FXGT.com Review 2024
Website: www.fxgt.com
Min. Deposit: US$ 5
Leverage: 1:30 | 1:1000
Trading Platforms: MT5, WebTrader, MT4
Regulation: FSCA, FSA, VFSC, CySEC
Headquarters: Seychelles
Founded: 2019
Regulatory Licenses:
- GT IO Markets (Pty) Ltd - authorized by FSCA (South Africa) registration no. FSP 48896
- GT Global Ltd.- authorized by FSA (Seychelles) registration no. SD019
- GT Global Markets Ltd - authorized by VFSC (Vanuatu) license no. 700601
- TEC International Ltd - authorized by CySEC (Cyprus), Institutional clients only, license no. 382/20
Updated on February 12, 2024
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In our comprehensive review process, we meticulously analyze and compare FXGT.com against over 1000 brokers to determine its overall ranking, safety, and performance in the forex trading industry. Our method includes assessing regulatory compliance, trading conditions, platform options, available instruments, spreads, fees, minimum deposit requirements, educational resources, and customer support quality. This thorough evaluation is designed to provide traders with a clear understanding of what FXGT.com offers and how it stacks up in the competitive forex broker landscape.
FXGT.com is a forex broker that commenced operations in 2019 and has since been expanding its presence globally, with a particular focus on South Africa. The broker offers a diverse selection of trading instruments, including CFDs, stocks, FX, commodities, cryptocurrencies, energies, indices, and more. FXGT.com's strategy includes targeting international markets and leveraging South Africa's growing forex industry trend, characterized by favorable regulation and the availability of high leverage, as a gateway for global expansion.
Pros
FXGT.com is recognized as a reliable broker with a commendable reputation.
Offers a broad array of trading instruments.
Provides competitive prices through liquidity aggregation.
Excellent educational resources and decent research tools are available for traders.
Considered a suitable option for forex trading in the African region, given its operations in South Africa.
Cons
Trading services are not available to US or EU clients.
Restrictions may apply to clients from certain other regions.
FXGT.com is not a scam but a reputable brokerage firm operating under the regulatory oversight of the South African Financial Sector Conduct Authority (FSCA), the Seychelles Financial Services Authority (FSA), and the Vanuatu Financial Services Commission (VFSC). It also holds a CySEC license for institutional clients only. This regulatory framework ensures that FXGT.com operates with transparency and adheres to international safety measures, providing a secure trading environment for its clients.
Leverage is a key feature in forex trading, allowing traders to control larger positions with a relatively small amount of capital. FXGT.com offers leverage options in line with regulations from the FSCA, FSA, VFSC, and CySEC. This includes up to 1:30 leverage for major currency pairs under CySEC regulation, up to 1:200 for traders in South Africa, and a maximum of 1:1000 for Forex instruments for international traders. It's important for traders to understand how leverage works and to use it wisely, as it can significantly increase both potential gains and losses.
Account Types
The broker provides four LIVE accounts: Mini, Standard+, PRO, and ECN, which are designed for various trading needs. The Standard PLUS account is aimed at traders seeking high leverage, up to 1:1000, and offers additional rewards. The PRO account is tailored for traders who wish to leverage low spreads and enjoy the benefit of zero commission on the opening or closing of positions. Additionally, accounts can be opened in various currencies, including Cryptos as a base, facilitating easy transfers and avoiding conversion fees. These currencies include USD, EUR, BTC, ETH, XRP, USTD, ZAR. Account opening grants access to trading, money management, transfers, fee reports, and a comprehensive range of services through the Client Portal.
How to Open FXGT Live Account?
Opening an account with the broker is straightforward and can be completed within minutes. To open an account, follow these steps:
Select and click on the "Register Now" page.
Enter required personal information (Name, email, phone number, etc.).
Verify your personal data by uploading documentation (proof of residence, ID, etc.).
Complete the electronic quiz to confirm your trading experience.
Once your account is activated and verified, proceed with the deposit.
Based on our research, the broker boasts a diverse range of trading instruments. The total offering includes 743 instruments: 54 FX pairs, 32 Cryptocurrencies, 11 Synthetic Cryptos, 5 NFTs, 2 Coins, 10 DeFis, 3 Precious Metals, 3 Energies, 10 Equity Indices, and 54 Stocks. However, it's noted that trading in Futures and Options is not available. The FXGT.com Markets Range Score is 4.5 out of 5 for its extensive selection of trading instruments, with the primary drawback being the lack of futures and options trading. The availability of assets and conditions may vary depending on the jurisdiction.
FXGT.com Fees
Our findings indicate that, generally, the broker does not charge commission fees, as these are incorporated into the spreads. An exception is the ECN Account, which carries a $6 commission fee for trading transactions. The broker utilizes a floating or variable spread model, where spreads fluctuate based on market conditions. We also examined funding and inactivity fees to provide a comprehensive understanding of the broker's pricing.
Additional Fees
Note that there is an Inactivity Fee of $10 per month for dormant trading accounts. However, deposit and withdrawal fees are set to $0, which may vary by region. FXGT's fees are considered low, with an overall rating of 4.0 out of 5, after comparing them to over 1000 other brokers. Fees might differ based on the specific entity offering.
Our review found FXGT's spreads to be competitive, offering a viable option for trading a variety of instruments, including Stocks. Stocks trading is available with leverage up to 1:1000, with an average spread for the UK100 Stock at 3 points. Swap fees are applied to overnight positions, with specific fees based on the instrument. For those interested, a Swap-Free account option is available. FXGT.com's spreads are considered low, with an overall rating of 3.9 out of 5. We observed that Forex spreads are consistent with the industry average, while spreads for other instruments tend to be lower. Additionally, the broker offers custom trading solutions for larger traders or partners.
In our comprehensive analysis, we discovered that initiating deposits into a live trading account can be achieved through a multitude of convenient methods, with the notable absence of any additional processing fees. A standout feature of FXGT.com is its status as the first Hybrid regulated Forex Broker, which uniquely facilitates trading, deposits, and withdrawals in both Fiat and Crypto. Our evaluation of FXGT.com's funding methods yielded an excellent rating, achieving a score of 4.0 out of 5. The broker sets a remarkably low minimum deposit threshold, one of the lowest in the industry, effectively eliminating or minimizing fees. This, coupled with the option to select from various account-based currencies, enhances the trading experience. However, conditions might vary depending on the entity.
Here are some notable pros and cons for FXGT.com funding methods identified:
Pros
Multiple payment options including Credit Cards, SticPay Wallet, InstantEFT, LuqaPay, Perfect Money, Skrill, Neteller, and Bank Transfer
Extremely low minimum deposit requirement, accessible to beginners and traders of all sizes
Cons
No deposit bonus currently offered, though regular promotions provide rewards on client deposits
Withdrawal processes are streamlined, mirroring the deposit options with the inclusion of bank wire, card, and e-wallets. It is always prudent to consult customer service regarding specific conditions and terms applicable to your residency and region. Typically, FXGT.com processes withdrawals within 1-2 business days for bank transfers, with an average withdrawal time of 3 hours. However, additional time may be needed depending on your payment provider or other procedures.
Our examination of FXGT.com's platform offerings revealed the inclusion of the popular MetaTrader platforms, MT5 and MT4, known for their comprehensive features and functionalities, without restrictions on strategies. The FXGT.com Platform garnered a rating of 4.2 out of 5 when compared against over 1000 other brokers. The availability of the industry-leading MT4 and MT5 platforms is commendable, though the absence of alternative trading platforms is a slight drawback.
Web Trading provides a convenient, web-based platform option that requires no installations, suitable for regular or beginning traders for basic analysis, trading, and management. For those employing sophisticated strategies, the Desktop Trading Platform is the preferable choice, with MT5 enhancing capabilities through Market Sentiment and additional tools. The desktop versions are compatible with any software, offering advanced options for analysis and technical analysis.
Mobile trading is facilitated through Trading Apps, allowing for trading on the go directly from your smartphone. While not as feature-rich as the desktop platforms, these apps still enable basic analysis, position management, and account management.
Based on our assessments, FXGT.com's Customer Support team is available 24/7, catering to international traders through Online Chat, Ticket, and Email in English. The service was found to be responsive and professional, crucial for effective broker-client cooperation and resolving concerns. Customer Support at FXGT.com received an excellent rating of 4.9 out of 5. The rapid and knowledgeable responses set it apart from competitors, with weekend availability as an added benefit. The sole limitation is the exclusivity of English for support.
Our research into the educational offerings of FXGT.com highlighted a robust Learn Hub, featuring Live Daily Webinars, Trading Video Tutorials, Educational articles, Financial News, and Trading insights. Traders also have the opportunity to interact with the broker’s financial experts. The inclusive educational videos are particularly beneficial for novice traders, introducing them to the financial markets comprehensively. Research tools integrated within the MT5 platform, along with Market Sentiment, Trading Insights, and an Economic Calendar, enrich the trading experience. FXGT.com's education and research tools collectively achieved a rating of 4.5 out of 5, underscoring the broker's commitment to providing high-quality educational resources and research tools.
Conclusively, our in-depth review affirms a positive trading experience with FXGT.com, backed by the credibility and sustainability of its parent company's trading brand. The broker’s regulatory compliance across multiple jurisdictions, including South Africa (FSCA), Seychelles (FSA), Vanuatu (FVSC), and CySEC (for institutional clients), signifies its legal and trustworthy expansion. The extensive range of tradable instruments, including Cryptocurrency trading, and the flexibility of depositing and withdrawing in Cryptos, stand out as significant advantages. FXGT.com offers a diverse array of account types, most tradable without commissions and with access to high leverage up to 1:1000, enabling traders to leverage opportunities effectively.
Based on our findings and financial expert opinions, FXGT is recommended for:
Beginning Traders
Regular Traders
Traders from South Africa and the African Region
International Trading
Competitive fees and spreads
EA/Auto trading
STP/NDD execution
Traders who prefer the MT5 and MT4 trading platforms
Currency Trading and CFD Trading
Suitable for a Variety of Trading Strategies
Cryptocurrency Trading
Good Research Tools
