Updated on January 4, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding FXGIM due to the issues we've identified.
Is FXGIM Scam or Legit Broker? ▲
FXGIM has been flagged as an entirely fraudulent entity. This brokerage operates under an offshore registration and is devoid of any legitimate licenses from recognized, reputable financial authorities. It is categorically UNSAFE to engage in trading activities with FXGIM. We invariably disapprove of trading with any offshore brokers, as the financial services they purvey are unreliable and fraught with risk.
The justification for this is straightforward: while the broker may claim to offer the most competitive trading conditions or environment, traders have no assurance from any official entities that regulate the Forex industry. Consequently, engaging in trading with such entities implies that traders must place their trust solely in the broker's assurances, which inherently carries a significant level of risk.
FXGIM functions as a Forex and CFD brokerage, under the management of FXGIM Ltd., based in Seychelles—a jurisdiction notoriously popular among forex broker registrations but equally notorious for housing fraudulent brokers. Regarding the broker's regulatory status, there is a glaring absence of any such information on their website. Despite listing an address in Nicosia, Cyprus, they misleadingly imply regulation by CySec in Cyprus, which is decidedly untrue. The company remains unregulated by any financial authority.
The provision of contact numbers for Britain and Spain, despite the Cypriot location, is particularly misleading. This tactic is often employed by brokers to suggest the presence of customer support offices in specific countries, usually as a strategy to target and cold-call residents within those countries. This is largely indicative of the broker's target markets. As evidence of their deceptive practices, Spain's regulatory body, CNMV, has issued a warning against FXGIM:
"FXGIM Global Investment Markets https://www.fxgim.com/es/ is not authorized to provide the investment services, which include investment advice, or to provide the auxiliary services in relation to the financial instruments, including, for those purposes, foreign currency transactions."
The importance of investing with a broker that is properly regulated cannot be overstated for the safety of any investment. A handful of esteemed institutions impose strict regulatory standards on all brokers within their jurisdiction, including the FCA in the UK, ASIC in Australia, and CySEC in Cyprus. We advise checking the list of brokers authorized by CySEC and opting to sign up with only those brokers that are trustworthy, ensuring your investments are safe and secure.
FXGIM Update:
As of the latest update, the FXGIM website is no longer active and remains inaccessible. This indicates that the broker has ceased its trading offerings and is no longer opening accounts for new traders. This development further underscores the unreliability and potential risks associated with engaging with FXGIM, reinforcing our recommendation to avoid this broker and seek more trustworthy alternatives for your trading needs.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
FXGIM Review 2024
