Pros & cons of FXGT broker

FXGT Fact sheet

There are very few Forex brokers out there with as many licenses and regulatory oversight as FXGT. Still, the broker is not offering its services to retail clients in all jurisdictions. The broker is under regulations by

• The Seychelles Financial Services Authority (FSA)
• The Financial Sector Conduct Authority South Africa
• The Vanuatu Financial Services Commission (VFSC), but company does not retail clients under Vanuatu jurisdiction only financial and investment services exclusively to eligible counterparties 
• The Cyprus Securities and Exchange Commission (CySEC), only eligible counterparts and not retail clients under Cyprus either

With this level of oversight, there is no doubt about the company’s legitimacy.

However, we have conducted a thorough research and found out several negative comments regarding withdrawals. Several traders reported issues whenever they started the withdrawal process, with some of them mentioning difficulties in completing a verification process for withdrawals. We strongly recommend our readers exercise caution when dealing with the FXGT and complete the verification process first before even considering any deposits with this broker. 

As for security policies, FXGT offers negative balance protection to prevent traders from losing more than their initial investment. This effectively prevents traders from going into minus balance whenever they experience excessive losses. 

All client funds are kept in segregated bank accounts ensuring the broker’s employees can not touch user funds, and FXGT is a member of the investor compensation fund in case of insolvency. 

When it comes to trading accounts FXGT offers several trading account styles catering to the needs of diverse trading styles and methods. These accounts are Pro, ECN, Standard+, and Mini. 

Pro account comes with 20% stop-out levels, an Islamic account option, and all trading asset classes offered by the broker. Spreads start from 0.5 pips, there is a zero USD commission, leverage is up to 1:1000, minimum deposit size is set to 5 USD, the minimum lot size starts from 0.01 lots, and margin call is set to 50%. The Pro account can be operated using any trading platform including MT4, MT5, web, and mobile trading apps which is very flexible. Spreads are very competitive also. 

ECN account targets traders who want to make very short-term trading positions and offers spreads from zero pips. Margin call is set to 70%, and stop-out happens at 40%, meaning traders must be extra cautious when using this account as stop-out can happen very quickly with 1:1000 leverage levels. The minimum deposit size is also set at 5 USD and the minimum lot size is set to 0.01 lots. ECN account got a volume-based trading commission to account for zero pips spreads it offers. The commissions are 6 USD to all Forex instruments, 5 USD round turn for precious metals, and 0.1% round turn for cryptos. 

The third account type is called a Mini account and it is targeted at beginners with a middle ground of terms. The commissions are zero, spreads start from 1 pip on major pairs, and the minimum deposit is also set at 5 USD. Maximum leverage is capped at 1:1000 which is more than enough for beginners to start with tiny trading capital. There are various deposit bonuses and promotions available for the mini account as FXGT is trying to attract newcomers with this account type. 

The final account type is called the Standard+ and it is for a general audience. The leverage, minimum lot size, and minimum deposit size are 1:1000, 0.01 lots, and 5 USD respectively. The spreads for major pairs start at 1 pip and there are no trading commissions applied. 

As we can see the account types are diverse and should appeal to all types of traders with different trading budgets.

Pros & cons of FXGT account types

Comparing FXGT fees with other brokers

FXGT fees compared to Interactive Brokers' fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

FXGT fees compared to CM Trading fees

FXGT fees compared to plus500 fees

FXGT fees compared to XM fees

FXGT fees compared to AvaTrade fees

FXGT fees compared to Capital.com fees

All trading accounts offered by FXGT come with MT4 and MT5 advanced trading platforms that are available on all devices. This will enable FXGT traders to possess astounding flexibility to conduct both manual and automated trading with ease. 

Mobile apps are for both Android and iOS and come with inbuilt technical indicators and advanced functionality to analyze markets on the go. 

Educational resources are limited and only glossaries and eBooks are offered. However, FXGT excels with abundant market research tools and insights. With VPS sponsorship traders will be able to run their favorite EAs 24/5 without limitations from anywhere in the world. 

Additionally, MQL5 trading signals, trader insights, technical analysis, economic calendar, holiday calendar, and glossary are all offered. With these tools and educational resources, even beginners can feel comfortable to start making sense of financial markets. 

All forms of support channels are offered and they are multilingual together with the website. This enables traders of diverse origins to get needed assistance in their language and solve issues faster. Live chat, hotline, email support, and online form should be sufficient to resolve issues if any arise. 

As we can see, FXGT is a legit and very well-regulated Forex and CFDs broker. It offers diverse trading assets including Forex pairs, cryptos, stocks, indices, commodities, and even NFTS and defi tokens. 

However, there are still some red flags traders should take into account when dealing with this broker. There are numerous comments on the web from traders reporting issues with withdrawal which is a quite big red flag for any broker. Another smaller but still important red flag is related to the broker’s excessively high leverage limits even for beginners. Trading 1000 times the size of your trading account is never a good idea, especially for beginners.