Minimum Deposit: $100
Maximum Leverage: 1:500
My Score: 2.2
Today I will introduce FGMarkets. The company which owns the FGMarkets brand is Glastrox Trade Ltd. The company is located at Republic of the Marshall Islands.
FGMarkets is a Foreign Exchange (Forex) and Contracts for Differences (CFDs) broker who offers various trading instruments.
The official website of the broker is fgmarkets.com and has an average of 80,000 visitors. In recent months, I can say that the site’s traffic has decreased.
Visitors to the website are coming from Ukraine mostly. These visitors are %32 part of all the visitors. United Arab Emirates’ visitors are following them with %23. The company also has visitors from India, Viet Nam, and Russia Federation.
Is FGMarkets scam or not? What are the account types of the broker? IS FGMarkets regulated? How good the trading conditions such as spreads, minimum deposit, and maximum leverage? You can find all the answers to these questions in this FGMarkets review.
Let’s see what FGMarkets offering to potential clients.
Regulation of FGMarkets
FGMarkets is registered in the Marshall Islands (registration number 91438) and regulated in accordance with Marshall Islands Business Corporation Act.
According to the website of the broker, FGMarkets hold all the licenses that are necessary to provide selected investment services, issued by Vanuatu Financial Services Commission with authorization number 17921.
We all know that these are loose regulations. However, FGMarkets shows these as strong regulations. It is easy to get Vanuatu license because the minimum capital holdings requirement is just $2,000.
On the other hand, The UK’s Financial Conduct Authority (FCA) requires to hold €730,000 minimum net capital. I think it is a critical requirement for the security of the client’s funds.
Moreover, FCA regulated brokers must hold the client’s funds segregated accounts separate from the company’s operational accounts. And also there is a compensation scheme that protects client’s funds in the event of an unexpected bankruptcy or payment difficulties.
Thanks to segregated accounts, the broker cannot access client’s funds freely and spend them for company purposes. Another positive feature is that you can easily withdraw your money. So, it protects you from scammers. I
At the same time, the Financial Services Compensation Scheme (FSCS) covers the client’s money up to £50,000. It is like an insurance company. All participating companies must make regular payments to the fund.
Account Types and Spreads
FGMarkets offers its clients several account types. These are Slate, Prime, and Elite account types. Every account types have different features. You can choose the most suitable one for yourself. The broker claims that your funds will be deposited in accounts of major banks.
If we look at account types separately; The Slate account requires $100 minimum deposit, the maximum leverage is 1:500. I tried to reach spreads but there is no information on the broker’s website.
The other one is the Prime account which requires $10,000 minimum deposit. The website of the broker doesn’t include spreads.
The last account type is Elite. The minimum deposit for this account type is absurdly high $100,000. This is an extremely high deposit and I couldn’t understand why FGMarkets offers this.
FGMarkets offers the most popular trading platform MT4 (MetaTrader 4). You can use the platform on mobile devices –iOS and Android –, desktop. Also, you can use the web trader on any computer without having to download or install any software.
MT 4 has advanced tools, a broad range of technical indicators, user-friendly interface, automated trading robots (Expert Advisors) and more features. That’s why still the most popular trading platform.
FGMarkets offers to trade with forex, indices, stocks, CFDs, and commodities. According to the broker’s website, 100 currency pairs are available and the broker allows you to speculate on any currencies you want.
With an FGMarkets account, available to you is a broad range of commodities including precious metals, agricultural products and many other.
Unfortunately, there is no live chat. If you want to contact the customer service you must send an email or make a call.
The website doesn’t include some trading conditions such as spreads. This is a disadvantage for the broker about transparency.
I’ve searched the broker’s customer service on the internet and in general, I’ve seen people not satisfied.
Deposit and Withdrawal Methods
You can use wire transfer and credit card to fund your account. There are also different options but you have to open an account to see them. This is an unacceptable thing because a potential client has the right to know how to deposit and withdrawal.
FGMarkets is an off-shore Forex broker. The company is regulated by the Vanuatu Financial Services Commission (VFSC) and registered in the Marshall Islands.
The regulators don’t have enough reliability. Trading conditions are not transparent and two account types have an incredibly high minimum deposit.
I recommend you to choose brokers that are regulated by reputable regulators to do not lose your money to scammers.
You can control the pros and cons of the broker and decide whether to trade with it or not.