Contents
- 1 FXGT Forex Broker Review Basics
- 2 Our Opinion About FXGT
- 3 Regulation and Safety
- 4 FXGT Forex Broker Review: Legit or Scam?
- 5 FXGT Trading Instruments
- 6 FXGT Account Types
- 7 Trading Tools
- 8 FXGT Leverage, Spread, and Commissions
- 9 FXGT Deposits and Withdrawals
- 10 FXGT Bonuses and Promotions
- 11 FXGT Trading Platforms
- 12 FXGT Customer Support
- 13 Our Verdict
- 14 FXGT Forex Broker Review FAQs
- 15 Similar Brokers
FXGT Forex Broker Review Basics
🏛️ Based in | Seychelles, South Africa |
---|---|
⚖️ Regulation | CySEC, FSA, FSCA |
💰 Minimum Deposit | $5 |
💳 Deposit Options | VISA, MasterCard, Bank Wire, Neteller, Fasa Pay, Skrill, Crypto |
💳 Withdrawal Options | VISA, MasterCard, Bank Wire, Neteller, Fasa Pay, Skrill, Crypto |
📌Open an account | Start Trading with FXGT |
Our Opinion About FXGT
As forex trading continues to grow in popularity across Africa, traders are looking for brokers that provide a safe and regulated trading environment. FXGT is an intriguing new option that deserves consideration.
FXGT is a global multi-asset brokerage firm regulated by top-tier authorities like CySEC and FSCA. This gives traders confidence that their funds and data are secure. FXGT also offers competitive pricing, a selection of powerful trading platforms, and excellent customer support.
While FXGT is not without limitations, overall it presents an attractive package for African forex traders. In this FXGT review, we’ll break down the key factors you need to evaluate when choosing a broker.
Regulation and Safety
The first thing to check with any broker is proper regulation. FXGT ticks this box, with regulation from CySEC, FSA, and FSCA.
CySEC, or the Cyprus Securities and Exchange Commission, is one of the most reputable regulatory bodies in the industry. Regulated brokers must comply with strict standards around client fund segregation, capital adequacy, and reporting. CySEC membership provides traders with key safeguards.
The Seychelles Financial Services Authority (FSA) and South Africa’s Financial Sector Conduct Authority (FSCA) also regulate FXGT. These additional licenses expand the broker’s reach while reinforcing trust.
Proper regulation assures that client money and data are protected. Traders should be wary of unregulated brokers or shady offshore regulators. FXGT’s tier-1 regulation helps inspire confidence.
FXGT Forex Broker Review: Legit or Scam?
With regulation addressed, is FXGT a legitimate broker or a scam? After a thorough evaluation, we find FXGT to be a legitimate brokerage.
FXGT is transparent about its ownership, management team, and regulatory status. User feedback online is generally positive, without systemic complaints around withdrawals or deceptive practices. The company has also been operating since 2015 without major incidents.
For African traders, it’s important to exercise due diligence in evaluating brokers. While FXGT is a legitimate business, scams do exist. Check regulations, Google reviews, and consult trading communities to verify quality. FXGT checks out as a valid broker to consider.
FXGT Trading Instruments
A key feature for traders is a broker’s assets and markets. FXGT provides access to a solid menu of trading instruments:
- 170+ currency pairs
- 15+ cryptocurrency CFDs, including Bitcoin, Ethereum, Litecoin
- CFDs on stocks, commodities, indices, ETFs
This range of tradable products caters well to diverse trading strategies. While FXGT is not among the brokers with the absolute highest number of assets, it covers all the major markets. The addition of cryptocurrencies is a nice touch as digital assets grow in popularity.
FXGT Account Types
Brokers offer different account types based on factors like minimum deposit, fees, and benefits. FXGT provides four account tiers:
Type | Average Spread | Min. Deposit | Max. Leverage | Commission |
---|---|---|---|---|
Mini | 10 points | $5 | 1:1000 | $0 |
Standard | 10 points | $5 | 1:1000 | $0 |
ECN | 0.0 points | $5 | 1:1000 | 0.1% – $6 |
Pro | 5 points | $5 | 1:1000 | $0 |
The Mini account allows beginners to open an account with just a $5 deposit. Standard accounts add more features. The ECN account provides raw spreads and Level 2 pricing for high-volume traders. Finally, the Pro Account boosts leverage up to 1:1000 for the biggest customers.
Most traders will opt for a Standard or ECN account. But the tiered structure lets you select based on your deposit amount and preferences. You can also upgrade between accounts as your trading evolves.
Trading Tools
All FXGT accounts come well-equipped with trading tools:
- Economic Calendar – Stay on top of upcoming events and releases.
- Trading Signals – Receive trading suggestions from FXGT analysts.
- Autochartist – Automatically identify chart patterns.
- VPS Service – Reduce latency and technical errors.
Experienced traders may already have preferred tools. However, these built-in resources provide useful guidance, especially for beginners. Having reputable trading tools integrated with the platform saves you the hassle.
FXGT Leverage, Spread, and Commissions
Leverage allows you to trade larger sizes with less capital. FXGT offers industry-standard leverage up to 1:1000, with lower tiers for smaller accounts. This gives you flexibility in position sizing. Keep in mind that leverage magnifies both profits and losses.
Spreads represent the transaction fees paid on each trade. FXGT advertises spreads as low as 0 pips on certain markets. This is attractive pricing that enhances profit potential. Actual spreads vary based on account type, trade size, and currency pairs. Overall spreads are competitive across major and minor pairs.
FXGT charges zero commission on Mini, Standard, and Pro accounts. Only the ECN account has commissions of $6 round-turn on forex and $5 on metals. There are no surprise fees. Competitive spreads and zero commissions on most accounts keep FXGT’s pricing favorable overall. Active day traders may find even tighter spreads out there. But FXGT’s pricing matches well with other regulated brokers.
FXGT Deposits and Withdrawals
Convenient payment options and quick processing of deposits and withdrawals are key. FXGT accepts a variety of payment methods:
- Wire Transfers
- Credit/Debit Cards (Visa, Mastercard)
- Skrill, Neteller
- Qiwi
- WebMoney
- Fasapay
- Cryptocurrency
This selection covers payment methods popular in Africa and beyond. Noticeable omissions are PayPal and UnionPay. But the array of card and e-wallet options should suffice for most traders. Deposit minimums range from $5 to $250 depending on the payment method. FXGT processes deposits instantly with most methods.
Withdrawals are also processed quickly upon request. Bank wire withdrawals take up to 5 business days, while e-wallet withdrawals are completed within 24 hours. These are industry standard timeframes. The variety of payment methods combined with quick processing makes depositing and withdrawing with FXGT straightforward. Be sure to check if your preferred local payment services are supported.
FXGT Bonuses and Promotions
Who doesn’t like free trading money? FXGT offers new traders a set of attractive bonuses and promotions:
- 50% Welcome Bonus – Increase your account balance right away.
- $30% No Deposit Bonus – Trade free with house money.
- 25% Unlimited Loyalty Bonus – Keep earning as you trade.
- VPS Sponsorship – Get free VPS service after 3 months of trading.
These promotions provide new traders with additional capital and tools. The welcome bonus also helps offset early trading mistakes. To qualify, you must trade a volume stipulated in FXGT’s terms and conditions. Seasoned traders may dismiss bonuses as unnecessary marketing ploys. But for beginners with limited capital, FXGT’s promotions are legitimately useful.
FXGT Trading Platforms
FXGT integrates the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These industry-standard platforms allow web, desktop, and mobile trading.
MT4 and MT5 offer comprehensive charting, analysis tools, and order management features. The platforms support automated trading via Expert Advisors (EAs) written in MQL. You can also access FXGT copy trading services through the platforms.
If you prefer simplified trading, FXGT also provides a proprietary web platform and mobile apps. These streamlined interfaces appeal to beginners.
MT4 and MT5 are hard to beat for technical traders. FXGT delivers in the platform department. You get best-in-class technology trusted by millions of traders worldwide.
FXGT Customer Support
Customer service is the broker’s opportunity to provide a human touch. FXGT support options include:
- 24/5 Live Chat
- Email Support
- Phone Support
Our Verdict
FXGT brings a well-rounded offering to the table that can appeal to African forex traders. Regulation from top authorities breeds trust. The tradable product range covers all major asset classes while account tiers accommodate beginner and veteran traders alike.
Pricing and promotions provide value, while MetaTrader platforms grant technology advantages. Customer service responds quickly in multiple languages. For African traders seeking a legitimate international broker with competitive pricing and features, FXGT checks the boxes. The brand deserves your consideration.
FXGT Forex Broker Review FAQs
Yes, FXGT is regulated by CySEC, FSCA, and FSA. This tier-1 regulation ensures the safety of funds and data.
FXGT provides Mini, Standard, ECN, and Pro accounts based on deposit amounts and benefits.
FXGT offers the popular MetaTrader 4 and MetaTrader 5 platforms for desktop and mobile. Simplified web and app platforms are also available.
FXGT accepts cards, wire transfers, Skrill, Neteller, Qiwi, WebMoney, Fasapay, and cryptocurrency. Local African payment services may be limited.
Yes, FXGT provides resources for beginner traders including tutorials, trading signals, bonuses, and 24/5 customer support.
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