even new traders will have little trouble with learning the ropes as the MetaTrader platform is simple to use and interactive. It can also be easily adjusted to suit the trader’s needs better and there are also a lot of user languages to choose from.
Traders who wish to either trade on to go or from anywhere, really, will be able to benefit from the PROfit platforms. There is both a web and mobile version. The web version ensures that you don’t need to download any software but can instead access the platform any computer. It is also compatible with all major browsers, meaning that you will have little trouble using it.
The mobile platform is essentially a more compact version of the web application but is no less effective or useful. You will still be able to access all of the information, charts, and analysis as well as place trades via your mobile device. This is a great option for part-time traders.
Is FXGM Reliable?
The main thing to be concerned with any broker is whether or not they can be trusted with your money. While it can be difficult to discern this straight off the bat, there are a few indicators that can make it easier to gauge the reliability of a broker such as FXGM.
What adds authenticity to this broker is the fact that it bears a license from the Cyprus Securities and Exchange Commission (CySEC) which means that it falls under the jurisdiction of this agency. Therefore, the broker has to abide by a certain set of regulations and that their actions are constantly being monitored by CySEC. This is not all, however, as FXGM also carries certification by the South Africa Financial Services Board (FSB). This gives them the license to operate within South Africa borders.
It is also reassuring to know that the FXGM keeps all client funds quite safely. The broker makes it a point to ensure that the trader’s and company’s money are kept separately. This means that you are able to deposit funds from your own account with very little delay. It also means that your funds will not be used by the company for any investment purposes either.
FXGM Learning Opportunities
Both new and seasoned traders alike can benefit greatly from educational resources that teach them how to analyze information better and place trades more carefully. Fortunately for traders, this is available through FXGM. In fact, there are quite a few learning opportunities with this broker.
There is an online academy that gives you access to a glossary, history, and a lot of the basics that are associated with forex. There are also numerous resources in the form of economic calendars, daily news alerts, and even a market review so that you can be kept up to date on all of the events taking place.
With all of these resources on hand, even novice traders will be able to receive a lot of support and learn constantly. The abundance of information also ensures that they will be less likely to make mistakes. In fact, even the most basic account receives an e-book which provides them with all of the introduction that they need for trades.
In the event that traders wish to contact the broker, they can. There is live chat support always available or they can set up appointments to contact an agent directly. In fact, you can even be contacted by phone, if you wish.
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.