As a Forex trader, you would need a broker to serve as the intermediary between you and the market. Notably, your broker can make or mar your success. Therefore, you should be diligent and careful when you are making the choice of one. FXGM ZA is a reputable Forex broker that may perfectly fit your needs.
Regulation and Security of Funds
FXGM ZA is an online South African brokerage firm operated by Unum Capital (Pty) Ltd. It has its headquarters in Pretoria. It is a secure, well regulated financial services company that is committed to providing excellent online brokerage services. The company is a member of the South African Financial Sector Conduct Authority (FSCA).
FXGM ZA, being an FSCA-regulated brokerage company, is obliged to keep segregated accounts for its clients. As a result, it keeps its clients’ funds in separate accounts which it cannot easily access. Therefore, the safety of your funds can be guaranteed. Also, the company guarantees traders coverage of a certain amount in event of any unforeseen financial or economic situation.
Hence, is FXGM ZA regulated? Yes, it is. And its regulation has been an effective credibility booster for it. You can literally leave your funds with this broker and go to have a good sleep at night.
Trading Platforms and Educational Resources
The efficiency of a broker’s trading platforms is an essential factor to consider when selecting a broker. On this, FXGM ZA is superb. By offering both the web-based and mobile PROfit trading platforms, the broker gives its clients the luxury of choice. For most other brokers, clients do not usually have a say in the matter.
The web-based PROfit platform enables fast trade execution and does not require downloading. Also, it is designed in such a way that it displays a real-time quotes screen on which you can easily make your buy and sell orders at just a click. On PROfit, there are multiple currency pairs available for trading. And you are also given the flexibility to move the different elements as you wish. PROfit also has tools that enable real-time price feed, economic calendar, live-streamed market updates, and educational resources to improve your trading skills.
The mobile PROfit platform has, as its primary advantage, its mobility. You can use it anywhere to stay on top of market news and to enter and monitor your trades. And the good news is that it is compatible with both Android and iOS mobile devices.
Trading Conditions and Features
FXGM ZA’s trading conditions are favorable. For just $200 you can become an account owner. As discussed earlier, its trading platforms are easy to use, with a simple, user-friendly interface. From the homepage of its website, you are easily directed to any other page you want to navigate. You can also use a demo account to learn to trade before you start trading on your real account. Another wonderful feature is that with this broker, there are more than 140 financial instruments that you can trade.
Also, while trading, you can click on any of the tabs at the top of the charts to engage the wide range of technical tools in your analysis. Plus, the average spread offering by the broker is competitive. Moreover, FXGM ZA offers a leverage ratio up to 1:200 which is significantly high. With this high leverage, you can maximize your profit potential in the Forex market. Also, if you wish, you can reduce the leverage level to manage the risks associated with losing trades.
Importantly, it is imperative to state that even though leverage can help you make significant profits in the Forex market on a small account in a short time, it can also easily wipe away your account if you have more losing trades than winning ones. Consequently, you should endeavor to use it with caution.
Also, FXGM ZA offers different types of account based on difference in the minimum deposit requirements. Consequently, you can pick from at least six account types — from basic to exclusive. There are Junior, Premium, VIP, Executive and Royal accounts.
Customer Support Service
FXGM ZA’s customer support service is fast and efficient. It is available for more than 10 hours 6 days a week! Specifically, it is on from 7 a.m. to 7 p.m. GMT every Monday to Friday. The customer support service options include phone, email, and a live chat. Moreover, you can also get in touch with the broker by fax and WhatsApp chat.
Also, when you open an account with FXGM ZA, you will be assigned a personal account manager to guide you through the processes and fix any issue for you.
Methods of Payment
Depositing and withdrawing funds is easy to do with the broker. It supports few but standard means of funding such as credit/debit card, and bank transfer. Its card transactions are done with the strictest form of encryption, the Secure Socket Layer, which always ensures that your payment details are protected.
Withdrawals are generally processed within a day, but the time it takes before you receive your money depends on your method of choice.
Bonuses and Promotions
FXGM ZA does not offer any bonuses and promotions as such. However, its customer Appreciation Plan, a type of protection insurance plan it offers, is unique within the industry. As a result, your first five trades with this broker are risk-free: you get to keep any profit you make, while the broker reimburses you if they turn out to be losing trades. Interestingly, the more your initial deposit, the higher your risk-free trade bonus becomes.
Conclusion
FXGM ZA is a regulated broker. The company is duly registered and regulated by the South African Financial Sector Conduct Authority (FSCA). Here are its pros and cons:
Pros:
- Standard regulation.
- Users’ protection is guaranteed.
- Standard multiple platforms.
- The Secure Socket Layer which ensures transaction security on its platforms.
- Different types of accounts which cater to different capital needs.
Cons:
- High spreads.
- Few methods of deposit and withdrawal.
- Although not too high, the minimum deposit of $200 may scare off some potential traders who desire to start small.
Although there are some negative comments from some users, FXGM ZA is, overall, a good broker. Therefore, if you are new to Forex trading or you just want to change your broker, FXGM ZA should be your choice.
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