FXGM trading broker, as part of Depaho Ltd. Group is one of those trading scam companies that is well backed up with information. That’s why we will, in this FXGM review, reveal to you some tricks that these companies are using to persuade you to invest with them.
We are just hoping you won’t fall for that!
|Broker status:||Regulated Scam Broker|
|Scammers Websites:||FXGM.com, GTCM.com, TradeApp.com|
|Operating Status:||Forex Scam Broker|
|Blacklisted as a Scam by:||CySEC and CNMV|
|Broker Owner:||Depaho Ltd|
|Supported Trading Platforms:||WebPROfit, Mobile WebPROfit|
|Minimum Deposit:||200 USD|
|Cryptocurrencies (Crypto Assets):||Available (Bitcoin, Litecoin, Bitcoin Cash, Ripple, Ethereum)|
|Available Trading Assets:||Forex (FX), Shares, Commodities, Indices, Cryptocurrencies, ETFs, Futures|
|Islamic Account:||Not Available|
|Free Demo Account:||Yes|
|Accepts US clients:||US traders are not accepted|
FXGM Regulation and Licensing – Is the Broker Authorized?
We are sure that you’ve already heard that a trading company is trusted only if it’s regulated. That would practically mean that your money is safe. But it’s not that simple as it sounds.
So is the FXGM regulated? The company allegedly has CySEC, FSCA, and CNMV regulations. Yet, we will show you the truth.
- Before we move forward, we encourage you to read our recently updated InstaForex and TradedWell broker reviews.
What’s Wrong With FXGM License – Reputation Problems
The CySEC regulation of the broker was suspended, while Spanish news officially warned traders to avoid FXGM. Simply speaking, only FSCA regulation still stands, but it comes from South Africa. How reputable is it? Not a lot.
Scam Warnings Against FXGM Broker
As mentioned, FXGM brokerage was suspended by CySEC for scam activities. Therefore, you should be aware of this and other similar illicit operations that still claim to hold a license. Always make sure to check the regulator’s website and confirm the regulation.
On the other hand, Spanish news issued a warning against FXGM for the same reason.
FXGM Reviews – Trading Opportunity or Forex Scam?
Some will think it’s a trading opportunity based on its look and background setup. Based on the information from traders who tried by themselves, we wouldn’t say so.
Take a look at the comments from other people about this company:
Avoid the FXGM scammers. They drain deposits and ask for money to wager. The principle of a casino under the guise of a forex company.By algisb3
If you have opened an account with this office, then immediately be prepared for just the wildest requotes and slides. I had such that at important events, the price was opened at the peak of a candle on a pending order!
Then they assured that the price was market. But excuse me, I know what the market price is and what is a linden tree in the terminal) In short, a quiet horror and not a deskby Ivopen
FXGM Trading Platform Review – Trading Software
FXGM trading platform is a Web/Mobile-based platform. It’s not integrated with the MT4 or MT5 platform, which is disappointing.
Basically, you have two options:
WebPROfit and FXGM App – Mobile PROfit Platform
Both of these are pretty complicated for first-time users, compared to the MT4/MT5 platform. Since the broker stressed that no download is necessary, we can only tell it’s yet another WebTrader with several indicators, trying to be competitive.
For a brokerage that was up until recently regulated by Tier 1 regulators, the choice of a trading platform is rather sad.
Countries Allowed and Prohibited by the Broker
If you take a deeper look into the company background, you will see a whole list of countries not allowed to trade on this platform. But let’s not focus on the minor ones. Traders from the US or Canada are not allowed to trade on this platform. Why?
Also, the FXGM trading scam is trying to avoid risky countries that care a lot about their clients, especially when it comes to the financial market.
As a result, the broker accepts clients from the EEA zone, African countries such as South Africa and Nigeria, as well as Australia and New Zealand.
FXGM Trading Instruments – What Can I Trade?
Meanwhile, available instruments are pretty common:
- Currencies (USD/JPY, AUD/USD, CHF/EUR + more)
- Commodities ( gold, platinum, silver, copper, coffee + more)
- Indices (S&P 500, FTSE 100, DAX, Nikkei 225 + more)
- Shares (Tesla, Apple, Google, Boeing + more)
- Cryptos (BTC/USD, XRP/USD, ETH/USD + more)
FXGM Trading Accounts – Account Types
Also, there are six available trading account types:
Of course, the main difference is in the amount of deposit and the leverage provided.
FXGM Demo Account
As a company with regulations, even non-reliable ones, they need to have a Demo account available on their platform. You can try trading by yourself without exposing your money first! Yet, FXGM didn’t bother to provide us with a quality one.
FXGM Deposits and Withdrawal Methods – Payment Options
Like most trading companies, you have an available variety of options for deposits, such as:
- Credit/Debit cards
- Wire bank transfers
- Electronic wallet
You don’t have any fees from the company for withdrawals, only from your bank, depending on your country of residence.
Scammed by an FXGM broker? – Talk to Our Experts!
Finally, if you were scammed by FXGM, you should first consider filing an FXGM complaint. Afterward, you can report it you the local authorities and your bank, but the best option is to talk to the professionals.
We recommend you contact Global Fraud Protection, who successfully helped people, who were victims of a trading scam such as the FXGM scam.
To sum up, you’re not the only victim of the FXGM scam, and we’re here to assist you. Contact us via online chat, and let’s get your money back.
Don’t Let the Scammers Go Away for Free!
What is FXGM, and Should I Invest Money in it?
FXGM is an online trading brokerage with a suspended CySEC license.
Is FXGM regulated and licensed?
The broker had CySEC and CNMV regulations, and only FSCA is left due to fraud activities.
Are my funds safe with FXGM?
Since CySEC suspended the FXGM license for fraudulent activities, your funds are not safe with the broker.
Which products does FXGM offer?
Broker offers trading with currency pairs, commodities, indices, shares, and cryptocurrencies.