General Information
FXGT is a Seychelles-registered forex and CFD broker that provides access to various trading instruments covering forex, cryptocurrencies, metals, energies, equity indices, stocks, DeFi tokens, and NFTs, offering multiple trading accounts, competitive spreads, and high leverage of up to 1:1000. FXGT provides access to the popular MT5 platform across desktop, web, and mobile devices and offers various educational resources to support traders. The company has a 24/7 customer support team available via email and social media channels.
Pros and Cons of FXGT
Pros:
- Regulated by CYSEC in Cyprus, FSA in Seychelles, and VFSC in Vanuatu.
- Offers a wide range of financial instruments, including forex, cryptocurrencies, metals, energies, equity indices, stocks, DeFi tokens, and NFTs
- Provides multiple account types to choose from, catering to different trading styles and preferences
- Offers the popular and versatile MT5 platform, available on desktop, web, and mobile devices
- Low minimum deposit requirements and no extra fees charged for deposits or withdrawals
- Provides a variety of educational resources to help traders improve their knowledge and skills
- Responsive and 24/7 customer support available via email and social media channels
Cons:
- The maximum leverage of 1:1000 offered by FXGT can be considered high-risk for inexperienced traders
- The spreads and commissions for certain account types may be relatively high compared to other brokers in the market.
Is FXGT Legit？
FXGT's entity in Cyprus, is regulated by the Cyprus Securities and Exchange Commission (CYSEC) under license no. 382/20.
Its global entity, GT Global Ltd, is authorized and regulated by the Seychelles Financial Services Authority (FSA) under license no. SD019.
GT GLOBAL MARKETS LIMITED, its another entity, is regulated by the Vanuatu Financial Services Commission (VFSC) under license no. 7006601.
Market Instruments
FXGT offers its clients a wide selection of trading instruments. Traders can access the forex market and trade major, minor, and exotic currency pairs. The broker also offers a range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as synthetic cryptos. Additionally, FXGT provides traders with the opportunity to trade metals, energies, equity indices, stocks, DeFi tokens, and NFTs. This wide range of instruments allows traders to diversify their portfolio and potentially benefit from various market movements. However, it is important to note that some of these assets, such as cryptocurrencies and DeFi tokens, carry high volatility and risks, making them unsuitable for all traders.
Spreads and Commissions for Trading with FXGT
FXGT offers four different account types with varying spreads, commissions and other costs. The ECN account offers the tightest spreads from 0 points, however, this account type comes with a commission charged on all FX asset classes, with up to $6 round-turn charged for FX and up to $5 round-turn for precious metals. The PRO account offers spreads from 5 points, and no commission is charged. The Mini and Standard+ accounts offer spreads from 10 points with no commission charged.
Trading Accounts Available in FXGT
FXGT offers traders four types of trading accounts to choose from, including the PRO, ECN, Mini, and Standard+ accounts. Each account has its unique features and benefits, such as commission-free trading on the PRO, Mini, and Standard+ accounts and the availability of high leverage up to 1:1000 on all accounts. However, some traders may find the spreads on the Mini and Standard+ accounts may be higher than other brokers. Additionally, the ECN account charges commission on certain asset classes, which may not be suitable for all traders. Nonetheless, FXGT offers negative balance protection on all accounts, which is a crucial feature to have in case of unexpected market volatility.
Trading Platforms FXGT Offers
Regarding the platforms dimension, FXGT offers the popular and advanced MT5 trading platform, which is available on desktop, web, and mobile platforms. The desktop platform is highly customizable with various technical analysis tools and indicators, making it suitable for more experienced traders. The web platform is accessible from any browser without needing to download software, which is beneficial for traders who are always on the go. The mobile platform is available for both iOS and Android devices, allowing traders to manage their accounts and trade on the go. However, the fact that FXGT only offers the MT5 platform may not be preferred by all traders who may prefer other platforms. Additionally, some traders may find the platform too complex or overwhelming, and trading on a mobile device may be less convenient and less efficient than on a desktop platform.
Promotions
FXGT offers an attractive Unlimited Loyalty Bonus program designed to reward traders for their continued engagement. This promotion provides a 25% bonus on every deposit made to eligible Mini and Standard+ accounts. Notably, once traders reach the $10,000 bonus limit, FXGT resets the counter, allowing for continuous bonus accumulation. This unique structure encourages ongoing participation and provides traders with additional capital to potentially enhance their trading activities.
In addition to the loyalty bonus, FXGT provides a VPS Sponsorship Program, catering to traders who require consistent and high-speed market access. This service offers 24/7 access to high-performance servers, enabling uninterrupted trading and near-zero latency in order execution. The VPS hosting is particularly beneficial for traders using Expert Advisors (EAs) or those who need to maintain continuous market presence.
Maximum Leverage of FXGT
FXGT offers a maximum leverage of up to 1:1000, which can be an attractive feature for traders who want to maximize their potential returns with a smaller initial investment. Higher leverage allows traders to take advantage of market opportunities and execute more trades. However, it's important to note that higher leverage also carries higher risk, which means traders need to be cautious and employ effective risk management strategies. If not managed properly, higher leverage can also result in significant losses. Additionally, higher leverage may lead to higher transaction costs, and traders who prefer lower risk trading may find limited leverage options. Overall, while high leverage can be beneficial, traders need to carefully consider their risk tolerance and trading strategy before utilizing it.
Deposit and Withdrawal: Methods and Fees
FXGT offers five payment options for both deposits and withdrawals, including major credit cards, bank wire transfers, and various cryptocurrencies. Deposits are processed instantly, and FXGT does not charge any extra fees for deposit transactions. However, the minimum deposit amount is around 50 USD, which may not be suitable for some traders. Withdrawals can be made using the same payment methods as deposits, but processing time takes up to 2 business days, which can be considered as a disadvantage. Despite these limitations, FXGT provides several popular payment options without any additional charges, making it a suitable choice for traders looking for a reliable payment system.
Educational Resources at FXGT
FXGT provides traders with many educational resources include an economic calendar, market reports, video tutorials, trading signals, technical analysis, eBooks, and a glossary. Traders can access these resources for free, and they are designed to help traders stay informed about the latest developments in the financial markets. The educational resources also provide valuable insights into market analysis and trading signals, which can help traders make informed decisions about their trades. However, it is important to note that the educational resources may not guarantee profitability or success in trading, and some resources may be more basic and may not cater to advanced traders. Additionally, there is no access to one-on-one coaching or mentoring, which may be a disadvantage for some traders.
Customer Service of FXGT
FXGT offers a solid customer care dimension with multiple channels available for users to contact the support team. Customers can reach out to the support team via email at support@fxgt.com, or through social media platforms like Instagram, Facebook, and LinkedIn. The support team is available 24/7, and they are known to be responsive and helpful in resolving customer queries and issues. However, there is no phone support or live chat available, which may be a disadvantage for some users. Additionally, local language support is not available, which may be a limitation for non-English speakers.
Conclusion
FXGT is a reputable forex and CFD broker that offers various trading instruments, multiple account types, and a variety of trading platforms. With its competitive trading conditions, including low spreads, high leverage, and negative balance protection, FXGT attracts traders of all levels of experience. The brokerage firm also provides rich educational resources, such as market reports, trading signals, and video tutorials, to assist traders in their trading journey. While FXGT is a relatively new company in the industry, it has already gained a positive reputation among traders. With its customer-oriented approach, 24/7 support, and user-friendly trading platforms, FXGT is an excellent option for traders looking for a reliable and transparent broker.
Frequently Asked Questions about FXGT
Is FXGT legit？
Yes, FXGT operate legally under the regulation of FSA in Seychelles.
What trading platforms are available at FXGT？
FXGT offers the popular MT5 platform, which is available on desktop, web, and mobile devices.
What is the minimum deposit required to open an account with FXGT？
The minimum deposit required for all account types at FXGT is $5.
What types of accounts are available at FXGT？
FXGT offers four account types: PRO, ECN, Mini, and Standard+ accounts. Each account type has its own unique features and trading conditions.
Is FXGT a good broker for beginners？
Yes, FXGT remains a solid choice for beginners, as it is regulated, offering demo accounts and copy trading feature.
Risk Warning
Online trading carries substantial risk, potentially leading to the total loss of invested funds. It may not be appropriate for all traders or investors. It's crucial to fully comprehend the associated risks before engaging in trading activities. Additionally, the content of this review is subject to change, reflecting updates in the company's services and policies. The review's creation date is also relevant, as information could have become outdated. Readers should confirm the latest information with the company prior to making any investment decisions. The responsibility for utilizing the information provided herein lies exclusively with the reader.
2024-11-08 12:25
2024-08-20 12:04
