FXGT Broker Review For 2024

FXGT Broker Review Basics

🏛️ Based in	Seychelles, South Africa
⚖️ Regulation	CySEC, FSA, FSCA
💰 Minimum Deposit	$5
💳 Deposit Options	VISA, MasterCard, Bank Wire, Neteller, Skrill, Crypto
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Neteller, Skrill, Crypto
📌Open an account	Start Trading with FXGT

Our Opinion About FXGT

FXGT is a reputable online forex and CFD brokerage regulated by multiple tier-1 authorities. Launched in 2019, FXGT holds licenses with CySEC, FSA, and FSCA to serve clients globally. Despite its young age, FXGT has quickly gained popularity thanks to competitive spreads, fast execution, and an extensive product catalog.

In our experience, FXGT provides a reliable trading destination for beginners and experts alike. Tight spreads and fast trade execution give traders an edge even during volatile markets. FXGT offers exposure to 55+ forex pairs alongside stocks, indices, commodities, and cryptocurrencies through CFDs. Multiple account types suit different trade styles.

While FXGT could expand its educational resources, the broker clearly outlines all trading conditions on its website and platforms. With advanced charting, flexible account options, tight spreads, and responsive support, FXGT hits the key markers for a quality broker.

Regulation And Safety

FXGT adheres to strict standards by maintaining licensure with the following regulators:

• CySEC (Cyprus Securities and Exchange Commission)
• FSA (Seychelles Financial Services Authority)
• FSCA (South Africa Financial Sector Conduct Authority)

Complying with rules from multiple jurisdictions demonstrates FXGT’s commitment to legitimacy and transparency. The broker segregates client funds in top-tier banks and uses SSL encryption for trading activities. FXGT is also a member of the Investor Compensation Fund which covers eligible clients up to €85,000.

With licensure from respected regulatory bodies, bank-grade security protocols, and participation in a compensation fund, FXGT instills confidence in the safety of client funds.

FXGT Broker Review: Legit or Scam?

Having tested their platforms, customer service, and overall trading environment, we have not seen any red flags to indicate that FXGT is a scam broker. They are transparent about their trading conditions, do not have hidden fees, and provide responsive support.

Apart from being regulated by major agencies, FXGT upholds proper standards through measures like:

• Financial Commission membership for dispute resolution
• Participation in an investor compensation fund
• Segregation of client and company funds
• SSL encryption for data security
• Negative balance protection

As a relatively new broker, FXGT does not yet have an extensive track record. However, their practices so far are in line with a legitimate broker rather than a scam operation.

FXGT Trading Instruments

FXGT offers trading in forex, stocks, indices, commodities, and CFDs:

• 55 major, minor and exotic currency pairs
• 10 leading cryptos including Bitcoin, Ethereum, Litecoin
• 16 global stock indices like S&P 500, FTSE 100, Nikkei 225
• Over 100 popular stocks such as Apple, Facebook, Coca-Cola
• Commodities like gold, silver, oil, palladium, natural gas

The asset range covers popular markets while avoiding an overwhelming number of speculative or exotic instruments. Cryptocurrency exposure provides an element aligned with current trends and trader interests. Overall, FXGT focuses on mainstream, liquid markets suitable for most traders.

FXGT Account Types

FXGT provides four main account types:    

• Mini – $250 minimum deposit, 1:1000 max leverage, spread from 10 points
• Standard – $2,500 minimum deposit, 1:1000 max leverage, spread from 10 points
• Pro – $5,000 minimum deposit, 1:1000 max leverage, spreads from 5 points
• ECN – $50,000 minimum deposit, 1:1000 max leverage, 0 pip average spreads, $6 commission per lot.

The tiered range supports traders across experience levels. Beginners can open a Mini account with modest capital. As they gain experience, traders can upgrade to higher tier accounts for tighter spreads and more advanced conditions, up to the ECN account. Overall, FXGT accounts accommodate both novice and professional traders.

Trading Tools

FXGT provides traders with the following helpful tools and features:

• MetaTrader 4 and MetaTrader 5 platforms for advanced charting, automation, and custom indicators
• Trading Central for technical analysis, trade ideas, and educational resources
• VPS hosting services to support Expert Advisors and algorithmic trading strategies
• A suite of trading calculators for managing risk, planning trades, and analyzing performance
• Autochartist automated technical analysis to identify emerging chart patterns and potential trade opportunities
• Access to FXGT Signals providing curated trade ideas across forex, indices, commodities, stocks, and cryptos

While FXGT does not have the deepest educational library, integration with Trading Central and other third-party analytics tools provides traders with meaningful enhancements.

FXGT Leverage, Spread and Commissions

The FXGT leverage is up to 1:1000 on all account types. While leverage amplifies potential gains, tighter leverage limits protect less experienced traders. Spreads also vary based on account selection, with tighter spreads on higher-tier accounts. No commissions apply unless a trader opts for the ECN-style account.

Competitive spreads combined with no commissions on lower account tiers make FXGT accessible for newer traders. The ECN account adds commissions but offers ECN-model pricing for high-volume traders. The broker publishes its full fee schedule transparently on its website.

FXGT Deposits and Withdrawals

FXGT aims to make depositing and withdrawing straightforward for clients. Convenient payment options include:

• Debit/Credit Cards – Visa, Mastercard
• E-Wallets – Skrill, Neteller
• Bank Transfer – includes local options based on country
• Online Payment – PayPal
• Cryptocurrency- BTC, ETH, XRP, ADA, and USDT

Most methods allow near-instant deposits and 1-3-day withdrawal turnarounds. FXGT charges no internal fees on deposits or first two withdrawals per month, though processing institutions may add fees. The broker enforces standard withdrawal limits and KYC rules in line with anti-money laundering principles. Overall, FXGT ticks the boxes for smooth transactions.

FXGT Bonuses and Promotions

At the time of writing, FXGT offers the following bonuses and promotions:

• 50% deposit bonus up to $500
• 25% Loyalty Deposit Bonus of up to $10,000
• VPS Sponsorship Program

Bonuses give traders an extra boost at account opening or when reaching certain volume milestones. However, traders should fully understand the associated trading requirements before accepting any bonuses. Failure to meet requirements may result in bonus forfeiture.

FXGT Trading Platforms

FXGT provides access to MetaTrader 4 (MT4) and MetaTrader 5 (MT5) – both industry-standard trading platforms from MetaQuotes. MT4/MT5 allows trading FXGT’s full range of instruments from desktop, web, and mobile apps. Key features include:

• Advanced charting with 100+ indicators
• Support for EAs and custom indicators
• Risk management tools – stop loss, take profit, etc.
• Multiple order types including pending orders
• Access to Trading Central technical analysis tools

Between the fully-featured MT4/MT5 platforms and an intuitive proprietary web platform, FXGT delivers a comprehensive and professional trading experience.

Trading Tools

In addition to robust charting and order tools within its platforms, FXGT provides access to the following resources:

• Trading Central – technical analysis and trade ideas from a third-party provider
• FXGT Forex Signals – curated trade signals published 8-10 times per month
• Autochartist – automated technical analysis to identify trade opportunities
• Trading calculators – built-in profit calculators, pivot point calculators, etc.

While FXGT could expand its education offering, the broker provides helpful trading enhancements through Trading Central, Forex Signals, and Autochartist. These tools aim to give traders an added edge.

FXGT Customer Support

FXGT offers customer support through the following channels:

• Email – [email protected]
• Telephone –+2484224508.
• Live chat

Support is available 24 hours a day, 5 days a week. While it would be ideal to have uninterrupted 24/7 support, FXGT agents assist during peak trading times. Response times are generally prompt and staff aim to resolve queries efficiently.

Our Verdict

Based on trading conditions, regulation status, and customer feedback, FXGT establishes itself as a reputable broker in our view. While FXGT is still solidifying its brand reputation, the broker ticks all the boxes for a legitimate and trustworthy trading destination.

With licensure from top regulators like CySEC and FSA, FXGT adheres to established conduct standards. Keeping client funds segregated and using SSL encryption shows a commitment to security. The Investor Compensation Fund acts as an extra safeguard.

For trading, FXGT provides access to an extensive asset catalog through varied account types tuned for different levels. With tight spreads, fast execution, and responsive multi-channel support, the trading experience matches expectations for the industry.

FXGT Broker Review – Similar Brokers

If you’re considering FXGT for forex trading, several comparable brokers also deserve a look. While FXGT itself brings unique advantages, the following alternatives offer a similar blend of features: