FXGM ZA Broker Review

FXGM ZA South Africa is a brokerage firm that works only in South Africa and functions within the boundaries of the South African applicable laws and regulations. FXGM ZA provides its clients with the chance to trade forex, equities, commodities, and indices with a leading Forex broker. And as a client, that is an advantage.

If you want to open an account with FXGM South Africa, we recommend going through this review first.

You can find our transparent FXGM ZA review below. Broker reviews are updated frequently!

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FXGM ZA Regulation

FXGM South Africa (www.fxgm.co.za) is regulated by the South Africa Financial Sector Conduct Authority (FSCA) with the license FSP Authorisation No. 50202.  They are brand name operated by FXGM South Africa (Pty) Ltd.

Reliability

One of the things that FXGM ZA provides is the security of funds, and it is also a member of the Investors’ Compensation Fund, owing to its regulations from the FSCA. This is designed to safeguard investors’ claims just in case a member provider cannot pay the investors’ claims in alignment with the agreement.

FXGM ZA Tradeable products

The brokerage firm has more than 40 forex currency pairs, hard and soft commodities, popular US and South African stocks, nine major global indices. And as a client, you can also engage in crypto trading at the company. It can be done through 6 significant cryptocurrencies.

All the instruments available at the brokerage firm are provided in all the account types.

FXGM ZA Account types

FXGM ZA provides five account types; junior, premium, VIP, executive, and royal.

The minimum deposit for opening a junior account is between $200 – $9,999. In addition, a junior account has all the common features like free training, e-book, one-click trading, auto-chartist, and personal customer service agent.

An initial investment of $10,000 – $29,999 is required for the premium account. In addition to the advantages of the junior account, premium account holders have access to Trading Central.

The VIP account gives you an initial deposit between $30,000 – $49,999. In addition, the premium account users have access to all the features of Junior and premium accounts. The addition is the spread discounts you can get on FX majors, commodities, and indices.

The executive account necessitates an initial deposit between $50,000 – $99,999. The executive account users have access to all the features of the above account with extra tither spreads on the tradeable products.

The royal account requires a minimum deposit of above $100,000. The account offers extra tighter spreads along with the features of the accounts mentioned above.

FXGM does not provide a free demo account.

The good thing is that every client of FXGM ZA receives a dedicated personal account manager.

They provide each client with extensive information on trading platform features. Like Forex market news, updates. They even give information on different trading strategies in general. Remember, the account manager is not there to provide you with investment advice. They make client’s life easier by presenting them the platform in-depth so when the client starts trading to be fully aware of the platform capabilities.

Average Standard Account Spreads on Majors

• EUR/USD: 0.0003
• GBP/USD: 0.0003
• USD/JPY: 0.03
• AUD/USD: 0.0003

Opening an account

If you want to open an account with FXGM South Africa, the good news is that it could not be any easier. The entire account creation process is completed digitally and takes about 15 minutes.

Here’s how to open an account with FXGM South Africa:

• Register your email and password
• Fill in your personal information
• Upload a copy of your ID and a utility bill for identification.

Account currency

As the broker is based in South Africa, you can open an account in ZAR. The good thing is as a South African, you can open an account in ZAR, so you don’t have to pay a conversion fee.

Trading Platforms

FXGM South Africa has two for trading; PROfit and Mobile PROfit.

The PROfit is a web-based cutting-edge trading platform. It is designed to meet the needs and expectations of all the clients making their lives easier.

The PROfit platform provides advanced and professional features to experienced users. However, for beginners, things are simple, and they will appreciate its easy-to-use and fully adjustable features. In contrast, professional traders will appreciate the availability of all trading instruments. In addition, the PROfit platform supports all mobile devices.

With PROfit, Trading is simple and convenient. As a trader, you can trade forex pairs, commodities, and CFDs without installing any software.

Financial news is also delivered directly to the platform through the use of the PROfit, and real-time charts and analysis are also offered, making this platform more useful. In addition, all internet browsers, including Chrome, Opera, Firefox, and Internet Explorer, are supported by PROfit. So, what else do you need?

The Mobile PROfit offers traders the option to download FXGM ZA app for free on Android and iOS powered phones. The app allows you to execute the trade from your phone instantly.

The PROfit gives beginners, and professional traders equal opportunities to trade in a highly professional trading environment. PROfit also provides a singular interface and advanced trading features. It also allows you to style your layout and edit your workstation to fit your needs so you can change it according to your liking. More importantly, PROfit has two unique formats on the trading platform menu. One is for the beginners and the other for the professional traders.

FXGM ZA offers its clients more than 300 trading instruments. From the CFDs of stocks of the most prominent companies worldwide like Amazon, Tesla, Facebook, Google, Microsoft, etc., to popular commodities such as gold, crude oil and gas, and indices such as NASDAQ аnd SP500. As unique assets on the PROfit platform, we could add synthetic derivatives. They are designed for traders with a lot of experience and larger amounts of initial deposits.

FXGM ZA Commissions and fees

Since FXGM ZA is an STP broker, offers regarding variable spreads can change based on market conditions, but the actual cost is determined by the account type you are using as a trader.

The fee is calculated on the open positions that are left overnight. They will be debited at 00:00 GMT. In FXDM, the financing fee is calculated as 0.015% of the overnight exposure. The fee is calculated as 0.015% of the overnight positions on CFDs. For Cryptocurrencies, the financing fee is 0.50%.

At FXGM, there is also an administrative fee. The firm’s website mentions that in case of the absence of any activity for at least three months, the company reserves the right to apply a fee of US$ 500 after that, charged every quarter. If the client’s account is funded by less than US$ 500 and has been inactive for three to 3 months, the company reserves the right to charge a lower amount to cover administrative expenses and close down the account.

Leverage

As a trader, FXGM allows you to trade with the maximum leverage of 1:200. However, the power can change according to the products. For example, for forex pairs, you can have a leverage of 1:200, while for commodities excluding Gold, Silver, and Oil, the leverage is 1:100. The influence on ETFs and stocks, and cryptocurrencies is 1:10.

Deposits and Withdrawals

At FXGM, there are several ways for depositing and withdrawing funds, including the most often used choices. It ensures that you will never be disappointed as a client and will always find a convenient way to move money.

Credit/Debit Cards, Bank Transfers, PAYGATE, EFTpay, Skrill, and OZOW are all acceptable payment methods.

FXGM’s minimum deposit for a first-grade retail account is $200 for the junior version, while higher-level accounts require more extensive deposits.

FXGM’s junior account is considered the best option for anyone entering into this business for the first time. However, a slightly more significant amount will bring you some extra discount on trading charges, which is always a side benefit.

FXGM does not charge any fees for deposits or withdrawals, which is excellent.

But you must keep in mind that the withdrawal will be sent to the source of deposit. This means that if you deposited with your credit card, your withdrawal would be credited back to the same credit card.

If your withdrawal request is not approved due to insufficient funds, you should submit a new withdrawal request within the available withdrawable equity to avoid any further damages.

Customer Service

FXGM has created excellent customer service, and as a client, it will never fail you. The company’s support teams can be reached by chat on the official Facebook page, email, phone lines and through the contact form during working hours, five days a week.

Education and Research

The brokerage provides many different educational resources which will be helpful for beginners looking to get into this business. In addition, the broker employs SMS to disseminate our various information to all registered account holders. Tools like a daily economic calendar, trading indications throughout the day, and newsflash notifications become available, making life much easier.

The availability of Trading Central, a primary investment research source to financial market specialists, is another fascinating feature of FXGM. Their technical tactics apply to equities, index, forex, commodities, and fixed-income markets.

Trading Central is a non-profit organisation that is free of investment banking conflicts. Technical analysis is an essential aspect of FXGM’s business. Its chartist and mathematical methodologies are modified according to the needs of many investment styles, ranging from intraday trading to swing trading and long-term investments.

Along with this, the broker provides Autochartist. The software automatically identifies trade set-ups based on support and resistance levels. Then, it sends signals to traders once an opportunity comes to light.

Special features

There is one feature that sets FXGM ZA aside from the significant part of the brokers out there. It’s called Autochartist. It is a market scanner directly to your platform, saving valuable time by allowing traders to watch all symbols and all periods from a single chart. By continuously scanning markets, Autochartist automatically recognizes trade set-ups based on support and resistance levels. It sends signals to traders once an opportunity has been identified.

Bonuses and Promotions

The PROfit platform of the FXGM ZA broker does not provide a demo account. At the same time, this broker offers the opportunity for every new client to profit at no risk through protected trades. The amount of initial protection from loss positions depends on the initial deposit.

If a client deposits up to $499, they will receive 5 protected positions. If the amount is more than $1000, the client is provided with 10 protected positions. When a client loses on a protected position, the broker covers the loss, and when they profit, the amount is there for withdrawal or further trading.

FXGM is South Africa

If you are from South Africa, you can open an account on FXGM, and the local FSCA regulates the firm.

Affiliation Program

This program offers people to choose and earn for every qualified client.

Our verdict

According to the observations that have been made about the company, FXGM provides a transparent and straightforward trading offering to trade commission-free on a variety of markets covering financial CFD instruments in Currencies, Shares, Commodities, Cryptocurrencies, Indices and ETFs. It is as easy as money can get.

The company also offers users the option to trade simply by using the browser-based trading platform PROfit, which is also available on mobile. In addition, the broker provides access to additional trading tools such as AutoChartist, a live economic calendar and the Trader Trends indicator directly from the platform and live market analysis on the homepage.

While FXGM now allows access to a demo trading account, they provide up to ten protected trades that will enable you to trade with zero risks on those trades to get acquainted with their platform. Again, this suits the beginners who are just entering into the business.

Bottom line

The broker is regulated by FSCA, making its terms transparent and reliable for you as an investor.

FXGM ZA trading conditions are competitive and simple for both novice and experienced traders. Moreover, its vast choice of account kinds will provide you with additional benefits.

The brokerage firm is excellent for your trading needs regardless of your trading level. In addition, it is a simple broker to work with.

Feel free to open an account with FXGM ZA.

We value your feedback: Rate this broker by leaving a comment and rating below this review.

Broker FAQ

Thinking of Trading with FXGM ZA?

How much deposit is necessary to open an account?

FXGM requires a minimum deposit of $200 for opening an account.

How does Deposit/withdrawal work?

You can do it through Credit/Debit Cards, Bank Transfers, PAYGATE, EFTpay, Skrill, and OZOW.

Does FXGM have high spreads?

The spreads are tighter on all FX pairs.

What is the maximum leverage offered?

At FXGM ZA, the maximum leverage is 1:200.

Does FXGM offer Metatrader?

No, FXGM ZA doesn’t offer MT4 or MT5.

Is it possible to open an account in South Africa?

Yes, it is possible to open an account in South Africa but not in ZAR.

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