Minimum Deposit: N/A
Maximum Leverage: 1:200
My Score: 1.5
Today I will write a review about the broker, which was founded in 2018 and Cyprus-based. FGS Markets is a broker offering online forex and CFD trading services. I can say one of the newly established brokers. That’s why investors don’t know much about this broker. There is also limited resources to receive information. So I decided to write this FGS Markets review.
First of all, we live in the age of technology. So the first place we look to get information about a company is official websites. So we expect a broker’s website to be sufficient in terms of some criteria. For example; We would like to find the information we are looking for in this website. However, the website of FGS Matkets is quite amateur and inadequate. It is very difficult to reach the information you seek.
Do not open an account without reading this FGS Markets review. In this review, you will find detailed information about the trading conditons offered by the broker. Information about account types, spreads, maximum leverage … Let’s get started.
License Problem of FGS Markets
The most important issue for the safe trading of Forex traders is regulation. So far I have mentioned the importance of regulation in all the writings I have written on this blog.
We know that it is difficult for newly established brokers to obtain licenses from reputable regulators. So some of these brokers prefer relatively less reputable regulators. This situation is understandable and acceptable. However, it is unacceptable for a broker to offer trading services without a license. Because you can see in a short investigation that the vast majority of unlicensed brokers are scam.
According to information contained in the official website of FGS Markets, the broker is owned and operated by Preseplio Limited. This company is registered in Cyprus and there are a reputable regülator in the Cyprus: CySEC.
CySEC is one of reputable regulators. Funds of CySEC regulated brokers’ customers are guaranteed up to € 20,000. There is a compensation fund in case the company goes bankrupt. So it offers very reliable conditions.
But Preseplio Limited which is parent company of FGS Markets is not regulated by any regulator. So I can say clearly that FGS Marekts is an unlicensed and unregulated broker and probably scam. Before you open an account with this broker, consider that your money may be at risk.
Trading Conditions Offered by FGS Markets
There is only one type of account that FGS Markets offers. This is a kind of standard account. Maximum leverage is 1:200 in this account type. However, this leverage ratio is below the forex industry. For example; ASIC licensed Pepperstone and IC Markets offer leverage of up to 1:500.
Floating spreads are offered on standard account type. Average spreads are 1.9 pips on EURUSD and I can say that spreads are at medium level.
Nearly all of the brokers offer wire transfer and major credit cards like VISA or Master as a payment method. Usually, the fastest method is funding or withdrawing via credit card. In addition, popular e-wallet systems like Neteller or Skrill are available as an option. However, FGS Markets website does not specify which payment methods will be accepted.